Seacor recognizes $14.7 million from Caterpillar settlement

Fox News 10 cameras captured efforts to fight the May 2008 fire

AUGUST 1, 2014 — Back in June, Mobile, AL, headquartered law firm Cunningham Bounds, LLC reported that it had obtained a $46,000,000 settlement for its clients, Bender Shipbuilding and Repair Company, Inc. and “an international ship operator,” in a product liability lawsuit filed against Caterpillar, Inc. relating to a May 2008 explosion and fire onboard a vessel that was under construction at the time (see earlier story).

The fire involved the under-construction Seacor Sherman and the “international ship operator” was Seacor Holdings Inc. (NYSE: CKH) which has now revealed how much it got from the settlement. In its second quarter results, it says that it “received net litigation settlement proceeds of $14.7 million from an equipment supplier relating to the May 2008 mechanical malfunction and fire onboard the Seacor Sherman, an anchor handling towing supply vessel then under construction. Upon settlement of the litigation, the Company recognized a gain of $14.7 million included in other income (expense).”