Exhibit 99.1 

 

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES FOURTH QUARTER 2018 RESULTS 

 

CONTINUED IMPROVEMENT IN OPERATING PERFORMANCE 

 

 

Houston, Texas

March 6, 2019

 

 

FOR IMMEDIATE RELEASE - 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 fourth quarter and twelve months ended December 31, 2018.

 

Fourth quarter highlights include:

 

 

Total operating revenues increased 43.8% as compared with the fourth quarter of 2017, in what is historically a seasonally slow quarter.

 

 

Cash flows from operating activities increased to $11.9 million from $5.6 million in the prior quarter.

 

 

Operating loss decreased by $24.6 million to $11.2 million from $35.8 million in the fourth quarter of 2017, representing a 68.8% year over year improvement.

 

 

Consolidated direct vessel profit ("DVP")(1) increased 32.8% to $28.8 million from $21.7 million in the third quarter of 2018, an increase of 146.0% from $11.7 million in the fourth quarter of 2017, and an increase of 189.4% to $78.5 million in the year ended December 31, 2018 from $27.1 million in the year ended December 31, 2017.

 

 

Expanded presence in Brazil through the formation of a new joint venture to acquire UP Offshore.

 

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

 

"Our business improved steadily throughout the year and we closed 2018 with our sixth consecutive quarterly increase in direct vessel profit, and nearly doubled our cash flow from operating activities from the prior quarter.  This improvement is especially notable as the last quarter of the year is usually a seasonally slow period of activity for our liftboats in the Gulf of Mexico and crew transfer vessels ("CTVs") in the North Sea.  To the extent there was some seasonal reduction it was offset by improved results from nearly all other classes of vessels and a one-time recognition of previously deferred revenues in the U.S. Gulf of Mexico. 

 

As part of our continued commitment to actively managing our fleet, we sold an additional six fast support vessels ("FSVs"), two liftboats and one standby safety vessel during the fourth quarter, taking us to a total of 16 vessel dispositions for 2018.  These sales were offset during 2018 by the addition of two CTVs and six liftboats as well as the net addition of 16 vessels to the managed fleet through non-consolidated joint ventures.  As of December 31, 2018, the net book value of our property and equipment was $681.5 million, an increase of $61.8 million compared to the end of 2017.  Collectively, the sale transactions in the fourth quarter generated a net gain of $3.8 million before asset impairments.

 

The improvement in 2018 and positive beginning to 2019 is encouraging.  We hope for continued upticks in demand and believe our asset base and geographical reach place us in a unique position."

 

A comparison of results for the fourth quarter ended December 31, 2018 with the preceding quarter ended September 30, 2018 is included below.

 

For the fourth quarter and twelve months ended December 31, 2018, net loss attributable to SEACOR Marine was $7.8 million ($0.35 per diluted share) and $77.6 million ($3.71 per diluted share), respectively, and operating loss was $11.2 million and $66.8 million, respectively.  Net loss attributable to SEACOR Marine for the preceding quarter ended September 30, 2018 was $16.0 million ($0.71 per diluted share). 

 

For the fourth quarter ended December 31, 2017, net income attributable to SEACOR Marine was $29.0 million ($1.20 per diluted share).  For the twelve months ended December 31, 2017 net loss attributable to SEACOR Marine was $32.9 million ($1.87 per diluted share).  Operating losses attributable to SEACOR Marine for the fourth quarter and twelve months ended December 31, 2017 were $35.8 million and $128.4 million, respectively. 

 

1

 

 

Operating Revenues. On a total fleet basis, time charter revenues were $7.5 million lower compared with the preceding quarter, resulting from (i) an increase in time charter revenues of $1.1 million due to an increase in average rates per day worked and (ii) a decline in time charter revenues of (a) $4.3 million due to reduced utilization (of which $1.4 million was related to the effects of cold stacking vessels), (b) $2.4 million due to the repositioning of vessels between geographic regions, (c) $1.7 million due to net fleet dispositions and (d) $0.2 million due to unfavorable changes in currency exchange rates.  Other marine services revenues were $8.1 million higher compared with the preceding quarter.

 

This release includes a table presenting time charter operating data by vessel class.

 

Direct Vessel Profit (DVP)(1) by Region. DVP generated by the Company’s operating regions was $28.8 million compared with $21.7 million in the preceding quarter, an increase of $7.1 million.  The increase was primarily driven by a $6.4 million decrease in operating expenses and an increase in fleet utilization, excluding CTVs, from 60% to 61%, offset by a $0.5 million decrease in operating revenues and a decrease in average rates per day worked from $10,186 to $9,852.  Drydocking expenses were $3.4 million lower than the previous quarter due to timing of drydockings.  Results by region are as follows:

 

United States, primarily Gulf of Mexico.  DVP was $11.0 million compared with $6.6 million in the preceding quarter, a $4.4 million improvement.  Time charter revenues were $1.8 million lower compared with the preceding quarter, of which $1.5 million related to the liftboat fleet, primarily due to lower utilization.  Other marine services revenues were $6.0 million higher compared with the preceding quarter, primarily due to the recognition of previously deferred revenue.  On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 30% to 29%, and average rates per day worked increased from $12,476 to $12,656.  Primarily due to net fleet dispositions, days available for charter decreased by 13% and operating expenses decreased by $0.2 million.  As of December 31, 2018, the Company had 18 of 30 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply ("AHTS") vessels, five FSVs, six liftboats and one specialty vessel) compared with 22 of 38 vessels as of September 30, 2018.  As of December 31, 2018, the Company had five vessels retired and removed from service in this region (four AHTS vessels and one supply vessel).

 

Africa, primarily West Africa.  DVP was $8.2 million compared with $2.3 million in the preceding quarter, a $5.9 million improvement.  Time charter revenues were $0.5 million lower compared with the preceding quarter, primarily due to net fleet dispositions.  On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 82% to 87%, and average rates per day worked increased from $9,315 to $9,411.  Days available for charter decreased by 11% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions.  Other marine services revenues were $2.4 million higher compared with the preceding quarter, primarily due to the recognition of revenue previously deferred.  Operating expenses (excluding leased-in equipment of $1.0 million) were $3.9 million lower compared with the preceding quarter primarily due to the timing of drydockings, a decrease in repair costs and the net disposition of vessels.  As of December 31, 2018, the Company had one specialty vessel retired and removed from service in this region.

 

Middle East and Asia.  DVP was $1.7 million compared with $3.5 million in the preceding quarter, a decrease of $1.8 million.  Time charter revenues were $0.1 million lower compared with the preceding quarter, primarily due to the net disposition of vessels. Other marine services revenues were $0.2 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 76% to 70%, and average rates per day worked increased from $8,156 to $8,856. Days available for charter decreased by 1% primarily due to net fleet dispositions. Operating expenses were $1.9 million higher compared with the preceding quarter, primarily due to the mobilization and drydocking of one supply vessel. As of December 31, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one AHTS vessel) compared with one of 22 vessels as of September 30, 2018. As of December 31, 2018, the Company had one specialty vessel retired and removed from service in this region. 

 

Brazil, Mexico, Central and South America.  DVP was $3.1 million compared with $6.0 million in the preceding quarter, a decrease of $2.9 million.  Time charter revenues were $3.5 million lower compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions.  Other marine services revenues were $0.2 million lower.  On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 80% to 72% and average rates per day worked decreased from $17,604 to $11,866.  Days available for charter decreased by 13% driven by repositioning of vessels, primarily liftboats, between geographic regions.  Operating expenses were $0.8 million lower compared with the preceding quarter.  As of December 31, 2018, the Company had one of seven owned and leased-in vessels cold-stacked in this region.

 

Europe, primarily North Sea.  DVP was $4.8 million compared with $3.2 million in the preceding quarter, an improvement of $1.6 million.  Time charter revenues were $1.6 million lower, primarily due to a seasonal decrease in utilization of the CTVs.  Other marine services revenues were $0.2 million lower.  For the standby safety fleet, utilization increased from 77% to 82%, and average rates per day worked decreased from $8,692 to $8,504.  For the CTVs, utilization decreased from 91% to 69%, and average rates per day worked increased from $2,260 to $2,293.  Operating expenses (excluding leased-in equipment of $0.2 million) were $3.4 million lower compared with the preceding quarter primarily due to the timing of drydockings.  As of December 31, 2018, the Company had one of 54 owned and leased-in vessels cold-stacked in this region (one CTV).

 

___________________

(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.

 

2

 

 

 

 

Administrative and general. Fourth quarter 2018 administrative and general expenses were flat compared with the preceding quarter primarily due to higher legal and professional fees, severance and relocation expenses, and acceleration of stock awards, offset by a decrease in bad debt expense due to collection of a previously reserved receivable.

 

Depreciation and amortization. Depreciation and amortization costs were $0.4 million lower compared with the preceding quarter primarily due to net asset dispositions.

 

Asset Dispositions and Impairments. During the fourth quarter, the Company sold six FSVs, two liftboats, one standby safety vessel and other equipment for net proceeds of $10.0 million and a gain of $3.8 million, all of which was recognized in this quarter.  The Company also recognized impairment charges of $11.6 million associated with three AHTS vessels and one specialty vessel.  During the preceding quarter, the Company sold two FSVs, two CTVs, one PSV, one safety standby vessel and other equipment for net proceeds of $1.1 million and a gain of $0.6 million, all of which was recognized in the preceding quarter.

 

Derivative gains (losses). Net derivative gains during fourth quarter 2018 were $12.7 million, and net derivative gains during the preceding quarter of $4.4 million, were primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in the Company's convertible senior notes.

 

Income tax benefit.   The Company's year-to-date effective income tax rate was a benefit of 14.5% primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes, a return-to-provision adjustment and a reversal of an unrecognized benefit. 

 

Equity in earnings (losses) of 50% or less owned companies. Equity losses in the fourth quarter 2018 were $1.9 million compared with equity losses of $1.0 million in the preceding quarter. 

 

Capital Commitments. As of December 31, 2018, the Company had unfunded capital commitments of $78.2 million that included four FSVs, three supply vessels, two CTVs and three PSVs.  The Company’s capital commitments by year of expected payment are as follows (in thousands):

 

2019

    51,132  

2020

    27,046  
    $ 78,178  

 

In addition, the Company has indefinitely deferred an additional $20.2 million of orders with respect to two FSVs, which the Company had previously reported as unfunded capital commitments.

 

Liquidity and Debt. As of December 31, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $124.9 million and its total outstanding debt was $404.7 million (net of $38.3 million in discount and issuance costs).  As of December 31, 2018, construction reserve funds of $28.1 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment.  Additionally, the Company had $2.5 million available under subsidiary credit facilities for future capital commitments.

 

* * * * *

 

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.

 

3

 

 

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.

For all other requests, contact Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com

 

4

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

   

Three Months Ended December 31,

    Twelve Months Ended December 31,  
   

2018

   

2017

    2018     2017  

Operating Revenues

  $ 70,932     $ 49,343     $ 253,609     $ 173,783  

Costs and Expenses:

                               

Operating

    45,150       40,480       186,566       159,599  

Administrative and general

    12,240       12,368       52,813       56,217  

Depreciation and amortization

    16,986       20,021       72,246       62,779  
      74,376       72,869       311,625       278,595  

Losses on Asset Dispositions and Impairments, Net

    (7,745 )     (12,304 )     (8,747 )     (23,547 )

Operating Loss

    (11,189 )     (35,830 )     (66,763 )     (128,359 )

Other Income (Expense):

                               

Interest income

    357       326       1,234       1,805  

Interest expense

    (7,486 )     (4,509 )     (27,869 )     (16,532 )

SEACOR Holdings management fees

                      (3,208 )

SEACOR Holdings guarantee fees

    (5 )     (29 )     (29 )     (201 )
Loss on debt extinguishment                  (638 )      

Marketable security gains, net

                      10,931  

Derivative gains, net

    12,651       7,536       2,854       20,256  

Foreign currency losses, net

    (466 )     (320 )     (1,447 )     (1,709 )

Other, net

    (4 )     (5 )     674       (6 )
      5,047       2,999       (25,221 )     11,336  

Net Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

    (6,142 )     (32,831 )     (91,984 )     (117,023 )

Income Tax Benefit

    (48 )     (51,361 )     (13,347 )     (74,406 )

Loss (Income) Before Equity in Earnings of 50% or Less Owned Companies

    (6,094 )     18,530       (78,637 )     (42,617 )

Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax

    (1,875 )     9,374       (3,415 )     4,077  

Net (Loss) Income

    (7,969 )     27,904       (82,052 )     (38,540 )

Net Loss attributable to Noncontrolling Interests in Subsidiaries

    (175 )     (1,057 )     (4,444 )     (5,639 )

Net (Loss) Income attributable to SEACOR Marine Holdings Inc.

  $ (7,794 )   $ 28,961     $ (77,608 )   $ (32,901 )
                                 

Loss Per Common Share of SEACOR Marine Holdings Inc.

                               
Basic   $ (0.35 )   $ (1.65 )   $ (3.71 )   $ (1.87 )
Diluted   $ (0.35 )   $ (1.20 )   $ (3.71 )   $ (1.87 )
                                 

Weighted Average Common Shares Outstanding:

                               
Basic     22,513,886       17,551,935       20,926,307       17,601,244  
Diluted     22,513,886       21,622,435       20,926,307       17,601,244  

 

5

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS

(in thousands, except share data)

 

   

Three Months Ended December 31,

   

Twelve Months Ended December 31,

 
    2018     2017     2018     2017  

Time Charter Statistics:

                                                       

Average Rates Per Day Worked (excluding crew transfer)

  $ 9,852           $ 8,583           $ 9,735           $ 8,481        

Average Rates Per Day

  $ 7,447           $ 6,435           $ 7,282           $ 5,972        

Fleet Utilization (excluding crew transfer)

          61 %           51 %           57 %           45 %

Fleet Utilization

          63 %           56 %           62 %           54 %

Fleet Available Days (excluding crew transfer)

    8,312             9,224             35,772             35,833        

Fleet Available Days

    11,808             12,628             49,553             49,338        

Operating Revenues:

                                                       

Time charter

  $ 55,382     78 %   $ 45,745     93 %   $ 222,252     88 %   $ 160,545     92 %

Bareboat charter

    1,168     2 %     1,169     2 %     4,635     2 %     4,636     3 %

Other marine services

    14,382     20 %     2,429     5 %     26,722     10 %     8,602     5 %
      70,932     100 %     49,343     100 %     253,609     100 %     173,783     100 %

Costs and Expenses:

                                                       

Operating:

                                                       

Personnel

    23,598     33 %     21,953     44 %     95,028     37 %     81,500     47 %

Repairs and maintenance

    7,928     11 %     6,225     13 %     33,279     13 %     27,655     16 %

Drydocking

    1,396     2 %     1,438     3 %     11,587     5 %     9,035     5 %

Insurance and loss reserves

    2,093     3 %     1,443     3 %     7,074     3 %     6,524     4 %

Fuel, lubes and supplies

    4,618     7 %     3,620     7 %     16,975     7 %     12,032     7 %

Other

    2,532     4 %     2,970     6 %     11,148     4 %     9,905     6 %

Leased-in equipment

    2,985     4 %     2,831     6 %     11,475     5 %     12,948     7 %
      45,150     64 %     40,480     82 %     186,566     74 %     159,599     92 %

Administrative and general

    12,240     17 %     12,368     25 %     52,813     21 %     56,217     32 %

Depreciation and amortization

    16,986     24 %     20,021     41 %     72,246     29 %     62,779     36 %
      74,376     105 %     72,869     148 %     311,625     124 %     278,595     160 %

Losses on Asset Dispositions and Impairments, Net

    (7,745)     (11 )%     (12,304 )   (25 )%     (8,747 )   (3 )%     (23,547 )   (14 )%

Operating Loss

    (11,189 )   (16 )%     (35,830 )   (73 )%     (66,763 )   (27) %     (128,359 )   (74 )%

 

6

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

    Three Months Ended  
   

Dec. 31,

2018

   

Sep. 30,

2018

   

Jun. 30,

2018

   

Mar. 31,

2018

   

Dec. 31,

2017

 

Time Charter Statistics:

                                       

Average Rates Per Day Worked (excluding crew transfer)

  $ 9,852     $ 10,186     $ 9,742     $ 9,071     $ 8,583  

Average Rates Per Day Worked

  $ 7,447     $ 7,323     $ 7,324     $ 7,001     $ 6,435  

Fleet Utilization (excluding crew transfer)

    61 %     60 %     58 %     50 %     51

%

Fleet Utilization

    63 %     68 %     62 %     53 %     56

%

Fleet Available Days (excluding crew transfer)

    8,312       9,119       9,071       9,271       9,224  

Fleet Available Days

    11,808       12,617       12,528       12,601       12,628  

Operating Revenues:

                                       

Time charter

  $ 55,382     $ 62,902     $ 56,826     $ 47,142     $ 45,745  

Bareboat charter

    1,168       1,168       1,156       1,143       1,169  

Other marine services

    14,382       6,185       2,719       3,436       2,429  
      70,932       70,255       60,701       51,721       49,343  

Costs and Expenses:

                                       

Operating:

                                       
Personnel     23,598       25,021       24,733       21,676       21,953  
Repairs and maintenance     7,928       9,208       9,070       7,073       6,225  
Drydocking     1,396       4,822       3,112       2,257       1,438  
Insurance and loss reserves     2,093       1,857       1,934       1,190       1,443  
Fuel, lubes and supplies     4,618       4,690       4,122       3,545       3,620  
Other     2,532       3,000       3,009       2,607       2,970  
      42,165       48,598       45,980       38,348       37,649  
Direct Vessel Profit     28,767       21,657       14,721       13,373       11,694  
Other Costs and Expenses:                                        
Operating:                                        
Leased-in expense     2,985       2,825       2,840       2,825       2,831  

Administrative and general

    12,240       12,234       15,532       12,807       12,368  

Depreciation and amortization

    16,986       17,342       18,406       19,512       20,021  
      32,211       32,401       36,778       35,144       35,220  

(Losses) Gains on Asset Dispositions and Impairments, Net

    (7,745 )     586       1,055       (2,643 )     (12,304

)

Operating Loss

    (11,189 )     (10,158 )     (21,002 )     (24,414 )     (35,830

)

Other Income (Expense):

                                       

Interest income

    357       309       352       216       326  

Interest expense

    (7,486 )     (7,761 )     (6,489 )     (6,133 )     (4,509

)

SEACOR Holdings guarantee fees

    (5 )     (5 )     (7 )     (12 )     (29

)

Debt extinguishment loss           (638 )                  

Derivative gains (losses), net

    12,651       4,387       (2,668 )     (11,516 )     7,536  

Foreign currency (losses) gains, net

    (466 )     (302 )     (818 )     139       (320

)

Other, net

    (4 )     678                   (5

)

      5,047       (3,332 )     (9,630 )     (17,306 )     2,999  

Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies

    (6,142 )     (13,490 )     (30,632 )     (41,720 )     (32,831

)

Income Tax Expense (Benefit)

    (48 )     1,249       (4,724 )     (9,824 )     (51,361

)

(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies

    (6,094 )     (14,739 )     (25,908 )     (31,896 )     18,530  

Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax

    (1,875 )     (1,027 )     (721 )     208       9,374  

Net (Loss) Income

    (7,969 )     (15,766 )     (26,629 )     (31,688 )     27,904  

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

    (175 )     191       (1,605 )     (2,855 )     (1,057

)

Net (Loss) Income attributable to SEACOR Marine Holdings Inc.

  $ (7,794 )   $ (15,957 )   $ (25,024 )   $ (28,833 )   $ 28,961  
                                         

(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:

                                       

Basic

  $ (0.35 )   $ (0.71 )   $ (1.19 )   $ (1.64 )   $ 1.65  

Diluted

  $ (0.35 )   $ (0.71 )   $ (1.19 )   $ (1.64 )   $ 1.20  

Weighted Average Common Shares and Warrants Outstanding:

                                       

Basic

    22,514       22,513       21,035       17,571       17,552  

Diluted

    22,514       22,513       21,035       17,571       21,629  

Common Shares and Warrants Outstanding at Period End

    22,711       22,709       22,709       17,787       17,675  

 

7

 

 

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     Brazil, Mexico, Central and South America     Europe (primarily North Sea)     Total  
For the Three Months Ended December 31, 2018                                                
Time Charter Statistics:                                                
Average Rates Per Day    $ 12,656     $ 9,411     $ 8,856     $ 11,866     $ 4,676     $ 7,447  
Fleet Utilization     29 %     87 %     70 %     72 %     73 %     63 %
Fleet Available Days     2,983       1,310       2,009       460       5,046       11,808  

Operating Revenues:

                                               
Time charter    $ 10,968     $ 10,730     $ 12,517     $ 3,934     $ 17,233     $ 55,382  
Bareboat charter            —        —       1,168        —       1,168  
Other marine services     8,709       4,247       118       183       1,125       14,382  
      19,677       14,977       12,635       5,285       18,358       70,932  
Direct Costs and Expenses:                                                
Operating:                                                
Personnel     5,227       3,665       4,354       1,142       9,210       23,598  
Repairs and maintenance     1,128       873       3,077       362       2,488       7,928  
Drydocking     147       (28 )     949       14       314       1,396  
Insurance and loss reserves     974       307       389       96       327       2,093  
Fuel, lubes and supplies     1,055       1,176       1,179       384       824       4,618  
Other     185       772       984       232       359       2,532  
      8,716       6,765       10,932       2,230       13,522       42,165  
Direct Vessel Profit    $ 10,961     $ 8,212     $ 1,703     $ 3,055     $ 4,836       28,767  
Other Costs and Expenses:                                                
Operating:                                                
Leased-in equipment    $ 1,849     $ 958     $     $     $ 178       2,985  
Administrative and general                                             12,240  
Depreciation and amortization   $ 5,550     $ 2,341     $ 4,154     $ 1,888     $ 3,053       16,986  
                                              32,211  
Gains on Asset Dispositions and Impairments                                             (7,745 )
Operating Loss                                            $ (11,189 )

 

8

 

 

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     Brazil, Mexico, Central and South America     Europe (primarily North Sea)     Total  
For the Twelve Months Ended December 31, 2018                                                
Time Charter Statistics:                                                
Average Rates Per Day   $ 11,292     9,421     8,320     15,991     4,710     7,282  
Fleet Utilization     24     87     74     67     76     62
Fleet Available Days     14,176       5,376       8,170       1,626       20,205       49,553  

Operating Revenues:

                                               
Time charter   38,802     43,847     50,072     17,343     72,188     222,252  
Bareboat charter     —        —        —        4,635       —        4,635  
Other marine services     14,762       7,661       (887 )     1,554       3,632       26,722  
      53,564       51,508       49,185       23,532       75,820       253,609  
Direct Costs and Expenses:                                                
Operating:                                                
Personnel     18,708       16,538       16,806       4,399       38,577       95,028  
Repairs and maintenance     5,152       6,330       11,172       1,011       9,614       33,279  
Drydocking      1,957       2,085       1,362       128       6,055       11,587  
Insurance and loss reserves     2,922       1,096       1,371       495       1,190       7,074  
Fuel, lubes and supplies     3,568       3,826       4,027       1,225       4,329       16,975  
Other     393       4,313       3,980       1,130       1,332       11,148  
      32,700       34,188       38,718       8,388       61,097       175,091  
Direct Vessel Profit   20,864     17,320     10,467     15,144     14,723       78,518  
Other Costs and Expenses:                                                
Operating:                                                
Leased-in equipment   7,420     3,843     —       —      212       11,475  
Administrative and general                                             52,813  
Depreciation and amortization   23,227     10,453     18,762     7,908     11,896       72,246  
                                              136,534  
Losses on Asset Dispositions and Impairments                                             (8,747
Operating Loss                                           (66,763
                                                 
As of December 31, 2018                                                
Property and Equipment:                                                
Historical cost   432,335     184,361     306,897     124,177     194,963     1,242,733  
Accumulated depreciation     (224,737 )     (55,206 )     (81,378 )     (57,002 )     (142,949 )     (561,272
     $ 207,598      $ 129,155      $ 225,519      $ 67,175      $ 52,014      $ 681,461  

 

9

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

    Three Months Ended  
   

Dec. 31,

2018

   

Sep. 30,

2018

   

Jun. 30,

2018

   

Mar. 31,

2018

   

Dec. 31,

2017

 

United States, primarily Gulf of Mexico

                                       

Time Charter Statistics:

                                       

Average rates per day worked

  $ 12,656     $ 12,476     $ 10,503     $ 8,775     $ 8,027  

Fleet utilization

    29 %     30 %     23 %     17 %     18

%

Fleet available days

    2,983       3,433       3,710       4,050       3,864  

Out-of-service days for repairs, maintenance and drydockings

    143       147       292       219       139  

Out-of-service days for cold-stacked status

    1,761       2,101       2,435       3,111       3,010  

Operating revenues:

                                       

Time charter

  $ 10,968     $ 12,800     $ 9,052     $ 5,982     $ 5,608  

Other marine services

    8,709       2,722       1,676       1,655       1,077  
      19,677       15,522       10,728       7,637       6,685  

Direct operating expenses:

                                       

Personnel

    5,227       4,853       4,636       3,992       3,853  

Repairs and maintenance

    1,128       1,801       1,529       694       631  

Drydocking

    147       375       910       525       (164

)

Insurance and loss reserves

    974       612       902       434       678  

Fuel, lubes and supplies

    1,055       1,120       900       493       381  

Other

    185       154       29       25       3  
      8,716       8,915       8,906       6,163       5,382  

Direct Vessel Profit

  $ 10,961     $ 6,607     $ 1,822     $ 1,474     $ 1,303  
                                         

Leased-in equipment (included in operating costs and expenses)

  $ 1,849     $ 1,853     $ 1,856     $ 1,862     $ 1,866  

Depreciation and amortization

  $ 5,550     $ 5,227     $ 5,915     $ 6,535     $ 5,487  
                                         

Africa, primarily West Africa

                                       

Time Charter Statistics:

                                       

Average rates per day worked

  $ 9,411     $ 9,315     $ 9,509     $ 9,455     $ 10,517  

Fleet utilization

    87 %     82 %     88 %     91 %     75

%

Fleet available days

    1,310       1,475       1,331       1,260       1,207  

Out-of-service days for repairs, maintenance and drydockings

          92       46       31       34  

Out-of-service days for cold-stacked status

                            92  

Operating revenues:

                                       

Time charter

  $ 10,730     $ 11,201     $ 11,122     $ 10,794     $ 9,533  

Other marine services

    4,247       1,777       350       1,287       983  
      14,977       12,978       11,472       12,081       10,516  

Direct operating expenses:

                                       

Personnel

    3,665       4,486       4,314       4,073       3,795  

Repairs and maintenance

    873       2,438       1,663       1,356       855  

Drydocking

    (28 )     1,201       910       2       129  

Insurance and loss reserves

    307       323       248       218       (19

)

Fuel, lubes and supplies

    1,176       1,081       900       669       859  

Other

    772       1,103       1,402       1,036       1,098  
      6,765       10,632       9,437       7,354       6,717  

Direct Vessel Profit 

  $ 8,212     $ 2,346     $ 2,035     $ 4,727     $ 3,799  
                                         

Leased-in equipment (included in operating costs and expenses)

  $ 958     $ 960     $ 962     $ 963     $ 965  

Depreciation and amortization

  $ 2,341     $ 2,381     $ 2,924     $ 2,807     $ 3,175  

 

10

 

 

SEACOR MARINE HOLDINGS INC.

 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)

(in thousands, except statistics)

 

    Three Months Ended  
   

Dec. 31,

2018

   

Sep. 30,

2018

   

Jun. 30,

2018

   

Mar. 31,

2018

   

Dec. 31,

2017

 

Middle East and Asia

                                       

Time Charter Statistics:

                                       

Average rates per day worked

  $ 8,856     $ 8,156     $ 8,226     $ 8,072     $ 6,784  

Fleet utilization

    70 %     76 %     82 %     66 %     68

%

Fleet available days

    2,009       2,024       2,005       2,132       2,331  

Out-of-service days for repairs, maintenance and drydockings

    178       76       4       151       104  

Out-of-service days for cold-stacked status

    92       92       91       130       119  

Operating revenues:

                                       

Time charter

  $ 12,517     $ 12,590     $ 13,591     $ 11,374     $ 10,682  

Other marine services

    118       (83 )     (792 )     (130 )     (171

)

      12,635       12,507       12,799       11,244       10,511  

Direct operating expenses:

                                       

Personnel

    4,354       4,361       4,069       4,022       4,882  

Repairs and maintenance

    3,077       2,091       3,576       2,428       2,205  

Drydocking

    949       352       72       (11 )     554  

Insurance and loss reserves

    389       385       361       236       382  

Fuel, lubes and supplies

    1,179       892       922       1,034       1,180  

Other

    984       952       836       1,208       1,522  
      10,932       9,033       9,836       8,917       10,725  

Direct Vessel Profit (Loss)

  $ 1,703     $ 3,474     $ 2,963     $ 2,327     $ (214

)

                                         

Depreciation and amortization

  $ 4,154     $ 4,207     $ 4,311     $ 6,090     $ 6,898  
                                         

Brazil, Mexico, Central and South America

                                       

Time Charter Statistics:

                                       

Average rates per day worked

  $ 11,866     $ 17,604     $ 19,127     $ 15,272     $ 16,718  

Fleet utilization

    72 %     80 %     57 %     41 %     50

%

Fleet available days

    460       531       416       219       184  

Out-of-service days for cold-stacked status

    92       92       91       90       92  

Operating revenues:

                                       

Time charter

  $ 3,934     $ 7,479     $ 4,556     $ 1,374     $ 1,538  

Bareboat charter

    1,168       1,168       1,156       1,143       1,169  

Other marine services

    183       416       845       110       156  
      5,285       9,063       6,557       2,627       2,863  

Direct operating expenses:

                                       

Personnel

    1,142       1,662       1,219       376       322  

Repairs and maintenance

    362       312       32       305       44  
Drydocking     14       103       11              

Insurance and loss reserves

    96       163       169       67       230  

Fuel, lubes and supplies

    384       427       349       65       163  

Other

    232       350       488       60       44  
      2,230       3,017       2,268       873       803  

Direct Vessel Profit

  $ 3,055     $ 6,046     $ 4,289     $ 1,754     $ 2,060  
                                         

Depreciation and amortization

  $ 1,888     $ 2,521     $ 2,280     $ 1,219     $ 1,134  

 

11

 

 

SEACOR MARINE HOLDINGS INC.

 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)

(in thousands, except statistics)

 

    Three Months Ended  
   

Dec. 31,

2018

   

Sep. 30,

2018

   

Jun. 30,

2018

   

Mar. 31,

2018

   

Dec. 31,

2017

 

Europe, primarily North Sea

                                       

Time Charter Statistics:

                                       

Average rates per day worked - Standby safety

  $ 8,504     $ 8,692     $ 9,157     $ 9,058     $ 8,660  

Fleet utilization - Standby safety

    82 %     77 %     80 %     78 %     82

%

Fleet available days - Standby safety

    1,734       1,809       1,746       1,849       1,822  

Average rates per day worked - Crew transfer 

    2,293       2,260       2,342       2,317       2,330  

Fleet utilization - Crew transfer

    69 %     91 %     76 %     64 %     73

%

Fleet available days - Crew transfer

    3,312       3,314       3,228       3,091       3,220  

Out-of-service days for repairs, maintenance and drydockings

    136       240       77       137       249  
Out-of-service days for cold-stacked status     92       61                    

Operating revenues:

                                       

Time charter

  $ 17,233     $ 18,832     $ 18,505     $ 17,618     $ 18,384  

Other marine services

    1,125       1,353       640       514       384  
      18,358       20,185       19,145       18,132       18,768  

Direct operating expenses:

                                       

Personnel

    9,210       9,659       10,495       9,213       9,101  

Repairs and maintenance

    2,488       2,566       2,270       2,290       2,490  

Drydocking

    314       2,791       1,209       1,741       919  

Insurance and loss reserves

    327       374       254       235       172  

Fuel, lubes and supplies

    824       1,170       1,051       1,284       1,037  

Other

    359       441       254       278       303  
      13,522       17,001       15,533       15,041       14,022  

Direct Vessel Profit

  $ 4,836     $ 3,184     $ 3,612     $ 3,091     $ 4,746  
                                         

Leased-in equipment (included in operating costs and expenses)

  $ 178     $ 12     $ 22     $     $  

Depreciation and amortization

  $ 3,053     $ 3,006     $ 2,976     $ 2,861     $ 3,327  

 

12

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics)

 

   

Three Months Ended

 
   

Dec. 31,

2018

   

Sep. 30,

2018

   

Jun. 30,

2018

   

Mar. 31,

2018

   

Dec. 31,

2017

 

Anchor handling towing supply

                                       

Time Charter Statistics:

                                       

Average rates per day worked

  $ 8,506     $ 9,269     $ 13,381     $ 10,322     $ 10,322  

Fleet utilization

    26 %     28 %     23 %     21 %     21

%

Fleet available days

    1,012       1,012       866       1,260       1,288  

Out-of-service days for repairs, maintenance and drydockings

    12       100       23       36       5  

Out-of-service days for cold-stacked status

    644       602       608       947       943  

Operating revenues:

                                       

Time charter

  $ 2,248     $ 2,592     $ 2,712     $ 2,787     $ 2,849  

Other marine services

    2,426       1,244       (91 )     1,438       698  
      4,674       3,836       2,621       4,225       3,547  

Direct operating expenses:

                                       

Personnel

    1,279       1,667       1,593       1,397       2,381  

Repairs and maintenance

    386       1,625       1,281       394       498  

Drydocking

    (70 )     1,168       945       480       (30

)

Insurance and loss reserves

    219       282       265       91       195  

Fuel, lubes and supplies

    467       582       586       153       446  

Other

    568       530       689       452       (499

)

      2,849       5,854       5,359       2,967       2,991  

Direct Vessel Profit (Loss) 

  $ 1,825     $ (2,018 )   $ (2,738 )   $ 1,258     $ 556  
                                         

Leased-in equipment (included in operating costs and expenses)

  $ 1,847     $ 1,851     $ 1,855     $ 1,858     $ 1,862  

Depreciation and amortization

  $ 679     $ 689     $ 532     $ 1,490     $ 2,430  
                                         

Fast support 

                                       

Time Charter Statistics:

                                       

Average rates per day worked

  $ 7,749     $ 7,148     $ 6,963     $ 7,746     $ 7,414  

Fleet utilization

    67 %     59 %     62 %     53 %     52

%

Fleet available days

    3,187       3,709       3,820       3,780       3,864  

Out-of-service days for repairs, maintenance and drydockings

    151       131       53       109       155  

Out-of-service days for cold-stacked status

    659       1,037       1,191       1,253       1,324  

Operating revenues:

                                       

Time charter

  $ 16,453     $ 15,678     $ 16,488     $ 15,427     $ 14,845  

Other marine services

    (952 )     (834 )     (505 )     (656 )     (399

)

      15,501       14,844       15,983       14,771       14,446  

Direct operating expenses:

                                       

Personnel

    5,328       5,826       5,258       4,756       5,717  

Repairs and maintenance

    2,595       2,641       3,406       2,544       1,853  

Drydocking

    1       432       115       (9 )     684  

Insurance and loss reserves

    534       407       314       324