View non-flash version
Offshore Report Seacor Continues Rational Fleet Expansion Seacor — through an unprecedented to the oil and gas exploration and pro- year ended December 31, 2000, the string of strategic and financially sound duction industry, and oil spill response company announced net earnings of acquisitions — has emerged as one of services in the U.S. Gulf of Mexico, $11.1 million on revenues of $88.3 mil- the world's premier operators of a fleet North Sea, offshore West Africa, the Far lion. For the 12 months ended December of vessels that provide marine services East and Latin America. For the fiscal 31, 2000, net earnings were $34.1 mil- Newbuilds, Repairs, Conversions 14 Gulf Coast Locations Its ' ^mmam^ • Machine, Electrical, Propeller Shops 42 Drydocks—22,000 Ton Capacity 24 Hours—7 Days Bollinger 8365 Highway 308 South Lockport, Louisiana 70374 Telephone: (504) 532-2554 Fax: (504) 532-7225 www.bollingershipyards.com lion on revenues of $339.9 million. The improvement in the fourth quarter off- shore marine results was led by a 10.3 percent increase in operating revenues due primarily to higher rates per day worked for vessels operating in the U.S. Gulf of Mexico and in West Africa and higher overall utilization for all vessel Seacor Smit Inc. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except share data, unaudited) Three Months End Twelve Months End December 31, December 31, 2000 1999 2000 1999 Operating Revenues $88,301 $71,335 $339,941 $289,425 Costs and Expenses: Operating expenses 50,931 41,826 201,452 166,786 Administrative and gen. 10,303 9,484 39,548 34,744 Dep. and amortization 12,418 11,380 51,189 41,282 Operating Income 14,649 8,645 47,752 46,613 Gain (loss) from equipment sales, net 696 (130) 7,628 1,677 Segment Results (in thousands, unaudited) Three Months End Twelve Months End December 31, December 31, 2000 1999 2000 1999 Operating Revenues: Offshore Marine $79,818 $60,139 $276,931 $258,329 Drilling(2) - 4,773 37,380 7,651 Environmental 7,871 6,468 24,996 22,820 Other 784 1,092 938 Intersegment (172) (45) (458) (313) Total $88,301 $71,335 $339,941 $289,425 Operating Margin(l): Offshore Marine $32,462 $22,992 $102,449 $103,758 Drilling(2) - 2,410 21,681 3,219 Environmental 4,703 4,110 14,050 15,087 Other 205 (3) 309 575 Total $37,370 $29,509 $138,489 $122,639 (1) Excludes administrative, general, depreciation and amortiza- tion expenses. (2) As a result of the Chiles IPO in September 2000, Seacor's own- ership interest in Chiles was reduced to below 50%. As a conse- quence. SEACOR no longer consolidates Chiles' operations but accounts for its reduced interest in Chiles using the equity method. Offshore Marine Fleet Operating Statistics Three Months End Twelve Months End December 31, December 31. 2000 1999 2000 1999 Rates per Day Worked - Worldwide ($): Supply and Towing Supply 5,945 4,770 5,163 5,432 AHTS 12,14 11,446 11,410 11,869 Crew 2,841 2,444 2,645 2,493 Standby Safety 5,133 6,009 5,328 6,045 Utility and Line Handling 1,680 1,640 1,645 1,691 Geophysical, Freight, Other4,815 5,895 5,341 5,576 Overall Utilization - Worldwide (%): Supply and Towing Supply 87.4 67.8 74.7 69.9 AHTS 75.1 64.6 70.7 73.5 Crew 95. 91.3 94.3 83.0 Standby Safety 86.2 58.8 79.1 74.1 Utility and Line Handling 52.4 59.4 57.1 65.9 Geophysical, Freight, Other 100.0 50.0 60.4 55.7 Fleet Composition at Period End: Supply and Towing Supply 75 80 Anchor Handling Towing Supply 27 30 Crew 90 81 Standby Safety 37 19 Utility and Line Handling 73 81 Geophysical. Freight, and Other 3 3 Total Offshore Marine Fleet 305 294 Fleet Composition at Period End Supply and Towing Supply 75 80 Anchor Handling Towing Supply 27 30 Crew 90 81 Standby Safety 37 19 Utility and Line Handling 73 81 Geophysical, Freight, and Other 3 3 Total Offshore Marine Fleet 305 294 Circle 240 on Reader Service Card 44 www.maritimetoday.com Maritime Reporter & Engineering News
