Seacor Marine Announces Second Quarter 2020 Results

HOUSTON, Aug. 06, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its second quarter ended June 30, 2020.

Notable second quarter items include:

  • Acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (“SEACOSCO”) on June 30, 2020 for total consideration of $28.2 million payable over four years.  The transaction adds eight modern platform supply vessels to SEACOR Marine’s owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.  The vessels and the debt associated with the transaction are included in the second quarter numbers, but the operating results of the joint venture were not consolidated in the quarter. SEACOR Marine expects the vessels to generate cash in future quarters in excess of scheduled debt amortization payments.
     
  • Entry into an agreement with SEACOR Holdings Inc. permitting SEACOR Marine to carry back net operating losses under provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  SEACOR Marine expects to receive approximately $31.2 million of cash tax refunds under the CARES Act. SEACOR Marine paid a one-time transaction fee of $3.0 million to SEACOR Holdings Inc. as consideration for entry into the agreement that is reflected in the general and administrative costs for the second quarter.
     
  • Average dayrates, excluding those for the crew transfer vessel fleet, were $11,018 in the second quarter of 2020 and $10,387 in the second quarter of 2019. The improved average dayrates year on year reflect the improvement in SEACOR Marine’s overall fleet mix since the second quarter of the prior year.
     
  • Both COVID-19 and volatility in oil prices impacted second quarter revenues. SEACOR Marine expects such volatility to continue at least for the remainder of this year.  SEACOR Marine is unable to quantify such impact at this point but will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.
     
  • Administrative and general expenses in the second quarter were $14.5 million, including $3.7 million in non-recurring expenses comprised of $3.3 million of transaction, legal and advisory fees related to the carry back of net operating losses pursuant to the CARES Act, and  a one-time restructuring charge of $0.4 million from SEACOR Marine’s continuing cost reduction initiatives. SEACOR Marine maintains its target for projected annual savings of at least $8.0 million, of which it has already achieved $7.8 million. SEACOR Marine anticipates that the cost reduction initiatives will impact all of its reportable segments and expects the remaining cost reduction initiatives to be completed by the end of the third quarter of 2020. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to the changing conditions.

Overall, total operating revenues for the second quarter were $41.9 million, operating loss was $16.7 million, and direct vessel profit (“DVP”)(1) was $18.0 million. This compares to operating revenues of $52.8 million, operating loss of $17.6 million, and DVP of $17.4 million in the second quarter of 2019. The improved DVP in the second quarter was primarily driven by the change in fleet mix over the period.

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

“SEACOR Marine delivered solid operating and financial results in an extremely challenging environment. All our international operating regions showed significant improvements in key metrics, reflecting the efforts made to improve our market presence, fleet mix and overhead expenses. Our U.S. operations saw a steep decline in activity, mostly in liftboat demand, which continues to be challenged by the effects of low commodity prices on our customers and tepid decommissioning activity.

“Notwithstanding this difficult environment we were able to execute two transactions that will enhance our results and strengthen our liquidity. The acquisition of our partner’s interest in SEACOSCO is expected to be accretive to our results this year, and the ability to carry back net operating losses pursuant to the CARES Act adds incremental liquidity.

“Finally, I want to recognize and thank the SEACOR Marine team for these results and their continuing dedication to maintaining safe and reliable operations for our customers worldwide.  I particularly thank our seafarers, many of whom have worked extended rotations due to the COVID-19 pandemic and continue to face challenges returning home.  We appreciate the cooperation and assistance of our customers and suppliers in navigating the complex logistics of the unprecedented COVID-19 operating environment.”

For the second quarter of 2020, net loss attributable to SEACOR Marine was $6.1 million ($0.24 loss per basic and diluted share) and operating loss was $16.7 million.  Net loss attributable to SEACOR Marine’s continuing operations for the second quarter of 2019 was $31.4 million ($1.26 loss per basic and diluted share) and operating loss was $17.6 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 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 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 June 30,  Six months ended June 30, 
  2020  2019  2020  2019 
Operating Revenues $41,878  $52,812  $83,621  $97,722 
Costs and Expenses:                
Operating  23,913   35,370   48,533   70,536 
Administrative and general  14,560   10,524   25,325   21,336 
Lease expense  1,355   4,298   4,762   8,435 
Depreciation and amortization  15,313   16,412   30,314   32,509 
   55,141   66,604   108,934   132,816 
(Loss) Gain on Asset Dispositions and Impairments, Net  (3,453)  (3,848)  (16,025)  (3,580)
Operating Loss  (16,716)  (17,640)  (41,338)  (38,674)
Other Income (Expense):                
Interest income  529   215   1,205   569 
Interest expense  (6,995)  (7,633)  (14,633)  (15,297)
SEACOR Holdings guarantee fees  (9)  (32)  (25)  (61)
Derivative gains (losses), net  85   (1,398)  5,199   (2,323)
Foreign currency gains, net  (171)  (924)  (106)  (254)
   (6,561)  (9,772)  (8,360)  (17,366)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies  (23,277)  (27,412)  (49,698)  (56,040)
Income Tax Benefit  (15,081)  (3,052)  (21,749)  (6,883)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (8,196)  (24,360)  (27,949)  (49,157)
Equity in Losses of 50% or Less Owned Companies  2,130   (7,078)  1,891   (10,554)
Loss from Continuing Operations  (6,066)  (31,438)  (26,058)  (59,711)
(Loss) Income on Discontinued Operations, Net of Tax     1,174.0      1,174 
Net Loss  (6,066)  (30,264)  (26,058)  (58,537)
Net Loss attributable to Noncontrolling Interests in Subsidiaries  7   (1,875)  (4,040)  (4,599)
Net Loss attributable to SEACOR Marine Holdings Inc. $(6,073) $(28,389) $(22,018) $(53,938)
                 
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.                
Continuing operations $(0.24) $(1.26) $(0.90) $(2.37)
Discontinued operations     0.05     $0.05 
  $(0.24) $(1.21) $(0.90) $(2.32)
Weighted Average Common Shares and Warrants Outstanding:                
Basic and diluted shares  24,851,834   23,382,272   24,420,432   23,237,012 
                 

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)

  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Time Charter Statistics:                    
Average Rates Per Day Worked (excluding crew transfer) $11,018  $11,157  $11,071  $10,946  $10,387 
Average Rates Per Day $6,648  $7,163  $7,260  $6,981  $6,843 
Fleet Utilization (excluding crew transfer)  57%  57%  62%  64%  59%
Fleet Utilization  69%  63%  68%  74%  69%
Fleet Available Days (excluding crew transfer)  5,167   5,210   5,542   6,048   6,491 
Fleet Available Days  8,688   8,668   9,007   9,578   9,990 
Operating Revenues:                    
Time charter $39,807  $39,290  $44,465  $49,747  $47,270 
Bareboat charter  723   724   834   1,765   1,389 
Other marine services  1,348   1,729   3,771   3,188   4,153 
   41,878   41,743   49,070   54,700   52,812 
Costs and Expenses:                    
Operating:                    
Personnel  13,378   13,706   15,096   15,879   17,914 
Repairs and maintenance  4,311   4,804   3,983   5,495   7,607 
Drydocking  566   1,365   766   515   1,997 
Insurance and loss reserves  1,589   939   1,663   1,198   1,763 
Fuel, lubes and supplies  2,295   2,067   2,409   2,910   3,202 
Other  1,774   1,739   2,061   1,214   2,887 
   23,913   24,620   25,978   27,211   35,370 
Direct Vessel Profit (1)  17,965   17,123   23,092   27,489   17,442 
Other Costs and Expenses:                    
Lease expense  1,355   3,407   3,570   4,153   4,298 
Administrative and general  14,560   10,765   11,928   11,462   10,524 
Depreciation and amortization  15,313   15,001   15,412   16,091   16,412 
   31,228   29,173   30,910   31,706   31,234 
(Losses) Gains on Asset Dispositions and Impairments, Net  (3,453)  (12,572)  (2,679)  862   (3,848)
Operating Loss  (16,716)  (24,622)  (10,497)  (3,355)  (17,640)
Other Income (Expense):                    
Interest income  529   676   559   317   215 
Interest expense  (6,995)  (7,638)  (7,397)  (7,362)  (7,633)
SEACOR Holdings guarantee fees  (9)  (16)  (21)  (26)  (32)
Derivative losses (gains), net  85   5,114   (663)  3,057   (1,398)
Foreign currency gains, net  (171)  65   (1,037)  (370)  (924)
Other, net        (1)      
   (6,561)  (1,799)  (8,560)  (4,384)  (9,772)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies  (23,277)  (26,421)  (19,057)  (7,739)  (27,412)
Income Tax (Benefit) Expense  (15,081)  (6,668)  (2,306)  1,277   (3,052)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (8,196)  (19,753)  (16,751)  (9,016)  (24,360)
Equity in Losses of 50% or Less Owned Companies  2,130   (239)  (2,425)  (1,325)  (7,078)
Loss from Continuing Operations  (6,066)  (19,992)  (19,176)  (10,341)  (31,438)
(Loss) Income from Discontinued Operations, Net of Tax        (2,742)  (7,899)  1,174 
Net Loss  (6,066)  (19,992)  (21,918)  (18,240)  (30,264)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries  7   (4,047)  (1,463)  204   (1,875)
Net Loss attributable to SEACOR Marine Holdings Inc. $(6,073) $(15,945) $(20,455) $(18,444) $(28,389)
                     
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.                    
Continuing operations $(0.24) $(0.66) $(0.74) $(0.49) $(1.31)
Discontinued operations        (0.12)  (0.29)  0.10 
  $(0.24) $(0.66) $(0.86) $(0.78) $(1.21)
Weighted Average Common Shares and Warrants Outstanding:                    
Basic and Diluted  24,851   23,989   23,832   23,741   23,382 
Common Shares and Warrants Outstanding at Period End  24,899   24,854   23,708   23,653   23,592 

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
United States, primarily Gulf of Mexico                    
Time Charter Statistics:                    
Average rates per day worked $15,574  $20,988  $19,285  $17,851  $14,058 
Fleet utilization  5%  11%  20%  26%  34%
Fleet available days  1,842   1,864   1,956   2,340   2,669 
Out-of-service days for repairs, maintenance and drydockings 32  116  6  159  325 
Out-of-service days for cold-stacked status  1,465   1,301   1,301   1,131   1,322 
Operating Revenues:                    
Time charter $1,478  $4,375  $7,408  $10,914  $12,628 
Bareboat charter  723   724   732   597   233 
Other marine services  513   642   516   838   1,320 
   2,714   5,741   8,656   12,349   14,181 
Direct Costs and Expenses:                    
Operating:                    
Personnel  2,284   2,928   3,432   4,353   5,203 
Repairs and maintenance  314   617   782   1,508   2,515 
Drydocking  110   1,057   252   547   1,801 
Insurance and loss reserves  354   135   566   371   841 
Fuel, lubes and supplies  189   524   407   739   1,107 
Other  93   79   102   88   113 
   3,344   5,340   5,541   7,606   11,580 
Direct Vessel Profit (Loss) (1) $(630) $401  $3,115  $4,743  $2,601 
Other Costs and Expenses:                    
Lease expense $741  $2,138  $2,283  $2,758  $2,942 
Depreciation and amortization  5,254   5,358   5,474   5,634   5,341 
                     
Africa, primarily West Africa                    
Time Charter Statistics:                    
Average rates per day worked $9,001  $9,249  $9,435  $9,316  $9,365 
Fleet utilization  85%  89%  88%  91%  81%
Fleet available days  1,304   1,346   1,349   1,380   1,365 
Out-of-service days for repairs, maintenance and drydockings  90   56   68     54 
Operating Revenues:                    
Time charter $9,944  $11,095  $11,249  $11,738  $10,400 
Other marine services  (480)  167   1,216   129   753 
   9,464   11,262   12,465   11,867   11,153 
Direct Costs and Expenses:                    
Operating:                    
Personnel  2,546   2,695   3,230   3,308   3,428 
Repairs and maintenance  1,379   1,435   1,242   1,323   952 
Drydocking  256   8   253   (53)  (48)
Insurance and loss reserves  188   193   369   230   239 
Fuel, lubes and supplies  727   472   817   961   939 
Other  565   571   976   499   773 
   5,661   5,374   6,887   6,268   6,283 
Direct Vessel Profit (1) $3,803  $5,888  $5,578  $5,599  $4,870 
Other Costs and Expenses:                    
Lease expense $417  $1,126  $757  $761  $787 
Depreciation and amortization  2,889   2,604   2,608   2,681   2,759 

SEACOR MARINE HOLDINGS INC.
 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Middle East and Asia                    
Time Charter Statistics:                    
Average rates per day worked $10,245  $9,634  $8,843  $8,795  $8,182 
Fleet utilization  82%  73%  82%  83%  79%
Fleet available days  1,613   1,671   1,901   2,020   2,026 
Out-of-service days for repairs, maintenance and drydockings 113  200  15  129  73 
Out-of-service days for cold-stacked status 61  48  153  184  115 
Operating Revenues:                    
Time charter $13,605  $11,767  $13,840  $14,798  $13,175 
Other marine services  514   420   678   414   349 
   14,119   12,187   14,518   15,212   13,524 
Direct Costs and Expenses:                    
Operating:                    
Personnel  3,795   3,811   4,129   4,023   4,292 
Repairs and maintenance  1,580   1,246   973   1,387   2,629 
Drydocking  200   414   146   20   275 
Insurance and loss reserves  430   339   408   333   381 
Fuel, lubes and supplies  955   665   769   701   725 
Other  819   683   635   567   793 
   7,779   7,158   7,060   7,031   9,095 
Direct Vessel Profit (1) $6,340  $5,029  $7,458  $8,181  $4,429 
Other Costs and Expenses:                    
Lease expense $32  $45  $42  $43  $42 
Depreciation and amortization  3,921   3,790   3,963   3,914   4,274 
                     
Latin America                    
Time Charter Statistics:                    
Average rates per day worked $10,752  $9,397  $8,649  $6,867  $8,074 
Fleet utilization  97%  93%  69%  71%  63%
Fleet available days  408   389   429   399   400 
Out-of-service days for repairs, maintenance and drydockings    3  35  5  3 
Out-of-service days for cold-stacked status       65  92  91 
Operating Revenues:                    
Time charter $4,251  $3,396  $2,541  $1,951  $2,046 
Bareboat charter     -   102   1,168   1,156 
Other marine services  168   149   261   221   273 
   4,419   3,545   2,904   3,340   3,475 
Direct Costs and Expenses:                    
Operating:                    
Personnel  1,377   1,215   1,081   846   976 
Repairs and maintenance  255   392   234   298   481 
Drydocking     (114)  114      (32)
Insurance and loss reserves  105   69   79   31   66 
Fuel, lubes and supplies  132   135   127   187   314 
Other  123   305   188   (87)  560 
   1,992   2,002   1,823   1,275   2,365 
Direct Vessel Profit (1) $2,427  $1,543  $1,081  $2,065  $1,110 
Other Costs and Expenses:                    
Lease expense $9  $9  $9  $  $ 
Depreciation and amortization  950   899   1,037   1,573   1,659 

SEACOR MARINE HOLDINGS INC.
 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Europe, Continuing Operations                    
Time Charter Statistics:                    
Average rates per day worked  3,436   3,471   3,505   3,146   2,972 
Fleet utilization  87%  73%  80%  96%  86%
Fleet available days  3,521   3,398   3,373   3,439   3,530 
Out-of-service days for repairs, maintenance and drydockings 117  122  107  3  159 
Out-of-service days for cold-stacked status          92  91 
Operating Revenues:                    
Time charter $10,529  $8,657  $9,427  $10,346  $9,021 
Other marine services  633   351   1,100   1,586   1,458 
   11,162   9,008   10,527   11,932   10,479 
Direct Costs and Expenses:                    
Operating:                    
Personnel  3,376   3,057   3,224   3,349   4,015 
Repairs and maintenance  783   1,114   752   979   1,030 
Drydocking        1   1   1 
Insurance and loss reserves  512   203   241   233   236 
Fuel, lubes and supplies  292   271   289   322   117 
Other  174   101   160   147   648 
   5,137   4,746   4,667   5,031   6,047 
Direct Vessel Profit for Continuing Operations (1) $6,025  $4,262  $5,860  $6,901  $4,432 
Other Costs and Expenses:                    
Lease expense $156  $89  $479  $591  $527 
Depreciation and amortization  2,299   2,350   2,330   2,289   2,379 

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Anchor handling towing supply                    
Time Charter Statistics:                    
Average rates per day worked $8,383  $8,012  $8,095  $7,790  $7,597 
Fleet utilization  43%  39%  48%  53%  49%
Fleet available days  667   709   705   736   910 
Out-of-service days for repairs, maintenance and drydockings 76  74  33  10  31 
Out-of-service days for cold-stacked status 273  273  337  332  437 
Operating Revenues:                    
Time charter $2,413  $2,225  $2,714  $3,059  $3,360 
Other marine services  (137)  559   1,076   365   869 
   2,276   2,784   3,790   3,424   4,229 
Direct Costs and Expenses:                    
Operating:                    
Personnel  853   892   1,212   1,418   2,001 
Repairs and maintenance  679   408   330   524   632 
Drydocking  (19)  22   -   8   96 
Insurance and loss reserves  159   45   208   179   266 
Fuel, lubes and supplies  168   216   145   252   262 
Other  341   259   366   404   411 
   2,181   1,842   2,261   2,785   3,668 
Direct Vessel Profit (Loss) (1) $95  $942  $1,529  $639  $561 
Other Costs and Expenses:                    
Lease expense $518  $1,216  $872  $1,357  $1,527 
Depreciation and amortization  500   561   522   568   575 
                     
Fast support                    
Time Charter Statistics:                    
Average rates per day worked $8,590  $8,472  $8,257  $8,133  $7,624 
Fleet utilization  72%  76%  78%  78%  71%
Fleet available days  2,426   2,521   2,935   3,156   3,275 
Out-of-service days for repairs, maintenance and drydockings 137  156  82  81  134 
Out-of-service days for cold-stacked status 285  273  341  459  545 
Operating Revenues:                    
Time charter $15,078  $16,284  $18,877  $20,079  $17,709 
Bareboat charter  723   724   732   597   233 
Other marine services  (372)  (355)  (40)  (200)  (179)
   15,429   16,653   19,569   20,476   17,763 
Direct Costs and Expenses:                    
Operating:                    
Personnel  4,166   4,659   5,071   5,486   5,796 
Repairs and maintenance  1,922   2,278   1,873   2,204   2,682 
Drydocking  274   36   357   (27)  136 
Insurance and loss reserves  304   332   541   347   385 
Fuel, lubes and supplies  1,180   904   1,098   1,395   1,602 
Other  1,203   1,000   1,346   959   1,713 
   9,049   9,209   10,286   10,364   12,314 
Direct Vessel Profit (1) $6,380  $7,444  $9,283  $10,112  $5,449 
Other Costs and Expenses:                    
Lease expense $352  $352  $352  $351  $352 
Depreciation and amortization  5,405   5,118   5,447   5,646   5,929 

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Supply                    
Time Charter Statistics:                    
Average rates per day worked $8,477  $7,360  $7,179  $6,755  $6,906 
Fleet utilization  83%  79%  87%  96%  53%
Fleet available days  527   2,521   338   398   486 
Out-of-service days for repairs, maintenance and drydockings  13   3        118 
Out-of-service days for cold-stacked status  61             
Operating Revenues:                    
Time charter $3,713  $2,520  $2,114  $2,589  $1,787 
Bareboat charter        102   1,168   1,156 
Other marine services  (53)  (69)  582   863   799 
   3,660   2,451   2,798   4,620   3,742 
Direct Costs and Expenses:                    
Operating:                    
Personnel  1,591   1,206   1,369   1,266   1,617 
Repairs and maintenance  375   348   159   276   1,085 
Drydocking  197      142   1   82 
Insurance and loss reserves  106   67   65   66   78 
Fuel, lubes and supplies  219   119   377   205   98 
Other  246   397   314   57   842 
   2,734   2,137   2,426   1,871   3,802 
Direct Vessel Profit (Loss) (1) $926  $314  $372  $2,749  $(60)
Other Costs and Expenses:                    
Lease expense $  $  $381  $517  $433 
Depreciation and amortization  1,000   787   823   1,167   1,223 
                     
Specialty                    
Time Charter Statistics:                    
Fleet available days  91   91   92   92   91 
Out-of-service days for cold-stacked status  91   91   92   92   91 
Operating Revenues:                    
Other marine services $  $  $  $  $ 
                     
Direct Costs and Expenses:                    
Operating:                    
Personnel     13   6   13   23 
Repairs and maintenance  46   11   5   1   3 
Insurance and loss reserves  16   20   9   18   20 
Fuel, lubes and supplies  (2)  22      2   (24)
Other  67   101   64   75   77 
   127   167   84   109   99 
Direct Vessel Loss (1) $(127) $(167) $(84) $(109) $(99)
Other Costs and Expenses:                    
Operating:                    
Depreciation and amortization $127  $128  $128  $128  $127 

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Liftboats                    
Time Charter Statistics:                    
Average rates per day worked $24,894  $27,513  $27,453  $26,172  $20,993 
Fleet utilization  30%  31%  36%  39%  47%
Fleet available days  1,456   1,456   1,472   1,665   1,729 
Out-of-service days for repairs, maintenance and drydockings 9  141  6  153  292 
Out-of-service days for cold-stacked status  816   664   657   432   455 
Operating Revenues:                    
Time charter $11,001  $12,339  $14,375  $16,830  $16,932 
Other marine services  306   250   732   795   1,481 
   11,307   12,589   15,107   17,625   18,413 
Direct Costs and Expenses:                    
Operating:                    
Personnel  3,545   4,097   4,588   4,824   5,360 
Repairs and maintenance  407   650   776   1,656   2,189 
Drydocking  111   1,307   267   532   1,683 
Insurance and loss reserves  893   679   711   484   921 
Fuel, lubes and supplies  343   490   550   899   1,076 
Other  219   147   338   221   251 
   5,518   7,370   7,230   8,616   11,480 
Direct Vessel Profit (1) $5,789  $5,219  $7,877  $9,009  $6,933 
Other Costs and Expenses:                    
Lease expense $44  $1,497  $1,497  $1,498  $1,497 
Depreciation and amortization  6,081   6,128   6,136   6,247   6,055 
                     
Crew transfer                    
Time Charter Statistics:                    
Average rates per day worked $2,481  $2,375  $2,378  $2,220  $2,431 
Fleet utilization  87%  72%  77%  92%  88%
Fleet available days  3,521   3,458   3,465   3,531   3,499 
Out-of-service days for repairs, maintenance and drydockings 117  122  111  52  39 
Out-of-service days for cold-stacked status     48   92   184   91 
Operating Revenues:                    
Time charter $7,602  $5,922  $6,385  $7,190  $7,482 
Other marine services  548   315   389   577   499 
   8,150   6,237   6,774   7,767   7,981 
Direct Costs and Expenses:                    
Operating:                    
Personnel  2,721   2,592   2,435   2,432   2,665 
Repairs and maintenance  754   1,056   693   775   933 
Drydocking  3             
Insurance and loss reserves  100   99   124   113   93 
Fuel, lubes and supplies  230   230   220   152   167 
Other  115   86   75   96   113 
   3,923   4,063   3,547   3,568   3,971 
Direct Vessel Profit (1) $4,227  $2,174  $3,227  $4,199  $4,010 
Other Costs and Expenses:                    
Lease expense $67  $-  $-  $-  $- 
Depreciation and amortization  1,637   1,717   1,837   1,819   1,920 

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Other Activity                    
Operating Revenues:                    
Other marine services $1,056  $1,029  $1,032  $788  $684 
   1,056   1,029   1,032   788   684 
Direct Costs and Expenses:                    
Operating:                    
Personnel  502   247   415   440   452 
Repairs and maintenance  128   53   147   59   83 
Insurance and loss reserves  11   (303)  5   (9)   
Fuel, lubes and supplies  157   86   19   5   21 
Other  (417)  (251)  (442)  (598)  (520)
   381   (168)  144   (102)  36 
Direct Vessel Profit (1) $675  $1,197  $888  $890  $648 
Other Costs and Expenses:                    
Lease expense $374  $342  $468  $430  $489 
Depreciation and amortization  563   562   519   516   583 

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands)

  Three Months Ended 
  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
Cash Flows from Continuing Operating Activities:                    
DVP (1)  17,965   17,123   23,092   27,489   17,442 
Operating, leased-in equipment (excluding amortization of deferred gains)  (3,814)  (3,838)  (4,648)  (4,963)  (4,886)
Administrative and general (excluding provisions for bad debts and amortization of share awards)  (13,352)  (9,776)  (10,773)  (9,160)  (9,696)
SEACOR Holdings management and guarantee fees  (9)  (16)  (21)  (26)  (32)
Dividends received from 50% or less owned companies        800   873    
Other, net (excluding non-cash losses)        (2)      
   790   3,493   8,448   14,213   2,828 
Changes in operating assets and liabilities before interest and income taxes  (9,293)  (7,144)  7,758   (7,236)  4,921 
Director share awards  755            894 
Restricted stock vested  (3)  (175)  (55)  (240)   
Cash settlements on derivative transactions, net  (279)  (214)  (190)  (546)  275 
Interest paid, excluding capitalized interest (1)  (4,529)  (4,744)  (6,255)  (5,633)  (5,971)
Interest received  529   676   560   316   215 
Income taxes refunded, net               
Net cash (used in) provided operating activities  (12,030)  (8,108)  10,266   874   3,162 
Cash Flows from Continuing Investing Activities:                    
Purchases of property and equipment  (8,530)  (11,244)  (5,890)  (9,547)  (19,386)
Proceeds from disposition of property and equipment  14,030   3,105   36,418   10,119   9,268 
Proceeds from the sale of ERRV fleet        27,390       
Cash Impact of sale of ERRV fleet        (5,140)      
Construction reserve funds transferred to short-term cash  3,745             
Purchase of subsidiary from joint venture  (8,445)            
Construction reserve funds used     9,148   5,268   1,951   7,997 
Net investing activities in property and equipment  800   1,009   58,046   2,523   (2,121)
Investments in and advances to 50% or less owned companies  (56)  (245)  (6,062)  (8,686)  (718)
Capital distributions from equity investees        48   413    
Principal payments on notes due from equity investees           22    
Net cash provided by (used in) investing activities  744   764   52,032   (5,728)  (2,839)
Cash Flows from Continuing Financing Activities:                    
Payments on long-term debt  (3,502)  (5,222)  (3,899)  (11,976)  (3,738)
Purchase of subsidiary shares from noncontrolling interests               
Proceeds from exercise of stock options and Warrants        340   973   3 
Net cash (used in) provided by financing activities  (3,502)  (5,222)  (3,559)  (11,003)  (3,735)
Effects of Exchange Rate Changes on Cash and Cash Equivalents  265   (1,908)  (19,238)  (472)  1,195 
Net Change in Cash, Cash Equivalents and Restricted Cash  (14,523)  (14,474)  39,501   (16,329)  (2,217)
Cash Flows from Discontinued Operations                    
Operating Activities        4,297   (446)  (747)
Investing Activities        (4,462)  (116)  (615)
Effects of FX Rate Changes on Cash and Cash Equivalents        3,322   268   (1,504)
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:        3,157   (294)  (2,866)
Net Change in Cash, Cash Equivalents and Restricted Cash  (14,523)  (14,474)  42,658   (16,623)  (5,083)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period  72,573   87,047   44,389   61,012   66,095 
Cash, Restricted Cash and Cash Equivalents, End of Period $58,050  $72,573  $87,047  $44,389  $61,012 

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

  Jun. 30, 2020  Mar. 31, 2020  Dec. 31, 2019  Sep. 30, 2019  Jun. 30, 2019 
ASSETS                    
Current Assets:                    
Cash and cash equivalents $54,698  $69,220  $83,943  $38,155  $55,763 
Restricted cash  3,352   3,353   3,104   4,016   2,240 
Receivables:                    
Trade, net of allowance for doubtful accounts  57,892   48,192   49,128   58,954   60,711 
Other  14,362   27,872   18,531   6,835   9,682 
Receivables from SEACOR Holdings  14,394             
Inventories  1,409   1,575   1,228   1,408   1,660 
Prepaid expenses and other  3,218   2,653   2,612   3,146   3,710 
Discontinued operations           13,127   13,891 
Total current assets  149,325   152,865   158,546   125,641   147,657 
Property and Equipment:                    
Historical cost  1,066,239   930,264   976,978   1,063,290   1,099,221 
Accumulated depreciation  (322,378)  (312,911)  (358,962)  (400,628)  (425,881)
   743,861   617,353   618,016   662,662   673,340 
Construction in progress  55,955   55,302   74,344   70,275   67,063 
Net property and equipment  799,816   672,655   692,360   732,937   740,403 
Right-of-Use Asset - Operating Leases  8,818   8,990   17,313   18,774   27,390 
Investments, at Equity, and Advances to 50% or Less Owned Companies  90,900   125,010   124,680   118,222   112,418 
Construction Reserve Funds     3,745   12,893   18,161   20,112 
Other Assets  3,243   3,270   3,401   3,422   3,627 
Discontinued operations           23,349   25,092 
  $1,052,102  $966,535  $1,009,193  $1,040,506  $1,076,699 
LIABILITIES AND EQUITY                    
Current Liabilities:                    
Current portion of operating lease liabilities $11,765  $13,359  $15,099  $15,182  $16,552 
Current portion of long-term debt  51,793   37,084   17,802   23,446   20,651 
Accounts payable and accrued expenses  22,382   32,023   25,691   26,507   31,504 
Due to SEACOR Holdings     66   74   77   74 
Other current liabilities  30,162   29,949   36,151   42,372   47,185 
Discontinued operations           3,813   3,813 
Total current liabilities  116,102   112,481   94,817   111,397   119,779 
Long-Term Operating Lease Liabilities  6,545   7,859   9,822   12,878   16,775 
Long-Term Debt  447,663   356,729   380,251   375,772   379,075 
Conversion Option Liability on Convertible Senior Notes  6   91   5,205   4,543   7,599 
Deferred Income Taxes  24,101   26,113   33,905   36,921   37,066 
Deferred Gains and Other Liabilities  6,321   7,951   6,269   4,848   5,165 
Total liabilities  600,738   511,224   530,269   546,359   565,459 
Equity:                    
SEACOR Marine Holdings Inc. stockholders’ equity:                    
Common stock  232   231   219   219   218 
Additional paid-in capital  449,116   447,425   429,318   427,823   424,549 
Retained earnings  5,058   11,131   27,076   64,929   83,312 
Shares held in treasury  (847)  (844)  (669)  (614)  (374)
Accumulated other comprehensive loss, net of tax  (2,541)  (2,971)  1,548   (21,105)  (19,156)
   451,018   454,972   457,492   471,252   488,549 
Noncontrolling interests in subsidiaries  346   339   21,432   22,895   22,691 
Total equity  451,364   455,311   478,924   494,147   511,240 
  $1,052,102  $966,535  $1,009,193  $1,040,506  $1,076,699 

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

  Owned  Joint Ventured  Leased-in  Managed  Total 
June 30, 2020                    
AHTS  4      3      7 
FSV  26   5   1   1   33 
Supply  13   27      2   42 
Specialty  1   3         4 
Liftboats  14      2      16 
Crew transfer  39   5         44 
   97   40   6   3   146 
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 

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