Page 10: of Maritime Reporter Magazine (November 1999)

Marine Finance Seacor Smit Announces Third Quarter Results Seacor Smit Inc. announced net earn-ings for the third quarter ending Sept. 30 of $5 million on revenues of $71.9 mil-lion. Results for the quarter included a charge of $2.6 million for additional income tax expense related to the com-pany's decision to liquidate a foreign joint venture, and an extraordinary gain of $890,000 relating to the early retire-ment of debt. In the same period a year ago, Seacor earned $26.4 million, on revenues of $100 million. Results for the quarter ending Sept. 30 included a loss of $789,000 related to Seacor's investment in Globe Wireless LLC that is accounted for under the equity method. Results for the quarter also included a loss of $347,000 related to its investment in a majority-owned subsidiary, Chiles Offshore LLC. As a result of swap agreements entered into by the company with respect to senior notes issued by Chiles, the company's interest expense was reduced by $397,000 in the current quarter. For the nine months ending Sept. 30, net earnings were $24.8 million on rev-enues of $218 million. Results for the period included a loss of $1.1 million related to Seacor's investment in Globe Wireless. In the same period a year ago, net earnings were $96.7 million on revenues of $293 million. Results for the three- and nine-month periods ending Sept. 30 included net gains from equipment sales of $554,000 and $1.2 million. In the same periods a year ago, net gains from equipment sales were $2.4 million and $24.7 million. Seacor Smit and its subsidiaries engage in: the operation of a diversified fleet of marine vessels primarily dedi-cated to supporting offshore oil and gas exploration and development in the U.S. Gulf of Mexico, offshore West Africa, the North Sea, Mexico, the Far East, Latin America, and the Mediterranean; and provision of environmental services domestically and internationally, includ-ing marine oil spill response, training and consulting. Three Months Nine Months Ended Sept. 30 Ended Sept. 30 1998 1999 1998 1999 Rates Per Day Worked - Worldwide ($): Supply and Towing Supply 6,296 5,130 6,712 5,655 Anchor Handling and Towing Supply 12,724 12,011 12,151 11,989 Crew 2,726 2,455 2,711 2,511 Standby Safety 6,700 5,677 6,561 6,055 Utility and Line Handling 1,991 1,632 1,908 1,706 Geophysical, Freight and Other 7,288 5,880 6,109 5,488 Overall Utilization - Worldwide (%): Supply and Towing Supply 89.4 67.1 90.7 70.6 Anchor Handling and Towing Supply 90.3 80.0 87.4 76.5 Crew 90.7 84.6 95.0 80.2 Standby Safety 100.0 76.3 99.4 79.3 Utility and Line Handling 90.5 66.5 94.1 67.9 Geophysical, Freight and Other 99.9 50.0 100.0 57.5 Fleet Composition at Period End: Supply and Towing Supply --80 80 Anchor Handling and Towing Supply --38 32 Crew --80 79 Standby Safety --22 20 Utility and Line Handling --84 83 Geophysical, Freight and Other --4 3 TOTAL 308 297 Circle 357 on Reader Service Card 10 Maritime Reporter/Engineering News investment next valve purchase into an Engineers and purchasing agents for shipyards, ship owners, cruise lines, and the military have relied on W&O Supply for over 30 years to meet their needs and their budgets for high-value, leading-edge piping, valves, fittings, flanges, tubing, metrics, and metals. Whether you need commodity or engineered products, W&O products save money by reducing weight, installation & production time, and maintenance costs. Supply 3485 Evergreen Avenue Jacksonville, FL 32206 USA +1 904.354.3800 +1 904.354.5321 Fax +1 800.962.9696 In the U.S. vwvw.wosupply.com W&0 Supply's product portfolio includes ANSI spec, DIN or JIS metric, and U.S. MIL-SPEC. We offer material in steel, nodular iron, cast iron, bronze, stainless steel, copper nickel, and monel. Our on-hand inventory of materials-meeting ABS, Lloyd's, DNV, BV, GL, and other Classification Society standards-help ensure that the products we supply satisfy the unique requirements of the maritime industry. Charleston, SC Fort Lauderdale, FL Houston, TX Jacksonville, FL Linden, NJ Long Beach, CA Mobile, AL New Orleans, LA Norfolk, VA San Diego, CA San Francisco, CA Seattle, WA Tampa, FL Vancouver, BC, Canada Antwerpen, Belgium