The Company’s laid-up fleet is down to 7 vessels compared to 20 in the third quarter of 2020.

The Company repositioned 4 vessels between regions for new contracts, including the reactivation of 2 vessels.

Increased utilization levels and moderate rate improvements were offset by higher out-of-service time and delays caused by Hurricane Ida in the U.S. Gulf of Mexico, as well as the early termination of a contract for one of our liftboats in Europe.

Positive contributions of $14.0 million from our 50% or less owned companies, primarily due to cash distributions from the sale of the Company’s Brazilian joint venture, UP Offshore, in the second quarter of 2021.