Seacor Smit Announces Third Quarter Results

Friday, October 22, 1999
Seacor Smit Inc. announced net earnings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 million. Results for the quarter included a charge of $2.6 million for additional income tax expense related to the company's decision to liquidate a foreign joint venture, and an extraordinary gain of $890,000 relating to the early retirement of debt. In the same period a year ago, Seacor earned $26.4 million, on revenues of $100 million. Results for the quarter ending Sept. 30 included a loss of $789,000 related to Seacor's investment in Globe Wireless LLC that is accounted for under the equity method. Results for the quarter also included a loss of $347,000 related to its investment in a majority-owned subsidiary, Chiles Offshore LLC. As a result of swap agreements entered into by the company with respect to senior notes issued by Chiles, the company's interest expense was reduced by $397,000 in the current quarter. For the nine months ending Sept. 30, net earnings were $24.8 million on revenues of $218 million. Results for the period included a loss of $1.1 million related to Seacor's investment in Globe Wireless. In the same period a year ago, net earnings were $96.7 million on revenues of $293 million. Results for the three- and nine-month periods ending Sept. 30 included net gains from equipment sales of $554,000 and $1.2 million. In the same periods a year ago, net gains from equipment sales were $2.4 million and $24.7 million. Seacor Smit and its subsidiaries engage in: the operation of a diversified fleet of marine vessels primarily dedicated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, offshore West Africa, the North Sea, Mexico, the Far East, Latin America, and the Mediterranean; and provision of environmental services domestically and internationally, including marine oil spill response, training and consulting.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

ECDIS Related Detentions on the Rise

ClassNK has been informed by Australian Maritime Safety Authority (AMSA) that during PSC inspections it has been increasingly reported that vessels have been detained

CMA CGM Crosses 90% Ownership Threshold in NOL

Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private.

UAE Top Court: Physical Bunkers Suppliers Have No Right to Recourse against Owners/Charterers

The OW saga - UAE Federal Supreme Court decides that physical suppliers of bunkers have no right to recourse against Owners/Charterers. In the first decision

 
 
Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1059 sec (9 req/sec)