Operating results in the second quarter reflect increased levels of activity across all regions, especially in international markets.

Increased utilization levels and moderate rate improvements were offset by higher expenses associated with reactivation and repositioning of 10 vessels in our fleet, COVID-19 related expenses including repairs and maintenance previously deferred due to COVID-19 and higher labor and rotation costs.

Entered into an agreement with Chase to extinguish $117.3 million of debt for a cash payment of $50.0 million, consisting of $25.0 million of cash on hand and $25.0 million of insurance proceeds from the SEACOR Power, resulting in a 25% decrease in Company’s long-term debt.

Gains on asset dispositions of $22.7 million, primarily due to the recovery of insurance proceeds relating to the SEACOR POWER incident.