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

6 Months Ended

Jun. 30, 2023

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 June 30, 2023, our property and equipment consist primarily of 184 active vessels, which excludes the two 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. We have five Alucat crew boats under construction for which we have made down payments totaling approximately $2.8 million in 2022 and 2023 and will incur debt with the shipyard upon deliveries in 2023 and 2024 totaling approximately $11.3 million. These crew boats, upon completion, will be employed in our African market. See Note 15 for disclosure of our July 5, 2023 acquisition of 37 vessels from Solstad Offshore ASA, a Norwegian public limited company.

A summary of properties and equipment is as follows:

(In Thousands)
	June 30, 2023		December 31, 2022
Properties and equipment:
Vessels and related equipment	$	1,094,233	$	1,070,821
Other properties and equipment		41,750		35,819
		1,135,983		1,106,640
Less accumulated depreciation and amortization		351,110		309,985
Properties and equipment, net	$	784,873	$	796,655

A summary of accrued expenses is as follows:

(In Thousands)
	June 30, 2023		December 31, 2022
Payroll and related payables	$	30,356	$	35,425
Accrued vessel expenses		35,038		47,307
Accrued interest expense		1,921		2,037
Other accrued expenses		24,560		20,749
	$	91,875	$	105,518

A summary of other current liabilities is as follows:

(In Thousands)
	June 30, 2023		December 31, 2022
Taxes payable	$	34,933	$	39,355
Other		7,372		10,968
	$	42,305	$	50,323

A summary of other liabilities is as follows:

(In Thousands)
	June 30, 2023		December 31, 2022
Pension liabilities	$	19,932	$	17,383
Liability for uncertain tax positions		31,533		35,468
Other		14,156		14,992
	$	65,621	$	67,843