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, 2019.
First quarter highlights include:
- Total operating revenues increased 8.8% as compared with the first quarter of 2018, due to increases of 5.3% in average day rates and 8.0% in utilization. The improved utilization reflected an increase of 5.0% in on hire days notwithstanding a decrease of 8.5% in the number of available days, compared with the first quarter 2018. Operating loss decreased by $3.4 million to $21.0 million as compared with $24.4 million in the first quarter of 2018.
- Consolidated direct vessel profit (“DVP”)(1) for the first quarter of 2019 decreased by $1.4 million to $12.0 million from $13.4 million in the first quarter of 2018 due to expensing approximately $4.4 million of mobilization and vessel upgrade costs incurred in the quarter to prepare and position vessels for long-term contracts without comparable expenses incurred in the 2018 quarter. Excluding these costs, DVP would have been approximately $16.4 million in the first quarter of 2019, a 22.4% increase from the first quarter of 2018.
- Total lease expense, which amounted to $4.1 million, was $0.8 million and $0.7 million higher compared to the first and fourth quarters of 2018, respectively. These increases reflect non-cash adjustments to lease expenses resulting from the implementation of the new lease accounting standard by the Company on January 1, 2019.
- SEACOR Marine closed on three separate transactions which expanded its fleet. One of the transactions led to 100% ownership of SEACOR Marine’s European wind business through the acquisition of the remaining minority interests. Another of the transactions included the acquisition of three previously pooled fast support vessels (“FSVs”) which had pooling distributions of $2.6 million and $2.4 million in 2018 and 2017, respectively, and their acquisition will result in the elimination of the expense going forward. Subsequent to quarter end, we acquired a modern FSV operating in the U.S. under a long-term contract outside of the oil and gas sector.
Chief Executive Officer John Gellert commented on SEACOR Marine's first quarter results:
“This quarter brought many positive developments. Although the first quarter is a period of seasonally lower activity for our fleet, which has a significant presence in North Sea market and Gulf of Mexico lift boat sector, we saw meaningful improvements in both utilization and day rates. Tendering activity also increased, pointing to a continuing recovery. The quarter also featured significant investment to prepare several assets for long-term charters, including one of our two largest liftboats from the U.S. to the North Sea for work supporting the offshore wind farm industry.
We saw improvements in West Africa and Latin America, and increased contracting activity in the North Sea. Within Latin America, Mexico had positive market developments, contracting vessels in support of integrated well service projects and new contracts with foreign oil companies. I am particularly satisfied with the performance of our joint venture in Mexico, which stands out as one of the few companies in that market which can truly claim local content.
I believe the upfront costs to capture these market opportunities are precursors to growth. Our strategy is to continue positioning the fleet selectively to capitalize on our global presence. The benefit of a strong global presence and diverse fleet was again demonstrated through recent contract awards in Latin America, which will expand our hybrid battery equipped platform supply vessels (“PSVs”) in the market.”
For the first quarter ended March 31, 2019, net loss attributable to SEACOR Marine was $25.5 million ($1.11 per basic and diluted share), and operating loss was $21.0 million. Net loss attributable to SEACOR Marine for the preceding quarter ended December 31, 2018 was $7.8 million ($0.35 per basic diluted share) and operating loss was $11.2 million.
___________________
(1)Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “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 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 8 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. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties. 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.
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except share data) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| 2019 | 2018 | |||||||||||
| Operating Revenues | $ | 56,249 | $ | 51,721 | ||||||||
| Costs and Expenses: | ||||||||||||
| Operating | 44,277 | 38,348 | ||||||||||
| Administrative and general | 12,000 | 12,374 | ||||||||||
| Operating lease expense | 4,148 | 3,258 | ||||||||||
| Depreciation and amortization | 17,193 | 19,512 | ||||||||||
| 77,618 | 73,492 | |||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 359 | (2,643 | ) | |||||||||
| Operating Loss | (21,010 | ) | (24,414 | ) | ||||||||
| Other Income (Expense): | ||||||||||||
| Interest income | 357 | 216 | ||||||||||
| Interest expense | (7,735 | ) | (6,133 | ) | ||||||||
| SEACOR Holdings guarantee fees | (29 | ) | (12 | ) | ||||||||
| Derivative losses, net | (925 | ) | (11,516 | ) | ||||||||
| Foreign currency gains, net | 635 | 139 | ||||||||||
| (7,697 | ) | (17,306 | ) | |||||||||
| Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (28,707 | ) | (41,720 | ) | ||||||||
| Income Tax Benefit | (3,831 | ) | (9,824 | ) | ||||||||
| Loss Before Equity in Earnings of 50% or Less Owned Companies | (24,876 | ) | (31,896 | ) | ||||||||
| Equity in (Losses) Earnings of 50% or Less Owned Companies | (3,397 | ) | 208 | |||||||||
| Net Loss | (28,273 | ) | (31,688 | ) | ||||||||
| Net Loss attributable to Noncontrolling Interests in Subsidiaries | (2,724 | ) | (2,855 | ) | ||||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (25,549 | ) | $ | (28,833 | ) | ||||||
| Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. | $ | (1.11 | ) | $ | (1.64 | ) | ||||||
| Weighted Average Common Shares and Warrants Outstanding: | ||||||||||||
| Basic and Diluted | 23,090,137 | 17,571,490 | ||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data) | |||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||
| 2019 | 2018 | ||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average Rates Per Day Worked (excluding crew transfer) | $ | 9,451 | $ | 9,071 | |||||||||||||||||
| Average Rates Per Day | $ | 7,371 | $ | 7,001 | |||||||||||||||||
| Fleet Utilization (excluding crew transfer) | 62 | % | 50 | % | |||||||||||||||||
| Fleet Utilization | 61 | % | 53 | % | |||||||||||||||||
| Fleet Available Days (excluding crew transfer) | 8,116 | 9,271 | |||||||||||||||||||
| Fleet Available Days | 11,536 | 12,601 | |||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 52,127 | 93% | $ | 47,142 | 91% | |||||||||||||||
| Bareboat charter | 1,143 | 2% | 1,143 | 2% | |||||||||||||||||
| Other marine services | 2,979 | 5% | 3,436 | 7% | |||||||||||||||||
| $ | 56,249 | 100% | 51,721 | 100% | |||||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 22,756 | 40% | 21,676 | 42% | |||||||||||||||||
| Repairs and maintenance | 9,006 | 16% | 7,073 | 14% | |||||||||||||||||
| Drydocking | 2,879 | 5% | 2,257 | 4% | |||||||||||||||||
| Insurance and loss reserves | 1,474 | 3% | 1,190 | 2% | |||||||||||||||||
| Fuel, lubes and supplies | 3,753 | 7% | 3,545 | 7% | |||||||||||||||||
| Other | 4,409 | 8% | 2,607 | 5% | |||||||||||||||||
| 44,277 | 79% | 38,348 | 79% | ||||||||||||||||||
| Administrative and general | 12,000 | 21% | 12,374 | 24% | |||||||||||||||||
| Depreciation and amortization | 17,193 | 31% | 19,512 | 38% | |||||||||||||||||
| Lease expense - operating | 4,148 | 7% | 3,258 | 6.3% | |||||||||||||||||
| 77,618 | 131% | 73,492 | 141% | ||||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 359 | 1% | (2,643 | ) | (5)% | ||||||||||||||||
| Operating Loss | (21,010 | ) | (31)% | (24,414 | ) | (46)% | |||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except statistics and per share data) | |||||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | |||||||||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||||||||||||
| Average Rates Per Day Worked (excluding crew transfer) | $ | 9,451 | $ | 9,852 | $ | 10,186 | $ | 9,742 | $ | 9,071 | |||||||||||||||||||||
| Average Rates Per Day | $ | 7,371 | $ | 7,447 | $ | 7,323 | $ | 7,324 | $ | 7,001 | |||||||||||||||||||||
| Fleet Utilization (excluding crew transfer) | 62 | % | 61 | % | 60 | % | 58 | % | 50 | % | |||||||||||||||||||||
| Fleet Utilization | 61 | % | 63 | % | 68 | % | 62 | % | 53 | % | |||||||||||||||||||||
| Fleet Available Days (excluding crew transfer) | 8,116 | 8,312 | 9,119 | 9,071 | 9,271 | ||||||||||||||||||||||||||
| Fleet Available Days | 11,536 | 11,808 | 12,617 | 12,528 | 12,601 | ||||||||||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||||||||||||
| Time charter | $ | 52,127 | $ | 55,382 | $ | 62,902 | $ | 56,826 | $ | 47,142 | |||||||||||||||||||||
| Bareboat charter | 1,143 | 1,168 | 1,168 | 1,156 | 1,143 | ||||||||||||||||||||||||||
| Other marine services | 2,979 | 14,382 | 6,185 | 2,719 | 3,436 | ||||||||||||||||||||||||||
| $ | 56,249 | $ | 70,932 | 70,255 | $ | 60,701 | $ | 51,721 | |||||||||||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||||||||||||
| Operating: | |||||||||||||||||||||||||||||||
| Personnel | 22,756 | 23,598 | 25,021 | 24,733 | 21,676 | ||||||||||||||||||||||||||
| Repairs and maintenance | 9,006 | 7,928 | 9,208 | 9,070 | 7,073 | ||||||||||||||||||||||||||
| Drydocking | 2,879 | 1,396 | 4,822 | 3,112 | 2,257 | ||||||||||||||||||||||||||
| Insurance and loss reserves | 1,474 | 2,093 | 1,857 | 1,934 | 1,190 | ||||||||||||||||||||||||||
| Fuel, lubes and supplies | 3,753 | 4,618 | 4,690 | 4,122 | 3,545 | ||||||||||||||||||||||||||
| Other | 4,409 | 2,532 | 3,000 | 3,009 | 2,607 | ||||||||||||||||||||||||||
| 44,277 | 42,165 | 48,598 | 45,980 | 38,348 | |||||||||||||||||||||||||||
| Direct Vessel Profit | 11,972 | 28,767 | 21,657 | 14,721 | 13,373 | ||||||||||||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||||||||||||
| Operating: | |||||||||||||||||||||||||||||||
| Lease expense | 4,148 | 3,430 | 3,292 | 3,331 | 3,258 | ||||||||||||||||||||||||||
| Administrative and general | 12,000 | 11,795 | 11,767 | 15,041 | 12,374 | ||||||||||||||||||||||||||
| Depreciation and amortization | 17,193 | 16,986 | 17,342 | 18,406 | 19,512 | ||||||||||||||||||||||||||
| 33,341 | 32,211 | 32,401 | 36,778 | 35,144 | |||||||||||||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 359 | (7,745 | ) | 586 | 1,055 | (2,643 | ) | ||||||||||||||||||||||||
| Operating Loss | (21,010 | ) | (11,189 | ) | (10,158 | ) | (21,002) | (24,414 | ) | ||||||||||||||||||||||
| Other Income (Expense): | |||||||||||||||||||||||||||||||
| Interest income | 357 | 357 | 309 | 352 | 216 | ||||||||||||||||||||||||||
| Interest expense | (7,735 | ) | (7,486 | ) | (7,761 | ) | (6,489) | (6,133 | ) | ||||||||||||||||||||||
| SEACOR Holdings guarantee fees | (29 | ) | (5 | ) | (5 | ) | (7) | (12 | ) | ||||||||||||||||||||||
| Debt extinguishment loss | - | - | (638 | ) | - | - | |||||||||||||||||||||||||
| Derivative losses, net | (925 | ) | 12,651 | 4,387 | (2,668) | (11,516 | ) | ||||||||||||||||||||||||
| Foreign currency gains, net | 635 | (466 | ) | (302 | ) | (818) | 139 | ||||||||||||||||||||||||
| Other, net | - | (4 | ) | 678 | - | - | |||||||||||||||||||||||||
| (7,697 | ) | 5,047 | (3,332 | ) | (9,630) | (17,306 | ) | ||||||||||||||||||||||||
| Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (28,707 | ) | (6,142 | ) | (13,490 | ) | (30,632) | (41,720 | ) | ||||||||||||||||||||||
| Income Tax (Benefit) Expense | (3,831 | ) | (48 | ) | 1,249 | (4,724) | (9,824 | ) | |||||||||||||||||||||||
| Loss Before Equity in Earnings of 50% or Less Owned Companies | (24,876 | ) | (6,094 | ) | (14,739 | ) | (25,908 | ) | (31,896 | ) | |||||||||||||||||||||
| Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax | (3,397 | ) | (1,875 | ) | (1,027 | ) | (721 | ) | 208 | ||||||||||||||||||||||
| Net Loss | (28,273 | ) | (7,969 | ) | (15,766 | ) | (26,629 | ) | (31,688 | ) | |||||||||||||||||||||
| Net Loss attributable to Noncontrolling Interests in Subsidiaries | (2,724 | ) | (175 | ) | 191 | (1,605 | ) | (2,855 | ) | ||||||||||||||||||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (25,549 | ) | $ | (7,794 | ) | $ | (15,957 | ) | $ | (25,024 | ) | $ | (28,833 | ) | ||||||||||||||||
| Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. | $ | (1.11 | ) | $ | (0.35 | ) | $ | (0.71 | ) | $ | (1.19 | ) | $ | (1.64 | ) | ||||||||||||||||
| Weighted Average Common Shares and Warrants Outstanding: | |||||||||||||||||||||||||||||||
| Basic and Diluted | 23,090 | 22,514 | 22,513 | 21,035 | 17,571 | ||||||||||||||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 23,222 | 22,711 | 22,709 | 22,709 | 17,787 | ||||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except share data) | ||||||||||||||||||||||||||||||||||||
| United States (primarily Gulf of Mexico) | Africa (primarily West Africa) | Middle East and Asia | Latin | Europe (primarily North Sea) | Total | |||||||||||||||||||||||||||||||
| For the Three Months Ended March 31, 2019 | ||||||||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||||||||
| Average Rates Per Day | $ | 10,588 | $ | 9,461 | $ | 8,386 | $ | 12,900 | $ | 4,819 | $ | 7,371 | ||||||||||||||||||||||||
| Fleet Utilization | 28 | % | 87 | % | 72 | % | 71 | % | 67 | % | 61 | % | ||||||||||||||||||||||||
| Fleet Available Days | 2,698 | 1,313 | 2,061 | 541 | 4,923 | 11,536 | ||||||||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||||||||
| Time charter | $ | 8,005 | $ | 10,773 | $ | 12,499 | $ | 4,922 | $ | 15,928 | $ | 52,127 | ||||||||||||||||||||||||
| Bareboat charter | — | — | — | 1,143 | — | 1,143 | ||||||||||||||||||||||||||||||
| Other marine services | 1,132 | (637 | ) | 228 | 635 | 1,621 | 2,979 | |||||||||||||||||||||||||||||
| 9,137 | 10,136 | 12,727 | 6,700 | 17,549 | 56,249 | |||||||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||||||||
| Personnel | 4,503 | 3,867 | 4,254 | 1,556 | 8,576 | 22,756 | ||||||||||||||||||||||||||||||
| Repairs and maintenance | 2,778 | 1,184 | 2,193 | 335 | 2,516 | 9,006 | ||||||||||||||||||||||||||||||
| Drydocking | 1,994 | 338 | 159 | 79 | 309 | 2,879 | ||||||||||||||||||||||||||||||
| Insurance and loss reserves | 592 | 213 | 327 | 135 | 207 | 1,474 | ||||||||||||||||||||||||||||||
| Fuel, lubes and supplies | 683 | 754 | 709 | 428 | 1,179 | 3,753 | ||||||||||||||||||||||||||||||
| Other | 90 | 2,106 | 1,100 | 521 | 592 | 4,409 | ||||||||||||||||||||||||||||||
| 10,640 | 8,462 | 8,742 | 3,054 | 13,379 | 44,277 | |||||||||||||||||||||||||||||||
| Direct Vessel (Loss) Profit | $ | (1,503 | ) | $ | 1,674 | $ | 3,985 | $ | 3,646 | $ | 4,170 | 11,972 | ||||||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||||||||
| Lease expense | $ | 2,897 | $ | 665 | $ | 6 | $ | 1 | $ | 362 | 3,931 | |||||||||||||||||||||||||
| Administrative and general (1) | 12,217 | |||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 5,498 | 2,356 | 4,249 | 1,936 | 3,154 | 17,193 | ||||||||||||||||||||||||||||||
| 33,341 | ||||||||||||||||||||||||||||||||||||
| Gains on Asset Dispositions and Impairments | 359 | |||||||||||||||||||||||||||||||||||
| Operating Loss | $ | (21,010 | ) | |||||||||||||||||||||||||||||||||
| As of March 31, 2019 | ||||||||||||||||||||||||||||||||||||
| Property and Equipment: | ||||||||||||||||||||||||||||||||||||
| Historical cost | $ | 416,559 | $ | 207,167 | $ | 310,297 | $ | 119,699 | $ | 241,223 | $ | 1,294,945 | ||||||||||||||||||||||||
| Accumulated depreciation | (223,720 | ) | (59,652 | ) | (85,627 | ) | (60,444 | ) | (149,998 | ) | (579,441 | ) | ||||||||||||||||||||||||
| $ | 192,839 | $ | 147,515 | $ | 224,670 | $ | 59,255 | $ | 91,225 | $ | 715,504 | |||||||||||||||||||||||||
| Total Assets (2) | $ | 330,938 | $ | 160,624 | $ | 266,007 | $ | 128,421 | $ | 133,019 | $ | 1,019,009 | ||||||||||||||||||||||||
(1) Includes $217 facility lease expense
(2) Total assets by region does not include corporate assets, which are $93,340 as of March 31, 2019
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| United States, primarily Gulf of Mexico | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 10,588 | $ | 12,656 | $ | 12,476 | $ | 10,503 | $ | 8,775 | ||||||||||||||||||||
| Fleet utilization | 28 | % | 29 | % | 30 | % | 23 | % | 17 | % | ||||||||||||||||||||
| Fleet available days | 2,698 | 2,983 | 3,433 | 3,710 | 4,050 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 232 | 143 | 147 | 292 | 219 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 1579 | 1,761 | 2,101 | 2,435 | 3,111 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 8,005 | $ | 10,968 | $ | 12,800 | $ | 9,052 | $ | 5,982 | ||||||||||||||||||||
| Other marine services | 1,132 | 8,709 | 2,722 | 1,676 | 1,655 | |||||||||||||||||||||||||
| 9,137 | 19,677 | 15,522 | 10,728 | 7,637 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 4,503 | 5,227 | 4,853 | 4,636 | 3,992 | |||||||||||||||||||||||||
| Repairs and maintenance | 2,778 | 1,128 | 1,801 | 1,529 | 694 | |||||||||||||||||||||||||
| Drydocking | 1,994 | 147 | 375 | 910 | 525 | |||||||||||||||||||||||||
| Insurance and loss reserves | 592 | 974 | 612 | 902 | 434 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 683 | 1,055 | 1,120 | 900 | 493 | |||||||||||||||||||||||||
| Other | 90 | 185 | 154 | 29 | 25 | |||||||||||||||||||||||||
| 10,640 | 8,716 | 8,915 | 8,906 | 6,163 | ||||||||||||||||||||||||||
| Direct Vessel (Loss) Profit | $ | (1,503 | ) | $ | 10,961 | $ | 6,607 | $ | 1,822 | $ | 1,474 | |||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 2,897 | $ | 1,849 | $ | 1,853 | $ | 1,862 | $ | 1,866 | ||||||||||||||||||||
| Depreciation and amortization | 5,498 | 5,550 | 5,227 | 6,535 | 5,487 | |||||||||||||||||||||||||
| Africa, primarily West Africa | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 9,461 | $ | 9,411 | $ | 9,315 | $ | 9,509 | $ | 9,455 | ||||||||||||||||||||
| Fleet utilization | 87 | % | 87 | % | 82 | % | 88 | % | 91 | % | ||||||||||||||||||||
| Fleet available days | 1,313 | 1,310 | 1,475 | 1,331 | 1,260 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 58 | — | 92 | 46 | 31 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 10,773 | $ | 10,730 | $ | 11,201 | $ | 11,122 | $ | 10,794 | ||||||||||||||||||||
| Other marine services | (637 | ) | 4,247 | 1,777 | 350 | 1,287 | ||||||||||||||||||||||||
| 10,136 | 14,977 | 12,978 | 11,472 | 12,081 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 3,867 | 3,665 | 4,486 | 4,314 | 4,073 | |||||||||||||||||||||||||
| Repairs and maintenance | 1,184 | 873 | 2,438 | 1,663 | 1,356 | |||||||||||||||||||||||||
| Drydocking | 338 | (28 | ) | 1,201 | 910 | 2 | ||||||||||||||||||||||||
| Insurance and loss reserves | 213 | 307 | 323 | 248 | 218 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 754 | 1,176 | 1,081 | 900 | 669 | |||||||||||||||||||||||||
| Other | 2,106 | 772 | 1,103 | 1,402 | 1,036 | |||||||||||||||||||||||||
| 8,462 | 6,765 | 10,632 | 9,437 | 7,354 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 1,674 | $ | 8,212 | $ | 2,346 | $ | 2,035 | $ | 4,727 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 665 | $ | 958 | $ | 960 | $ | 962 | $ | 963 | ||||||||||||||||||||
| Depreciation and amortization | 2,356 | 2,341 | 2,381 | 2,924 | 2,807 | |||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 8,386 | $ | 8,856 | $ | 8,156 | $ | 8,226 | $ | 8,072 | ||||||||||||||||||||
| Fleet utilization | 72 | % | 70 | % | 76 | % | 82 | % | 66 | % | ||||||||||||||||||||
| Fleet available days | 2,061 | 2,009 | 2,024 | 2,005 | 2,132 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 95 | 178 | 76 | 4 | 151 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 90 | 92 | 92 | 91 | 130 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 12,499 | $ | 12,517 | $ | 12,590 | $ | 13,591 | $ | 11,374 | ||||||||||||||||||||
| Other marine services | 228 | 118 | (83 | ) | (792 | ) | (130 | ) | ||||||||||||||||||||||
| 12,727 | 12,635 | 12,507 | 12,799 | 11,244 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 4,254 | 4,354 | 4,361 | 4,069 | 4,022 | |||||||||||||||||||||||||
| Repairs and maintenance | 2,193 | 3,077 | 2,091 | 3,576 | 2,428 | |||||||||||||||||||||||||
| Drydocking | 159 | 949 | 352 | 72 | (11 | ) | ||||||||||||||||||||||||
| Insurance and loss reserves | 327 | 389 | 385 | 361 | 236 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 709 | 1,179 | 892 | 922 | 1,034 | |||||||||||||||||||||||||
| Other | 1,100 | 984 | 952 | 836 | 1,208 | |||||||||||||||||||||||||
| 8,742 | 10,932 | 9,033 | 9,836 | 8,917 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 3,985 | $ | 1,703 | $ | 3,474 | $ | 2,963 | $ | 2,327 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 6 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Depreciation and amortization | 4,249 | 4,154 | 4,207 | 4,311 | 6,090 | |||||||||||||||||||||||||
| Latin America | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 12,900 | $ | 11,866 | $ | 17,604 | $ | 19,127 | $ | 15,272 | ||||||||||||||||||||
| Fleet utilization | 71 | % | 72 | % | 80 | % | 57 | % | 41 | % | ||||||||||||||||||||
| Fleet available days | 541 | 460 | 531 | 416 | 219 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 5 | — | — | — | — | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 90 | 92 | 92 | 91 | 90 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 4,922 | $ | 3,934 | $ | 7,479 | $ | 4,556 | $ | 1,374 | ||||||||||||||||||||
| Bareboat charter | 1,143 | 1,168 | 1,168 | 1,156 | 1,143 | |||||||||||||||||||||||||
| Other marine services | 635 | 183 | 416 | 845 | 110 | |||||||||||||||||||||||||
| 6,700 | 5,285 | 9,063 | 6,557 | 2,627 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 1,556 | 1,142 | 1,662 | 1,219 | 376 | |||||||||||||||||||||||||
| Repairs and maintenance | 335 | 362 | 312 | 32 | 305 | |||||||||||||||||||||||||
| Drydocking | 79 | 14 | 103 | 11 | — | |||||||||||||||||||||||||
| Insurance and loss reserves | 135 | 96 | 163 | 169 | 67 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 428 | 384 | 427 | 349 | 65 | |||||||||||||||||||||||||
| Other | 521 | 232 | 350 | 488 | 60 | |||||||||||||||||||||||||
| 3,054 | 2,230 | 3,017 | 2,268 | 873 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 3,646 | $ | 3,055 | $ | 6,046 | $ | 4,289 | $ | 1,754 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 1 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Depreciation and amortization | 1,936 | 1,888 | 2,521 | 2,280 | 1,219 | |||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Europe, primarily North Sea | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | 4,819 | 4,676 | 4,287 | 4,823 | 5,164 | |||||||||||||||||||||||||
| Fleet utilization | 67 | % | 73 | % | 85 | % | 76 | % | 69 | % | ||||||||||||||||||||
| Fleet available days | 4,923 | 5,046 | 5,154 | 5,065 | 4,940 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 124 | 136 | 240 | 77 | 137 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 90 | 92 | 61 | — | — | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 15,928 | $ | 17,233 | $ | 18,832 | $ | 18,505 | $ | 17,618 | ||||||||||||||||||||
| Other marine services | 1,621 | 1,125 | 1,353 | 640 | 514 | |||||||||||||||||||||||||
| 17,549 | 18,358 | 20,185 | 19,145 | 18,132 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 8,576 | 9,210 | 9,659 | 10,495 | 9,213 | |||||||||||||||||||||||||
| Repairs and maintenance | 2,516 | 2,488 | 2,566 | 2,270 | 2,290 | |||||||||||||||||||||||||
| Drydocking | 309 | 314 | 2,791 | 1,209 | 1,741 | |||||||||||||||||||||||||
| Insurance and loss reserves | 207 | 327 | 374 | 254 | 235 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 1,179 | 824 | 1,170 | 1,051 | 1,284 | |||||||||||||||||||||||||
| Other | 592 | 359 | 441 | 254 | 278 | |||||||||||||||||||||||||
| 13,379 | 13,522 | 17,001 | 15,533 | 15,041 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 4,170 | $ | 4,836 | $ | 3,184 | $ | 3,612 | $ | 3,091 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 362 | $ | 178 | $ | 12 | $ | 22 | $ | — | ||||||||||||||||||||
| Depreciation and amortization | 3,154 | 3,053 | 3,006 | 2,976 | 2,861 | |||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Anchor handling towing supply | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 8,502 | $ | 8,506 | $ | 9,269 | $ | 13,381 | $ | 10,322 | ||||||||||||||||||||
| Fleet utilization | 38 | % | 26 | % | 28 | % | 23 | % | 21 | % | ||||||||||||||||||||
| Fleet available days | 900 | 1,012 | 1,012 | 866 | 1,260 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 34 | 12 | 100 | 23 | 36 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 521 | 644 | 602 | 608 | 947 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 2,875 | $ | 2,248 | $ | 2,592 | $ | 2,712 | $ | 2,787 | ||||||||||||||||||||
| Other marine services | (658 | ) | 2,426 | 1,244 | (91 | ) | 1,438 | |||||||||||||||||||||||
| 2,217 | 4,674 | 3,836 | 2,621 | 4,225 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 1,390 | 1,279 | 1,667 | 1,593 | 1,397 | |||||||||||||||||||||||||
| Repairs and maintenance | 630 | 386 | 1,625 | 1,281 | 394 | |||||||||||||||||||||||||
| Drydocking | 75 | (70 | ) | 1,168 | 945 | 480 | ||||||||||||||||||||||||
| Insurance and loss reserves | 122 | 219 | 282 | 265 | 91 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 62 | 467 | 582 | 586 | 153 | |||||||||||||||||||||||||
| Other | 592 | 568 | 530 | 689 | 452 | |||||||||||||||||||||||||
| 2,871 | 2,849 | 5,854 | 5,359 | 2,967 | ||||||||||||||||||||||||||
| Direct Vessel (Loss) Profit | $ | (654 | ) | $ | 1,825 | $ | (2,018 | ) | $ | (2,738 | ) | $ | 1,258 | |||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 1,539 | $ | 1,847 | $ | 1,851 | $ | 1,855 | $ | 1,858 | ||||||||||||||||||||
| Depreciation and amortization | 575 | 679 | 689 | 532 | 1,490 | |||||||||||||||||||||||||
| Fast support | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 7,609 | $ | 7,749 | $ | 7,148 | $ | 6,963 | $ | 7,746 | ||||||||||||||||||||
| Fleet utilization | 68 | % | 67 | % | 59 | % | 62 | % | 53 | % | ||||||||||||||||||||
| Fleet available days | 3,295 | 3,187 | 3,709 | 3,820 | 3,780 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 72 | 151 | 131 | 53 | 109 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 622 | 659 | 1,037 | 1,191 | 1,253 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 17,083 | $ | 16,453 | $ | 15,678 | $ | 16,488 | $ | 15,427 | ||||||||||||||||||||
| Other marine services | (251 | ) | (952 | ) | (834 | ) | (505 | ) | (656 | ) | ||||||||||||||||||||
| 16,832 | 15,501 | 14,844 | 15,983 | 14,771 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 5,511 | 5,328 | 5,826 | 5,258 | 4,756 | |||||||||||||||||||||||||
| Repairs and maintenance | 2,337 | 2,595 | 2,641 | 3,406 | 2,544 | |||||||||||||||||||||||||
| Drydocking | 350 | 1 | 432 | 115 | (9 | ) | ||||||||||||||||||||||||
| Insurance and loss reserves | 326 | 534 | 407 | 314 | 324 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 1,102 | 1,368 | 1,016 | 1,015 | 795 | |||||||||||||||||||||||||
| Other | 2,464 | 1,062 | 1,718 | 1,466 | 1,460 | |||||||||||||||||||||||||
| 12,090 | 10,888 | 12,040 | 11,574 | 9,870 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 4,742 | $ | 4,613 | $ | 2,804 | $ | 4,409 | $ | 4,901 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 352 | $ | 341 | $ | 342 | $ | 342 | $ | 342 | ||||||||||||||||||||
| Depreciation and amortization | 5,944 | 5,525 | 5,780 | 6,585 | 6,585 | |||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Supply | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 7,001 | $ | 7,050 | $ | 7,410 | $ | 7,174 | $ | 6,454 | ||||||||||||||||||||
| Fleet utilization | 62 | % | 81 | % | 82 | % | 69 | % | 73 | % | ||||||||||||||||||||
| Fleet available days | 501 | 460 | 565 | 637 | 633 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 60 | 27 | — | — | 16 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 19 | 68 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 2,182 | $ | 2,631 | $ | 3,442 | $ | 3,149 | $ | 3,002 | ||||||||||||||||||||
| Bareboat charter | 1,143 | 1,168 | 1,168 | 1,156 | 1,143 | |||||||||||||||||||||||||
| Other marine services | 781 | 619 | 1,066 | 39 | (18 | ) | ||||||||||||||||||||||||
| 4,106 | 4,418 | 5,676 | 4,344 | 4,127 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 1,678 | 1,487 | 1,976 | 1,999 | 1,956 | |||||||||||||||||||||||||
| Repairs and maintenance | 619 | 403 | 549 | 259 | 445 | |||||||||||||||||||||||||
| Drydocking | 162 | 1,023 | 1,624 | 585 | — | |||||||||||||||||||||||||
| Insurance and loss reserves | 105 | 130 | 145 | 134 | 102 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 399 | 445 | 391 | 317 | 694 | |||||||||||||||||||||||||
| Other | 1,144 | 762 | 254 | 1,048 | 719 | |||||||||||||||||||||||||
| 4,107 | 4,250 | 4,939 | 4,342 | 3,916 | ||||||||||||||||||||||||||
| Direct Vessel (Loss) Profit | $ | (1 | ) | $ | 168 | $ | 737 | $ | 2 | $ | 211 | |||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 318 | $ | 178 | $ | 34 | $ | — | $ | — | ||||||||||||||||||||
| Depreciation and amortization | 1,036 | 966 | 1,173 | 1,394 | 2,743 | |||||||||||||||||||||||||
| Standby safety | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 8,499 | $ | 8,504 | $ | 8,692 | $ | 9,157 | $ | 9,058 | ||||||||||||||||||||
| Fleet utilization | 82 | % | 82 | % | 77 | % | 80 | % | 78 | % | ||||||||||||||||||||
| Fleet available days | 1,620 | 1,734 | 1,809 | 1,746 | 1,849 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 71 | 89 | 117 | 46 | 87 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 11,308 | $ | 12,024 | $ | 12,036 | $ | 12,791 | $ | 13,051 | ||||||||||||||||||||
| Other marine services | 31 | 11 | 50 | 39 | 40 | |||||||||||||||||||||||||
| 11,339 | 12,035 | 12,086 | 12,830 | 13,091 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 6,133 | 6,774 | 5,855 | 8,148 | 6,938 | |||||||||||||||||||||||||
| Repairs and maintenance | 1,422 | 1,601 | 1,627 | 1,464 | 1,554 | |||||||||||||||||||||||||
| Drydocking | 309 | 273 | 1,156 | 624 | 1,741 | |||||||||||||||||||||||||
| Insurance and loss reserves | 60 | 216 | 234 | 143 | 138 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 947 | 657 | 975 | 843 | 991 | |||||||||||||||||||||||||
| Other | 240 | 209 | 351 | 144 | 161 | |||||||||||||||||||||||||
| 9,111 | 9,730 | 10,198 | 11,366 | 11,523 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 2,228 | $ | 2,305 | $ | 1,888 | $ | 1,464 | $ | 1,568 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Depreciation and amortization | $ | 1,096 | $ | 1,085 | $ | 945 | $ | 681 | $ | 694 | ||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Specialty | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Fleet available days | 90 | 92 | 92 | 91 | 90 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 90 | 92 | 92 | 91 | 90 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Other marine services | $ | — | $ | 337 | $ | — | $ | — | $ | — | ||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 65 | 64 | 64 | 79 | 164 | |||||||||||||||||||||||||
| Repairs and maintenance | 4 | 12 | 31 | 13 | 37 | |||||||||||||||||||||||||
| Drydocking | — | — | — | — | (6 | ) | ||||||||||||||||||||||||
| Insurance and loss reserves | 8 | 9 | 41 | 25 | 10 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 31 | 33 | 65 | (29 | ) | 83 | ||||||||||||||||||||||||
| Other | 95 | 70 | 67 | 93 | 104 | |||||||||||||||||||||||||
| 203 | 188 | 268 | 181 | 392 | ||||||||||||||||||||||||||
| Direct Vessel (Loss) Profit | $ | (203 | ) | $ | 149 | $ | (268 | ) | $ | (181 | ) | $ | (392 | ) | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Depreciation and amortization | 128 | 282 | 282 | 283 | 282 | |||||||||||||||||||||||||
| Liftboats | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 17,750 | $ | 18,497 | $ | 18,993 | $ | 19,225 | $ | 16,068 | ||||||||||||||||||||
| Fleet utilization | 46 | % | 49 | % | 60 | % | 43 | % | 30 | % | ||||||||||||||||||||
| Fleet available days | 1,710 | 1,827 | 1,932 | 1,911 | 1,659 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 224 | 132 | 86 | 266 | 116 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 526 | 550 | 554 | 708 | 933 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 13,877 | $ | 16,631 | $ | 22,171 | $ | 15,788 | $ | 8,126 | ||||||||||||||||||||
| Other marine services | 2,080 | 1,926 | 2,922 | 1,569 | 756 | |||||||||||||||||||||||||
| 15,957 | 18,557 | 25,093 | 17,357 | 8,882 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 5,097 | 5,546 | 5,621 | 4,671 | 3,461 | |||||||||||||||||||||||||
| Repairs and maintenance | 2,828 | 1,971 | 1,827 | 1,553 | 1,134 | |||||||||||||||||||||||||
| Drydocking | 1,983 | 167 | 433 | 842 | 51 | |||||||||||||||||||||||||
| Insurance and loss reserves | 884 | 872 | 630 | 889 | 651 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 1,005 | 1,485 | 1,482 | 1,153 | 668 | |||||||||||||||||||||||||
| Other | 444 | 667 | 620 | 336 | 417 | |||||||||||||||||||||||||
| 12,241 | 10,708 | 10,613 | 9,444 | 6,382 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 3,716 | $ | 7,849 | $ | 14,480 | $ | 7,913 | $ | 2,500 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 1,498 | $ | 638 | $ | 641 | $ | 644 | $ | 638 | ||||||||||||||||||||
| Depreciation and amortization | 6,053 | 6,098 | 6,188 | 6,333 | 5,025 | |||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Crew transfer | ||||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||
| Average rates per day worked | $ | 2,325 | $ | 2,283 | $ | 2,253 | $ | 2,330 | $ | 2,305 | ||||||||||||||||||||
| Fleet utilization | 60 | % | 68 | % | 89 | % | 73 | % | 62 | % | ||||||||||||||||||||
| Fleet available days | 3,420 | 3,496 | 3,498 | 3,457 | 3,330 | |||||||||||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 53 | 47 | 123 | 31 | 113 | |||||||||||||||||||||||||
| Out-of-service days for cold-stacked status | 90 | 92 | 61 | — | 40 | |||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Time charter | $ | 4,802 | $ | 5,395 | $ | 6,983 | $ | 5,898 | $ | 4,749 | ||||||||||||||||||||
| Other marine services | 322 | 460 | 657 | 563 | 429 | |||||||||||||||||||||||||
| 5,124 | 5,855 | 7,640 | 6,461 | 5,178 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 2,309 | 2,274 | 2,471 | 2,295 | 2,222 | |||||||||||||||||||||||||
| Repairs and maintenance | 1,096 | 814 | 806 | 987 | 825 | |||||||||||||||||||||||||
| Drydocking | — | 2 | 9 | 1 | — | |||||||||||||||||||||||||
| Insurance and loss reserves | 104 | 94 | 130 | 93 | 103 | |||||||||||||||||||||||||
| Fuel, lubes and supplies | 189 | 145 | 163 | 219 | 144 | |||||||||||||||||||||||||
| Other | 113 | 165 | 104 | 173 | 96 | |||||||||||||||||||||||||
| 3,811 | 3,494 | 3,683 | 3,768 | 3,390 | ||||||||||||||||||||||||||
| Direct Vessel Profit | $ | 1,313 | $ | 2,361 | $ | 3,957 | $ | 2,693 | $ | 1,788 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | (22 | ) | $ | 22 | $ | — | |||||||||||||||||||
| Depreciation and amortization | 2,031 | 679 | 689 | 532 | 1,490 | |||||||||||||||||||||||||
| Other Activity | ||||||||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||
| Other marine services | $ | 674 | $ | 9,555 | $ | 1,080 | $ | 1,105 | $ | 1,447 | ||||||||||||||||||||
| 674 | 9,555 | 1,080 | 1,105 | 1,447 | ||||||||||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Personnel | 573 | 846 | 1,541 | 690 | 782 | |||||||||||||||||||||||||
| Repairs and maintenance | 70 | 146 | 102 | 107 | 140 | |||||||||||||||||||||||||
| Insurance and loss reserves | (135 | ) | 19 | (12 | ) | 71 | (229 | ) | ||||||||||||||||||||||
| Fuel, lubes and supplies | 18 | 18 | 16 | 18 | 17 | |||||||||||||||||||||||||
| Other | (683 | ) | (971 | ) | (644 | ) | (940 | ) | (802 | ) | ||||||||||||||||||||
| (157 | ) | 58 | 1,003 | (54 | ) | (92 | ) | |||||||||||||||||||||||
| Direct Vessel Profit | $ | 831 | $ | 9,497 | $ | 77 | $ | 1,159 | $ | 1,539 | ||||||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||
| Lease expense | $ | 224 | $ | (19 | ) | $ | (21 | ) | $ | (23 | ) | $ | (13 | ) | ||||||||||||||||
| Depreciation and amortization | 330 | 196 | 192 | 218 | 265 | |||||||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands) | ||||||||||||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||
Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | Mar. 31, | ||||||||||||||||||||||||||
| Cash Flows from Operating Activities: | ||||||||||||||||||||||||||||||
| DVP | 11,972 | 28,767 | $ | 21,657 | $ | 14,721 | $ | 13,373 | ||||||||||||||||||||||
| Operating, leased-in equipment (excluding amortization of deferred gains) | (5,157 | ) | (4,994 | ) | (4,834 | ) | (4,850 | ) | (4,834 | ) | ||||||||||||||||||||
| Administrative and general (excluding provisions for bad debts and amortization of share awards) | (11,860 | ) | (12,314 | ) | (11,452 | ) | (14,076 | ) | (12,357 | ) | ||||||||||||||||||||
| SEACOR Holdings management and guarantee fees | (29 | ) | (5 | ) | (5 | ) | (7 | ) | (12 | ) | ||||||||||||||||||||
| Dividends received from 50% or less owned companies | 400 | 400 | — | 1,324 | — | |||||||||||||||||||||||||
| Other, net (excluding non-cash losses) | — | (3 | ) | 249 | — | — | ||||||||||||||||||||||||
| (4,674 | ) | 11,851 | 5,615 | (2,888 | ) | (3,830 | ) | |||||||||||||||||||||||
| Changes in operating assets and liabilities before interest and income taxes | 5,372 | (10,638 | ) | (16,587 | ) | (14,575 | ) | (4,938 | ) | |||||||||||||||||||||
| Director share awards | — | — | — | 893 | — | |||||||||||||||||||||||||
| Restricted stock vested | (282 | ) | (5 | ) | (32 | ) | (51 | ) | — | |||||||||||||||||||||
| Cash settlements on derivative transactions, net | (75 | ) | 1,420 | 102 | (21 | ) | (129 | ) | ||||||||||||||||||||||
| Interest paid, excluding capitalized interest (1) | (4,664 | ) | (5,929 | ) | (5,498 | ) | (5,875 | ) | (2,828 | ) | ||||||||||||||||||||
| Interest received | 357 | 357 | 309 | 352 | 216 | |||||||||||||||||||||||||
| Income taxes refunded, net | 1,999 | 40 | (344 | ) | (12 | ) | — | |||||||||||||||||||||||
| Net cash used in operating activities | (1,967 | ) | (2,904 | ) | (16,435 | ) | (22,177 | ) | (11,509 | ) | ||||||||||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||
| Purchases of property and equipment | (20,813 | ) | (14,217 | ) | (21,601 | ) | (5,983 | ) | (8,557 | ) | ||||||||||||||||||||
| Capitalized interest paid | (370 | ) | — | (614 | ) | (1,008 | ) | — | ||||||||||||||||||||||
| Proceeds from disposition of property and equipment | 552 | 17,476 | 1,858 | 3,244 | 282 | |||||||||||||||||||||||||
| Net change in construction reserve fund | (48 | ) | 7,535 | 2,556 | 7,209 | — | ||||||||||||||||||||||||
| Net investing activities in property and equipment | (20,679 | ) | 10,794 | (17,801 | ) | 3,462 | (8,275 | ) | ||||||||||||||||||||||
| Investments in and advances to 50% or less owned companies | (1,951 | ) | (3,672 | ) | 1,770 | (5,610 | ) | (19,950 | ) | |||||||||||||||||||||
| Net investing activities in third party notes receivable | — | 17 | — | — | 99 | |||||||||||||||||||||||||
| Sale of subsidiary to joint venture | — | — | 8,017 | — | — | |||||||||||||||||||||||||
| Net cash (used in) provided by investing activities | (22,630 | ) | 7,139 | (8,014 | ) | (2,148 | ) | (28,126 | ) | |||||||||||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||
| Payments on long-term debt | (4,361 | ) | (11,352 | ) | (2,851 | ) | (6,395 | ) | (28,807 | ) | ||||||||||||||||||||
| Proceeds from issuance of long-term debt, net of issue costs | — | (336 | ) | 43,882 | — | 18,471 | ||||||||||||||||||||||||
| Purchase of subsidiary shares from noncontrolling interests | (3,392 | ) | — | — | — | — | ||||||||||||||||||||||||
| Proceeds from exercise of stock options and Warrants | 108 | 20 | — | 813 | — | |||||||||||||||||||||||||
| Issuance of stock | — | — | — | 54,012 | 1,793 | |||||||||||||||||||||||||
| Net cash (used in) provided by financing activities | (7,645 | ) | (11,668 | ) | 41,031 | 48,430 | (8,543 | ) | ||||||||||||||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | 1,485 | (233 | ) | (253 | ) | (970 | ) | 682 | ||||||||||||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (30,757 | ) | (7,666 | ) | 16,329 | 23,135 | (47,496 | ) | ||||||||||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 96,852 | 104,519 | 88,190 | 65,055 | 112,551 | |||||||||||||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 66,095 | $ | 96,853 | $ | 104,519 | $ | 88,190 | $ | 65,055 | ||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||||||||||||||||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||
| ASSETS | ||||||||||||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 63,855 | $ | 95,195 | $ | 102,864 | $ | 86,239 | $ | 62,738 | ||||||||||||||||||||
| Restricted cash | 2,240 | 1,657 | 1,655 | 1,951 | 2,316 | |||||||||||||||||||||||||
| Receivables: | ` | |||||||||||||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 67,900 | 64,125 | 75,349 | 57,658 | 45,664 | |||||||||||||||||||||||||
| Other | 9,078 | 12,082 | 16,552 | 16,039 | 17,039 | |||||||||||||||||||||||||
| Inventories | 4,139 | 3,443 | 3,646 | 3,666 | 3,975 | |||||||||||||||||||||||||
| Prepaid expenses and other | 4,597 | 2,530 | 2,692 | 4,090 | 3,613 | |||||||||||||||||||||||||
| Total current assets | 151,809 | 179,032 | 202,758 | 169,643 | 135,345 | |||||||||||||||||||||||||
| Property and Equipment: | ||||||||||||||||||||||||||||||
| Historical cost | 1,294,945 | 1,242,733 | 1,279,000 | 1,287,855 | 1,320,496 | |||||||||||||||||||||||||
| Accumulated depreciation | (579,441 | ) | (561,272 | ) | (568,752 | ) | (564,477 | ) | (580,461 | ) | ||||||||||||||||||||
| 715,504 | 681,461 | 710,248 | 723,378 | 740,035 | ||||||||||||||||||||||||||
| Construction in progress | 63,301 | 88,918 | 82,953 | 82,274 | 80,682 | |||||||||||||||||||||||||
| Net property and equipment | 778,805 | 770,379 | 793,201 | 805,652 | 820,717 | |||||||||||||||||||||||||
| Right-of-Use Asset - Operating Leases | 30,503 | — | — | — | — | |||||||||||||||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 119,520 | 121,773 | 120,340 | 115,424 | 112,219 | |||||||||||||||||||||||||
| Construction Reserve Funds | 28,109 | 28,061 | 35,596 | 38,152 | 45,361 | |||||||||||||||||||||||||
| Other Assets | 3,603 | 3,690 | 3,582 | 3,667 | 3,736 | |||||||||||||||||||||||||
| $ | 1,112,349 | $ | 1,102,935 | $ | 1,155,477 | $ | 1,132,538 | $ | 1,117,378 | |||||||||||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 17,918 | — | — | — | — | ||||||||||||||||||||||||
| Current portion of long-term debt | 17,426 | 16,812 | 17,426 | 22,858 | 22,858 | |||||||||||||||||||||||||
| Accounts payable and accrued expenses | 27,263 | 19,370 | 20,480 | 23,774 | 25,551 | |||||||||||||||||||||||||
| Due to SEACOR Holdings | 535 | 452 | 463 | 746 | 1,583 | |||||||||||||||||||||||||
| Other current liabilities | 47,567 | 46,983 | 63,772 | 56,469 | 55,365 | |||||||||||||||||||||||||
| Total current liabilities | 110,709 | 83,617 | 102,141 | 103,847 | 105,357 | |||||||||||||||||||||||||
| Long-Term Operating Lease Liabilities | 19,851 | — | — | — | — | |||||||||||||||||||||||||
| Long-Term Debt | 384,344 | 387,854 | 397,738 | 348,912 | 405,234 | |||||||||||||||||||||||||
| Conversion Option Liability on Convertible Senior Notes | 6,201 | 5,276 | 17,928 | 21,886 | 18,991 | |||||||||||||||||||||||||
| Deferred Income Taxes | 41,831 | 44,682 | 46,120 | 49,789 | 56,024 | |||||||||||||||||||||||||
| Deferred Gains and Other Liabilities | 7,290 | 26,571 | 26,662 | 27,289 | 28,600 | |||||||||||||||||||||||||
| Total liabilities | 570,226 | 548,000 | 590,589 | 551,723 | 614,206 | |||||||||||||||||||||||||
| Equity: | ||||||||||||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||||||||||||
| Common stock | 211 | 204 | 204 | 204 | 178 | |||||||||||||||||||||||||
| Additional paid-in capital | 422,830 | 415,372 | 414,460 | 413,754 | 306,639 | |||||||||||||||||||||||||
| Retained earnings | 111,701 | 126,834 | 134,628 | 150,585 | 175,609 | |||||||||||||||||||||||||
| Shares held in treasury | (373 | ) | (91 | ) | (86 | ) | (54 | ) | — | |||||||||||||||||||||
| Accumulated other comprehensive loss, net of tax | (16,812 | ) | (16,788 | ) | (13,945 | ) | (13,129 | ) | (10,424 | ) | ||||||||||||||||||||
| 517,557 | 525,531 | 535,261 | 551,360 | 472,002 | ||||||||||||||||||||||||||
| Noncontrolling interests in subsidiaries | 24,566 | 29,404 | 29,627 | 29,455 | 31,170 | |||||||||||||||||||||||||
| Total equity | 542,123 | 554,935 | 564,888 | 580,815 | 503,172 | |||||||||||||||||||||||||
| $ | 1,112,349 | $ | 1,102,935 | $ | 1,155,477 | $ | 1,132,538 | $ | 1,117,378 | |||||||||||||||||||||
SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||||||||||||||||||||||
March 31, 2019 | December 31, | September 30, | June 30, 2018 | March 31, 2018 | ||||||||||||||||||||||||
| AHTS | 11 | 12 | 13 | 13 | 19 | |||||||||||||||||||||||
| FSV | 42 | 41 | 47 | 49 | 50 | |||||||||||||||||||||||
| Supply | 42 | 39 | 29 | 29 | 29 | |||||||||||||||||||||||
| Standby safety | 18 | 19 | 20 | 21 | 22 | |||||||||||||||||||||||
| Specialty | 7 | 7 | 4 | 4 | 4 | |||||||||||||||||||||||
| Liftboats | 19 | 19 | 21 | 21 | 21 | |||||||||||||||||||||||
| Crew transfer | 43 | 42 | 42 | 42 | 41 | |||||||||||||||||||||||
| 182 | 179 | 176 | 179 | 186 | ||||||||||||||||||||||||
______________________
(1) Excludes seven owned and one leased-in offshore support vessels that have been retired and removed from service.
SEACOR MARINE HOLDINGS INC. UNAUDITED EXPECTED FLEET DELIVERIES | ||||||||||||||||||||||||||||||||||
| 2019 | 2020 | |||||||||||||||||||||||||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Deferred | Total | ||||||||||||||||||||||||||
| Fast support | - | - | - | - | 1 | - | - | 2 | 3 | |||||||||||||||||||||||||
| Supply | - | 2 | - | - | - | - | - | 2 | ||||||||||||||||||||||||||
| Crew transfer | 1 | 1 | 1 | - | - | - | - | 3 | ||||||||||||||||||||||||||
| Platform supply | - | 1 | 1 | 1 | - | - | - | - | 3 | |||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190510005105/en/
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