Seabulk International Reports 3Q Results

Thursday, October 31, 2002
Seabulk International, Inc. reported a net loss, excluding charges related to its recent refinancing, of $2.8 million or $0.21 per diluted share for the quarter ended September 30, 2002. Including charges of $27.8 million or $2.16 per diluted share related to the early extinguishment of debt in connection with the company's refinancing, the net loss for the current period was $30.6 million or $2.37 per diluted share compared to net income of $2.9 million or $0.27 per diluted share in the year- earlier period. Revenues were $80.4 million in the current quarter compared to $89.7 million a year ago, due primarily to reduced demand and lower day rates for the Company's offshore vessels in the important Gulf of Mexico market. Operating income was $10.0 million compared to $18.6 million earned in the third quarter of 2001. "Despite continued cost-cutting and a stellar performance from our domestic tanker unit, we were unable to overcome the negative effect of the depressed Gulf of Mexico offshore vessel market," commented Chairman, President and Chief Executive Officer Gerhard E. Kurz. "Our international offshore operations, on the other hand -- including West Africa, the Middle East and Southeast Asia -- performed well, and it is only a matter of time before the domestic market rebounds as renewed demand for energy catches up to declining supplies. Our key financial accomplishment during the quarter was the revamping of our balance sheet through the issuance of 12.5 million new shares of common stock at $8 per share, the refinancing of our credit facility, and the redemption of our most expensive debt -- the 12 1/2% Senior Secured Notes. Going forward, we expect these actions to result in annual interest savings of more than $10 million. We further anticipate having the financial flexibility to invest in selected new equipment and take advantage of future growth opportunities."
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