Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SMHI | |
Entity Registrant Name | SEACOR Marine Holdings Inc. | |
Entity Central Index Key | 0001690334 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 26,648,874 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-37966 | |
Entity Tax Identification Number | 47-2564547 | |
Entity Address, Address Line One | 12121 Wickchester Lane | |
Entity Address, Address Line Two | Suite 500 | |
Entity Address, City or Town | Houston | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 77079 | |
City Area Code | 346 | |
Local Phone Number | 980-1700 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common stock | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 36,315 | $ 37,619 |
Restricted cash | 3,596 | 3,601 |
Receivables: | ||
Trade, net of allowance for credit loss accounts of $1,142 and $1,312 in 2022 and 2021, respectively | 49,238 | 55,544 |
Other | 8,799 | 6,118 |
Tax receivable | 1,238 | 1,238 |
Inventories | 1,297 | 928 |
Prepaid expenses and other | 3,724 | 3,730 |
Total current assets | 104,207 | 108,778 |
Property and Equipment: | ||
Historical cost | 1,006,873 | 1,025,284 |
Accumulated depreciation | (316,444) | (317,297) |
Property and equipment | 690,429 | 707,987 |
Construction in progress | 15,550 | 15,531 |
Net property and equipment | 705,979 | 723,518 |
Right-of-use asset - operating leases | 6,238 | 6,608 |
Right-of-use asset - finance leases | 7,290 | 100 |
Investments, at equity, and advances to 50% or less owned companies | 76,860 | 71,727 |
Other assets | 2,057 | 1,771 |
Total assets | 902,631 | 912,502 |
Current Liabilities: | ||
Current portion of operating lease liabilities | 2,073 | 1,986 |
Current portion of financing lease liabilities | 190 | 33 |
Current portion of long-term debt: | ||
Recourse | 32,708 | 31,602 |
Accounts payable and accrued expenses | 32,585 | 28,419 |
Due to SEACOR Holdings | 264 | 274 |
Accrued wages and benefits | 4,163 | 3,711 |
Accrued interest | 3,819 | 2,273 |
Deferred revenue and unearned revenue | 962 | 1,606 |
Accrued capital, repair, and maintenance expenditures | 4,846 | 2,438 |
Accrued insurance deductibles and premiums | 2,812 | 2,720 |
Accrued professional fees | 1,102 | 1,214 |
Derivatives | 653 | 1,831 |
Other current liabilities | 5,366 | 6,558 |
Total current liabilities | 91,543 | 84,665 |
Long-term operating lease liabilities | 4,420 | 4,885 |
Long-term financing lease liabilities | 7,183 | 76 |
Long-term Debt: | ||
Recourse | 320,796 | 327,300 |
Non-recourse | 5,468 | 5,462 |
Conversion option liability on convertible senior notes | 34 | |
Deferred income taxes | 37,153 | 40,682 |
Deferred gains and other liabilities | 2,990 | 2,891 |
Total liabilities | 469,587 | 465,961 |
SEACOR Marine Holdings Inc. stockholders’ equity: | ||
Common stock, $.01 par value, 60,000,000 shares authorized; 26,886,011 and 26,120,124 shares issued in 2022 and 2021, respectively | 269 | 262 |
Additional paid-in capital | 463,138 | 461,931 |
Accumulated deficit | (37,744) | (22,907) |
Shares held in treasury of 242,138 and 127,887, respectively, at cost | (1,792) | (1,120) |
Accumulated other comprehensive income, net of tax | 8,853 | 8,055 |
Total stockholders equity | 432,724 | 446,221 |
Noncontrolling interests in subsidiaries | 320 | 320 |
Total equity | 433,044 | 446,541 |
Total liabilities and equity | $ 902,631 | $ 912,502 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Trade receivables, allowance for credit loss | $ 1,142 | $ 1,312 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, shares issued (in shares) | 26,886,011 | 26,120,124 |
Shares held in treasury (in shares) | 242,138 | 127,887 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Operating Revenues | $ 45,591 | $ 36,512 |
Costs and Expenses: | ||
Operating | 39,496 | 26,307 |
Administrative and general | 9,924 | 8,611 |
Lease expense | 1,060 | 1,078 |
Depreciation and amortization | 14,371 | 14,798 |
Costs and expenses | 64,851 | 50,794 |
Gains (Losses) on Asset Dispositions and Impairments, Net | 2,139 | (2,273) |
Operating Loss | (17,121) | (16,555) |
Other Income (Expense): | ||
Interest income | 29 | 986 |
Interest expense | (6,627) | (8,018) |
SEACOR Holdings guarantee fees | (7) | |
Derivative (losses) gains, net | (34) | 355 |
Foreign currency gains (losses), net | 821 | (466) |
Nonoperating income expense | (5,811) | (7,150) |
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (22,932) | (23,705) |
Income Tax Benefit | (2,421) | (2,688) |
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (20,511) | (21,017) |
Equity in Earnings Gains of 50% or Less Owned Companies | 5,674 | 4,103 |
Loss from Continuing Operations | (14,837) | (16,914) |
Income on Discontinued Operations, Net of Tax (see Note 12) | 22,925 | |
Net (Loss) Income | (14,837) | 6,011 |
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ (14,837) | $ 6,011 |
Net Loss Per Common Share from Continuing Operations: | ||
Basic | $ (0.56) | $ (0.67) |
Diluted | (0.56) | (0.67) |
Net Earnings Per Share from Discontinued Operations: | ||
Basic | 0.91 | |
Diluted | 0.91 | |
Net (Loss) Earnings per Share: | ||
Basic | (0.56) | 0.24 |
Diluted | $ (0.56) | $ 0.24 |
Weighted Average Common Stock and Warrants Outstanding: | ||
Basic | 26,379,293 | 25,304,661 |
Diluted | 26,379,293 | 25,304,661 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net (Loss) Income | $ (14,837) | $ 6,011 |
Other Comprehensive Income: | ||
Foreign currency translation (losses) gains | (714) | 4,392 |
Derivative gains on cash flow hedges | 805 | 127 |
Other comprehensive income (loss) | 798 | 4,656 |
Comprehensive (Loss) Income | (14,039) | 10,667 |
Comprehensive (Loss) Income attributable to SEACOR Marine Holdings Inc. | (14,039) | 10,667 |
Interest Expense | ||
Other Comprehensive Income: | ||
Reclassification of derivative gains (losses) on cash flow hedges | 370 | 415 |
Equity Method Investments | ||
Other Comprehensive Income: | ||
Reclassification of derivative gains (losses) on cash flow hedges | $ 337 | $ (278) |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Reclassification of derivative gains (losses) on cash flow hedges to equity in earnings | 50.00% | 50.00% |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Changes In Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Non-Controlling Interests In Subsidiaries [Member] |
Balance at Dec. 31, 2020 | $ 401,836 | $ 235 | $ 451,179 | $ (848) | $ (51,839) | $ 2,790 | $ 319 |
Balance (in shares) at Dec. 31, 2020 | 23,430,766 | 73,284 | |||||
Restricted stock grants | 8 | $ 8 | |||||
Restricted stock grants (in shares) | 815,550 | ||||||
Amortization of employee share awards | 1,111 | 1,111 | |||||
Restricted stock vesting | (262) | $ (262) | |||||
Restricted stock vesting (in shares) | (51,933) | 51,933 | |||||
Sale of Windcat Workboats | (4,201) | (4,201) | |||||
Net (loss) income | 6,011 | 6,011 | |||||
Other comprehensive income | 4,656 | 4,656 | |||||
Balance at Mar. 31, 2021 | 409,159 | $ 243 | 452,290 | $ (1,110) | (50,029) | 7,446 | 319 |
Balance (in shares) at Mar. 31, 2021 | 24,194,383 | 125,217 | |||||
Balance at Dec. 31, 2021 | $ 446,541 | $ 262 | 461,931 | $ (1,120) | (22,907) | 8,055 | 320 |
Balance (in shares) at Dec. 31, 2021 | 26,120,124 | 25,992,237 | 127,887 | ||||
Restricted stock grants | $ 7 | $ 7 | |||||
Restricted stock grants (in shares) | 733,895 | ||||||
Amortization of employee share awards | 1,067 | 1,067 | |||||
Exercise of options | $ 140 | 140 | |||||
Exercise of options (in shares) | 31,992 | 31,992 | |||||
Restricted stock vesting | $ (672) | $ (672) | |||||
Restricted stock vesting (in shares) | (114,251) | (114,251) | 114,251 | ||||
Net (loss) income | $ (14,837) | (14,837) | |||||
Other comprehensive income | 798 | 798 | |||||
Balance at Mar. 31, 2022 | $ 433,044 | $ 269 | $ 463,138 | $ (1,792) | $ (37,744) | $ 8,853 | $ 320 |
Balance (in shares) at Mar. 31, 2022 | 26,886,011 | 26,643,873 | 242,138 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Cash Flows from Continuing Operating Activities: | |||
Net (Loss) Income | $ (14,837) | $ 6,011 | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 14,371 | 14,798 | |
Deferred financing costs amortization | 291 | 260 | |
Stock-based compensation expense | 395 | 849 | |
Debt discount amortization | 1,691 | 1,892 | |
Allowance for credit losses | (170) | 24 | |
(Gain) Loss from equipment sales, retirements or impairments | (2,139) | 2,273 | |
Gain on the Sale of Windcat Workboats | 0 | (22,756) | |
Derivative losses (gains) | 34 | (355) | |
Interest on Finance Lease | 25 | 2 | |
Cash settlement payments on derivative transactions, net | (373) | (919) | |
Currency (gains) losses | (821) | 466 | |
Deferred income taxes | (3,529) | (4,056) | |
Equity Earnings | (5,674) | (4,103) | |
Dividends received from equity investees | 725 | 0 | |
Changes in Operating Assets and Liabilities: | |||
Accounts receivables | 3,904 | 11,345 | |
Other assets | (164) | 1,192 | |
Accounts payable and accrued liabilities | 6,707 | (10,296) | |
Net cash provided by (used in) operating activities | 436 | (3,373) | |
Cash Flows from Continuing Investing Activities: | |||
Purchases of property and equipment | (20) | (2,724) | |
Proceeds from disposition of property and equipment | 5,310 | 3,266 | |
Proceeds from sale of Windcat Workboats, net of transaction costs and cash sold | [1] | 0 | 38,715 |
Investments in and advances to 50% or less owned companies | 0 | (736) | |
Principal payments on notes due from equity investees | 176 | 919 | |
Net cash provided by investing activities | 5,466 | 39,440 | |
Cash Flows from Continuing Financing Activities: | |||
Payments on long-term debt | (7,348) | (8,302) | |
Payments on finance lease | (9) | 0 | |
Proceeds from exercise of stock options | 140 | 0 | |
Issuance of stock | 7 | 8 | |
Net cash used in financing activities | (7,210) | (8,294) | |
Effects of Exchange Rate Changes on Cash and Cash Equivalents | (1) | 4,621 | |
Net (Decrease) Increase in Cash, Restricted Cash and Cash Equivalents | (1,309) | 32,394 | |
Cash Flows from Discontinued Operations: | |||
Operating Activities | 0 | (171) | |
Investing Activities | 0 | 0 | |
Financing Activities | 0 | 0 | |
Net Decrease in Cash, Restricted Cash and Cash Equivalents on Discontinued Operations | 0 | (171) | |
Net (Decrease) Increase in Cash, Restricted Cash and Cash Equivalents | (1,309) | 32,223 | |
Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 41,220 | 39,538 | |
Cash, Restricted Cash and Cash Equivalents, End of Period | 39,911 | 71,761 | |
Supplemental disclosures: | |||
Cash paid for interest, excluding capitalized interest | 3,099 | 4,398 | |
Income taxes refunded, net | 0 | 12,057 | |
Noncash Investing and Financing Activities: | |||
Decrease in capital expenditures in accounts payable and accrued liabilities | 0 | 1,555 | |
Recognition of a new right-of-use asset - operating leases | 163 | 0 | |
Recognition of a new right-of-use asset - financing leases | $ 7,248 | $ 0 | |
[1] | Refer to Note 2. Equipment Acquisitions and Dispositions for a reconciliation of the cash received from the sale of Windcat Workboats |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Basis Of Presentation And Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 1. The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries. Recently Adopted Accounting Standards. On October 29, 2020, the FASB issued ASU 2020-10, Codification Improvements: Amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure section. The guidance was effective for annual periods beginning after December 15, 2020, and interim periods within the annual periods beginning after December 15, 2022. The adoption of the standard did not have a material effect on the disclosures included herein. On August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. The Company adopted the new standard on January 1, 2022. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations, cash flows and disclosures. On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations and cash flows. Recently Issued Accounting Standards On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. As of March 3 1 , 202 2 , the reference rates for the Company’s existing debt and interest rate swaps have not changed as a result of any such amendment. The Company will continue to monitor changes to reference rates in applicable agreements and adopt the standard as needed. Critical Accounting Policies. Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation. Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to deferred revenues, allowance for credit loss accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from estimates and those differences may be material. Revenue Recognition . Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue net of sales taxes based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred. The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter. From time to time, the Company may also participate in pooling arrangements. In a pooling arrangement, the time charter revenues of certain of the Company’s vessels are shared with the time charter revenues of certain vessels of similar type owned by non-affiliated vessel owners based upon an agreed formula. Contract or charter durations may range from several days to several years. Charters vary in length from short-term to multi-year periods, many with cancellation clauses and without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may have little correlation with the length of time the vessel is contracted to provide services to a particular customer. The Company also contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best efforts to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in other current liabilities in the accompanying consolidated balance sheets, for the three months ended March 31, 2022 and three months ended March 31, 2021 were as follows (in thousands): 2022 2021 Balance at beginning of period $ 321 $ 3,307 Revenues deferred during the period — 50 Revenues recognized and reclassifications during the period — (730 ) Balance at end of period $ 321 $ 2,627 As of March 31, 2022, the Company had deferred revenues of $0.3 million primarily comprised of prepaid charter modification and reservations. Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents. Restricted Cash. Restricted cash primarily relates to banking facility requirements. Trade and Other Receivables. Customers are primarily major integrated national and international oil companies and large independent oil and natural gas exploration and production companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are removed from accounts receivable and the allowance for credit losses when collection efforts have been exhausted. Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of March 31, 2022, the estimated useful life (in years) of the Company’s new Offshore Support Vessels was 20 years. Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets estimated useful lives. There was no capitalized interest recognized during the three months ended March 31, 2022. During the three months ended March 31, 2021 capitalized interest totaled $0.2 million. Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value. For the three months ended March 31, 2022, the Company recorded impairment charges of $0.9 million related to one fast support vessel (“FSV”) classified as held for sale as of March 31, 2022, which was included in the Africa and Europe segment with a carrying value of $2.3 million. There were no impairments of other owned or leased-in vessels. For the three months ended March 31, 2021, the Company did not record an impairment on any owned or leased-in vessels. Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data. For vessel classes and individual vessels with indicators of impairment as of March 31, 2022, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices, as well as the timing and cost of reactivating cold-stacked vessels. If market conditions continue to decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers. Impairment of 50% Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the three months ended March 31, 2022 and 2021, the Company did not recognize any impairment charges related to its 50% or less owned companies. Income Taxes. During the three months ended March 31, 2022, the Company’s effective income tax rate of 10.56% was primarily due to foreign taxes not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive loss were as follows (in thousands): SEACOR Marine Holdings Inc. Stockholders’ Equity Foreign Currency Translation Adjustments Derivative Gains (Losses) on Cash Flow Hedges, net Total Other Comprehensive Income December 31, 2021 $ 10,783 $ (2,728 ) 8,055 Other comprehensive (loss) income (714 ) 1,512 798 Balance as of March 31, 2022 $ 10,069 $ (1,216 ) $ 8,853 Earnings ( Basic earnings/loss per share of Common Stock of the Company is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the Convertible Senior Notes (as defined in “Note 4. Long-Term Debt”) unless anti-dilutive. The Company’s Convertible Senior Notes (“Convertible Senior Notes”) are currently convertible into 2,907,500 shares of Common Stock. For the three months ended March 31, 2022 and 2021, diluted loss per share of Common Stock excluded 2,907,500 issuable upon conversion of the Convertible Senior Notes and exercise of the related Warrants as the effect of their inclusion in the computation would be anti-dilutive. The number of shares of Common Stock issuable upon conversion of the Convertible Senior Notes and exercise of the related Warrants excluded from the calculation of diluted earnings/loss per share was incorrectly reported in certain prior periods as 2,183,708. This number of shares was adjusted in the period ended June 30, 2021 following revisions to the calculation. In addition, for the three months ended March 31 , 202 2 and 202 1 diluted loss per share of Common Stock excluded 1,469,647 and shares of restricted stock, respectively, and 1,029,365 and shares of stock, respectively, issuable upon exercise of outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive. Subsequent events. The Company has evaluated subsequent events through May 4, 2022 , the date the financial statements were issued. Any material subsequent events that occurred during this time have been properly recognized and/or disclosed in these financial statements. |
Equipment Acquisitions and Disp
Equipment Acquisitions and Dispositions | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Equipment Acquisitions and Dispositions | 2 . EQUIPMENT ACQUISITIONS AND DISPOSITIONS During the three months ended March 31 $0.1 million here were no e March 31 During the three months ended March 31, 2022, the Company sold one liftboat, which was previously removed from service, and office space for net cash proceeds of $5.3 million, after transaction costs, and a gain of $3.1 million. During the three months ended March 31, 2021, the Company sold one PSV and two FSVs for cash proceeds of $1.6 million and losses of $2.4 million. In addition, during the three months ended March 31, 2021, the Company received $1.7 million in deposits for future vessel sales. As of January 12, 2021, the Company recognized a gain on the sale of Windcat Workboats Holdings Ltd. (“Windcat Workboats”) of approximately $22.8 million, calculated as follows: (In Thousands): January 12, 2021 Total Proceeds Received $ 43,797 Transactions Fees and other Costs 1,562 Cash Sold 3,520 Total Net Proceeds 38,715 Less: Net Equity in Windcat Workboats, net of cash sold 15,790 Less: January Income on Discontinued Operations 169 Gain on Sale of Windcat Workboats $ 22,756 See “Note 12. Discontinued Operations” for additional information on the sale of Windcat Workboats. |
Investments, at Equity, and Adv
Investments, at Equity, and Advances to 50% or Less Owned Companies | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Investments, at Equity, and Advances to 50% or Less Owned Companies | 3 . COMPANIES Investments, at equity, and advances to 50% or less owned companies as of March 31, 2022 and December 31, 2021 were as follows (in thousands): Ownership 2022 2021 MexMar 49.0 % $ 64,510 $ 59,940 SEACOR Marlin 49.0 % 6,276 6,958 Offshore Vessel Holdings 49.0 % 2,309 1,847 Other 20.0% - 50.0% 3,765 2,982 $ 76,860 $ 71,727 |
Long Term Debt
Long Term Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long Term Debt | 4 . The Company’s long-term debt obligations as of March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, 2022 December 31, 2021 Recourse long-term debt (1) Convertible Senior Notes $ 125,000 $ 125,000 SEACOR Marine Foreign Holdings Credit Facility 83,220 86,470 Sea-Cat Crewzer III Term Loan Facility 17,940 19,178 SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt 18,705 18,705 SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing 84,204 86,316 SEACOR Alpine Shipyard Financing 29,486 29,734 SEACOR 88/888 Term Loan 5,500 5,500 Tarahumara Shipyard Financing 6,500 6,500 SEACOR Offshore OSV 17,552 18,052 Total recourse long-term debt 388,107 395,455 Non-recourse long-term debt (2) SEACOR 88/888 Term Loan 5,500 5,500 Total non-recourse long-term debt 5,500 5,500 Total principal due for long-term debt 393,607 400,955 Current portion due within one year (32,708 ) (31,602 ) Unamortized debt discount (31,706 ) (33,398 ) Deferred financing costs (2,929 ) (3,193 ) Long-term debt, less current portion $ 326,264 $ 332,762 (1) Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements. (2) Non-recourse debt represents debt issued by one of the Company’s consolidated subsidiaries with no recourse to SEACOR Marine or its other non-debtor operating subsidiaries with respect to the applicable instrument, other than certain limited support obligations as provided in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition. As of March 31, 2022, the Company was in compliance with all debt covenants and lender requirements. The Company's primary credit facility requires the Company to maintain a minimum of $35.0 million of cash on hand (including restricted cash) at all times. As of March 31, 2022, the Company's cash balances used to test compliance with this covenant was $39.9 million. While the Company is currently in compliance with the minimum cash covenant, current and anticipated increases in business activity are expected to increase liquidity demands on the Company as the Company incurs upfront expenses preparing and positioning its equipment in response to improving market dynamics. The Company is currently engaged in advanced discussions with the lenders under this credit facility to reduce the minimum cash covenant and provide additional flexibility for the liquidity requirements of the Company. Letters of Credit . As of March 31, 2022, the Company had outstanding letters of credit of $1.2 million securing lease obligations, labor and performance guaranties. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 5 . LEASES As of March 31, 2022, the Company leased-in two anchor handling towing supply (“AHTS”) vessels, one FSV, and certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of March 31, 2022, the remaining lease terms of the vessels had a duration ranging from As of March 31, 2022, future minimum payments for leases for the remainder of 2022 and the years ended December 31, noted below, were as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 1,760 $ 342 2023 1,646 726 2024 464 946 2025 515 959 2026 459 953 Years subsequent to 2026 3,614 4,659 8,458 8,585 Interest component (1,965 ) (1,212 ) 6,493 7,373 Current portion of long-term lease liabilities 2,073 190 Long-term lease liabilities $ 4,420 $ 7,183 For the three months ended March 31, 2022 and March 31, 2021 the components of lease expense were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 908 $ 905 Finance lease cost: Amortization of finance lease assets (1) 59 8 Interest on finance lease liabilities (2) 25 2 Short-term lease costs 152 173 $ 1,144 $ 1,088 (1) Included in amortization costs in the consolidated statements of income (loss) (2) Included in interest expense in the consolidated statements of income (loss) For the three months ended March 31, 2022, supplemental cash flow information related to leases was as follows (in thousands): 2022 Operating cash outflows from operating leases 543 Financing cash outflows from finance leases 9 Right-of-use assets obtained for operating lease liabilities 163 Right-of-use assets obtained for finance lease liabilities 7,248 For the three months ended March 31, 2022, other information related to leases was as follows: 2022 Weighted average remaining lease term, in years - operating leases 10.5 Weighted average remaining lease term, in years - finance leases 5.0 Weighted average discount rate - operating leases 5.3 % Weighted average discount rate - finance leases 4.0 % |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6 . The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the three months ended March 31, 2022: Statutory rate 21.00 % Foreign withholding tax and foreign losses for which there is no benefit in the U.S. (10.20 )% Other (0.24 )% Effective income tax rate 10.56 % |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Strategies | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Strategies | 7 . Derivative instruments are classified as either assets or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments were as follows (in thousands): March 31, 2022 December 31, 2021 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Interest rate swap agreements (cash flow hedges) $ — $ 653 $ — $ 1,831 — 653 — 1,831 Derivatives not designated as hedging instruments: Conversion option liability on Convertible Senior Notes — 34 — — $ — $ 34 $ — $ — Economic Hedges. The Company enters and settles forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond twelve to eighteen months. As of March 31, 2022, the Company had no open forward currency exchange contracts. Cash Flow Hedges. The Company and certain of its 50% or less owned companies have interest rate swap agreements designated as cash flow hedges. By entering into these interest rate swap agreements, the Company and its 50% or less owned companies have converted the variable LIBOR component of certain of their outstanding borrowings to a fixed interest rate. The Company recognized gains on derivative instruments designated as cash flow hedges of $1.2 million for the three months ended March 31, 2022 and gains of $0.5 million for the three months ended March 31, 2021, in each case as a component of other comprehensive income (loss). As of March 31, 2022, the interest rate swaps held by the Company and certain of the Company’s 50% or less owned companies were as follows • SEACOR Marine Foreign Holdings Inc., an indirect wholly-owned subsidiary of SEACOR Marine (“SMFH”), has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.32% per annum on the amortized notional value of $6.6 million and receive a variable interest rate based on LIBOR on the amortized notional value; • SMFH has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.195% per annum on the amortized notional value of $36.1 million and receive a variable interest rate based on LIBOR on the amortized notional value; • SEACOR 88 LLC and SEACOR 888 LLC, both indirect wholly-owned subsidiaries of SEACOR Marine (collectively, “SEACOR 88/888”), have an interest rate swap agreement maturing in 2023 that calls for SEACOR 88/888 to pay a fixed rate of interest of 3.175% per annum on the amortized notional value of $5.5 million and receive a variable interest rate based on LIBOR on the amortized notional value; and • Mantenimiento Express Maritimo, S.A.P.I. de C.V. (“MexMar”), in which the Company has a 49% noncontrolling interest, has five interest rate swap agreements with maturities in 2023 that call for MexMar to pay fixed rates of interest ranging from 1.71% to 2.10% per annum on the aggregate amortized notional value of $55.4 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value. Other Derivative Instruments. The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 and March 31, 2021 as follows (in thousands): Three Months Ended March 31, 2022 2021 Conversion option liability on Convertible Senior Notes $ (34 ) $ (35 ) Forward currency exchange, option, and future contracts — 390 $ (34 ) $ 355 The conversion option liability relates to the bifurcated embedded conversion option in the Convertible Senior Notes issued to investment funds managed and controlled by The Carlyle Group (see “Note 8. Fair Value Measurements”). |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8 . The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level Level Level Level The Company’s financial assets and liabilities as of March 31, 2022 and December 31, 2021 that are measured at fair value on a recurring basis were as follows (in thousands): March 31, 2022 Level 1 Level 2 Level 3 LIABILITIES Derivative instruments — 653 — Conversion Option Liability on Convertible Senior Notes — — 34 December 31, 2021 LIABILITIES Derivative instruments $ — $ 1,831 $ — Level 3 . The fair value of the conversion option liability embedded in the Convertible Senior Notes is estimated with significant inputs that are both observable and unobservable in the market and therefore is considered a Level 3 fair value measurement. The Company used a binomial lattice model that assumes the holders will maximize their value by finding the optimal decision between redeeming at the redemption price or converting into shares of Common Stock. This model estimates the fair value of the conversion option as the differential in the fair value of the notes including the conversion option compared with the fair value of the notes excluding the conversion option. The significant observable inputs used in the fair value measurement include the price of Common Stock and the risk-free interest rate. The significant unobservable inputs are the estimated Company credit spread and Common Stock volatility, which were based on comparable companies in the transportation and energy industries. The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2022 and December 31, 2021 were as follows (in thousands): Estimated Fair Value March 31, 2022 Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash, cash equivalents and restricted cash $ 39,911 $ 39,911 $ — $ — LIABILITIES Long-term debt, including current portion 358,972 — 363,336 — December 31, 2021 ASSETS Cash, cash equivalents and restricted cash $ 41,220 $ 41,220 $ — $ — LIABILITIES Long-term debt, including current portion 364,364 — 372,992 — The carrying value of cash, cash equivalents and restricted cash approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value including the consideration of the COVID-19 pandemic that has caused significant volatility in U.S. and international markets, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. Property and equipment . During the three months ended March 31, 2022, the Company recognized impairment charges of $0.9 million related to one FSV classified as held for sale as of March 31, 2022, which was included in the Africa and Europe segment with a carrying value of $2.3 million. During the year ended December 31, 2021, the Company recognized no impairment charges, and none of the Company’s property and equipment had a fair value based on ordinary liquidation value or indicative sales price. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9 . COMMITMENTS AND CONTINGENCIES As of March 31, 2022, the Company had unfunded capital commitments of $1.1 million for miscellaneous vessel equipment payable during 2022 and 2023. The Company has indefinitely deferred an additional $9.4 million of orders with respect to one FSV that the Company had previously reported as unfunded capital commitments. In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda, an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a 70%/30% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. A local Brazilian law has been enacted that supports the Company’s position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$18.9 million based on a historical potential levy of R$12.87 million (USD $4.0 million and USD $2.7 million, respectively, based on the exchange rate as of March 31, 2022). On April 13, 2021, the SEACOR Power, a liftboat owned by a subsidiary of the Company with nineteen individuals on board, capsized off the coast of Port Fourchon, Louisiana. The incident resulted in the death of several crew members, including the captain of the vessel and five other employees of the Company. The incident also resulted in the constructive total loss of the SEACOR Power. The Company is responsible for the salvage operations related to the vessel and is coordinating these efforts with the U.S. Coast Guard. The salvage operations are currently ongoing and the Company expects salvage costs to be covered by insurance proceeds. The capsizing of the SEACOR Power garnered significant attention from the media as well as local, state and federal politicians. The National Transportation Safety Board (“NTSB”) and the U.S. Coast Guard are currently investigating the incident to determine the cause of the incident and the Company is fully cooperating with the investigations in all respects and continues to gather information about the incident. It is expected that the NTSB and U.S. Coast Guard investigations will take a significant period of time to complete, possibly as long as two years or longer. Numerous civil lawsuits have been filed against the Company and other third parties by the family members of deceased crew members and the surviving crew members employed by the Company or by the third parties. On June 2, 2021, the Company filed a Limitation of Liability Act complaint in federal court in the Eastern District of Louisiana (“Limitation Action”), which has the effect of enjoining all existing civil lawsuits and requiring the plaintiffs to file their claims relating to the capsizing of the SEACOR Power in the Limitation Action. There is significant uncertainty in the amount and timing of costs and potential liabilities relating to the incident involving the SEACOR Power, the impact the incident will have on the Company’s reputation and the resulting possible impact on the Company’s business. In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows. Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of March 31, 2022, all invoices related to MNOPF and MNRPF have been settled in full. On October 19, 2021, the Company was informed by the MNRPF that two issues had been identified during a review of the MNRPF by the applicable trustee that would potentially give rise to material additional liabilities for the MNRPF. The MNRPF has indicated that the investigations into these issues remain ongoing, and that further updates will be provided as significant developments arise. Should such additional liabilities require the MNRPF to collect additional funds from participating employers, it is possible that the Company will be invoiced for a portion of such funds and recognize payroll related operating expenses in the periods invoices are received. |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 1 0 . STOCK BASED COMPENSATION Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2022 were as follows: Restricted Stock Activity: Outstanding as of December 31, 2021 1,163,090 Granted 733,895 Vested 427,338 Outstanding as of March 31, 2022 (1) 1,469,647 Stock Option Activity: Outstanding as of December 31, 2021 1,061,357 Exercised 31,992 Outstanding as of March 31, 2022 1,029,365 (1) Excludes 453,094 grants For the three months ended March 31, 2022, the Company acquired for treasury 114,251 shares of Common Stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $0.7 million. These shares were purchased in accordance with the terms of the Company’s 2017 Equity Incentive Plan and the Company’s 2020 Equity Incentive Plan. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 1 1 . SEGMENT INFORMATION The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2021 Annual Report. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of Discontinued Operations (see “Note 12. Discontinued Operations”). The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands): United States (primarily Gulf of Mexico) Africa and Europe Middle East and Asia Latin America Total For the Three Months Ended March 31, 2022 Operating Revenues: Time charter $ 7,864 $ 12,280 $ 13,660 $ 8,937 42,741 Bareboat charter — — — 618 618 Other marine services 2,052 (616 ) 49 747 2,232 9,916 11,664 13,709 10,302 45,591 Direct Costs and Expenses: Operating: Personnel 4,923 3,536 6,031 3,945 18,435 Repairs and maintenance 1,101 1,579 1,832 2,279 6,791 Drydocking 2,867 1,144 962 — 4,973 Insurance and loss reserves 229 124 507 326 1,186 Fuel, lubes and supplies 662 1,473 1,010 584 3,729 Other 224 1,828 1,627 703 4,382 10,006 9,684 11,969 7,837 39,496 Direct Vessel (Loss) Profit $ (90 ) $ 1,980 $ 1,740 $ 2,465 6,095 Other Costs and Expenses: Lease expense $ 287 $ 402 $ 31 $ 340 1,060 Administrative and general 9,924 Depreciation and amortization 4,638 3,258 4,345 2,130 14,371 25,355 Gain on Asset Dispositions, Net 2,139 Operating Loss $ (17,121 ) As of March 31, 2022 Property and Equipment: Historical Cost 280,472 241,607 335,121 149,673 1,006,873 Accumulated Depreciation (130,455 ) (77,502 ) (86,682 ) (21,805 ) (316,444 ) $ 150,017 $ 164,105 $ 248,439 $ 127,868 $ 690,429 Total Assets (1) $ 173,269 $ 181,526 $ 254,749 $ 208,711 $ 818,255 (1) Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022 . United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations (2) Middle East and Asia Latin America Total For the Three Months Ended March 31, 2021 Operating Revenues: Time charter $ 1,489 $ 10,502 $ 12,575 $ 9,724 $ 34,290 Bareboat charter 729 — — — 729 Other 546 (269 ) 360 856 1,493 2,764 10,233 12,935 10,580 36,512 Direct Costs and Expenses: Operating: Personnel 1,744 3,220 5,208 3,246 13,418 Repairs and maintenance 654 1,191 903 1,092 3,840 Drydocking 875 304 1,066 (28 ) 2,217 Insurance and loss reserves 527 433 702 296 1,958 Fuel, lubes and supplies 199 572 559 872 2,202 Other 77 579 1,144 872 2,672 4,076 6,299 9,582 6,350 26,307 Direct Vessel (Loss) Profit, from Continuing Operations $ (1,312 ) $ 3,934 $ 3,353 $ 4,230 $ 10,205 Other Costs and Expenses: Lease expense $ 664 $ 356 $ 22 $ 36 $ 1,078 Administrative and general 8,611 Depreciation and amortization 4,164 3,307 4,710 2,617 14,798 24,487 Loss on Asset Dispositions and Impairments (2,273 ) Operating Loss, for Continuing Operations $ (16,555 ) As of March 31, 2021 Property and Equipment: Historical Cost 214,575 240,032 374,979 170,844 1,000,430 Accumulated Depreciation (128,841 ) (68,254 ) (76,675 ) (24,022 ) (297,792 ) $ 85,734 $ 171,778 $ 298,304 $ 146,822 $ 702,638 Total Assets (1) $ 125,479 $ 189,370 $ 301,381 $ 215,408 $ 831,638 (1) Total assets by region does not include corporate assets of $142.2 (2) In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment. The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of March 31, 2022, and 2021, the Company’s investments, at equity and advances to 50% or less owned companies in its other 50% or less owned companies were $76.9 million and $79.0 million, respectively. Equity in earnings gains of 50% or less owned companies for the three months ended March 31, 2022 and 2021 were $5.7 million and $4.1 million, respectively. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 12. DISCONTINUED OPERATIONS On January 12, 2021, the Company completed the sale of Windcat Workboats, which was previously classified as assets held for sale. The Company has no continuing involvement in this business, which is considered a strategic shift in the Company’s operations. During the first twelve days of 2021, the Company recognized $0.2 million in net income from operations of Windcat Workboats that was utilized to calculate the gain on the sale of Windcat Workboats. Summarized selected operating results of the Company’s assets held for sale and discontinued operations were as follows (in thousands): Three Months Ended March 31, 2021 Windcat Workboats Operating Revenues: Time charter $ 903 Other revenue 70 973 Costs and Expenses: Operating 578 Direct Vessel Profit 395 General and Administrative Expenses 238 Lease Expense 24 262 Operating Income 133 Other Income (Expense) Interest income 2 Interest expense (39 ) Foreign currency translation loss 89 52 Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax $ 185 Income Tax Expense — Operating Income Before Equity Earnings of 50% or Less Owned Companies $ 185 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (16 ) Net Income from Discontinued Operations $ 169 |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards. On October 29, 2020, the FASB issued ASU 2020-10, Codification Improvements: Amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure section. The guidance was effective for annual periods beginning after December 15, 2020, and interim periods within the annual periods beginning after December 15, 2022. The adoption of the standard did not have a material effect on the disclosures included herein. On August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. The Company adopted the new standard on January 1, 2022. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations, cash flows and disclosures. On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations and cash flows. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. As of March 3 1 , 202 2 , the reference rates for the Company’s existing debt and interest rate swaps have not changed as a result of any such amendment. The Company will continue to monitor changes to reference rates in applicable agreements and adopt the standard as needed. |
Basis of Consolidation | Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation. Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax. Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to deferred revenues, allowance for credit loss accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from estimates and those differences may be material. |
Revenue Recognition | Revenue Recognition . Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue net of sales taxes based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred. The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter. From time to time, the Company may also participate in pooling arrangements. In a pooling arrangement, the time charter revenues of certain of the Company’s vessels are shared with the time charter revenues of certain vessels of similar type owned by non-affiliated vessel owners based upon an agreed formula. Contract or charter durations may range from several days to several years. Charters vary in length from short-term to multi-year periods, many with cancellation clauses and without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may have little correlation with the length of time the vessel is contracted to provide services to a particular customer. The Company also contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best efforts to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred. Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in other current liabilities in the accompanying consolidated balance sheets, for the three months ended March 31, 2022 and three months ended March 31, 2021 were as follows (in thousands): 2022 2021 Balance at beginning of period $ 321 $ 3,307 Revenues deferred during the period — 50 Revenues recognized and reclassifications during the period — (730 ) Balance at end of period $ 321 $ 2,627 As of March 31, 2022, the Company had deferred revenues of $0.3 million primarily comprised of prepaid charter modification and reservations. Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents. |
Cash and Cash Equivalents | Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents. |
Restricted Cash | Restricted Cash. Restricted cash primarily relates to banking facility requirements. |
Trade and Other Receivables | Trade and Other Receivables. Customers are primarily major integrated national and international oil companies and large independent oil and natural gas exploration and production companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other |
Property and Equipment | Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of March 31, 2022, the estimated useful life (in years) of the Company’s new Offshore Support Vessels was 20 years. Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized. Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets estimated useful lives. There was no capitalized interest recognized during the three months ended March 31, 2022. During the three months ended March 31, 2021 capitalized interest totaled $0.2 million. |
Impairment of Long-Lived Assets and Impairment of 50% or Less Owned Companies | Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value. For the three months ended March 31, 2022, the Company recorded impairment charges of $0.9 million related to one fast support vessel (“FSV”) classified as held for sale as of March 31, 2022, which was included in the Africa and Europe segment with a carrying value of $2.3 million. There were no impairments of other owned or leased-in vessels. For the three months ended March 31, 2021, the Company did not record an impairment on any owned or leased-in vessels. Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data. For vessel classes and individual vessels with indicators of impairment as of March 31, 2022, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices, as well as the timing and cost of reactivating cold-stacked vessels. If market conditions continue to decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers. Impairment of 50% Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the three months ended March 31, 2022 and 2021, the Company did not recognize any impairment charges related to its 50% or less owned companies. |
Income Taxes | Income Taxes. During the three months ended March 31, 2022, the Company’s effective income tax rate of 10.56% was primarily due to foreign taxes not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive loss were as follows (in thousands): SEACOR Marine Holdings Inc. Stockholders’ Equity Foreign Currency Translation Adjustments Derivative Gains (Losses) on Cash Flow Hedges, net Total Other Comprehensive Income December 31, 2021 $ 10,783 $ (2,728 ) 8,055 Other comprehensive (loss) income (714 ) 1,512 798 Balance as of March 31, 2022 $ 10,069 $ (1,216 ) $ 8,853 |
Earnings (Loss) Per Share | Earnings ( Basic earnings/loss per share of Common Stock of the Company is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the Convertible Senior Notes (as defined in “Note 4. Long-Term Debt”) unless anti-dilutive. The Company’s Convertible Senior Notes (“Convertible Senior Notes”) are currently convertible into 2,907,500 shares of Common Stock. For the three months ended March 31, 2022 and 2021, diluted loss per share of Common Stock excluded 2,907,500 issuable upon conversion of the Convertible Senior Notes and exercise of the related Warrants as the effect of their inclusion in the computation would be anti-dilutive. The number of shares of Common Stock issuable upon conversion of the Convertible Senior Notes and exercise of the related Warrants excluded from the calculation of diluted earnings/loss per share was incorrectly reported in certain prior periods as 2,183,708. This number of shares was adjusted in the period ended June 30, 2021 following revisions to the calculation. In addition, for the three months ended March 31 , 202 2 and 202 1 diluted loss per share of Common Stock excluded 1,469,647 and shares of restricted stock, respectively, and 1,029,365 and shares of stock, respectively, issuable upon exercise of outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive. |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Basis Of Presentation And Accounting Policies [Abstract] | |
Schedule of Deferred Revenues | Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in other current liabilities in the accompanying consolidated balance sheets, for the three months ended March 31, 2022 and three months ended March 31, 2021 were as follows (in thousands): 2022 2021 Balance at beginning of period $ 321 $ 3,307 Revenues deferred during the period — 50 Revenues recognized and reclassifications during the period — (730 ) Balance at end of period $ 321 $ 2,627 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive loss were as follows (in thousands): SEACOR Marine Holdings Inc. Stockholders’ Equity Foreign Currency Translation Adjustments Derivative Gains (Losses) on Cash Flow Hedges, net Total Other Comprehensive Income December 31, 2021 $ 10,783 $ (2,728 ) 8,055 Other comprehensive (loss) income (714 ) 1,512 798 Balance as of March 31, 2022 $ 10,069 $ (1,216 ) $ 8,853 |
Equipment Acquisitions and Di_2
Equipment Acquisitions and Dispositions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Schedule of Gain on Sale of Windcat Workboats | As of January 12, 2021, the Company recognized a gain on the sale of Windcat Workboats Holdings Ltd. (“Windcat Workboats”) of approximately $22.8 million, calculated as follows: (In Thousands): January 12, 2021 Total Proceeds Received $ 43,797 Transactions Fees and other Costs 1,562 Cash Sold 3,520 Total Net Proceeds 38,715 Less: Net Equity in Windcat Workboats, net of cash sold 15,790 Less: January Income on Discontinued Operations 169 Gain on Sale of Windcat Workboats $ 22,756 |
Investments, at Equity, and A_2
Investments, at Equity, and Advances to 50% or Less Owned Companies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Equity Method Investments | Investments, at equity, and advances to 50% or less owned companies as of March 31, 2022 and December 31, 2021 were as follows (in thousands): Ownership 2022 2021 MexMar 49.0 % $ 64,510 $ 59,940 SEACOR Marlin 49.0 % 6,276 6,958 Offshore Vessel Holdings 49.0 % 2,309 1,847 Other 20.0% - 50.0% 3,765 2,982 $ 76,860 $ 71,727 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Obligations | The Company’s long-term debt obligations as of March 31, 2022 and December 31, 2021 were as follows (in thousands): March 31, 2022 December 31, 2021 Recourse long-term debt (1) Convertible Senior Notes $ 125,000 $ 125,000 SEACOR Marine Foreign Holdings Credit Facility 83,220 86,470 Sea-Cat Crewzer III Term Loan Facility 17,940 19,178 SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt 18,705 18,705 SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing 84,204 86,316 SEACOR Alpine Shipyard Financing 29,486 29,734 SEACOR 88/888 Term Loan 5,500 5,500 Tarahumara Shipyard Financing 6,500 6,500 SEACOR Offshore OSV 17,552 18,052 Total recourse long-term debt 388,107 395,455 Non-recourse long-term debt (2) SEACOR 88/888 Term Loan 5,500 5,500 Total non-recourse long-term debt 5,500 5,500 Total principal due for long-term debt 393,607 400,955 Current portion due within one year (32,708 ) (31,602 ) Unamortized debt discount (31,706 ) (33,398 ) Deferred financing costs (2,929 ) (3,193 ) Long-term debt, less current portion $ 326,264 $ 332,762 (1) Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements. (2) Non-recourse debt represents debt issued by one of the Company’s consolidated subsidiaries with no recourse to SEACOR Marine or its other non-debtor operating subsidiaries with respect to the applicable instrument, other than certain limited support obligations as provided in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of Future Minimum Payments for Leases | As of March 31, 2022, future minimum payments for leases for the remainder of 2022 and the years ended December 31, noted below, were as follows (in thousands): Operating Leases Finance Leases Remainder of 2022 $ 1,760 $ 342 2023 1,646 726 2024 464 946 2025 515 959 2026 459 953 Years subsequent to 2026 3,614 4,659 8,458 8,585 Interest component (1,965 ) (1,212 ) 6,493 7,373 Current portion of long-term lease liabilities 2,073 190 Long-term lease liabilities $ 4,420 $ 7,183 |
Summary of Components of Leases Expense | For the three months ended March 31, 2022 and March 31, 2021 the components of lease expense were as follows (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 908 $ 905 Finance lease cost: Amortization of finance lease assets (1) 59 8 Interest on finance lease liabilities (2) 25 2 Short-term lease costs 152 173 $ 1,144 $ 1,088 (1) Included in amortization costs in the consolidated statements of income (loss) (2) Included in interest expense in the consolidated statements of income (loss) |
Summary of Supplemental Cash Flow Information Related to Leases | For the three months ended March 31, 2022, supplemental cash flow information related to leases was as follows (in thousands): 2022 Operating cash outflows from operating leases 543 Financing cash outflows from finance leases 9 Right-of-use assets obtained for operating lease liabilities 163 Right-of-use assets obtained for finance lease liabilities 7,248 |
Summary of Other Information Related to Leases | For the three months ended March 31, 2022, other information related to leases was as follows: 2022 Weighted average remaining lease term, in years - operating leases 10.5 Weighted average remaining lease term, in years - finance leases 5.0 Weighted average discount rate - operating leases 5.3 % Weighted average discount rate - finance leases 4.0 % |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the three months ended March 31, 2022: Statutory rate 21.00 % Foreign withholding tax and foreign losses for which there is no benefit in the U.S. (10.20 )% Other (0.24 )% Effective income tax rate 10.56 % |
Derivative Instruments and He_2
Derivative Instruments and Hedging Strategies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Assets and Liabilities | The fair values of the Company’s derivative instruments were as follows (in thousands): March 31, 2022 December 31, 2021 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Interest rate swap agreements (cash flow hedges) $ — $ 653 $ — $ 1,831 — 653 — 1,831 Derivatives not designated as hedging instruments: Conversion option liability on Convertible Senior Notes — 34 — — $ — $ 34 $ — $ — |
Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments | The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 and March 31, 2021 as follows (in thousands): Three Months Ended March 31, 2022 2021 Conversion option liability on Convertible Senior Notes $ (34 ) $ (35 ) Forward currency exchange, option, and future contracts — 390 $ (34 ) $ 355 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis | The Company’s financial assets and liabilities as of March 31, 2022 and December 31, 2021 that are measured at fair value on a recurring basis were as follows (in thousands): March 31, 2022 Level 1 Level 2 Level 3 LIABILITIES Derivative instruments — 653 — Conversion Option Liability on Convertible Senior Notes — — 34 December 31, 2021 LIABILITIES Derivative instruments $ — $ 1,831 $ — |
Schedule of Estimated Fair Values of Financial Assets and Liabilities | The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2022 and December 31, 2021 were as follows (in thousands): Estimated Fair Value March 31, 2022 Carrying Amount Level 1 Level 2 Level 3 ASSETS Cash, cash equivalents and restricted cash $ 39,911 $ 39,911 $ — $ — LIABILITIES Long-term debt, including current portion 358,972 — 363,336 — December 31, 2021 ASSETS Cash, cash equivalents and restricted cash $ 41,220 $ 41,220 $ — $ — LIABILITIES Long-term debt, including current portion 364,364 — 372,992 — |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Equity Incentive Plan Transactions | Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2022 were as follows: Restricted Stock Activity: Outstanding as of December 31, 2021 1,163,090 Granted 733,895 Vested 427,338 Outstanding as of March 31, 2022 (1) 1,469,647 Stock Option Activity: Outstanding as of December 31, 2021 1,061,357 Exercised 31,992 Outstanding as of March 31, 2022 1,029,365 (1) Excludes 453,094 grants |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands): United States (primarily Gulf of Mexico) Africa and Europe Middle East and Asia Latin America Total For the Three Months Ended March 31, 2022 Operating Revenues: Time charter $ 7,864 $ 12,280 $ 13,660 $ 8,937 42,741 Bareboat charter — — — 618 618 Other marine services 2,052 (616 ) 49 747 2,232 9,916 11,664 13,709 10,302 45,591 Direct Costs and Expenses: Operating: Personnel 4,923 3,536 6,031 3,945 18,435 Repairs and maintenance 1,101 1,579 1,832 2,279 6,791 Drydocking 2,867 1,144 962 — 4,973 Insurance and loss reserves 229 124 507 326 1,186 Fuel, lubes and supplies 662 1,473 1,010 584 3,729 Other 224 1,828 1,627 703 4,382 10,006 9,684 11,969 7,837 39,496 Direct Vessel (Loss) Profit $ (90 ) $ 1,980 $ 1,740 $ 2,465 6,095 Other Costs and Expenses: Lease expense $ 287 $ 402 $ 31 $ 340 1,060 Administrative and general 9,924 Depreciation and amortization 4,638 3,258 4,345 2,130 14,371 25,355 Gain on Asset Dispositions, Net 2,139 Operating Loss $ (17,121 ) As of March 31, 2022 Property and Equipment: Historical Cost 280,472 241,607 335,121 149,673 1,006,873 Accumulated Depreciation (130,455 ) (77,502 ) (86,682 ) (21,805 ) (316,444 ) $ 150,017 $ 164,105 $ 248,439 $ 127,868 $ 690,429 Total Assets (1) $ 173,269 $ 181,526 $ 254,749 $ 208,711 $ 818,255 (1) Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022 . United States (primarily Gulf of Mexico) Africa and Europe, Continuing Operations (2) Middle East and Asia Latin America Total For the Three Months Ended March 31, 2021 Operating Revenues: Time charter $ 1,489 $ 10,502 $ 12,575 $ 9,724 $ 34,290 Bareboat charter 729 — — — 729 Other 546 (269 ) 360 856 1,493 2,764 10,233 12,935 10,580 36,512 Direct Costs and Expenses: Operating: Personnel 1,744 3,220 5,208 3,246 13,418 Repairs and maintenance 654 1,191 903 1,092 3,840 Drydocking 875 304 1,066 (28 ) 2,217 Insurance and loss reserves 527 433 702 296 1,958 Fuel, lubes and supplies 199 572 559 872 2,202 Other 77 579 1,144 872 2,672 4,076 6,299 9,582 6,350 26,307 Direct Vessel (Loss) Profit, from Continuing Operations $ (1,312 ) $ 3,934 $ 3,353 $ 4,230 $ 10,205 Other Costs and Expenses: Lease expense $ 664 $ 356 $ 22 $ 36 $ 1,078 Administrative and general 8,611 Depreciation and amortization 4,164 3,307 4,710 2,617 14,798 24,487 Loss on Asset Dispositions and Impairments (2,273 ) Operating Loss, for Continuing Operations $ (16,555 ) As of March 31, 2021 Property and Equipment: Historical Cost 214,575 240,032 374,979 170,844 1,000,430 Accumulated Depreciation (128,841 ) (68,254 ) (76,675 ) (24,022 ) (297,792 ) $ 85,734 $ 171,778 $ 298,304 $ 146,822 $ 702,638 Total Assets (1) $ 125,479 $ 189,370 $ 301,381 $ 215,408 $ 831,638 (1) Total assets by region does not include corporate assets of $142.2 (2) In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Assets Held for Sale | Summarized selected operating results of the Company’s assets held for sale and discontinued operations were as follows (in thousands) Three Months Ended March 31, 2021 Windcat Workboats Operating Revenues: Time charter $ 903 Other revenue 70 973 Costs and Expenses: Operating 578 Direct Vessel Profit 395 General and Administrative Expenses 238 Lease Expense 24 262 Operating Income 133 Other Income (Expense) Interest income 2 Interest expense (39 ) Foreign currency translation loss 89 52 Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax $ 185 Income Tax Expense — Operating Income Before Equity Earnings of 50% or Less Owned Companies $ 185 Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax (16 ) Net Income from Discontinued Operations $ 169 |
Basis of Presentation and Acc_4
Basis of Presentation and Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Contract with customer, liability | $ 321,000 | $ 2,627,000 | $ 321,000 | $ 3,307,000 | |
Capitalized interest costs, including allowance for funds used during construction, total | 0 | 200,000 | |||
Impairment of long-lived assets owned or leased in vessels | 900,000 | 0 | |||
Equity method investment, other than temporary impairment | $ 0 | $ 0 | |||
Effective income tax rate reconciliation, percent, total | 10.56% | ||||
Class of warrant or right, exercise price of warrants or rights | $ 0.01 | ||||
Incremental common shares attributable to conversion of debt securities, total | 2,907,500 | 2,907,500 | |||
Prior Periods Adjustment | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Incremental common shares attributable to conversion of debt securities, total | 2,183,708 | ||||
Convertible Senior Note | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 2,907,500 | 2,907,500 | |||
Restricted Stock | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,469,647 | 1,059,077 | |||
Employee Stock Option | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 1,029,365 | 1,120,541 | |||
Africa and Europe Segment | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Carrying value of assets held for sale | $ 2,300,000 | ||||
Offshore Support Vessels | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Estimated useful life (Year) | 20 years | ||||
Geographic Distribution, Domestic | Prepaid Charter Modification And Reservation | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Contract with customer, liability | $ 300,000 | ||||
Minimum | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Equity method investment, ownership percentage | 20.00% | ||||
Minimum | SEACOR Marine Foreign Holdings | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Maximum | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||
Accounting Standards Update 2020-10 | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||||
Accounting Standards Update 2020-06 | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||||
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2022 | ||||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true | ||||
Accounting Standards Update 2019-12 | |||||
Basis Of Presentation And Accounting Policies [Line Items] | |||||
Change in accounting principle, accounting standards update, adopted [true false] | true | ||||
Change in accounting principle, accounting standards update, immaterial effect [true false] | true |
Basis of Presentation and Acc_5
Basis of Presentation and Accounting Policies - Schedule of Deferred Revenues (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Basis Of Presentation And Accounting Policies [Abstract] | |
Balance at beginning of period | $ 3,307 |
Revenues deferred during the period | 50 |
Revenues recognized and reclassifications during the period | (730) |
Balance at end of period | $ 2,627 |
Basis of Presentation and Acc_6
Basis of Presentation and Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | $ 446,541 | $ 401,836 |
Other comprehensive (loss) income | 798 | 4,656 |
Balance | 433,044 | 409,159 |
Foreign Currency Translation Adjustments Attributable to Parent | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 10,783 | |
Other comprehensive (loss) income | (714) | |
Balance | 10,069 | |
Derivative Gains (Losses) on Cash Flow Hedges, net Attributable to Parent | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | (2,728) | |
Other comprehensive (loss) income | 1,512 | |
Balance | (1,216) | |
AOCI Attributable to Parent | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Balance | 8,055 | 2,790 |
Other comprehensive (loss) income | 798 | |
Balance | $ 8,853 | $ 7,446 |
Equipment Acquisitions and Di_3
Equipment Acquisitions and Dispositions - Additional Information (Details) $ in Thousands | Jan. 12, 2021USD ($) | Mar. 31, 2022USD ($)Vessel | Mar. 31, 2021USD ($)Vessel |
Property Plant And Equipment [Line Items] | |||
Number of equipment acquired | Vessel | 0 | ||
Proceeds from disposition of property and equipment | $ 5,310 | $ 3,266 | |
Deposits for future vessel sales | $ 1,700 | ||
Maximum | |||
Property Plant And Equipment [Line Items] | |||
Payments to acquire property, plant, and equipment, including fair value hedges | $ 100 | ||
Platform Supply Vessels | |||
Property Plant And Equipment [Line Items] | |||
Number of equipment sold | Vessel | 1 | ||
Fast Support Vessels | |||
Property Plant And Equipment [Line Items] | |||
Number of equipment sold | Vessel | 2 | ||
Liftboat | |||
Property Plant And Equipment [Line Items] | |||
Number of equipment sold | Vessel | 1 | ||
Platform Supply Vessels And Fast Support Vessels | |||
Property Plant And Equipment [Line Items] | |||
Proceeds from disposition of property and equipment | $ 5,300 | $ 1,600 | |
Gain (loss) on disposition of property, plant and equipment | $ 3,100 | $ (2,400) | |
Windcat Workboats | |||
Property Plant And Equipment [Line Items] | |||
Proceeds from disposition of property and equipment | $ 38,715 | ||
Gain (loss) on disposition of property, plant and equipment | $ 22,756 |
Equipment Acquisitions and Di_4
Equipment Acquisitions and Dispositions - Schedule of Gain on Sale of Windcat Workboats (Details) - USD ($) $ in Thousands | Jan. 12, 2021 | Mar. 31, 2022 | Mar. 31, 2021 |
Property Plant And Equipment [Line Items] | |||
Total Net Proceeds | $ 5,310 | $ 3,266 | |
Windcat Workboats | |||
Property Plant And Equipment [Line Items] | |||
Total Proceeds Received | $ 43,797 | ||
Transactions Fees and other Costs | 1,562 | ||
Cash Sold | 3,520 | ||
Total Net Proceeds | 38,715 | ||
Less: Net Equity in Windcat Workboats, net of cash sold | 15,790 | ||
Less: January Income on Discontinued Operations | 169 | ||
Gain on Sale of Windcat Workboats | $ 22,756 |
Investments, at Equity, and A_3
Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Schedule Of Investments [Line Items] | |||
Investments at equity | $ 76,860 | $ 71,727 | |
Minimum | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Maximum | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 50.00% | 50.00% | |
MexMar | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 49.00% | ||
Investments at equity | $ 64,510 | 59,940 | |
SEACOR Marlin LLC | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 49.00% | ||
Investments at equity | $ 6,276 | 6,958 | |
Offshore Vessel Holdings | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 49.00% | ||
Investments at equity | $ 2,309 | 1,847 | |
Other Offshore Marine Services Joint Ventures | |||
Schedule Of Investments [Line Items] | |||
Investments at equity | $ 3,765 | $ 2,982 | $ 79,000 |
Other Offshore Marine Services Joint Ventures | Minimum | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Other Offshore Marine Services Joint Ventures | Maximum | |||
Schedule Of Investments [Line Items] | |||
Ownership percentage | 50.00% | 50.00% |
Long Term Debt - Schedule of Lo
Long Term Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 393,607 | $ 400,955 |
Current portion due within one year | (32,708) | (31,602) |
Unamortized debt discount | (31,706) | (33,398) |
Deferred financing costs | (2,929) | (3,193) |
Long-term debt, less current portion | 326,264 | 332,762 |
Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 388,107 | 395,455 |
Non-Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 5,500 | 5,500 |
Convertible Senior Notes | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 125,000 | 125,000 |
SEACOR Marine Foreign Holdings Credit Facility | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 83,220 | 86,470 |
Sea-Cat Crewzer III Term Loan Facility | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 17,940 | 19,178 |
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 18,705 | 18,705 |
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 84,204 | 86,316 |
SEACOR Alpine Shipyard Financing | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 29,486 | 29,734 |
SEACOR 88/888 Term Loan | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 5,500 | 5,500 |
SEACOR 88/888 Term Loan | Non-Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 5,500 | 5,500 |
SEACOR Offshore OSV | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 17,552 | 18,052 |
Tarahumara Shipyard Financing | Recourse Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 6,500 | $ 6,500 |
Long Term Debt - Additional Inf
Long Term Debt - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) |
Debt Instrument [Line Items] | |
Cash on hand | $ 39.9 |
Long-term Debt Obligation | |
Debt Instrument [Line Items] | |
Letters of credit outstanding, amount | 1.2 |
Minimum | |
Debt Instrument [Line Items] | |
Cash on hand | $ 35 |
Leases - Additional Information
Leases - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Vessel | |
Anchor Handling Towing Supply Vessels | |
Lessee Lease Description [Line Items] | |
Number of operating leases on equipment | 2 |
Fast Support Vessel | |
Lessee Lease Description [Line Items] | |
Number of operating leases on equipment | 1 |
Vessels | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms (in duration) | 12 months |
Vessels | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms (in duration) | 60 months |
Other Equipment | Minimum | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms (in duration) | 8 months |
Other Equipment | Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease, lease terms (in duration) | 297 months |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Payments For Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Remainder of 2022 | $ 1,760 | |
2023 | 1,646 | |
2024 | 464 | |
2025 | 515 | |
2026 | 459 | |
Years subsequent to 2026 | 3,614 | |
Operating lease payments due | 8,458 | |
Interest component | (1,965) | |
Total operating leases | 6,493 | |
Current portion of operating lease liabilities | 2,073 | $ 1,986 |
Long-term lease liabilities | 4,420 | 4,885 |
Finance Leases | ||
Remainder of 2022 | 342 | |
2023 | 726 | |
2024 | 946 | |
2025 | 959 | |
2026 | 953 | |
Years subsequent to 2026 | 4,659 | |
Total finance leases | 8,585 | |
Interest component | (1,212) | |
Finance Leases | 7,373 | |
Current portion of financing lease liabilities | 190 | 33 |
Long-term lease liabilities | $ 7,183 | $ 76 |
Leases - Summary of Components
Leases - Summary of Components of Leases Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Leases [Abstract] | |||
Operating lease cost | $ 908 | $ 905 | |
Finance lease cost: | |||
Amortization of finance lease assets | [1] | 59 | 8 |
Interest on lease liabilities | [2] | 25 | 2 |
Short-term lease costs | 152 | 173 | |
Total Lease expense | $ 1,144 | $ 1,088 | |
[1] | Included in amortization costs in the consolidated statements of income (loss) | ||
[2] | Included in interest expense in the consolidated statements of income (loss) |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating cash outflows from operating leases | $ 543 | |
Financing cash outflows from finance leases | 9 | $ 0 |
Right-of-use assets obtained for operating lease liabilities | 163 | |
Right-of-use assets obtained for finance lease liabilities | $ 7,248 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Details) | Mar. 31, 2022 |
Leases [Abstract] | |
Weighted average remaining lease term, in years - operating leases | 10 years 6 months |
Weighted average remaining lease term, in years - finance leases | 5 years |
Weighted average discount rate - operating leases | 5.30% |
Weighted average discount rate - finance leases | 4.00% |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |
Statutory rate | 21.00% |
Foreign withholding tax and foreign losses for which there is no benefit in the U.S. | (10.20%) |
Other | (0.24%) |
Effective income tax rate | 10.56% |
Derivative Instruments and He_3
Derivative Instruments and Hedging Strategies - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Designated as Hedging Instrument | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative Liability | $ 653 | $ 1,831 |
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative Liability | 653 | $ 1,831 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Derivative Liability | 34 | |
Conversion option liability on Convertible Senior Notes | $ 34 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Strategies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Derivative gains on cash flow hedges | $ 805 | $ 127 |
Maximum | ||
Derivative [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | 50.00% |
Minimum | ||
Derivative [Line Items] | ||
Equity method investment, ownership percentage | 20.00% | |
Minimum | SEACOR Marine Foreign Holdings | ||
Derivative [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Cash Flow Hedging | ||
Derivative [Line Items] | ||
Derivative gains on cash flow hedges | $ 1,200 | $ 500 |
Cash Flow Hedging | 3.32% Interest Rate Swap Agreement | Designated as Hedging Instrument | SEACOR Marine Foreign Holdings | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 3.32% | |
Derivative, notional amount | $ 6,600 | |
Cash Flow Hedging | 3.195% Interest Rate Swap Agreement | Designated as Hedging Instrument | SEACOR Marine Foreign Holdings | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 3.195% | |
Derivative, notional amount | $ 36,100 | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | SEACOR 88/888 | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 3.175% | |
Derivative, notional amount | $ 5,500 | |
Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | MexMar | ||
Derivative [Line Items] | ||
Equity method investment, ownership percentage | 49.00% | |
Derivative, notional amount | $ 55,400 | |
Derivative, number of instruments held, total | 5 | |
Cash Flow Hedging | Maximum | Interest Rate Swap | Designated as Hedging Instrument | MexMar | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 2.10% | |
Cash Flow Hedging | Minimum | Interest Rate Swap | Designated as Hedging Instrument | MexMar | ||
Derivative [Line Items] | ||
Derivative, fixed interest rate | 1.71% |
Derivative Instruments and He_5
Derivative Instruments and Hedging Strategies - Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Gains (losses) on derivative instruments | $ (34) | $ 355 |
Embedded Derivative Financial Instruments | ||
Derivative [Line Items] | ||
Gains (losses) on derivative instruments | $ (34) | (35) |
Foreign Exchange Option | ||
Derivative [Line Items] | ||
Gains (losses) on derivative instruments | $ 390 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Derivative Liability | $ 653 | $ 1,831 |
Fair Value, Inputs, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Conversion Option Liability on Convertible Senior Notes | $ 34 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Reported Value Measurement | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | $ 39,911 | $ 41,220 |
Long-term debt, including current portion | 358,972 | 364,364 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, cash equivalents and restricted cash | 39,911 | 41,220 |
Estimate of Fair Value Measurement | Fair Value, Inputs, Level 2 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Long-term debt, including current portion | $ 363,336 | $ 372,992 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022USD ($)PropertyandEquipment | Dec. 31, 2021USD ($)PropertyandEquipment | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Impairment charges | $ 900,000 | $ 0 |
Number of property and equipment with fair value | PropertyandEquipment | 0 | 0 |
Africa and Europe Segment | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of assets held for sale | $ 2,300,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) R$ in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2022USD ($) | Mar. 31, 2022BRL (R$) | |
Commitments And Contingencies [Line Items] | ||
Unrecorded unconditional purchase obligation, total | $ 1.1 | |
Unrecorded unconditional purchase obligation, due in remainder of fiscal year | $ 9.4 | |
Deficiency Notice | ||
Commitments And Contingencies [Line Items] | ||
Cost allocation percentage | 70.00% | |
Deficiency Notice | Seabulk Overseas | ||
Commitments And Contingencies [Line Items] | ||
Cost allocation percentage | 30.00% | |
Minimum | Deficiency Notice | ||
Commitments And Contingencies [Line Items] | ||
Potential range of levies | $ 4 | R$ 18900 |
Maximum | Deficiency Notice | ||
Commitments And Contingencies [Line Items] | ||
Potential range of levies | $ 2.7 | R$ 12870 |
FSV Offshore Support Vessels | ||
Commitments And Contingencies [Line Items] | ||
Unrecorded unconditional purchase obligation, maximum quantity | 1 | 1 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) | 3 Months Ended | |
Mar. 31, 2022shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding as of the beginning of year (in shares) | 1,061,357 | |
Exercised (in shares) | 31,992 | |
Outstanding as of the end of year (in shares) | 1,029,365 | |
Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding as of the beginning of year (in shares) | 1,163,090 | |
Granted (in shares) | 733,895 | |
Vested (in shares) | 427,338 | |
Outstanding as of the end of year (in shares) | 1,469,647 | [1] |
[1] | Excludes 453,094 grants |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) (Parenthetical) | Mar. 31, 2022shares |
Performance Stock | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of shares outstanding | 453,094 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Treasury stock, shares acquired | 114,251 | |
Treasury stock, value acquired cost method | $ 672 | $ 262 |
Segment Information - Schedule
Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | $ 45,591 | $ 36,512 | |||
Direct Costs and Expenses | 39,496 | 26,307 | |||
Direct Vessel (Loss) Profit | 6,095 | 10,205 | |||
Lease expense | 1,060 | 1,078 | |||
Administrative and general | 9,924 | 8,611 | |||
Depreciation and amortization | 14,371 | 14,798 | |||
Other Costs and Expenses | 25,355 | 24,487 | |||
Gains (Losses) on Asset Dispositions and Impairments, Net | 2,139 | (2,273) | |||
Operating Loss | (17,121) | (16,555) | |||
Historical cost | 1,006,873 | 1,000,430 | $ 1,025,284 | ||
Accumulated depreciation | (316,444) | (297,792) | (317,297) | ||
Property and equipment | 690,429 | 702,638 | $ 707,987 | ||
Total Assets | 818,255 | [1] | 831,638 | [2] | |
Time Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 42,741 | 34,290 | |||
Bareboat Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 618 | 729 | |||
Other Marine Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 2,232 | 1,493 | |||
Personnel | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 18,435 | 13,418 | |||
Repairs and Maintenance | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 6,791 | 3,840 | |||
Drydocking | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 4,973 | 2,217 | |||
Insurance and Loss Reserves | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,186 | 1,958 | |||
Fuel, Lubes and Supplies | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 3,729 | 2,202 | |||
Other Direct Costs and Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 4,382 | 2,672 | |||
UNITED STATES | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 9,916 | 2,764 | |||
Direct Costs and Expenses | 10,006 | 4,076 | |||
Direct Vessel (Loss) Profit | (90) | (1,312) | |||
Lease expense | 287 | 664 | |||
Depreciation and amortization | 4,638 | 4,164 | |||
Historical cost | 280,472 | 214,575 | |||
Accumulated depreciation | (130,455) | (128,841) | |||
Property and equipment | 150,017 | 85,734 | |||
Total Assets | 173,269 | [1] | 125,479 | [2] | |
UNITED STATES | Time Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 7,864 | 1,489 | |||
UNITED STATES | Bareboat Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 729 | ||||
UNITED STATES | Other Marine Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 2,052 | 546 | |||
UNITED STATES | Personnel | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 4,923 | 1,744 | |||
UNITED STATES | Repairs and Maintenance | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,101 | 654 | |||
UNITED STATES | Drydocking | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 2,867 | 875 | |||
UNITED STATES | Insurance and Loss Reserves | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 229 | 527 | |||
UNITED STATES | Fuel, Lubes and Supplies | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 662 | 199 | |||
UNITED STATES | Other Direct Costs and Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 224 | 77 | |||
Africa and Europe, Continuing Operations | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 11,664 | 10,233 | [3] | ||
Direct Costs and Expenses | 9,684 | 6,299 | [3] | ||
Direct Vessel (Loss) Profit | 1,980 | 3,934 | [3] | ||
Lease expense | 402 | 356 | [3] | ||
Depreciation and amortization | 3,258 | 3,307 | [3] | ||
Historical cost | 241,607 | 240,032 | [3] | ||
Accumulated depreciation | (77,502) | (68,254) | [3] | ||
Property and equipment | 164,105 | 171,778 | [3] | ||
Total Assets | 181,526 | [1] | 189,370 | [2],[3] | |
Africa and Europe, Continuing Operations | Time Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 12,280 | 10,502 | [3] | ||
Africa and Europe, Continuing Operations | Other Marine Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | (616) | (269) | [3] | ||
Africa and Europe, Continuing Operations | Personnel | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 3,536 | 3,220 | [3] | ||
Africa and Europe, Continuing Operations | Repairs and Maintenance | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,579 | 1,191 | [3] | ||
Africa and Europe, Continuing Operations | Drydocking | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,144 | 304 | [3] | ||
Africa and Europe, Continuing Operations | Insurance and Loss Reserves | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 124 | 433 | [3] | ||
Africa and Europe, Continuing Operations | Fuel, Lubes and Supplies | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,473 | 572 | [3] | ||
Africa and Europe, Continuing Operations | Other Direct Costs and Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,828 | 579 | [3] | ||
Middle East and Asia | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 13,709 | 12,935 | |||
Direct Costs and Expenses | 11,969 | 9,582 | |||
Direct Vessel (Loss) Profit | 1,740 | 3,353 | |||
Lease expense | 31 | 22 | |||
Depreciation and amortization | 4,345 | 4,710 | |||
Historical cost | 335,121 | 374,979 | |||
Accumulated depreciation | (86,682) | (76,675) | |||
Property and equipment | 248,439 | 298,304 | |||
Total Assets | 254,749 | [1] | 301,381 | [2] | |
Middle East and Asia | Time Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 13,660 | 12,575 | |||
Middle East and Asia | Other Marine Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 49 | 360 | |||
Middle East and Asia | Personnel | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 6,031 | 5,208 | |||
Middle East and Asia | Repairs and Maintenance | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,832 | 903 | |||
Middle East and Asia | Drydocking | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 962 | 1,066 | |||
Middle East and Asia | Insurance and Loss Reserves | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 507 | 702 | |||
Middle East and Asia | Fuel, Lubes and Supplies | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,010 | 559 | |||
Middle East and Asia | Other Direct Costs and Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 1,627 | 1,144 | |||
Latin America | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 10,302 | 10,580 | |||
Direct Costs and Expenses | 7,837 | 6,350 | |||
Direct Vessel (Loss) Profit | 2,465 | 4,230 | |||
Lease expense | 340 | 36 | |||
Depreciation and amortization | 2,130 | 2,617 | |||
Historical cost | 149,673 | 170,844 | |||
Accumulated depreciation | (21,805) | (24,022) | |||
Property and equipment | 127,868 | 146,822 | |||
Total Assets | 208,711 | [1] | 215,408 | [2] | |
Latin America | Time Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 8,937 | 9,724 | |||
Latin America | Bareboat Charter | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 618 | ||||
Latin America | Other Marine Services | |||||
Segment Reporting Information [Line Items] | |||||
Operating Revenues | 747 | 856 | |||
Latin America | Personnel | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 3,945 | 3,246 | |||
Latin America | Repairs and Maintenance | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 2,279 | 1,092 | |||
Latin America | Drydocking | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | (28) | ||||
Latin America | Insurance and Loss Reserves | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 326 | 296 | |||
Latin America | Fuel, Lubes and Supplies | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | 584 | 872 | |||
Latin America | Other Direct Costs and Expenses | |||||
Segment Reporting Information [Line Items] | |||||
Direct Costs and Expenses | $ 703 | $ 872 | |||
[1] | Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022 | ||||
[2] | Total assets by region does not include corporate assets of $142.2 | ||||
[3] | In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment. |
Segment Information - Schedul_2
Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Segment Reporting Information [Line Items] | |||
Assets, Total | $ 902,631 | $ 912,502 | |
Corporate, Non-Segment | |||
Segment Reporting Information [Line Items] | |||
Assets, Total | $ 84,400 | $ 142,200 |
Segment Information - Additiona
Segment Information - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Information [Line Items] | |||
Equity method investments | $ 76,860 | $ 71,727 | |
Equity in Gains (Losses) Earnings of 50% or Less Owned Companies | $ 5,700 | $ 4,100 | |
Maximum | |||
Segment Information [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |
Minimum | |||
Segment Information [Line Items] | |||
Equity method investment, ownership percentage | 20.00% | ||
Other Offshore Marine Services Joint Ventures | |||
Segment Information [Line Items] | |||
Equity method investments | $ 3,765 | $ 79,000 | $ 2,982 |
Other Offshore Marine Services Joint Ventures | Maximum | |||
Segment Information [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | 50.00% | |
Other Offshore Marine Services Joint Ventures | Minimum | |||
Segment Information [Line Items] | |||
Equity method investment, ownership percentage | 20.00% |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | Jan. 12, 2021 | Mar. 31, 2021 |
Windcat Workboats Holdings Ltd | Discontinued Operations, Held-for-sale | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net income from operations | $ 200 | $ 169 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Assets Held for Sale (Details) - Windcat Workboats Holdings Ltd - Discontinued Operations, Held-for-sale - USD ($) $ in Thousands | Jan. 12, 2021 | Mar. 31, 2021 |
Operating Revenues: | ||
Operating Revenues | $ 973 | |
Costs and Expenses: | ||
Operating | 578 | |
Direct Vessel Profit | 395 | |
General and Administrative Expenses | 238 | |
Lease Expense | 24 | |
Total expenses | 262 | |
Operating Income | 133 | |
Other Income (Expense) | ||
Interest income | 2 | |
Interest expense | (39) | |
Foreign currency translation loss | 89 | |
Other Income (Expense) | 52 | |
Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax | 185 | |
Operating Income Before Equity Earnings of 50% or Less Owned Companies | 185 | |
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax | (16) | |
Net Income from Discontinued Operations | $ 200 | 169 |
Time Charter | ||
Operating Revenues: | ||
Operating Revenues | 903 | |
Other Revenue | ||
Operating Revenues: | ||
Operating Revenues | $ 70 |