Offshore vessel owner Seacor Marine has received $28.2m in coronavirus-related aid from the US government.
The Houston-based, New York-listed company said Monday that the um was from tax refunds resulting from the carryback of net operating losses under the Coronavirus Aid, Relief, and Economic Security Act, better known as the CARES Act.
Of the $28.2m, $23.7m is expected to be available in the next nine months.
"As a Jones Act operator and US taxpayer, we are thankful for the relief offered by the CARES Act, which will provide support to manage our business through unprecedented times," said chief executive John Gellert.
"This additional net liquidity will bolster Seacor Marine’s ongoing initiatives to adapt to the industry cycle and provide financial support to address the effects of Covid-19."
The offshore industry has taken a hit this year, with March's oil price collapse pushing oil companies to slash their budgets, including terminating or renegotiating contracts with offshore providers just beginning to see improvement after a multi-year downturn.
Hornbeck Offshore formally declared bankruptcy in May and is planning to emerge soon after having its plan approved. Hermitage Offshore is negotiating with creditors.
On Monday, Seacor Marine shares were up $0.04 to $2.70.
The company started the year trading at $13.85, and aside from a slight upturn earlier this month that saw shares jump to $4.79, has only fallen.
Of the $28.2m, the company said roughly $16m is unrestricted, adding to the $69.2m in cash and cash equivalents reported in its first quarter earnings statement in May.
The remaining $12.2m will be put into an account that will be used to satisfy its obligations to former parent Seacor Holdings.
The offshore vessel owner said those obligations are primarily monthly payments on vessel leases.
Seacor Marine had to enter into an agreement with Seacor Holdings to allow the carryback.
The company will pay Seacor Holdings — from which it was spun off in 2017 — a $3m transaction fee for its cooperation in the filing for the refunds.
