SEACOR Marine Announces First Quarter 2020 Results

Nachrichtenquelle: globenewswire
11.05.2020, 13:00  |  95   |   |   

HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its first quarter ended March 31, 2020.

Notable first quarter items include:

  • Average dayrates, excluding those for the crew transfer vessel fleet, increased to $11,157 in the first quarter of 2020 from $11,071 in the fourth quarter of 2019. The improved average dayrates reflect the change in the Company’s fleet mix over the period.
     
  • SEACOR Marine closed its acquisition of the remaining minority interests in Falcon Global Holdings LLC, increasing its ownership stake to 100%. Obtaining full ownership of the liftboat fleet will allow SEACOR Marine to manage the business with full flexibility going forward, which the Company believes will create value for its shareholders.
     
  • First quarter results include one-time restructuring charges of $0.5 million from the Company’s continuing cost reduction initiatives. The Company maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.7 million. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020. The Company continues to evaluate additional opportunities for further cost reductions to adapt to the changing conditions.
     
  • First quarter revenues saw limited impact from COVID-19 and the drop in oil prices. The Company expects a deeper impact to revenues the rest of the year as a result of COVID-19 and reduced activity from its oil and gas customers due to lower commodity prices; however, the Company is unable to quantify such impact at this point but is closely monitoring and adjusting its operations accordingly.             

Overall, total operating revenues for the first quarter were $41.7 million, operating loss was $24.6 million, and direct vessel profit (“DVP”)(1) was $17.1 million. This compares in the fourth quarter of 2019 to operating revenues of $49.1 million, operating loss of $10.5 million, and DVP of $23.1 million. The decrease in DVP in the first quarter was primarily driven by normal seasonally lower utilization, increased repairs and maintenance downtime and expense, and a reduction in available days due to vessel sales.

Chief Executive Officer John Gellert commented on SEACOR Marine's first quarter results:

“I sincerely thank our employees at sea and ashore for their professionalism, dedication, and perseverance throughout the COVID-19 pandemic. Despite these difficult times, we have maintained safe, reliable operations for our customers worldwide. 

“The business challenges from COVID-19 that began late in the first quarter and the unprecedented drop in oil prices continue to impact every aspect of the offshore oil and gas industry. 

“We remain focused on having adequate financial liquidity to ride through this cycle.  We continue to sell assets to optimize our fleet mix, while improving our margins and liquidity.  Additionally, the passage of the CARES Act allows for the carryback of net operating tax losses to tax years prior to our spin-off from SEACOR Holdings Inc. (“SEACOR Holdings”) and corresponding tax refunds for those years.  Subject to reaching an agreement with SEACOR Holdings, whose consent is required to make the necessary filings, we expect to receive a material amount of tax refunds over the next year, which will greatly assist to offset the potential effects to our business from COVID-19 and the recent drops in oil prices.

“We believe that, as we navigate these unprecedented times, the diversity of our assets, variety of missions supported by our equipment, and geographic spread of our operations will help mitigate the decline in business activity.”

For the first quarter of 2020, net loss attributable to SEACOR Marine was $15.9 million ($0.66 loss per basic and diluted share) and operating loss was $24.6 million.  Net loss attributable to SEACOR Marine’s continuing operations for the first quarter of 2019 was $25.5 million ($1.11 loss per basic and diluted share) and operating loss was $21.0 million.

___________________

(1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels).  DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures.  DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.  See page 7 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide.  SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair.  Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

 Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements.  Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company.  These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.  Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made.  The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data)
 
   
    Three Months Ended March 31,  
    2020     2019  
Operating Revenues   $ 41,743     $ 44,910  
Costs and Expenses:                
Operating     24,620       35,166  
Administrative and general     10,765       10,812  
Lease expense     3,407       4,137  
Depreciation and amortization     15,001       16,097  
      53,793       66,212  
(Loss) Gain on Asset Dispositions and Impairments, Net     (12,572 )     268  
Operating Loss     (24,622 )     (21,034 )
Other Income (Expense):                
Interest income   $ 676       354  
Interest expense     (7,638 )     (7,664 )
SEACOR Holdings guarantee fees     (16 )     (29 )
Derivative gains (losses), net     5,114       (925 )
Foreign currency losses, net     65       670  
      (1,799 )     (7,594 )
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies     (26,421 )     (28,628 )
Income Tax Benefit     (6,668 )     (3,831 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     (19,753 )     (24,797 )
Equity in Losses of 50% or Less Owned Companies     (239 )     (3,476 )
Loss from Continuing Operations     (19,992 )     (28,273 )
(Loss) Income on Discontinued Operations, Net of Tax            
Net Loss     (19,992 )     (28,273 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries     (4,047 )     (2,724 )
Net Loss attributable to SEACOR Marine Holdings Inc.   $ (15,945 )   $ (25,549 )
                 
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.                
Continuing operations   $ (0.66 )   $ (1.11 )
Discontinued operations            
    $ (0.66 )   $ (1.11 )
                 
Weighted Average Common Shares and Warrants Outstanding:                
Basic and diluted shares     23,989,089       23,090,137  

                                                                        

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)
 
                               
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Time Charter Statistics:                                        
Average Rates Per Day Worked (excluding crew transfer)   $ 11,157     $ 11,071     $ 10,946     $ 10,387     $ 9,796  
Average Rates Per Day   $ 7,163     $ 7,260     $ 6,981     $ 6,843     $ 7,109  
Fleet Utilization (excluding crew transfer)     57 %     62 %     64 %     59 %     57 %
Fleet Utilization     63 %     68 %     74 %     69 %     58 %
Fleet Available Days (excluding crew transfer)     5,210       5,542       6,048       6,491       6,496  
Fleet Available Days     8,668       9,007       9,578       9,990       9,916  
Operating Revenues:                                        
Time charter   $ 39,290     $ 44,465     $ 49,747     $ 47,270     $ 40,819  
Bareboat charter     724       834       1,765       1,389       1,143  
Other marine services     1,729       3,771       3,188       4,153       2,948  
      41,743       49,070       54,700       52,812       44,910  
Costs and Expenses:                                        
Operating:                                        
Personnel     13,706       15,096       15,879       17,914       16,623  
Repairs and maintenance     4,804       3,983       5,495       7,607       7,584  
Drydocking     1,365       766       515       1,997       2,570  
Insurance and loss reserves     939       1,663       1,198       1,763       1,414  
Fuel, lubes and supplies     2,067       2,409       2,910       3,202       2,806  
Other     1,739       2,061       1,214       2,887       4,169  
      24,620       25,978       27,211       35,370       35,166  
Direct Vessel Profit (1)     17,123       23,092       27,489       17,442       9,744  
Other Costs and Expenses:                                        
Lease expense     3,407       3,570       4,153       4,298       4,137  
Administrative and general     10,765       11,928       11,462       10,524       10,812  
Depreciation and amortization     15,001       15,412       16,091       16,412       16,097  
      29,173       30,910       31,706       31,234       31,046  
(Losses) Gains on Asset Dispositions and Impairments, Net     (12,572 )     (2,679 )     862       (3,848 )     268  
Operating Loss     (24,622 )     (10,497 )     (3,355 )     (17,640 )     (21,034 )
Other Income (Expense):                                        
Interest income     676       559       317       215       354  
Interest expense     (7,638 )     (7,397 )     (7,362 )     (7,633 )     (7,664 )
SEACOR Holdings guarantee fees     (16 )     (21 )     (26 )     (32 )     (29 )
Derivative losses (gains), net     5,114       (663 )     3,057       (1,398 )     (925 )
Foreign currency gains, net     65       (1,037 )     (370 )     (924 )     670  
Other, net           (1 )                  
      (1,799 )     (8,560 )     (4,384 )     (9,772 )     (7,594 )
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies     (26,421 )     (19,057 )     (7,739 )     (27,412 )     (28,628 )
Income Tax (Benefit) Expense     (6,668 )     (2,306 )     1,277       (3,052 )     (3,831 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     (19,753 )     (16,751 )     (9,016 )     (24,360 )     (24,797 )
Equity in Losses of 50% or Less Owned Companies     (239 )     (2,425 )     (1,325 )     (7,078 )     (3,476 )
Loss from Continuing Operations     (19,992 )     (19,176 )     (10,341 )     (31,438 )     (28,273 )
(Loss) Income from Discontinued Operations, Net of Tax           (2,742 )     (7,899 )     1,174        
Net Loss     (19,992 )     (21,918 )     (18,240 )     (30,264 )     (28,273 )
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries     (4,047 )     (1,463 )     204       (1,875 )     (2,724 )
Net Loss attributable to SEACOR Marine Holdings Inc.   $ (15,945 )   $ (20,455 )   $ (18,444 )   $ (28,389 )   $ (25,549 )
                                         
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.                                        
Continuing operations   $ (0.66 )   $ (0.74 )   $ (0.49 )   $ (1.31 )   $ (1.11 )
Discontinued operations           (0.12 )     (0.29 )     0.10        
    $ (0.66 )   $ (0.86 )   $ (0.78 )   $ (1.21 )   $ (1.11 )
Weighted Average Common Shares and Warrants Outstanding:                                        
Basic and Diluted     23,989       23,832       23,741       23,382       23,090  
Common Shares and Warrants Outstanding at Period End     24,854       23,708       23,653       23,592       23,350  


SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)
 
       
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
United States, primarily Gulf of Mexico                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 20,988     $ 19,285     $ 17,851     $ 14,058     $ 10,588  
Fleet utilization     11 %     20 %     26 %     34 %     28 %
Fleet available days     1,864       1,956       2,340       2,669       2,698  
Out-of-service days for repairs, maintenance and drydockings   116     6     159     325     232  
Out-of-service days for cold-stacked status     1,301       1,301       1,131       1,322       1,579  
Operating Revenues:                                        
Time charter   $ 4,375     $ 7,408     $ 10,914     $ 12,628     $ 8,005  
Bareboat charter     724       732       597       233        
Other marine services     642       516       838       1,320       1,132  
      5,741       8,656       12,349       14,181       9,137  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     2,928       3,432       4,353       5,203       4,503  
Repairs and maintenance     617       782       1,508       2,515       2,778  
Drydocking     1,057       252       547       1,801       1,994  
Insurance and loss reserves     135       566       371       841       592  
Fuel, lubes and supplies     524       407       739       1,107       683  
Other     79       102       88       113       90  
      5,340       5,541       7,606       11,580       10,640  
Direct Vessel Profit (Loss) (1)   $ 401     $ 3,115     $ 4,743     $ 2,601     $ (1,503 )
Other Costs and Expenses:                                        
Lease expense   $ 2,138     $ 2,283     $ 2,758     $ 2,942     $ 2,911  
Depreciation and amortization     5,358       5,474       5,634       5,341       5,498  
                                         
Africa, primarily West Africa                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 9,249     $ 9,435     $ 9,316     $ 9,365     $ 9,461  
Fleet utilization     89 %     88 %     91 %     81 %     87 %
Fleet available days     1,346       1,349       1,380       1,365       1,313  
Out-of-service days for repairs, maintenance and drydockings     56       68           54     58  
Operating Revenues:                                        
Time charter   $ 11,095     $ 11,249     $ 11,738     $ 10,400     $ 10,773  
Other marine services     167       1,216       129       753       (637 )
      11,262       12,465       11,867       11,153       10,136  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     2,695       3,230       3,308       3,428       3,867  
Repairs and maintenance     1,435       1,242       1,323       952       1,184  
Drydocking     8       253       (53 )     (48 )     338  
Insurance and loss reserves     193       369       230       239       213  
Fuel, lubes and supplies     472       817       961       939       754  
Other     571       976       499       773       2,106  
      5,374       6,887       6,268       6,283       8,462  
Direct Vessel Profit (1)   $ 5,888     $ 5,578     $ 5,599     $ 4,870     $ 1,674  
Other Costs and Expenses:                                        
Lease expense   $ 1,126     $ 757     $ 761     $ 787     $ 785  
Depreciation and amortization     2,604       2,608       2,681       2,759       2,356  


SEACOR MARINE HOLDINGS INC.
 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
 
   
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Middle East and Asia                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 9,634     $ 8,843     $ 8,795     $ 8,182     $ 8,386  
Fleet utilization     73 %     82 %     83 %     79 %     72 %
Fleet available days     1,671       1,901       2,020       2,026       2,061  
Out-of-service days for repairs, maintenance and drydockings   200     15     129     73     95  
Out-of-service days for cold-stacked status   48     153     184     115     90  
Operating Revenues:                                        
Time charter   $ 11,767     $ 13,840     $ 14,798     $ 13,175     $ 12,499  
Other marine services     420       678       414       349       228  
      12,187       14,518       15,212       13,524       12,727  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     3,811       4,129       4,023       4,292       4,254  
Repairs and maintenance     1,246       973       1,387       2,629       2,193  
Drydocking     414       146       20       275       159  
Insurance and loss reserves     339       408       333       381       327  
Fuel, lubes and supplies     665       769       701       725       709  
Other     683       635       567       793       1,100  
      7,158       7,060       7,031       9,095       8,742  
Direct Vessel Profit (1)   $ 5,029     $ 7,458     $ 8,181     $ 4,429     $ 3,985  
Other Costs and Expenses:                                        
Lease expense   $ 45     $ 42     $ 43     $ 42     $ 46  
Depreciation and amortization     3,790       3,963       3,914       4,274       4,249  
                                         
Latin America                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 9,397     $ 8,649     $ 6,867     $ 8,074     $ 12,900  
Fleet utilization     93 %     69 %     71 %     63 %     71 %
Fleet available days     389       429       399       400       541  
Out-of-service days for repairs, maintenance and drydockings   3     35     5     3     5  
Out-of-service days for cold-stacked status         65     92     91     90  
Operating Revenues:                                        
Time charter   $ 3,396     $ 2,541     $ 1,951     $ 2,046     $ 4,922  
Bareboat charter           102       1,168       1,156       1,143  
Other marine services     149       261       221       273       635  
      3,545       2,904       3,340       3,475       6,700  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     1,215       1,081       846       976       1,556  
Repairs and maintenance     392       234       298       481       335  
Drydocking     (114 )     114             (32 )     79  
Insurance and loss reserves     69       79       31       66       135  
Fuel, lubes and supplies     135       127       187       314       428  
Other     305       188       (87 )     560       521  
      2,002       1,823       1,275       2,365       3,054  
Direct Vessel Profit (1)   $ 1,543     $ 1,081     $ 2,065     $ 1,110     $ 3,646  
Other Costs and Expenses:                                        
Lease expense   $ 9     $ 9     $     $     $ 1  
Depreciation and amortization     899       1,037       1,573       1,659       1,936  

            

SEACOR MARINE HOLDINGS INC.
 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
 
   
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Europe, Continuing Operations                                        
Time Charter Statistics:                                        
Average rates per day worked     3,471       3,505       3,146       2,972       2,339  
Fleet utilization     73 %     80 %     96 %     86 %     60 %
Fleet available days     3,398       3,373       3,439       3,530       3,303  
Out-of-service days for repairs, maintenance and drydockings   122     107     3     159     53  
Out-of-service days for cold-stacked status               92     91     90  
Operating Revenues:                                        
Time charter   $ 8,657     $ 9,427     $ 10,346     $ 9,021     $ 4,620  
Other marine services     351       1,100       1,586       1,458       1,590  
      9,008       10,527       11,932       10,479       6,210  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     3,057       3,224       3,349       4,015       2,443  
Repairs and maintenance     1,114       752       979       1,030       1,094  
Drydocking           1       1       1        
Insurance and loss reserves     203       241       233       236       147  
Fuel, lubes and supplies     271       289       322       117       232  
Other     101       160       147       648       352  
      4,746       4,667       5,031       6,047       4,268  
Direct Vessel Profit for Continuing Operations (1)   $ 4,262     $ 5,860     $ 6,901     $ 4,432     $ 1,942  
Other Costs and Expenses:                                        
Lease expense   $ 89     $ 479     $ 609     $ 546     $ 405  
Depreciation and amortization     2,350       2,330       2,289       2,379       2,058  


SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)
 
   
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Anchor handling towing supply                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 8,012     $ 8,095     $ 7,790     $ 7,597     $ 8,502  
Fleet utilization     39 %     48 %     53 %     49 %     38 %
Fleet available days     709       705       736       910       900  
Out-of-service days for repairs, maintenance and drydockings   74     33     10     31     34  
Out-of-service days for cold-stacked status   273     337     332     437     521  
Operating Revenues:                                        
Time charter   $ 2,225     $ 2,714     $ 3,059     $ 3,360     $ 2,875  
Other marine services     559       1,076       365       869       (658 )
      2,784       3,790       3,424       4,229       2,217  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     892       1,212       1,418       2,001       1,390  
Repairs and maintenance     408       330       524       632       630  
Drydocking     22       -       8       96       75  
Insurance and loss reserves     45       208       179       266       122  
Fuel, lubes and supplies     216       145       252       262       62  
Other     259       366       404       411       592  
      1,842       2,261       2,785       3,668       2,871  
Direct Vessel Profit (Loss) (1)   $ 942     $ 1,529     $ 639     $ 561     $ (654 )
Other Costs and Expenses:                                        
Lease expense   $ 1,216     $ 872     $ 1,357     $ 1,527     $ 1,539  
Depreciation and amortization     561       522       568       575       575  
                                         
Fast support                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 8,472     $ 8,257     $ 8,133     $ 7,624     $ 7,609  
Fleet utilization     76 %     78 %     78 %     71 %     68 %
Fleet available days     2,521       2,935       3,156       3,275       3,295  
Out-of-service days for repairs, maintenance and drydockings   156     82     81     134     72  
Out-of-service days for cold-stacked status   273     341     459     545     622  
Operating Revenues:                                        
Time charter   $ 16,284     $ 18,877     $ 20,079     $ 17,709     $ 17,083  
Bareboat charter     724       732       597       233        
Other marine services     (355 )     (40 )     (200 )     (179 )     (251 )
      16,653       19,569       20,476       17,763       16,832  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     4,659       5,071       5,486       5,796       5,511  
Repairs and maintenance     2,278       1,873       2,204       2,682       2,337  
Drydocking     36       357       (27 )     136       350  
Insurance and loss reserves     332       541       347       385       326  
Fuel, lubes and supplies     904       1,098       1,395       1,602       1,102  
Other     1,000       1,346       959       1,713       2,464  
      9,209       10,286       10,364       12,314       12,090  
Direct Vessel Profit (1)   $ 7,444     $ 9,283     $ 10,112     $ 5,449     $ 4,742  
Other Costs and Expenses:                                        
Lease expense   $ 352     $ 352     $ 351     $ 352     $ 352  
Depreciation and amortization     5,118       5,447       5,646       5,929       5,944  

                                                                                                                   


SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Supply                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 7,360     $ 7,179     $ 6,755     $ 6,906     $ 7,001  
Fleet utilization     79 %     87 %     96 %     53 %     62 %
Fleet available days     2,521       338       398       486       501  
Out-of-service days for repairs, maintenance and drydockings     3                 118     60  
Operating Revenues:                                        
Time charter   $ 2,520     $ 2,114     $ 2,589     $ 1,787     $ 2,182  
Bareboat charter           102       1,168       1,156       1,143  
Other marine services     (69 )     582       863       799       781  
      2,451       2,798       4,620       3,742       4,106  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     1,206       1,369       1,266       1,617       1,678  
Repairs and maintenance     348       159       276       1,085       619  
Drydocking           142       1       82       162  
Insurance and loss reserves     67       65       66       78       105  
Fuel, lubes and supplies     119       377       205       98       399  
Other     397       314       57       842       1,144  
      2,137       2,426       1,871       3,802       4,107  
Direct Vessel Profit (Loss) (1)   $ 314     $ 372     $ 2,749     $ (60 )   $ (1 )
Other Costs and Expenses:                                        
Lease expense         $ 381     $ 517     $ 433     $ 318  
Depreciation and amortization     787       823       1,167       1,223       1,036  
                                         
Specialty                                        
Time Charter Statistics:                                        
Fleet available days     91       92       92       91       90  
Out-of-service days for cold-stacked status     91       92       92       91       90  
Operating Revenues:                                        
Other marine services   $     $     $     $     $  
                                         
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     13       6       13       23       65  
Repairs and maintenance     11       5       1       3       4  
Insurance and loss reserves     20       9       18       20       8  
Fuel, lubes and supplies     22             2       (24 )     31  
Other     101       64       75       77       95  
      167       84       109       99       203  
Direct Vessel Loss (1)   $ (167 )   $ (84 )   $ (109 )   $ (99 )   $ (203 )
Other Costs and Expenses:                                        
Operating:                                        
Depreciation and amortization     128       128       128       127       128  

                                                                                                                    

 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
   
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Liftboats                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 27,513     $ 27,453     $ 26,172     $ 20,993     $ 17,750  
Fleet utilization     31 %     36 %     39 %     47 %     46 %
Fleet available days     8,668       1,472       1,665       1,729       1,710  
Out-of-service days for repairs, maintenance and drydockings   141     6     153     292     224  
Out-of-service days for cold-stacked status     664       657       432       455       526  
Operating Revenues:                                        
Time charter   $ 12,339     $ 14,375     $ 16,830     $ 16,932     $ 13,877  
Other marine services     250       732       795       1,481       2,080  
      12,589       15,107       17,625       18,413       15,957  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     4,097       4,588       4,824       5,360       5,097  
Repairs and maintenance     650       776       1,656       2,189       2,828  
Drydocking     1,307       267       532       1,683       1,983  
Insurance and loss reserves     679       711       484       921       884  
Fuel, lubes and supplies     490       550       899       1,076       1,005  
Other     147       338       221       251       444  
      7,370       7,230       8,616       11,480       12,241  
Direct Vessel Profit (1)   $ 5,219     $ 7,877     $ 9,009     $ 6,933     $ 3,716  
Other Costs and Expenses:                                        
Lease expense   $ 1,497     $ 1,497     $ 1,498     $ 1,497     $ 1,498  
Depreciation and amortization     6,128       6,136       6,247       6,055       6,053  
                                         
Crew transfer                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 2,375     $ 2,378     $ 2,220     $ 2,431     $ 2,325  
Fleet utilization     72 %     77 %     92 %     88 %     60 %
Fleet available days     3,458       3,465       3,531       3,499       3,420  
Out-of-service days for repairs, maintenance and drydockings   122     111     52     39     53  
Out-of-service days for cold-stacked status     48       92       184       91       90  
Operating Revenues:                                        
Time charter   $ 5,922     $ 6,385     $ 7,190     $ 7,482     $ 4,802  
Other marine services     315       389       577       499       322  
      6,237       6,774       7,767       7,981       5,124  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     2,592       2,435       2,432       2,665       2,309  
Repairs and maintenance     1,056       693       775       933       1,096  
Drydocking                              
Insurance and loss reserves     99       124       113       93       104  
Fuel, lubes and supplies     230       220       152       167       189  
Other     86       75       96       113       113  
      4,063       3,547       3,568       3,971       3,811  
Direct Vessel Profit (1)   $ 2,174     $ 3,227     $ 4,199     $ 4,010     $ 1,313  
Other Costs and Expenses:                                        
Depreciation and amortization   $ 1,717     $ 1,837     $ 1,819     $ 1,920     $ 2,031  

                                                                                                                                                                                                                                     

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
   
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Other Activity                                        
Operating Revenues:                                        
Other marine services   $ 1,029     $ 1,032     $ 788     $ 684     $ 674  
      1,029       1,032       788       684       674  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel     247       415       440       452       573  
Repairs and maintenance     53       147       59       83       70  
Insurance and loss reserves     (303 )     5       (9 )           (135 )
Fuel, lubes and supplies     86       19       5       21       18  
Other     (251 )     (442 )     (598 )     (520 )     (683 )
      (168 )     144       (102 )     36       (157 )
Direct Vessel Profit (1)   $ 1,197     $ 888     $ 890     $ 648     $ 831  
Other Costs and Expenses:                                        
Lease expense   $ 342     $ 468     $ 448     $ 508     $ 224  
Depreciation and amortization     562       519       516       583       330  

                                                                                                                              

 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands)
 
   
    Three Months Ended  
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
Cash Flows from Continuing Operating Activities:                                        
DVP (1)     17,123       23,092       27,489       17,442       9,744  
Operating, leased-in equipment (excluding amortization of deferred gains)     (3,838 )     (4,648 )     (4,963 )     (4,886 )     (4,842 )
Administrative and general (excluding provisions for bad debts and amortization of share awards)     (9,776 )     (10,773 )     (9,160 )     (9,696 )     (10,455 )
SEACOR Holdings management and guarantee fees     (16 )     (21 )     (26 )     (32 )     (29 )
Dividends received from 50% or less owned companies           800       873             400  
Other, net (excluding non-cash losses)           (2 )                  
      3,493       8,448       14,213       2,828       (5,182 )
Changes in operating assets and liabilities before interest and income taxes     (7,144 )     7,758       (7,236 )     4,921       2,924  
Director share awards                       894        
Restricted stock vested     (175 )     (55 )     (240 )           (282 )
Cash settlements on derivative transactions, net     (214 )     (190 )     (546 )     275       (75 )
Interest paid, excluding capitalized interest (1)     (4,744 )     (6,255 )     (5,633 )     (5,971 )     (4,593 )
Interest received     676       560       316       215       354  
Income taxes refunded, net                             1,999  
Net cash (used in) provided operating activities     (8,108 )     10,266       874       3,162       (4,855 )
Cash Flows from Continuing Investing Activities:                                        
Purchases of property and equipment     (11,244 )     (5,890 )     (9,547 )     (19,386 )     (20,633 )
Proceeds from disposition of property and equipment     3,105       36,418       10,119       9,268       378  
Proceeds from the sale of ERRV fleet           27,390                    
Cash Impact of sale of ERRV fleet           (5,140 )                  
Net change in construction reserve fund     9,148       5,268       1,951       7,997       (48 )
Net investing activities in property and equipment     1,009       58,046       2,523       (2,121 )     (20,303 )
Investments in and advances to 50% or less owned companies     (245 )     (6,062 )     (8,686 )     (718 )     (1,951 )
Capital distributions from equity investees           48       413              
Principal payments on notes due from equity investees                 22              
Net cash provided by (used in) investing activities     764       52,032       (5,728 )     (2,839 )     (22,254 )
Cash Flows from Continuing Financing Activities:                                        
Payments on long-term debt     (5,222 )     (3,899 )     (11,976 )     (3,738 )     (4,361 )
Purchase of subsidiary shares from noncontrolling interests                             (3,392 )
Proceeds from exercise of stock options and Warrants           340       973       3       108  
Net cash (used in) provided by financing activities     (5,222 )     (3,559 )     (11,003 )     (3,735 )     (7,645 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents     (1,908 )     (19,238 )     (472 )     1,195       873  
Net Change in Cash, Cash Equivalents and Restricted Cash     (14,474 )     39,501       (16,329 )     (2,217 )     (33,881 )
Cash Flows from Discontinued Operations                                        
Operating Activities           4,297       (446 )     (747 )     2,888  
Investing Activities           (4,462 )     (116 )     (615 )     (376 )
Effects of FX Rate Changes on Cash and Cash Equivalents           3,322       268       (1,504 )     612  
  Net Decrease in Cash and Cash Equivalents from Discontinued Operations:           3,157       (294 )     (2,866 )     3,124  
Net Change in Cash, Cash Equivalents and Restricted Cash     (14,474 )     42,658       (16,623 )     (5,083 )     (30,757 )
Cash, Restricted Cash and Cash Equivalents, Beginning of Period     87,047       44,389       61,012       66,095       96,852  
Cash, Restricted Cash and Cash Equivalents, End of Period   $ 72,573     $ 87,047     $ 44,389     $ 61,012     $ 66,095  

  

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
   
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
    Jun. 30,
2019
    Mar. 31,
2019
 
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents   $ 69,220     $ 83,943     $ 38,155     $ 55,763     $ 57,158  
Restricted cash     3,353       3,104       4,016       2,240       2,240  
Receivables:                                        
Trade, net of allowance for doubtful accounts     48,192       49,128       58,954       60,711       61,586  
Other     27,872       18,531       6,835       9,682       7,998  
Inventories     1,575       1,228       1,408       1,660       2,779  
Prepaid expenses and other     2,653       2,612       3,146       3,710       4,266  
Discontinued operations                 13,127       13,891       15,782  
Total current assets     152,865       158,546       125,641       147,657       151,809  
Property and Equipment:                                        
Historical cost     930,264       976,978       1,063,290       1,099,221       1,168,104  
Accumulated depreciation     (312,911 )     (358,962 )     (400,628 )     (425,881 )     (478,239 )
      617,353       618,016       662,662       673,340       689,865  
Construction in progress     55,302       74,344       70,275       67,063       62,750  
Net property and equipment     672,655       692,360       732,937       740,403       752,615  
Right-of-Use Asset - Operating Leases     8,990       17,313       18,774       27,390       30,503  
Investments, at Equity, and Advances to 50% or Less Owned Companies     125,010       124,680       118,222       112,418       119,520  
Construction Reserve Funds     3,745       12,893       18,161       20,112       28,109  
Other Assets     3,270       3,401       3,422       3,627       3,603  
Discontinued operations                 23,349       25,092       26,193  
    $ 966,535     $ 1,009,193     $ 1,040,506     $ 1,076,699     $ 1,112,352  
LIABILITIES AND EQUITY                                        
Current Liabilities:                                        
Current portion of operating lease liabilities   $ 13,359     $ 15,099     $ 15,182     $ 16,552     $ 17,918  
Current portion of long-term debt     37,084       17,802       23,446       20,651       17,426  
Accounts payable and accrued expenses     32,023       25,691       26,507       31,504       24,970  
Due to SEACOR Holdings     66       74       77       74       535  
Other current liabilities     29,949       36,151       42,372       47,185       45,967  
Discontinued operations                 3,813       3,813       3,893  
Total current liabilities     112,481       94,817       111,397       119,779       110,709  
Long-Term Operating Lease Liabilities     7,859       9,822       12,878       16,775       19,851  
Long-Term Debt     356,729       380,251       375,772       379,075       384,344  
Conversion Option Liability on Convertible Senior Notes     91       5,205       4,543       7,599       6,201  
Deferred Income Taxes     26,113       33,905       36,921       37,066       41,834  
Deferred Gains and Other Liabilities     7,951       6,269       4,848       5,165       7,290  
Total liabilities     511,224       530,269       546,359       565,459       570,229  
Equity:                                        
SEACOR Marine Holdings Inc. stockholders’ equity:                                        
Common stock     231       219       219       218       211  
Additional paid-in capital     447,425       429,318       427,823       424,549       422,830  
Retained earnings     11,131       27,076       64,929       83,312       111,701  
Shares held in treasury     (844 )     (669 )     (614 )     (374 )     (373 )
Accumulated other comprehensive loss, net of tax     (2,971 )     1,548       (21,105 )     (19,156 )     (16,812 )
      454,972       457,492       471,252       488,549       517,557  
Noncontrolling interests in subsidiaries     339       21,432       22,895       22,691       24,566  
Total equity     455,311       478,924       494,147       511,240       542,123  
    $ 966,535     $ 1,009,193     $ 1,040,506     $ 1,076,699     $ 1,112,352  


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
 
   
    Owned     Joint Ventured     Leased-in     Managed     Total (2)  
March 31, 2020                                        
AHTS     4             4             8  
FSV     28       5       1       1     35  
Supply     5       34             2     41  
Specialty     1       3                 4  
Liftboats     14             2           16  
Crew transfer     38       5                 43  
      90       47       7       3       147  
December 31, 2019                                        
AHTS     4             4             8  
FSV     30       5       1       1       37  
Supply     4       34             2       40  
Specialty     1       3             1       5  
Liftboats     14             2             16  
Crew transfer     38       5                   43  
      91       47       7       4       149  

______________________

(2)   Excludes one owned vessel that have been retired and removed from service.

 

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