Note 12 - Properties and Equipment, Accrued Expenses, Other Current Liabilities, and Other Liabilities

3 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Other Assets Accrued Expenses Other Current Liabilities And Other Liabilities And Deferred Credits [Text Block]

(12) PROPERTIES AND EQUIPMENT, ACCRUED EXPENSES, OTHER CURRENT LIABILITIES AND OTHER LIABILITIES

As of March 31, 2023, our property and equipment consist primarily of 183 active vessels, which excludes the three vessels we have classified as held for sale, located around the world. As of  December 31, 2022, our property and equipment consisted primarily of 183 active vessels, which excluded eight vessels classified as held for sale. In April 2023, we took delivery of two new build offshore tugs to be employed in our African market. We made a $2.3 million down payment to the shipyard at inception of construction in December 2021 and incurred approximately $9.2 million of debt with the shipyard upon delivery of the tugs in April 2023. In addition, we have six Alucat crew boats under construction for which we have made down payments totaling approximately $3.6 million in 2022 and 2023 and will incur debt with the shipyard upon deliveries in 2023 and 2024 totaling approximately $14.1 million. These crew boats, upon completion, will be employed in our African market. See Note 15 for disclosure of our announced acquisition of 37 vessels from Solstad Offshore ASA, a Norwegian public limited company, for $577.0 million, estimated to close, subject to financing, in the second quarter of 2023.

A summary of properties and equipment is as follows:

(In Thousands)
	March 31, 2023		December 31, 2022
Properties and equipment:
Vessels and related equipment	$	1,077,343	$	1,070,821
Other properties and equipment		39,600		35,819
		1,116,943		1,106,640
Less accumulated depreciation and amortization		330,775		309,985
Properties and equipment, net	$	786,168	$	796,655

A summary of accrued expenses is as follows:

(In Thousands)
	March 31, 2023		December 31, 2022
Payroll and related payables	$	36,499	$	35,425
Accrued vessel expenses		39,858		47,307
Accrued interest expense		5,790		2,037
Other accrued expenses		25,201		20,749
	$	107,348	$	105,518

A summary of other current liabilities is as follows:

(In Thousands)
	March 31, 2023		December 31, 2022
Taxes payable	$	33,214	$	39,355
Other		10,006		10,968
	$	43,220	$	50,323

A summary of other liabilities is as follows:

(In Thousands)
	March 31, 2023		December 31, 2022
Pension liabilities	$	18,368	$	17,383
Liability for uncertain tax positions		35,560		35,468
Other		15,040		14,992
	$	68,968	$	67,843