Seacor Continues Rational Fleet Expansion
Seacor — through an unprecedented string of strategic and financially sound acquisitions — has emerged as one of the world's premier operators of a fleet of vessels that provide marine services to the oil and gas exploration and production industry, and oil spill response services in the U.S. Gulf of Mexico, North Sea, offshore West Africa, the Far East and Latin America. For the fiscal year ended December 31, 2000, the company announced net earnings of $11.1 million on revenues of $88.3 million. For the 12 months ended December 31, 2000, net earnings were $34.1 million on revenues of $339.9 million. The improvement in the fourth quarter…
Seacor to Expand Barge Business
Seacor Smit Inc. announced that it has acquired SCF Corporation, a company that owns and operates inland river barges and that is substantially owned and controlled by certain Seacor directors. SCF owns 43 barges and is the 50% owner of a partnership that owns an additional 11 barges. These barges and partnership interest are valued at approximately $7.5 million. In addition, SCF manages an overall barge fleet of 262 units and owns 254,380 shares of Seacor's common stock. The transaction will result in the issuance of approximately 121,000 shares of Seacor stock net of the shares owned by SCF, which would be returned to treasury, and the payment to SCF's shareholders of approximately $2.9 million in cash, representing SCF's working capital.
