0001564590-21-024463 | 10-Q | XBRL Viewer | Seacor Marine Holdings INC

Deferred financing costs amortization

14,798

13,362

260

279

Amortization of employee share awards

1,111

1,069

Restricted stock vesting

(262)

(175)

Debt discount amortization

1,892

1,478

Bad debt recoveries (expense)

(80)

Loss from equipment sales, retirements or impairments

2,273

12,572

Gain on the Sale of Windcat Workboats

(22,756)

Derivative gains

(355)

(5,114)

Cash settlement payments on derivative transactions, net

(919)

(199)

Currency (gains) losses

466

(710)

Deferred income taxes

(4,056)

(7,768)

Equity Earnings

(4,103)

(25)

Changes in Operating Assets and Liabilities:

Accounts receivables

11,345

(11,770)

Other assets

1,192

(893)

Accounts payable and accrued liabilities

(10,296)

4,774

Net cash used in operating activities

(3,375)

(11,138)

Cash Flows from Continuing Investing Activities:

Purchases of property and equipment

(2,724)

(8,456)

Proceeds from disposition of property and equipment

3,266

3,105

Construction reserve funds utilized

9,148

Proceeds from sale of Windcat Workboats, net of transaction costs and cash sold

^[1]

38,715

Investments in and advances to 50% or less owned companies

(736)

(245)

Principal payments on notes due from equity investees

919

Net cash provided by investing activities

39,440

3,552

Cash Flows from Continuing Financing Activities:

Payments on long-term debt

(8,302)

(5,069)

Interest on Finance Lease

Issuance of stock

Net cash used in financing activities

(8,292)

(5,069)

Effects of Exchange Rate Changes on Cash and Cash Equivalents

4,621

(1,037)

Net Increase (Decrease) in Cash, Restricted Cash and Cash Equivalents

32,394

(13,692)

Cash Flows from Discontinued Operations:

Operating Activities

(171)

2,549

Investing Activities

(2,788)

Financing Activities

(153)

Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents

(390)

Net Decrease in Cash, Restricted Cash and Cash Equivalents on Discontinued Operations

(171)

(782)

Net Increase (Decrease) in Cash, Restricted Cash and Cash Equivalents

32,223

(14,474)

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

39,538

87,047

Cash, Restricted Cash and Cash Equivalents, End of Period

71,761

72,573

Supplemental disclosures:

Cash paid for interest, excluding capitalized interest

(4,398)

(4,513)

Income taxes refunded, net

12,057

1,574

Noncash Investing and Financing Activities:

Decrease in capital expenditures in accounts payable and accrued liabilities

$ (1,555)

$ (7,212)

[1]	Refer to Note 2. Equipment Acquisitions and Dispositions for a reconciliation of the cash received from the sale of Windcat Workboats

Basis of Presentation and Accounting Policies

3 Months Ended

Mar. 31, 2021

Basis Of Presentation And Accounting Policies [Abstract]

Basis of Presentation and Accounting Policies

1.	BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”).

Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.

The outbreak of the novel coronavirus (“COVID-19”) has caused significant disruptions and volatility in the global economy and marketplace. There remains continuing uncertainty regarding the length and severity of the impact of COVID-19 on the economy, in general, and the energy industry, in particular, each of which has a significant affect on the outlook for the Company’s business. The decrease in oil and natural gas prices experienced at the beginning stages of the COVID-19 pandemic led to a decrease in the demand for the Company’s products and services, and a prolonged period of severely depressed oil and natural gas prices compared to historic averages could have a material adverse effect on the business.

Recently Adopted Accounting Standards.

On December 18, 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations and cash flows.

Recently Issued Accounting Standards

On October 29, 2020, the FASB issued ASU 2020-10, Codification Improvements: Amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure section. The guidance is effective for annual periods beginning after December 15, 2020, and interim periods within the annual periods beginning after December 15, 2022. The Company has not yet determined the impact adoption of the standard will have on the disclosures included herein.

On August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. While early adoption is permitted, the Company has determined it will not early adopt the standards. The Company has not yet determined the impact that the adoption of the standard will have on the Company’s consolidated financial position, results of operations and disclosures.

On March 12, 2020, the FASB issued ASU 2020-03, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The ASU is intended to help stakeholders during the global market-wide reference rate transition period. Therefore, it will be in effect for a limited time through December 31, 2022. As of March 31, 2021, the reference rates for the Company’s existing debt and interest rate swaps have not changed as a result of any such amendment. The Company will continue to monitor changes to reference rates in applicable agreements and adopt the standard as needed.

Critical Accounting Policies.

Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation.

Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.

The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of net income (loss) as equity in earnings (losses) of 50% or less owned companies, net of tax.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to deferred revenues, allowance for credit loss accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from estimates and those differences may be material.

Revenue Recognition. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue net of sales taxes based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.

The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.

Contract or charter durations may range from several days to several years. Charters vary in length from short-term to multi-year periods, many with cancellation clauses and without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may have little correlation with the length of time the vessel is contracted to provide services to a particular customer.

The Company also contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.

Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in other current liabilities in the accompanying consolidated balance sheets, for the three months ended March 31, 2021 and three months ended March 31, 2020 were as follows (in thousands):

	2021			2020
Balance at beginning of period	$	3,307		$	4,755
Revenues deferred during the period		50			5
Revenues recognized during the period		(730	)		(1,495	)
Balance at end of period	$	2,627		$	3,265

As of March 31, 2021, the Company had deferred revenues of $2.6 million primarily related to $1.5 million of prepaid vessel management fees, $0.7 million related to the time charter of offshore support vessels to customers from which collections were not reasonably assured and $0.4 million of prepaid charter modification and reservation fees.

Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents. Cash from current construction reserve funds (“CRF”) is also classified as cash and cash equivalents. The balance in the current CRF at March 31, 2021 and December 31, 2020 was $4.2 million and $4.3 million, respectively.

Trade and Other Receivables. Customers are primarily major integrated national and international oil companies and large independent oil and natural gas exploration and production companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (CECL). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are

removed from accounts receivable and the allowance for credit losses when collection effects have been exhausted.

Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older assets that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date.

As of March 31, 2021, the estimated useful life (in years) of the Company’s new Offshore Support Vessels was 20 years.

Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.

Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets estimated useful lives. During the three months ended March 31, 2021 and 2020 capitalized interest totaled $0.2 million and $0.2 million, respectively.

Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations, including intangible assets, when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.

Market conditions caused by COVID-19, including decreased global demand for oil and gas as well as the affect the pandemic has had on SEACOR Marine’s stock price, caused a triggering event for the three months ended March 31, 2021 to occur requiring the Company to test its assets for impairment. For the three months ended March 31, 2021 the Company did not record an impairment on any owned or leased in vessels. For the three months ended March 31, 2020 the Company recorded impairment charges of $1.8 million related to one owned liftboat and $7.4 million related to two leased-in liftboats. Estimated fair values for the Company’s owned vessels were established by independent appraisers based on researched market information, replacement cost information, and other data.

For vessel classes and individual vessels with indicators of impairment as of March 31, 2021, the Company has estimated that their future undiscounted cash flows exceed their current carrying values. The Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the affect COVID-19 has had on the timing of an estimated market recovery in the offshore oil and natural gas markets and the timing and cost of reactivating cold-stacked vessels. If market conditions decline further, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that have indicators of impairment and are deemed not recoverable through future operations, we determine the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair

value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.

Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the three months ended March 31, 2021 and 2020, the Company did not recognize any impairment charges related to its 50% or less owned companies.

Income Taxes. During the three months ended March 31, 2021, the Company’s effective income tax rate of 345.2% was primarily due to foreign sourced income not subject to U.S. income taxes, and foreign taxes not creditable against U.S. income taxes. For the three months ended March 31, 2020, the Company’s effective income tax rate of 27.1% was primarily due to taxes provided on income attributable to noncontrolling interest, foreign sourced income not subject to U.S. income taxes, foreign taxes not creditable against U.S. income taxes, and the annual return-to-accrual adjustment for the prior year.

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive loss were as follows (in thousands):

	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Losses on Cash Flow Hedges, net			Total Other Comprehensive Loss
December 31, 2020	$	6,797	$	(4,007	)	$	2,790
Other comprehensive loss		4,392		264			4,656
Balance as of March 31, 2021	$	11,189	$	(3,743	)	$	7,446

Loss Per Share. Basic loss per share of Common Stock of the Company is computed based on the weighted average number of common shares and warrants to purchase common shares at an exercise price of $0.01 per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted loss per share of Common Stock is computed based on the weighted average number of common shares and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the Convertible Senior Notes (as defined in “Note 4. Long-Term Debt”) unless anti-dilutive. For both the three months ended March 31, 2021 and 2020, diluted earnings per share of Common Stock excluded 2,183,708 shares of Common Stock, respectively, issuable pursuant to the Company’s Convertible Senior Notes as the effect of their inclusion in the computation would be anti-dilutive. In addition, for the three months ended March 31, 2021 and 2020, diluted loss per share of Common Stock excluded 1,059,077 and 461,363 shares of restricted stock, respectively, and 1,120,541 and 921,069 shares of stock, respectively, issuable upon exercise of outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive.

Equipment Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Equipment Acquisitions and Dispositions

2.EQUIPMENT ACQUISITIONS AND DISPOSITIONS

During the three months ended March 31, 2021, capital expenditures were $2.7 million, primarily due to construction in process vessels. There were no equipment deliveries during the three months ended March 31, 2021. During the three months ended March 31, 2021, the Company sold one PSV and two FSVs for proceeds of $1.6 million and losses of $2.4 million. In addition, the Company received $1.7 million in deposits for future vessel sales. During the three months ended March 31, 2020, the Company sold two anchor handling towing supply (“AHTS”) vessels and one specialty vessel previously removed from service, two FSVs and other equipment for $3.1 million ($2.2 million cash and $0.9 million in previously received deposits) and gains of $1.1 million. In addition, the Company received $2.1 million in deposits for future sales.

As of January 12, 2021, the Company recognized a gain on the sale of Windcat Workboats Holdings Ltd. (“Windcat Workboats”) of approximately $22.8 million, calculated as follows:

(In Thousands):	January 12, 2021
Total Proceeds Received	$	43,797
Transactions Fees and other Costs		1,562
Cash Sold		3,520
Total Net Proceeds		38,715
Less: Net Equity in Windcat Workboats, net of cash sold		15,790
Less: January Income on Discontinued Operations		169
Gain on Sale of Windcat Workboats		22,756

See “Note 12. Discontinued Operations” for additional information on the sale of Windcat Workboats.

Investments, at Equity, and Advances to 50% or Less Owned Companies

3 Months Ended

Mar. 31, 2021

Schedule Of Investments [Abstract]

Investments, at Equity, and Advances to 50% or Less Owned Companies

3.INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED COMPANIES

Investments, at equity, and advances to 50% or less owned companies as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

	Ownership			2021		2020
MexMar		49.0	%	$	53,778	$	50,037
OSV Partners⁽¹⁾		30.4	%		8,493		9,094
SEACOR Marlin		49.0	%		8,581		7,979
MEXMAR Offshore⁽²⁾		49.0	%		2,696		1,960
Offshore Vessel Holdings		49.0	%		1,750		2,388
Other	20.0% - 50.0		%		3,702		3,850
				$	79,000	$	75,308

⁽¹⁾The Company owns 66.7% of the General Partner and 29.7% of the limited partnership interest of OSV Partners.

⁽²⁾This Joint Venture holds the investment in UP Offshore.

Long Term Debt

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Long Term Debt

4.	LONG-TERM DEBT

The Company’s long-term debt obligations as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

	March 31, 2021			December 31, 2020
Recourse Long-term debt⁽¹⁾:
Convertible Senior Notes	$	125,000		$	125,000
SEACOR Marine Foreign Holdings Credit Facility		96,220			100,750
Sea-Cat Crewzer III Term Loan Facility		20,415			21,653
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		19,705			19,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing		93,094			95,317
SEACOR Alpine Shipyard Financing		30,792			31,103
SEACOR 88/888 Term Loan		5,500			5,500
Total recourse Long-term debt		390,726			399,028
Non-recourse Long-term debt⁽²⁾:
Falcon Global USA Term Loan Facility		102,349			102,349
Falcon Global USA Revolver		15,000			15,000
SEACOR 88/888 Term Loan		5,500			5,500
Total non-recourse Long-term debt		122,849			122,849
Total principal due for long-term debt		513,575			521,877
Current portion due within one year		(34,888	)		(32,377	)
Unamortized debt discount		(42,972	)		(44,864	)
Deferred financing costs		(3,866	)		(4,126	)
Long-term debt, less current portion	$	431,849		$	440,510

(1)	Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine as defined in the relevant debt agreements.

(2)

Non-recourse debt represents debt issued by the Company’s Consolidated Subsidiaries with no recourse to SEACOR Marine or its other non-debtor subsidiaries, other than certain limited support obligations as defined in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition.

As of March 31, 2021, the Company was in compliance with all debt covenants and lender requirements.

Falcon Global. On February 24, 2021, SEACOR Marine, Falcon Global USA LLC, an indirect wholly owned subsidiary of SEACOR Marine (“FGUSA”), and certain subsidiaries of FGUSA, entered into a Seventh Consent, Agreement and Omnibus Amendments (the “Seventh FGUSA Credit Facility Amendment”) to that certain (i) $131.1 million term and revolving loan facility, dated as of February 8, 2018, with a syndicate of lenders administered by JP Morgan Chase Bank, N.A. (as amended, the “FGUSA Credit Facility”) and (ii) obligation guaranty issued by SEACOR Marine, dated February 8, 2018, pursuant to which SEACOR Marine provides a guarantee of certain limited obligations of FGUSA under the Credit Facility (as amended, the “FGUSA Guaranty”).

The Seventh FGUSA Credit Facility Amendment provides for, among other things, (i) the extension from March 2021 to June 2021 of the commencement of monthly repayment of the term loan, with payments being the lesser of (a) $0.8 million and (b) the amount outstanding under the term loan, (ii) the extension of the FGUSA Guaranty for an additional three months from February 8, 2021 to May 8, 2021, (iii) that the audited financial statements of FGUSA and its consolidated subsidiaries for the fiscal year ended December 31, 2020 are not required to be without a “going concern” or like qualification, commentary or exception, and (iv) the extension of the deadline for delivery of certain physical vessel appraisals from April 30, 2021 to December 31, 2021. Except as provided in the FGUSA Guaranty, the FGUSA Credit Facility is non-recourse to SEACOR Marine and its subsidiaries other than FGUSA and its subsidiaries.

Letters of Credit. As of March 31, 2021, the Company had outstanding letters of credit of $0.5 million securing lease obligations, labor and performance guaranties.

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

LEASES

As of March 31, 2021, the Company leased in two anchor handling towing supply (“AHTS”) vessels, one liftboat, one FSV and certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of March 31,

2021, the remaining lease terms of the vessels have durations ranging from four to nine months. The lease terms of the other equipment range in duration from eight to 309 months.

As of March 31, 2021, future minimum payments for leases for the remainder of 2021 and the years ended December 31, were as follows (in thousands):

	Operating Leases			Finance Leases
Remainder of 2021	$	5,289		$	42
2022		769			39
2023		697			39
2024		622			36
2025		606			—
Years subsequent to 2025		3,943			—
		11,926			156
Interest component		(2,009	)		(13	)
		9,917			143
Current portion of long-term lease liabilities		5,139			46
Long-term lease liabilities	$	4,778		$	97

For the three months ended March 31, 2021 and March 31, 2020 the components of lease expense were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease cost	$	905	$	3,223
Finance lease cost:
Amortization of finance lease assets ⁽¹⁾		8		—
Interest on finance lease liabilities ⁽²⁾		2		—
Short-term lease costs		173		102
	$	1,088	$	3,325

⁽¹⁾Included in amortization costs in the consolidated statements of loss.

⁽²⁾Included in interest expense in the consolidated statements of loss.

For the three months ended March 31, 2021, supplemental cash flow information related to leases was as follows (in thousands):

	2021
Operating cash flows from operating leases	$	2,270
Right-of-use assets obtained for operating lease liabilities		917
Right-of-use assets obtained for finance lease liabilities		-

For the three months ended March 31, 2021, other information related to leases was as follows:

	2021
Weighted average remaining lease term, in years - operating leases		8.8
Weighted average remaining lease term, in years - finance leases		3.7
Weighted average discount rate - operating leases		5.1	%
Weighted average discount rate - finance leases		5.3	%

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

6.	INCOME TAXES

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate on continuing operations for the three months ended March 31, 2021:

Statutory rate	21.0	%
Foreign withholding tax and earnings not subject to U.S. Income Tax	322.27
Other	1.94
	345.2	%

On June 26, 2020, the Company entered into a Tax Refund and Indemnification Agreement (the “Tax Refund Agreement”) with SEACOR Holdings Inc. (“SEACOR Holdings”), the Company’s former parent company. The Tax Refund Agreement enabled the Company to utilize net operating losses (“NOLs”) generated in 2018 and 2019 to claim refunds for tax years prior to the Company’s spin-off from SEACOR Holdings in 2017 (at which time the Company was included in SEACOR Holdings consolidated tax returns) that are now permitted to be carried back pursuant to the provisions of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) and for which SEACOR Holdings needed to claim the refund on behalf of the Company. As a result, the Company received an aggregate amount of cash tax refunds of $32.3 million (including $1.1 million of interest paid by the Internal Revenue Service (“IRS”) in respect of refund payment delays), of which $12.5 million was received prior to March 31, 2021 and the remaining $19.8 million was received in April 2021.

Derivative Instruments And Hedging Activities Disclosure [Abstract]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Derivative Instruments and Hedging Strategies

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Strategies

7.	DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES

Derivative instruments are classified as either assets or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments were as follows (in thousands):

	March 31, 2021				December 31, 2020
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Interest rate swap agreements (cash flow hedges)	$	—	$	3,156	$	—	$	3,698
		—		3,156		—		3,698
Derivatives not designated as hedging instruments:
Forward Exchange Contract							893
Conversion option liability on Convertible Senior Notes		—		37		—		2
	$	—	$	3,193	$	—	$	895

Economic Hedges. The Company enters and settles forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond twelve to eighteen months. During the three months ended March 31, 2021, the Company recognized gains of $0.4 million on these contracts which were recognized concurrently in earnings. As of March 31, 2021, the Company no longer has open forward currency exchange contracts.

Cash Flow Hedges. The Company and certain of its 50% or less owned companies have interest rate swap agreements designated as cash flow hedges. By entering into these interest rate swap agreements, the Company and its 50% or less owned companies have converted the variable LIBOR component of certain of their outstanding borrowings to a fixed interest rate. The Company recognized gains on derivative instruments designated as cash flow hedges of $0.5 million for the three months ended March 31, 2021, and losses of $1.9 million for the three months ended March 31, 2020 as a component of other comprehensive loss. As of March 31, 2021, the interest rate swaps held by the Company and certain of the Company’s 50% or less owned companies were as follows:

•

SEACOR Marine Foreign Holdings Inc. , an indirect wholly-owned subsidiary of SEACOR Marine (“SMFH”) has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.32% per annum on the amortized notional value of $7.6 million and receive a variable interest rate based on LIBOR on the amortized notional value;

•

SMFH has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.195% per annum on the amortized notional value of $41.6 million and receive a variable interest rate based on LIBOR on the amortized notional value;

•

SEACOR 88 LLC and SEACOR 888 LLC, both indirect wholly-owned subsidiaries of SEACOR Marine (collectively, “SEACOR 88/888”), have an interest rate swap agreement maturing in 2023 that calls for SEACOR 88/888 to pay a fixed rate of interest of 3.175% per annum on the amortized notional value of $5.5 million and receive a variable interest rate based on LIBOR on the amortized notional value; and

•

Mantenimiento Express Maritimo, S.A.P.I. de C.V. (“MexMar”), in which the Company has a 49% noncontrolling interest, has five interest rate swap agreements with maturities in 2023 that call for MexMar to pay fixed rates of interest ranging from 1.71% to 2.10% per annum on the aggregate amortized notional value of $65.9 million and receive a variable interest rate based on LIBOR on the aggregate amortized notional value.

Other Derivative Instruments. The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the three months ended March 31, 2021 and March 31, 2020 as follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Conversion option liability on Convertible Senior Notes	$	(35	)	$	5,114
Forward currency exchange, option, and future contracts		390			—
	$	355		$	5,114

The conversion option liability relates to the bifurcated embedded conversion option in the Convertible Senior Notes issued to investment funds managed and controlled by The Carlyle Group (see “Note 8. Fair Value Measurements”).

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

8.	FAIR VALUE MEASUREMENTS

The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

The Company’s financial assets and liabilities as of March 31, 2021 and December 31, 2020 that are measured at fair value on a recurring basis were as follows (in thousands):

March 31, 2021	Level 1		Level 2		Level 3
LIABILITIES
Derivative instruments		—		3,156		—
Conversion Option Liability on Convertible Senior Notes		—		—		37
December 31, 2020
LIABILITIES
Derivative instruments		—		4,591		—
Conversion Option Liability on Convertible Senior Notes		—		—		2

Level 3 Measurement. The fair value of the conversion option liability embedded in the Convertible Senior Notes is estimated with significant inputs that are both observable and unobservable in the market and therefore is considered a Level 3 fair value measurement. The Company used a binomial lattice model that assumes the holders will maximize their value by finding the optimal decision between redeeming at the redemption price or converting into shares of Common Stock. This model estimates the fair value of the conversion option as the differential in the fair value of the notes including the conversion option compared with the fair value of the notes excluding the conversion option. The significant observable inputs used in the fair value measurement include the price of Common Stock and the risk-free interest rate. The significant unobservable inputs are the estimated Company credit spread and Common Stock volatility, which were based on comparable companies in the transportation and energy industries.

The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

			Estimated Fair Value
March 31, 2021	Carrying Amount		Level 1		Level 2		Level 3
ASSETS
Cash, cash equivalents and restricted cash	$	71,761	$	71,761	$	—	$	—
LIABILITIES
Long-term debt, including current portion		466,737		—		472,088		—
December 31, 2020
ASSETS
Cash, cash equivalents and restricted cash	$	36,018	$	36,018	$	—	$	—
LIABILITIES
Long-term debt, including current portion		472,887		—		470,561		—

The carrying value of cash, cash equivalents and restricted cash approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value including the consideration of the recent COVID-19 pandemic that has caused significant volatility in U.S. and international markets, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

The Company’s other assets and liabilities that were measured at fair value during the three months ended March 31, 2021 and the year ended December 31, 2020 were as follows (in thousands):

March 31, 2021	Level 1		Level 2		Level 3
ASSETS
Property and equipment:
Liftboats	$	—	$	—	$	—
December 31, 2020
ASSETS
Property and equipment:
Liftboats		—		43,005		—

Property and equipment. During the three months ended March 31, 2021, the Company recognized no impairment charges. As of December 31, 2020 the Level 2 fair values were determined based on ordinary liquidation value and indicative sales price.

Commitments And Contingencies Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies

9.	COMMITMENTS AND CONTINGENCIES

As of March 31, 2021, the Company’s unfunded capital commitments were $10.1 million for one PSV and miscellaneous vessel equipment. Of the amount of unfunded capital commitments, $9.2 million is payable during the remainder of 2021 and $0.9 million is payable during 2022. The Company has indefinitely deferred an additional $9.5 million of orders with respect to one FSV that the Company had previously reported in unfunded capital commitments.

In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda, an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a 70%/30% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. Recently, a local Brazilian law was enacted that supports the Company’s position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$18.35 million based on a historical potential levy of R$12.87 million (USD $3.2 million and USD $2.2 million, respectively, based on the exchange rate as of March 31, 2021).

As of March 31, 2021, SEACOR Holdings has guaranteed $4.8 million on behalf of the Company for performance obligations under sale-leaseback arrangements. Pursuant to a Distribution Agreement entered time with SEACOR Holdings at the time of the Spin-Off, SEACOR Holdings charges the Company a fee of 0.5% per annum on outstanding guaranteed amounts which declines as the obligations are settled by the Company.

On April 13, 2021, the SEACOR Power, a liftboat owned by a subsidiary of the Company with nineteen individuals on board, capsized off the coast of Port Fourchon, Louisiana. The incident resulted in the death of several crew members, including the captain of the vessel, and several crew members remain missing. The accident also resulted in the constructive total loss of the SEACOR Power. The Company is responsible for the salvage operations related to the vessel and must coordinate with the U.S. Coast Guard in connection with the removal of the vessel, including the safe removal of fuel and oil, from the water.

The capsizing of the SEACOR Power has garnered significant attention from the media as well as local, state and federal politicians. The National Transportation Safety Board (“NTSB”) and the U.S. Coast Guard are currently investigating the incident to determine the cause of the accident and the Company is fully cooperating with the investigation in all respects and continues to gather information about the incident. It is expected that the joint NTSB and U.S. Coast Guard investigation will take a significant period of time to complete, possibly as long as two years or longer. Several civil lawsuits have also been filed against the Company and other third parties by the family members of deceased crew members employed by the Company or by the third parties. There is significant uncertainty in the amount and timing of costs and potential liabilities relating to the accident involving the SEACOR Power, the impact the incident will have on the Company’s reputation and the resulting possible impact on the Company’s business.

In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Stock Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

10.	STOCK BASED COMPENSATION

Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2021 were as follows:

Restricted Stock Activity:
Outstanding as of December 31, 2020	436,714
Granted ⁽¹⁾	815,550
Vested	(193,187	)
Forfeited	—
Outstanding as of March 31, 2021	1,059,077

Stock Option Activity:
Outstanding as of December 31, 2020	1,120,541
Granted	—
Exercised	—
Forfeited	—
Outstanding as of March 31, 2021	1,120,541

⁽¹⁾Excludes 157,455 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

For the three months ended March 31, 2021, the Company acquired for treasury 51,933 shares of Common Stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $0.3 million. These shares were purchased in accordance with the terms of the Company’s 2017 Equity Incentive Plan.

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

11.SEGMENT INFORMATION

The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2020 Annual Report. Certain reclassifications of prior period information have been made to conform the current period’s reportable segment presentation as a result of the Company’s presentation of Discontinued Operations (see “Note 12. Discontinued Operations”). In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment. As a result, for purposes of segment reporting European operations are now combined with the Africa segment and reported as a combined segment and prior period information has been conformed to the new consolidated reporting segment. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):

	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations ⁽²⁾			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2021
Operating Revenues:
Time charter	$	1,489		$	10,502		$	12,575		$	9,724		$	34,290
Bareboat charter		729			—			—			—			729
Other marine services		546			(269	)		360			856			1,493
		2,764			10,233			12,935			10,580			36,512
Direct Costs and Expenses:
Operating:
Personnel		1,744			3,220			5,208			3,246			13,418
Repairs and maintenance		654			1,191			903			1,092			3,840
Drydocking		875			304			1,066			(28	)		2,217
Insurance and loss reserves		527			433			702			296			1,958
Fuel, lubes and supplies		199			572			559			872			2,202
Other		77			579			1,144			872			2,672
		4,076			6,299			9,582			6,350			26,307
Direct Vessel Profit	$	(1,312	)	$	3,934		$	3,353		$	4,230			10,205
Other Costs and Expenses:
Lease expense	$	664		$	356		$	22		$	36			1,078
Administrative and general														8,611
Depreciation and amortization		4,164			3,307			4,710			2,617			14,798
														24,487
Loss on Asset Dispositions and Impairments														(2,273	)
Operating Loss													$	(16,555	)
As of March 31, 2021
Property and Equipment:
Historical Cost		214,575			240,032			374,979			170,844			1,000,430
Accumulated Depreciation		(128,841	)		(68,254	)		(76,675	)		(24,022	)		(297,792	)
	$	85,734		$	171,778		$	298,304		$	146,822		$	702,638
Total Assets ⁽¹⁾	$	125,479		$	189,370		$	301,381		$	215,408		$	831,638

⁽¹⁾	Total assets by region does not include corporate assets of $142.2 million as of March 31, 2021.

⁽²⁾

In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment.

	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations ⁽²⁾			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2020
Operating Revenues:
Time charter	$	4,375		$	14,011		$	11,767		$	3,396		$	33,549
Bareboat charter		724			—			—			—			724
Other		642			183			420			149			1,394
		5,741			14,194			12,187			3,545			35,667
Direct Costs and Expenses:
Operating:
Personnel		2,928			3,232			3,811			1,215			11,186
Repairs and maintenance		617			1,585			1,246			392			3,840
Drydocking		1,057			8			414			(114	)		1,365
Insurance and loss reserves		135			297			339			69			840
Fuel, lubes and supplies		524			517			665			135			1,841
Other		79			596			683			305			1,663
		5,340			6,235			7,158			2,002			20,735
Direct Vessel Profit, from Continuing Operations	$	401		$	7,959		$	5,029		$	1,543		$	14,932
Other Costs and Expenses:
Lease expense	$	2,138		$	1,133		$	45		$	9		$	3,325
Administrative and general														9,394
Depreciation and amortization		5,358			3,315			3,790			899			13,362
														26,081
Loss on Asset Dispositions and Impairments														(12,572	)
Operating Loss, for Continuing Operations													$	(23,721	)
As of March 31, 2020
Property and Equipment:
Historical Cost		256,059			244,984			281,767			74,308			857,118
Accumulated Depreciation		(120,599	)		(58,666	)		(67,829	)		(17,271	)		(264,365	)
	$	135,460		$	186,318		$	213,938		$	57,037		$	592,753
Total Assets ⁽¹⁾	$	191,611		$	210,890		$	245,279		$	134,171		$	781,951

⁽¹⁾	Total assets by region does not include corporate assets of $142.0 million, and $42.5 million of discontinued operations as of March 31, 2020.

⁽²⁾

The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of March 31, 2021 and 2020, the Company’s investments, at equity and advances to 50% or less owned companies in its other 50% or less owned companies were $79.0 million and $121.5 million, respectively. Equity in gains (losses) earnings of 50% or less owned companies for the three months ended March 31, 2021 and 2020 were $4.1 million and less than $0.1 million, respectively.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

3 Months Ended

Mar. 31, 2021

Discontinued Operations

12.DISCONTINUED OPERATIONS

On January 12, 2021, the Company completed the sale of Windcat Workboats, which was previously classified as assets held for sale. Following the completion of the sale, the Company has no continuing involvement in this business, which is considered a strategic shift in the Company’s operations. During the first twelve days of 2021, the Company recognized $0.2 million in net income from operations of Windcat Workboats that was utilized to calculate the gain on the sale of Windcat Workboats (see “Note. 2 Equipment Acquisitions and Dispositions”). Summarized selected operating result of the Company’s assets related to Windcat Workboats, previously classified as held for sale were as follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Windcat Workboats
Operating Revenues:
Time charter	$	903		$	5,742
Other revenue		70			334
		973			6,076
Costs and Expenses:
Operating		578			3,885
Direct Vessel Profit		395			2,191

General and Administrative Expenses		238			1,371
Lease Expense		24			82
Depreciation		—			1,639
		262			3,092
Operating Income		133			(901	)
Other Income (Expense)
Interest income		2			14
Interest expense		(39	)		(264	)
Foreign currency translation loss		89			(645	)
		52			(895	)
Operating Loss Before Equity Earnings of 50% or Less Owned Companies, Net of Tax		185		$	(1,796	)
Income Tax Expense		—			(6	)
Operating Loss Before Equity Earnings of 50% or Less Owned Companies		185		$	(1,790	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		(16	)		(264	)
Net (Loss) Income from Discontinued Operations	$	169		$	(2,054	)

Basis of Presentation and Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards.

Recently Issued Accounting Standards

Basis of Consolidation

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.

Use of Estimates

Revenue Recognition

	2021			2020
Balance at beginning of period	$	3,307		$	4,755
Revenues deferred during the period		50			5
Revenues recognized during the period		(730	)		(1,495	)
Balance at end of period	$	2,627		$	3,265

Cash and Cash Equivalents

Trade and Other Receivables

removed from accounts receivable and the allowance for credit losses when collection effects have been exhausted.

Property and Equipment

As of March 31, 2021, the estimated useful life (in years) of the Company’s new Offshore Support Vessels was 20 years.

Impairment of Long-Lived Assets and Impairment of 50% or Less Owned Companies

value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.

Income Taxes

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive loss were as follows (in thousands):

	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Losses on Cash Flow Hedges, net			Total Other Comprehensive Loss
December 31, 2020	$	6,797	$	(4,007	)	$	2,790
Other comprehensive loss		4,392		264			4,656
Balance as of March 31, 2021	$	11,189	$	(3,743	)	$	7,446

Loss Per Share

Basis of Presentation and Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Basis Of Presentation And Accounting Policies [Abstract]

Schedule of Deferred Revenues

	2021			2020
Balance at beginning of period	$	3,307		$	4,755
Revenues deferred during the period		50			5
Revenues recognized during the period		(730	)		(1,495	)
Balance at end of period	$	2,627		$	3,265

Schedule of Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive loss were as follows (in thousands):

	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Losses on Cash Flow Hedges, net			Total Other Comprehensive Loss
December 31, 2020	$	6,797	$	(4,007	)	$	2,790
Other comprehensive loss		4,392		264			4,656
Balance as of March 31, 2021	$	11,189	$	(3,743	)	$	7,446

Equipment Acquisitions and Dispositions (Tables)

3 Months Ended

Mar. 31, 2021

Property Plant And Equipment [Abstract]

Schedule of Gain on Sale of Windcat Workboats

As of January 12, 2021, the Company recognized a gain on the sale of Windcat Workboats Holdings Ltd. (“Windcat Workboats”) of approximately $22.8 million, calculated as follows:

(In Thousands):	January 12, 2021
Total Proceeds Received	$	43,797
Transactions Fees and other Costs		1,562
Cash Sold		3,520
Total Net Proceeds		38,715
Less: Net Equity in Windcat Workboats, net of cash sold		15,790
Less: January Income on Discontinued Operations		169
Gain on Sale of Windcat Workboats		22,756

Investments, at Equity, and Advances to 50% or Less Owned Companies (Tables)

3 Months Ended

Mar. 31, 2021

Schedule Of Investments [Abstract]

Equity Method Investments

Investments, at equity, and advances to 50% or less owned companies as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

	Ownership			2021		2020
MexMar		49.0	%	$	53,778	$	50,037
OSV Partners⁽¹⁾		30.4	%		8,493		9,094
SEACOR Marlin		49.0	%		8,581		7,979
MEXMAR Offshore⁽²⁾		49.0	%		2,696		1,960
Offshore Vessel Holdings		49.0	%		1,750		2,388
Other	20.0% - 50.0		%		3,702		3,850
				$	79,000	$	75,308

⁽¹⁾The Company owns 66.7% of the General Partner and 29.7% of the limited partnership interest of OSV Partners.

⁽²⁾This Joint Venture holds the investment in UP Offshore.

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations

The Company’s long-term debt obligations as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

	March 31, 2021			December 31, 2020
Recourse Long-term debt⁽¹⁾:
Convertible Senior Notes	$	125,000		$	125,000
SEACOR Marine Foreign Holdings Credit Facility		96,220			100,750
Sea-Cat Crewzer III Term Loan Facility		20,415			21,653
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		19,705			19,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing		93,094			95,317
SEACOR Alpine Shipyard Financing		30,792			31,103
SEACOR 88/888 Term Loan		5,500			5,500
Total recourse Long-term debt		390,726			399,028
Non-recourse Long-term debt⁽²⁾:
Falcon Global USA Term Loan Facility		102,349			102,349
Falcon Global USA Revolver		15,000			15,000
SEACOR 88/888 Term Loan		5,500			5,500
Total non-recourse Long-term debt		122,849			122,849
Total principal due for long-term debt		513,575			521,877
Current portion due within one year		(34,888	)		(32,377	)
Unamortized debt discount		(42,972	)		(44,864	)
Deferred financing costs		(3,866	)		(4,126	)
Long-term debt, less current portion	$	431,849		$	440,510

(1)	Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine as defined in the relevant debt agreements.

(2)

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Summary of Future Minimum Payments For Leases

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

As of March 31, 2021, future minimum payments for leases for the remainder of 2021 and the years ended December 31, were as follows (in thousands):

	Operating Leases			Finance Leases
Remainder of 2021	$	5,289		$	42
2022		769			39
2023		697			39
2024		622			36
2025		606			—
Years subsequent to 2025		3,943			—
		11,926			156
Interest component		(2,009	)		(13	)
		9,917			143
Current portion of long-term lease liabilities		5,139			46
Long-term lease liabilities	$	4,778		$	97

Summary of Components of Leases Expense

For the three months ended March 31, 2021 and March 31, 2020 the components of lease expense were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease cost	$	905	$	3,223
Finance lease cost:
Amortization of finance lease assets ⁽¹⁾		8		—
Interest on finance lease liabilities ⁽²⁾		2		—
Short-term lease costs		173		102
	$	1,088	$	3,325

⁽¹⁾Included in amortization costs in the consolidated statements of loss.

⁽²⁾Included in interest expense in the consolidated statements of loss.

Summary of Supplemental Cash Flow Information Related to Leases

For the three months ended March 31, 2021, supplemental cash flow information related to leases was as follows (in thousands):

	2021
Operating cash flows from operating leases	$	2,270
Right-of-use assets obtained for operating lease liabilities		917
Right-of-use assets obtained for finance lease liabilities		-

Summary of Other Information Related to Leases

For the three months ended March 31, 2021, other information related to leases was as follows:

	2021
Weighted average remaining lease term, in years - operating leases		8.8
Weighted average remaining lease term, in years - finance leases		3.7
Weighted average discount rate - operating leases		5.1	%
Weighted average discount rate - finance leases		5.3	%

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Statutory rate	21.0	%
Foreign withholding tax and earnings not subject to U.S. Income Tax	322.27
Other	1.94
	345.2	%

Derivative Instruments and Hedging Strategies (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Assets and Liabilities

The fair values of the Company’s derivative instruments were as follows (in thousands):

	March 31, 2021				December 31, 2020
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Interest rate swap agreements (cash flow hedges)	$	—	$	3,156	$	—	$	3,698
		—		3,156		—		3,698
Derivatives not designated as hedging instruments:
Forward Exchange Contract							893
Conversion option liability on Convertible Senior Notes		—		37		—		2
	$	—	$	3,193	$	—	$	895

Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments

The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the three months ended March 31, 2021 and March 31, 2020 as follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Conversion option liability on Convertible Senior Notes	$	(35	)	$	5,114
Forward currency exchange, option, and future contracts		390			—
	$	355		$	5,114

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities as of March 31, 2021 and December 31, 2020 that are measured at fair value on a recurring basis were as follows (in thousands):

March 31, 2021	Level 1		Level 2		Level 3
LIABILITIES
Derivative instruments		—		3,156		—
Conversion Option Liability on Convertible Senior Notes		—		—		37
December 31, 2020
LIABILITIES
Derivative instruments		—		4,591		—
Conversion Option Liability on Convertible Senior Notes		—		—		2

Schedule of Estimated Fair Values of Financial Assets and Liabilities

The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):

			Estimated Fair Value
March 31, 2021	Carrying Amount		Level 1		Level 2		Level 3
ASSETS
Cash, cash equivalents and restricted cash	$	71,761	$	71,761	$	—	$	—
LIABILITIES
Long-term debt, including current portion		466,737		—		472,088		—
December 31, 2020
ASSETS
Cash, cash equivalents and restricted cash	$	36,018	$	36,018	$	—	$	—
LIABILITIES
Long-term debt, including current portion		472,887		—		470,561		—

Schedule of Other Assets and Liabilities Measured at Fair Value

The Company’s other assets and liabilities that were measured at fair value during the three months ended March 31, 2021 and the year ended December 31, 2020 were as follows (in thousands):

March 31, 2021	Level 1		Level 2		Level 3
ASSETS
Property and equipment:
Liftboats	$	—	$	—	$	—
December 31, 2020
ASSETS
Property and equipment:
Liftboats		—		43,005		—

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Transactions in Connection with Equity Incentive Plans

Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2021 were as follows:

Restricted Stock Activity:
Outstanding as of December 31, 2020	436,714
Granted ⁽¹⁾	815,550
Vested	(193,187	)
Forfeited	—
Outstanding as of March 31, 2021	1,059,077

Stock Option Activity:
Outstanding as of December 31, 2020	1,120,541
Granted	—
Exercised	—
Forfeited	—
Outstanding as of March 31, 2021	1,120,541

⁽¹⁾Excludes 157,455 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):

	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations ⁽²⁾			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2021
Operating Revenues:
Time charter	$	1,489		$	10,502		$	12,575		$	9,724		$	34,290
Bareboat charter		729			—			—			—			729
Other marine services		546			(269	)		360			856			1,493
		2,764			10,233			12,935			10,580			36,512
Direct Costs and Expenses:
Operating:
Personnel		1,744			3,220			5,208			3,246			13,418
Repairs and maintenance		654			1,191			903			1,092			3,840
Drydocking		875			304			1,066			(28	)		2,217
Insurance and loss reserves		527			433			702			296			1,958
Fuel, lubes and supplies		199			572			559			872			2,202
Other		77			579			1,144			872			2,672
		4,076			6,299			9,582			6,350			26,307
Direct Vessel Profit	$	(1,312	)	$	3,934		$	3,353		$	4,230			10,205
Other Costs and Expenses:
Lease expense	$	664		$	356		$	22		$	36			1,078
Administrative and general														8,611
Depreciation and amortization		4,164			3,307			4,710			2,617			14,798
														24,487
Loss on Asset Dispositions and Impairments														(2,273	)
Operating Loss													$	(16,555	)
As of March 31, 2021
Property and Equipment:
Historical Cost		214,575			240,032			374,979			170,844			1,000,430
Accumulated Depreciation		(128,841	)		(68,254	)		(76,675	)		(24,022	)		(297,792	)
	$	85,734		$	171,778		$	298,304		$	146,822		$	702,638
Total Assets ⁽¹⁾	$	125,479		$	189,370		$	301,381		$	215,408		$	831,638

⁽¹⁾	Total assets by region does not include corporate assets of $142.2 million as of March 31, 2021.

⁽²⁾

	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations ⁽²⁾			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2020
Operating Revenues:
Time charter	$	4,375		$	14,011		$	11,767		$	3,396		$	33,549
Bareboat charter		724			—			—			—			724
Other		642			183			420			149			1,394
		5,741			14,194			12,187			3,545			35,667
Direct Costs and Expenses:
Operating:
Personnel		2,928			3,232			3,811			1,215			11,186
Repairs and maintenance		617			1,585			1,246			392			3,840
Drydocking		1,057			8			414			(114	)		1,365
Insurance and loss reserves		135			297			339			69			840
Fuel, lubes and supplies		524			517			665			135			1,841
Other		79			596			683			305			1,663
		5,340			6,235			7,158			2,002			20,735
Direct Vessel Profit, from Continuing Operations	$	401		$	7,959		$	5,029		$	1,543		$	14,932
Other Costs and Expenses:
Lease expense	$	2,138		$	1,133		$	45		$	9		$	3,325
Administrative and general														9,394
Depreciation and amortization		5,358			3,315			3,790			899			13,362
														26,081
Loss on Asset Dispositions and Impairments														(12,572	)
Operating Loss, for Continuing Operations													$	(23,721	)
As of March 31, 2020
Property and Equipment:
Historical Cost		256,059			244,984			281,767			74,308			857,118
Accumulated Depreciation		(120,599	)		(58,666	)		(67,829	)		(17,271	)		(264,365	)
	$	135,460		$	186,318		$	213,938		$	57,037		$	592,753
Total Assets ⁽¹⁾	$	191,611		$	210,890		$	245,279		$	134,171		$	781,951

⁽¹⁾	Total assets by region does not include corporate assets of $142.0 million, and $42.5 million of discontinued operations as of March 31, 2020.

⁽²⁾

Discontinued Operations (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Assets Held for Sale

Summarized selected operating result of the Company’s assets related to Windcat Workboats, previously classified as held for sale were as follows (in thousands)

	Three Months Ended March 31,
	2021			2020
Windcat Workboats
Operating Revenues:
Time charter	$	903		$	5,742
Other revenue		70			334
		973			6,076
Costs and Expenses:
Operating		578			3,885
Direct Vessel Profit		395			2,191

General and Administrative Expenses		238			1,371
Lease Expense		24			82
Depreciation		—			1,639
		262			3,092
Operating Income		133			(901	)
Other Income (Expense)
Interest income		2			14
Interest expense		(39	)		(264	)
Foreign currency translation loss		89			(645	)
		52			(895	)
Operating Loss Before Equity Earnings of 50% or Less Owned Companies, Net of Tax		185		$	(1,796	)
Income Tax Expense		—			(6	)
Operating Loss Before Equity Earnings of 50% or Less Owned Companies		185		$	(1,790	)
Equity in Earnings of 50% or Less Owned Companies, Net of Tax		(16	)		(264	)
Net (Loss) Income from Discontinued Operations	$	169		$	(2,054	)

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

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Basis of Presentation and Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Basis Of Presentation And Accounting Policies [Line Items]
Contract with customer, liability	$ 2,627,000	$ 3,265,000	$ 3,307,000	$ 4,755,000
Contract with customer liability current	4,567,000		4,452,000
Construction reserve funds, current	4,200,000		$ 4,300,000
Capitalized interest costs, including allowance for funds used during construction, total	200,000	200,000
Impairment of long-lived assets owned or leased in vessels	0
Impairment of long-lived assets one owned liftboat		1,800,000
Impairment of long-lived assets two leased-in liftboat		7,400,000
Equity method investment, other than temporary impairment	$ 0	$ 0
Effective income tax rate reconciliation, percent, total	345.20%	27.10%
Class of warrant or right, exercise price of warrants or rights	$ 0.01
Incremental common shares attributable to conversion of debt securities, total	2,183,708	2,183,708
Restricted Stock
Basis Of Presentation And Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,059,077	461,363
Employee Stock Option
Basis Of Presentation And Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,120,541	921,069
Offshore Support Vessels
Basis Of Presentation And Accounting Policies [Line Items]
Estimated useful life (Year)	20 years
Prepaid Vessel Management Fees
Basis Of Presentation And Accounting Policies [Line Items]
Contract with customer liability current	$ 1,500,000
Prepaid Charter Modification and Reservation Fees
Basis Of Presentation And Accounting Policies [Line Items]
Contract with customer liability current	400,000
Geographic Distribution, Domestic
Basis Of Presentation And Accounting Policies [Line Items]
Contract with customer, liability	2,600,000
Geographic Distribution, Foreign
Basis Of Presentation And Accounting Policies [Line Items]
Contract with customer, liability	$ 700,000
Minimum
Basis Of Presentation And Accounting Policies [Line Items]
Equity method investment, ownership percentage	20.00%
Minimum \| SEACOR Marine Foreign Holdings
Basis Of Presentation And Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%
Maximum
Basis Of Presentation And Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Accounting Standards Update 2019-12
Basis Of Presentation And Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Basis of Presentation and Accounting Policies - Schedule of Deferred Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basis Of Presentation And Accounting Policies [Abstract]
Balance at beginning of period	$ 3,307	$ 4,755
Revenues deferred during the period	50	5
Revenues recognized during the period	(730)	(1,495)
Balance at end of period	$ 2,627	$ 3,265

Basis of Presentation and Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 401,836	$ 478,924
Other comprehensive loss	4,656	(4,519)
Balance	409,159	455,311
Foreign Currency Translation Adjustments Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	6,797
Other comprehensive loss	4,392
Balance	11,189
Derivative Losses on Cash Flow Hedges, net Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(4,007)
Other comprehensive loss	264
Balance	(3,743)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	2,790	1,548
Other comprehensive loss	4,656
Balance	$ 7,446	$ (2,971)

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Equipment Acquisitions and Dispositions - Additional Information (Details) $ in Thousands		3 Months Ended
	Jan. 12, 2021 USD ($)	Mar. 31, 2021 USD ($) Vessel	Mar. 31, 2020 USD ($)
Property Plant And Equipment [Line Items]
Payments to acquire property, plant, and equipment, including fair value hedges		$ 2,700
Number of equipment acquired \| Vessel		0
Proceeds from disposition of property and equipment		$ 3,266	$ 3,105
Deposits for future vessel sales		$ 1,700
Platform Supply Vessels
Property Plant And Equipment [Line Items]
Number of equipment sold \| Vessel		1
Fast Support Vessels
Property Plant And Equipment [Line Items]
Number of equipment sold \| Vessel		2
Platform Supply Vessels and Fast Support Vessels
Property Plant And Equipment [Line Items]
Proceeds from disposition of property and equipment		$ 1,600
Gain (loss) on disposition of property, plant and equipment		$ (2,400)
Anchor Handling Towing Supply
Property Plant And Equipment [Line Items]
Number of equipment sold \| Vessel		2
Vessel Under Construction
Property Plant And Equipment [Line Items]
Proceeds from disposition of property and equipment		$ 2,200
Gain (loss) on disposition of property, plant and equipment		1,100
Proceeds from property, plant, and equipment, including deposits and gain on sale		3,100
Proceeds from deposits		900
Deposits for future sales		$ 2,100
Windcat Workboats
Property Plant And Equipment [Line Items]
Proceeds from disposition of property and equipment	$ 38,715
Gain (loss) on disposition of property, plant and equipment	$ 22,756

Equipment Acquisitions and Dispositions - Schedule of Gain on Sale of Windcat Workboats (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 12, 2021	Mar. 31, 2021	Mar. 31, 2020
Property Plant And Equipment [Line Items]
Total Net Proceeds		$ 3,266	$ 3,105
Windcat Workboats
Property Plant And Equipment [Line Items]
Total Proceeds Received	$ 43,797
Transactions Fees and other Costs	1,562
Cash Sold	3,520
Total Net Proceeds	38,715
Less: Net Equity in Windcat Workboats, net of cash sold	15,790
Less: January Income on Discontinued Operations	169
Gain on Sale of Windcat Workboats	$ 22,756

Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Details) - USD ($)
$ in Thousands

Mar. 31, 2021

Dec. 31, 2020

Mar. 31, 2020

$ 79,000

$ 75,308

Minimum

20.00%

Maximum

50.00%

MexMar

49.00%

$ 53,778

50,037

OSV Partners

^[1]

30.40%

^[1]

$ 8,493

9,094

SEACOR Marlin LLC

49.00%

$ 8,581

7,979

MEXMAR Offshore

^[2]

49.00%

^[2]

$ 2,696

1,960

Offshore Vessel Holdings

49.00%

Other Offshore Marine Services Joint Ventures

$ 1,750

2,388

Other Offshore Marine Services Joint Ventures | Minimum

$ 3,702

$ 3,850

$ 121,500

Other Offshore Marine Services Joint Ventures | Maximum

20.00%

50.00%

[1]	The Company owns 66.7% of the General Partner and 29.7% of the limited partnership interest of OSV Partners.
[2]	This Joint Venture holds the investment in UP Offshore.

Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Parenthetical) (Details)

Mar. 31, 2021

OSV Partners

Equity method investment, ownership percentage

30.40%

^[1]

General Partner

Equity method investment, ownership percentage

66.70%

Limited Partner | OSV Partners

Equity method investment, ownership percentage

29.70%

[1]	The Company owns 66.7% of the General Partner and 29.7% of the limited partnership interest of OSV Partners.

Long Term Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 513,575	$ 521,877
Current portion due within one year	(34,888)	(32,377)
Unamortized debt discount	(42,972)	(44,864)
Deferred financing costs	(3,866)	(4,126)
Long-term debt, less current portion	431,849	440,510
Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	390,726	399,028
Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	122,849	122,849
Convertible Senior Notes \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	125,000	125,000
SEACOR Marine Foreign Holdings Credit Facility \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	96,220	100,750
Sea-Cat Crewzer III Term Loan Facility \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	20,415	21,653
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	19,705	19,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	93,094	95,317
SEACOR Alpine Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	30,792	31,103
SEACOR 88/888 Term Loan \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,500	5,500
SEACOR 88/888 Term Loan \| Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,500	5,500
Falcon Global USA Term Loan Facility \| Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	102,349	102,349
Falcon Global USA Revolver \| Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 15,000	$ 15,000

Long Term Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 24, 2021	Mar. 31, 2021	Mar. 31, 2020	Feb. 08, 2018
Debt Instrument [Line Items]
Repayments of long-term debt, total		$ 8,302	$ 5,069
Long-term Debt Obligation
Debt Instrument [Line Items]
Letters of credit outstanding, amount		$ 500
FGUSA Omnibus Amendment \| Term and Revolving Loan Facility
Debt Instrument [Line Items]
Debt agreement maximum borrowing capacity				$ 131,100
Seventh FGUSA Credit Facility Amendment
Debt Instrument [Line Items]
Repayment terms	the extension from March 2021 to June 2021 of the commencement of monthly repayment of the term loan, with payments being the lesser of (a) $0.8 million and (b) the amount outstanding under the term loan
Repayments of long-term debt, total	$ 800
Extension term of Guaranty	3 months

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2021 Vessel
Anchor Handling Towing Supply Vessels
Lessee Lease Description [Line Items]
Number of operating leases on equipment	2
Liftboats
Lessee Lease Description [Line Items]
Number of operating leases on equipment	1
Fast Support Vessels
Lessee Lease Description [Line Items]
Number of operating leases on equipment	1
Vessels \| Minimum
Lessee Lease Description [Line Items]
Operating lease, lease terms (in duration)	4 months
Vessels \| Maximum
Lessee Lease Description [Line Items]
Operating lease, lease terms (in duration)	9 months
Other Equipment \| Minimum
Lessee Lease Description [Line Items]
Operating lease, lease terms (in duration)	8 months
Other Equipment \| Maximum
Lessee Lease Description [Line Items]
Operating lease, lease terms (in duration)	309 months

Leases - Summary of Future Minimum Payments For Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Operating Leases
Remainder of 2021	$ 5,289
2022	769
2023	697
2024	622
2025	606
Years subsequent to 2025	3,943
Operating lease payments due	11,926
Interest component	(2,009)
Total operating leases	9,917
Current portion of operating lease liabilities	5,139	$ 7,030
Long-term lease liabilities	4,778	4,345
Finance Leases
Remainder of 2021	42
2022	39
2023	39
2024	36
Total finance leases	156
Interest component	(13)
Finance Leases	143
Current portion of financing lease liabilities	46	36
Long-term lease liabilities	$ 97	$ 105

Leases - Summary of Components of Leases Expense (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Leases [Abstract]

Operating lease cost

$ 905

$ 3,223

Finance lease cost:

Amortization of finance lease assets

^[1]

Interest on lease liabilities

^[2]

Short-term lease costs

173

102

Total Lease expense

$ 1,088

$ 3,325

[1]	Included in amortization costs in the consolidated statements of loss
[2]	Included in interest expense in the consolidated statements of loss

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 2,270
Right-of-use assets obtained for operating lease liabilities	$ 917

Leases - Summary of Other Information Related to Leases (Details)	Mar. 31, 2021
Leases [Abstract]
Weighted average remaining lease term, in years - operating leases	8 years 9 months 18 days
Weighted average remaining lease term, in years - finance leases	3 years 8 months 12 days
Weighted average discount rate - operating leases	5.10%
Weighted average discount rate - finance leases	5.30%

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%
Foreign withholding tax and earnings not subject to U.S. Income Tax	322.27%
Other	1.94%
Effective income tax rate reconciliation, percent, total	345.20%	27.10%

Income Taxes - Additional Information (Details) - Tax Refund Agreement - USD ($) $ in Millions		1 Months Ended		3 Months Ended
	Jun. 26, 2020	Apr. 30, 2021	Feb. 28, 2021	Mar. 31, 2021
Income Taxes [Line Items]
Expected to cash tax refunds receivable	$ 32.3
Interest received on cash refunds				$ 1.1
Proceeds of cash tax refunds			$ 12.5
Subsequent Event
Income Taxes [Line Items]
Proceeds of cash tax refunds		$ 19.8

Derivative Instruments and Hedging Strategies - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Derivative Liability	$ 3,156	$ 3,698
Designated as Hedging Instrument \| Interest Rate Swap \| Cash Flow Hedging
Derivative [Line Items]
Derivative Liability	3,156	3,698
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Liability	3,193	895
Conversion option liability on Convertible Senior Notes	$ 37	2
Not Designated as Hedging Instrument \| Forward Exchange Contract
Derivative [Line Items]
Derivative Liability		$ 893

Derivative Instruments and Hedging Strategies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Derivative gains (losses) on cash flows hedges	$ 127	$ (2,038)
Maximum
Derivative [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Minimum
Derivative [Line Items]
Equity method investment, ownership percentage	20.00%
Minimum \| SEACOR Marine Foreign Holdings
Derivative [Line Items]
Equity method investment, ownership percentage	50.00%
Cash Flow Hedging
Derivative [Line Items]
Derivative gains (losses) on cash flows hedges	$ 500	$ (1,900)
Cash Flow Hedging \| 3.32% Interest Rate Swap Agreement \| Designated as Hedging Instrument \| SEACOR Marine Foreign Holdings
Derivative [Line Items]
Derivative, fixed interest rate	3.32%
Derivative, notional amount	$ 7,600
Cash Flow Hedging \| 3.195% Interest Rate Swap Agreement \| Designated as Hedging Instrument \| SEACOR Marine Foreign Holdings
Derivative [Line Items]
Derivative, fixed interest rate	3.195%
Derivative, notional amount	$ 41,600
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument \| SEACOR 88/888
Derivative [Line Items]
Derivative, fixed interest rate	3.175%
Derivative, notional amount	$ 5,500
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument \| MexMar
Derivative [Line Items]
Equity method investment, ownership percentage	49.00%
Derivative, notional amount	$ 65,900
Derivative, number of instruments held, total	5
Cash Flow Hedging \| Maximum \| Interest Rate Swap \| Designated as Hedging Instrument \| MexMar
Derivative [Line Items]
Derivative, fixed interest rate	2.10%
Cash Flow Hedging \| Minimum \| Interest Rate Swap \| Designated as Hedging Instrument \| MexMar
Derivative [Line Items]
Derivative, fixed interest rate	1.71%
Derivative Liabilities \| Fair Value Hedging
Derivative [Line Items]
Recognized gain (loss) on hedged item in fair value hedge	$ 400

Derivative Instruments and Hedging Strategies - Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Gains (losses) on derivative instruments	$ 355	$ 5,114
Embedded Derivative Financial Instruments
Derivative [Line Items]
Gains (losses) on derivative instruments	(35)	$ 5,114
Foreign Exchange Option
Derivative [Line Items]
Gains (losses) on derivative instruments	$ 390

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Liability	$ 3,156	$ 4,591
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Conversion Option Liability on Convertible Senior Notes	$ 37	$ 2

Fair Value Measurements - Schedule of Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	$ 71,761	$ 36,018
Long-term debt, including current portion	466,737	472,887
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	71,761	36,018
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 472,088	$ 470,561

Fair Value Measurements - Schedule of Other Assets and Liabilities Measured at Fair Value (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Fair Value, Inputs, Level 2 \| Liftboats
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Property and equipment	$ 43,005

Fair Value Measurements - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value Disclosures [Abstract]
Impairment charges	$ 0

Commitments and Contingencies - Additional Information (Details) R$ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2021 BRL (R$)
Commitments And Contingencies [Line Items]
Remaining capital commitment	$ 10.1
Unrecorded unconditional purchase obligation due within four years	9.5
Unrecorded unconditional purchase obligation, due in remainder of fiscal year	9.2
Unrecorded unconditional purchase obligation, due within two years	0.9
Amount guaranteed under arrangement	$ 4.8
SEACOR Holdings
Commitments And Contingencies [Line Items]
Related party transaction, rate	0.50%
Deficiency Notice
Commitments And Contingencies [Line Items]
Cost allocation percentage	70.00%
Deficiency Notice \| Seabulk Overseas
Commitments And Contingencies [Line Items]
Cost allocation percentage	30.00%
Minimum \| Deficiency Notice
Commitments And Contingencies [Line Items]
Potential range of levies	$ 3.2	R$ 18,350
Maximum \| Deficiency Notice
Commitments And Contingencies [Line Items]
Potential range of levies	$ 2.2	R$ 12,870
Platform Supply Vessels
Commitments And Contingencies [Line Items]
Unrecorded unconditional purchase obligation, maximum quantity	1	1
FSV Offshore Support Vessels
Commitments And Contingencies [Line Items]
Unrecorded unconditional purchase obligation, maximum quantity	1	1

Stock Based Compensation - Summary of Transactions in Connection with Equity Incentive Plans (Details)

3 Months Ended

Mar. 31, 2021

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Outstanding as of the beginning of year (in shares)

1,120,541

Outstanding as of the end of year (in shares)

1,120,541

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Outstanding as of the beginning of year (in shares)

436,714

Granted (in shares)

815,550

^[1]

Vested (in shares)

(193,187)

Outstanding as of the end of year (in shares)

1,059,077

[1]	Excludes 157,455 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

Stock Based Compensation - Summary of Transactions in Connection with Equity Incentive Plans (Parenthetical) (Details)	Mar. 31, 2021 shares
Performance Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding	157,455

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Treasury stock, shares acquired	51,933
Treasury stock, value acquired cost method	$ 262	$ 175

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Mar. 31, 2020

Dec. 31, 2020

$ 36,512

$ 35,667

26,307

20,735

10,205

14,932

Administrative and general

1,078

3,325

8,611

9,394

Loss on Asset Dispositions and Impairments

14,798

13,362

Other Costs and Expenses

24,487

26,081

(2,273)

(12,572)

Operating Loss

(16,555)

(23,721)

1,000,430

857,118

$ 1,012,873

(297,792)

(264,365)

(291,538)

702,638

592,753

$ 721,335

831,638

^[1]

781,951

^[2]

Time Charter

34,290

33,549

Bareboat Charter

729

724

Other Marine Services

1,493

1,394

Personnel

13,418

11,186

Repairs and Maintenance

3,840

Drydocking

Insurance and Loss Reserves

2,217

1,365

1,958

840

Fuel, Lubes and Supplies

Other Direct Costs and Expenses

2,202

1,841

2,672

1,663

UNITED STATES

2,764

5,741

4,076

5,340

(1,312)

401

664

2,138

4,164

5,358

214,575

256,059

(128,841)

(120,599)

85,734

135,460

UNITED STATES | Time Charter

125,479

^[1]

191,611

^[2]

UNITED STATES | Bareboat Charter

1,489

4,375

UNITED STATES | Other Marine Services

729

724

UNITED STATES | Personnel

546

642

UNITED STATES | Repairs and Maintenance

1,744

2,928

UNITED STATES | Drydocking

654

617

UNITED STATES | Insurance and Loss Reserves

875

1,057

UNITED STATES | Fuel, Lubes and Supplies

527

135

UNITED STATES | Other Direct Costs and Expenses

199

524

Africa and Europe, Continuing Operations

10,233

^[3]

14,194

^[4]

6,299

^[3]

6,235

^[4]

3,934

^[3]

7,959

^[4]

356

^[3]

1,133

^[4]

3,307

^[3]

3,315

^[4]

240,032

^[3]

244,984

^[4]

(68,254)

^[3]

(58,666)

^[4]

171,778

^[3]

186,318

^[4]

Africa and Europe, Continuing Operations | Time Charter

189,370

^[1],[3]

210,890

^[2],[4]

Africa and Europe, Continuing Operations | Other Marine Services

10,502

^[3]

14,011

^[4]

Africa and Europe, Continuing Operations | Personnel

(269)

^[3]

183

^[4]

Africa and Europe, Continuing Operations | Repairs and Maintenance

3,220

^[3]

3,232

^[4]

Africa and Europe, Continuing Operations | Drydocking

1,191

^[3]

1,585

^[4]

Africa and Europe, Continuing Operations | Insurance and Loss Reserves

304

^[3]

^[4]

Africa and Europe, Continuing Operations | Fuel, Lubes and Supplies

433

^[3]

297

^[4]

Africa and Europe, Continuing Operations | Other Direct Costs and Expenses

572

^[3]

517

^[4]

579

^[3]

596

^[4]

Middle East and Asia

12,935

12,187

9,582

7,158

3,353

5,029

4,710

3,790

374,979

281,767

(76,675)

(67,829)

298,304

213,938

Middle East and Asia | Time Charter

301,381

^[1]

245,279

^[2]

Middle East and Asia | Other Marine Services

12,575

11,767

Middle East and Asia | Personnel

360

420

Middle East and Asia | Repairs and Maintenance

5,208

3,811

Middle East and Asia | Drydocking

903

1,246

Middle East and Asia | Insurance and Loss Reserves

1,066

414

Middle East and Asia | Fuel, Lubes and Supplies

702

339

Middle East and Asia | Other Direct Costs and Expenses

559

665

1,144

683

Latin America

10,580

3,545

6,350

2,002

4,230

1,543

2,617

899

170,844

74,308

(24,022)

(17,271)

146,822

57,037

Latin America | Time Charter

215,408

^[1]

134,171

^[2]

Latin America | Other Marine Services

9,724

3,396

Latin America | Personnel

856

149

Latin America | Repairs and Maintenance

3,246

1,215

Latin America | Drydocking

1,092

392

Latin America | Insurance and Loss Reserves

(28)

(114)

Latin America | Fuel, Lubes and Supplies

296

Latin America | Other Direct Costs and Expenses

872

135

$ 872

$ 305

[1]	Total assets by region does not include corporate assets of $142.2 million as of March 31, 2021
[2]	Total assets by region does not include corporate assets of $142.0 million, and $42.5 million of discontinued operations as of March 31, 2020
[3]	In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment.
[4]	In prior periods Africa and Europe were reported as separate segments. Due to the sale of Windcat Workboats, the Company’s European operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa segment. As a result, for purposes of segment reporting European operations are now consolidated with Africa and reported as a consolidated segment and prior period information has been conformed to the new consolidated reporting segment.

Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Segment Reporting Information [Line Items]
Assets, Total	$ 973,816	$ 1,017,663
Assets, Discontinued Operations			$ 42,500
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets, Total	$ 142,200		$ 142,000

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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