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Sunday, January 21, 2018

Seacor Smit News

SEACOR SMIT Changes Name to SEACOR Holdings Inc.

SEACOR SMIT Inc. announced that the change of its name to "SEACOR Holdings Inc." became effective at 12:01 a.m. on March 15, 2004. The ticker symbol and CUSIP number for the Company's common stock will remain unchanged. Holders of stock certificates bearing the name "SEACOR SMIT Inc." may continue to hold them and will not be required to exchange them for new stock certificates or take any other action. In addition, the Company's Internet website URL will change to http://www.seacorholdings.com. SEACOR and its subsidiaries are engaged in the operation of a diversified fleet of offshore support vessels that service oil and gas exploration and development activities in the U.S. Gulf of Mexico, the North Sea, West Africa, Asia, Latin America and other international regions.

Seacor Smit Announces 4Q Results

Seacor Smit Inc. announced net earnings for the fourth quarter ended December 31, 1998 of $29,246,000 on revenues of $92,791,000. For the 12 months ended December 31, 1998, net earnings were $125,927,000. Seacor Smit and its subsidiaries engage in two primary activities: 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 and Latin America, and provision of environmental services domestically and internationally, including marine oil spill response, training, and consulting.

Seacor Smit Announces 4Q Results

Seacor Smit Inc. announced net earnings for the fourth quarter ended December 31, 1998 of $29,246,000 on revenues of $92,791,000. For the 12 months ended December 31, 1998, net earnings were $125,927,000. Seacor Smit and its subsidiaries engage in two primary activities: 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 and Latin America, and provision of environmental services domestically and internationally, including marine oil spill response, training, and consulting.

Seacor Smit Files $200M Shelf Offering

Seacor Smit Inc., the provider of offshore marine services to the oil and gas industry, filed on Monday with the Securities and Exchange Commission to periodically sell up to $200 million in common and preferred stock, debt securities and warrants. The Houston-based company plans to use the net proceeds for general corporate purposes, it said in the shelf registration filing. Under a shelf registration, a company may sell securities from time to time in one or more separate offerings in amounts, at prices and on terms to be determined at the time of sale.

Seacor Smit Gets Bigger

Seacor Smit Inc. and Stirling Shipping Company Ltd., a private UK company based in Glasgow, Scotland, signed a letter of intent for Seacor to acquire all of the issued share capital of Stirling Shipping and certain subsidiaries. Purchase consideration will be based on the adjusted assets less liabilities of Stirling Shipping at closing and is estimated to total approximately 58 million pounds. The purchase price will be payable approximately 50% in cash, 20% in shares of Seacor common stock, 20% in loan notes and 10% in convertible notes. Stirling’s long term debt is projected to be approximately (pound)38.3 million at closing. The final price is subject to certain closing adjustments.

Seacor Smit To Acquire Boston Putford

Seacor Smit has signed a letter of intent to acquire all of the issued share capital of Putford Enterprises Ltd. and associated companies. Boston Putford’s standby safety vessels (SBSV), certain joint venture interest and vessels, and fixed assets will be acquired for approximately $30 million. The company’s SBSV fleet, including vessels held in joint ventures but excluding vessels managed for third parties, consists approximately of 18 vessels operating primarily in the southern U.K. sector of the North Seas. “Boston Putford is the market leader in the SBSV market in the southern North Sea with safety and multi-role vessels working for most of the field operators,” said Charles Fabrikant, Seacor’s Chairman and CEO.

Seacor Smit Announces Third Quarter Results

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.

Seacor Smit Reports Securities Repurchase Increase

Seacor Smit noted that its Board of Directors had raised its previously announced securities repurchase program by $55 million - resulting in an approximate increase of $73.5 million available to the Company for such purposes. The securities covered by the repurchase program include the Company's common stock, its 5 3/8 percent convertible subordinated notes due 2006, its 7.2 percent senior notes due 2009 and the 10 percent senior notes due 2008 of its affiliate Chiles Offshore LLC. The repurchase of securities would be conducted from time to time through open market purchases, privately negotiated transactions or otherwise, depending on market conditions.

Seacor Smit Announces Third Quarter Results

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. 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.

SEACOR SMIT Announces First Quarter Results

SEACOR SMIT announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000, or $0.62 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000, or $0.93 per fully diluted share, on operating revenues of $109,804,000. Operating revenues declined $6,161,000, or 5.6 percent, from the fourth quarter of 2001. Lower offshore marine revenues accounted for $4,723,000, or 77%, of this decrease. Fleet utilization declined in the U.S. but increased internationally. Worldwide rates per day worked were lower except for U.S.

Seacor Smit Announces First Quarter Results

Seacor Smit Inc., announced net earnings for the first quarter ended March 31, 2002 of $11,406,000, or $0.55 per fully diluted share, on operating revenues of $103,643,000. In the comparable quarter ended March 31, 2001, SEACOR earned $12,134,000 per fully diluted share, on operating revenues of $93,200,000. Net earnings in the immediately preceding quarter ended December 31, 2001 were $18,679,000 on operating revenues of $109,804,000. Operating revenues declined $6,161,000, or 5.6%, from the fourth quarter of 2001. Lower offshore marine revenues accounted for $4,723,000, or 77%, of this decrease. Fleet utilization declined in the U.S. but increased internationally. Worldwide rates per day worked were lower except for U.S. overseas supply and crew vessels.

Seacor Smit Drilling Unit Chiles Offshore Files IPO

Chiles Offshore LLC, the 55-percent owned unit of offshore oil exploration company Seacor Smit Inc., has filed for an initial public offering of 8 million common shares in a range of $17-$19 each. Chiles owns and operates ultra-premium jack-up drilling rigs -- mobile offshore drilling platforms with legs that lower to the ocean floor to support the platform while drilling. Ultra-premium rigs differ from other drilling rigs because of their greater depth capabilities and more powerful mud pumps that speed up well drilling. According to papers filed with the Securities and Exchange Commission, the Houston-based firm has applied for an American Stock Exchange listing. A ticker symbol will be disclosed later.

SEACOR To Acquire Gilbert Cheramie Boats, Inc.

SEACOR SMIT Inc. signed a definitive agreement to acquire Gilbert Cheramie Boats, Inc. and related companies. The transaction contemplates purchase consideration of approximately $61 million to be paid in cash for all shares of voting and non-voting stock of the companies. No long-term debt will be assumed by SEACOR in the transaction, and the purchase consideration is subject to certain adjustments. The transaction, which is subject to customary closing conditions, is expected to close in March 2001. The companies are based in Golden Meadow, Louisiana, and their fleet is dedicated to serving the oil and gas industry in the Gulf of Mexico.

Modernizing the Fleet

The recent oil price fluctuations may have wreaked havoc with many offshore service companies; but Seacor Smit managed to pull through, relatively unscathed. With a strong balance sheet and a modernized fleet, Seacor Smit, a leading offshore service and supply company, managed to ride out the recent oil price fluctuation with minimal damages. Charles Fabrikant, chairman, president and CEO, points to the company's adherence to a policy of acquiring modern vessels, while pruning those less marketable, or more expensive to operate. The core of the program is replacing vessels serving primary markets - like deepwater - and shifting older assets to less demanding services. In the course of a year, Seacor disposed of 34 vessels, generating $144 million in cash.

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.

Seacor's CEO Gets A Boost - By 140 Percent

Seacor Smit raised its CEO's bonus by 140 percent last year as the provider of offshore marine services to the oil and gas industry reported higher revenue and net income. Chairman and CEO Charles Fabrikant's bonus rose to $600,000 in 2000 from $250,000 in 1999 while his base salary was unchanged at $500,000 in each of those years, Seacor told shareholders in the annual proxy filed with the Securities and Exchange Commission. "Bonus payments are discretionary in nature and are tied to performance during the year in which they were earned," Seacor said. Houston-based Seacor, which operates a fleet of marine vessels, said revenue rose 17 percent last year over 1999 and net income increased 10 percent.

Seacor's Fabrikant Earns 140% Bonus Boost

Seacor Smit Inc. raised its CEO's bonus 140 percent last year as the provider of offshore marine services to the oil and gas industry reported higher revenue and net income. Chairman and CEO Charles Fabrikant's bonus rose to $600,000 in 2000 from $250,000 in 1999 while his base salary was unchanged at $500,000 in each of those years, Seacor told shareholders in the annual proxy filed with the Securities and Exchange Commission. "Bonus payments are discretionary in nature and are tied to performance during the year in which they were earned," Seacor said. Houston-based Seacor, which operates a fleet of marine vessels, said revenue rose 17 percent last year over 1999 and net income increased 10 percent.

Seacor Announces JV with Cosco Shipping Affiliates

File photo: SEACOR Marine

Offshore services vessel operator SEACOR Marine Holdings Inc. said it has formed a jointly owned company with affiliates of the world’s largest ship owner, COSCO Shipping Group. The Marshall Islands company, SEACOSCO Offshore LLC, entered into contracts for the purchase of eight Rolls-Royce designed new construction platform supply vessels (PSV) from COSCO Shipping Heavy Industry (Guangdong) Co., Ltd. Six of the PSVs are of UT 771WP design (4,400 tons deadweight), and two are of UT 771CD design (3,800 tons deadweight).

Seacor Smit Announces 4Q Results

Seacor Smit Inc. announced net earnings for the fourth quarter ended December 31, 2001 of $18,679,000on revenues of $109,804,000. For the twelve month period ended December 31, 2001, net earnings were $70,701,000, or $3.43 per diluted share, on revenues of $434,790,000. In the comparable quarter ended December 31, 2000, the company earned $11,109,000, or $0.60 per diluted share, on revenues of $88,301,000. Net earnings in the prior twelve months were $34,120,000, or $1.92 per diluted share, on revenues of $339,941,000. Net earnings in the immediately preceding quarter ended September 30, 2001 were $22,506,000, or $0.97 per diluted share, on revenues of $119,358,000.

Seacor Crewboats "Eliminators" Some Maintenance Costs

A crewboat is designed to transport supplies and personnel to offshore oil rigs. Loading the cargo must be quick and efficient. The last thing the crew wants to worry about is whether they have enough storage space for the engine lube oil filters. Furthermore, they don't need the hassle of disposing of used lube oil filters while at the docks. Seacor Smit Inc. found that Alfa Laval's Eliminator, an automatic self-cleaning filter system, helps to save time and money by eliminating the need for spin on cartridge filters, while also saving the crew the messy off-hour work. Seacor started using the Eliminator filter about four years ago on KV50 engines. Today, the company has 25 KV50 engines and five KV38 engines, all equipped with the Eliminator filter.

SEACOR SMIT Announces 3Q Results

SEACOR SMIT Inc. announced net earnings for the third quarter ended September 30, 2003 of $2.9 million, or $0.15 per diluted share, on operating revenues of $103.2 million. For the nine months ended September 30, 2003, net earnings were $13.7 million, or $0.71 per diluted share, on operating revenues of $305.3 million. For the third quarter ended September 30, 2002, net earnings were $21.3 million, or $1.02 per diluted share, on operating revenues of $102.1 million. For the nine months ended September 30, 2002, net earnings were $44.9 million, or $2.16 per diluted share, on operating revenues of $303.5 million. For the quarter ended June 30, 2003, net earnings were $6.4 million, or $0.33 per diluted share, on operating revenues of $105.2 million.

NRC to Acquire Foss Environmental Services

National Response Corporation (NRC), a wholly owned subsidiary of SEACOR SMIT Inc., and SaltChuk Resources, Inc. (SaltChuk), a private company based in Seattle, Wash., announced that they had signed a definitive agreement for NRC to acquire Foss Environmental Services (FES), a wholly owned subsidiary of SaltChuk. FES will be renamed NRC Environmental Services and will operate as an independent wholly owned NRC subsidiary Through its acquisition of FES, NRC will acquire additional spill response resources, existing contracts, and employ more than 175 people throughout the West Coast of the U.S. Its personnel and equipment in California will more than exceed the requirements of new California regulations, which are currently being phased in.

Bollinger Delivers Supply Boat to Seacor

Bollinger Shipyards Lockport, La., has delivered the Seacor Madison, the first of three 207-ft., 4750 BHP supply boats to Seacor Marine, Inc., Houston, Tex. It will be followed by two others of Seacor’s new President Class offshore support vessels (OSV), the SEACOR WASHINGTON and SEACOR JEFFERSON. The boats are part of Bollinger’s new 220 Class OSVs that are designed to provide more cargo capacities, more versatility, more options and lower operating costs than larger vessels. “For example,” said Mike Ellis, chief operating officer of Bollinger, “the SEACOR MADISON can carry 6,223 barrels of liquid mud and has 6,000 cubic feet of storage for dry bulk mud.

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