SEACOR Marine Announces First Quarter 2021 Results
May 06 2021 - 6:30AM
SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR
Marine”), a leading provider of marine and support transportation
services to offshore energy facilities worldwide, today announced
results for its first quarter ended March 31, 2021.
Chief Executive Officer John Gellert provided
the following statement: “SEACOR Marine continues to grieve for our
crew members, partners and the loved ones of those who were lost in
the capsizing of the SEACOR Power. Their memories will live long in
our hearts, minds and communities. We are grateful for the efforts
of all those involved in our search and rescue efforts. As salvage
operations continue, we remain focused on supporting our team
members and their families and will keep them in our prayers.”
SEACOR Marine’s consolidated operating revenues
from continuing operations for the first quarter of 2021 were $36.5
million, operating loss was $16.6 million, and direct vessel profit
(“DVP”)(1) was $10.2 million. This compares to consolidated
operating revenues from continuing operations of $35.7 million,
operating loss of $23.7 million, and DVP of $14.9 million in the
first quarter of 2020. For the first quarter of 2021, net income
attributable to SEACOR Marine was $6.0 million ($0.24 income per
basic and diluted share), primarily due to a $22.8 million gain on
the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the
first quarter of 2021, the net loss attributable to SEACOR Marine’s
continuing operations was $16.9 million ($0.67 loss per basic and
diluted share). This compares to a net loss from continuing
operations for the first quarter of 2020 of $17.9 million ($0.58
loss per basic and diluted share). Sequentially, the first
quarter of 2021 results compare to consolidated operating revenues
from continuing operations of $36.0 million, operating loss of
$16.9 million, and DVP of $10.5 million in the fourth quarter of
2020. For the fourth quarter of 2020 the net loss attributable to
SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss
per basic and diluted share).
Notable first quarter items include:
- Operating results in the first
quarter reflect continued improvement in market conditions across
all international regions.
- Reduced operating loss by 30.3%
compared to the first quarter of 2020 primarily driven by a
reduction in impairments and lower lease expenses.
- Significantly improved liquidity
position with $42.2 million of cash proceeds from the Windcat sale
net of $1.6 million in transaction costs and other costs, and
receipt of $12.5 million in unrestricted cash from tax refund
claims under the CARES Act during the quarter.
After the first quarter, an additional aggregate
amount of $19.8 million of tax refunds were received by SEACOR
Marine completing the receipt of all expected tax refunds under the
CARES Act. As a result of the Windcat sale and CARES Act tax
refunds, since the beginning of 2021, SEACOR Marine has generated
$74.5 million in cash and reduced debt by £20.4 million (equivalent
to approximately $28.1 million based on the USD to GBP closing
exchange rate on March 31, 2021).
___________________
(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
4 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 energy 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 InvestorRelations@seacormarine.com
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
LOSS(in thousands, except share data)
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
Operating Revenues |
$ |
36,512 |
|
|
$ |
35,667 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
Operating |
|
26,307 |
|
|
|
20,735 |
|
Administrative and general |
|
8,611 |
|
|
|
9,394 |
|
Lease expense |
|
1,078 |
|
|
|
3,325 |
|
Depreciation and amortization |
|
14,798 |
|
|
|
13,362 |
|
|
|
50,794 |
|
|
|
46,816 |
|
Loss on Asset Dispositions and
Impairments, Net |
|
(2,273 |
) |
|
|
(12,572 |
) |
Operating Loss |
|
(16,555 |
) |
|
|
(23,721 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
Interest income |
|
986 |
|
|
|
662 |
|
Interest expense |
|
(8,018 |
) |
|
|
(7,374 |
) |
SEACOR Holdings guarantee fees |
|
(7 |
) |
|
|
(16 |
) |
Derivative gains, net |
|
355 |
|
|
|
5,114 |
|
Foreign currency (losses) gains, net |
|
(466 |
) |
|
|
710 |
|
|
|
(7,150 |
) |
|
|
(904 |
) |
Loss from Continuing Operations
Before Income Tax Benefit and Equity in Earnings of 50% or Less
Owned Companies |
|
(23,705 |
) |
|
|
(24,625 |
) |
Income Tax Benefit |
|
(2,688 |
) |
|
|
(6,662 |
) |
Loss from Continuing Operations
Before Equity in Earnings of 50% or Less Owned Companies |
|
(21,017 |
) |
|
|
(17,963 |
) |
Equity in Earnings of 50% or Less
Owned Companies |
|
4,103 |
|
|
|
25 |
|
Loss from Continuing
Operations |
|
(16,914 |
) |
|
|
(17,938 |
) |
Income (Loss) Income on
Discontinued Operations, Net of Tax (Includes Gain on the Sale of
Windcat Workboats of $22,756) |
|
22,925 |
|
|
|
(2,054 |
) |
Net Income (Loss) |
|
6,011 |
|
|
|
(19,992 |
) |
Net Income (Loss) attributable to
Noncontrolling Interests in Subsidiaries |
|
— |
|
|
|
(4,047 |
) |
Net Income (Loss) attributable to
SEACOR Marine Holdings Inc. |
$ |
6,011 |
|
|
$ |
(15,945 |
) |
|
|
|
|
|
|
|
|
Basic and Diluted Income (Loss)
Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.67 |
) |
|
$ |
(0.58 |
) |
Discontinued operations |
|
0.91 |
|
|
|
(0.08 |
) |
|
$ |
0.24 |
|
|
$ |
(0.66 |
) |
Weighted Average Common Shares and Warrants Outstanding: |
|
|
|
|
|
|
|
Basic and diluted shares |
|
25,304,661 |
|
|
|
23,989,029 |
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONSOLIDATED STATEMENTS OF
LOSS(in thousands, except statistics and per share
data)
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day |
|
$ |
11,323 |
|
|
$ |
10,931 |
|
|
$ |
11,052 |
|
|
$ |
10,746 |
|
|
$ |
10,886 |
|
Fleet Utilization |
|
|
55 |
% |
|
|
51 |
% |
|
|
54 |
% |
|
|
57 |
% |
|
|
57 |
% |
Fleet Available Days |
|
|
5,505 |
|
|
|
5,824 |
|
|
|
5,807 |
|
|
|
5,258 |
|
|
|
5,361 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
34,290 |
|
|
$ |
32,693 |
|
|
$ |
34,824 |
|
|
$ |
32,389 |
|
|
$ |
33,549 |
|
Bareboat charter |
|
|
729 |
|
|
|
732 |
|
|
|
677 |
|
|
|
723 |
|
|
|
724 |
|
Other marine services |
|
|
1,493 |
|
|
|
2,619 |
|
|
|
700 |
|
|
|
813 |
|
|
|
1,394 |
|
|
|
|
36,512 |
|
|
|
36,044 |
|
|
|
36,201 |
|
|
|
33,925 |
|
|
|
35,667 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
13,418 |
|
|
|
13,057 |
|
|
|
13,401 |
|
|
|
10,704 |
|
|
|
11,186 |
|
Repairs and maintenance |
|
|
3,840 |
|
|
|
3,445 |
|
|
|
3,764 |
|
|
|
3,612 |
|
|
|
3,840 |
|
Drydocking |
|
|
2,217 |
|
|
|
1,753 |
|
|
|
585 |
|
|
|
566 |
|
|
|
1,365 |
|
Insurance and loss reserves |
|
|
1,958 |
|
|
|
1,670 |
|
|
|
1,764 |
|
|
|
1,489 |
|
|
|
840 |
|
Fuel, lubes and supplies |
|
|
2,202 |
|
|
|
2,081 |
|
|
|
2,131 |
|
|
|
2,075 |
|
|
|
1,841 |
|
Other |
|
|
2,672 |
|
|
|
3,556 |
|
|
|
3,074 |
|
|
|
1,682 |
|
|
|
1,664 |
|
|
|
|
26,307 |
|
|
|
25,562 |
|
|
|
24,719 |
|
|
|
20,128 |
|
|
|
20,736 |
|
Direct Vessel Profit (1) |
|
|
10,205 |
|
|
|
10,482 |
|
|
|
11,482 |
|
|
|
13,797 |
|
|
|
14,931 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
1,078 |
|
|
|
1,798 |
|
|
|
1,200 |
|
|
|
1,202 |
|
|
|
3,325 |
|
Administrative and general |
|
|
8,611 |
|
|
|
8,556 |
|
|
|
8,861 |
|
|
|
13,241 |
|
|
|
9,393 |
|
Depreciation and amortization |
|
|
14,798 |
|
|
|
15,247 |
|
|
|
14,833 |
|
|
|
13,725 |
|
|
|
13,362 |
|
|
|
|
24,487 |
|
|
|
25,601 |
|
|
|
24,894 |
|
|
|
28,168 |
|
|
|
26,080 |
|
(Losses) Gains on Asset
Dispositions and Impairments, Net |
|
|
(2,273 |
) |
|
|
(1,796 |
) |
|
|
233 |
|
|
|
(3,453 |
) |
|
|
(12,572 |
) |
Operating Loss |
|
|
(16,555 |
) |
|
|
(16,915 |
) |
|
|
(13,179 |
) |
|
|
(17,824 |
) |
|
|
(23,721 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
986 |
|
|
|
61 |
|
|
|
34 |
|
|
|
516 |
|
|
|
662 |
|
Interest expense |
|
|
(8,018 |
) |
|
|
(8,288 |
) |
|
|
(8,312 |
) |
|
|
(6,717 |
) |
|
|
(7,374 |
) |
SEACOR Holdings guarantee fees |
|
|
(7 |
) |
|
|
(11 |
) |
|
|
(11 |
) |
|
|
(9 |
) |
|
|
(16 |
) |
Derivative losses (gains), net |
|
|
355 |
|
|
|
(894 |
) |
|
|
5 |
|
|
|
85 |
|
|
|
5,114 |
|
Foreign currency gains, net |
|
|
(466 |
) |
|
|
(1,286 |
) |
|
|
(911 |
) |
|
|
193 |
|
|
|
710 |
|
Other, net |
|
|
— |
|
|
|
(19 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(7,150 |
) |
|
|
(10,437 |
) |
|
|
(9,195 |
) |
|
|
(5,932 |
) |
|
|
(904 |
) |
Loss Before from Continuing
Operations Before Income Tax Benefit and Equity in Earnings of 50%
or Less Owned Companies |
|
|
(23,705 |
) |
|
|
(27,352 |
) |
|
|
(22,374 |
) |
|
|
(23,756 |
) |
|
|
(24,625 |
) |
Income Tax (Benefit) Expense |
|
|
(2,688 |
) |
|
|
1,865 |
|
|
|
(3,120 |
) |
|
|
(15,007 |
) |
|
|
(6,662 |
) |
Loss from Continuing Operations
Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(21,017 |
) |
|
|
(29,217 |
) |
|
|
(19,254 |
) |
|
|
(8,749 |
) |
|
|
(17,963 |
) |
Equity in Earnings (Losses) of
50% or Less Owned Companies |
|
|
4,103 |
|
|
|
(9,681 |
) |
|
|
(588 |
) |
|
|
2,081 |
|
|
|
25 |
|
Loss from Continuing
Operations |
|
|
(16,914 |
) |
|
|
(38,898 |
) |
|
|
(19,842 |
) |
|
|
(6,668 |
) |
|
|
(17,938 |
) |
Income (Loss) from Discontinued
Operations, Net of Tax |
|
|
22,925 |
|
|
|
51 |
|
|
|
1,765 |
|
|
|
602 |
|
|
|
(2,054 |
) |
Net Income (Loss) |
|
|
6,011 |
|
|
|
(38,847 |
) |
|
|
(18,077 |
) |
|
|
(6,066 |
) |
|
|
(19,992 |
) |
Net (Loss) Income attributable to
Noncontrolling Interests in Subsidiaries |
|
|
— |
|
|
|
(31 |
) |
|
|
4 |
|
|
|
7 |
|
|
|
(4,047 |
) |
Net Income (Loss) attributable to
SEACOR Marine Holdings Inc. |
|
$ |
6,011 |
|
|
$ |
(38,816 |
) |
|
$ |
(18,081 |
) |
|
$ |
(6,073 |
) |
|
$ |
(15,945 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Income (Loss)
Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.67 |
) |
|
$ |
(1.54 |
) |
|
$ |
(0.79 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.58 |
) |
Discontinued operations |
|
|
0.91 |
|
|
|
— |
|
|
|
0.07 |
|
|
|
0.02 |
|
|
|
(0.08 |
) |
|
|
$ |
0.24 |
|
|
$ |
(1.54 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.66 |
) |
Weighted Average Common Shares
and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
25,305 |
|
|
|
25,265 |
|
|
|
24,989 |
|
|
|
24,851 |
|
|
|
23,989 |
|
Common Shares and Warrants Outstanding at Period End |
|
|
25,683 |
|
|
|
24,919 |
|
|
|
24,996 |
|
|
|
24,899 |
|
|
|
24,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY
REGION(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
15,910 |
|
|
$ |
18,405 |
|
|
$ |
19,397 |
|
|
$ |
15,574 |
|
|
$ |
20,988 |
|
Fleet utilization |
|
|
6 |
% |
|
|
7 |
% |
|
|
5 |
% |
|
|
5 |
% |
|
|
11 |
% |
Fleet available days |
|
|
1,518 |
|
|
|
1,797 |
|
|
|
1,871 |
|
|
|
1,842 |
|
|
|
1,864 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
67 |
|
|
|
45 |
|
|
37 |
|
|
32 |
|
|
116 |
|
Out-of-service days for cold-stacked status |
|
|
1,270 |
|
|
|
1,472 |
|
|
|
1,576 |
|
|
|
1,465 |
|
|
|
1,301 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
1,489 |
|
|
$ |
2,352 |
|
|
$ |
1,668 |
|
|
$ |
1,478 |
|
|
$ |
4,375 |
|
Bareboat charter |
|
|
729 |
|
|
|
732 |
|
|
|
731 |
|
|
|
723 |
|
|
|
724 |
|
Other marine services |
|
|
546 |
|
|
|
794 |
|
|
|
473 |
|
|
|
513 |
|
|
|
642 |
|
|
|
|
2,764 |
|
|
|
3,878 |
|
|
|
2,872 |
|
|
|
2,714 |
|
|
|
5,741 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
1,744 |
|
|
|
2,372 |
|
|
|
2,481 |
|
|
|
2,284 |
|
|
|
2,928 |
|
Repairs and maintenance |
|
|
654 |
|
|
|
386 |
|
|
|
338 |
|
|
|
314 |
|
|
|
617 |
|
Drydocking |
|
|
875 |
|
|
|
— |
|
|
|
— |
|
|
|
110 |
|
|
|
1,057 |
|
Insurance and loss reserves |
|
|
527 |
|
|
|
507 |
|
|
|
778 |
|
|
|
354 |
|
|
|
135 |
|
Fuel, lubes and supplies |
|
|
199 |
|
|
|
208 |
|
|
|
251 |
|
|
|
189 |
|
|
|
524 |
|
Other |
|
|
77 |
|
|
|
116 |
|
|
|
85 |
|
|
|
93 |
|
|
|
79 |
|
|
|
|
4,076 |
|
|
|
3,589 |
|
|
|
3,933 |
|
|
|
3,344 |
|
|
|
5,340 |
|
Direct Vessel (Loss) Profit
(1) |
|
$ |
(1,312 |
) |
|
$ |
289 |
|
|
$ |
(1,061 |
) |
|
$ |
(630 |
) |
|
$ |
401 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
664 |
|
|
$ |
677 |
|
|
$ |
716 |
|
|
$ |
741 |
|
|
$ |
2,138 |
|
Depreciation and amortization |
|
|
4,164 |
|
|
|
5,854 |
|
|
|
4,961 |
|
|
|
5,254 |
|
|
|
5,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa and Europe,
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
11,356 |
|
|
$ |
10,837 |
|
|
$ |
10,801 |
|
|
$ |
10,918 |
|
|
$ |
10,856 |
|
Fleet utilization |
|
|
68 |
% |
|
|
61 |
% |
|
|
68 |
% |
|
|
86 |
% |
|
|
90 |
% |
Fleet available days |
|
|
1,356 |
|
|
|
1,472 |
|
|
|
1,472 |
|
|
|
1,395 |
|
|
|
1,437 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
78 |
|
|
|
138 |
|
|
|
45 |
|
|
|
90 |
|
|
|
56 |
|
Out-of-service days for cold-stacked status |
|
|
346 |
|
|
|
368 |
|
|
|
216 |
|
|
|
— |
|
|
|
— |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
10,502 |
|
|
$ |
9,796 |
|
|
$ |
10,861 |
|
|
$ |
13,055 |
|
|
$ |
14,010 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
(54 |
) |
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
(269 |
) |
|
|
343 |
|
|
|
(279 |
) |
|
|
(382 |
) |
|
|
184 |
|
|
|
|
10,233 |
|
|
|
10,139 |
|
|
|
10,528 |
|
|
|
12,673 |
|
|
|
14,194 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,220 |
|
|
|
3,510 |
|
|
|
3,407 |
|
|
|
3,248 |
|
|
|
3,232 |
|
Repairs and maintenance |
|
|
1,191 |
|
|
|
1,437 |
|
|
|
1,158 |
|
|
|
1,463 |
|
|
|
1,585 |
|
Drydocking |
|
|
304 |
|
|
|
1,269 |
|
|
|
481 |
|
|
|
256 |
|
|
|
8 |
|
Insurance and loss reserves |
|
|
433 |
|
|
|
512 |
|
|
|
397 |
|
|
|
600 |
|
|
|
297 |
|
Fuel, lubes and supplies |
|
|
572 |
|
|
|
853 |
|
|
|
1,091 |
|
|
|
799 |
|
|
|
517 |
|
Other |
|
|
579 |
|
|
|
(674 |
) |
|
|
774 |
|
|
|
647 |
|
|
|
596 |
|
|
|
|
6,299 |
|
|
|
6,907 |
|
|
|
7,308 |
|
|
|
7,013 |
|
|
|
6,235 |
|
Direct Vessel Profit (1) |
|
$ |
3,934 |
|
|
$ |
3,232 |
|
|
$ |
3,220 |
|
|
$ |
5,660 |
|
|
$ |
7,959 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
356 |
|
|
$ |
1,056 |
|
|
$ |
430 |
|
|
$ |
420 |
|
|
$ |
1,133 |
|
Depreciation and amortization |
|
|
3,307 |
|
|
|
2,964 |
|
|
|
3,784 |
|
|
|
3,600 |
|
|
|
3,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”)
BY REGION (continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,308 |
|
|
$ |
9,455 |
|
|
$ |
9,670 |
|
|
$ |
10,245 |
|
|
$ |
9,634 |
|
Fleet utilization |
|
|
73 |
% |
|
|
75 |
% |
|
|
78 |
% |
|
|
82 |
% |
|
|
73 |
% |
Fleet available days |
|
|
1,852 |
|
|
|
1,840 |
|
|
|
1,809 |
|
|
|
1,613 |
|
|
|
1,671 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
115 |
|
|
68 |
|
|
89 |
|
|
113 |
|
|
200 |
|
Out-of-service days for cold-stacked status |
|
|
239 |
|
|
169 |
|
|
76 |
|
|
61 |
|
|
48 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
12,575 |
|
|
$ |
13,008 |
|
|
$ |
13,672 |
|
|
$ |
13,605 |
|
|
$ |
11,767 |
|
Other marine services |
|
|
360 |
|
|
|
927 |
|
|
|
296 |
|
|
|
514 |
|
|
|
420 |
|
|
|
|
12,935 |
|
|
|
13,935 |
|
|
|
13,968 |
|
|
|
14,119 |
|
|
|
12,187 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,208 |
|
|
|
5,411 |
|
|
|
5,171 |
|
|
|
3,795 |
|
|
|
3,811 |
|
Repairs and maintenance |
|
|
903 |
|
|
|
842 |
|
|
|
1,564 |
|
|
|
1,580 |
|
|
|
1,246 |
|
Drydocking |
|
|
1,066 |
|
|
|
41 |
|
|
|
104 |
|
|
|
200 |
|
|
|
414 |
|
Insurance and loss reserves |
|
|
702 |
|
|
|
501 |
|
|
|
451 |
|
|
|
430 |
|
|
|
339 |
|
Fuel, lubes and supplies |
|
|
559 |
|
|
|
604 |
|
|
|
482 |
|
|
|
955 |
|
|
|
665 |
|
Other |
|
|
1,144 |
|
|
|
3,618 |
|
|
|
1,771 |
|
|
|
819 |
|
|
|
683 |
|
|
|
|
9,582 |
|
|
|
11,017 |
|
|
|
9,543 |
|
|
|
7,779 |
|
|
|
7,158 |
|
Direct Vessel Profit (1) |
|
$ |
3,353 |
|
|
$ |
2,918 |
|
|
$ |
4,425 |
|
|
$ |
6,340 |
|
|
$ |
5,029 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
22 |
|
|
$ |
47 |
|
|
$ |
46 |
|
|
$ |
32 |
|
|
$ |
45 |
|
Depreciation and amortization |
|
|
4,710 |
|
|
|
4,505 |
|
|
|
4,379 |
|
|
|
3,921 |
|
|
|
3,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
14,751 |
|
|
$ |
12,921 |
|
|
$ |
13,355 |
|
|
$ |
10,752 |
|
|
$ |
9,397 |
|
Fleet utilization |
|
|
85 |
% |
|
|
82 |
% |
|
|
99 |
% |
|
|
97 |
% |
|
|
93 |
% |
Fleet available days |
|
|
779 |
|
|
|
716 |
|
|
|
655 |
|
|
|
408 |
|
|
|
389 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
94 |
|
|
|
66 |
|
|
|
7 |
|
|
|
— |
|
|
3 |
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
9,724 |
|
|
$ |
7,538 |
|
|
$ |
8,621 |
|
|
$ |
4,251 |
|
|
$ |
3,396 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
856 |
|
|
|
555 |
|
|
|
212 |
|
|
|
168 |
|
|
|
149 |
|
|
|
|
10,580 |
|
|
|
8,093 |
|
|
|
8,833 |
|
|
|
4,419 |
|
|
|
3,545 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,246 |
|
|
|
1,764 |
|
|
|
2,342 |
|
|
|
1,377 |
|
|
|
1,215 |
|
Repairs and maintenance |
|
|
1,092 |
|
|
|
780 |
|
|
|
704 |
|
|
|
255 |
|
|
|
392 |
|
Drydocking |
|
|
(28 |
) |
|
|
443 |
|
|
|
— |
|
|
|
— |
|
|
|
(114 |
) |
Insurance and loss reserves |
|
|
296 |
|
|
|
150 |
|
|
|
138 |
|
|
|
105 |
|
|
|
69 |
|
Fuel, lubes and supplies |
|
|
872 |
|
|
|
416 |
|
|
|
307 |
|
|
|
132 |
|
|
|
135 |
|
Other |
|
|
872 |
|
|
|
497 |
|
|
|
444 |
|
|
|
123 |
|
|
|
305 |
|
|
|
|
6,350 |
|
|
|
4,050 |
|
|
|
3,935 |
|
|
|
1,992 |
|
|
|
2,002 |
|
Direct Vessel Profit (1) |
|
$ |
4,230 |
|
|
$ |
4,043 |
|
|
$ |
4,898 |
|
|
$ |
2,427 |
|
|
$ |
1,543 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
36 |
|
|
$ |
18 |
|
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
9 |
|
Depreciation and amortization |
|
|
2,617 |
|
|
|
1,924 |
|
|
|
1,708 |
|
|
|
950 |
|
|
|
899 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY
VESSEL CLASS(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
Anchor handling towing supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
7,778 |
|
|
$ |
7,967 |
|
|
$ |
7,388 |
|
|
$ |
8,383 |
|
|
$ |
8,012 |
|
Fleet utilization |
|
|
67 |
% |
|
|
44 |
% |
|
|
54 |
% |
|
|
43 |
% |
|
|
39 |
% |
Fleet available days |
|
|
540 |
|
|
|
641 |
|
|
|
644 |
|
|
|
667 |
|
|
|
709 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
— |
|
|
133 |
|
|
21 |
|
|
76 |
|
|
74 |
|
Out-of-service days for cold-stacked status |
|
|
180 |
|
|
228 |
|
|
276 |
|
|
273 |
|
|
273 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
2,801 |
|
|
$ |
2,236 |
|
|
$ |
2,564 |
|
|
$ |
2,413 |
|
|
$ |
2,225 |
|
Other marine services |
|
|
(130 |
) |
|
|
433 |
|
|
|
(147 |
) |
|
|
(137 |
) |
|
|
559 |
|
|
|
|
2,671 |
|
|
|
2,669 |
|
|
|
2,417 |
|
|
|
2,276 |
|
|
|
2,784 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
984 |
|
|
|
1,149 |
|
|
|
950 |
|
|
|
853 |
|
|
|
892 |
|
Repairs and maintenance |
|
|
241 |
|
|
|
542 |
|
|
|
432 |
|
|
|
679 |
|
|
|
408 |
|
Drydocking |
|
|
54 |
|
|
|
847 |
|
|
|
(2 |
) |
|
|
(19 |
) |
|
|
22 |
|
Insurance and loss reserves |
|
|
194 |
|
|
|
199 |
|
|
|
139 |
|
|
|
159 |
|
|
|
45 |
|
Fuel, lubes and supplies |
|
|
139 |
|
|
|
258 |
|
|
|
148 |
|
|
|
168 |
|
|
|
216 |
|
Other |
|
|
270 |
|
|
|
535 |
|
|
|
370 |
|
|
|
341 |
|
|
|
259 |
|
|
|
|
1,882 |
|
|
|
3,530 |
|
|
|
2,037 |
|
|
|
2,181 |
|
|
|
1,842 |
|
Direct Vessel Profit (Loss)
(1) |
|
$ |
789 |
|
|
$ |
(861 |
) |
|
$ |
380 |
|
|
$ |
95 |
|
|
$ |
942 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
400 |
|
|
$ |
1,127 |
|
|
$ |
505 |
|
|
$ |
518 |
|
|
$ |
1,216 |
|
Depreciation and amortization |
|
|
494 |
|
|
|
494 |
|
|
|
495 |
|
|
|
500 |
|
|
|
561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fast
support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
7,888 |
|
|
$ |
8,074 |
|
|
$ |
8,421 |
|
|
$ |
8,590 |
|
|
$ |
8,472 |
|
Fleet utilization |
|
|
61 |
% |
|
|
60 |
% |
|
|
63 |
% |
|
|
72 |
% |
|
|
76 |
% |
Fleet available days |
|
|
2,207 |
|
|
|
2,300 |
|
|
|
2,300 |
|
|
|
2,426 |
|
|
|
2,521 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
182 |
|
|
155 |
|
|
71 |
|
|
137 |
|
|
156 |
|
Out-of-service days for cold-stacked status |
|
|
584 |
|
|
549 |
|
|
421 |
|
|
285 |
|
|
273 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
10,657 |
|
|
$ |
11,151 |
|
|
$ |
12,212 |
|
|
$ |
15,078 |
|
|
$ |
16,284 |
|
Bareboat charter |
|
|
729 |
|
|
|
732 |
|
|
|
731 |
|
|
|
723 |
|
|
|
724 |
|
Other marine services |
|
|
(218 |
) |
|
|
(283 |
) |
|
|
(256 |
) |
|
|
(372 |
) |
|
|
(355 |
) |
|
|
|
11,168 |
|
|
|
11,600 |
|
|
|
12,687 |
|
|
|
15,429 |
|
|
|
16,653 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,041 |
|
|
|
4,409 |
|
|
|
4,180 |
|
|
|
4,166 |
|
|
|
4,659 |
|
Repairs and maintenance |
|
|
1,535 |
|
|
|
1,604 |
|
|
|
1,642 |
|
|
|
1,922 |
|
|
|
2,278 |
|
Drydocking |
|
|
1,178 |
|
|
|
912 |
|
|
|
587 |
|
|
|
274 |
|
|
|
36 |
|
Insurance and loss reserves |
|
|
466 |
|
|
|
471 |
|
|
|
353 |
|
|
|
304 |
|
|
|
332 |
|
Fuel, lubes and supplies |
|
|
726 |
|
|
|
836 |
|
|
|
976 |
|
|
|
1,180 |
|
|
|
904 |
|
Other |
|
|
1,141 |
|
|
|
2,085 |
|
|
|
1,489 |
|
|
|
1,203 |
|
|
|
1,000 |
|
|
|
|
9,087 |
|
|
|
10,317 |
|
|
|
9,227 |
|
|
|
9,049 |
|
|
|
9,209 |
|
Direct Vessel Profit (1) |
|
$ |
2,081 |
|
|
$ |
1,283 |
|
|
$ |
3,460 |
|
|
$ |
6,380 |
|
|
$ |
7,444 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
352 |
|
|
$ |
352 |
|
|
$ |
351 |
|
|
$ |
352 |
|
|
$ |
352 |
|
Depreciation and amortization |
|
|
5,096 |
|
|
|
5,113 |
|
|
|
5,105 |
|
|
|
5,405 |
|
|
|
5,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY
VESSEL CLASS (continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
12,110 |
|
|
$ |
11,373 |
|
|
$ |
11,355 |
|
|
$ |
8,477 |
|
|
$ |
7,360 |
|
Fleet utilization |
|
|
63 |
% |
|
|
63 |
% |
|
|
74 |
% |
|
|
83 |
% |
|
|
79 |
% |
Fleet available days |
|
|
1,319 |
|
|
|
1,360 |
|
|
|
1,257 |
|
|
|
527 |
|
|
|
433 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
105 |
|
|
|
12 |
|
|
|
23 |
|
|
|
13 |
|
|
|
3 |
|
Out-of-service days for cold-stacked status |
|
|
315 |
|
|
|
353 |
|
|
|
229 |
|
|
|
61 |
|
|
|
— |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
10,082 |
|
|
$ |
9,714 |
|
|
$ |
10,541 |
|
|
$ |
3,713 |
|
|
$ |
2,520 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
(55 |
) |
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
346 |
|
|
|
482 |
|
|
|
92 |
|
|
|
(53 |
) |
|
|
(69 |
) |
|
|
|
10,428 |
|
|
|
10,196 |
|
|
|
10,578 |
|
|
|
3,660 |
|
|
|
2,451 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,158 |
|
|
|
3,364 |
|
|
|
3,821 |
|
|
|
1,591 |
|
|
|
1,206 |
|
Repairs and maintenance |
|
|
1,135 |
|
|
|
735 |
|
|
|
968 |
|
|
|
375 |
|
|
|
348 |
|
Drydocking |
|
|
110 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
197 |
|
|
|
— |
|
Insurance and loss reserves |
|
|
474 |
|
|
|
238 |
|
|
|
230 |
|
|
|
106 |
|
|
|
67 |
|
Fuel, lubes and supplies |
|
|
1,003 |
|
|
|
622 |
|
|
|
601 |
|
|
|
219 |
|
|
|
119 |
|
Other |
|
|
880 |
|
|
|
1,205 |
|
|
|
1,022 |
|
|
|
246 |
|
|
|
397 |
|
|
|
|
7,760 |
|
|
|
6,162 |
|
|
|
6,642 |
|
|
|
2,734 |
|
|
|
2,137 |
|
Direct Vessel Profit (1) |
|
$ |
2,668 |
|
|
$ |
4,034 |
|
|
$ |
3,936 |
|
|
$ |
926 |
|
|
$ |
314 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Depreciation and amortization |
|
|
2,977 |
|
|
|
3,060 |
|
|
|
2,673 |
|
|
|
1,000 |
|
|
|
787 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
1,890 |
|
|
$ |
2,025 |
|
|
$ |
2,025 |
|
|
$ |
2,025 |
|
|
$ |
1,982 |
|
Fleet utilization |
|
|
100 |
% |
|
|
100 |
% |
|
|
69 |
% |
|
|
50 |
% |
|
|
38 |
% |
Fleet available days |
|
|
90 |
|
|
|
92 |
|
|
|
134 |
|
|
|
182 |
|
|
|
242 |
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
42 |
|
|
|
91 |
|
|
|
139 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
170 |
|
|
|
187 |
|
|
|
187 |
|
|
|
184 |
|
|
|
180 |
|
Other marine services |
|
|
12 |
|
|
|
1 |
|
|
|
(9 |
) |
|
|
(10 |
) |
|
|
(19 |
) |
|
|
|
182 |
|
|
|
188 |
|
|
|
178 |
|
|
|
174 |
|
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
89 |
|
|
|
69 |
|
|
|
72 |
|
|
|
47 |
|
|
|
85 |
|
Repairs and maintenance |
|
|
8 |
|
|
|
34 |
|
|
|
51 |
|
|
|
102 |
|
|
|
103 |
|
Drydocking |
|
|
— |
|
|
|
(3 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Insurance and loss reserves |
|
|
4 |
|
|
|
(2 |
) |
|
|
13 |
|
|
|
16 |
|
|
|
20 |
|
Fuel, lubes and supplies |
|
|
8 |
|
|
|
3 |
|
|
|
(2 |
) |
|
|
8 |
|
|
|
26 |
|
Other |
|
|
26 |
|
|
|
18 |
|
|
|
56 |
|
|
|
90 |
|
|
|
111 |
|
|
|
|
135 |
|
|
|
119 |
|
|
|
190 |
|
|
|
263 |
|
|
|
345 |
|
Direct Vessel Profit (Loss)
(1) |
|
$ |
47 |
|
|
$ |
69 |
|
|
$ |
(12 |
) |
|
$ |
(89 |
) |
|
$ |
(184 |
) |
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
— |
|
|
$ |
1,541 |
|
|
$ |
89 |
|
|
$ |
189 |
|
|
$ |
206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY
VESSEL CLASS (continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
26,792 |
|
|
$ |
24,561 |
|
|
$ |
27,947 |
|
|
$ |
24,894 |
|
|
$ |
27,513 |
|
Fleet utilization |
|
|
29 |
% |
|
|
27 |
% |
|
|
23 |
% |
|
|
30 |
% |
|
|
31 |
% |
Fleet available days |
|
|
1,350 |
|
|
|
1,432 |
|
|
|
1,472 |
|
|
|
1,456 |
|
|
|
1,456 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
67 |
|
|
18 |
|
|
64 |
|
|
9 |
|
|
141 |
|
Out-of-service days for cold-stacked status |
|
|
776 |
|
|
|
880 |
|
|
|
899 |
|
|
|
816 |
|
|
|
664 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
10,580 |
|
|
$ |
9,406 |
|
|
$ |
9,319 |
|
|
$ |
11,001 |
|
|
$ |
12,339 |
|
Other marine services |
|
|
797 |
|
|
|
395 |
|
|
|
316 |
|
|
|
306 |
|
|
|
250 |
|
|
|
|
11,377 |
|
|
|
9,801 |
|
|
|
9,635 |
|
|
|
11,307 |
|
|
|
12,589 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,806 |
|
|
|
3,742 |
|
|
|
3,963 |
|
|
|
3,545 |
|
|
|
4,097 |
|
Repairs and maintenance |
|
|
894 |
|
|
|
524 |
|
|
|
624 |
|
|
|
407 |
|
|
|
650 |
|
Drydocking |
|
|
875 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
111 |
|
|
|
1,307 |
|
Insurance and loss reserves |
|
|
719 |
|
|
|
690 |
|
|
|
1,055 |
|
|
|
893 |
|
|
|
679 |
|
Fuel, lubes and supplies |
|
|
320 |
|
|
|
349 |
|
|
|
370 |
|
|
|
343 |
|
|
|
490 |
|
Other |
|
|
677 |
|
|
|
1,642 |
|
|
|
538 |
|
|
|
219 |
|
|
|
147 |
|
|
|
|
7,291 |
|
|
|
6,946 |
|
|
|
6,550 |
|
|
|
5,518 |
|
|
|
7,370 |
|
Direct Vessel Profit (1) |
|
$ |
4,086 |
|
|
$ |
2,855 |
|
|
$ |
3,085 |
|
|
$ |
5,789 |
|
|
$ |
5,219 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
12 |
|
|
$ |
19 |
|
|
$ |
31 |
|
|
$ |
44 |
|
|
$ |
1,497 |
|
Depreciation and amortization |
|
|
5,659 |
|
|
|
6,009 |
|
|
|
5,980 |
|
|
|
6,081 |
|
|
|
6,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
686 |
|
|
$ |
1,591 |
|
|
$ |
720 |
|
|
$ |
1,056 |
|
|
$ |
1,029 |
|
|
|
|
686 |
|
|
|
1,591 |
|
|
|
720 |
|
|
|
1,056 |
|
|
|
1,029 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
340 |
|
|
|
324 |
|
|
|
415 |
|
|
|
502 |
|
|
|
247 |
|
Repairs and maintenance |
|
|
27 |
|
|
|
6 |
|
|
|
47 |
|
|
|
128 |
|
|
|
53 |
|
Insurance and loss reserves |
|
|
101 |
|
|
|
74 |
|
|
|
(26 |
) |
|
|
11 |
|
|
|
(303 |
) |
Fuel, lubes and supplies |
|
|
6 |
|
|
|
13 |
|
|
|
38 |
|
|
|
157 |
|
|
|
86 |
|
Other |
|
|
(322 |
) |
|
|
(1,928 |
) |
|
|
(401 |
) |
|
|
(417 |
) |
|
|
(251 |
) |
|
|
|
152 |
|
|
|
(1,511 |
) |
|
|
73 |
|
|
|
381 |
|
|
|
(168 |
) |
Direct Vessel Profit (1) |
|
$ |
534 |
|
|
$ |
3,102 |
|
|
$ |
647 |
|
|
$ |
675 |
|
|
$ |
1,197 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
314 |
|
|
$ |
300 |
|
|
$ |
335 |
|
|
$ |
241 |
|
|
$ |
260 |
|
Depreciation and amortization |
|
|
572 |
|
|
|
(970 |
) |
|
|
545 |
|
|
|
553 |
|
|
|
562 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
68,409 |
|
|
$ |
32,666 |
|
|
$ |
42,314 |
|
|
$ |
51,888 |
|
|
$ |
67,441 |
|
Restricted cash |
|
|
3,352 |
|
|
|
3,352 |
|
|
|
3,352 |
|
|
|
3,352 |
|
|
|
3,353 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts |
|
|
42,680 |
|
|
|
45,325 |
|
|
|
48,294 |
|
|
|
52,169 |
|
|
|
43,602 |
|
Other |
|
|
11,265 |
|
|
|
10,924 |
|
|
|
18,365 |
|
|
|
13,814 |
|
|
|
27,249 |
|
Receivables from SEACOR Holdings |
|
|
19,332 |
|
|
|
18,832 |
|
|
|
18,814 |
|
|
|
14,394 |
|
|
|
— |
|
Tax Receivable |
|
|
1,498 |
|
|
|
13,556 |
|
|
|
11,770 |
|
|
|
— |
|
|
|
— |
|
Inventories |
|
|
572 |
|
|
|
576 |
|
|
|
573 |
|
|
|
1,409 |
|
|
|
1,575 |
|
Prepaid expenses and other |
|
|
2,326 |
|
|
|
3,230 |
|
|
|
3,438 |
|
|
|
2,835 |
|
|
|
2,092 |
|
Other Current Assets |
|
|
423 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Discontinued operations |
|
|
— |
|
|
|
50,235 |
|
|
|
46,768 |
|
|
|
44,616 |
|
|
|
54,182 |
|
Total current assets |
|
|
149,857 |
|
|
|
178,696 |
|
|
|
193,688 |
|
|
|
184,477 |
|
|
|
199,494 |
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
1,000,430 |
|
|
|
1,012,873 |
|
|
|
996,370 |
|
|
|
987,741 |
|
|
|
857,118 |
|
Accumulated depreciation |
|
|
(297,792 |
) |
|
|
(291,538 |
) |
|
|
(280,468 |
) |
|
|
(271,097 |
) |
|
|
(264,365 |
) |
|
|
|
702,638 |
|
|
|
721,335 |
|
|
|
715,902 |
|
|
|
716,644 |
|
|
|
592,753 |
|
Construction in progress |
|
|
32,530 |
|
|
|
32,327 |
|
|
|
51,969 |
|
|
|
52,456 |
|
|
|
49,186 |
|
Net property and equipment |
|
|
735,168 |
|
|
|
753,662 |
|
|
|
767,871 |
|
|
|
769,100 |
|
|
|
641,939 |
|
Right-of-Use Asset - Operating
Leases |
|
|
7,046 |
|
|
|
7,134 |
|
|
|
7,670 |
|
|
|
8,148 |
|
|
|
8,286 |
|
Right-of-Use Asset - Finance
Lease |
|
|
121 |
|
|
|
129 |
|
|
|
137 |
|
|
|
— |
|
|
|
— |
|
Investments, at Equity, and
Advances to 50% or Less Owned Companies |
|
|
79,000 |
|
|
|
75,308 |
|
|
|
84,701 |
|
|
|
87,177 |
|
|
|
109,844 |
|
Construction Reserve Funds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,745 |
|
Other Assets |
|
|
2,624 |
|
|
|
2,734 |
|
|
|
3,108 |
|
|
|
3,200 |
|
|
|
3,227 |
|
|
|
$ |
973,816 |
|
|
$ |
1,017,663 |
|
|
$ |
1,057,175 |
|
|
$ |
1,052,102 |
|
|
$ |
966,535 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
5,139 |
|
|
$ |
7,030 |
|
|
$ |
9,446 |
|
|
$ |
11,579 |
|
|
$ |
13,167 |
|
Current lease liability - Finance |
|
|
46 |
|
|
|
36 |
|
|
|
27 |
|
|
|
- |
|
|
|
— |
|
Current portion of long-term debt |
|
|
34,888 |
|
|
|
32,377 |
|
|
|
52,108 |
|
|
|
51,793 |
|
|
|
37,084 |
|
Accounts payable and accrued expenses |
|
|
21,428 |
|
|
|
29,967 |
|
|
|
28,888 |
|
|
|
21,323 |
|
|
|
30,064 |
|
Due to SEACOR Holdings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
66 |
|
Other current liabilities |
|
|
29,719 |
|
|
|
31,467 |
|
|
|
29,548 |
|
|
|
29,642 |
|
|
|
29,154 |
|
Discontinued operations |
|
|
— |
|
|
|
30,927 |
|
|
|
28,555 |
|
|
|
28,882 |
|
|
|
27,392 |
|
Total current liabilities |
|
|
91,220 |
|
|
|
131,804 |
|
|
|
148,572 |
|
|
|
143,219 |
|
|
|
136,927 |
|
Long-Term Operating Lease
Liabilities |
|
|
4,778 |
|
|
|
4,345 |
|
|
|
5,239 |
|
|
|
6,067 |
|
|
|
7,352 |
|
Long-Term Finance Lease
Liabilities |
|
|
97 |
|
|
|
105 |
|
|
|
113 |
|
|
|
— |
|
|
|
— |
|
Long-Term Debt |
|
|
431,849 |
|
|
|
440,510 |
|
|
|
426,711 |
|
|
|
422,569 |
|
|
|
333,121 |
|
Conversion Option Liability on
Convertible Senior Notes |
|
|
37 |
|
|
|
2 |
|
|
|
1 |
|
|
|
6 |
|
|
|
91 |
|
Deferred Income Taxes |
|
|
31,766 |
|
|
|
35,822 |
|
|
|
36,075 |
|
|
|
23,740 |
|
|
|
25,793 |
|
Deferred Gains and Other
Liabilities |
|
|
4,910 |
|
|
|
3,239 |
|
|
|
3,810 |
|
|
|
5,137 |
|
|
|
7,940 |
|
Total liabilities |
|
|
564,657 |
|
|
|
615,827 |
|
|
|
620,521 |
|
|
|
600,738 |
|
|
|
511,224 |
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
243 |
|
|
|
235 |
|
|
|
235 |
|
|
|
232 |
|
|
|
231 |
|
Additional paid-in capital |
|
|
452,290 |
|
|
|
451,179 |
|
|
|
450,320 |
|
|
|
449,116 |
|
|
|
447,425 |
|
(Accumulated Deficit) Retained earnings |
|
|
(50,029 |
) |
|
|
(51,839 |
) |
|
|
(13,023 |
) |
|
|
5,058 |
|
|
|
11,131 |
|
Shares held in treasury |
|
|
(1,110 |
) |
|
|
(848 |
) |
|
|
(848 |
) |
|
|
(847 |
) |
|
|
(844 |
) |
Accumulated other comprehensive loss, net of tax |
|
|
7,446 |
|
|
|
2,790 |
|
|
|
(380 |
) |
|
|
(2,541 |
) |
|
|
(2,971 |
) |
|
|
|
408,840 |
|
|
|
401,517 |
|
|
|
436,304 |
|
|
|
451,018 |
|
|
|
454,972 |
|
Noncontrolling interests in
subsidiaries |
|
|
319 |
|
|
|
319 |
|
|
|
350 |
|
|
|
346 |
|
|
|
339 |
|
Total equity |
|
|
409,159 |
|
|
|
401,836 |
|
|
|
436,654 |
|
|
|
451,364 |
|
|
|
455,311 |
|
|
|
$ |
973,816 |
|
|
$ |
1,017,663 |
|
|
$ |
1,057,175 |
|
|
$ |
1,052,102 |
|
|
$ |
966,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)
|
|
Three Months Ended |
|
|
|
Mar. 31, 2021 |
|
|
Dec. 31, 2020 |
|
|
Sep. 30, 2020 |
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
Cash Flows from Continuing Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) |
|
$ |
6,011 |
|
|
$ |
(38,922 |
) |
|
$ |
(19,818 |
) |
|
$ |
(6,668 |
) |
|
$ |
(17,938 |
) |
Adjustments to reconcile net
income (loss) to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
14,798 |
|
|
|
15,247 |
|
|
|
14,833 |
|
|
|
13,725 |
|
|
|
13,362 |
|
Deferred financing costs amortization |
|
|
260 |
|
|
|
266 |
|
|
|
278 |
|
|
|
284 |
|
|
|
279 |
|
Amortization of employee share awards |
|
|
1,111 |
|
|
|
859 |
|
|
|
1,204 |
|
|
|
937 |
|
|
|
1,069 |
|
Restricted stock vesting |
|
|
(262 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
(175 |
) |
Director share awards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
755 |
|
|
|
— |
|
Debt discount amortization |
|
|
1,892 |
|
|
|
1,917 |
|
|
|
1,797 |
|
|
|
1,480 |
|
|
|
1,478 |
|
Bad debt recoveries (expense) |
|
|
24 |
|
|
|
(146 |
) |
|
|
185 |
|
|
|
271 |
|
|
|
(80 |
) |
Loss from equipment sales, retirements or impairments |
|
|
2,273 |
|
|
|
1,796 |
|
|
|
(233 |
) |
|
|
3,453 |
|
|
|
12,572 |
|
Gain on the Sale of Windcat Workboats |
|
|
(22,756 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Derivative (gains) losses |
|
|
(355 |
) |
|
|
894 |
|
|
|
(5 |
) |
|
|
(85 |
) |
|
|
(5,114 |
) |
Cash settlement payments on derivative transactions, net |
|
|
(919 |
) |
|
|
(441 |
) |
|
|
(426 |
) |
|
|
(265 |
) |
|
|
(199 |
) |
Currency losses (gains) |
|
|
466 |
|
|
|
1,286 |
|
|
|
911 |
|
|
|
(193 |
) |
|
|
(710 |
) |
Deferred income taxes |
|
|
(4,056 |
) |
|
|
(254 |
) |
|
|
12,333 |
|
|
|
(2,053 |
) |
|
|
(7,768 |
) |
Equity (Earnings) Losses |
|
|
(4,103 |
) |
|
|
9,681 |
|
|
|
588 |
|
|
|
(2,081 |
) |
|
|
(25 |
) |
Dividends received from equity investees |
|
|
— |
|
|
|
— |
|
|
|
2,117 |
|
|
|
— |
|
|
|
— |
|
Changes in Operating Assets and
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivables |
|
|
11,345 |
|
|
|
7,668 |
|
|
|
(17,737 |
) |
|
|
(8,326 |
) |
|
|
(11,770 |
) |
Other assets |
|
|
1,192 |
|
|
|
604 |
|
|
|
656 |
|
|
|
6,163 |
|
|
|
(893 |
) |
Accounts payable and accrued liabilities |
|
|
(10,296 |
) |
|
|
(2,806 |
) |
|
|
886 |
|
|
|
(21,197 |
) |
|
|
4,774 |
|
Net cash used in operating activities |
|
|
(3,375 |
) |
|
|
(2,351 |
) |
|
|
(2,431 |
) |
|
|
(13,803 |
) |
|
|
(11,138 |
) |
Cash Flows from Continuing
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(2,724 |
) |
|
|
(2,500 |
) |
|
|
(2,833 |
) |
|
|
(7,019 |
) |
|
|
(8,456 |
) |
Proceeds from disposition of property and equipment |
|
|
3,266 |
|
|
|
— |
|
|
|
3,539 |
|
|
|
14,030 |
|
|
|
3,105 |
|
Proceeds from Sale of WWH, net cash sold |
|
|
38,715 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Construction reserve funds transferred to short-term cash |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,745 |
|
|
|
— |
|
Purchase of subsidiary from joint venture |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,445 |
) |
|
|
— |
|
Construction reserve funds used |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,148 |
|
Net investing activities in property and equipment |
|
|
39,257 |
|
|
|
(2,500 |
) |
|
|
706 |
|
|
|
2,311 |
|
|
|
3,797 |
|
Investments in and advances to 50% or less owned companies |
|
|
(736 |
) |
|
|
(1,248 |
) |
|
|
(713 |
) |
|
|
— |
|
|
|
(245 |
) |
Principal payments on notes due from equity investees |
|
|
919 |
|
|
|
1,225 |
|
|
|
490 |
|
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
39,440 |
|
|
|
(2,523 |
) |
|
|
483 |
|
|
|
2,311 |
|
|
|
3,552 |
|
Cash Flows from Continuing
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
|
|
(8,302 |
) |
|
|
(5,780 |
) |
|
|
(8,246 |
) |
|
|
(3,506 |
) |
|
|
(5,069 |
) |
Proceeds from issuance of debt, net of offering costs |
|
|
— |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
Interest on Finance Lease |
|
|
2 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Proceeds from exercise of stock options and Warrants |
|
|
8 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
— |
|
Net cash used in financing activities |
|
|
(8,292 |
) |
|
|
(5,778 |
) |
|
|
(8,245 |
) |
|
|
(3,506 |
) |
|
|
(5,069 |
) |
Effects of Exchange Rate Changes
on Cash and Cash Equivalents |
|
|
4,621 |
|
|
|
1,004 |
|
|
|
619 |
|
|
|
(557 |
) |
|
|
(1,037 |
) |
Net Change in Cash, Cash
Equivalents and Restricted Cash |
|
|
32,394 |
|
|
|
(9,648 |
) |
|
|
(9,574 |
) |
|
|
(15,554 |
) |
|
|
(13,692 |
) |
Cash Flows from Discontinued
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
(171 |
) |
|
|
1,895 |
|
|
|
1,518 |
|
|
|
2,255 |
|
|
|
2,549 |
|
Investing Activities |
|
|
— |
|
|
|
(1,436 |
) |
|
|
(2,527 |
) |
|
|
(1,567 |
) |
|
|
(2,788 |
) |
Financing Activities |
|
|
— |
|
|
|
— |
|
|
|
1,090 |
|
|
|
4 |
|
|
|
(153 |
) |
Effects of FX Rate Changes on Cash and Cash Equivalents |
|
|
— |
|
|
|
196 |
|
|
|
(26 |
) |
|
|
339 |
|
|
|
(390 |
) |
Net (Decrease) Increase in Cash and Cash Equivalents from
Discontinued Operations: |
|
|
(171 |
) |
|
|
655 |
|
|
|
55 |
|
|
|
1,031 |
|
|
|
(782 |
) |
Net Change in Cash, Cash
Equivalents and Restricted Cash |
|
|
32,223 |
|
|
|
(8,993 |
) |
|
|
(9,519 |
) |
|
|
(14,523 |
) |
|
|
(14,474 |
) |
Cash, Restricted Cash and Cash
Equivalents, Beginning of Period |
|
|
39,538 |
|
|
|
48,531 |
|
|
|
58,050 |
|
|
|
72,573 |
|
|
|
87,047 |
|
Cash, Restricted Cash and Cash
Equivalents, End of Period |
|
$ |
71,761 |
|
|
$ |
39,538 |
|
|
$ |
48,531 |
|
|
$ |
58,050 |
|
|
$ |
72,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED FLEET COUNTS
|
|
Owned |
|
Joint Ventured |
|
Leased-in |
|
Managed |
|
Total |
March 31, 2021 |
|
|
|
|
|
|
|
|
|
|
AHTS |
|
4 |
|
— |
|
2 |
|
— |
|
6 |
FSV |
|
24 |
|
5 |
|
1 |
|
1 |
|
31 |
Supply |
|
14 |
|
26 |
|
— |
|
— |
|
40 |
Specialty (1) |
|
1 |
|
3 |
|
— |
|
— |
|
4 |
Liftboats |
|
14 |
|
— |
|
1 |
|
— |
|
15 |
|
|
57 |
|
34 |
|
4 |
|
1 |
|
96 |
December 31, 2020 |
|
|
|
|
|
|
|
|
|
|
AHTS |
|
4 |
|
— |
|
2 |
|
— |
|
6 |
FSV |
|
26 |
|
5 |
|
1 |
|
1 |
|
33 |
Supply |
|
15 |
|
27 |
|
— |
|
1 |
|
43 |
Specialty |
|
— |
|
3 |
|
— |
|
— |
|
3 |
Liftboats |
|
14 |
|
— |
|
1 |
|
— |
|
15 |
Crew Transfer Assets Held for
Sale |
|
40 |
|
5 |
|
— |
|
— |
|
45 |
Crew transfer Continuing
Operations |
|
1 |
|
— |
|
— |
|
— |
|
1 |
|
|
100 |
|
40 |
|
4 |
|
2 |
|
146 |
|
|
|
|
|
|
|
|
|
|
|
(1) One owned vessel classified as a Crew
Transfer Continuing Operations as of December 31, 2020 was
reclassified as a Specialty Vessel as of March 31, 2021.
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