Exhibit 99.1 

 

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES SECOND QUARTER 2019 RESULTS 

 

 

Houston, Texas

August 7, 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 second quarter ended June 30, 2019.

 

Second quarter highlights include:

 

 

A 6% increase in total operating revenues as compared with the second quarter of 2018, primarily due to a 10% increase in utilization. The improved utilization reflects a 7% increase in on hire days despite an 8% decrease in the number of available days as a result of asset sales during the last twelve months, compared with the second quarter of 2018  Operating loss decreased by $4.5 million to $16.5 million compared with $21.0 million in the second quarter of 2018.

 

 

Consolidated direct vessel profit (“DVP”)(1) for the second quarter of 2019 increased by $6.1 million, or 41%, to $20.8 million from $14.7 million in the second quarter of 2018. Primary drivers of the increase were current quarter increases in revenues, along with a decrease in labor costs compared to the second quarter of 2018 due to a $1.2 million foreign pension adjustment in 2018, $1.0 million reduction in drydockings and a $1.7 million reduction in other major repairs.

 

 

 

Wind energy support revenues for the second quarter of 2019 increased by $3.3 million to $9.8 million from $6.5 million in the second quarter of 2018, a 52% increase, and DVP for this activity increased by $2.0 million to $4.7 million from $2.7 million in the second quarter of 2018, a 76% increase.  This growth included both organic improvement in utilization and average dayrates for our crew transfer vessel (“CTV”) fleet and the commencement of a multi-year contract in Europe for one liftboat.

 

 

 

Start-up expenses incurred by both our Brazilian focused joint venture and our Chinese new construction platform supply vessel (“PSV”) joint venture, resulted in $5.6 million in losses from 50% or less owned companies. These joint ventures incurred drydocking and/or mobilization expenses for a total of eight vessels, all of which are expected to begin work and contribute positively to the Company’s results in the third quarter.

 

 

 

Following the end of the quarter, the Company initiated cost reduction initiatives aimed at better aligning its operating expenses with its view of current and prospective market conditions. Cost reduction measures include a reduction of workforce, reorganization of the management structure, and closure and/or consolidation of certain facilities in the U.S. Gulf of Mexico, Middle East, and Europe. The Company expects that upon completion of these initiatives, it will realize annualized recurring administrative and general savings of at least $8.0 million, representing approximately 17% of the Company’s total administrative and general expense over the last twelve months. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020. These initiatives will result in a one-time restructuring charge in the third quarter of 2019. 

 

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

 

“Our fleet continued to experience an upward trend in utilization and dayrates, reflecting consistent improvement for assets since the offshore cycle trough in the first quarter of 2017.  Activity levels in the U.S. Gulf of Mexico remain tepid as customer demand is highly sensitive to oil and gas prices.  Tendering activity, especially in international markets served by our asset portfolio, points to a continuing recovery.  Unfortunately, the pace of the recovery is slower than we had hoped, leading us to implement our aggressive cost-cutting initiative.

1

 


“Our investments in wind energy support are paying off and continue to develop attractive growth opportunities.  Notable highlights from the second quarter were the commencement of a 30-month contract in Europe for our largest and most capable liftboat,  increased activity of our CTVs in Europe, and new tendering activity in the U.S. for Jones Act-compliant assets in anticipation of significant offshore windfarm installations off the East Coast.

 

“We are focused on returning to profit and generating cash, while remaining vigilant in positioning ourselves to take advantage of opportunities in any market conditions. We have proactively reassessed our cost structure and regional footprint and initiated efforts to optimize both. I am confident that these efforts, and our continued emphasis on core assets, regions and services with the highest potential for improved margins, allow us to chart our own path to profitability without depending on a full market recovery in oil and gas services.”

 

For the second quarter of 2019, net loss attributable to SEACOR Marine was $28.4 million ($1.21 per basic and diluted share), and operating loss was $16.5 million.  Net loss attributable to SEACOR Marine for the second quarter of 2018 was $25.0 million ($1.19 per basic and diluted share) and operating loss was $21.0 million.  

 

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation 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.

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

2

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except share data)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Operating Revenues

 

$

64,345

 

 

$

60,701

 

 

$

120,594

 

 

$

112,422

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

43,525

 

 

 

46,001

 

 

 

87,802

 

 

 

84,349

 

Administrative and general

 

 

11,639

 

 

 

15,041

 

 

 

23,639

 

 

 

27,415

 

Lease expense

 

 

4,317

 

 

 

3,310

 

 

 

8,465

 

 

 

6,568

 

Depreciation and amortization

 

 

17,494

 

 

 

18,406

 

 

 

34,687

 

 

 

37,918

 

 

 

 

76,975

 

 

 

82,758

 

 

 

154,593

 

 

 

156,250

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(3,848

)

 

 

1,055

 

 

 

(3,489

)

 

 

(1,588

)

Operating Loss

 

 

(16,478

)

 

 

(21,002

)

 

 

(37,488

)

 

 

(45,416

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

222

 

 

 

352

 

 

 

579

 

 

 

568

 

Interest expense

 

 

(7,691

)

 

 

(6,489

)

 

 

(15,426

)

 

 

(12,622

)

SEACOR Holdings guarantee fees

 

 

(32

)

 

 

(7

)

 

 

(61

)

 

 

(19

)

Derivative losses, net

 

 

(1,398

)

 

 

(2,668

)

 

 

(2,323

)

 

 

(14,184

)

Foreign currency gains, net

 

 

(929

)

 

 

(818

)

 

 

(294

)

 

 

(679

)

 

 

 

(9,828

)

 

 

(9,630

)

 

 

(17,525

)

 

 

(26,936

)

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

 

 

(26,306

)

 

 

(30,632

)

 

 

(55,013

)

 

 

(72,352

)

Income Tax Benefit

 

 

(3,048

)

 

 

(4,724

)

 

 

(6,879

)

 

 

(14,548

)

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

 

 

(23,258

)

 

 

(25,908

)

 

 

(48,134

)

 

 

(57,804

)

Equity in Losses of 50% or Less Owned Companies

 

 

(7,006

)

 

 

(721

)

 

 

(10,403

)

 

 

(513

)

Net Loss

 

 

(30,264

)

 

 

(26,629

)

 

 

(58,537

)

 

 

(58,317

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(1,875

)

 

 

(1,605

)

 

 

(4,599

)

 

 

(4,460

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(28,389

)

 

$

(25,024

)

 

 

(53,938

)

 

$

(53,857

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

$

(1.21

)

 

$

(1.19

)

 

$

(2.32

)

 

$

(2.79

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

23,382,272

 

 

 

21,035,214

 

 

 

23,237,012

 

 

$

19,312,923

 

 


3

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS

(in thousands, except share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

9,913

 

 

 

 

 

 

$

9,742

 

 

 

 

 

 

$

9,686

 

 

 

 

 

 

$

9,425

 

 

 

 

 

Average Rates Per Day

 

$

7,122

 

 

 

 

 

 

$

7,324

 

 

 

 

 

 

$

7,237

 

 

 

 

 

 

$

7,174

 

 

 

 

 

Fleet Utilization (excluding crew transfer)

 

 

64

%

 

 

 

 

 

 

58

%

 

 

 

 

 

 

63

%

 

 

 

 

 

 

54

%

 

 

 

 

Fleet Utilization

 

 

72

%

 

 

 

 

 

 

62

%

 

 

 

 

 

 

66

%

 

 

 

 

 

 

58

%

 

 

 

 

Fleet Available Days (excluding crew transfer)

 

 

8,038

 

 

 

 

 

 

 

9,071

 

 

 

 

 

 

 

16,153

 

 

 

 

 

 

 

18,342

 

 

 

 

 

Fleet Available Days

 

 

11,537

 

 

 

 

 

 

 

12,528

 

 

 

 

 

 

 

23,072

 

 

 

 

 

 

 

25,129

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

58,773

 

 

 

91

%

 

$

56,826

 

 

 

94

%

 

$

110,900

 

 

 

92

%

 

$

103,968

 

 

 

93

%

Bareboat charter

 

 

1,389

 

 

 

2

%

 

 

1,156

 

 

 

2

%

 

 

2,532

 

 

 

2

%

 

 

2,299

 

 

 

2

%

Other marine services

 

 

4,183

 

 

 

7

%

 

 

2,719

 

 

 

4

%

 

 

7,162

 

 

 

6

%

 

 

6,155

 

 

 

5

%

 

 

$

64,345

 

 

 

100

%

 

 

60,701

 

 

 

100

%

 

$

120,594

 

 

 

100

%

 

 

112,422

 

 

 

100

%

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

23,961

 

 

 

37

%

 

 

24,733

 

 

 

41

%

 

 

46,717

 

 

 

39

%

 

 

46,409

 

 

 

41

%

Repairs and maintenance

 

 

8,676

 

 

 

14

%

 

 

9,070

 

 

 

15

%

 

 

17,682

 

 

 

15

%

 

 

16,143

 

 

 

14

%

Drydocking

 

 

2,074

 

 

 

3

%

 

 

3,112

 

 

 

5

%

 

 

4,953

 

 

 

4

%

 

 

5,369

 

 

 

5

%

Insurance and loss reserves

 

 

1,892

 

 

 

3

%

 

 

1,934

 

 

 

3

%

 

 

3,366

 

 

 

3

%

 

 

3,124

 

 

 

3

%

Fuel, lubes and supplies

 

 

3,892

 

 

 

6

%

 

 

4,122

 

 

 

7

%

 

 

7,645

 

 

 

6

%

 

 

7,667

 

 

 

7

%

Other

 

 

3,030

 

 

 

5

%

 

 

3,009

 

 

 

5

%

 

 

7,439

 

 

 

6

%

 

 

5,616

 

 

 

5

%

 

 

 

43,525

 

 

 

68

%

 

 

45,980

 

 

 

76

%

 

 

87,802

 

 

 

73

%

 

 

84,328

 

 

 

75

%

Administrative and general

 

 

11,639

 

 

 

18

%

 

 

15,041

 

 

 

25

%

 

 

23,639

 

 

 

19

%

 

 

27,415

 

 

 

24

%

Depreciation and amortization

 

 

17,494

 

 

 

27

%

 

 

18,406

 

 

 

30

%

 

 

34,687

 

 

 

29

%

 

 

37,918

 

 

 

34

%

Lease expense - operating

 

 

4,317

 

 

 

7

%

 

 

3,331

 

 

 

6

%

 

 

8,465

 

 

 

7

%

 

 

6,589

 

 

 

6

%

 

 

 

76,975

 

 

 

120

%

 

 

82,758

 

 

 

137

%

 

 

154,593

 

 

 

128

%

 

 

156,250

 

 

 

139

%

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

(3,848

)

 

 

(6

)%

 

 

1,055

 

 

 

2

%

 

 

(3,489

)

 

 

(3

)%

 

 

(1,588

)

 

 

(1

)%

Operating Loss

 

 

(16,478

)

 

 

(26

)%

 

 

(21,002

)

 

 

(35

)%

 

 

(37,488

)

 

 

(31

)%

 

 

(45,416

)

 

 

(40

)%


4

 


 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

 

Three Months Ended

 

 

 

Jun. 30, 2019

 

 

Mar. 31, 2019

 

 

Dec. 31, 2018

 

 

Sep. 30, 2018

 

 

Jun. 30, 2018

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

9,913

 

 

$

9,451

 

 

$

9,852

 

 

$

10,186

 

 

$

9,742

 

Average Rates Per Day

 

$

7,122

 

 

$

7,371

 

 

$

7,447

 

 

$

7,323

 

 

$

7,324

 

Fleet Utilization (excluding crew transfer)

 

 

64

%

 

 

62

%

 

 

61

%

 

 

60

%

 

 

58

%

Fleet Utilization

 

 

72

%

 

 

61

%

 

 

63

%

 

 

68

%

 

 

62

%

Fleet Available Days (excluding crew transfer)

 

 

8,038

 

 

 

8,116

 

 

 

8,312

 

 

 

9,119

 

 

 

9,071

 

Fleet Available Days

 

 

11,537

 

 

 

11,536

 

 

 

11,808

 

 

 

12,617

 

 

 

12,528

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

58,773

 

 

$

52,127

 

 

$

55,382

 

 

$

62,902

 

 

$

56,826

 

Bareboat charter

 

 

1,389

 

 

 

1,143

 

 

 

1,168

 

 

 

1,168

 

 

 

1,156

 

Other marine services

 

 

4,183

 

 

 

2,979

 

 

 

14,382

 

 

 

6,185

 

 

 

2,719

 

 

 

$

64,345

 

 

$

56,249

 

 

$

70,932

 

 

 

70,255

 

 

$

60,701

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

23,961

 

 

 

22,756

 

 

 

23,598

 

 

 

25,021

 

 

 

24,733

 

Repairs and maintenance

 

 

8,676

 

 

 

9,006

 

 

 

7,928

 

 

 

9,208

 

 

 

9,070

 

Drydocking

 

 

2,074

 

 

 

2,879

 

 

 

1,396

 

 

 

4,822

 

 

 

3,112

 

Insurance and loss reserves

 

 

1,892

 

 

 

1,474

 

 

 

2,093

 

 

 

1,857

 

 

 

1,934

 

Fuel, lubes and supplies

 

 

3,892

 

 

 

3,753

 

 

 

4,618

 

 

 

4,690

 

 

 

4,122

 

Other

 

 

3,030

 

 

 

4,409

 

 

 

2,532

 

 

 

3,000

 

 

 

3,009

 

 

 

 

43,525

 

 

 

44,277

 

 

 

42,165

 

 

 

48,598

 

 

 

45,980

 

Direct Vessel Profit

 

 

20,820

 

 

 

11,972

 

 

 

28,767

 

 

 

21,657

 

 

 

14,721

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

4,317

 

 

 

4,148

 

 

 

3,430

 

 

 

3,292

 

 

 

3,331

 

Administrative and general

 

 

11,639

 

 

 

12,000

 

 

 

11,795

 

 

 

11,767

 

 

 

15,041

 

Depreciation and amortization

 

 

17,494

 

 

 

17,193

 

 

 

16,986

 

 

 

17,342

 

 

 

18,406

 

 

 

 

33,450

 

 

 

33,341

 

 

 

32,211

 

 

 

32,401

 

 

 

36,778

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

(3,848

)

 

 

359

 

 

 

(7,745

)

 

 

586

 

 

 

1,055

 

Operating Loss

 

 

(16,478

)

 

 

(21,010

)

 

 

(11,189

)

 

 

(10,158

)

 

 

(21,002

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

222

 

 

 

357

 

 

 

357

 

 

 

309

 

 

 

352

 

Interest expense

 

 

(7,691

)

 

 

(7,735

)

 

 

(7,486

)

 

 

(7,761

)

 

 

(6,489

)

SEACOR Holdings guarantee fees

 

 

(32

)

 

 

(29

)

 

 

(5

)

 

 

(5

)

 

 

(7

)

Debt extinguishment loss

 

 

 

 

 

 

 

 

 

 

 

(638

)

 

 

 

Derivative losses, net

 

 

(1,398

)

 

 

(925

)

 

 

12,651

 

 

 

4,387

 

 

 

(2,668

)

Foreign currency gains, net

 

 

(929

)

 

 

635

 

 

 

(466

)

 

 

(302

)

 

 

(818

)

Other, net

 

 

 

 

 

 

 

 

(4

)

 

678

 

 

 

 

 

 

 

(9,828

)

 

 

(7,697

)

 

 

5,047

 

 

 

(3,332

)

 

 

(9,630

)

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

 

 

(26,306

)

 

 

(28,707

)

 

 

(6,142

)

 

 

(13,490

)

 

 

(30,632

)

Income Tax (Benefit) Expense

 

 

(3,048

)

 

 

(3,831

)

 

 

(48

)

 

 

1,249

 

 

 

(4,724

)

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

 

 

(23,258

)

 

 

(24,876

)

 

 

(6,094

)

 

 

(14,739

)

 

 

(25,908

)

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

 

 

(7,006

)

 

 

(3,397

)

 

 

(1,875

)

 

 

(1,027

)

 

 

(721

)

Net Loss

 

 

(30,264

)

 

 

(28,273

)

 

 

(7,969

)

 

 

(15,766

)

 

 

(26,629

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(1,875

)

 

 

(2,724

)

 

 

(175

)

 

 

191

 

 

 

(1,605

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(28,389

)

 

$

(25,549

)

 

$

(7,794

)

 

$

(15,957

)

 

$

(25,024

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

$

(1.21

)

 

$

(1.11

)

 

$

(0.35

)

 

$

(0.71

)

 

$

(1.19

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

23,382

 

 

 

23,090

 

 

 

22,514

 

 

 

22,513

 

 

 

21,035

 

Common Shares and Warrants Outstanding at Period End

 

 

23,618

 

 

 

23,222

 

 

 

22,711

 

 

 

22,709

 

 

 

22,709

 

 

5

 


 

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

America

 

 

Europe

(primarily

North

Sea)

 

 

Total

 

For the Three Months Ended June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

14,058

 

 

$

9,365

 

 

$

8,182