SEACOR Marine Announces First Quarter 2020 Results
May 11 2020 - 07:00AM
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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