0000950170-23-006257 | 10-K | XBRL Viewer | Seacor Marine Holdings INC

^[1]

967,683

1,008,080

(310,778)

(302,328)

Net property and equipment

656,905

705,752

Construction in progress

8,111

15,531

665,016

721,283

Right-of-use asset - operating leases

6,206

6,608

Right-of-use asset - finance leases

6,813

100

Investments, at equity, and advances to 50% or less owned companies

3,024

71,727

Other assets

1,995

1,771

Total assets

815,630

912,502

Current Liabilities:

Current portion of operating lease liabilities

2,358

^[2]

1,986

Current portion of finance lease liabilities

468

Current portion of long-term debt:

Recourse

61,512

31,602

Accounts payable and accrued expenses

37,954

28,419

Due to SEACOR Holdings

264

274

Accrued wages and benefits

4,361

3,711

Accrued interest

2,305

2,273

Accrued capital, repair and maintenance expenditures

2,748

2,438

Deferred revenue and unearned revenue

2,333

1,606

Accrued insurance deductibles and premiums

2,428

2,720

Accrued professional fees

1,114

1,214

Derivatives

1,831

Other current liabilities

3,580

6,558

Total current liabilities

121,425

84,665

Long-term operating lease liabilities

4,739

^[2]

4,885

Long-term finance lease liabilities

6,781

Long-term Debt:

Recourse

254,653

327,300

Non-recourse

5,466

5,462

Deferred income taxes

40,779

40,682

Deferred gains and other liabilities

2,641

2,891

Total liabilities

436,484

465,961

SEACOR Marine Holdings Inc. stockholders' equity:

Common stock, $.01 par value, 60,000,000 shares authorized; 26,950,759 and 26,120,124 shares issued in 2022 and 2021, respectively

272

262

Additional paid-in capital

466,669

461,931

Accumulated deficit

(93,111)

(22,907)

Shares held in treasury of 248,638 and 127,887 in 2022 and 2021, respectively, at cost

(1,852)

(1,120)

Accumulated other comprehensive income, net of tax

6,847

8,055

Total stockholders equity

378,825

446,221

Noncontrolling interests in subsidiaries

321

320

Total equity

379,146

446,541

Total liabilities and equity

$ 815,630

$ 912,502

[1]	Includes property and equipment acquired in business acquisitions at acquisition date fair value and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans.
[2]	In January 2023, the Company terminated an agreement for one leased-in AHTS that will result in a $0.7 million reduction of operating lease payments in 2023.

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Trade receivables, allowance for credit loss	$ 1,650	$ 1,312
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	26,950,799	26,120,124
Shares held in treasury (in shares)	248,638	127,887

Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Operating Revenues	$ 217,325	$ 170,941	$ 141,837
Costs and Expenses:
Operating	171,985	127,406	91,145
Administrative and general	40,911	37,639	40,051
Lease expense	3,869	6,085	7,525
Depreciation and amortization	55,957	57,395	57,167
Costs and Expenses	272,722	228,525	195,888
Gains (Losses) on Asset Dispositions and Impairments, Net	1,398	20,436	(17,588)
Operating Loss	(53,999)	(37,148)	(71,639)
Other Income (Expense):
Interest income	784	1,302	1,273
Interest expense	(29,706)	(28,111)	(30,691)
SEACOR Holdings guarantee fees	0	(7)	(47)
Gain on debt extinguishment	10,429	61,994	0
Derivative gains, net	0	391	4,310
Foreign currency gains (losses), net	1,659	(1,235)	(1,294)
Gain (Loss) from return of investments in 50% or less owned companies and other, net	755	9,441	(19)
Nonoperating Income (Expense)	(16,079)	43,775	(26,468)
(Loss) Income before income tax expense (benefit) and equity in earnings (losses) of 50% or Less Owned Companies	(70,078)	6,627	(98,107)
Income Tax Expense (Benefit):
Current	8,485	6,633	(25,182)
Deferred income taxes	97	4,860	2,258
Income Tax Expense (Benefit)	8,582	11,493	(22,924)
Loss from Continuing Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies	(78,660)	(4,866)	(75,183)
Equity in Earnings (Losses) of 50% or Less Owned Companies	7,011	15,078	(8,163)
(Loss) Income from Continuing Operations	(71,649)	10,212	(83,346)
Income on Discontinued Operations, Net of Tax (see Note 21)	0	22,925	364
Net (Loss) Income	(71,649)	33,137	(82,982)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries	1	1	(4,067)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.	$ (71,650)	$ 33,136	$ (78,915)
Net (Loss) Earnings Per Share from Continuing Operations:
Basic	$ (2.69)	$ 0.40	$ (3.20)
Diluted	(2.69)	0.40	(3.20)
Net Earnings Per Share from Discontinued Operations:
Basic	0	0.90	0.02
Diluted	0	0.90	0.02
Net (Loss) Earnings Per Share:
Basic	(2.69)	1.30	(3.18)
Diluted	$ (2.69)	$ 1.30	$ (3.18)
Weighted Average Common Shares and Warrants Outstanding:
Basic	26,626,179	25,444,693	24,785,744
Diluted	26,626,179	25,495,527	24,785,744

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net (Loss) Income	$ (71,649)	$ 33,137	$ (82,982)
Other Comprehensive (Loss) Income:
Foreign currency translation (losses) gains, net	(4,451)	3,986	2,112
Derivative gains (losses) on cash flow hedges	1,608	219	(2,139)
Other comprehensive income	(1,208)	5,265	1,242
Other comprehensive income, net	(1,208)	5,265	1,242
Comprehensive (Loss) Income	(72,857)	38,402	(81,740)
Comprehensive Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries	1	1	(4,067)
Comprehensive (Loss) Income Attributable to SEACOR Marine Holdings Inc.	(72,858)	38,401	(77,673)
Interest Expense
Other Comprehensive (Loss) Income:
Reclassification of derivative gains (losses) on cash flow hedges	694	1,648	1,425
Equity Method Investments
Other Comprehensive (Loss) Income:
Reclassification of derivative gains (losses) on cash flow hedges	$ 941	$ (588)	$ (156)

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement Of Income And Comprehensive Income [Abstract]
Reclassification of derivative gains (losses) on cash flow hedges to equity in losses	50.00%	50.00%	50.00%

Consolidated Statements of Changes In Equity - USD ($)
$ in Thousands

Total

Director [Member]

Common Stock [Member]

Director [Member]

Additional Paid-In Capital [Member]

Director [Member]

Treasury Stock [Member]

Director [Member]

Retained Earnings (Accumulated Deficit) [Member]

Accumulated Other Comprehensive Income [Member]

Non-Controlling Interests In Subsidiaries [Member]

Balance at Dec. 31, 2019

$ 478,924

$ 219

$ 429,318

$ (669)

$ 27,076

$ 1,548

$ 21,432

Balance (in shares) at Dec. 31, 2019

21,881,489

47,185

Restricted stock grants

$ 3

Restricted stock grants (in shares)

289,452

Cancellation of restricted stock grants / Forfeiture of employee share awards

101

Cancellation of restricted stock grants / Forfeiture of employee share awards (in shares)

(12,650)

Amortization of share awards

$ 3,969

3,969

Exercise of Warrants (in shares)

Exercise of warrants

$ 2

$ 3

$ (1)

338,320

354

Restricted stock vesting

(178)

$ (178)

Restricted stock vesting (in shares)

(25,745)

25,745

Director share awards

$ 755

$ 1

$ 754

Director share awards (in shares)

59,900

Acquisition of consolidated joint venture

$ 9

17,037

(17,046)

Acquisition of consolidated joint venture (in shares)

900,000

Other comprehensive income

(82,982)

(78,915)

(4,067)

1,242

Balance at Dec. 31, 2020

401,836

$ 235

451,179

$ (848)

(51,839)

2,790

319

Balance (in shares) at Dec. 31, 2020

23,430,766

73,284

Restricted stock grants

$ 8

Restricted stock grants (in shares)

815,550

Cancellation of restricted stock grants / Forfeiture of employee share awards (in shares)

(5,250)

Amortization of share awards

$ 5,002

5,002

Exercise of Warrants (in shares)

Exercise of warrants

$ 1

48,809

Restricted stock vesting

(272)

$ (272)

Restricted stock vesting (in shares)

(54,603)

54,603

Director share awards

437

$ 2

$ 435

Director share awards (in shares)

189,030

Acquisition of 50% or less owned company

5,331

$ 16

5,315

Acquisition of 50% or less owned company (in shares)

1,567,935

Sale of Windcat Workboats

(4,204)

Other comprehensive income

33,137

33,136

5,265

Balance at Dec. 31, 2021

$ 446,541

$ 262

461,931

$ (1,120)

(22,907)

8,055

320

Balance (in shares) at Dec. 31, 2021

26,120,124

25,992,237

127,887

Restricted stock grants

$ 9

Restricted stock grants (in shares)

738,896

Cancellation of restricted stock grants / Forfeiture of employee share awards (in shares)

(3,500)

Amortization of share awards

4,587

Exercise of options

$ 151

151

Restricted stock vesting (in shares)

34,492

^[1]

34,492

Restricted stock vesting

$ (672)

(60)

$ (672)

$ (60)

(114,251)

(6,500)

114,251

6,500

Director share awards

$ 1

Director share awards (in shares)

60,787

Other comprehensive income

(71,649)

(71,650)

238

1,446

(1,208)

Balance at Dec. 31, 2022

$ 379,146

$ 272

$ 466,669

$ (1,852)

$ (93,111)

$ 6,847

$ 321

Balance (in shares) at Dec. 31, 2022

26,950,799

26,702,161

248,638

[1]	The intrinsic value of the options exercised was less than $0.1 million.

Consolidated Statements of Changes In Equity (Parenthetical)	Dec. 31, 2021
Maximum
Ownership Percentage	50.00%

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flows from Continuing Operating Activities:
Net (Loss) Income	$ (71,649)	$ 33,137	$ (83,346)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	55,957	57,395	57,167
Deferred financing cost amortization	8	1,097	1,107
Stock-based compensation expense	4,597	5,447	4,824
Debt discount amortization	6,693	6,866	6,672
Allowance for credit losses	489	863	230
Loss (gain) from equipment sales, retirements or impairments	(1,398)	(20,436)	17,588
Gain on the sale of Windcat Workboats		(22,756)
Gain from return of investments in 50% or less owned companies		(9,442)
Gain on debt extinguishment	(12,700)	(62,749)
Derivative gains	0	(391)	(4,310)
Interest on finance lease	244	4	1
Cash settlement payments on derivative transactions, net	(749)	(2,150)	(1,331)
Currency (gains) losses	(1,659)	1,235	1,294
Deferred income taxes	97	4,860	2,258
Equity (earnings) losses	(7,011)	(15,078)	8,163
Dividends received from equity investees	3,057	5,332	2,117
Changes in Operating Assets and Liabilities:
Accounts receivables	(652)	22,437	(30,165)
Other assets	2,559	3,113	6,530
Accounts payable and accrued liabilities	7,501	471	(18,343)
Net cash (used in) provided by operating activities	(14,616)	9,255	(29,544)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment	(462)	(7,003)	(20,808)
Proceeds from disposition of property and equipment	6,734	30,137	20,674
Purchase of subsidiary from joint venture			(8,445)
Proceeds from sale of Windcat Workboats, net of transaction costs and cash sold		38,715
Investments in and advances to 50% or less owned companies		(3,008)	(2,206)
Excess distributions from equity investees	0	9,442	0
Construction reserve funds transferred to short-term cash			3,745
Construction reserve funds utilized			9,148
Principal payments on notes due from equity investees	528	3,345	1,715
Cash received from acquisition of 50% or less owned company		172
Proceeds from sale of investment in equity investees	66,000
Notes due from others	(28,831)
Principal payments on notes due from others	13,831
Net cash provided by investing activities	57,800	71,800	3,823
Cash Flows from Continuing Financing Activities:
Payments on long-term debt	(38,152)	(78,124)	(22,601)
Payments on debt extinguishment costs	(2,271)	(755)
Proceeds from exercise of stock options and warrants	151	1	2
Payments on finance lease	(351)	(30)
Tax withholdings on restricted stock vesting and director share awards	(732)	(272)	(178)
Net cash used in financing activities	(41,355)	(79,180)	(22,777)
Effects of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash	(4)	(22)	30
Net Change in Cash, Cash Equivalents and Restricted Cash, Continuing Operations	1,825	1,853	(48,468)
Cash Flows from Discontinued Operations:
Operating Activities	0	(171)	8,217
Investing Activities	0	0	(8,318)
Financing Activities	0	0	941
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents	0	0	119
Net Change in Cash, Restricted Cash and Cash Equivalents on Discontinued Operations		(171)	959
Net Change in Cash, Cash Equivalents and Restricted Cash	1,825	1,682	(47,509)
Cash, Cash Equivalents and Restricted Cash, Beginning of Year	41,220	39,538	87,047
Cash, Cash Equivalents and Restricted Cash, End of Year	43,045	41,220	39,538
Supplemental disclosures:
Cash paid for interest, excluding capitalized interest	25,244	24,143	21,977
Income taxes refunded, net	885	32,759	1,094
Noncash Investing and Financing Activities:
Increase in property, plant and equipment related to an acquisition			142,282
Decrease in joint venture investments related to an acquisition			22,222
Distribution from equity investee		2,538
Acquisition of 50% or less owned company		23,037
Increase in long-term debt related to an acquisition			75,569
Increase in long-term debt related to asset purchases		6,500	21,252
Decrease in debt related to debt settlement		62,749
Increase in capital expenditures in accounts payable and accrued liabilities		10,379	$ 3,193
Exchange of property and equipment	8,918
Recognition of a new right-of-use asset - operating leases	2,363	$ 3,582
Recognition of a new right-of-use asset - finance leases	$ 7,248

Nature of Operations and Accounting Policies

12 Months Ended

Dec. 31, 2022

Nature Of Operation And Accounting Policies [Abstract]

Nature of Operations and Accounting Policies

NATURE OF OPERATIONS AND ACCOUNTING POLICIES

Nature of Operations and Segmentation. The consolidated financial statements include the accounts of SEACOR Marine and its consolidated subsidiaries (collectively referred to as the “Company”). The Company provides global marine and support transportation services to offshore energy facilities worldwide. The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support, (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair and (v) handle anchors and mooring equipment for offshore rigs and platforms. Additionally, the Company's vessels provide emergency response services and accommodations for technicians and specialists.

Accounting standards require public business enterprises to report information about each of their operating business segments that exceed certain quantitative thresholds or meet certain other reporting requirements. Operating business segments have been defined as a component of an enterprise about which separate financial information is available and is evaluated regularly by the chief operating decision maker in assessing performance.

Upon the sale of Windcat Workboats Holdings Limited (“Windcat Workboats”), the Company’s European operations were no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Africa and Europe 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. In prior periods, Africa and Europe were reported as separate segments. The Company has identified the following four principal geographic regions as its reporting segments:

United States, primarily Gulf of Mexico. As of December 31, 2022, 16 vessels were located in this region, including 12 owned, two leased-in and two managed. The Company’s vessels in this market support oil and natural gas exploration and production activities, seasonal construction, decommissioning and diving support operations, as well as the construction and maintenance of offshore wind farms.

Africa and Europe, continuing operations. As of December 31, 2022, 19 vessels were located in this region, including 18 owned and one leased-in. The Company’s vessels in this market generally support projects for major oil companies, primarily in Angola, Nigeria and the North Sea.

Middle East and Asia. As of December 31, 2022, 16 owned vessels were located in this region. The Company’s vessels in this area generally support exploration, personnel transport and seasonal construction activities in Saudi Arabia, United Arab Emirates, Qatar, Egypt and Israel.

Latin America. As of December 31, 2022, nine owned vessels were located in this region. The Company’s vessels in this area generally provide support for exploration and production activities primarily in Mexico and Guyana. From time to time, the Company’s vessels also work in Trinidad and Tobago, Brazil and Colombia. On September 29, 2022, the Company sold its equity interests in Mantenimiento Express Marítimo, S.A.P.I. de C.V. (“MexMar”) and Offshore Vessel Holdings, S.A.P.I. DE. C.V. (“OVH”) and acquired 100% of the equity interests in SEACOR Marlin LLC. As a result, the Company no longer operates 19 of the joint-ventured vessels owned by MexMar and OVH and one vessel owned by SEACOR Marlin LLC. The vessel owned by SEACOR Marlin LLC became wholly-owned in the transaction.

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 business 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 income (loss) as equity in earnings 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. The Company 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 deferred revenue and unearned revenue in the accompanying consolidated balance sheets, for the years ended December 31 were as follows (in thousands):


	2022			2021			2020
Balance at beginning of year	$	321		$	3,307		$	4,755
Revenues deferred during the year		—			510			2,042
Revenues recognized and reclassifications during the year		(321	)		(3,496	)		(3,490	)
Balance at end of year	$	—		$	321		$	3,307

As of December 31, 2022, the Company had no deferred revenues.

As of December 31, 2022 and December 31, 2021, the Company had unearned revenue of $2.3 million and $1.3 million, respectively, primarily related to mobilization of vessels. The Company recorded $4.3 million of unearned revenue related to new contracts entered into in 2022 and recognized previously recorded unearned revenue of $3.3 million during the twelve months ended December 31, 2022.

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.

In the Company’s operating areas, contracts or charters vary in length from several days to multi-year periods. Many of the Company’s contracts and charters include cancellation clauses without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.

Gain Contingencies. During the year ended December 31, 2022, the Company incurred $5.6 million of costs for drydocking and repair expenditures that are pending potential adjustment of insurance claims that are expected to be resolved in 2023.

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 equivalents consist of U.S. treasury securities, money market instruments, time deposits and overnight investments. A portion of the Company’s cash is maintained at a federally insured financial institution. The deposits held at this institution are in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institution in which those deposits are held.

Restricted Cash. Restricted cash primarily relates to banking facility requirements.

For the years ended December 31, cash, cash equivalents and restricted cash consists of:


	2022		2021
Cash	$	39,963	$	37,619
Restricted cash		3,082		3,601
Total	$	43,045	$	41,220

Trade and Other Receivables. Customers are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction 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, but excludes our short-term note receivable. 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 efforts have been exhausted.

Derivative Instruments. The Company accounts for derivatives through the use of a fair value concept whereby all of the Company’s derivative positions are stated at fair value in the accompanying consolidated balance sheets. Realized and unrealized gains and losses on derivatives not designated as hedges are reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as fair value hedges are recognized as corresponding increases or decreases in the fair value of the underlying hedged item to the extent they are effective, with any ineffective portion reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net, and related cash flows are classified in the same category on the cash flow statement as the cash flows from the items being hedged. Realized and unrealized gains and losses on derivatives designated as cash flow hedges are reported as a component of other comprehensive income (loss) in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective and reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings and related cash flows are classified in the same category on the cash flow statement as the cash flows from the items being hedged. Any ineffective portions of cash flow hedges are reported in the accompanying consolidated statements of income (loss) as Derivative gains (losses), net. Realized and unrealized gains and losses on derivatives designated as cash flow hedges that are entered into by the Company’s 50% or less owned companies are also reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage, with reclassifications and ineffective portions being included in Equity in earnings of 50% or less owned companies, net of tax, in the accompanying consolidated statements of income (loss).

Concentrations of Credit Risk. The Company is exposed to concentrations of credit risk associated with its cash and cash equivalents, restricted cash and derivative instruments. The Company minimizes its credit risk relating to these positions by monitoring the financial condition of the financial institutions and counterparties involved and by primarily conducting business with large, well-established financial institutions and diversifying its counterparties. The Company does not currently anticipate nonperformance by any of its significant counterparties. The Company is also exposed to concentrations of credit risk relating to its receivables due from customers described above. The Company does not generally require collateral or other security to support its outstanding receivables. The Company minimizes its credit risk relating to receivables by performing ongoing credit evaluations and, to date, credit losses have not been material.

Inventories. Inventories, which consist of fuel and supplies, are stated at the lower of cost (using the first-in, first-out method) or net realizable value. The Company records write-downs, as needed, to adjust the carrying amount of inventories to the lower of cost or net realizable value. In the years ended December 31, 2022, 2021 and 2020, there were no inventory reserves.

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 vessels 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 December 31, 2022, the estimated useful life of the Company’s new offshore support vessels was 20 years.

The Company’s property and equipment as of December 31 was as follows (in thousands):


	Historical Cost (1)		Accumulated Depreciation			Net Book Value
2022
Offshore support vessels:
AHTS(2)	$	27,281	$	(18,139	)	$	9,142
FSV(3)		354,473		(130,599	)		223,874
PSV (4)		295,875		(36,112	)		259,763
Specialty		3,163		(3,138	)		25
Liftboats		264,142		(102,156	)		161,986
General machinery and spares		10,148		(8,565	)		1,583
Other (5)		12,601		(12,069	)		532
	$	967,683	$	(310,778	)	$	656,905
2021
Offshore support vessels:
AHTS(2)	$	49,632	$	(33,200	)	$	16,432
FSV(3)		362,309		(116,878	)		245,431
PSV (4)		282,243		(20,613	)		261,630
Specialty		3,163		(3,138	)		25
Liftboats		289,283		(108,364	)		180,919
General machinery and spares		8,814		(8,463	)		351
Other (5)		12,636		(11,672	)		964
	$	1,008,080	$	(302,328	)	$	705,752

(1)

Includes property and equipment acquired in business acquisitions at acquisition date fair value and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans.

(2)

Anchor Handling Towing Supply vessels (“AHTS”).

(3)

Fast support vessels (“FSVs”).

(4)

Platform support vessels (“PSVs”).

(5)

Includes buildings, leasehold improvements, vehicles and other property and equipment.

Depreciation and amortization expense totaled $56.0 million, $57.4 million and $57.2 million in 2022, 2021 and 2020, respectively. There was no depreciation and amortization expense from discontinued operations in 2022 or 2021. Depreciation and amortization from discontinued operations totaled $6.2 million in 2020.

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. There was no capitalized interest recognized in 2022. Capitalized interest totaled $0.3 million and $0.9 million in 2021 and 2020, 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.

As a result of the difficult conditions experienced in the offshore oil and natural gas markets beginning in the second half of 2014 and the corresponding reductions in utilization and rates per day worked of its fleet, the Company identified indicators of impairment and recognized impairment charges primarily associated with its AHTS fleet, its liftboat fleet, certain specialty vessels and vessels removed from service. When reviewing its fleet for impairment, the Company groups vessels with similar operating and marketing characteristics, including cold-stacked vessels expected to return to active service, into vessel classes. All other vessels, including vessels retired and removed from service, are evaluated for impairment on a vessel by vessel basis.

During the year ended December 31, 2022, the Company recorded impairment charges totaling $2.9 million. The Company recorded impairment charges of $0.9 million for one fast support vessel (“FSV”) classified as held for sale and sold during 2022. In addition, the Company recorded impairment charges of $0.7 million for one leased-in AHTS as it is not expected to return to active service during its remaining lease term. Additionally, the Company recorded impairment charges of $1.3 million for other equipment and classified such equipment as assets held for sale as the Company expects to sell the equipment within one year. The impairment charges for the assets held for sale are included in (losses) gains on asset dispositions and impairments in the accompanying consolidated statements of income (loss). There were no impairments of other owned or leased-in vessels.

During the year ended December 31, 2021, the Company did not record an impairment on any owned or leased-in vessels.

The Company’s other vessel classes and other individual vessels in active service and cold-stacked status, for which no impairment was deemed necessary, have generally experienced a less severe decline in utilization and rates per day worked based on specific market factors. The market factors include vessels with more general utility to a broad range of customers (e.g., FSVs), vessels required for customers to meet regulatory mandates and operating under multiple year contracts or vessels that service customers outside of the offshore oil and natural gas market.

For vessel classes and individual vessels with indicators of impairment as of December 31, 2022, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, 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 continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, 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 has indicators of impairment and is deemed not recoverable through future operations, the Company determines 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. No impairment charges of investments in 50% or less owned companies were incurred for the years ended December 31, 2022, 2021 and 2020.

Business Combinations. For acquisitions constituting a business acquisition, the Company recognizes 100% of the fair value of assets acquired, liabilities assumed, and noncontrolling interests when the acquisition constitutes a change in control of the acquired entity. Shares issued in consideration for a business combination, contingent consideration arrangements and pre-acquisition loss and gain contingencies are all measured and recorded at their acquisition-date fair value. Subsequent changes to fair value of contingent consideration arrangements are generally reflected in earnings. Acquisition-related transaction costs are expensed as incurred and any changes in an acquirer’s existing income tax valuation allowances and tax uncertainty accruals are recorded as an adjustment to income tax expense. The operating results of entities acquired are included in the accompanying consolidated statements of income (loss) from the date of acquisition. If an acquisition of an asset or group of assets does not meet the definition of a business, the transaction is accounted for as an asset acquisition. The assets are measured based on their cost to the Company, including transaction costs. The acquisition cost is then allocated to the assets acquired based on their relative fair values (see “Note 3. Business Acquisitions”).

Debt Discount and Issue Costs. Debt discounts and costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight-line method for revolving credit facilities and are included in interest expense in the accompanying consolidated statements of income (loss).

Self-insurance Liabilities. The Company maintains marine hull, liability and war risk, general liability, workers compensation and other insurance customary in the industry in which it operates. Both the marine hull and liability policies have annual aggregate deductibles. Marine hull annual aggregate deductibles are accrued as claims are incurred while marine liability annual aggregate deductibles are accrued based on historical loss experience. Exposure to the health benefit plans are limited by maintaining stop-loss and aggregate liability coverage. To the extent that estimated self-insurance losses, including the accrual of annual aggregate deductibles, differ from actual losses realized, the Company’s insurance reserves could differ significantly and may result in either higher or lower insurance expense in future periods.

Income Taxes. Deferred income tax assets and liabilities have been provided in recognition of the income tax effect attributable to the book and tax basis differences of assets and liabilities reported in the consolidated financial statements. Deferred tax assets or liabilities are provided using the enacted tax rates expected to apply to taxable income in the periods in which they are expected to be settled or realized. Interest and penalties relating to uncertain tax positions are recognized in interest expense and administrative and general, respectively, in the accompanying consolidated statements of income (loss). The Company records a valuation allowance to reduce its deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Global Intangible Low Taxed Income (“GILTI”) regime effectively imposes a minimum tax on worldwide foreign earnings and subjects U.S. shareholders of controlled foreign corporations (“CFCs”) to current taxation on certain income earned through a CFC. The Company has made the policy election to record any liability associated with GILTI in the period in which it is incurred.

In the normal course of business, the Company may be subject to challenges from tax authorities regarding the amount of taxes due for the Company. These challenges may alter the timing or amount of taxable income or deductions. As part of the calculation of income tax expense, the Company determines whether the benefits of its tax positions are at least more likely than not of being sustained based on the technical merits of the tax position. For tax positions that are more likely than not of being sustained, the Company accrues the largest amount of the tax benefit that is more likely than not of being sustained. Such accruals require management to make estimates and judgments with respect to the ultimate outcome of its tax benefits and actual results could vary materially from these estimates.

On June 26, 2020, the Company entered into the Tax Refund Agreement with SEACOR Holdings Inc. (“SEACOR Holdings”), see “Note 18. Related Party Transactions”.

Foreign Currency Translation. The assets, liabilities and results of operations of certain consolidated subsidiaries are measured using their functional currency, which is the currency of the primary foreign economic environment in which they operate. Upon consolidating these subsidiaries with the Company, their assets and liabilities are translated to U.S. dollars at currency exchange rates as of the consolidated balance sheet dates and their revenues and expenses are translated at the weighted average currency exchange rates during the applicable reporting periods. Translation adjustments resulting from the process of translating these subsidiaries’ financial statements are reported in other comprehensive income in the accompanying consolidated statements of comprehensive income (loss).

Foreign Currency Transactions. Certain consolidated subsidiaries enter into transactions denominated in currencies other than their functional currency. Gains and losses resulting from changes in currency exchange rates between the functional currency and the currency in which a transaction is denominated are included in foreign currency losses, net in the accompanying consolidated statements of income (loss) in the period in which the currency exchange rates change.

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


	SEACOR Marine Holdings Inc. Stockholders’ Equity									Noncontrolling Interests
	Foreign Currency Translation Adjustments			Derivative (Losses) Gains on Cash Flow Hedges, net			Total			Foreign Currency Translation Adjustments			Derivative Losses on Cash Flow Hedges, net			Other Comprehensive Income (Loss)
Year Ended December 31, 2019	$	4,685		$	(3,137	)	$	1,548		$	(1,445	)	$	(11	)	$	18,336
Other comprehensive income		2,112			(870	)		1,242			—			—			1,242
Income tax (expense)		—			—			—			—			—			—
Year Ended December 31, 2020		6,797			(4,007	)		2,790			(1,445	)		(11	)	$	1,242
Other comprehensive income		3,986			1,279			5,265			—			—		$	5,265
Income tax benefit (expense)		—			—			—			—			—			—
Year Ended December 31, 2021		10,783			(2,728	)		8,055			(1,445	)		(11	)	$	5,265
Other comprehensive loss		(4,451	)		3,243			(1,208	)		—			—			(1,208	)
Income tax benefit (expense)		—			—			—			—			—			—
Year Ended December 31, 2022	$	6,332		$	515		$	6,847		$	(1,445	)	$	(11	)	$	(1,208	)

Earnings (Loss) Per Share. Basic earnings/loss per share of Common Stock of the Company is computed based on the weighted average number of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share (“Warrant”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/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 earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock 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 Old Convertible Notes and New Convertible Notes (as defined in “Note 9. Long-Term Debt”) unless anti-dilutive.

For the year ended December 31, 2022, diluted earnings (loss) per common share of the Company excluded 2,978,274 shares issuable upon the conversion of the New Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive. For the years ended December 31, 2021 and 2020, diluted earnings (loss) per common share of the Company excluded 2,907,500 shares issuable upon the conversion of the Old Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive. In addition, for the years ended December 31, 2022, 2021 and 2020, diluted earnings (loss) per common share of the Company excluded 1,682,193 shares, 1,112,256 shares and 436,714 shares, respectively, of restricted stock and 1,026,865, 1,061,357 and 1,120,541 outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive. In addition, for the year ended December 31, 2021, diluted earnings per share of Common Stock of the Company included 50,834 shares of restricted stock as the effect of their inclusion in the computation is dilutive, with no related income effect. In 2022, 2021 and 2020, the Company issued 184,930, 157,455, and 149,200 performance share awards, of which 216,172 were not considered outstanding as of December 31, 2022. These performance share awards are not considered outstanding until such time as they would be probable of being exercised, therefore they were not included in the computation of earnings (loss) per share.

Recently Adopted 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 was effective for annual periods beginning after December 15, 2020, and interim periods within the annual periods beginning after December 15, 2022. The adoption of the standard did not have a material effect 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. The Company adopted the new standard on January 1, 2022. 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, cash flows and disclosures.

On June 30, 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326). This ASU represents a significant change in the Accounting for Credit Losses. The ASU introduced a new accounting model, the Current Expected Credit Losses model (CECL), which required earlier recognition of credit losses and additional disclosures related to credit risk. 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. The expected credit losses are adjusted each period for changes in expected lifetime credit losses. This model replaced the multiple existing impairment models in prior U.S. GAAP, which generally required that a loss be incurred before it is recognized. The standard applies to financial assets arising from revenue transactions such as contract assets and accounts receivables. Management implemented the new standard in 2020 and it did not have a material impact on the consolidated financial statements.

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 March 12, 2020, the FASB issued ASU 2020-04, 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 August 2, 2022, and September 29, 2022, respectively, the reference rates for the Company’s SEACOR 88/888 Term Loan Facility and Tranche B under the SEACOR Marine Foreign Holdings Credit Facility have transitioned from the London Interbank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”) (see “Note 9. Long-Term Debt”). These reference rate transitions by the Company did not have a material impact on its consolidated financial position or on its results of operations and cash flows. The reference rates for the Company’s other existing debt and interest rate swaps have not changed as a result of any amendment. The Company will continue to monitor changes to reference rates in the remaining applicable agreements and will amend the agreements to accommodate the SOFR rate where required.

Transformation, Facility Restructuring and Severance Charges

12 Months Ended

Dec. 31, 2022

Restructuring And Related Activities [Abstract]

Transformation, Facility Restructuring and Severance Charges

TRANSFORMATION, FACILITY RESTRUCTURING AND SEVERANCE CHARGES

Due to the highly competitive nature of the Company’s business and the continuing losses incurred in the years leading up to and including 2019, the Company reduced its overall cost structure and workforce to better align the Company with activity levels. The transformation plan, which began in the third quarter of 2019 and extended through the third quarter of 2020 (the “Transformation Plan”), included a workforce reduction, organization restructuring, facility consolidations and other cost reduction measures and efficiency initiatives across the Company’s geographic regions.

No material future costs related to these efforts are expected, but to the extent the Company identifies additional opportunities for further costs reductions beyond the Transformation Plan, these opportunities may give rise to restructuring charges. On a cumulative basis, the Company recognized $4.9 million in restructuring charges. During the years ended December 31, 2022 and December 31, 2021, the Company did not recognize any restructuring charges and had no accrued liabilities associated with the Transformation Plan.

In connection with the Transformation Plan, for the twelve months ended December 31, 2020, the Company recognized restructuring and transformation charges of $1.2 million, which included severance charges of $1.1 million and other restructuring charges of $0.1 million. Other restructuring charges included contract termination costs, relocation and other associated costs. The restructuring and transformation charges are reflected in the Company’s general and administrative expense.

The components of restructuring charges for the year ended December 31, 2020, were as follows (in thousands):


	United States (primarily Gulf of Mexico)		Africa and Europe, Continuing Operations		Middle East and Asia		Latin America		Total
Transformation Plan
Severance Charges	$	275	$	185	$	665	$	—	$	1,125
Other Charges		31		—		31		—		62
Total Charges	$	306	$	185	$	696	$	—	$	1,187

The severance and other restructuring charges gave rise to certain liabilities primarily related to liabilities accrued as part of the Transformation Plan. As of December 31, 2020, all related liabilities associated with the Transformation Plan have been recognized.

Business Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Business Acquisitions

BUSINESS ACQUISITIONS

SEACOR OSV PARTNERS I LP., a Delaware limited partnership (“OSV Partners I”), was a joint venture that owned and operated five PSVs for which the Company acted as one of the general partners and also held a limited partnership interest in. On December 31, 2021, pursuant an agreement and plan of merger (the “OSV Partners Merger Agreement”) among SEACOR Marine Holdings Inc. (“SEACOR Marine”), SEACOR Offshore OSV LLC, a Delaware limited liability company and an indirect wholly-owned subsidiary of SEACOR Marine (“SEACOR Offshore OSV”) and OSV PARTNERS I, OSV Partners I merged with and into SEACOR Offshore OSV with SEACOR Offshore OSV surviving the merger (the “OSV Partners Merger”).

In connection with the consummation of the OSV Partners Merger, the Company issued an aggregate of 1,567,935 shares of Common Stock, as follows:

(i)

531,872 shares of Common Stock as consideration for the OSV Partners Merger paid to OSV Partners I’s limited partners (other than the Company and its subsidiaries), and

(ii)

1,036,063 shares of Common Stock as payment to settle all amounts and other obligations outstanding under the Subordinated PIK Loan Agreement, dated September 28, 2018 (as amended on December 22, 2021, the “PIK Loan Agreement”) and paid to the former lenders thereunder (all of whom were limited partners of OSV Partners I).

In connection with the OSV Partners Merger, pursuant to a certain Amendment No. 7, dated December 31, 2021 (“Amendment No. 7”), to the SEACOR OSV Credit Facility (as defined below), SEACOR Marine and SEACOR Offshore OSV assumed and guaranteed approximately $18.1 million of OSV Partners I’s third party indebtedness outstanding under the amended and restated senior secured term loan credit facility agreement dated as of September 28, 2018 (as amended, restated, amended and restated or otherwise modified, the “SEACOR OSV Credit Facility”), by and among OSV Partners I and lenders and other parties thereto. See “Note 9. Long-Term Debt” for further discussion with respect to the SEACOR OSV Credit Facility, including Amendment No. 8 thereto.

As a result of the OSV Partners Merger, the five 201 feet, 1,900 tons deadweight capacity, PSVs owned by OSV Partners I are now 100% owned by the Company. As of the date of acquisition, December 31, 2021, these five PSVs had an average age of seven years. In accordance with ASU No. 2017-01-Business Combinations (Topic 805): Clarifying the Definition of a Business, this acquisition was accounted for as an asset purchase. The allocation of the purchase price for the Company’s acquired assets and liabilities as of December 31 was as follows (in thousands):


Assets Acquired (In Thousands):	2021
Current Assets	$	6,181
Fixed Assets		35,176
Current Liabilities		(2,186	)
Long-Term Liabilities		(15,962	)
Total Cost Basis for Purchase		23,209
Purchase Price		(5,331	)
Acquisition costs		(598	)
Equity Investment In OSV Partners		(17,280	)
	$	(23,209	)

Note Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Note Receivable

NOTE RECEIVABLE

In connection with the closing of the Framework Agreement Transactions (as defined in “Note 6. Investments, at Equity and Advances to 50% or Less Owned Companies”), on September 29, 2022, SEACOR Marine Capital Inc., a wholly-owned subsidiary of SEACOR Marine (“SEACOR Marine Capital”) purchased all of the outstanding loans under the Second Amended and Restated Term Loan Credit Facility Agreement, made as of July 8, 2022, by and among Mantenimiento Express Marítimo, S.A.P.I. de C.V.

(“MexMar”), as the borrower, DNB Capital LLC and The Governor and Company of the Bank of Ireland, each as lenders, and DNB Bank ASA, New York Branch, as facility agent (as amended from time to time, the “MexMar Original Facility Agreement”) for an aggregate amount of $28.8 million, representing par value of the loan. The purchase was funded using proceeds received from the Framework Agreement Transactions. On the same date the facility was amended pursuant to a Third Amended and Restated Facility Agreement (“MexMar Third A&R Facility Agreement”) to, among other things, (i) provide for the prepayment by MexMar of approximately $8.8 million of the outstanding loan amount, to reduce the outstanding principal on the loan to $20.0 million, (ii) modify the definition of “Change of Control”, (iii) modify the maturity date from January 23, 2025 to September 30, 2023, (iv) decrease the minimum cash requirement from $10.0 million to $2.5 million, (v) modify the interest margin from 4.7% per annum to 5.0% per annum and (vi) modify the principal repayment profile to reflect four quarterly installments of $5.0 million to repay the loan by the maturity date. All collateral and security arrangements remain in place from the MexMar Original Facility Agreement, including a first priority mortgage on 13 offshore support vessels owned by MexMar. As a result, SEACOR Marine Capital is the sole lender to MexMar under the MexMar Third A&R Facility Agreement and expects that the loan will be repaid in full by September 30, 2023. As of December 31, 2022, the loan balance due from MexMar was $15.0 million.

Equipment Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Equipment Acquisitions and Dispositions

EQUIPMENT ACQUISITIONS AND DISPOSITIONS

Equipment Additions. The Company’s capital expenditures and payments on equipment were $0.5 million, $7.0 million, and $20.8 million in 2022, 2021 and 2020, respectively. During the year ended December 31, 2022, equipment deliveries were $14.4 million including one PSV, the SEACOR Marlin, and a hybrid battery system. This equipment was acquired through (i) the sale of one AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC that the Company did not already own, thereby acquiring 100% ownership of its only asset, the PSV SEACOR Marlin, and (ii) the transfer of the hybrid battery system as repayment in full of a certain vessel loan agreement with a former joint venture (see “Note 6. Investments, at Equity and Advances to 50% or Less Owned Companies”).

Deliveries of offshore support vessels for the years ended December 31 were as follows:


	2022		2021 (1)		2020 (2)
PSV		1		1		4
		1		1		4

(1)

Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).

(2)

Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.

Equipment Dispositions.

On January 12, 2021, a wholly-owned subsidiary of SEACOR Marine Holdings Inc. (the “Company”), completed the sale of the Company’s Windcat Workboats CTV business through the sale of 100% of the equity of Windcat Workboats, a wholly-owned subsidiary of the Company (“Windcat” and together with its subsidiaries, the “Windcat Group”), to CMB N.V. (the “Windcat Buyer”) pursuant to a Sale and Purchase Agreement entered into on December 18, 2020. At closing, the Windcat Buyer paid to the Company an aggregate purchase price of £32.8 million. After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the Company received net cash proceeds of approximately $42.6 million. The Windcat Buyer also assumed all of the approximately £20.4 million of debt outstanding under Windcat Workboat’s existing revolving credit facility. As of December 31, 2020, the Windcat Group owned a total of 41 CTVs and held interests in an additional five CTVs through its joint ventures, all of which were included in the sale. The Company recognized a gain on the sale of 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

During the year ended December 31, 2022, the Company sold one FSV, one liftboat previously removed from service, office space and other equipment for net cash proceeds of $6.7 million, after transaction costs, and a gain of $2.2 million, which included impairment charges of $0.9 million for one FSV classified as held for sale and sold during 2022.

During the year ended December 31, 2021, the Company sold one PSV, three FSVs and reduced $22.5 million of debt under the FGUSA Credit Facility (as defined and described in Note 9. Long-Term Debt) with hull and machinery insurance proceeds received in respect of the SEACOR Power of $25.0 million, for a total of $30.1 million in consideration and gains of $20.9 million.

During the year ended December 31, 2020, the Company sold two AHTS and one specialty vessel previously removed from service, four FSVs, one specialty vessels, one vessel under construction and other equipment for $21.6 million ($20.7 million cash and $0.9 million in previously received deposits) and gains of $1.2 million.

Major equipment dispositions for the years ended December 31 were as follows:


	2022 (1)		2021 (2)		2020 (3)
AHTS		1		—		2
FSV		1		3		4
PSV		—		1		1
Liftboats		1		1		1
Specialty		—		—		2
		3		5		10

(1)

Excludes one specialty vessel that was previously removed from service.

(2)

Excludes four liftboats that were previously removed from service.

(3)

Excludes three vessels that were previously removed from service (two AHTS and one specialty vessel).

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

12 Months Ended

Dec. 31, 2022

Schedule Of Investments [Abstract]

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

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

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


	Ownership			2022		2021
MexMar (1)		49.0	%	$	—	$	59,940
SEACOR Marlin (2)		49.0	%		—		6,958
Offshore Vessel Holdings (1)		49.0	%		—		1,847
Seabulk Angola		49.0	%		1,683		1,081
SEACOR Marine Arabia		45.0	%		1,265		1,821
Other	20.0% — 50.0%				76		80
				$	3,024	$	71,727

(1)

On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.

(2)

On September 29, 2022, the Company sold an AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC that it did not already own and consolidated the net assets thereof. See details below.

Combined Condensed Financial Information of Other Investees. Summarized financial information of the Company’s other investees, at equity, as of and for the years ended December 31 was as follows (in thousands):


	2022		2021
Current assets	$	24,699	$	119,559
Noncurrent assets		266		181,712
Current liabilities		17,070		93,304
Noncurrent liabilities		—		65,902


	2022		2021			2020
Operating Revenues	$	133,740	$	156,579		$	160,781
Costs and Expenses:
Operating and administrative		90,678		139,313			142,228
Depreciation		21,434		23,524			27,044
		112,112		162,837			169,272
Operating Income (Loss)	$	21,628	$	(6,258	)	$	(8,491	)
Net Income (Loss)	$	15,057	$	41,798		$	(18,229	)

As of December 31, 2022, cumulative undistributed net earnings of all 50% or less owned companies included in the Company’s consolidated retained earnings were $2.3 million.

MexMar, OVH and SEACOR Marlin. On September 29, 2022, SEACOR Marine and certain of its subsidiaries, on the one hand, and Operadora de Transportes Marítimos, S.A. de C.V. (“OTM”), CME Drillship Holdings DAC (“CME Ireland”), and Offshore Vessels Holding, S.A.P.I. de C.V. (“OVH”), on the other hand, entered into a Framework Agreement (the “Framework Agreement”). OTM and CME Ireland are affiliates of Proyectos Globales de Energía y Servicios CME, S.A. de C.V. (“CME”). Alfredo Miguel Bejos is the President and Chief Executive Officer of CME and also serves as a member of the board of directors of SEACOR Marine.

Prior to the closing of the Framework Agreement Transactions (defined below), the Company owned 49% of each of MexMar and OVH through SEACOR Marine International LLC, a wholly-owned subsidiary of SEACOR Marine (“SEACOR Marine International”), and the remaining 51% ownership interests were held by OTM. The Company also owned a minority interest in SEACOR Marlin LLC (“SEACOR Marlin LLC”), the owner of the PSV SEACOR Marlin, and the remaining ownership interests of SEACOR Marlin LLC were held by MexMar.

The Framework Agreement provided for, among other things, (i) the sale by SEACOR Marine LLC of all of the outstanding equity interests of SEACOR Marine International to OTM for a purchase price of $66.0 million in cash, (ii) the sale of the AHTS SEACOR Davis to CME Ireland in exchange for the remaining equity interests in SEACOR Marlin LLC, such that SEACOR Marlin LLC became a wholly-owned subsidiary of the Company, (iii) the transfer of a hybrid battery system from OVH to SEACOR Marine Capital as repayment in full of a certain vessel loan agreement provided by the Company to its former joint venture, and (iv) entry into a bareboat charter agreement between SEACOR Marlin LLC and MexMar (collectively, the “Framework Agreement Transactions”).

Each of the Framework Agreement Transactions was consummated on September 29, 2022. As a result of the Framework Agreement Transactions, the Company no longer owns any equity interest in either MexMar or in OVH, and the Company owns all of the equity interests in SEACOR Marlin LLC, which owns the PSV SEACOR Marlin. Accordingly, the Company does not currently operate joint-ventured vessels, which prior to the transactions were comprised of 19 offshore support vessels owned by MexMar and OVH and one PSV owned by SEACOR Marlin LLC. The vessel owned by SEACOR Marlin LLC became wholly-owned in the transaction. The Company recognized a gain on the sale of MexMar, OVH and other assets of approximately $0.8 million, calculated as follows:


	September 29, 2022
Total Cash Received	$	66,000
51% ownership in SEACOR Marlin Joint Venture		7,000
Hybrid Battery Power System		1,394
Less: Transaction Fees and other Costs		1,159
Total Net Proceeds		73,235
Less: Net Equity in MexMar and OVH Joint Ventures		65,546
Less: Net Book Value of SEACOR Davis		5,507
Less: OVH Note Receivable		1,394
Gain on Sale of MexMar, OVH and Other Assets	$	788

MexMar Management Fees. During the years ended December 31, 2022, 2021 and 2020, there were no returns of capital advances or distributions to shareholders and the Company charged $0.2 million, $0.3 million and $0.3 million, respectively of vessel management fees to MexMar.

OSV Partners. On December 31, 2021, SEACOR Marine, SEACOR Offshore OSV and OSV Partners I entered into the OSV Partners Merger Agreement pursuant to which OSV Partners I merged with and into SEACOR Offshore OSV, with SEACOR Offshore OSV surviving the merger (see “Note 3. Business Acquisitions”). The results of operations of OSV Partners are included in net income (loss) in the “Combined Condensed Financial Information of Other Investees” for the year ended December 31, 2021 for the whole period as the entity was consolidated upon completion of the acquisition.

SEACOR Marlin. SEACOR Marlin LLC owns the PSV SEACOR Marlin. On September 13, 2018, the Company sold 51% of SEACOR Marlin LLC to MEXMAR Offshore (MI) LLC, a wholly owned subsidiary of MexMar, for $8.0 million in cash, which generated a gain of $0.4 million. As a result of the Framework Agreement Transactions, the Company owns all of the equity interests in SEACOR Marlin LLC. The results of operations of SEACOR Marlin LLC are included in net income (loss) in the “Combined Condensed Financial Information of Other Investees” for the year ended December 31, 2022 for the period the entity was a 50% or less owned company. During the years ended December 31, 2022 and December 31, 2021, there was a distribution to the Company of $1.1 million and $2.5 million, respectively. During the year ended December 31, 2020, there were no returns of capital advances or distributions to shareholders.

MEXMAR Offshore – UP Offshore Sale Transaction. On June 1, 2021, MEXMAR Offshore International LLC (“MEXMAR Offshore”), a joint venture 49% owned by an indirect wholly-owned subsidiary of SEACOR Marine, and 51% owned by a subsidiary of Proyectos Globales de Energía y Servicios CME, S.A. de C.V. (“CME”), UP Offshore (Bahamas) Ltd. (“UP Offshore”), a provider of offshore support vessel services to the energy industry in Brazil and a wholly owned subsidiary of MEXMAR Offshore, and certain subsidiaries of UP Offshore, completed the sale of eight vessels and certain Brazilian entities to OceanPact Servícos Marítimos S.A. and its subsidiary, OceanPact Netherlands B.V., for a total purchase price of $30.2 million (the “UP Offshore Sale Transaction”). The UP Offshore Sale Transaction resulted in an equity earnings gain from 50% or less owned companies of $2.6 million.

MEXMAR Offshore – Distribution and Winddown. On July 23, 2021, the Company received a distribution from MEXMAR Offshore in connection with the UP Offshore Sale Transaction in the amount of $12.0 million of which $9.4 million was in excess of the Company’s investment balance of $2.6 million. The excess was recorded by the Company in the third quarter as a gain from return of investments in 50% or less owned companies. After giving effect to the UP Offshore Sale Transaction, MEXMAR Offshore, indirectly through certain subsidiaries of UP Offshore, retained ownership of three vessels. As part of the winddown of the MEXMAR Offshore joint venture, ownership of two of these vessels was transferred from subsidiaries of UP Offshore to OVH on October 26, 2021, and the remaining vessel was transferred from a subsidiary of UP Offshore to OVH on November 2, 2021. Upon completion of these transactions, MEXMAR Offshore no longer held income producing assets and as a result, on December 9, 2021, the Company transferred its 49% interest in MEXMAR Offshore to a subsidiary of CME for nominal consideration and a transaction fee of $0.2 million. As of December 31, 2021, the Company does not have any ownership interest in MEXMAR Offshore. The results of operations of MexMar Offshore are included in net income (loss) in the “Combined Condensed Financial Information of Other Investees” for the year ended December 31, 2021 for the period the entity was a 50% or less owned company.

Offshore Vessel Holdings (“OVH”). On December 28, 2018, the Company invested $4.9 million for a 49% interest in OVH. The remaining 51% is owned by a subsidiary of CME. OVH invests in offshore assets and charters marine equipment. During the year ended December 31, 2019 OVH loaned $10.0 million to Operadora Productora y Exploradora Mexicana S.A. de C.V., a drilling company in Mexico and affiliate of CME which owns and operates two jackup drilling rigs (“OPEM”), chartered-in three PSVs from UP Offshore (a subsidiary of MEXMAR Offshore) and purchased one FSV from the Company for $2.4 million through a seller’s finance agreement. As part of the winddown of the MEXMAR Offshore joint venture, ownership of two of these PSVs was transferred from UP Offshore to OVH on October 26, 2021, and the remaining PSV was transferred from UP Offshore to OVH on November 2, 2021. On December 10, 2021, OVH and OPEM settled the $10.0 million loan in exchange for OPEM making an early repayment of $10.5 million, reflecting repayment of the principal amount in full and a prepayment discount and forgiveness of approximately $4.1 million of accrued interest. As a result of the Framework Agreement Transactions discussed above, the Company no longer owns any equity interest in OVH. The Company charged no management fees to OVH for the year ended 2022 and charged $1.0 million of management fees to OVH for the year ended 2021.

SEACOR Marine Arabia LLC (“SEACOR Marine Arabia”) and other. The Company’s other 50% or less owned companies do not own or operate any vessels. During the years ended December 31, 2022, 2021 and 2020, the Company received dividends of $2.0 million, $2.0 million and $2.1 million from these 50% or less owned companies, respectively. During the years ended December 31, 2022, 2021 and 2020, no vessel management fees were received from these 50% or less owned companies.

Construction Reserve Funds

12 Months Ended

Dec. 31, 2022

Restricted Cash And Investments [Abstract]

Construction Reserve Funds

CONSTRUCTION RESERVE FUNDS

The Company has established, pursuant to Section 511 of the Merchant Marine Act, 1936, as amended, construction reserve fund accounts subject to agreements with the Maritime Administration (“MARAD”). In accordance with this statute, the Company is permitted to deposit proceeds from the sale of certain vessels into the construction reserve fund accounts and defer the taxable gains realized from the sale of those vessels. Qualified withdrawals from the construction reserve fund accounts are only permitted for the purpose of acquiring qualified U.S.-flag vessels as defined in the statute and approved by MARAD. To the extent that sales proceeds are reinvested in replacement vessels, the carryover depreciable tax basis of the vessels originally sold is attributed to the U.S.-flag vessels acquired using such qualified withdrawals. The construction reserve funds must be committed for expenditure within three years of the date of sale of the equipment, subject to two one-year extensions that can be granted at the discretion of MARAD or be released for the Company’s general use as nonqualified withdrawals. For nonqualified withdrawals, the Company is obligated to pay taxes on the previously deferred gains at the prevailing statutory tax rate plus penalties and interest thereon for the period such taxes were deferred.

As of December 31, 2022 and December 31, 2021, the Company had no balance in short-term construction reserve funds included in cash and cash equivalents and had no construction reserve fund withdrawals during the year ended December 31, 2022. During the years ended December 31, 2021 and 2020, construction reserve fund withdrawals totaled $4.2 million and $9.1 million, respectively.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

LEASES

The Company assesses at contract inception whether a contract is, or contains, a lease, defined as a contract that conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable and includes the Company’s assessment and impact of any extensions, escalations or special terms. The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. As of December 31, 2022, the Company leased-in two AHTS, 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 December 31, 2022, the lease terms of the vessels had a remaining duration of 11 to 51 months. The lease terms of certain facilities and other equipment range in duration from six to 288 months.

As of December 31, 2022, future minimum payments for leases for the years ended December 31 were as follows (in thousands):


	Operating Leases (1)			Finance Leases
2023	$	2,745		$	726
2024		1,582			946
2025		619			959
2026		459			953
2027		400			4,659
Years subsequent to 2027		3,214			—
		9,019			8,243
Interest component		(1,922	)		(994	)
		7,097			7,249
Current portion of long-term lease liabilities		2,358			468
Long-term lease liabilities	$	4,739		$	6,781

(1)

In January 2023, the Company terminated an agreement for one leased-in AHTS that will result in a $0.7 million reduction of operating lease payments in 2023.

For the years ended December 31, the components of lease expense were as follows (in thousands):


	2022		2021
Operating lease cost	$	3,162	$	5,174
Finance lease cost:
Amortization of finance lease asset (1)		545		28
Interest on lease liabilities (2)		246		3
Short-term lease costs		707		911
	$	4,660	$	6,116

(1)

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

(2)

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

For the year ended December 31, 2022, supplemental cashflow information related to leases were as follows (in thousands):


	2022
Operating cash flows from operating leases	$	2,384
Financing cash outflows from finance leases		351
Right-of-use assets obtained for operating lease liabilities		2,363
Right-of-use assets obtained for finance lease liabilities		7,248

For the year ended December 31, 2022, other information related to leases were as follows:


	2022
Weighted average remaining lease term, in years - operating leases		9.2
Weighted average remaining lease term, in years - finance leases		4.2
Weighted average discount rate - operating leases		6.5	%
Weighted average discount - finance leases		4.0	%

The Company recorded impairment losses of $0.7 million for one such lease in the year ended December 31, 2022. The Company recorded no impairment losses for the leased offshore support vessels for the year ended December 31, 2021. The Company recorded impairment losses of $5.9 million for two such leases in the year ended December 31, 2020.

Long Term Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Long Term Debt

LONG-TERM DEBT

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


	2022			2021
Recourse long-term debt(1):
Old Convertible Notes (2)	$	—		$	125,000
Guaranteed Notes (2)		90,000			—
New Convertible Notes (2)		35,000			—
SEACOR Marine Foreign Holdings Credit Facility (3)		67,910			86,470
Sea-Cat Crewzer III Term Loan Facility		16,703			19,178
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		16,205			18,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing (4)		77,537			86,316
SEACOR Alpine Shipyard Financing (5)		27,790			29,734
SEACOR 88/888 Term Loan (6)		5,500			5,500
Tarahumara Shipyard Financing		5,597			6,500
SEACOR Offshore OSV		16,052			18,052
Total recourse long-term debt		358,294			395,455
Non-recourse long-term debt (7):
SEACOR 88/888 Term Loan (6)		5,500			5,500
Total non-recourse long-term debt		5,500			5,500
Total principal due for long-term debt		363,794			400,955
Current portion due within one year		(61,512	)		(31,602	)
Unamortized debt discount		(37,511	)		(33,398	)
Deferred financing costs		(4,652	)		(3,193	)
Long-term debt, less current portion	$	260,119		$	332,762

(1)

Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements.

(2)

As of October 5, 2022, the Old Convertible Notes were replaced with the Guaranteed Notes and the New Convertible Notes. See details below.

(3)

As of September 29, 2022, Tranche B of this debt has transitioned from LIBOR to SOFR. See details below.

(4)

SEACOR Delta Shipyard Financing includes vessel financing on the eight vessels acquired in the SEACOSCO Acquisition in 2020.

(5)

SEACOR Alpine Shipyard Financing includes vessel financing on the SEACOR Alps, the SEACOR Andes and the SEACOR Atlas vessels.

(6)

As of August 2, 2022, this debt has transitioned from LIBOR to SOFR. See details below.

(7)

Non-recourse debt represents debt issued by one of the Company’s consolidated subsidiaries with no recourse to SEACOR Marine or its other non-obligor operating subsidiaries with respect to the applicable instrument, other than certain limited support obligations as provided in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition.

The Company’s contractual long-term debt maturities from continuing operations for the years ended December 31 were as follows (in thousands):


2023	$	61,512
2024		66,656
2025		23,951
2026		162,897
2027		11,365
Years subsequent to 2027		37,413
	$	363,794

As of December 31, 2022, the Company was in compliance with all debt covenants and lender requirements.

SEACOR Offshore OSV. In connection with the OSV Partners Merger, completed on December 31, 2021, SEACOR Marine and SEACOR Offshore OSV assumed and guaranteed approximately $18.1 million of OSV Partners I’s third-party indebtedness outstanding under the SEACOR OSV Credit Facility. The Company’s payment obligations under the SEACOR OSV Credit Facility are secured by a first lien mortgage on the five acquired vessels.

On December 22, 2022, SEACOR Offshore OSV and certain vessel-owning subsidiaries of SEACOR Offshore OSV entered into Amendment No. 8 to the SEACOR OSV Credit Facility (“Amendment No. 8”). Amendment No. 8 provides for, among other things, the division of the loans under the SEACOR OSV Credit Facility into two tranches of debt, Class A Debt (as defined in the SEACOR OSV Credit Facility) deemed loaned under the SEACOR OSV Credit Facility by DNB Capital LLC in an amount of approximately $10.9 million as of the date of the amendment, and Class B Debt (as defined in the SEACOR OSV Credit Facility) deemed loaned under the SEACOR OSV Credit Facility by Comerica Bank in an amount of approximately $5.6 million as of the date of the amendment. In addition, pursuant to Amendment No. 8, (a) the Final Payment Date (as defined in the SEACOR OSV Credit Facility) of the Class A Debt was extended from December 31, 2023 to March 31, 2026, (b) the Margin (as defined in the SEACOR OSV Credit Facility) of the

Class A Debt was increased from 4.68% per annum to 4.75% per annum, and (c) the amortization profile of the SEACOR OSV Credit Facility was amended such that the borrowers thereunder are required to pay $500,000 per quarter up to and including the quarter ending on December 31, 2023 (at which point all amounts outstanding under the Class B Debt shall become due and payable), and $330,450 per quarter thereafter up to and including March 31, 2026. The Class B Debt maintains substantially the same terms and conditions under the SEACOR OSV Credit Facility as it had prior to Amendment No. 8.

Tarahumara Shipyard Financing. On July 9, 2021, SEACOR Marine LLC (“SMLLC”), an indirect subsidiary of SEACOR Marine, took delivery of the vessel named SEACOR Tarahumara, a 2021 new-build 221’ PSV. Effective upon such delivery and as partial consideration for the acquisition of the vessel, SMLLC entered into a loan agreement with Master Boat Builders, Inc. with respect to a term loan in the amount of $6.5 million. This term loan matures in 2025 with interest-only payments for the first year, with the loan fully amortizing on a straight-line basis over the remaining term. The term loan bears interest at a fixed annual rate of 6% and is secured by a first lien mortgage on the vessel. SMLLC is the sole borrower under the loan agreement (the “Tarahumara Shipyard Financing”).

Falcon Global. On June 10, 2021, SEACOR Marine, Falcon Global USA LLC, an indirect subsidiary of SEACOR Marine (“FGUSA”), and certain subsidiaries of FGUSA, entered into a Second Amendment and Conditional Payoff Agreement (the “Conditional Payoff Agreement”) in respect of that certain (i) term and revolving loan facility, dated as of February 8, 2018, administered by JPMorgan 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 provided a guarantee of certain limited obligations of FGUSA under the FGUSA Credit Facility (as amended, the “FGUSA Obligation Guaranty”).

Under the terms of the Conditional Payoff Agreement, the $117.3 million of principal outstanding under the FGUSA Credit Facility was deemed satisfied in full following the payment to the lenders of a total of $50.0 million comprised of (i) $25.0 million paid by the Company at the signing of the Conditional Payoff Agreement, (ii) $22.5 million of hull and machinery insurance proceeds received by the lenders on June 18, 2021 in respect of the SEACOR Power and (iii) $2.5 million paid by the Company on June 24, 2021 (the $2.5 million was subsequently reimbursed to the Company on June 29, 2021 from hull and machinery insurance proceeds). All payments required for the extinguishment of the debt pursuant to the Conditional Payoff Agreement were made during the second quarter of 2021. Following the final payment on June 24, 2021, the FGUSA Credit Facility terminated, and the mortgages and security arrangements were released with respect to the nine liftboats securing the obligations under the FGUSA Credit Facility.

On June 24, 2021, the Company recognized a gain on transactions under the Conditional Payoff Agreement of approximately $62.0 million, calculated as follows:


(In Thousands):	June 24, 2021
Falcon Global USA Term Loan Facility	$	102,349
Falcon Global USA Revolver		15,000
Unamortized debt discount		(4,600	)
Current Liabilities		112,749
Transaction Fees		(755	)
Cash Paid		(27,500	)
Hull and Machinery Insurance Proceeds		(22,500	)
Gain on Troubled Debt Restructuring	$	61,994

As of December 31, 2021, the gain on troubled debt restructuring resulted in an increase of basic and diluted earnings per share of $2.44 and $2.43, respectively.

SEACOR Alpine. In 2019, the Company committed to take possession of three Rolls Royce UT1771 CDL designed diesel electric powered PSVs of 3,800 tons delivered deadweight capacity with dynamic position class 2 and firefighting class 1 notations. As part of this transaction, the shipbuilder, COSCO Shipping Heavy Industry (Zhoushan) Co. Ltd., agreed to finance 70% of the cost of each of these vessels pursuant to a deferred payment agreement. The deferred payment agreement calls for increasing quarterly payments of principal and interest payments that bear interest at a fixed annual rate of 5% over a four-year term from delivery. The payment obligations are secured by a first priority mortgage on the three vessels acquired. The Company took delivery of the SEACOR Alps, the SEACOR Andes and the SEACOR Atlas on September 30, 2019, April 20, 2020 and August 10, 2020, respectively.

SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt. On June 30, 2020, the Company completed the acquisition of the 50% membership interest in SEACOR Offshore Delta LLC, formerly known as SEACOSCO Offshore LLC (such remaining interests, the “SEACOSCO Interests”) that it did not already own. The price payable by the Company for the SEACOSCO Interests was $28.2 million (the “SEACOSCO Purchase Price”), $8.4 million of which was paid to the sellers (the “SEACOSCO Sellers”) at the closing. The deferred portion of the SEACOSCO Purchase Price is payable in annual installment payments of $1.0 million, $2.5 million and $2.5 million in the first, second and third year after the signing date of the acquisition, respectively, with the remaining $13.7 million due four years after such date. The deferred portion of the SEACOSCO Purchase Price accrues interest at a fixed annual rate of 1.5%, 7.0%, 7.5% and 8.0% for the first through fourth years after the signing date, respectively. SEACOR Offshore Delta LLC is the owner of eight PSVs built by COSCO Shipping Heavy Industry (Guangdong) Co., Ltd. (the “COSCO (Guangdong) Shipyard” and such PSVs,

the “SEACOR Delta PSVs”). The SEACOSCO Sellers obtained a second lien mortgage on the SEACOR Delta PSVs to secure the payment of the deferred portion of the SEACOSCO Purchase Price, and SEACOR Marine provided a limited deficiency guarantee solely with respect to the shortfall in vessel collateral value, if any, in the event the SEACOSCO Sellers exercise their remedies under the mortgages.

SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing. The SEACOR Delta PSVs were initially acquired by vessel owning subsidiaries (“SEACOR Delta SPVs”) of SEACOR Offshore Delta LLC pursuant to existing deferred purchase agreements with the COSCO (Guangdong) Shipyard (“Guangdong DPAs”) under which an aggregate of approximately $100.8 million was outstanding as of June 30, 2020 (the “SEACOR Delta Shipyard Financing”). The Guangdong DPAs provide for amortization of the purchase price for each vessel over a period of 10 years from delivery bearing floating annual interest rate of three-month LIBOR plus 4.0%. SEACOR Offshore Delta has taken delivery of all eight SEACOR Delta PSVs, seven with a 2018 or 2019 year of build, and one with a 2020 year of build. The payment obligations of the SEACOR Delta SPVs under the Guangdong DPAs for each vessel is secured by a first lien mortgage on the vessel and a pledge of the SEACOR Delta SPV’s equity, and SEACOR Marine provided a limited deficiency guarantee solely with respect to the shortfall in vessel collateral value, if any, in the event the COSCO (Guangdong) Shipyard exercises its remedies under the mortgages.

SEACOR Marine Foreign Holdings. On September 26, 2018, SEACOR Marine Foreign Holdings Inc. (“SMFH”), a wholly-owned subsidiary of the Company, entered into a $130.0 million loan facility with a syndicate of lenders administered by DNB Bank ASA (as amended from time to time, the “SMFH Loan Facility”). Subject to Amendment No. 1, Amendment No. 2, Amendment No. 3 and the Letter Agreement described below, SMFH’s obligations pursuant to the SMFH Loan Facility were initially secured by mortgages on 20 vessels owned by the Company’s vessel owning subsidiaries as well as an assignment of earnings from those subsidiaries. The obligations of SMFH under the SMFH Loan Facility are guaranteed by SEACOR Marine (the “SMFH Loan Facility Guaranty”). The proceeds from the SMFH Loan Facility were used to pay off all obligations under other credit facilities of subsidiaries of the Company (Falcon Global International Term Loan Facility, Sea-Cat Crewzer II Term Loan Facility, Sea-Cat Crewzer Term Loan Facility and C-Lift Acquisition Notes totaling $101.3 million, consisting of $99.9 million principal and $1.4 million accrued interest), resulting in a net increase in term debt of $30.1 million. Principal payments of $3.3 million per quarter under the SMFH Loan Facility began in December 2018. As a result of this transaction, the Company recognized a loss of $0.6 million upon the extinguishment of debt. In October 2018, the Company entered into an interest rate swap agreement on the notional value at inception of $65.0 million related to this debt (see “Note 11. Derivative Instruments and Hedging Strategies”). The SMFH Loan Facility provides for customary events of default and has customary affirmative and negative covenants for transactions of this type that are applicable to SEACOR Marine, SMFH and its subsidiaries.

On August 6, 2019, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 1 to the SMFH Loan Facility and SMFH Loan Facility Guaranty (the “Amendment No. 1”), which provided for, among other things, (i) the release of one vessel from a mortgage securing the SMFH Loan Facility and the substitution of mortgages over two other vessels owned by vessel-owning subsidiaries of SEACOR Marine, and (ii) the modification of certain financial maintenance and restrictive covenants contained in the SMFH Loan Facility or the SMFH Loan Facility Guaranty, including with respect to asset maintenance, vessel collateral releases, EBITDA coverage ratios and the payment of dividends and distributions. On November 26, 2019, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 2 to the SMFH Loan Facility, as amended (the “Amendment No. 2”), which provided for, among other things, (i) the release of six vessels from mortgages securing the SMFH Loan Facility and the substitution of mortgages over three other vessels owned by vessel-owning subsidiaries of SEACOR Marine and (ii) the bareboat registration in Nigeria of a vessel subject to a mortgage securing the SMFH Loan Facility.

On June 29, 2020, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 3 to the SMFH Loan Facility, as amended (the “Amendment No. 3”), which provides for, among other things, (i) the modification of certain financial maintenance and restrictive covenants contained in the SMFH Loan Facility or the guaranty provided by SEACOR Marine with respect thereto, including with respect to EBITDA coverage ratios, mandatory prepayment events, and the exclusion of certain indebtedness associated with the acquisition of the SEACOSCO Interests, and (ii) the placement of mortgages on two additional vessels owned by vessel-owning subsidiaries of SEACOR Marine as security for the indebtedness under the SMFH Loan Facility.

On December 18, 2020, SEACOR Marine, SMFH and DNB Bank ASA, New York Branch, as facility agent on behalf of the lenders under the SMFH Loan Facility, and SMFH Loan Facility Guaranty, entered into a letter agreement (the “Letter Agreement”) pursuant to which an estimated $31.2 million tax refund receivable from the IRS under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) which was to be treated as cash or cash equivalents, for the period up to and including January 31, 2021, for purposes of calculating the Company’s cash or cash equivalent balances required under the SMFH Loan Facility Guaranty.

On June 15, 2022, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 4 (“SMFH Amendment No. 4”) to the SMFH Credit Facility, and in connection therewith SEACOR Marine entered into the Amended and Restated Guaranty, dated as of June 15, 2022, by SEACOR Marine in favor of DNB Bank ASA, New York Branch, as security trustee (the “A&R SMFH Credit Facility Guaranty”).

SMFH Amendment No. 4 and the A&R SMFH Credit Facility Guaranty provided for, among other things, the modification of certain financial maintenance and restrictive covenants contained in the A&R SMFH Credit Facility Guaranty, including the amendment of the definition of Cash and Cash Equivalents (as defined in the A&R SMFH Credit Facility Guaranty) to include 35% of the accounts receivable as reported in SEACOR Marine’s financial statements for the second, third and fourth quarter of fiscal year 2022 and to amend the interest coverage ratio through December 31, 2022.

The A&R SMFH Credit Facility Guaranty requires the Company to maintain a minimum balance of Cash and Cash Equivalents equal to the greater of (i) $35.0 million and (ii) 7.5% of Total Debt (as defined in the A&R SMFH Credit Facility Guaranty). As of December 31, 2022, the Company's Cash and Cash Equivalents balance used to test compliance with this covenant was $62.1 million or 21.7% of Total Debt.

On September 29, 2022, SEACOR Marine, SMFH, and certain vessel-owning subsidiaries of SEACOR Marine, entered into Amendment No. 5 (“SMFH Amendment No. 5”) to the SMFH Credit Facility, and in connection therewith SEACOR Marine entered into the Second Amended and Restated Guaranty, dated as of September 29, 2022, by SEACOR Marine in favor of DNB Bank ASA, New York Branch, as security trustee (the “Second A&R SMFH Credit Facility Guaranty”).

SMFH Amendment No. 5 and the Second A&R SMFH Credit Facility Guaranty provided for, among other things, (i) a $5.3 million prepayment of the SMFH Credit Facility thereby reducing the amount outstanding thereunder to approximately $74.7 million, (ii) the establishment of Tranche A and Tranche B loans under the SMFH Credit Facility (each as defined in the SMFH Credit Facility) and (iii) the change in the reference rate for Tranche B from LIBOR to SOFR. Tranche A is comprised of approximately $19.8 million of the principal amount of the loan and will maintain the same Margin (as defined in the SMFH Credit Facility) over LIBOR of 4.75% per annum through December 31, 2022, thereafter reverting to 3.75% per annum and the same maturity date of September 30, 2023. Tranche B is comprised of approximately $54.9 million of the principal amount of the loan, permanently maintains the Margin over SOFR (previously LIBOR) at 4.75% per annum and extends the maturity date from September 30, 2023 to March 31, 2026.

Old Convertible Notes. On December 1, 2015, the Company issued $175.0 million in aggregate principal amount of its convertible senior notes due 2023 (the “Old Convertible Notes”), at an annual interest rate of 3.75%, initially due December 1, 2022, (subsequently amended to December 2, 2023 as described below) to investment funds managed and controlled by the Carlyle Group (collectively “Carlyle”). The Old Convertible Notes were convertible into shares of Common Stock at a conversion rate of 23.26 shares per $1,000 in principal amount of such notes, subject to certain conditions, or, into warrants to purchase an equal number of shares of Common Stock at an exercise price of $0.01 per share in order to facilitate the Company’s compliance with the provisions of the Jones Act.

The Company bifurcated the embedded conversion option liability of $27.3 million from the Old Convertible Notes and recorded an additional debt discount (see “Note 11. Derivative Instruments and Hedging Strategies” and “Note 12. Fair Value Measurements”). The adjusted unamortized debt discount and issue costs of the Old Convertible Notes were amortized as additional non-cash interest expense over the remaining term of the debt for an overall effective interest rate of 7.95% and the changes in the fair value of the bifurcated derivative were recorded as derivative income or loss.

On May 2, 2018, the Company and Carlyle entered into an exchange transaction (the “Exchange”) pursuant to which Carlyle exchanged $50 million in principal amount of the Old Convertible Notes for Warrants to purchase 1,886,792 shares of Common Stock (to facilitate compliance with the provisions of the Jones Act) at an exercise price of $0.01 per share, subject to adjustments (the “Carlyle Warrants”), representing an implied exchange rate of approximately 37.73 shares per $1,000 in principal amount of the Old Convertible Notes (equivalent to an exchange price of $26.50 per share). The Carlyle Warrants have a 25-year term, which commenced May 2, 2018. The Company and Carlyle also amended the $125.0 million in principal amount of Old Convertible Notes that remained outstanding following the Exchange to (i) increase the interest rate from 3.75% per annum to 4.25% per annum and (ii) extend the maturity date of the Old Convertible Notes by 12 months to December 1, 2023. The adjusted unamortized debt discount and issue costs of the Old Convertible Notes were amortized as additional non-cash interest expense over the remaining term of the debt for an overall effective interest rate of 9.29% and the changes in the fair value of the bifurcated derivative were recorded as derivative income or loss. As of December 31, 2021, the unamortized discount and issue costs were $10.2 million and $0.6 million, respectively, for a total net carrying amount of $114.2 million. In addition, during the year ended December 31, 2021, the Company recognized contractual interest expense of $5.3 million and amortization of debt discount and issue costs of $5.0 million, for total interest expense of $10.3 million.

On October 5, 2022, SEACOR Marine and certain funds affiliated with The Carlyle Group Inc. (the “Carlyle Investors”) entered into two agreements pursuant to which SEACOR Marine issued the Carlyle Investors (i) $90.0 million in aggregate principal amount of the Company’s 8.0% / 9.5% Senior PIK Toggle Notes due 2026 (the “Guaranteed Notes”) and (ii) $35.0 million aggregate principal amount of SEACOR Marine’s 4.25% Convertible Senior Notes due 2026 (the “New Convertible Notes”) in exchange for all of SEACOR Marine’s Old Convertible Notes (the “Exchange Transactions”). During the year ended December 31, 2022, the Company recognized contractual interest expense of $4.0 million and amortization of debt discount and issue costs of $4.0 million, for total interest expense of $8.0 million.

Guaranteed Notes. The Guaranteed Notes were issued pursuant to the Exchange Agreement (Guaranteed Notes) among SEACOR Marine, as issuer, Falcon Global Robert LLC, a wholly-owned subsidiary of SEACOR Marine (“FG Robert”), as the guarantor, and the Carlyle Investors (the “Guaranteed Notes Exchange Agreement”). Pursuant to the Guaranteed Notes Exchange Agreement, SEACOR Marine has the right to pay interest on the Guaranteed Notes (i) in cash at a rate of 8.0% per annum (“Cash Interest”) or (ii) partly in cash and partly in-kind by increasing the principal amount of the Guaranteed Notes or issuing additional Guaranteed Notes at a rate of 9.5% per annum (“Hybrid Interest”) with the cash portion of the Hybrid Interest bearing interest at a rate of 4.25% per annum and in the in-kind portion of the Hybrid Interest bearing interest at a rate of 5.25% per annum. The Guaranteed Notes mature on July 1, 2026. The Guaranteed Notes are guaranteed on a senior unsecured basis by FG Robert, the owner of the LB Robert liftboat.

SEACOR Marine may redeem some or all of the Guaranteed Notes at any time in minimum denominations of $10.0 million, upon not less than 30 nor more than 60 calendar days’ notice, at a price equal to (a) 102% of the principal amount of the Guaranteed Notes redeemed, if redeemed prior to October 1, 2023, (b) 101% of the principal amount of the Guaranteed Notes redeemed, if redeemed on or after October 1, 2023, but prior to October 1, 2024 and (c) 100% of the principal amount of the Guaranteed Notes redeemed, if redeemed on or after October 1, 2024, in each case plus accrued and unpaid interest, if any, to, but not including, the redemption date, provided, SEACOR Marine may not redeem the Guaranteed Notes if the principal amount of Guaranteed Notes and New Convertible Notes outstanding will be equal to or less than $50.0 million in the aggregate, unless SEACOR Marine redeems all of the Guaranteed Notes in whole.

The Guaranteed Notes Exchange Agreement contains certain customary covenants that among others, limit the ability of (i) SEACOR Marine and FG Robert to incur indebtedness, (ii) FG Robert to create or incur liens, (iii) SEACOR Marine to create liens on the ownership interest of FG Robert, (iv) FG Robert to sell assets, and (v) SEACOR Marine to sell the ownership interest of FG Robert, as well as customary representations and warranties made by SEACOR Marine, FG Robert and the Carlyle Investors and customary events of default.

New Convertible Notes. The New Convertible Notes were issued pursuant to the Exchange Agreement (Convertible Notes) among SEACOR Marine, as issuer, and the Carlyle Investors (the “Convertible Notes Exchange Agreement”). The New Convertible Notes bear interest at a rate of 4.25% per annum payable semi-annually in arrears and mature on July 1, 2026. The New Convertible Notes are convertible into shares of Common Stock at the option of the holders at a conversion rate of 85.1064 shares per $1,000 in principal amount of New Convertible Notes (equivalent to a “Conversion Price” of $11.75) or into warrants to purchase an equal number of shares of Common Stock at an exercise price of $0.01 per share in order to facilitate SEACOR Marine’s compliance with the provisions of the Jones Act. In addition, SEACOR Marine has the right to cause the mandatory conversion of the New Convertible Notes into Common Stock if the daily VWAP of the Common Stock equals or exceeds (A) in the case of New Convertible Notes held by affiliates of Carlyle, 150% of the Conversion Price and (B) in the case of New Convertible Notes held by any Person other than Carlyle, 115% of the Conversion Price, in each case for each of the 20 consecutive trading days.

If SEACOR Marine undergoes a Company Fundamental Change (as defined in the Convertible Notes Exchange Agreement), the holders of the New Convertible Notes may require SEACOR Marine to purchase for cash all or part of the New Convertible Notes at a price equal to 100% of the principal amount the New Convertible Notes to be purchased, plus accrued and unpaid interest to the date of purchase. The New Convertible Notes may be redeemed, in whole but not in part and only if certain conditions are met, as more fully described in the Convertible Notes Exchange Agreement, at a price equal to 100% of the principal amount of the New Convertible Notes to be redeemed, plus accrued and unpaid interest to the date of redemption.

Under the Convertible Notes Exchange Agreement, the Carlyle Investors have the ability to nominate one director to the board of directors of SEACOR Marine but have not exercised this right.

The Convertible Notes Exchange Agreement contains customary representations and warranties made by SEACOR Marine and the Carlyle Investors and contains customary events of default and covenants.

The conversion option of the New Convertible Notes qualified as an exception from the derivative accounting treatment under Accounting Standards Codification 815. Accordingly, the conversion option was not bifurcated and the debt was recorded at fair value. The adjusted unamortized debt discount and issue costs are being amortized as additional non-cash interest expense over the remaining term of the New Convertible Notes for an overall effective interest rate of 9.46%. As of December 31, 2022, the unamortized discount and issue costs were $4.9 million and $0.6 million, respectively, for a total net carrying amount of $29.5 million. In addition, during the year ended December 31, 2022, the Company recognized contractual interest expense of $0.7 million and amortization of debt discount and issue costs of $0.3 million, for total interest expense of $1.0 million.

Sea-Cat Crewzer III Term Loan Facility. On April 21, 2016, Sea-Cat Crewzer III LLC (“Sea-Cat Crewzer III”) entered into a €27.6 million term loan facility (payable in U.S. dollars) secured by the vessel owned by Sea-Cat Crewzer III and fully guaranteed by SEACOR Marine (the “Sea-Cat Crewzer III Loan Facility”). Borrowings under the facility bear interest at a Commercial Interest Reference Rate, currently 2.76%. During the years ended December 31, 2017 and 2016, Sea-Cat Crewzer III drew $7.1 million and $22.8 million, respectively, under the facility and incurred issue costs of $2.7 million in 2016 related to this facility. During the year ended December 31, 2018 Sea-Cat Crewzer III made scheduled payments of $3.1 million, related to this facility. On December 26, 2019, Sea-Cat Crewzer III, SEACOR Marine, Banco Santander S.A. (as mandated lead arranger and agent), and Santander Bank, N.A. (as lender) entered into Amendment No. 1 to the Sea-Cat Crewzer III Loan Facility, which provided for, among other things, an increase

to the maximum debt to capitalization ratio required to be maintained thereunder. On December 24, 2020, Sea-Cat Crewzer III, SEACOR Marine, Banco Santander S.A. (as mandated lead arranger and agent), and Santander Bank, N.A. (as lender) entered into Amendment No. 2 to the Sea-Cat Crewzer III Loan Facility, which provided for, among other things, a waiver of the covenant breaches related to maximum debt to capitalization ratio and the exclusion of certain obligations of the guarantor from the guarantor’s net financial debt for purposes of calculating the guarantor’s permitted net financial debt to equity. The original loan agreement did not expressly exclude certain obligations of the guarantor, including but not limited to non-recourse obligations. As of December 31, 2022, Sea-Cat Crewzer III was in compliance with its debt agreements.

SEACOR 88/888 Term Loan Facility. On July 5, 2018, a wholly owned subsidiary of SEACOR Marine entered into a certain $11.0 million senior secured loan agreement, dated as of July 5, 2018, with DNB Bank ASA, New York Branch and DNB Capital LLC (as amended, the “SEACOR 88/888 Term Loan”), and used the funds to acquire two vessels, the SEACOR 88 and SEACOR 888, that were previously managed (but not owned) by the Company. In October 2018, the Company entered into an interest rate swap agreement on the notional value at inception of $5.5 million related to this loan (see “Note 11. Derivative Instruments and Hedging Strategies”).

On August 2, 2022, SEACOR Marine, SEACOR Offshore Eight LLC, a wholly-owned subsidiary of SEACOR Marine, and certain vessel owning wholly-owned subsidiaries of SEACOR Marine, entered into the 2022 Amendment to Loan Agreement and Guaranty (the “2022 88/888 Amendment”) to the SEACOR 88/888 Term Loan. The SEACOR 88/888 Term Loan is secured by the SEACOR 88 and SEACOR 888 and SEACOR Marine has provided a limited guaranty of such loan under which claims recoverable from SEACOR Marine shall not exceed the lesser of (x) $5.5 million and (y) 50% of the obligations outstanding at the time a claim is made thereunder. The 2022 88/888 Amendment provides for, among other things, (i) the extension of the maturity date of the SEACOR 88/888 Term Loan from June 29, 2023 to July 1, 2024, (ii) the change in the reference rate from LIBOR to SOFR and (iii) the amendment of the applicable annual interest rate margin over SOFR (previously LIBOR) from 3.75% to 4.75%.

Letters of Credit. As of December 31, 2022, the Company had outstanding letters of credit totaling $1.1 million securing lease obligations, labor and performance guarantees.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

10.

INCOME TAXES

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted into law in response to the COVID-19 pandemic. The CARES Act lifts certain deduction limitations originally imposed by the 2017 Tax Act. Under the CARES Act, corporate taxpayers may carry back NOLs realized during 2018 through 2020 for up to five years. The CARES Act also eliminates the 80% of taxable income limitations by allowing corporate entities to fully utilize NOL carryforwards to offset taxable income in 2018 through 2020, and increased the deductible interest expense limit, as discussed in further detail below.

On June 26, 2020, the Company entered into a Tax Refund and Indemnification Agreement (the “Tax Refund Agreement”) with SEACOR Holdings, the Company’s former parent company (see “Note 18. Related Party Transactions”). 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 were permitted to be carried back pursuant to the provisions of the 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 due in part to the COVID-19 pandemic).

SEACOR Holdings retained certain of the funds to facilitate tax savings realized by SEACOR Holdings of no less than 35% of the amount of its own 2019 NOLs. Additionally, a $3.0 million transaction fee was paid to SEACOR Holdings concurrently with the signing of the agreement as consideration for its cooperation in connection with the filing of the applicable tax refund returns. The Tax Refund Agreement did not restrict the use of approximately $23.1 million of the refund and required the remaining approximately $8.1 million required to be deposited into an account to be used solely to satisfy certain of the Company’s obligations that remained guaranteed by SEACOR Holdings. As of December 31, 2021, the Company has applied all of the amount deposited to satisfy these obligations in full.

(Loss) Income before income tax expense (benefit) and equity in earnings (losses) of 50% or less owned companies derived from U.S. and foreign companies for the years ended December 31 were as follows (in thousands):


	2022			2021			2020
United States	$	(48,037	)	$	34,955		$	(83,560	)
Foreign		(21,881	)		(29,425	)		(17,748	)
Eliminations		(160	)		1,097			3,201
	$	(70,078	)	$	6,627		$	(98,107	)

The components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands):


	2022			2021			2020
Current:
Federal	$	90		$	—		$	(30,838	)
State		(78	)		271			123
Foreign		8,473			6,362			5,533
		8,485			6,633			(25,182	)
Deferred:
Federal		7			4,892			2,435
State		90			(32	)		(139	)
Foreign		—			—			(38	)
		97			4,860			2,258
	$	8,582		$	11,493		$	(22,924	)

For the year ending December 31, 2020, the Company received a $1.6 million tax refund that had been withheld by the State of Qatar from vessel revenues between 2010 and 2016. Of this amount, approximately $0.3 million will be claimed as foreign tax credits by SEACOR Holdings on its U.S. tax return prior to the spin-off of SEACOR Marine in 2017. Subject to final resolution of taxes with the State of Qatar, these amounts are expected to be remitted to SEACOR Holdings. The remaining amount relates to foreign taxes that were considered in computing earnings and profits and available foreign taxes of foreign subsidiaries of the Company and will require the Company to recompute its 2017 tax liability under Internal Revenue Code Section 965. The additional U.S. tax liability of the Company under Section 965 due to these refunds is approximately $0.4 million.

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31:


	2022			2021			2020
Statutory rate		(21.0	)%		21.0	%		(21.0	)%
Exclusion of foreign subsidiaries with current year losses and withholding tax		20.8	%		141.6	%		7.7	%
U.S. federal income tax law changes		—	%		—	%		(11.8	)%
Non-Deductible Expenses		0.3	%		0.4	%		—	%
JV equity earnings		—	%		3.8	%		(0.3	)%
Sale of investments in 50% or less owned companies		11.1	%		—	%		—	%
Noncontrolling interests		—	%		—	%		1.3	%
Return to provision		—	%		0.4	%		(0.4	)%
State Taxes		—	%		2.7	%		(0.1	)%
Subpart F Income		0.7	%		2.0	%		0.3	%
Share Award Plans		0.3	%		1.5	%		0.3	%
Other		0.1	%		—	%		0.6	%
Effective Tax Rate		12.3	%		173.4	%		(23.4	)%

For the year ending December 31, 2022, the Company’s effective income tax rate of 12.3% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes, foreign losses for which there is no benefit in the U.S. and the sale of investments in 50% or less owned companies.

For the year ending December 31, 2021, the Company’s effective income tax rate of 173.4% was primarily due to foreign taxes not creditable against U.S. income taxes and foreign subsidiaries with current losses for which there is no current or future federal income tax benefit.

For the year ending December 31, 2020, the Company’s effective income tax rate of (23.4)% was primarily due to the effect of the NOL carrybacks pursuant to the CARES Act, foreign subsidiaries with current losses for which there is no federal income tax benefit, foreign taxes not creditable against U.S. income taxes, and taxes on income attributable to noncontrolling interests.

The components of net deferred income tax liabilities as of December 31 were as follows (in thousands):


	2022			2021
Deferred tax liabilities:
Property and equipment	$	56,618		$	63,802
Other		6,094			3,459
Total deferred tax liabilities		62,712			67,261
Deferred tax assets:
Federal Net Operating Loss Carryforwards		14,822			20,312
Other		9,619			8,803
		24,441			29,115
Valuation Allowance		(2,508	)		(2,536	)
Total deferred tax assets		21,933			26,579
Net deferred tax liabilities	$	40,779		$	40,682

The Section 163(j) interest deduction limitations were amended to limit the ability of the Company to deduct net interest expense to 30% of adjusted taxable income. The CARES Act modified the computation for 2020 to increase the limit to 50% of adjusted taxable income and to allow a deduction for 50% of partnership excess business interest from 2019. For the years ended December 31, 2022 and 2021, $4.6 million of previously suspended interest was deductible. There is a remaining carry forward of $2.2 million that will be available to be deducted in future years subject to the 30% limitation.

Net operating losses generated in 2017 and prior may be carried forward 20 years (expiring in 2037). Future utilization of NOL’s arising in tax years after December 31, 2017 are limited to 80% of taxable income and are allowed to be carried forward indefinitely. The CARES Act allowed a five-year carryback of NOL’s generated in 2018, 2019 and 2020. The 2018 and 2019 NOLs were eligible to be carried back pursuant to the CARES Act. As of December 31, 2022, the Company is expecting to utilize all of its remaining net operating losses generated prior to December 31, 2017 and has $70.6 million of net operating losses generated after 2017.

As of December 31, 2022, the Company's valuation allowance of $2.5 million related primarily to foreign tax credit carryforwards which the Company expects to expire unutilized and Louisiana state net operating loss carryforwards.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Strategies

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Strategies

11.

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES

Derivative instruments are classified as either assets, which are included in other receivables in the accompanying consolidated balance sheets, or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments as of December 31 were as follows (in thousands):


	2022				2021
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Interest rate swap agreements (cash flow hedges)	$	526	$	—	$	—	$	1,831

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 year ended December 31, 2021, the Company recognized gains of $0.4 million on these contracts which were recognized concurrently in earnings. As of December 31, 2022 and 2021, the Company had no open forward currency exchange contracts.

Cash Flow Hedges. The Company has interest rate swap agreements designated as cash flow hedges. By entering into these interest rate swap agreements, the Company has 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 $2.3 million for the years ended December 31, 2022 and 2021, and losses of $0.7 million for the year ended December 31, 2020 as a component of other comprehensive income (loss). The interest rate swap agreements entered into by MexMar, as previously disclosed, were terminated in connection with the Framework Agreement Transactions (see “Note 6. Investments, at Equity and Advances to 50 or Less Owned Companies”). As of December 31, 2022, the Company no longer owns any direct or indirect equity interest in MexMar. As of December 31, 2022, the interest rate swaps held by the Company were as follows:

•

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 $5.9 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 $31.9 million and receive a variable interest rate based on LIBOR on the amortized notional value; and

•

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.

Derivative Instruments. The Company utilizes derivative instruments to manage the volatility of cash flows due to fluctuating interest rates. All derivative instruments not qualifying for the normal purchase and normal sale exception are recorded on the balance sheets at fair value. The treatment of the periodic changes in fair value will depend on whether the derivative is designated and effective as a hedge for accounting purposes.

If a derivative qualifies for hedge accounting and is designated as a cash flow hedge, the effective portion of the change in fair value of the derivative is deferred in Accumulated Other Comprehensive Income (“AOCI”), a component of owners’ equity, and reclassified to earnings when the forecasted transaction occurs. Cash flows from a derivative instrument designated as a hedge are classified in the same category as the cash flows from the item being hedged. As such, we include the cash flows from interest rate derivative instruments in interest expense.

If a derivative does not qualify as a hedge or is not designated as a hedge, the gain or loss resulting from the change in fair value on the derivative is recognized currently in earnings as a component of other income (expense).

We formally document all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking the hedge. This documentation includes the specific identification of the hedging instrument and the hedged item, the nature of the risk being hedged and the manner in which the hedging instrument’s effectiveness will be assessed. At the inception of the hedge, and on an ongoing basis, we assess whether the derivatives used in hedging transactions are highly effective in offsetting changes in cash flows of hedged items.

The relationship between the hedging instrument and the hedged item must be highly effective in achieving the offset of changes in cash flows attributable to the hedged risk both at the inception of the contract and on an ongoing basis. We measure hedge ineffectiveness on a quarterly basis and reclassify any ineffective portion of the gain or loss related to the change in fair value to earnings in the current period.

We will discontinue hedge accounting on a prospective basis when a hedge instrument is terminated or ceases to be highly effective. Gains and losses deferred in AOCI related to cash flow hedges for which hedge accounting has been discontinued remain deferred until the forecasted transaction occurs. If it is no longer probable that a hedged forecasted transaction will occur, deferred gains or losses on the hedging instrument are reclassified to earnings immediately.

For balance sheet classification purposes, we analyze the fair values of the derivative instruments on a contract-by-contract basis and report the related fair values and any related collateral by counterparty on a gross basis. Realized and unrealized gains and losses on derivatives designated as cash flow hedges that are entered into by the Company’s 50% or less owned companies are also reported as a component of the Company’s other comprehensive loss in proportion to the Company’s ownership percentage, with reclassifications and ineffective portions being included in equity in earnings (losses) of 50% or less owned companies, net of tax, in the accompanying consolidated statements of income (loss).

The fair value of our derivative instruments, depending on the type of instrument, was determined by the use of present value methods or standard option valuation models with assumptions about commodity prices based on those observed in underlying markets. The estimated fair value of our derivative instruments was a net asset of $0.5 million as of December 31, 2022. The estimated fair value is net of an adjustment for credit risk based on the default probabilities by year as indicated by market quotes for the counterparties’ credit default swap rates. The credit risk adjustment was $0.1 million as of December 31, 2022.

The following tables reflect amounts recorded in Other Comprehensive Income (Loss) (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated:


	Gains (Losses) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	2022		2021			2020
Interest rate swap contracts	$	1,608	$	219		$	(2,139	)
Joint venture interest rate swap contracts		941		(588	)		(156	)

	Losses Reclassified from OCI into Income (Effective Portion)
Location of Loss	2022		2021			2020
Interest expense	$	694	$	1,648		$	1,425

Our consolidated earnings are also affected by the use of the mark-to-market method of accounting for derivative instruments that do not qualify for hedge accounting or that have not been designated as hedges. The changes in fair value of these instruments are recorded on the balance sheet and through earnings rather than being deferred until the anticipated transaction settles. The use of mark-to-market accounting for financial instruments can cause non-cash earnings volatility due to changes in the underlying commodity price indices.

Other Derivative Instruments. The Company recognized gains (losses) on derivative instruments not designated as hedging instruments for the years ended December 31 as follows (in thousands):


	Derivative gains (losses), net
	2022		2021		2020
Conversion option liability on Old Convertible Notes	$	—	$	2	$	5,203
Forward currency exchange, option and future contracts		—		390		(893	)
	$	—	$	392	$	4,310

The conversion option liability relates to the bifurcated embedded conversion option in the Old Convertible Notes issued to investment funds managed and controlled by Carlyle (see “Note 9. Long-Term Debt”). The forward currency exchange contract relates to £31.5 million swap related to the proceeds received from the sale of Windcat Workboats (see “Note 5. Equipment Acquisitions and Dispositions”).

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

12.

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 December 31 that are measured at fair value on a recurring basis were as follows (in thousands):


	Level 1		Level 2		Level 3
2022
ASSETS
Derivative instruments	$	—	$	526	$	—
2021
LIABILITIES
Derivative instruments	$	—	$	1,831	$	—

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


			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
2022
ASSETS
Cash, cash equivalents and restricted cash	$	43,045	$	43,045	$	—	$	—
LIABILITIES
Long-term debt, including current portion		321,631		—		314,979		—
2021
ASSETS
Cash, cash equivalents and restricted cash	$	41,220	$	41,220	$	—	$	—
LIABILITIES
Long-term debt, including current portion		364,364		—		372,992		—

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 COVID-19 pandemic that has caused significant volatility in the 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.

Property and equipment. During the year ended December 31, 2022, the Company recorded impairment charges totaling $2.9 million. The Company recorded impairment charges of $0.9 million for one fast support vessel (“FSV”) classified as held for sale and sold during 2022. In addition, the Company recorded impairment charges of $0.7 million for one leased-in AHTS as it is not expected to return to active service during its remaining lease term. Additionally, the Company recorded impairment charges of $1.3 million for other equipment and classified such equipment as assets held for sale as the Company expects to sell the equipment within one year. The impairment charges for the assets held for sale are included in (losses) gains on asset dispositions and impairments in the accompanying consolidated statements of income (loss). During the year ended December 31, 2021, the Company recognized no impairment charges and none of the Company’s property and equipment had a fair value based on ordinary liquidation value or indicative sales price.

Investments, at equity, in 50% or less owned companies. During the year ended December 31, 2021, the Company received a distribution from one of its investments in 50% or less owned companies, MEXMAR Offshore, in the amount of $12.0 million of which $9.4 million was in excess of the Company’s investment balance of $2.6 million. The beginning balance of the Company’s investment in MEXMAR Offshore was zero. The Company did not make any further adjustments to any of its investments in 50% or less owned companies.

Warrants And Rights Note 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

Warrants

12 Months Ended

Dec. 31, 2022

Warrants

13.

WARRANTS

In connection with various transactions, the Company issued 2,560,456 warrants to purchase shares of Common Stock at an exercise price of $0.01 per share (“Warrants”). As of December 31, 2022, 1,439,483 Warrants remain outstanding comprised entirely of the remaining Carlyle Warrants.

On December 23, 2021, 48,809 Warrants were exercised for a penny per share, resulting in 1,439,483 Warrants outstanding as of December 31, 2021. In connection with the exercise of Warrants on December 23, 2021, 149 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants.

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

14.

STOCKHOLDERS' EQUITY

On December 31, 2021, pursuant to the OSV Partners Merger Agreement OSV Partners I merged with and into SEACOR Offshore OSV with SEACOR Offshore OSV surviving the OSV Partners Merger.

In connection with the consummation of the OSV Partners Merger, the Company issued an aggregate number of 1,567,935 shares of Common Stock, as follows:

(i)

531,872 shares of Common Stock as consideration for the OSV Partners Merger paid to OSV Partners I’s limited partners (other than the Company and its subsidiaries), and

(ii)

1,036,063 shares of Common Stock as payment to settle all amounts and other obligations outstanding under the Subordinated PIK Loan Agreement and paid to the former lenders thereunder (all of whom were limited partners of OSV Partners I).

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Noncontrolling Interests in Subsidiaries

Noncontrolling Interests in Subsidiaries

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

15.

NONCONTROLLING INTERESTS IN SUBSIDIARIES

Noncontrolling interests in the Company’s consolidated subsidiaries as of December 31 were as follows (in thousands):


	Noncontrolling Interests			2022		2021
VEESEA Holdings Inc.		1.8	%	$	321	$	320

Savings and Multi-employer Pension Plans

12 Months Ended

Dec. 31, 2022

Compensation And Retirement Disclosure [Abstract]

Savings and Multi-employer Pension Plans

16.

SAVINGS AND MULTI-EMPLOYER PENSION PLANS

SEACOR Marine Savings Plan. On January 1, 2016, the Company’s eligible U.S. based employees were transferred from the SEACOR Holdings sponsored defined contribution plan to the “SEACOR Marine 401(k) Plan,” a new Company sponsored defined contribution plan (the “Savings Plan”). Effective upon the June 1, 2017 Spin-off, the Company discontinued its contribution to the Savings Plan up until January 1, 2019, at which time the Company’s contribution were limited to 1% of an employee’s wages. In 2020, the Company increased its matching contributions to 2% of an employee’s wages. Effective January 1, 2022, the Company increased its matching contributions to 3% of an employee’s wages and effective July 1, 2022 the Company increased such contribution to 4%. The Savings Plan costs for the years ended December 31, 2022, 2021 and 2020 were $0.8 million, $0.2 million and $0.3 million, respectively.

MNOPF and MNRPF. Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of December 31, 2022, all invoices related to MNOPF and MNRPF have been settled in full.

On October 19, 2021, the Company was informed by the MNRPF that two issues had been identified during a review of the MNRPF by the applicable trustee that would potentially give rise to material additional liabilities for the MNRPF. The MNRPF has indicated that the investigations into these issues remain ongoing, and that further updates will be provided as significant developments arise. Should such additional liabilities require the MNRPF to collect additional funds from participating employers, it is possible that the Company will be invoiced for a portion of such funds and recognize payroll related operating expenses in the periods invoices are received.

Other Plans. Certain employees participate in other defined contribution plans in various international regions. During the years ended December 31, 2022, 2021 and 2020, the Company incurred costs, primarily from employer matching contributions of $0.3 million, $0.4 million and $0.4 million, respectively.

The entire disclosure for retirement benefits.

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-Paragraph 1
-Subparagraph (l)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share Based Compensation

12 Months Ended

Dec. 31, 2022

Share Based Compensation

17.

STOCK BASED COMPENSATION

Equity Incentive Plan. During 2017, the Company adopted the SEACOR Marine Holdings Inc. 2017 Equity Incentive Plan (the “2017 Plan”) and at the annual meeting of shareholders held on June 9, 2020, the Company’s shareholders approved the SEACOR Marine Holdings Inc. 2020 Equity Incentive Plan (the “2020 Plan”). At the annual meeting of shareholders held on June 7, 2022 (the “Approval Date”), the Company’s shareholders approved the SEACOR Marine Holdings Inc. 2022 Equity Incentive Plan (the “2022 Plan”), which authorized the issuance of 2,450,000 shares of Common Stock under the 2022 Plan plus 6,005 shares of Common Stock remaining available for issuance under the 2020 Plan as of the Approval Date that will be available for issuance under the 2022 Plan. The types of awards under the 2022 Plan may include stock options, stock appreciation rights, restricted stock and restricted stock units, performance awards and other stock-based awards. As of December 31, 2022, 2,398,718 shares of Common Stock remained available for issuance under the 2022 Plan.

Restricted stock typically vests from one to four years after the date of grant, and stock options to purchase shares of Common Stock typically vest and become exercisable from one to four years after date of grant and expire no later than the tenth anniversary of the date of grant for both employees and directors. Performance restricted stock units (“PRSUs”) typically vest on a cliff-basis after three years, subject to certain stock price performance goals. Pursuant to the applicable award agreements, restricted stock and stock options vest subject to the participant’s continued employment with the Company on the applicable vesting date, subject to accelerated vested upon the executive’s death or qualified retirement or, with respect to restricted stock, upon termination by the Company without “cause” (including for disability). Upon any such termination, PRSUs that have been earned with respect to the stock price performance goal(s) will be settled on the third anniversary of the grant date, without regard to the participants employment with the Company as of such date. For options granted, the fair value is estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions: (a) no dividend yield; (b) weighted average expected volatility; (c) weighted average discount rate; and (d) expected life. The fair value of restricted stock, earned PRSUs and stock options issued to employees and directors, as applicable, is recognized as compensation expense over the period of service that generally coincides with the vesting period of the award. For all award types, forfeitures are recognized as incurred.

Distribution of SEACOR Marine Restricted Stock by SEACOR Holdings. Certain officers and employees of the Company previously received compensation through participation in SEACOR Holdings share award plans. Pursuant to the Employee Matters Agreement with SEACOR Holdings, participating Company personnel vested in all outstanding SEACOR Holdings share awards upon the Spin-off in 2017 and received SEACOR Marine restricted stock from the Spin-off distribution in connection with outstanding SEACOR Holdings restricted stock held. The Company paid SEACOR Holdings $2.7 million upon completion of the Spin-off for the distribution of 120,693 shares of SEACOR Marine restricted stock, which was fully amortized as of December 31, 2022.

Employee Stock Purchase Plan. During 2017, the Company adopted the SEACOR Marine Holdings Inc. 2017 Employee Stock Purchase Plan (the “Marine ESPP”). The Marine ESPP, if implemented by the Company’s Board of Directors, will permit the Company to offer shares of its Common Stock for purchase by eligible employees at a price equal to 85% of the lesser of (i) the fair market value of a share of its Common Stock on the first day of the offering period or (ii) the fair market value of a share of its Common Stock on the last day of the offering period. There are 300,000 shares of the Company’s Common Stock reserved for issuance under the Marine ESPP during the ten years following its adoption.

Share Award Transactions. Transactions in connection with the Company’s Equity Incentive Plans during the years ended December 31 were as follows:


	2022			2021			2020
Director Stock Awards Granted		60,787			189,030			59,900

Restricted Stock Activity:
Outstanding as of the beginning of year		1,163,090			436,714			303,609
Granted		1,036,605			933,705			289,452
Vested		(514,002	)		(202,079	)		(143,697	)
Forfeited		(3,500	)		(5,250	)		(12,650	)
Outstanding as of the end of year (1)		1,682,193			1,163,090			436,714

Stock Option Activity:
Outstanding as of the beginning of year		1,061,357			1,120,541			913,569
Granted		—			—			261,972
Exercised (2)		(34,492	)		—			—
Forfeited (3)		—			(59,184	)		(55,000	)
Outstanding as of the end of year		1,026,865			1,061,357			1,120,541

(1)

Excludes 216,172, 354,964 and 240,800 grants of performance-based stock units as of December 31, 2022, 2021 and 2020, respectively, that are not considered outstanding until such time that they become probable to vest.

(2)

The intrinsic value of the options exercised was less than $0.1 million.

(3)

Forfeitures in 2021 includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted.

During the year ended December 31, 2022, the Company recognized $5.0 million of compensation expense related to stock awards, restricted stock and stock options granted to employees and directors under the 2017 Plan, the 2020 Plan and the 2022 Plan with a recognized tax benefit of $3.0 million. As of December 31, 2022, the Company had approximately $6.3 million in total unrecognized compensation costs. The weighted average period over which the compensation cost of non-vested awards will be recognized is approximately 1.02 and 0.17 years for restricted stock and stock options, respectively.

During the year ended December 31, 2021, the Company recognized $5.5 million of compensation expense related to stock awards, restricted stock and stock options granted to employees and directors under the 2017 Plan and the 2020 Plan with a recognized tax benefit of $0.2 million. As of December 31, 2021, the Company had approximately $4.8 million in total unrecognized compensation costs. The weighted average period over which the compensation cost of non-vested awards will be recognized is approximately 1.01 and 0.42 years for restricted stock and stock options, respectively.

During the year ended December 31, 2020, the Company recognized $4.8 million of compensation expense related to stock awards, restricted stock and stock options granted to employees and directors under the 2017 Plan and the 2020 Plan with a recognized tax benefit of $1.0 million. As of December 31, 2020, the Company had approximately $4.7 million in total unrecognized compensation costs. The weighted average period over which the compensation cost of non-vested awards will be recognized is approximately 1.24 and 0.89 years for restricted stock and stock options, respectively.

The weighted average fair value of restricted stock granted under the 2017 Plan, the 2020 Plan and the 2022 Plan were $5.92, $5.45 and $6.40 for the year ended December 31, 2022, 2021 and 2020, respectively. The fair value was based on the closing price of the Company’s stock on the day of the grant. The Company did not grant any options in the years ended December 31, 2022 and 2021. The weighted average fair value of stock options granted under the 2017 Plan and the 2020 Plan was $3.60 for the year ended December 31, 2020. The fair value of each option granted during the year ended December 31, 2020 was estimated on the date of the grant using the Black-Scholes option pricing model with the following assumptions: (a) no dividend yield; (b) weighted average expected volatility of 76.1; (c) weighted average discount rate of 0.52%; and (d) expected life of 9.92 years. There were 34,492 stock options exercised in December 31, 2022 and there were no stock options exercised in 2021 or 2020.

During the year ended December 31, 2022, the number of shares and the weighted average grant price of restricted stock transactions were as follows:


	Restricted Stock
	Number of Shares			Weight Average Grant Price
Non-Vested as of December 31, 2021		1,163,090		$	6.62
Granted		1,036,605			5.92
Vested		(514,002	)		6.44
Forfeited		(3,500	)		5.88
Non-Vested as of December 31, 2022		1,682,193			5.68

During the year ended December 31, 2022, the number of shares and the weighted average exercise price on stock option transactions were as follows:


	Stock Options
	Number of Shares			Weight Average Grant Price
Outstanding as of December 31, 2021		1,061,357		$	12.39
Granted		—			—
Exercised		(34,492	)		5.36
Forfeited		—			—
Outstanding as of December 31, 2022 (1)		1,026,865			12.66
Exercisable as of December 31, 2022 (2)		984,368			12.99

(1)

The weighted average remaining contractual term is 5.8 years and the intrinsic value of the options exercised was $1.0 million.

(2)

The weighted average remaining contractual term is 5.7 years and the intrinsic value of the options exercisable was $0.8 million.

Related Party Transactions

12 Months Ended

Dec. 31, 2022

Related Party Transactions

18.

RELATED PARTY TRANSACTIONS

Related Party Transactions Policy. The Company has established a written policy for the review and approval or ratification of transactions with related parties (the “Related Party Transactions Policy”) to assist it in reviewing transactions, arrangements or relationships that exceed the threshold for disclosure established under Item 404(a) of Regulation S-K promulgated by the SEC, in which the Company or any of its subsidiaries is a participant, and any Related Party (as defined in the Related Party Transaction Policy) has or will have a direct or indirect interest (“Related Party Transactions”). The Related Party Transactions Policy supplements the Company’s other conflict of interest policies set forth in the Company’s Corporate Governance Guidelines, its Code of Business Conduct and Ethics and its other internal procedures.

Transactions with SEACOR Holdings. In connection with the Spin-off, SEACOR Marine entered into certain agreements with SEACOR Holdings that govern SEACOR Marine’s relationship with SEACOR Holdings following the Spin-off, including a Distribution Agreement, two Transition Services Agreements, an Employee Matters Agreement and a Tax Matters Agreement.

As of December 31, 2021, SEACOR Holdings had no outstanding guarantees for obligations of the Company. As of December 31, 2020, SEACOR Holdings had guaranteed $8.1 million for various obligations of the Company, including performance obligations under sale-leaseback arrangements. The Company recognized a de minimis amount of guarantee fees in connection with sale-leaseback arrangements in 2021 and recognized $0.1 million during 2020 in the accompanying consolidated statements of income (loss). Guarantee fees paid to SEACOR Holdings for all other obligations are recognized as SEACOR Holdings guarantee fees in the accompanying consolidated statements of income (loss).

On June 26, 2020, the Company entered into the Tax Refund Agreement with 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 were permitted to be carried back pursuant to the provisions of the 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 IRS in respect of refund payment delays due in part to the COVID-19 pandemic), of which $12.5 million was received prior to March 31, 2021 and the remaining $19.8 million was received in April 2021. SEACOR Holdings will retain certain of the funds to facilitate tax savings realized by SEACOR Holdings of no less than 35% of the amount of its own 2019 NOLs. Additionally, a $3.0 million transaction fee was paid to SEACOR Holdings concurrently with the signing of the Tax Refund Agreement as consideration for its cooperation in connection with the filing of the applicable tax refund returns. The Tax Refund Agreement did not restrict the use of approximately $23.1 million of the refund and required the remaining approximately $8.1 million to be deposited into an account to be used solely to satisfy certain of the Company’s obligations that remained guaranteed by SEACOR Holdings which primarily related to vessel operating leases. Two of these vessel operating leases expired in the fourth quarter of 2020, which reduced the remaining guarantee on the three remaining vessels to $7.0 million. The remaining three vessel operating leases that SEACOR Holdings guaranteed expired in 2021 and the Company applied the amount deposited to satisfy these obligations.

Following the completion of the Spin-off, the Company continued to be supported by SEACOR Holdings until 2020 for corporate services pursuant to the Transition Services Agreements with SEACOR Holdings under which it was initially charged $6.3 million annually for these services. There were no services provided or fees incurred during 2022, 2021 and 2020 as the services and functions previously provided by SEACOR Holdings were terminated and replicated within the Company.

Transactions regarding OSV Partners.

OSV Partners. In 2013, OSV Partners I was formed to own and operate offshore support vessels with the Company (then a subsidiary of SEACOR Holdings) holding 30.4% of the initial limited partner interests (“Initial LP Interests”) and a majority of the general partner interests, and the remaining Initial LP Interests held by unrelated third parties. The Company was also appointed the manager of the vessels owned by OSV Partners I entitled to a market management fee.

In December 2014, Charles Fabrikant (a former Non-Executive Chairman of SEACOR Marine), John Gellert (President, Chief Executive Officer and Director of SEACOR Marine), Jesús Llorca (Executive Vice President and Chief Financial Officer of SEACOR Marine) and other individuals (some of who were affiliated with the Company’s former parent, SEACOR Holdings), invested in Caroline International Holdings LLC (“Caroline”) and Caroline International Holdings II LLC (“Caroline II” and together with Caroline, the “Caroline Entities”), two entities managed by Mr. Fabrikant and formed solely for the purposes of investing in OSV Partners I. As of December 31, 2021, the aggregate investments of Messrs. Fabrikant, Gellert and Llorca in the Caroline Entities were $0.3 million, $0.4 million and $0.2 million, respectively. No other current executive officer or member of the Board invested in or has any interests in the Caroline Entities.

The following summarizes the investments made by the Caroline Entities in OSV Partners I:

•

Initial Investment. In 2014, the Caroline Entities purchased Initial LP Interests from two limited partners of OSV Partners I resulting in Caroline owning $1.0 million, or 2.6%, of the Initial LP Interests, and Caroline II owning $0.5 million, or 1.3%.

•

2017 Preferred Interests. In 2017, OSV Partners I raised $6.0 million from its limited partners in the form of preferred limited partnership interests (the “2017 Preferred Interests”) resulting in Caroline owning $0.2 million, or 3.3%, of the 2017 Preferred Interests, and Caroline II owning $0.1 million, or 1.7%.

•

Class A Preferred Interests and Second Lien Debt. In 2018, OSV Partners I raised $10.0 million from its limited partners, $5.0 million in the form of Class A preferred interests (“Class A Preferred Interests”) and $5.0 million in the form of second lien debt under the Subordinated PIK Loan Agreement, resulting in Caroline owning $0.1 million, or 2.6%, of the Class A Preferred Interests and $0.1 million, or 2.6%, of the PIK Loan Debt, and Caroline II owning $0.1 million, or 1.3%, of the Class A Preferred Interests and $0.1 million, or 1.3%, of the PIK Loan Debt.

Immediately prior to the closing of the OSV Partners Merger described in “OSV Partners Merger” below, the Company owned 30.4% of the Initial LP Interests, 38.6% of the 2017 Preferred Interests, 43.0% of the Class A Preferred Interests, and 43.0% of the PIK Loan Debt of OSV Partners. Beginning in January 2019, the Company agreed not to charge OSV Partners I the management fee it was contractually entitled to through December 31, 2021 due to continuing liquidity issues of OSV Partners I. For the years ended December 31, 2018 and 2017, the Company received $0.6 million of vessel management fees from OSV Partners I for each year.

On October 29, 2021, in exchange for $2.2 million, the Company acquired from a third party lender approximately $4.1 million of the $22.1 million of principal owed under OSV Partner I’s amended and restated senior secured term loan credit facility agreement dated as of September 28, 2018 (the “SEACOR OSV Credit Facility” and such acquisition, the “First Lien Debt Acquisition”).

OSV Partners Merger. On December 31, 2021, pursuant to the OSV Partners Merger Agreement OSV Partners I merged with and into SEACOR Offshore OSV with SEACOR Offshore OSV surviving the OSV Partners Merger. In connection with the consummation of the OSV Partners Merger, the Company issued an aggregate of 1,567,935 shares of Common Stock to the limited partners of OSV Partners I as follows:

(i)

531,872 shares of Common Stock as Merger Consideration, 80% of which was paid in respect of Preferred Interests and Class A Preferred Interests, and 20% in respect of the Initial LP Interests partners (other than the Company and its subsidiaries); and

(ii)

1,036,063 shares of Common Stock as PIK Loan Consideration to settle all amounts outstanding under the PIK Loan Agreement.

In connection with the consummation of the OSV Partners Merger, (i) Caroline received an aggregate number of 73,107 shares of Common Stock and (ii) Caroline II received an aggregate of 36,570 shares of Common Stock. Each of the Caroline Entities distributed to its members the Common Stock received in connection with the consummation of the Merger with Mr. Fabrikant receiving 20,172 shares, or 1.3% of the aggregate number of shares issued as Merger Consideration and PIK Loan Consideration, Mr. Gellert receiving 22,353 shares, or 1.4% of the aggregate number of shares issued as Merger Consideration and PIK Loan Consideration, and Mr. Llorca receiving aggregate distributions of 9,174, or 0.6% of the aggregate number of shares issued as Merger Consideration and PIK Loan Consideration. In addition, a trust of which Mr. Gellert is one of several beneficiaries received an aggregate number of 26,557 shares of Common Stock.

In connection with the OSV Partners Merger, the Company and SEACOR Offshore OSV assumed and guaranteed approximately $18.1 million of indebtedness outstanding under the SEACOR OSV Credit Facility. For further information regarding the SEACOR OSV Credit Facility and other matters related to the OSV Partners Merger, see “Note 3. Business Acquisitions”.

The First Lien Debt Acquisition and the OSV Partners Merger were subject to the oversight and received advance approval of the Audit Committee as related party transactions under the Company’s Related Party Transaction Policy. Mr. Gellert recused himself from deliberations by the Audit Committee and ultimately the Board with respect to the Merger, and the Board received a third party fairness opinion with respect thereto. Mr. Llorca was also not involved in the related discussions. Mr. Fabrikant no longer served on the Board as of June 8, 2021 and therefore had no participation in any of the approval processes for these transactions.

Transactions with Carlyle.

Old Convertible Notes. On October 5, 2022, SEACOR Marine and the Carlyle Investors entered into two agreements pursuant to which SEACOR Marine issued the Carlyle Investors (i) $90.0 million in aggregate principal amount of the Guaranteed Notes and (ii) $35.0 million aggregate principal amount of the New Convertible Notes in exchange for all $125.0 million in aggregate principal amount of SEACOR Marine’s Old Convertible Notes outstanding.

Guaranteed Notes. The Guaranteed Notes were issued pursuant to the Exchange Agreement (Guaranteed Notes) among SEACOR Marine, as issuer, FG Robert, as the guarantor, and the Carlyle Investors. Pursuant to the Guaranteed Notes Exchange Agreement, SEACOR Marine has the right to pay (i) in cash at a rate of 8.0% per annum (“Cash Interest”) or (ii) partly in cash and partly in-kind by increasing the principal amount of the Guaranteed Notes or issuing additional Guaranteed Notes at a rate of 9.5% per annum (“Hybrid Interest”) with the cash portion of the Hybrid Interest bearing interest at a rate of 4.25% per annum and in the in-kind portion of the Hybrid Interest bearing interest at a rate of 5.25% per annum. The Guaranteed Notes mature on July 1, 2026. The Guaranteed Notes are guaranteed on a senior unsecured basis by FG Robert, the owner of the LB Robert liftboat.

New Convertible Notes. The New Convertible Notes were issued pursuant to the Exchange Agreement (Convertible Notes) among SEACOR Marine, as issuer, and the Carlyle Investors. The New Convertible Notes bear interest at a rate of 4.25% per annum payable semi-annually in arrears and mature on July 1, 2026. The New Convertible Notes are convertible into shares of Common Stock at the option of the holders at a conversion rate of 85.1064 shares per $1,000 in principal amount of New Convertible Notes (equivalent to a “Conversion Price” of $11.75) or into warrants to purchase an equal number of shares of Common Stock at an exercise price of $0.01 per share in order to facilitate SEACOR Marine’s compliance with the provisions of the Jones Act. In addition, SEACOR Marine has the right to cause the mandatory conversion of the New Convertible Notes into Common Stock if the daily VWAP of the Common Stock equals or exceeds (A) in the case of New Convertible Notes held by affiliates of Carlyle, 150% of the Conversion Price and (B) in the case of New Convertible Notes held by any Person other than Carlyle, 115% of the Conversion Price, in each case for each of the 20 consecutive trading days.

Under the Convertible Notes Exchange Agreement, the Carlyle Investors have the ability to nominate one director to the board of directors of SEACOR Marine if the Carlyle Investors, solely as a result of their ownership of shares of Common Stock owned by the Investors as of October 5, 2022 and ownership of the New Convertible Notes and warrants (including the shares of common stock of the Company issuable upon conversion or exercise thereof), beneficially own collectively 10% or more of the outstanding shares of common stock of the Company. The Carlyle Investors have not exercised this right. Ms. Anna Mire has been designated by the Carlyle Investors to observe meetings of the Board of Directors pursuant to the Carlyle Investors’ observer rights under the Convertible Notes Exchange Agreement and the Guaranteed Notes Exchange Agreement. This observation right will terminate at the time the Carlyle Investors own less than $50.0 million in aggregate principal amount of the New Convertible Notes and Guaranteed Notes or a combination of the New Convertible Notes and our Common Stock representing less than 5.0% of the Company’s Common Stock outstanding on a fully diluted basis, assuming the conversion of all of the New Convertible Notes and warrants to purchase Common Stock held by the Carlyle Investors.

The Convertible Notes Exchange Agreement contains customary representations and warranties made by SEACOR Marine and the Carlyle Investors and contains customary events of default and covenants. The Convertible Notes Exchange Agreement and the transactions contemplated thereby were subject to the oversight of, and received advance approval from, the Audit Committee.

During 2022, Carlyle did not exercise any warrants. During 2021 and 2020, Carlyle exercised 48,809 and 83,367 warrants, respectively. As of December 31, 2022, Carlyle had 1,439,483 outstanding warrants.

Transactions with CME. Mr. Alfredo Miguel Bejos, a Director of SEACOR Marine, currently serves as President and Chief Executive Officer of CME. In accordance with the Related Transaction Policy, the audit committee of the board of directors of SEACOR Marine (the “Audit Committee”) has adopted guidelines for addressing ongoing CME-related transactions.

On December 20, 2018, MEXMAR Offshore, a joint venture that is 49.0% owned by a subsidiary of the Company and 51.0% owned by a subsidiary of CME, acquired UP Offshore. UP Offshore was acquired for nominal consideration. In connection with the acquisition, UP Offshore’s existing debt was refinanced with $95.0 million of new indebtedness composed of (i) a $70.0 million six-year debt facility provided by UP Offshore’s existing lenders that is non-recourse to the Company, CME or any of their respective subsidiaries, (ii) a $15.0 million loan from MexMar, a joint venture between CME and the Company, to fund capital expenditures on two vessels and (iii) a $10.0 million loan from MEXMAR Offshore to fund working capital requirements funded by an approximate $5.0 million capital contribution to MEXMAR Offshore by each of the Company and CME. Due to losses from equity earnings, the Company’s investment in MEXMAR Offshore was written down to $0 in 2019. In July 2020, MEXMAR Offshore purchased from a consortium of banks in Brazil, $70.0 million of UP Offshore’s debt for $5.5 million, of which the Company’s commitment was $2.7 million to fund this purchase. As of December 31, 2020, the Company had loaned its proportional share of this commitment to MEXMAR Offshore of $1.96 million. The Company funded its remaining commitment in February 2021.

In 2019, the Company sold an FSV to OVH for $2.4 million through a seller’s finance agreement.

During 2020, CME exercised 255,307 and as of December 31, 2020, all of CME’s outstanding warrants have been exercised.

On June 1, 2021, MEXMAR Offshore completed the sale of eight vessels and certain Brazilian entities to OceanPact Serviços Marítimos S.A. and its subsidiary, OceanPact Netherlands B.V., for a total purchase price of $30.2 million (the “UP Offshore Sale Transaction”), which resulted in an equity earnings gain from 50% or less owned companies of $2.6 million. On July 23, 2021, the Company received a distribution from MEXMAR Offshore in the amount of $12.0 million of which $9.4 million was in excess of the Company’s investment balance of $2.6 million. The excess was recorded by the Company as a gain from return of investments in 50% or less owned companies.

After giving effect to the UP Offshore Sale Transaction, MEXMAR Offshore, indirectly through certain subsidiaries of UP Offshore, retained ownership of three vessels. As part of the winddown of the MEXMAR Offshore joint venture, ownership of two of these vessels was transferred from subsidiaries of UP Offshore to OVH on October 26, 2021, and the remaining vessel was transferred from a subsidiary of UP Offshore to OVH on November 2, 2021. Upon completion of these transactions, MEXMAR Offshore no longer held income producing assets and as a result, on December 9, 2021, the Company transferred its 49% interest in MEXMAR Offshore to a subsidiary of CME for nominal consideration and a transaction fee of $0.2 million. As of December 31, 2021, the Company does not have any ownership interest in MEXMAR Offshore.

Prior to the consummation of the Framework Agreement Transactions described below, the Company also participated in a variety of other joint ventures with CME, including MexMar, SEACOR Marlin LLC and OVH. The joint venture agreements for each of these joint ventures were negotiated at arms-length in the ordinary course of business. MexMar is a joint venture company that was 49% owned by a wholly owned subsidiary of the Company and 51% owned by subsidiaries of CME. SEACOR Marlin LLC was a joint venture company that was 49% owned by a wholly owned subsidiary of the Company and 51% owned by a wholly owned subsidiary of MexMar. During the year ended December 31, 2021, there was a distribution to the Company from SEACOR Marlin LLC of $2.5 million. OVH is a joint venture company that is 49% owned by a wholly owned subsidiary of the Company and 51% owned by a subsidiary of CME. On December 10, 2021, OVH and OPEM settled the $10.0 million loan in exchange for OPEM making an early repayment of $10.5 million, reflecting repayment of the principal amount in full and a prepayment discount and forgiveness of approximately $4.1 million of accrued interest.

On September 29, 2022, SEACOR Marine and certain of its subsidiaries, on the one hand, and OTM, CME Ireland, and OVH, on the other hand, entered into the Framework Agreement. OTM and CME Ireland are affiliates of CME. Prior to the closing of the Framework Agreement Transactions, the Company owned 49% of each of MexMar and OVH through SEACOR Marine International, a wholly-owned subsidiary of SEACOR Marine, and the remaining 51% ownership interests were held by OTM. The Company also owned a minority interest in SEACOR Marlin LLC, the owner of the PSV SEACOR Marlin, and the remaining ownership interests of SEACOR Marlin LLC were held by MexMar. The Framework Agreement provided for, among other things, (i) the sale by the Company of all of the outstanding equity interests of SEACOR Marine International to OTM for a purchase price of $66.0 million, (ii) the sale by the Company of the AHTS SEACOR Davis to CME Ireland in exchange for the remaining equity interests in SEACOR Marlin LLC, such that SEACOR Marlin LLC would become a wholly-owned subsidiary of the Company, (iii) the transfer of a hybrid battery system from OVH to the Company as repayment in full of a certain vessel loan agreement by the Company to its former joint venture, and (iv) entry into a bareboat charter agreement between SEACOR Marlin LLC and MexMar. Each of the Framework Agreement Transactions was consummated on September 29, 2022. As a result of the Framework Agreement Transactions, the Company no longer owns any equity interest in either of MexMar or OVH, and the Company owns all of the equity interests in SEACOR Marlin LLC, which owns the PSV SEACOR Marlin.

In connection with the closing of the Framework Agreement Transactions, on September 29, 2022, SEACOR Marine Capital, a wholly-owned subsidiary of SEACOR Marine, purchased all of the outstanding loans under the Second Amended and Restated Term Loan Credit Facility Agreement, made as of July 8, 2022, by and among MexMar, as the borrower, DNB Capital LLC and The Governor and Company of the Bank of Ireland, each as lenders, and DNB Bank ASA, New York Branch, as facility agent (as amended from time to time, the “MexMar Original Facility Agreement”) for an aggregate amount of $28.8 million, representing par value of the loan. The purchase was funded using proceeds received from the Framework Agreement Transactions. On the same date the facility was amended pursuant to a Third Amended and Restated Facility Agreement (“MexMar Third A&R Facility Agreement”) to, among other things, (i) provide for the prepayment by MexMar of approximately $8.8 million of the outstanding loan amount, to reduce the outstanding principal on the loan to $20.0 million, (ii) modify the definition of “Change of Control”, (iii) modify the maturity date from January 23, 2025 to September 30, 2023, (iv) decrease the minimum cash requirement from $10.0 million to $2.5 million, (v) modify the interest margin from 4.7% per annum to 5.0% per annum and (vi) modify the principal repayment profile to reflect four quarterly installments of $5.0 million to repay the loan by the maturity date. All collateral and security arrangements remain in place from the MexMar Original Facility Agreement, including a first priority mortgage on 13 offshore support vessels owned by MexMar. As a result, SEACOR Marine Capital is the sole lender to MexMar under the MexMar Third A&R Facility Agreement and expects that the loan will be repaid in full by September 30, 2023.

Each of the Framework Agreement Transactions and the transactions entered into in connection with the MexMar Third A&R Facility Agreement (the “MexMar Facility Agreement Transactions”) were subject to the oversight of, and received advance approval from, the Audit Committee as related party transactions subject to the Company’s Related Party Transaction Policy. Mr. Miguel recused himself from the Audit Committee and the Board deliberations with respect to the Framework Agreement Transactions and the Mexmar

Facility Agreement Transactions. The Board received a third party fairness opinion with respect to the Framework Agreement Transactions.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

19.

COMMITMENTS AND CONTINGENCIES

As of December 31, 2022, the Company had unfunded capital commitments of $2.5 million for miscellaneous vessel equipment payable during 2023. The Company has indefinitely deferred an additional $9.3 million of orders with respect to one FSV that the Company had previously reported as 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. A local Brazilian law has been 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$20.9 million based on a historical potential levy of R$12.87 million (USD $4.0 million and USD $2.4 million, respectively, based on the exchange rate as of December 31, 2022).

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 five other employees of the Company. The incident also resulted in the constructive total loss of the SEACOR Power. The Company is responsible for the salvage operations related to the vessel and in coordination with the U.S. Coast Guard (“USCG”). The salvage operations are substantially complete and the Company expects salvage costs to be covered by insurance proceeds.

The capsizing of the SEACOR Power garnered significant attention from the media as well as local, state and federal stakeholders. The National Transportation Safety Board (“NTSB”) and the USCG have each conducted an investigation to determine the cause of the incident. The Company has and will continue to fully cooperate with the investigations in all respects. On November 3, 2022, the NTSB publicly released its final report, as adopted on October 18, 2022, which determined that the probable cause of the capsizing of the SEACOR Power was a loss of stability that occurred when the vessel was struck by severe thunderstorm winds, which exceeded the vessel’s operation wind speed limits. The NTSB further determined that contributing to the loss of life on the vessel were the speed at which the vessel capsized and the angle at which it came to rest, which made egress difficult, and the high winds and seas in the aftermath of the capsizing, which hampered rescue efforts. The USCG is also expected to release a report on its investigation although the timing of such release is uncertain.

Numerous civil lawsuits have been filed against the Company and other third parties by the family members of deceased crew members and the surviving crew members employed by the Company or by third parties. On June 2, 2021, the Company filed a Limitation of Liability Act complaint in federal court in the Eastern District of Louisiana (“Limitation Action”), which had the effect of enjoining all existing civil lawsuits and requiring the plaintiffs to file their claims relating to the capsizing of the SEACOR Power in the Limitation Action. Nearly all injury and death claims in the Limitation Action for which the Company has financial exposure have been resolved, and the remaining claims are those for which the Company is owed contractual defense and indemnity or will be covered by insurance. There is significant uncertainty regarding 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.

Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company

to recognize payroll related operating expenses in the periods invoices are received. As of December 31, 2022, all invoices related to MNOPF and MNRPF have been settled in full.

Major Customers and Segment Information

12 Months Ended

Dec. 31, 2022

Notes To Financial Statements [Abstract]

Major Customers and Segment Information

20.

MAJOR CUSTOMERS AND SEGMENT INFORMATION

During the year ended December 31, 2022, ExxonMobil and SEACOR Marine Arabia, a joint venture of which we own 45% and through which vessels are in service to Saudi Aramco, were each responsible for $39.6 million or 18% and $30.1 million or 14%, respectively, of the Company’s total consolidated operating revenues from continuing operations. During the year ended December 31, 2021, ExxonMobil and SEACOR Marine Arabia were each responsible for $35.2 million or 21% and $29.7 million or 17%, respectively, of the Company’s total consolidated operating revenues from continuing operations. During the year ended December 31, 2020, SEACOR Marine Arabia and ExxonMobil were each responsible for $30.7 million or 21% and $24.8 million or 17%, respectively, of the Company’s total consolidated operating revenues from continuing operations.

For the years ended December 31, 2022, 2021 and 2020, the ten largest customers of the Company accounted for approximately 63%, 76% and 76%, respectively, of the Company’s operating revenues from continuing operations. The loss of one or more of these customers could have a material adverse effect on the Company’s results of operations and cash flows.

For the years ended December 31, 2022, 2021 and 2020, approximately 72%, 88% and 89%, respectively, of the Company’s operating revenues and $7.0 million, $15.4 million and ($7.5) million, respectively, of equity in earnings (losses) from 50% or less owned companies, net of tax, were derived from its continuing foreign operations.

The Company’s offshore support vessels are highly mobile and regularly and routinely move between countries within a geographic region of the world. In addition, these vessels may be redeployed among the geographic regions, subject to flag restrictions, as changes in market conditions dictate. Because of this asset mobility, operating revenues and long-lived assets in any one country and capital expenditures for long-lived assets and gains or losses on asset dispositions and impairments in any one geographic region are not considered meaningful.

Direct vessel profit is the Company’s measure of segment profitability when applied to reportable segments. Direct vessel profit is defined as operating revenues less direct operating expenses excluding leased-in equipment expense. The Company utilizes direct vessel profit as its primary financial measure to analyze and compare the operating performance of its regions. 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			Middle East and Asia			Latin America			Total
For the year ended December 31, 2022
Operating Revenues:
Time charter	$	51,272		$	60,060		$	52,080		$	40,122		$	203,534
Bareboat charter		—			—			—			1,374			1,374
Other marine services		9,528			(163	)		762			2,290			12,417
		60,800			59,897			52,842			43,786			217,325
Direct Costs and Expenses:
Operating:
Personnel		25,201			16,436			22,376			13,769			77,782
Repairs and maintenance		7,049			9,229			8,111			7,107			31,496
Drydocking		8,978			2,339			6,569			274			18,160
Insurance and loss reserves		4,831			1,178			2,838			1,115			9,962
Fuel, lubes and supplies		3,345			8,022			5,089			2,833			19,289
Other		1,235			7,175			4,633			2,253			15,296
		50,639			44,379			49,616			27,351			171,985
Direct Vessel Profit	$	10,161		$	15,518		$	3,226		$	16,435		$	45,340
Other Costs and Expenses:
Lease expense	$	998		$	1,691		$	156		$	1,024			3,869
Administrative and general														40,911
Depreciation and amortization		17,444			13,708			16,331			8,474			55,957
														100,737
Gains on asset dispositions and impairments, net														1,398
Operating loss													$	(53,999	)
As of December 31, 2022
Property and Equipment:
Historical cost	$	232,740		$	285,303		$	286,745		$	162,895		$	967,683
Accumulated depreciation		(101,503	)		(92,030	)		(89,444	)		(27,801	)		(310,778	)
	$	131,237		$	193,273		$	197,301		$	135,094		$	656,905
Total Assets(1)	$	174,081		$	211,371		$	215,497		$	150,650		$	751,599

(1)

Total assets exclude $64.0 million of corporate assets.


	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations			Middle East and Asia			Latin America			Total
For the year ended December 31, 2021
Operating Revenues:
Time charter	$	15,487		$	44,268		$	53,146		$	46,934		$	159,835
Bareboat charter		1,549			—			—			2,484			4,033
Other		3,607			(1,338	)		526			4,278			7,073
		20,643			42,930			53,672			53,696			170,941
Direct Costs and Expenses:
Operating:
Personnel	$	8,836		$	13,903		$	22,191		$	14,990		$	59,920
Repairs and maintenance		3,394			6,772			6,701			7,250			24,117
Drydocking		2,082			1,159			2,639			467			6,347
Insurance and loss reserves		2,632			1,353			2,481			2,201			8,667
Fuel, lubes and supplies		1,204			4,109			3,459			3,261			12,033
Other		648			5,815			6,158			3,701			16,322
		18,796			33,111			43,629			31,870			127,406
Direct Vessel Profit	$	1,847		$	9,819		$	10,043		$	21,826		$	43,535
Other Costs and Expenses:
Lease expense	$	2,621		$	1,281		$	472		$	1,711			6,085
Administrative and general														37,639
Depreciation and amortization		15,712			12,856			17,985			10,842			57,395
														101,119
Gains on asset dispositions and impairments, net														20,436
Operating loss													$	(37,148	)
As of December 31, 2021
Property and Equipment:
Historical cost	$	240,717		$	218,544		$	340,225		$	208,594		$	1,008,080
Accumulated depreciation		(115,088	)		(69,310	)		(85,683	)		(32,247	)		(302,328	)
	$	125,629		$	149,234		$	254,543		$	176,347		$	705,752
Total Assets(1)	$	148,753		$	167,185		$	256,533		$	250,594		$	823,065

(1)

Total assets exclude $89.4 million of corporate assets.


	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations			Middle East and Asia			Latin America			Total
For the year ended December 31, 2020
Operating Revenues:
Time charter	$	9,873		$	47,723		$	52,052		$	23,806		$	133,454
Bareboat charter		2,910			(55	)		—			—			2,855
Other		2,422			(135	)		2,157			1,084			5,528
		15,205			47,533			54,209			24,890			141,837
Direct Costs and Expenses:
Operating:
Personnel	$	10,065		$	13,397		$	18,188		$	6,698		$	48,348
Repairs and maintenance		1,655			5,643			5,232			2,131			14,661
Drydocking		1,167			2,014			759			329			4,269
Insurance and loss reserves		1,774			1,806			1,721			462			5,763
Fuel, lubes and supplies		1,172			3,260			2,706			990			8,128
Other		373			1,343			6,891			1,369			9,976
		16,206			27,463			35,497			11,979			91,145
Direct Vessel (Loss) Profit	$	(1,001	)	$	20,070		$	18,712		$	12,911		$	50,692
Other Costs and Expenses:
Lease expense	$	4,272		$	3,038		$	170		$	45			7,525
Administrative and general														40,051
Depreciation and amortization		21,427			13,664			16,595			5,481			57,167
														104,743
Losses on asset dispositions and impairments, net														(17,588	)
Operating loss													$	(71,639	)
As of December 31, 2020
Property and Equipment:
Historical cost	$	257,592		$	262,998		$	361,514		$	130,769		$	1,012,873
Accumulated depreciation		(134,391	)		(68,486	)		(75,349	)		(13,312	)		(291,538	)
	$	123,201		$	194,512		$	286,165		$	117,457		$	721,335
Total Assets(1)	$	164,656		$	227,894		$	289,314		$	179,942		$	861,806

(1)

Total assets exclude $105.6 million of corporate assets, and $50.2 million of discontinued operations.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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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Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations

21.

DISCONTINUED OPERATIONS

On January 12, 2021, the Company completed the sale of Windcat Workboats, which was previously classified as assets held for sale as of the end of the fourth quarter 2020. The Company has no continuing involvement in this business, which at the time of sale was 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. 5 Equipment Acquisitions and Dispositions”). Summarized selected operating results of the Company’s assets held for sale and discontinued operations were as follows for the years ended December 31, (in thousands):


	2020
Assets from Discontinued Operations:
Current assets	$	10,138
Net property and equipment		34,580
Non-current assets		5,517
		50,235
Liability from Discontinued Operations:
Current liabilities		2,418
Long-term liabilities		28,509
	$	30,927


	Windcat Workboats
	2021			2020
Operating Revenues:
Time charter	$	903		$	29,383
Other revenue		70			2,305
		973			31,688
Costs and Expenses:
Operating		578			17,334
Direct Vessel Profit		395			14,354

General and Administrative Expenses		238			5,516
Lease Expense		24			628
Depreciation		—			6,166
Operating Income		133			2,044
Other Income (Expense)
Interest income		2			59
Interest expense		(39	)		(1,115	)
Foreign currency translation gain (loss)		89			(750	)
Other, net		—			19
		52			(1,787	)
Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax		185			257
Income Tax Benefit		—			(86	)
Operating Income Before Equity Earnings of 50% or Less Owned Companies		185			343
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax		(16	)		21
Net Income from Discontinued Operations	$	169		$	364

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	22. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements.

Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2022

Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

SEACOR MARINE HOLDINGS INC.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

For the Years Ended December 31, 2022, 2021 and 2020

(in thousands)


Description	Balance Beginning of Year		Reserves Acquired		Charges (Recoveries) to Cost and Expenses		Deductions			Balance End of Year
Year Ended December 31, 2022
Allowance for credit loss reserves (deducted from trade and notes receivable)	$	1,312	$	—	$	489	$	(151	)	$	1,650
Year Ended December 31, 2021
Allowance for credit loss reserves (deducted from trade and notes receivable)	$	582	$	3	$	863	$	(136	)	$	1,312
Year Ended December 31, 2020
Allowance for credit loss reserves (deducted from trade and notes receivable)	$	455	$	18	$	230	$	(121	)	$	582

Nature of Operations and Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Nature of Operations and Segmentation

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


	2022			2021			2020
Balance at beginning of year	$	321		$	3,307		$	4,755
Revenues deferred during the year		—			510			2,042
Revenues recognized and reclassifications during the year		(321	)		(3,496	)		(3,490	)
Balance at end of year	$	—		$	321		$	3,307

As of December 31, 2022, the Company had no deferred revenues.

Gain Contingencies

Cash Equivalents

Restricted Cash

Restricted Cash. Restricted cash primarily relates to banking facility requirements.

For the years ended December 31, cash, cash equivalents and restricted cash consists of:


	2022		2021
Cash	$	39,963	$	37,619
Restricted cash		3,082		3,601
Total	$	43,045	$	41,220

Trade and Other Receivables

Derivative Instruments

Concentrations of Credit Risk

Inventories

Property and Equipment

The Company’s property and equipment as of December 31 was as follows (in thousands):


	Historical Cost (1)		Accumulated Depreciation			Net Book Value
2022
Offshore support vessels:
AHTS(2)	$	27,281	$	(18,139	)	$	9,142
FSV(3)		354,473		(130,599	)		223,874
PSV (4)		295,875		(36,112	)		259,763
Specialty		3,163		(3,138	)		25
Liftboats		264,142		(102,156	)		161,986
General machinery and spares		10,148		(8,565	)		1,583
Other (5)		12,601		(12,069	)		532
	$	967,683	$	(310,778	)	$	656,905
2021
Offshore support vessels:
AHTS(2)	$	49,632	$	(33,200	)	$	16,432
FSV(3)		362,309		(116,878	)		245,431
PSV (4)		282,243		(20,613	)		261,630
Specialty		3,163		(3,138	)		25
Liftboats		289,283		(108,364	)		180,919
General machinery and spares		8,814		(8,463	)		351
Other (5)		12,636		(11,672	)		964
	$	1,008,080	$	(302,328	)	$	705,752

(1)

(2)

Anchor Handling Towing Supply vessels (“AHTS”).

(3)

Fast support vessels (“FSVs”).

(4)

Platform support vessels (“PSVs”).

(5)

Includes buildings, leasehold improvements, vehicles and other property and equipment.

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

During the year ended December 31, 2021, the Company did not record an impairment on any owned or leased-in vessels.

Business Combinations

Debt Discount and Issue Costs

Self-insurance Liabilities

Income Taxes

On June 26, 2020, the Company entered into the Tax Refund Agreement with SEACOR Holdings Inc. (“SEACOR Holdings”), see “Note 18. Related Party Transactions”.

Foreign Currency Translation

Accumulated Other Comprehensive (Loss) Income

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


	SEACOR Marine Holdings Inc. Stockholders’ Equity									Noncontrolling Interests
	Foreign Currency Translation Adjustments			Derivative (Losses) Gains on Cash Flow Hedges, net			Total			Foreign Currency Translation Adjustments			Derivative Losses on Cash Flow Hedges, net			Other Comprehensive Income (Loss)
Year Ended December 31, 2019	$	4,685		$	(3,137	)	$	1,548		$	(1,445	)	$	(11	)	$	18,336
Other comprehensive income		2,112			(870	)		1,242			—			—			1,242
Income tax (expense)		—			—			—			—			—			—
Year Ended December 31, 2020		6,797			(4,007	)		2,790			(1,445	)		(11	)	$	1,242
Other comprehensive income		3,986			1,279			5,265			—			—		$	5,265
Income tax benefit (expense)		—			—			—			—			—			—
Year Ended December 31, 2021		10,783			(2,728	)		8,055			(1,445	)		(11	)	$	5,265
Other comprehensive loss		(4,451	)		3,243			(1,208	)		—			—			(1,208	)
Income tax benefit (expense)		—			—			—			—			—			—
Year Ended December 31, 2022	$	6,332		$	515		$	6,847		$	(1,445	)	$	(11	)	$	(1,208	)

Earnings (Loss) Per Share

Recently Adopted Accounting Standards

Recently Issued Accounting Standards

Nature of Operations and Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Nature Of Operation And Accounting Policies [Abstract]

Schedule of Deferred Revenues


	2022			2021			2020
Balance at beginning of year	$	321		$	3,307		$	4,755
Revenues deferred during the year		—			510			2,042
Revenues recognized and reclassifications during the year		(321	)		(3,496	)		(3,490	)
Balance at end of year	$	—		$	321		$	3,307

Schedule Of Cash Cash Equivalents And Restricted Cash From Continuing Operations

For the years ended December 31, cash, cash equivalents and restricted cash consists of:


	2022		2021
Cash	$	39,963	$	37,619
Restricted cash		3,082		3,601
Total	$	43,045	$	41,220

Summary of Property and Equipment from Continuing Operations

The Company’s property and equipment as of December 31 was as follows (in thousands):


	Historical Cost (1)		Accumulated Depreciation			Net Book Value
2022
Offshore support vessels:
AHTS(2)	$	27,281	$	(18,139	)	$	9,142
FSV(3)		354,473		(130,599	)		223,874
PSV (4)		295,875		(36,112	)		259,763
Specialty		3,163		(3,138	)		25
Liftboats		264,142		(102,156	)		161,986
General machinery and spares		10,148		(8,565	)		1,583
Other (5)		12,601		(12,069	)		532
	$	967,683	$	(310,778	)	$	656,905
2021
Offshore support vessels:
AHTS(2)	$	49,632	$	(33,200	)	$	16,432
FSV(3)		362,309		(116,878	)		245,431
PSV (4)		282,243		(20,613	)		261,630
Specialty		3,163		(3,138	)		25
Liftboats		289,283		(108,364	)		180,919
General machinery and spares		8,814		(8,463	)		351
Other (5)		12,636		(11,672	)		964
	$	1,008,080	$	(302,328	)	$	705,752

(1)

(2)

Anchor Handling Towing Supply vessels (“AHTS”).

(3)

Fast support vessels (“FSVs”).

(4)

Platform support vessels (“PSVs”).

(5)

Includes buildings, leasehold improvements, vehicles and other property and equipment.

Schedule of Accumulated Other Comprehensive (Loss) Income

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


	SEACOR Marine Holdings Inc. Stockholders’ Equity									Noncontrolling Interests
	Foreign Currency Translation Adjustments			Derivative (Losses) Gains on Cash Flow Hedges, net			Total			Foreign Currency Translation Adjustments			Derivative Losses on Cash Flow Hedges, net			Other Comprehensive Income (Loss)
Year Ended December 31, 2019	$	4,685		$	(3,137	)	$	1,548		$	(1,445	)	$	(11	)	$	18,336
Other comprehensive income		2,112			(870	)		1,242			—			—			1,242
Income tax (expense)		—			—			—			—			—			—
Year Ended December 31, 2020		6,797			(4,007	)		2,790			(1,445	)		(11	)	$	1,242
Other comprehensive income		3,986			1,279			5,265			—			—		$	5,265
Income tax benefit (expense)		—			—			—			—			—			—
Year Ended December 31, 2021		10,783			(2,728	)		8,055			(1,445	)		(11	)	$	5,265
Other comprehensive loss		(4,451	)		3,243			(1,208	)		—			—			(1,208	)
Income tax benefit (expense)		—			—			—			—			—			—
Year Ended December 31, 2022	$	6,332		$	515		$	6,847		$	(1,445	)	$	(11	)	$	(1,208	)

Transformation, Facility Restructuring and Severance Charges (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring And Related Activities [Abstract]

Schedule of Components of Restructuring Charges

The components of restructuring charges for the year ended December 31, 2020, were as follows (in thousands):


	United States (primarily Gulf of Mexico)		Africa and Europe, Continuing Operations		Middle East and Asia		Latin America		Total
Transformation Plan
Severance Charges	$	275	$	185	$	665	$	—	$	1,125
Other Charges		31		—		31		—		62
Total Charges	$	306	$	185	$	696	$	—	$	1,187

Business Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

OSV Partners

Summary of Purchase Price Allocation of Acquired Assets and Liabilities

The allocation of the purchase price for the Company’s acquired assets and liabilities as of December 31 was as follows (in thousands):


Assets Acquired (In Thousands):	2021
Current Assets	$	6,181
Fixed Assets		35,176
Current Liabilities		(2,186	)
Long-Term Liabilities		(15,962	)
Total Cost Basis for Purchase		23,209
Purchase Price		(5,331	)
Acquisition costs		(598	)
Equity Investment In OSV Partners		(17,280	)
	$	(23,209	)

Equipment Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

Schedule of Vessel Acquired and Disposed

Deliveries of offshore support vessels for the years ended December 31 were as follows:


	2022		2021 (1)		2020 (2)
PSV		1		1		4
		1		1		4

(1)

Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).

(2)

Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.

Major equipment dispositions for the years ended December 31 were as follows:


	2022 (1)		2021 (2)		2020 (3)
AHTS		1		—		2
FSV		1		3		4
PSV		—		1		1
Liftboats		1		1		1
Specialty		—		—		2
		3		5		10

(1)

Excludes one specialty vessel that was previously removed from service.

(2)

Excludes four liftboats that were previously removed from service.

(3)

Excludes three vessels that were previously removed from service (two AHTS and one specialty vessel).

Schedule of Gain on Sale of Windcat Workboats

The Company recognized a gain on the sale of 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)

12 Months Ended

Dec. 31, 2022

Schedule Of Investments [Abstract]

Equity Method Investments

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


	Ownership			2022		2021
MexMar (1)		49.0	%	$	—	$	59,940
SEACOR Marlin (2)		49.0	%		—		6,958
Offshore Vessel Holdings (1)		49.0	%		—		1,847
Seabulk Angola		49.0	%		1,683		1,081
SEACOR Marine Arabia		45.0	%		1,265		1,821
Other	20.0% — 50.0%				76		80
				$	3,024	$	71,727

(1)

On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.

(2)


	2022		2021
Current assets	$	24,699	$	119,559
Noncurrent assets		266		181,712
Current liabilities		17,070		93,304
Noncurrent liabilities		—		65,902


	2022		2021			2020
Operating Revenues	$	133,740	$	156,579		$	160,781
Costs and Expenses:
Operating and administrative		90,678		139,313			142,228
Depreciation		21,434		23,524			27,044
		112,112		162,837			169,272
Operating Income (Loss)	$	21,628	$	(6,258	)	$	(8,491	)
Net Income (Loss)	$	15,057	$	41,798		$	(18,229	)

Schedule of Gain on Sale of Equity Investments

The Company recognized a gain on the sale of MexMar, OVH and other assets of approximately $0.8 million, calculated as follows:


	September 29, 2022
Total Cash Received	$	66,000
51% ownership in SEACOR Marlin Joint Venture		7,000
Hybrid Battery Power System		1,394
Less: Transaction Fees and other Costs		1,159
Total Net Proceeds		73,235
Less: Net Equity in MexMar and OVH Joint Ventures		65,546
Less: Net Book Value of SEACOR Davis		5,507
Less: OVH Note Receivable		1,394
Gain on Sale of MexMar, OVH and Other Assets	$	788

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Summary of Future Minimum Payments For Leases

As of December 31, 2022, future minimum payments for leases for the years ended December 31 were as follows (in thousands):


	Operating Leases (1)			Finance Leases
2023	$	2,745		$	726
2024		1,582			946
2025		619			959
2026		459			953
2027		400			4,659
Years subsequent to 2027		3,214			—
		9,019			8,243
Interest component		(1,922	)		(994	)
		7,097			7,249
Current portion of long-term lease liabilities		2,358			468
Long-term lease liabilities	$	4,739		$	6,781

(1)

In January 2023, the Company terminated an agreement for one leased-in AHTS that will result in a $0.7 million reduction of operating lease payments in 2023.

Summary of Components of Leases Expense

For the years ended December 31, the components of lease expense were as follows (in thousands):


	2022		2021
Operating lease cost	$	3,162	$	5,174
Finance lease cost:
Amortization of finance lease asset (1)		545		28
Interest on lease liabilities (2)		246		3
Short-term lease costs		707		911
	$	4,660	$	6,116

(1)

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

(2)

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

Summary of Supplemental Cash Flow Information Related to Leases

For the year ended December 31, 2022, supplemental cashflow information related to leases were as follows (in thousands):


	2022
Operating cash flows from operating leases	$	2,384
Financing cash outflows from finance leases		351
Right-of-use assets obtained for operating lease liabilities		2,363
Right-of-use assets obtained for finance lease liabilities		7,248

Summary of Other Information Related to Leases

For the year ended December 31, 2022, other information related to leases were as follows:


	2022
Weighted average remaining lease term, in years - operating leases		9.2
Weighted average remaining lease term, in years - finance leases		4.2
Weighted average discount rate - operating leases		6.5	%
Weighted average discount - finance leases		4.0	%

Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations

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


	2022			2021
Recourse long-term debt(1):
Old Convertible Notes (2)	$	—		$	125,000
Guaranteed Notes (2)		90,000			—
New Convertible Notes (2)		35,000			—
SEACOR Marine Foreign Holdings Credit Facility (3)		67,910			86,470
Sea-Cat Crewzer III Term Loan Facility		16,703			19,178
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		16,205			18,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing (4)		77,537			86,316
SEACOR Alpine Shipyard Financing (5)		27,790			29,734
SEACOR 88/888 Term Loan (6)		5,500			5,500
Tarahumara Shipyard Financing		5,597			6,500
SEACOR Offshore OSV		16,052			18,052
Total recourse long-term debt		358,294			395,455
Non-recourse long-term debt (7):
SEACOR 88/888 Term Loan (6)		5,500			5,500
Total non-recourse long-term debt		5,500			5,500
Total principal due for long-term debt		363,794			400,955
Current portion due within one year		(61,512	)		(31,602	)
Unamortized debt discount		(37,511	)		(33,398	)
Deferred financing costs		(4,652	)		(3,193	)
Long-term debt, less current portion	$	260,119		$	332,762

(1)

Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements.

(2)

As of October 5, 2022, the Old Convertible Notes were replaced with the Guaranteed Notes and the New Convertible Notes. See details below.

(3)

As of September 29, 2022, Tranche B of this debt has transitioned from LIBOR to SOFR. See details below.

(4)

SEACOR Delta Shipyard Financing includes vessel financing on the eight vessels acquired in the SEACOSCO Acquisition in 2020.

(5)

SEACOR Alpine Shipyard Financing includes vessel financing on the SEACOR Alps, the SEACOR Andes and the SEACOR Atlas vessels.

(6)

As of August 2, 2022, this debt has transitioned from LIBOR to SOFR. See details below.

(7)

Schedule of Long-term Debt Maturities

The Company’s contractual long-term debt maturities from continuing operations for the years ended December 31 were as follows (in thousands):


2023	$	61,512
2024		66,656
2025		23,951
2026		162,897
2027		11,365
Years subsequent to 2027		37,413
	$	363,794

Schedule of Gain on Transactions Under Conditional Payoff Agreement

On June 24, 2021, the Company recognized a gain on transactions under the Conditional Payoff Agreement of approximately $62.0 million, calculated as follows:


(In Thousands):	June 24, 2021
Falcon Global USA Term Loan Facility	$	102,349
Falcon Global USA Revolver		15,000
Unamortized debt discount		(4,600	)
Current Liabilities		112,749
Transaction Fees		(755	)
Cash Paid		(27,500	)
Hull and Machinery Insurance Proceeds		(22,500	)
Gain on Troubled Debt Restructuring	$	61,994

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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Schedule of (Loss) Income before Income Tax Expense (Benefit), Domestic and Foreign

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]


	2022			2021			2020
United States	$	(48,037	)	$	34,955		$	(83,560	)
Foreign		(21,881	)		(29,425	)		(17,748	)
Eliminations		(160	)		1,097			3,201
	$	(70,078	)	$	6,627		$	(98,107	)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) for the years ended December 31 were as follows (in thousands):


	2022			2021			2020
Current:
Federal	$	90		$	—		$	(30,838	)
State		(78	)		271			123
Foreign		8,473			6,362			5,533
		8,485			6,633			(25,182	)
Deferred:
Federal		7			4,892			2,435
State		90			(32	)		(139	)
Foreign		—			—			(38	)
		97			4,860			2,258
	$	8,582		$	11,493		$	(22,924	)

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31:


	2022			2021			2020
Statutory rate		(21.0	)%		21.0	%		(21.0	)%
Exclusion of foreign subsidiaries with current year losses and withholding tax		20.8	%		141.6	%		7.7	%
U.S. federal income tax law changes		—	%		—	%		(11.8	)%
Non-Deductible Expenses		0.3	%		0.4	%		—	%
JV equity earnings		—	%		3.8	%		(0.3	)%
Sale of investments in 50% or less owned companies		11.1	%		—	%		—	%
Noncontrolling interests		—	%		—	%		1.3	%
Return to provision		—	%		0.4	%		(0.4	)%
State Taxes		—	%		2.7	%		(0.1	)%
Subpart F Income		0.7	%		2.0	%		0.3	%
Share Award Plans		0.3	%		1.5	%		0.3	%
Other		0.1	%		—	%		0.6	%
Effective Tax Rate		12.3	%		173.4	%		(23.4	)%

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred income tax liabilities as of December 31 were as follows (in thousands):


	2022			2021
Deferred tax liabilities:
Property and equipment	$	56,618		$	63,802
Other		6,094			3,459
Total deferred tax liabilities		62,712			67,261
Deferred tax assets:
Federal Net Operating Loss Carryforwards		14,822			20,312
Other		9,619			8,803
		24,441			29,115
Valuation Allowance		(2,508	)		(2,536	)
Total deferred tax assets		21,933			26,579
Net deferred tax liabilities	$	40,779		$	40,682

Derivative Instruments and Hedging Strategies (Tables)

12 Months Ended

Dec. 31, 2022

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 as of December 31 were as follows (in thousands):


	2022				2021
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Interest rate swap agreements (cash flow hedges)	$	526	$	—	$	—	$	1,831

Effect of Derivative Instruments on Other Comprehensive Income (Loss)

The following tables reflect amounts recorded in Other Comprehensive Income (Loss) (“OCI”) and amounts reclassified from OCI to revenue and expense for the periods indicated:


	Gains (Losses) Recognized in OCI on Derivatives (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	2022		2021			2020
Interest rate swap contracts	$	1,608	$	219		$	(2,139	)
Joint venture interest rate swap contracts		941		(588	)		(156	)

	Losses Reclassified from OCI into Income (Effective Portion)
Location of Loss	2022		2021			2020
Interest expense	$	694	$	1,648		$	1,425

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 years ended December 31 as follows (in thousands):


	Derivative gains (losses), net
	2022		2021		2020
Conversion option liability on Old Convertible Notes	$	—	$	2	$	5,203
Forward currency exchange, option and future contracts		—		390		(893	)
	$	—	$	392	$	4,310

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31 that are measured at fair value on a recurring basis were as follows (in thousands):


	Level 1		Level 2		Level 3
2022
ASSETS
Derivative instruments	$	—	$	526	$	—
2021
LIABILITIES
Derivative instruments	$	—	$	1,831	$	—

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 December 31 were as follows (in thousands):


			Estimated Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
2022
ASSETS
Cash, cash equivalents and restricted cash	$	43,045	$	43,045	$	—	$	—
LIABILITIES
Long-term debt, including current portion		321,631		—		314,979		—
2021
ASSETS
Cash, cash equivalents and restricted cash	$	41,220	$	41,220	$	—	$	—
LIABILITIES
Long-term debt, including current portion		364,364		—		372,992		—

Noncontrolling Interests in Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2022

Noncontrolling Interest [Abstract]

Schedule of Noncontrolling Interests in the Company's Consolidated Subsidiaries

Noncontrolling interests in the Company’s consolidated subsidiaries as of December 31 were as follows (in thousands):


	Noncontrolling Interests			2022		2021
VEESEA Holdings Inc.		1.8	%	$	321	$	320

Share Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Equity Incentive Plan Transactions

Transactions in connection with the Company’s Equity Incentive Plans during the years ended December 31 were as follows:


	2022			2021			2020
Director Stock Awards Granted		60,787			189,030			59,900

Restricted Stock Activity:
Outstanding as of the beginning of year		1,163,090			436,714			303,609
Granted		1,036,605			933,705			289,452
Vested		(514,002	)		(202,079	)		(143,697	)
Forfeited		(3,500	)		(5,250	)		(12,650	)
Outstanding as of the end of year (1)		1,682,193			1,163,090			436,714

Stock Option Activity:
Outstanding as of the beginning of year		1,061,357			1,120,541			913,569
Granted		—			—			261,972
Exercised (2)		(34,492	)		—			—
Forfeited (3)		—			(59,184	)		(55,000	)
Outstanding as of the end of year		1,026,865			1,061,357			1,120,541

(1)

(2)

The intrinsic value of the options exercised was less than $0.1 million.

(3)

Forfeitures in 2021 includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted.

Schedule of Restricted Stock Transactions

During the year ended December 31, 2022, the number of shares and the weighted average grant price of restricted stock transactions were as follows:


	Restricted Stock
	Number of Shares			Weight Average Grant Price
Non-Vested as of December 31, 2021		1,163,090		$	6.62
Granted		1,036,605			5.92
Vested		(514,002	)		6.44
Forfeited		(3,500	)		5.88
Non-Vested as of December 31, 2022		1,682,193			5.68

Schedule of Stock Option Transactions

During the year ended December 31, 2022, the number of shares and the weighted average exercise price on stock option transactions were as follows:


	Stock Options
	Number of Shares			Weight Average Grant Price
Outstanding as of December 31, 2021		1,061,357		$	12.39
Granted		—			—
Exercised		(34,492	)		5.36
Forfeited		—			—
Outstanding as of December 31, 2022 (1)		1,026,865			12.66
Exercisable as of December 31, 2022 (2)		984,368			12.99

(1)

The weighted average remaining contractual term is 5.8 years and the intrinsic value of the options exercised was $1.0 million.

(2)

The weighted average remaining contractual term is 5.7 years and the intrinsic value of the options exercisable was $0.8 million.

Major Customers and Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

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			Middle East and Asia			Latin America			Total
For the year ended December 31, 2022
Operating Revenues:
Time charter	$	51,272		$	60,060		$	52,080		$	40,122		$	203,534
Bareboat charter		—			—			—			1,374			1,374
Other marine services		9,528			(163	)		762			2,290			12,417
		60,800			59,897			52,842			43,786			217,325
Direct Costs and Expenses:
Operating:
Personnel		25,201			16,436			22,376			13,769			77,782
Repairs and maintenance		7,049			9,229			8,111			7,107			31,496
Drydocking		8,978			2,339			6,569			274			18,160
Insurance and loss reserves		4,831			1,178			2,838			1,115			9,962
Fuel, lubes and supplies		3,345			8,022			5,089			2,833			19,289
Other		1,235			7,175			4,633			2,253			15,296
		50,639			44,379			49,616			27,351			171,985
Direct Vessel Profit	$	10,161		$	15,518		$	3,226		$	16,435		$	45,340
Other Costs and Expenses:
Lease expense	$	998		$	1,691		$	156		$	1,024			3,869
Administrative and general														40,911
Depreciation and amortization		17,444			13,708			16,331			8,474			55,957
														100,737
Gains on asset dispositions and impairments, net														1,398
Operating loss													$	(53,999	)
As of December 31, 2022
Property and Equipment:
Historical cost	$	232,740		$	285,303		$	286,745		$	162,895		$	967,683
Accumulated depreciation		(101,503	)		(92,030	)		(89,444	)		(27,801	)		(310,778	)
	$	131,237		$	193,273		$	197,301		$	135,094		$	656,905
Total Assets(1)	$	174,081		$	211,371		$	215,497		$	150,650		$	751,599

(1)

Total assets exclude $64.0 million of corporate assets.


	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations			Middle East and Asia			Latin America			Total
For the year ended December 31, 2021
Operating Revenues:
Time charter	$	15,487		$	44,268		$	53,146		$	46,934		$	159,835
Bareboat charter		1,549			—			—			2,484			4,033
Other		3,607			(1,338	)		526			4,278			7,073
		20,643			42,930			53,672			53,696			170,941
Direct Costs and Expenses:
Operating:
Personnel	$	8,836		$	13,903		$	22,191		$	14,990		$	59,920
Repairs and maintenance		3,394			6,772			6,701			7,250			24,117
Drydocking		2,082			1,159			2,639			467			6,347
Insurance and loss reserves		2,632			1,353			2,481			2,201			8,667
Fuel, lubes and supplies		1,204			4,109			3,459			3,261			12,033
Other		648			5,815			6,158			3,701			16,322
		18,796			33,111			43,629			31,870			127,406
Direct Vessel Profit	$	1,847		$	9,819		$	10,043		$	21,826		$	43,535
Other Costs and Expenses:
Lease expense	$	2,621		$	1,281		$	472		$	1,711			6,085
Administrative and general														37,639
Depreciation and amortization		15,712			12,856			17,985			10,842			57,395
														101,119
Gains on asset dispositions and impairments, net														20,436
Operating loss													$	(37,148	)
As of December 31, 2021
Property and Equipment:
Historical cost	$	240,717		$	218,544		$	340,225		$	208,594		$	1,008,080
Accumulated depreciation		(115,088	)		(69,310	)		(85,683	)		(32,247	)		(302,328	)
	$	125,629		$	149,234		$	254,543		$	176,347		$	705,752
Total Assets(1)	$	148,753		$	167,185		$	256,533		$	250,594		$	823,065

(1)

Total assets exclude $89.4 million of corporate assets.


	United States (primarily Gulf of Mexico)			Africa and Europe, Continuing Operations			Middle East and Asia			Latin America			Total
For the year ended December 31, 2020
Operating Revenues:
Time charter	$	9,873		$	47,723		$	52,052		$	23,806		$	133,454
Bareboat charter		2,910			(55	)		—			—			2,855
Other		2,422			(135	)		2,157			1,084			5,528
		15,205			47,533			54,209			24,890			141,837
Direct Costs and Expenses:
Operating:
Personnel	$	10,065		$	13,397		$	18,188		$	6,698		$	48,348
Repairs and maintenance		1,655			5,643			5,232			2,131			14,661
Drydocking		1,167			2,014			759			329			4,269
Insurance and loss reserves		1,774			1,806			1,721			462			5,763
Fuel, lubes and supplies		1,172			3,260			2,706			990			8,128
Other		373			1,343			6,891			1,369			9,976
		16,206			27,463			35,497			11,979			91,145
Direct Vessel (Loss) Profit	$	(1,001	)	$	20,070		$	18,712		$	12,911		$	50,692
Other Costs and Expenses:
Lease expense	$	4,272		$	3,038		$	170		$	45			7,525
Administrative and general														40,051
Depreciation and amortization		21,427			13,664			16,595			5,481			57,167
														104,743
Losses on asset dispositions and impairments, net														(17,588	)
Operating loss													$	(71,639	)
As of December 31, 2020
Property and Equipment:
Historical cost	$	257,592		$	262,998		$	361,514		$	130,769		$	1,012,873
Accumulated depreciation		(134,391	)		(68,486	)		(75,349	)		(13,312	)		(291,538	)
	$	123,201		$	194,512		$	286,165		$	117,457		$	721,335
Total Assets(1)	$	164,656		$	227,894		$	289,314		$	179,942		$	861,806

(1)

Total assets exclude $105.6 million of corporate assets, and $50.2 million of discontinued operations.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations And Disposal Groups [Abstract]

Schedule of Assets Held for Sale

Summarized selected operating results of the Company’s assets held for sale and discontinued operations were as follows for the years ended December 31, (in thousands):


	2020
Assets from Discontinued Operations:
Current assets	$	10,138
Net property and equipment		34,580
Non-current assets		5,517
		50,235
Liability from Discontinued Operations:
Current liabilities		2,418
Long-term liabilities		28,509
	$	30,927


	Windcat Workboats
	2021			2020
Operating Revenues:
Time charter	$	903		$	29,383
Other revenue		70			2,305
		973			31,688
Costs and Expenses:
Operating		578			17,334
Direct Vessel Profit		395			14,354

General and Administrative Expenses		238			5,516
Lease Expense		24			628
Depreciation		—			6,166
Operating Income		133			2,044
Other Income (Expense)
Interest income		2			59
Interest expense		(39	)		(1,115	)
Foreign currency translation gain (loss)		89			(750	)
Other, net		—			19
		52			(1,787	)
Operating Income Before Equity Earnings of 50% or Less Owned Companies, Net of Tax		185			257
Income Tax Benefit		—			(86	)
Operating Income Before Equity Earnings of 50% or Less Owned Companies		185			343
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax		(16	)		21
Net Income from Discontinued Operations	$	169		$	364

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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Valuation And Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Valuation and Qualifying Accounts

(in thousands)


Description	Balance Beginning of Year		Reserves Acquired		Charges (Recoveries) to Cost and Expenses		Deductions			Balance End of Year
Year Ended December 31, 2022
Allowance for credit loss reserves (deducted from trade and notes receivable)	$	1,312	$	—	$	489	$	(151	)	$	1,650
Year Ended December 31, 2021
Allowance for credit loss reserves (deducted from trade and notes receivable)	$	582	$	3	$	863	$	(136	)	$	1,312
Year Ended December 31, 2020
Allowance for credit loss reserves (deducted from trade and notes receivable)	$	455	$	18	$	230	$	(121	)	$	582

Nature of Operations and Accounting Policies - Additional Information (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Vessel

Segment

$ / shares

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Sep. 30, 2022

Sep. 29, 2022

Vessel

Dec. 31, 2019

USD ($)

Nature Of Operations And Accounting Policies [Line Items]

Number of reportable segments | Segment

Contract with customer, liability

$ 321,000

$ 3,307,000

$ 4,755,000

Inventory reserves

$ 0

Capitalized interest costs, including allowance for funds used during construction, total

656,905,000

705,752,000

721,335,000

300,000

900,000

Impairment of long-lived assets held-for-use

$ 2,900,000

Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]

Gain Loss On Sales Of Assets And Asset Impairment Charges

Unearned revenue related to new contract agreements

$ 4,300,000

Unearned revenue previously recorded recognized

3,300,000

Deferred revenue

Gain Contingency on costs for drydocking and repair expenditures, incurred

5,600,000

Equity method investment, other than temporary impairment

$ 0

Class of warrant or right, exercise price of warrants or rights | $ / shares

$ 0.01

Number of shares outstanding | shares

1,163,090

Accounting Standards Update 2020-06

Nature Of Operations And Accounting Policies [Line Items]

Change in accounting principle, accounting standards update, adopted [true false]

true

Change in accounting principle, accounting standards update, adoption date

Jan. 01, 2022

Change in accounting principle, accounting standards update, immaterial effect [true false]

true

Accounting Standards Update 2020-10

Nature Of Operations 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

Accounting Standards Update 2019-12

Nature Of Operations 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

Performance Share Awards

Nature Of Operations And Accounting Policies [Line Items]

Number of shares issued | shares

184,930

157,455

149,200

Number of shares outstanding | shares

216,172

354,964

240,800

Fast Support Vessel

Nature Of Operations And Accounting Policies [Line Items]

Impairment charges

$ 900,000

Nature Of Operations And Accounting Policies [Line Items]

Impairment of long-lived assets held-for-use

700,000

Tower and Gangway

Nature Of Operations And Accounting Policies [Line Items]

Impairment charges

$ 1,300,000

Nature Of Operations And Accounting Policies [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount | shares

1,682,193

1,112,256

436,714

Dilutive securities included in computation of earnings per share, amount | shares

50,834

Employee Stock Option

Nature Of Operations And Accounting Policies [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount | shares

1,026,865

1,061,357

1,120,541

Convertible Debt Securities

Nature Of Operations And Accounting Policies [Line Items]

Antidilutive securities excluded from computation of earnings per share, amount | shares

2,978,274

2,907,500

Continuing Operations

Nature Of Operations And Accounting Policies [Line Items]

Depreciation, total

$ 56,000,000.0

$ 57,400,000

$ 57,200,000

Discontinued Operations

Nature Of Operations And Accounting Policies [Line Items]

Depreciation, total

$ 0

6,200,000

Offshore Support Vessels

Nature Of Operations And Accounting Policies [Line Items]

Estimated useful life (Year)

20 years

Vessels

Nature Of Operations And Accounting Policies [Line Items]

Contract with customer, liability, revenue recognized

$ 2,300,000

1,300,000

Nature Of Operations And Accounting Policies [Line Items]

Nature Of Operations And Accounting Policies [Line Items]

^[1]

49.00%

OVH

49.00%

Nature Of Operations And Accounting Policies [Line Items]

Equity Investments in 50% or Less Owned Companies | Minimum

49.00%

^[2]

100.00%

Nature Of Operations And Accounting Policies [Line Items]

Equity Investments in 50% or Less Owned Companies | Minimum | SEACOR Marine Foreign Holdings

20.00%

Nature Of Operations And Accounting Policies [Line Items]

Equity Investments in 50% or Less Owned Companies | Maximum

50.00%

Nature Of Operations And Accounting Policies [Line Items]

Nature Of Operations And Accounting Policies [Line Items]

50.00%

UNITED STATES

Number of vessels | Vessel

Number of vessels leased-in | Vessel

Number of vessels managed-in | Vessel

Nature Of Operations And Accounting Policies [Line Items]

$ 131,237,000

125,629,000

123,201,000

Africa and Europe

Number of vessels | Vessel

Number of vessels leased-in | Vessel

Nature Of Operations And Accounting Policies [Line Items]

$ 193,273,000

149,234,000

194,512,000

Middle East and Asia

Nature Of Operations And Accounting Policies [Line Items]

$ 197,301,000

254,543,000

286,165,000

Latin America

$ 135,094,000

$ 176,347,000

$ 117,457,000

[1]	On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.
[2]	On September 29, 2022, the Company sold an AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC that it did not already own and consolidated the net assets thereof. See details below.

Nature of Operations and Accounting Policies - Schedule Of Deferred Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Nature Of Operation And Accounting Policies [Abstract]
Balance at beginning of year	$ 321	$ 3,307	$ 4,755
Revenues deferred during the year		510	2,042
Revenues recognized and reclassifications during the year	$ (321)	(3,496)	(3,490)
Balance at end of year		$ 321	$ 3,307

Nature of Operations and Accounting Policies - Schedule Of Cash, Cash Equivalents And Restricted Cash From Continuing Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Nature Of Operation And Accounting Policies [Abstract]
Cash	$ 39,963	$ 37,619
Restricted cash	3,082	3,601
Total	$ 43,045	$ 41,220

Nature of Operations and Accounting Policies - Summary of Property and Equipment from Continuing Operations (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 967,683

^[1]

$ 1,008,080

^[1]

$ 1,012,873

(310,778)

(302,328)

(291,538)

Offshore Support Vessels, Anchor Handling Towing Supply

656,905

705,752

$ 721,335

^[1],[2]

27,281

49,632

^[2]

(18,139)

(33,200)

^[2]

9,142

16,432

Fast Support Vessels

^[1],[3]

354,473

362,309

^[3]

(130,599)

(116,878)

^[3]

223,874

245,431

^[1],[4]

295,875

282,243

^[4]

(36,112)

(20,613)

Offshore Support Vessels, Specialty

^[4]

259,763

261,630

^[1]

3,163

(3,138)

Offshore Support Vessels, Liftboats

^[1]

264,142

289,283

(102,156)

(108,364)

General Machinery and Spares

161,986

180,919

^[1]

10,148

8,814

(8,565)

(8,463)

Property, Plant and Equipment, Other Types

1,583

351

^[1],[5]

12,601

12,636

^[5]

(12,069)

(11,672)

^[5]

$ 532

$ 964

[1]	Includes property and equipment acquired in business acquisitions at acquisition date fair value and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans.
[2]	Anchor Handling Towing Supply vessels (“AHTS”).
[3]	Fast support vessels (“FSVs”).
[4]	Platform support vessels (“PSVs”).
[5]	Includes buildings, leasehold improvements, vehicles and other property and equipment.

Nature of Operations and Accounting Policies - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 446,541	$ 401,836	$ 478,924
Other comprehensive income (loss)	(1,208)	5,265	1,242
Balance	379,146	446,541	401,836
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	10,783	6,797	4,685
Other comprehensive income (loss)	(4,451)	3,986	2,112
Balance	6,332	10,783	6,797
Accumulated (Losses) Gains, Net, Cash Flow Hedge, Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(2,728)	(4,007)	(3,137)
Other comprehensive income (loss)	3,243	1,279	(870)
Balance	515	(2,728)	(4,007)
AOCI Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	8,055	2,790	1,548
Other comprehensive income (loss)	(1,208)	5,265	1,242
Balance	6,847	8,055	2,790
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(1,445)	(1,445)	(1,445)
Balance	(1,445)	(1,445)	(1,445)
Accumulated Loss, Net, Cash Flow Hedge, Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	(11)	(11)	(11)
Balance	(11)	(11)	(11)
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	5,265	1,242	18,336
Other comprehensive income (loss)	(1,208)	5,265	1,242
Balance	$ (1,208)	$ 5,265	$ 1,242

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

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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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Transformation, Facility Restructuring and Severance Charges - Additional Information (Details) - Transformation Plan - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Restructuring Cost And Reserve [Line Items]
Restructuring and related activities, description	The transformation plan, which began in the third quarter of 2019 and extended through the third quarter of 2020 (the “Transformation Plan”), included a workforce reduction, organization restructuring, facility consolidations and other cost reduction measures and efficiency initiatives across the Company’s geographic regions.
Restructuring Costs	$ 4,900,000
Accrued liabilities associated with plan	$ 0		$ 0
Restructuring charges		$ 1,187,000
Severance charges		1,100,000
Other restructuring charges		$ 62,000

Transformation, Facility Restructuring and Severance Charges - Schedule of Components of Restructuring Charges (Details) - Transformation Plan $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Restructuring Cost And Reserve [Line Items]
Severance Charges	$ 1,125
Other Charges	62
Total Charges	1,187
UNITED STATES
Restructuring Cost And Reserve [Line Items]
Severance Charges	275
Other Charges	31
Total Charges	306
Africa and Europe, Continuing Operations
Restructuring Cost And Reserve [Line Items]
Severance Charges	185
Total Charges	185
Middle East and Asia
Restructuring Cost And Reserve [Line Items]
Severance Charges	665
Other Charges	31
Total Charges	$ 696

Business Acquisitions - Additional Information (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2021 Vessel shares	Dec. 31, 2021 USD ($) Vessel shares
OSV Partners Merger Agreement \| Common Stock [Member] \| Merger Consideration
Business Acquisition [Line Items]
Common stock issued	1,567,935
OSV Partners \| Merger Agreement \| Common Stock [Member] \| Limited Partner
Business Acquisition [Line Items]
Common stock issued		1,567,935
OSV Partners \| Merger Agreement \| Common Stock [Member] \| Merger Consideration
Business Acquisition [Line Items]
Common stock issued		1,567,935
OSV Partners \| OSV Partners Merger Agreement \| Limited Partner
Business Acquisition [Line Items]
Business combination, assumed and guarantee amount \| $		$ 18.1
OSV Partners \| OSV Partners Merger Agreement \| Limited Partner \| Platform Supply Vessels
Business Acquisition [Line Items]
Number of vessels owned \| Vessel	5	5
Business acquisition ownership, percentage	100.00%	100.00%
Average age of vessels	7 years
OSV Partners \| OSV Partners Merger Agreement \| Common Stock [Member] \| Merger Consideration
Business Acquisition [Line Items]
Common stock issued	531,872
OSV Partners \| OSV Partners Merger Agreement \| Common Stock [Member] \| PIK Loan Consideration \| Limited Partner
Business Acquisition [Line Items]
Common stock issued	1,036,063

Business Acquisitions - Summary of Purchase Price Allocation of Acquired Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Schedule Of Investments [Line Items]
Equity Investment	$ (3,024)	$ (71,727)
OSV Partners
Schedule Of Investments [Line Items]
Current Assets		6,181
Fixed Assets		35,176
Current Liabilities		(2,186)
Long-Term Liabilities		(15,962)
Total Cost Basis for Purchase		23,209
Purchase Price		(5,331)
Acquisition costs		(598)
Equity Investment		(17,280)
Total Cost Basis for Purchase		$ (23,209)

Note Receivable - Additional Information (Details) - USD ($)			12 Months Ended
	Sep. 29, 2022	Dec. 16, 2016	Dec. 31, 2022	Dec. 31, 2021
Accounts Notes And Loans Receivable [Line Items]
Prepayment of outstanding loan			$ 2,271,000	$ 755,000
Restricted cash			3,082,000	$ 3,601,000
MexMar Original Facility Agreement
Accounts Notes And Loans Receivable [Line Items]
Loan balance due			$ 15,000,000.0
MexMar Original Facility Agreement \| Term Loan
Accounts Notes And Loans Receivable [Line Items]
Outstanding principal of loan	$ 28,800,000
MexMar Second Amended and Restated Term Loan Credit Facility Agreement \| Term Loan
Accounts Notes And Loans Receivable [Line Items]
Debt instrument, maturity date		Jan. 23, 2025
Interest rate		4.70%
MexMar Third A&R Facility Agreement \| Term Loan
Accounts Notes And Loans Receivable [Line Items]
Outstanding principal of loan	20,000,000.0
Prepayment of outstanding loan	$ 8,800,000
Debt instrument, maturity date	Sep. 30, 2023
Interest rate	5.00%
Frequency of principal repayment	four quarterly installments		four quarterly installments
Principal repayment of loan	$ 5,000,000.0
Minimum \| MexMar Second Amended and Restated Term Loan Credit Facility Agreement \| Term Loan
Accounts Notes And Loans Receivable [Line Items]
Restricted cash		$ 10,000,000.0
Minimum \| MexMar Third A&R Facility Agreement \| Term Loan
Accounts Notes And Loans Receivable [Line Items]
Restricted cash	$ 2,500,000

Equipment Acquisitions and Dispositions - Additional Information (Details)
$ in Thousands, £ in Millions

12 Months Ended

Jan. 12, 2021

GBP (£)

Jan. 12, 2021

USD ($)

Dec. 31, 2022

USD ($)

Vessel

Dec. 31, 2021

USD ($)

Vessel

Dec. 31, 2020

USD ($)

Vessel

Capital expenditures and payments on equipment

$ 500

$ 7,000

$ 20,800

^[1]

^[2]

Property plant equipment consideration transferred

$ 6,734

$ 30,137

$ 20,674

30,100

Proceeds from disposition of property and equipment

$ 6,734

30,137

$ 20,674

Falcon Global U S A Term Loan Facility

Reduced of debt under credit facility

$ 22,500

Crew Transfer Vessels

Sale of equity percentage

100.00%

Aggregate purchase price | £

£ 32.8

Issuance of stock

$ 42,600

Debt outstanding under revolving credit facility | £

£ 20.4

Acquired | Vessel

Number of additional joint ventures held interests | Vessel

Windcat Workboats

Gain (loss) on disposition of property, plant and equipment

22,756

Proceeds from disposition of property and equipment

38,715

$ 38,715

Vessel Under Construction

Gain (loss) on disposition of property, plant and equipment

$ 1,200

Proceeds from property, plant, and equipment, including deposits and gain on sale

21,600

Proceeds from disposition of property and equipment

20,700

Proceeds from deposits

900

$ 20,700

Vessel under Construction and Other Equipment

Specialty Vessel

Fast Support Vessels

Impairment charges

$ 900

Capital expenditures and payments on equipment

$ 14,400

^[1]

^[2]

Proceeds from disposition of property and equipment

$ 6,700

6,700

Platform Supply Vessels And Fast Support Vessels

Gain (loss) on disposition of property, plant and equipment

$ 2,200

$ 20,900

Proceeds from disposition of property and equipment

25,000

$ 25,000

Liftboats

SEACOR Marlin LLC | Platform Supply Vessels

Business acquisition ownership, percentage

100.00%

Maximum | Equity Investments in 50% or Less Owned Companies

50.00%

[1]	Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).
[2]	Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.

Equipment Acquisitions and Dispositions - Schedule of Vessel Acquired and Disposed (Details)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

^[1]

^[2]

^[3]

^[4]

^[5]

^[3]

^[5]

Fast Support Vessels

^[3]

^[4]

^[5]

^[1]

^[2]

Offshore Support Vessels, Liftboats

^[4]

^[5]

^[3]

^[4]

^[5]

Specialty Vessel

^[5]

[1]	Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).
[2]	Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.
[3]	Excludes one specialty vessel that was previously removed from service.
[4]	Excludes four liftboats that were previously removed from service.
[5]	Excludes three vessels that were previously removed from service (two AHTS and one specialty vessel).

Equipment Acquisitions and Dispositions - Schedule of Vessel Acquired and Disposed (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2022 Vessel	Dec. 31, 2021 Vessel	Dec. 31, 2020 Vessel
Property Plant And Equipment [Line Items]
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions			3
Platform Supply Vessels
Property Plant And Equipment [Line Items]
Number of equipment acquired excludes from deliveries of offshore support vessels		5	7
Crew Transfer Vessels
Property Plant And Equipment [Line Items]
Number of equipment held for sale excluded from deliveries of offshore support vessels			3
Offshore Support Vessels, Liftboats
Property Plant And Equipment [Line Items]
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions		4
Anchor Handling Towing Supply
Property Plant And Equipment [Line Items]
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions			2
Specialty Vessel
Property Plant And Equipment [Line Items]
Number of Equipment Removed from Service Excludes from Major Equipment Dispositions	1		1

Equipment Acquisitions and Dispositions - Schedule of Gain on Sale of Windcat Workboats (Details) - USD ($) $ in Thousands			12 Months Ended
	Sep. 29, 2022	Jan. 12, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Transactions Fees and other Costs	$ 1,159
Total Net Proceeds			$ 6,734	$ 30,137	$ 20,674
Windcat Workboats
Property Plant And Equipment [Line Items]
Proceeds From Sale Of Property Plant And Equipment Gross		$ 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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Sep. 30, 2022

$ 3,024

$ 71,727

Current assets

132,576

111,013

Current liabilities

121,425

84,665

217,325

170,941

$ 141,837

Operating (Loss) Income

(71,649)

33,137

(83,346)

$ (71,649)

33,137

(82,982)

^[1]

49.00%

^[1]

$ 0

59,940

49.00%

^[2]

100.00%

^[2]

$ 0

6,958

Offshore Vessel Holdings

^[1]

49.00%

^[1]

$ 0

1,847

Seabulk Angola

49.00%

$ 1,683

1,081

SEACOR Marine Arabia

45.00%

Other Offshore Marine Services Joint Ventures

$ 1,265

1,821

Other Offshore Marine Services Joint Ventures | Minimum

$ 76

Other Offshore Marine Services Joint Ventures | Maximum

20.00%

All Other Excluding MexMar, Falcon Global, Sea-Cat Crewzer and Sea-Cat Crewzer II

50.00%

Current assets

$ 24,699

119,559

Noncurrent assets

266

181,712

Current liabilities

17,070

93,304

Noncurrent liabilities

65,902

Operating and administrative

133,740

156,579

160,781

90,678

139,313

142,228

Depreciation

21,434

23,524

27,044

Costs and expenses

112,112

162,837

169,272

Operating (Loss) Income

21,628

(6,258)

(8,491)

$ 15,057

$ 41,798

$ (18,229)

[1]	On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.
[2]	On September 29, 2022, the Company sold an AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC that it did not already own and consolidated the net assets thereof. See details below.

Investments, at Equity, and Advances to 50% or Less Owned Companies - Additional Information (Details)

12 Months Ended

Sep. 29, 2022

USD ($)

Vessel

Dec. 10, 2021

USD ($)

Dec. 09, 2021

USD ($)

Jul. 23, 2021

USD ($)

Vessel

Jun. 01, 2021

USD ($)

Vessel

Dec. 28, 2018

USD ($)

Dec. 20, 2018

USD ($)

Sep. 13, 2018

USD ($)

Dec. 31, 2022

USD ($)

Vessel

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Equipment

Sep. 30, 2022

Consolidated retained earnings

$ 2,300,000

Proceeds from divestiture of interest in joint venture

$ 9,442,000

$ 0

$ 7,000,000

Proceeds from sale of investment in equity investees

66,000,000

$ 66,000,000

Gain on sale recognized, amount

$ 788,000

Subsidiaries of CME

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Prior to the Closing of the Framework Agreement Transactions | OTM

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Revenue from related parties

$ 0

$ 200,000

300,000

^[1]

49.00%

MexMar | Prior to the Closing of the Framework Agreement Transactions

MexMar | Offshore Support Vessels

49.00%

Number of equipment operated | Vessel

Equity method investment, ownership, percent sold

$ 1,100,000

2,500,000

51.00%

Proceeds from divestiture of interest in joint venture

$ 8,000,000.0

Gain (loss) on disposition of business

$ 400,000

49.00%

^[2]

100.00%

SEACOR Marine Arabia and other

Revenue from related parties

$ 2,000,000.0

2,000,000.0

2,100,000

$ 0

Mexmar Offshore International

Mexmar Offshore International | Subsidiaries of CME

50.00%

Noncontrolling interest, ownership percentage by noncontrolling owners

49.00%

51.00%

Mexmar Offshore International | Maximum

Mexmar Offshore International | UP Offshore

50.00%

Percentage of gain from equity earnings

Purchase price

$ 30,200,000

50.00%

Gain on equity earnings

$ 2,600,000

Mexmar Offshore International | Offshore Support Vessels, Supply

Number of vessels sold | Vessel

MEXMAR Offshore

Received distribution from joint ventures

Gain on equity earnings

$ 2,600,000

12,000,000.0

Aggregate purchase price

$ 9,400,000

Transferred equity interest

49.00%

Equity interest transferred consideration and transaction fee.

$ 200,000

$ 5,000,000.0

Offshore Vessel Holdings

Payments to acquire interest in joint venture

^[1]

49.00%

$ 4,900,000

Offshore Vessel Holdings | Subsidiaries of CME

$ 10,000,000.0

Financing agreement

$ 2,400,000

Management fees

$ 0

$ 1,000,000.0

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Offshore Vessel Holdings | Subsidiaries Of OVH

Noncontrolling Interest, ownership percentage by parent

49.00%

Offshore Vessel Holdings | Offshore Support Vessels, Supply

Number of equipment operated | Equipment

Offshore Vessel Holdings | Jack up Drillings [Member]

Number of equipment operated | Equipment

Offshore Vessel Holdings | F S V Offshore Support Vessels

Number of equipment operated | Equipment

OVH and OPEM

Forgiveness of accrued interest

Settled loan

$ 10,000,000.0

Early repayment of debt

10,500,000

$ 4,100,000

[1]	On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.
[2]	On September 29, 2022, the Company sold an AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC that it did not already own and consolidated the net assets thereof. See details below.

Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Gain on Sale of Equity Investments (Details) - USD ($) $ in Thousands		12 Months Ended
	Sep. 29, 2022	Dec. 31, 2022
Schedule Of Investments [Abstract]
Proceeds from sale of investment in equity investees	$ 66,000	$ 66,000
51% ownership in SEACOR Marlin Joint Venture	7,000
Hybrid Battery Power System	1,394
Transactions Fees and other Costs	1,159
Total Net Proceeds	73,235
Less: Net Equity in MexMar and OVH Joint Ventures	65,546
Less: Net Book Value of SEACOR Davis	5,507
Less: OVH Note Receivable	1,394
Gain on Sale of MexMar, OVH and Other Assets	$ 788

Construction Reserve Funds - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) ExtensionPeriod	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Restricted Cash And Investments [Abstract]
Construction reserve funds commitment period	3 years
Number of extension period \| ExtensionPeriod	2
Construction reserve funds extension period	1 year
Short-term construction reserve funds	$ 0	$ 0
Construction reserve fund withdrawals	$ 0	$ 4,200,000	$ 9,100,000

Leases - Additional Information (Details)

12 Months Ended

Dec. 31, 2022

USD ($)

Vessel

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Right-of-use asset - operating leases

$ 6,206,000

$ 6,608,000

Operating Lease, Liability

^[1]

7,097,000

Accumulated deficit

(93,111,000)

(22,907,000)

Operating lease, impairment loss

$ 700,000

$ 0

$ 5,900,000

Number of operating leases impaired

Number of operating leases on equipment | Vessel

Vessels | Minimum

11 months

Vessels | Maximum

Other Equipment | Minimum

51 months

Other Equipment | Maximum

6 months

Machinery and Equipment | Maximum

288 months

Operating lease payments due

12 months

[1]	In January 2023, the Company terminated an agreement for one leased-in AHTS that will result in a $0.7 million reduction of operating lease payments in 2023.

Leases - Summary of Future Minimum Payments For Leases (Details) - USD ($)
$ in Thousands

Dec. 31, 2022

Dec. 31, 2021

Operating Leases

2023

^[1]

$ 2,745

2024

^[1]

1,582

2025

^[1]

619

2026

^[1]

459

2027

^[1]

400

Years subsequent to 2027

^[1]

3,214

^[1]

9,019

Interest component

^[1]

(1,922)

Total operating leases

^[1]

7,097

Current portion of operating lease liabilities

2,358

^[1]

$ 1,986

Long-term operating lease liabilities

4,739

^[1]

4,885

Finance Leases

726

946

959

953

4,659

8,243

(994)

7,249

Current portion of finance lease liabilities

468

Long-term finance lease liabilities

$ 6,781

$ 76

[1]	In January 2023, the Company terminated an agreement for one leased-in AHTS that will result in a $0.7 million reduction of operating lease payments in 2023.

Leases - Summary of Future Minimum Payments For Leases (Parenthetical) (Details) $ in Millions	1 Months Ended
	Jan. 31, 2023 USD ($)
Subsequent Event [Member]
Operating Leased Assets [Line Items]
Reduction of operating lease payments upon termination of agreement for one lease	$ (0.7)

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Leases [Abstract]

Operating lease cost

$ 3,162

$ 5,174

Finance lease cost:

Amortization of finance lease asset

^[1]

545

Interest on lease liabilities

^[2]

246

Short-term lease costs

707

911

Total lease expense

$ 4,660

$ 6,116

[1]	Included in amortization costs in the consolidated statements of income (loss).
[2]	Included in interest expense in the consolidated statements of income (loss).

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 2,384
Financing cash outflows from finance leases	351	$ 30
Right-of-use assets obtained for operating lease liabilities	2,363
Right-of-use assets obtained for finance lease liabilities	$ 7,248

Leases - Summary of Other Information Related to Leases (Details)	Dec. 31, 2022
Leases [Abstract]
Weighted average remaining lease term, in years - operating leases	9 years 2 months 12 days
Weighted average remaining lease term, in years - finance leases	4 years 2 months 12 days
Weighted average discount rate - operating leases	6.50%
Weighted average discount - finance leases	4.00%

Long Term Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 363,794	$ 400,955
Current portion due within one year	(61,512)	(31,602)
Unamortized debt discount	(37,511)	(33,398)
Deferred financing costs	(4,652)	(3,193)
Long-term debt, less current portion	260,119	332,762
Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	358,294	395,455
Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,500	5,500
Old Convertible Notes \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross		125,000
Guaranteed Notes \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	90,000
New Convertible Notes
Debt Instrument [Line Items]
Unamortized debt discount	(4,900)
New Convertible Notes \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	35,000
SEACOR Marine Foreign Holdings Credit Facility \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	67,910	86,470
Sea-Cat Crewzer III Term Loan Facility \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	16,703	19,178
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	16,205	18,705
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	77,537	86,316
SEACOR Alpine Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	27,790	29,734
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
Tarahumara Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,597	6,500
SEACOR Offshore OSV \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 16,052	$ 18,052

Long Term Debt - Schedule of Long-term Debt Obligations (Parenthetical) (Details)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

^[1]

Dec. 31, 2020

Vessel

SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing | SEACOSCO Offshore LLC

^[2]

[1]	Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).
[2]	Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.

Long Term Debt - Schedule of Long-term Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 61,512
2024	66,656
2025	23,951
2026	162,897
2027	11,365
Years subsequent to 2027	37,413
Long-term Debt, Gross	$ 363,794	$ 400,955

Long Term Debt - Additional Information (Details)
$ / shares in Units, € in Millions

3 Months Ended

12 Months Ended

Dec. 22, 2022

USD ($)

Oct. 05, 2022

USD ($)

$ / shares

Sep. 29, 2022

USD ($)

Aug. 02, 2022

USD ($)

Jul. 23, 2021

USD ($)

Jun. 29, 2021

USD ($)

Jun. 24, 2021

USD ($)

Jun. 18, 2021

USD ($)

Jun. 10, 2021

USD ($)

Liftboat

Dec. 18, 2020

USD ($)

Sep. 26, 2018

USD ($)

May 02, 2018

USD ($)

$ / shares

Dec. 01, 2015

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

Vessel

$ / shares

Sep. 30, 2022

Jun. 30, 2022

Dec. 31, 2022

USD ($)

Vessel

$ / shares

Dec. 31, 2021

USD ($)

Vessel

$ / shares

Dec. 31, 2020

USD ($)

Dec. 31, 2019

Vessel

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Dec. 31, 2016

USD ($)

Jun. 30, 2020

USD ($)

Jun. 29, 2020

Vessel

Oct. 31, 2018

USD ($)

Jul. 05, 2018

USD ($)

Apr. 21, 2016

EUR (€)

^[1]

^[2]

Gain on troubled debt restructuring, increase of basic earnings per share | $ / shares

$ 38,152,000

$ 78,124,000

$ 22,601,000

$ 2.44

Gain on troubled debt restructuring, increase of diluted earnings per share | $ / shares

$ 2.43

Debt instrument, increase (decrease), net,

$ 30,100,000

Gain on troubled debt restructuring

(10,429,000)

$ (61,994,000)

$ 0

Number of additional vessels owned | Vessel

Cash and Cash Equivalents

$ 43,045,000

41,220,000

Class of warrant or right, exercise price of warrants or rights | $ / shares

$ 0.01

Amortization of debt discount and issue costs

$ 37,511,000

33,398,000

4,000,000.0

5,000,000.0

Contractual interest expense

4,000,000.0

5,300,000

Total interest expense

8,000,000.0

$ 10,300,000

Long-term Debt Obligation

Letters of credit outstanding, amount

$ 1,100,000

Convertible Senior Notes Converted to Warrants | Carlyle Group

Class of warrant or right, exercise price of warrants or rights | $ / shares

37.73

$ 0.01

Debt conversion, converted instrument, shares issued | shares

$ 50,000,000

1,886,792

Debt instrument, convertible, conversion price | $ / shares

$ 26.50

$ 1,000

Carlyle Warrants

Class of warrant or right, exercise price of warrants or rights | $ / shares

$ 0.01

Warrants and rights outstanding, term

25 years

Maximum | Carlyle Group

$ 50,000,000.0

Term Loan to Acquire One Vessel

^[1]

^[2]

Term loan fixed interest percentage rate

6.00%

Debt instrument, maturity year

2025

Conditional Payoff Agreement

$ 6,500,000

Number of lift boats released from mortgages and security arrangements | Liftboat

$ 27,500,000

$ 50,000,000.0

Reimbursement amount

$ 2,500,000

Gain on restructuring of debt

$ 62,000,000.0

Conditional Payoff Agreement | Redeemed Prior to October 1, 2023

4,600,000

Conditional Payoff Agreement | Redeemed On or After October 1, 2024

25,000,000.0

Conditional Payoff Agreement | Redeemed On or After October 1, 2023 but Prior to October 1, 2024

$ 2,500,000

Deferred Purchase Agreements | SEACOR Offshore Delta (f/k/a SEACOSCO)

$ 22,500,000

Purchase price payable for equity method investment in first year

$ 1,000,000.0

Purchase price payable for equity method investment in second year

2,500,000

Purchase price payable for equity method investment in third year

2,500,000

Purchase price payable for equity method investment in fourth year

$ 13,700,000

Purchase price fixed accrued interest rate in first year

1.50%

Purchase price fixed accrued interest rate in second year

7.00%

Purchase price fixed accrued interest rate in third year

7.50%

Purchase price fixed accrued interest rate in fourth year

8.00%

Deferred Purchase Agreements | SEACOR Offshore Delta (f/k/a SEACOSCO) | Platform Supply Vessels

Number of vessels delivered to the company | Vessel

Deferred Purchase Agreements | SEACOR Offshore Delta LLC | Platform Supply Vessels

Business acquisition, aggregate amount outstanding

$ 100,800,000

Business acquisition, amortization period of purchase price

10 years

Debt instrument, description of floating interest rate basis

three-month LIBOR plus 4.0

Debt instrument, basis spread on floating interest rate

4.00%

Tax Refund Agreement

Estimated tax refund receivable

$ 31,200,000

Sale And Purchase Agreement | SEACOR Offshore Delta (f/k/a SEACOSCO) | Platform Supply Vessels

Sale And Purchase Agreement | SEACOR Offshore Delta LLC

Purchase price payable for membership interest

28,200,000

Purchase price payable to sellers at closing of transaction

$ 8,400,000

Sale And Purchase Agreement | SEACOR Offshore Delta LLC | Merger Agreement

Percentage of voting interests acquired

50.00%

SEACOR Offshore OSV

Line of credit facility assumed and guaranteed

$ 18,100,000

Number of vessels acquired | Vessel

SEACOR Offshore OSV | Tranche A

Credit facility quarterly principal payments

$ 330,450

$ 500,000

Credit facility, interest rate

4.75%

4.68%

Credit facility, maturity date

Mar. 31, 2026

Dec. 31, 2023

SEACOR Offshore OSV | Tranche A | DNB Capital LLC

SEACOR Offshore OSV | Tranche B | Comerica Bank

$ 10,900,000

Term and Revolving Loan Facility | Conditional Payoff Agreement

$ 5,600,000

Line of credit facility, outstanding amount

$ 117,300,000

SEACOR Alpine Shipyard Financing

Number of vessels acquired | Vessel

Percentage of amount of loan financed

5.00%

70.00%

Debt instrument, term of delivery

4 years

Loan Facility With DNB Bank ASA

Line of credit facility, maximum borrowing capacity

130,000.0

Principal repayment of loan

3,300,000

Loan Facility With DNB Bank ASA | Interest Rate Swap

Other DNB Credit Facilities

$ 65,000,000.0

Repayments of lines of credit

101,300,000

Long-term debt, total

99,900,000

Interest payable

1,400,000

Gain on troubled debt restructuring

$ 600,000

SEACOR Marine Foreign Holdings Credit Facility

Line of credit facility, outstanding amount

$ 74,700,000

Repayments of lines of credit

$ 5,300,000

Cash and Cash Equivalents, Percentage

35.00%

21.70%

Cash and Cash Equivalents

$ 62,100,000

SEACOR Marine Foreign Holdings Credit Facility | Tranche A

SEACOR Marine Foreign Holdings Credit Facility | Tranche B

Sep. 30, 2023

Loan principal amount

$ 19,800,000

SEACOR Marine Foreign Holdings Credit Facility | SOFR | Tranche B

Loan principal amount

$ 54,900,000

Debt instrument, extended maturity date

Sep. 30, 2023

Mar. 31, 2026

Margin percentage

4.75%

SEACOR Marine Foreign Holdings Credit Facility | Minimum

Cash and Cash Equivalents, Percentage

7.50%

Cash and Cash Equivalents

$ 35,000,000.0

SEACOR Marine Foreign Holdings Credit Facility | Minimum | Tranche A

SEACOR Marine Foreign Holdings Credit Facility | Maximum | Tranche A

Margin percentage

3.75%

Convertible Senior Notes due 2023 (Old Convertible Notes)

Margin percentage

4.75%

4.25%

3.75%

$ 125,000,000.0

$ 175,000,000.0

Embedded derivative, fair value of embedded derivative liability

23.26

$ 27,300,000

9.29%

7.95%

$ 1,000

Total net carrying amount

$ 10,200,000

Issuance costs

600,000

$ 114,200,000

Senior PIK Toggle Notes due 2026

Senior PIK Toggle Notes due 2026 | Minimum

$ 90,000,000.0

Senior PIK Toggle Notes due 2026 | Maximum

8.00%

Convertible Senior Notes due 2026

9.50%

4.25%

$ 35,000,000.0

Guaranteed Notes

Jul. 01, 2026

Debt instrument, redemption, description

$ 90,000,000.0

Convertible notes outstanding

$ 50,000,000.0

Guaranteed Notes | Cash Interest

Guaranteed Notes | Hybrid Interest

8.00%

Guaranteed Notes | Hybrid Interest Payment in Cash

9.50%

Guaranteed Notes | Hybrid Interest Payment in Kind

4.25%

Guaranteed Notes | Minimum

5.25%

Notes redeemable denomination amount

$ 10,000,000.0

Guaranteed Notes | Redeemed Prior to October 1, 2023

Guaranteed Notes | Redeemed On or After October 1, 2024

102.00%

Guaranteed Notes | Redeemed On or After October 1, 2023 but Prior to October 1, 2024

100.00%

101.00%

Old Convertible Notes

Jul. 01, 2026

$ 35,000,000.0

$ 125,000,000.0

Debt instrument, convertible, conversion price | $ / shares

85.1064

$ 11.75

4.25%

Debt instrument, conversion description

$ 1,000

SEACOR Marine has the right to cause the mandatory conversion of the New Convertible Notes into Common Stock if the daily VWAP of the Common Stock equals or exceeds (A) in the case of New Convertible Notes held by affiliates of Carlyle, 150% of the Conversion Price and (B) in the case of New Convertible Notes held by any Person other than Carlyle, 115% of the Conversion Price, in each case for each of the 20 consecutive trading days.

Debt instrument, percentage of new convertible notes to be purchased

100.00%

Debt instrument, percentage of new convertible notes to be redeemed

100.00%

Old Convertible Notes | Carlyle Group

Old Convertible Notes | Other Than Carlyle

150.00%

115.00%

New Convertible Notes

Jul. 01, 2026

Debt instrument, convertible, conversion price | $ / shares

9.46%

$ 11.75

4.25%

Debt instrument, conversion description

$ 1,000

Debt instrument, percentage of new convertible notes to be purchased

100.00%

Debt instrument, percentage of new convertible notes to be redeemed

100.00%

Total net carrying amount

$ 4,900,000

Issuance costs

600,000

$ 29,500,000

29,500,000

Amortization of debt discount and issue costs

300,000

Contractual interest expense

700,000

Total interest expense

$ 1,000,000.0

New Convertible Notes | Carlyle Group

New Convertible Notes | Other Than Carlyle

150.00%

115.00%

Sea-Cat Crewzer III

$ 3,100,000

Debt instrument, face amount | €

2.76%

€ 27.6

Proceeds from issuance of debt

$ 7,100,000

$ 22,800,000

Debt issuance costs, gross

$ 2,700,000

Term Loan to Acquire Two Vessels

Term Loan to Acquire Two Vessels | Interest Rate Swap

$ 11,000,000.0

$ 5,500,000

SEACOR 88/888 Term Loan

Percentage of debt obligations outstanding

Long-term debt

$ 5,500,000

50.00%

SEACOR 88/888 Term Loan | Minimum | SOFR

Credit facility, interest rate

3.75%

SEACOR 88/888 Term Loan | Maximum | SOFR

Credit facility, interest rate

4.75%

[1]	Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).
[2]	Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.

Long Term Debt - Schedule of Gain on Transactions Under Conditional Payoff Agreement (Details) - USD ($) $ in Thousands			12 Months Ended
	Jun. 24, 2021	Jun. 10, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 363,794	$ 400,955
Unamortized debt discount			(37,511)	(33,398)
Cash Paid			$ (38,152)	$ (78,124)	$ (22,601)
Conditional Payoff Agreement
Debt Instrument [Line Items]
Unamortized debt discount	$ (4,600)
Current Liabilities	112,749
Transaction Fees	(755)
Cash Paid	(27,500)	$ (50,000)
Hull and Machinery Insurance Proceeds	(22,500)
Gain on Troubled Debt Restructuring	61,994
Falcon Global U S A Term Loan Facility \| Conditional Payoff Agreement
Debt Instrument [Line Items]
Long-term Debt, Gross	102,349
Falcon Global USA Revolver \| Conditional Payoff Agreement
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 15,000

Income Taxes - Additional Information (Details) - USD ($)		12 Months Ended
	Jun. 26, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Income tax refunds				$ 1,600,000
Interest received on cash refunds	$ 1,100,000
Income tax benefit and equity in earnings (losses)		50.00%
Foreign tax credits				300,000
Tax refund				$ 400,000
Effective income tax rate reconciliation, percent, total		12.30%	173.40%	(23.40%)
Effective income tax rate reconciliation, at federal statutory income tax rate, percent		21.00%	21.00%	21.00%
Suspended interest deductible		$ 4,600,000	$ 4,600,000
Interest expense carryforward			$ 2,200,000
Interest expense suspended, limitation percentage			30.00%	50.00%
Operating loss carryforwards, percentage of taxable income, utilization limitation		80.00%		50.00%
Operating loss carryforwards, total		$ 70,600,000
Operating loss carryforwards, expiration period		20 years
Operating loss carry forwards expiration year		2037
Operating loss carryforwards, valuation allowance, total		$ 2,500,000
Tax Refund Agreement
Income Taxes [Line Items]
Income tax refunds	$ 32,300,000
Percentage of net operating losses facilitate tax savings	35.00%
Transaction fee	$ 3,000,000.0
Cash tax refunds without restrict to use			$ 23,100,000
Cash tax refunds with restrict to use			$ 8,100,000

Income Taxes - Schedule of (Loss) Income before Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies	$ (70,078)	$ 6,627	$ (98,107)
United States
Income Taxes [Line Items]
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies	(48,037)	34,955	(83,560)
Foreign
Income Taxes [Line Items]
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies	(21,881)	(29,425)	(17,748)
Eliminations
Income Taxes [Line Items]
Income before income tax expense (benefit) and equity in earnings of 50% or less owned companies	$ (160)	$ 1,097	$ 3,201

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal, current	$ 90		$ (30,838)
State, current	(78)	$ 271	123
Foreign, current	8,473	6,362	5,533
Current income tax expense	8,485	6,633	(25,182)
Federal, deferred	7	4,892	2,435
State, deferred	90	(32)	(139)
Foreign, deferred			(38)
Deferred income tax benefit	97	4,860	2,258
Income Tax Expense (Benefit)	$ 8,582	$ 11,493	$ (22,924)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%	21.00%	21.00%
Exclusion of foreign subsidiaries with current year losses and withholding tax	20.80%	141.60%	7.70%
U.S. federal income tax law changes			(11.80%)
Non-Deductible Expenses	0.30%	0.40%
JV equity earnings		3.80%	(0.30%)
Sale of investments in 50% or less owned companies	11.10%
Noncontrolling interests			1.30%
Return to provision		0.40%	(0.40%)
State Taxes		2.70%	(0.10%)
Subpart F Income	0.70%	2.00%	0.30%
Share Award Plans	0.30%	1.50%	0.30%
Other	0.10%		0.60%
Effective Tax Rate	12.30%	173.40%	(23.40%)

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit and equity in earnings (losses)	50.00%

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax liabilities:
Property and equipment	$ 56,618	$ 63,802
Other	6,094	3,459
Total deferred tax liabilities	62,712	67,261
Deferred tax assets:
Federal Net Operating Loss Carryforwards	14,822	20,312
Other	9,619	8,803
Total deferred tax assets	24,441	29,115
Valuation Allowance	(2,508)	(2,536)
Total deferred tax assets	21,933	26,579
Net deferred tax liabilities	$ 40,779	$ 40,682

Derivative Instruments and Hedging Strategies - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Designated as Hedging Instrument - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative Asset	$ 526
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Receivables Net Current
Derivative Liability		$ 1,831
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Derivative Liabilities Current

Derivative Instruments and Hedging Strategies - Additional Information (Details)
$ in Thousands, £ in Millions

12 Months Ended

Dec. 31, 2022

GBP (£)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Estimated fair value of derivative instruments from continuing operations

$ 500

Credit risk adjustment

100

Derivative gains (losses) on cash flow hedges

1,608

$ 219

$ (2,139)

Interest Rate Swap

Derivative gains (losses) on cash flow hedges

$ 1,608

219

(2,139)

Forward Exchange Contract | Windcat Workboats Holdings Ltd

Proceeds to be received from sale of business | £

£ 31.5

Equity Investments in 50% or Less Owned Companies | Maximum

Equity Investments in 50% or Less Owned Companies | Minimum

50.00%

Equity Investments in 50% or Less Owned Companies | Minimum | SEACOR Marine Foreign Holdings

20.00%

50.00%

^[1]

49.00%

Cash Flow Hedging

Derivative gains (losses) on cash flow hedges

$ 2,300

2,300

$ 700

Cash Flow Hedging | 3.32% Interest Rate Swap Agreement | Designated as Hedging Instrument | SEACOR Marine Foreign Holdings

Derivative, fixed interest rate

3.32%

Cash Flow Hedging | 3.195% Interest Rate Swap Agreement | Designated as Hedging Instrument | SEACOR Marine Foreign Holdings

$ 5,900

Derivative, fixed interest rate

3.195%

Cash Flow Hedging | Interest Rate Swap | Designated as Hedging Instrument | SEACOR 88/888

$ 31,900

Derivative, fixed interest rate

3.175%

Derivative Liabilities | Fair Value Hedging

$ 5,500

Recognized gain (loss) on hedged item in fair value hedge

$ 400

[1]	On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.

Derivative Instruments and Hedging Strategies - Effect of Derivative Instruments on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative gains (losses) on cash flow hedges	$ 1,608	$ 219	$ (2,139)
Interest Rate Swap
Derivative [Line Items]
Derivative gains (losses) on cash flow hedges	1,608	219	(2,139)
Joint Venture Interest Rate Swap
Derivative [Line Items]
Derivative gains (losses) on cash flow hedges	941	(588)	(156)
Interest Expense
Derivative [Line Items]
Reclassification of derivative losses on cash flow hedges	$ 694	$ 1,648	$ 1,425

Derivative Instruments and Hedging Strategies - Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Gains (losses) on derivative instruments	$ 392	$ 4,310
Embedded Derivative Financial Instruments
Derivative [Line Items]
Gains (losses) on derivative instruments	2	5,203
Foreign Exchange Option
Derivative [Line Items]
Gains (losses) on derivative instruments	$ 390	$ (893)

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Inputs, Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Asset	$ 526
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Receivables Net Current
Derivative Liability		$ 1,831
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Derivative Liabilities Current

Fair Value Measurements - Schedule of Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	$ 43,045	$ 41,220
Long-term debt, including current portion	321,631	364,364
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	43,045	41,220
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	$ 314,979	$ 372,992

Fair Value Measurements - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) Investment PropertyandEquipment
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment charges	$ 2,900,000	$ 0
Number of property and equipment with fair value \| PropertyandEquipment		0
Impairment of long-lived assets owned or leased in vessels	2,900,000	$ 0
Number of marked investments, at equity, in 50% or less owned companies \| Investment		1
Investments, at equity, in 50% or less owned companies	3,024,000	$ 71,727,000
Fast Support Vessel
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets held for sale	900,000
Anchor Handling Towing Supply
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets owned or leased in vessels	700,000
Tower and Gangway
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets held for sale	$ 1,300,000
50% or Less Owned Companies \| MEXMAR Offshore
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investments, at equity, in 50% or less owned companies		0
Investment owned, at fair value, in 50% or less owned company		12,000,000.0
Investment owned excess amount fair value, in 50% or less owned company		9,400,000
Investment owned, balance, in 50% or less owned company		$ 2,600,000

Warrants - Additional Information (Details) - $ / shares	Dec. 23, 2021	Dec. 31, 2022	Dec. 31, 2021
Class Of Warrant Or Right [Line Items]
Class of warrant or right, exercised during period	48,809
Class of warrant or right, exercise price per share		$ 0.01
Class of warrant or right, outstanding			1,439,483
Number of shares withheld in an exercise to purchase warrants as payment for the exercise	149
Warrants Transactions
Class Of Warrant Or Right [Line Items]
Class of warrant or right, exercise price per share		$ 0.01
Class of warrant or right, number of securities called by warrants or rights		2,560,456
Class of warrant or right, outstanding		1,439,483

Stockholders' Equity - Additional Information (Details)
$ in Thousands

12 Months Ended

Dec. 23, 2021

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Jun. 07, 2022

Dec. 31, 2019

USD ($)

Class of warrant or right, exercised during period

48,809

Class of warrant or right, outstanding

1,439,483

Number of shares withheld in an exercise to purchase warrants as payment for the exercise

149

Cumulative Effect of New Accounting Principle in Period of Adoption | $

^[1]

^[2]

Common stock value | $

$ 272

$ 262

379,146

446,541

$ 401,836

$ 478,924

Retained Earnings [Member]

Cumulative Effect of New Accounting Principle in Period of Adoption | $

$ (93,111)

$ (22,907)

$ (51,839)

$ 27,076

2020 Equity Incentive Plan

Common shares remaining available for issuance

6,005

Exchange Warrants

Class of warrant or right, outstanding

1,439,483

Number of shares withheld in an exercise to purchase warrants as payment for the exercise

149

OSV Partners | Merger Agreement | Common Stock [Member] | Limited Partner

OSV Partners | Merger Agreement | Common Stock [Member] | Merger Consideration

1,567,935

OSV Partners I | Merger Agreement | Common Stock [Member] | Merger Consideration

1,567,935

OSV Partners I | Merger Agreement | Common Stock [Member] | PIK Loan Consideration | Limited Partner

531,872

1,036,063

[1]	Excludes five PSVs acquired as part of the OSV Partners Acquisition (see “Note 3. Business Acquisitions”).
[2]	Excludes three CTVs as assets held for sale and seven PSVs acquired as part of the SEACOSCO Acquisition in 2020.

Noncontrolling Interests in Subsidiaries - Schedule of Noncontrolling Interests in the Company's Consolidated Subsidiaries (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Minority Interest [Line Items]
Noncontrolling interests in subsidiaries	$ 321	$ 320
VEESEA Holdings Inc.
Minority Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	1.80%
Noncontrolling interests in subsidiaries	$ 321	$ 320

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Savings and Multi-employer Pension Plans - Additional Information (Details) - USD ($) $ in Millions				12 Months Ended
	Jul. 01, 2022	Jan. 01, 2022	Jan. 01, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension And Other Postretirement Benefits Disclosure [Line Items]
Defined contribution plan, employer matching contribution, percent of employees' gross pay	4.00%	3.00%	1.00%			2.00%
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount				$ 0.8	$ 0.2	$ 0.3
Other Defined Contribution Plan
Pension And Other Postretirement Benefits Disclosure [Line Items]
Defined contribution plan, cost				$ 0.3	$ 0.4	$ 0.4

Share Based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2017

Jun. 07, 2022

Payments for distribution of restricted stock, spin-off

$ 2.7

Allocated share-based compensation expense, total

$ 5.0

$ 5.5

$ 4.8

Allocated share-based compensation expense, recognized tax benefit

3.0

0.2

1.0

Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, total

$ 6.3

$ 4.8

$ 4.7

Share-based compensation arrangement by share-based payment award, fair value assumptions, expected dividend rate

0.00%

Share-based compensation arrangement by share-based payment award, fair value assumptions, expected volatility rate

76.10%

Share-based compensation arrangement by share-based payment award, fair value assumptions, discount for postvesting restrictions

0.52%

Share-based compensation arrangement by share-based payment award, fair value assumptions, expected term

9 years 11 months 1 day

34,492

^[1]

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

Distribution of restricted stock in connection with spin-off

120,693

Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition

1 year 3 days

1 year 2 months 26 days

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value

$ 5.92

Employee Stock Option

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

Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition

5 months 1 day

10 months 20 days

Performance Restricted Stock Units

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

Share-based compensation arrangement by share-based payment award, award vesting period

3 years

2017 Equity Incentive Plan | Restricted Stock | Minimum

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

Share-based compensation arrangement by share-based payment award, award vesting period

1 year

2017 Equity Incentive Plan | Restricted Stock | Maximum

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

Share-based compensation arrangement by share-based payment award, award vesting period

4 years

2020 Equity Incentive Plan

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

Share-based compensation arrangement by share-based payment award, number of shares available for grant

6,005

2017 and 2020 Equity Incentive Plan | Employee Stock Option | Minimum

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

Share-based compensation arrangement by share-based payment award, award vesting period

1 year

2017 and 2020 Equity Incentive Plan | Employee Stock Option | Maximum

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

Share-based compensation arrangement by share-based payment award, award vesting period

4 years

Employee Stock Purchase Plan

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

Share-based compensation arrangement by share-based payment award, number of shares authorized

300,000

Share-based compensation arrangement by share-based payment award, discount from market price, purchase date

85.00%

Period of common stock reserved for issuance

10 years

2017 Plan and 2020 Plan

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

Share-based compensation arrangement by share-based payment award, options, outstanding, exercise price, ending balance

$ 3.60

2022 Equity Incentive Plan

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

Share-based compensation arrangement by share-based payment award, number of shares authorized

2,450,000

Share-based compensation arrangement by share-based payment award, number of shares available for grant

2,398,718

2017, 2020 and 2022 Equity Incentive Plan | Restricted Stock

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

Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition

1 year 7 days

Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period, weighted average grant date fair value

$ 5.92

$ 5.45

$ 6.40

2017, 2020 and 2022 Equity Incentive Plan | Employee Stock Option

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

Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition

2 months 1 day

[1]	The intrinsic value of the options exercised was less than $0.1 million.

Share Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) - shares

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

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

Outstanding as of the beginning of year (in shares)

1,163,090

Outstanding as of the beginning of year (in shares)

1,163,090

1,061,357

1,120,541

913,569

261,972

(34,492)

^[1]

Forfeited (in shares)

^[2]

(59,184)

(55,000)

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

1,026,865

1,061,357

1,120,541

Director Stock Awards

60,787

189,030

59,900

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

Outstanding as of the beginning of year (in shares)

1,163,090

^[3]

436,714

^[3]

303,609

1,036,605

933,705

289,452

Vested (in shares)

(514,002)

(202,079)

(143,697)

Forfeited (in shares)

(3,500)

(5,250)

(12,650)

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

^[3]

1,682,193

1,163,090

436,714

[1]	The intrinsic value of the options exercised was less than $0.1 million.
[2]	Forfeitures in 2021 includes 71,684 options forfeited as of December 31, 2021, netted with an adjustment of 12,500 previously granted.
[3]	Excludes 216,172, 354,964 and 240,800 grants of performance-based stock units as of December 31, 2022, 2021 and 2020, respectively, that are not considered outstanding until such time that they become probable to vest.

Share Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding		1,163,090
Intrinsic value of options exercised	$ 1.0
Forfeiture, gross		71,684
Grants in previous period		12,500
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of options exercised	$ 0.1
Performance Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding	216,172	354,964	240,800

Share Based Compensation - Schedule of Restricted Stock Transactions (Details) - $ / shares

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Outstanding as of the beginning of year (in shares)

1,163,090

1,163,090

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

Outstanding as of the beginning of year (in shares)

1,163,090

^[1]

436,714

^[1]

303,609

Non-Vested, weight average grant price (in dollars per share)

$ 6.62

Granted, weight average grant price (in dollars per share)

1,036,605

933,705

289,452

$ 5.92

Vested (in shares)

(514,002)

(202,079)

(143,697)

Vested, weight average grant price (in dollars per share)

$ 6.44

Forfeited (in shares)

(3,500)

(5,250)

(12,650)

Forfeited, weight average grant price (in dollars per share)

$ 5.88

Non-Vested, weight average grant price (in dollars per share)

^[1]

1,682,193

1,163,090

436,714

$ 5.68

$ 6.62

[1]	Excludes 216,172, 354,964 and 240,800 grants of performance-based stock units as of December 31, 2022, 2021 and 2020, respectively, that are not considered outstanding until such time that they become probable to vest.

Share Based Compensation - Schedule of Stock Option Transactions (Details) - $ / shares

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Outstanding, shares (in shares)

1,061,357

Non-Vested, weight average grant price (in dollars per share)

$ 12.39

Granted, shares (in shares)

261,972

Exercised (in dollars per share)

(34,492)

^[1]

$ 5.36

Outstanding, shares (in shares)

1,026,865

^[2]

1,061,357

Non-Vested, weight average grant price (in dollars per share)

$ 12.66

^[2]

$ 12.39

Exercisable, shares (in shares)

^[3]

984,368

Exercisable, weight average grant price (in dollars per share)

^[3]

$ 12.99

[1]	The intrinsic value of the options exercised was less than $0.1 million.
[2]	The weighted average remaining contractual term is 5.8 years and the intrinsic value of the options exercised was $1.0 million.
[3]	The weighted average remaining contractual term is 5.7 years and the intrinsic value of the options exercisable was $0.8 million.

Share Based Compensation - Schedule of Stock Option Transactions (Details) (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term	5 years 8 months 12 days
Forfeiture, gross		71,684
Grants in previous period		12,500
Intrinsic value of options exercised	$ 1.0
Weighted average remaining contractual term, outstanding	5 years 9 months 18 days
Intrinsic value of options exercisable	$ 0.8

Related Party Transactions - Additional Information (Details)

1 Months Ended

12 Months Ended

Oct. 05, 2022

USD ($)

$ / shares

Sep. 29, 2022

USD ($)

Vessel

Dec. 23, 2021

Dec. 09, 2021

USD ($)

Oct. 29, 2021

USD ($)

Jul. 23, 2021

USD ($)

Vessel

Jun. 01, 2021

USD ($)

Mar. 31, 2021

USD ($)

Jun. 26, 2020

USD ($)

Dec. 20, 2018

USD ($)

May 02, 2018

USD ($)

$ / shares

Dec. 16, 2016

USD ($)

Dec. 01, 2015

USD ($)

Dec. 31, 2021

USD ($)

Apr. 30, 2021

USD ($)

Jul. 31, 2020

USD ($)

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

Dec. 31, 2018

USD ($)

Dec. 31, 2017

USD ($)

Sep. 30, 2022

Dec. 30, 2021

USD ($)

Dec. 10, 2021

USD ($)

Dec. 28, 2018

Interest expense, related party

$ 100,000

Proceeds from cash tax refunds

1,600,000

Minimum cash requirement

$ 3,601,000

$ 3,082,000

$ 3,601,000

Investments

$ 2,600,000

Vessel management fees

$ 600,000

Proceeds from sale of investment in equity investees

$ 66,000,000

66,000,000

Prepayment of outstanding loan

$ 2,271,000

$ 755,000

Class of warrant or right, exercise price of warrants or rights | $ / shares

$ 0.01

Class of warrant or right, outstanding | shares

1,439,483

Class of warrant or right, exercised during period | shares

48,809

Gain (loss) on equity earnings

$ 95,000,000.0

Total purchase price

$ 30,200,000

$ 2,600,000

Distribution Received

12,000,000.0

Excess of distribution received

$ 9,400,000

Revenues

$ 217,325,000

$ 170,941,000

$ 141,837,000

$ 10,000,000.0

10,500,000

$ 4,100,000

Senior PIK Toggle Notes due 2026

Convertible Senior Notes due 2026

$ 90,000,000.0

$ 35,000,000.0

Debt instrument, redemption, description

4.25%

Guaranteed Notes

Convertible notes outstanding

$ 50,000,000.0

Jul. 01, 2026

Guaranteed Notes | Cash Interest

$ 90,000,000.0

Guaranteed Notes | Hybrid Interest

8.00%

Guaranteed Notes | Hybrid Interest Payment in Cash

9.50%

Guaranteed Notes | Hybrid Interest Payment in Kind

4.25%

Guaranteed Notes | Redeemed Prior to October 1, 2023

5.25%

Guaranteed Notes | Redeemed On or After October 1, 2023 but Prior to October 1, 2024

102.00%

Guaranteed Notes | Redeemed On or After October 1, 2024

101.00%

100.00%

Old Convertible Notes

Debt instrument, percentage of new convertible notes to be purchased

4.25%

100.00%

Debt instrument, percentage of new convertible notes to be redeemed

100.00%

Jul. 01, 2026

Debt instrument, conversion description

$ 35,000,000.0

$ 125,000,000.0

85.1064

Debt instrument, convertible, conversion price | $ / shares

$ 1,000

$ 11.75

Old Convertible Notes | Other Than Carlyle

Convertible Senior Notes due 2023 (Old Convertible Notes)

115.00%

$ 125,000,000.0

$ 175,000,000.0

23.26

$ 1,000

4.25%

3.75%

9.29%

7.95%

Lender Non Recourse

Equity Method Investment, Ownership Amount

70,000,000.0

Caroline I I

$ 500,000

Carlyle Group

Class of warrant or right, outstanding | shares

1,439,483

Class of warrant or right, exercised during period | shares

48,809

83,367

Carlyle Group | Old Convertible Notes

Carlyle Group | Convertible Senior Notes Converted to Warrants

150.00%

Class of warrant or right, exercise price of warrants or rights | $ / shares

$ 50,000,000

$ 0.01

37.73

Debt instrument, convertible, conversion price | $ / shares

$ 1,000

$ 26.50

Debt conversion, converted instrument, shares issued | shares

1,886,792

OSV Partners I

Percentage of initial limited partner interests and general partner interests and initial lp interests held by unrelated third parties

30.40%

Proceeds from Sale of Interest in Partnership Unit

$ 10,000,000.0

OSV Partners I | Caroline

Equity Method Investment, Ownership Amount

2.60%

$ 1,000,000.0

OSV Partners I | Caroline I I

1.30%

Transaction fee

$ 200,000

^[1]

49.00%

15,000,000.0

Percentage transferred

49.00%

MEXMAR Offshore

10,000,000.0

Commitment to fund purchase

$ 5,000,000.0

Aggregate purchase price

$ 9,400,000

MEXMAR Offshore | BRAZIL

Aggregate purchase price

$ 0

Long-term debt, total

$ 70,000,000.0

2,700,000

Loaned commitment amount

$ 1,960,000

Class A Preferred Interests Caroline

2.60%

P I K Loan Debt And Caroline

$ 100,000

2.60%

Class A Preferred Interests Caroline II

$ 100,000

1.30%

P I K Loan Debt And Caroline II

$ 100,000

1.30%

$ 100,000

CME

Class of warrant or right, exercised during period | shares

49.00%

255,307

49.00%

^[2]

100.00%

Distribution Received

$ 2,500,000

OVH

Mexmar Offshore International

49.00%

50.00%

Offshore Vessel Holdings

^[1]

49.00%

Term Loan | MexMar Original Facility Agreement

10,000,000.0

Financing agreement

2,400,000

Term Loan | MexMar Second Amended and Restated Term Loan Credit Facility Agreement

$ 28,800,000

Jan. 23, 2025

Term Loan | MexMar Third A&R Facility Agreement

4.70%

Principal repayment of loan

$ 5,000,000.0

Debt Instrument Frequency Of Periodic Payment

four quarterly installments

Prepayment of outstanding loan

Sep. 30, 2023

$ 8,800,000

$ 20,000,000.0

Exchange | O S V Credit Facility

5.00%

Loan acquired

$ 2,200,000

Third Party Lender | O S V Credit Facility

Loan acquired

4,100,000

Principal | O S V Credit Facility

Loan acquired

$ 22,100,000

Merger Agreement | OSV Partners | Limited Partner | Caroline

Business combination, assumed and guarantee amount

$ 18,100,000

Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member]

Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline

1,567,935

Merger Agreement | OSV Partners | Limited Partner | Common Stock [Member] | Caroline I I

73,107

UP Offshore | MEXMAR Offshore | BRAZIL

36,570

Long-term debt, total

$ 5,500,000

Subsidiaries of CME

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Subsidiaries of CME | OVH

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Subsidiaries of CME | Mexmar Offshore International

Noncontrolling interest, ownership percentage by noncontrolling owners

49.00%

51.00%

Subsidiaries of CME | Offshore Vessel Holdings

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Subsidiary of MexMar | SEACOR Marlin LLC

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

Subsidiary of MexMar | Mexmar Offshore International

Noncontrolling interest, ownership percentage by noncontrolling owners

49.00%

OSV Partners

30.40%

OSV Partners | P I K Loan Debt And Caroline II

Noncontrolling interest, ownership percentage by noncontrolling owners

43.00%

$ 300,000

400,000

$ 200,000

50.00%

Maximum | Senior PIK Toggle Notes due 2026

Percentage of convertible notes converted into common stock

9.50%

Maximum | Carlyle Group

5.00%

Maximum | Mexmar Offshore International

$ 50,000,000.0

Minimum | Senior PIK Toggle Notes due 2026

50.00%

Minimum | Guaranteed Notes

8.00%

Notes redeemable denomination amount

$ 10,000,000.0

Minimum | Carlyle Group

Percentage of convertible notes converted into common stock

10.00%

Minimum | Term Loan | MexMar Second Amended and Restated Term Loan Credit Facility Agreement

Minimum cash requirement

$ 10,000,000.0

Minimum | Term Loan | MexMar Third A&R Facility Agreement

Minimum cash requirement

$ 2,500,000

Transition Services Agreement

$ 0

Transition Services Agreement | Maximum

$ 6,300,000

Class A Preferred Interests

Proceeds from issuance of debt

5,000,000.0

Class A Preferred Interests | OSV Partners

Noncontrolling interest, ownership percentage by noncontrolling owners

43.00%

Second Lien Debt

Proceeds from Issuance of Redeemable Preferred Stock

$ 5,000,000.0

Tax Refund Agreement

Proceeds from cash tax refunds

$ 32,300,000

Percentage of net operating losses facilitate tax savings

35.00%

Interest received on cash refunds

$ 1,100,000

Transaction fee

3,000,000.0

Cash tax refunds without restrict to use

$ 23,100,000

Tax refunds restricted cash

7,000,000.0

Merger Consideration | Merger Agreement | OSV Partners | Common Stock [Member]

Merger Consideration | Merger Agreement | OSV Partners I | Preferred Interests and Class A Preferred Interests

1,567,935

Merger Consideration | Merger Agreement | OSV Partners I | Common Stock [Member]

80.00%

Merger Consideration | Merger Agreement | OSV Partners I | Limited Partner

531,872

PIK Loan Consideration | Merger Agreement | OSV Partners I | Limited Partner | Common Stock [Member]

20.00%

1,036,063

26,557

1.30%

20,172

1.40%

22,353

0.60%

Prior to the Closing of the Framework Agreement Transactions | Offshore Vessel Holdings

9,174

Prior to the Closing of the Framework Agreement Transactions | OTM

49.00%

Noncontrolling interest, ownership percentage by noncontrolling owners

51.00%

SEACOR Holdings

Guarantor obligations, maximum exposure

8,100,000

SEACOR Holdings | Tax Refund Agreement

Proceeds from cash tax refunds

$ 12,500,000

$ 19,800,000

Cash tax refunds with restrict to use

$ 8,100,000

Two Thousand Seventeen Preferred Interests | OSV Partners

Noncontrolling interest, ownership percentage by noncontrolling owners

38.60%

Two Thousand Seventeen Preferred Interests | OSV Partners I

Preferred limited partnership interests

$ 6,000,000.0

Two Thousand Seventeen Preferred Interests | OSV Partners I | Caroline

Preferred limited partnership interests

$ 200,000

Noncontrolling Interest, ownership percentage by parent

3.30%

Two Thousand Seventeen Preferred Interests | OSV Partners I | Caroline I I

Preferred limited partnership interests

$ 100,000

Noncontrolling Interest, ownership percentage by parent

1.70%

[1]	On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.
[2]	On September 29, 2022, the Company sold an AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC that it did not already own and consolidated the net assets thereof. See details below.

Commitments and Contingencies - Additional Information (Details) R$ in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 BRL (R$)	Dec. 31, 2022 USD ($)
Commitments And Contingencies [Line Items]
Unrecorded unconditional purchase obligation, total		$ 2.5
Unrecorded unconditional purchase obligation due within four years		9.3
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	R$ 20,900	4.0
Maximum \| Deficiency Notice
Commitments And Contingencies [Line Items]
Potential range of levies	R$ 12,870	$ 2.4
FSV Offshore Support Vessels
Commitments And Contingencies [Line Items]
Unrecorded unconditional purchase obligation, maximum quantity	1	1

Major Customers and Segment Information - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Revenues	$ 217,325	$ 170,941	$ 141,837
Income (loss) from equity method investments	$ 7,011	15,078	(8,163)
SEACOR Marine Arabia
Segment Reporting Information [Line Items]
Ownership percentage	45.00%
Customer Concentration Risk \| Sales Revenue, Net \| Seacor Marine Arabia
Segment Reporting Information [Line Items]
Revenues	$ 30,100	$ 29,700	$ 30,700
Concentration risk, percentage	14.00%	17.00%	21.00%
Customer Concentration Risk \| Sales Revenue, Net \| Ten Largest Customers
Segment Reporting Information [Line Items]
Concentration risk, percentage	63.00%	76.00%	76.00%
Geographic Concentration Risk \| Sales Revenue, Net
Segment Reporting Information [Line Items]
Number of customer \| Customer	10
Geographic Concentration Risk \| Sales Revenue, Net \| Non-US
Segment Reporting Information [Line Items]
Income (loss) from equity method investments	$ 7,000	$ 15,400	$ (7,500)
Geographic Concentration Risk \| Sales Revenue, Net \| ExxonMobil
Segment Reporting Information [Line Items]
Revenues	$ 39,600	$ 35,200	$ 24,800
Concentration risk, percentage	18.00%	21.00%	17.00%
Geographic Concentration Risk \| Stockholders' Equity \| Non-US
Segment Reporting Information [Line Items]
Concentration risk, percentage	72.00%	88.00%	89.00%

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

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

$ 217,325

$ 170,941

$ 141,837

171,985

127,406

91,145

45,340

43,535

50,692

Administrative and general

3,869

6,085

7,525

40,911

37,639

40,051

Gains (Losses) on Asset Dispositions and Impairments, Net

55,957

57,395

57,167

Other Costs and Expenses

100,737

101,119

104,743

1,398

20,436

(17,588)

Operating Loss

(53,999)

(37,148)

(71,639)

967,683

^[1]

1,008,080

^[1]

1,012,873

(310,778)

(302,328)

(291,538)

656,905

705,752

721,335

751,599

^[2]

823,065

^[3]

861,806

^[4]

Time Charter

203,534

159,835

133,454

Bareboat Charter

1,374

4,033

2,855

Other Marine Services

12,417

7,073

5,528

Personnel

77,782

59,920

48,348

Repairs and Maintenance

31,496

24,117

14,661

Drydocking

Insurance and Loss Reserves

18,160

6,347

4,269

9,962

8,667

5,763

Fuel, Lubes and Supplies

Other Direct Costs and Expenses

19,289

12,033

8,128

15,296

16,322

9,976

UNITED STATES

60,800

20,643

15,205

50,639

18,796

16,206

10,161

1,847

(1,001)

998

2,621

4,272

17,444

15,712

21,427

232,740

240,717

257,592

(101,503)

(115,088)

(134,391)

131,237

125,629

123,201

UNITED STATES | Time Charter

174,081

^[2]

148,753

^[3]

164,656

^[4]

UNITED STATES | Bareboat Charter

51,272

15,487

9,873

UNITED STATES | Other Marine Services

1,549

2,910

UNITED STATES | Personnel

9,528

3,607

2,422

UNITED STATES | Repairs and Maintenance

25,201

8,836

10,065

UNITED STATES | Drydocking

7,049

3,394

1,655

UNITED STATES | Insurance and Loss Reserves

8,978

2,082

1,167

UNITED STATES | Fuel, Lubes and Supplies

4,831

2,632

1,774

UNITED STATES | Other Direct Costs and Expenses

3,345

1,204

1,172

Africa and Europe, Continuing Operations

1,235

648

373

59,897

42,930

47,533

44,379

33,111

27,463

15,518

9,819

20,070

1,691

1,281

3,038

13,708

12,856

13,664

285,303

218,544

262,998

(92,030)

(69,310)

(68,486)

193,273

149,234

194,512

Africa and Europe, Continuing Operations | Time Charter

211,371

^[2]

167,185

^[3]

227,894

^[4]

Africa and Europe, Continuing Operations | Bareboat Charter

60,060

44,268

47,723

Africa and Europe, Continuing Operations | Other Marine Services

(55)

Africa and Europe, Continuing Operations | Personnel

(163)

(1,338)

(135)

Africa and Europe, Continuing Operations | Repairs and Maintenance

16,436

13,903

13,397

Africa and Europe, Continuing Operations | Drydocking

9,229

6,772

5,643

Africa and Europe, Continuing Operations | Insurance and Loss Reserves

2,339

1,159

2,014

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

1,178

1,353

1,806

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

8,022

4,109

3,260

7,175

5,815

1,343

Middle East and Asia

52,842

53,672

54,209

49,616

43,629

35,497

3,226

10,043

18,712

156

472

170

16,331

17,985

16,595

286,745

340,225

361,514

(89,444)

(85,683)

(75,349)

197,301

254,543

286,165

Middle East and Asia | Time Charter

215,497

^[2]

256,533

^[3]

289,314

^[4]

Middle East and Asia | Other Marine Services

52,080

53,146

52,052

Middle East and Asia | Personnel

762

526

2,157

Middle East and Asia | Repairs and Maintenance

22,376

22,191

18,188

Middle East and Asia | Drydocking

8,111

6,701

5,232

Middle East and Asia | Insurance and Loss Reserves

6,569

2,639

759

Middle East and Asia | Fuel, Lubes and Supplies

2,838

2,481

1,721

Middle East and Asia | Other Direct Costs and Expenses

5,089

3,459

2,706

4,633

6,158

6,891

Latin America

43,786

53,696

24,890

27,351

31,870

11,979

16,435

21,826

12,911

1,024

1,711

8,474

10,842

5,481

162,895

208,594

130,769

(27,801)

(32,247)

(13,312)

135,094

176,347

117,457

Latin America | Time Charter

150,650

^[2]

250,594

^[3]

179,942

^[4]

Latin America | Bareboat Charter

40,122

46,934

23,806

Latin America | Other Marine Services

1,374

2,484

Latin America | Personnel

2,290

4,278

1,084

Latin America | Repairs and Maintenance

13,769

14,990

6,698

Latin America | Drydocking

7,107

7,250

2,131

Latin America | Insurance and Loss Reserves

274

467

329

Latin America | Fuel, Lubes and Supplies

1,115

2,201

462

Latin America | Other Direct Costs and Expenses

2,833

3,261

990

$ 2,253

$ 3,701

$ 1,369

[1]	Includes property and equipment acquired in business acquisitions at acquisition date fair value and net of the impact of recognized impairment charges. Some of the Company’s vessels are pledged as security for certain loans.
[2]	Total assets exclude $64.0 million of corporate assets.
[3]	Total assets exclude $89.4 million of corporate assets.
[4]	Total assets exclude $105.6 million of corporate assets, and $50.2 million of discontinued operations.

Major Customers and Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets, Total	$ 815,630	$ 912,502
Assets held for sale			$ 50,200
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets, Total	$ 64,000	$ 89,400	$ 105,600

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.

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