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

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

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

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