Press Release Details

Seacor Marine Announces Fourth Quarter 2019 Results

March 4, 2020 at 6:00 AM EST

HOUSTON, March 04, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its fourth quarter and twelve months ended December 31, 2019.

As a result of the announced sale of its North Sea Standby Safety business on November 1, 2019, the Company classified its standby safety assets as held for sale as of the end of the third quarter 2019.  All of the results presented exclude the standby safety operations which are classified as discontinued operations.

Fourth quarter highlights include:

  • Average dayrates, excluding those for the CTV fleet, increased to $11,071 from $10,946 in the third quarter of 2019. This is the highest average dayrate the Company has realized for a quarter since the first quarter of 2016.
     
  • Increase in net cash provided by operating activities to $9.7 million from $0.9 million in the third quarter of 2019.
     
  • Completion of the sale of the North Sea Standby Safety business on December 2, 2019, which generated net proceeds of $27.4 million.
     
  • Completion of the sale of eight additional vessels during the fourth quarter for total aggregate net proceeds of $38.9 million of which $32.6 million was cash.
     
  • The fourth quarter results include one-time restructuring charges of $0.4 million resulting from the Company’s continuing cost reduction initiatives. During the fourth quarter of 2019, the Company implemented initiatives providing $2.9 million in annualized recurring administrative and general savings and maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.5 million. 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.

Overall, total operating revenues for the fourth quarter were $49.1 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares in the third quarter of 2019 to operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million. The decrease in DVP in the fourth quarter is primarily due to lower fleet wide utilization from increased out of service days for repairs and maintenance, especially in the European wind farm support business. This decrease was partially offset by lower operating costs.

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

“We ended 2019 with ample liquidity and continued improvement in our operating performance. During the fourth quarter, we completed two significant sale transactions that generated more than $50 million of cash and continued with our relentless efforts to adapt our fleet mix and overhead structure to the business cycle.

“Our operating metrics of average rates and utilization improved year on year, reflecting our efforts to hi-grade our fleet mix to meet customer demands. DVP for the fourth quarter was resilient, especially for a seasonally slower period of the year, and cash flows from operating activities remained positive for the third sequential quarter.

“DVP and cash flow numbers are net after expensing all drydocking and repair and maintenance costs. We do not capitalize any such expenses, unless they enhance the marketability of the vessel or are required for charter employment.

“Seven of the eight platform supply vessels (“PSVs”) in the SEACOSCO joint venture have now been delivered from China and mobilized to offshore markets worldwide. The delivery costs and mobilization charges have been expensed and reflected in equity earnings. The majority of these vessels are battery hybrid powered and continue to build our market leading track record of fuel-efficient operations with lower carbon emissions.

“We continue to closely monitor the impact of COVID-19 on the market. We have accelerated pandemic-related training drills across our fleet based upon the industry’s best practices and are ensuring active communication between our shore-based departments and seagoing mariners to best respond to challenges as they arise.”

For the fourth quarter of 2019, net loss attributable to SEACOR Marine’s continuing operations was $20.5 million ($0.74 loss per basic and diluted share) and operating loss was $10.5 million.  Net loss attributable to SEACOR Marine’s continuing operations for the fourth quarter of 2018 was $7.8 million ($0.34 loss per basic and diluted share) and operating loss was $11.3 million, which included $9.4 million of one-time miscellaneous revenues.

___________________

(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 and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made.  The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com
 

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


  Three Months Ended December 31,     Twelve Months Ended December 31,  
  2019     2018     2019     2018  
Operating Revenues $ 49,070     $ 58,897     $ 201,492     $ 203,567  
Costs and Expenses:                              
Operating   25,978       32,435       123,725       132,274  
Administrative and general   11,928       10,629       44,726       46,454  
Lease expense   3,570       3,410       16,158       13,239  
Depreciation and amortization   15,412       15,901       64,012       68,841  
    56,888       62,375       248,621       260,808  
Loss on Asset Dispositions and Impairments, Net   (2,679 )     (7,775 )     (5,397 )     (11,268 )
Operating Loss   (10,497 )     (11,253 )     (52,526 )     (68,509 )
Other Income (Expense):                              
Interest income $ 559       353       1,445       1,222  
Interest expense   (7,397 )     (7,327 )     (30,056 )     (27,404 )
SEACOR Holdings guarantee fees   (21 )     (5 )     (108 )     (29 )
Loss on Debt Extinguishment                     (638 )
Derivative (gains) losses, net   (663 )     12,651       71       2,854  
Foreign currency losses, net   (1,037 )     (430 )     (1,661 )     (1,397 )
Other, net   (1 )     (1 )     (1 )     677  
    (8,560 )     5,241       (30,310 )     (24,715 )
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies   (19,057 )     (6,012 )     (82,836 )     (93,224 )
Income Tax Benefit   (2,306 )     (50 )     (7,912 )     (13,354 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies   (16,751 )     (5,962 )     (74,924 )     (79,870 )
Equity in Losses of 50% or Less Owned Companies   (2,425 )     (1,818 )     (14,304 )     (3,552 )
Loss from Continuing Operations   (19,176 )     (7,780 )     (89,228 )     (83,422 )
(Loss) Income on Discontinued Operations, Net of Tax   (2,742 )     (189 )     (9,467 )     1,370  
Net Loss   (21,918 )     (7,969 )     (98,695 )     (82,052 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries   (1,463 )     (175 )     (5,858 )     (4,444 )
Net Loss attributable to SEACOR Marine Holdings Inc. $ (20,455 )   $ (7,794 )   $ (92,837 )   $ (77,608 )
                               
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.                              
Continuing operations $ (0.74 )   $ (0.34 )   $ (3.55 )   $ (3.78 )
Discontinued operations $ (0.12 )   $ (0.01 )   $ (0.40 )   $ 0.07  
  $ (0.86 )   $ (0.35 )   $ (3.95 )   $ (3.71 )
                               
Weighted Average Common Shares and Warrants Outstanding:                              
Basic and diluted shares   23,831,920       22,512,886       23,513,065       20,926,307  
 


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

                                                                        

  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Time Charter Statistics:                                      
Average Rates Per Day Worked (excluding crew transfer) $ 11,071     $ 10,946     $ 10,387     $ 9,796     $ 10,373  
Average Rates Per Day $ 7,260     $ 6,981     $ 6,843     $ 7,109     $ 7,199  
Fleet Utilization (excluding crew transfer)   62 %     64 %     59 %     57 %     56 %
Fleet Utilization   68 %     74 %     69 %     58 %     60 %
Fleet Available Days (excluding crew transfer)   5,542       6,048       6,491       6,496       6,578  
Fleet Available Days   9,007       9,578       9,990       9,916       10,074  
Operating Revenues:                                      
Time charter $ 44,465     $ 49,747     $ 47,270     $ 40,819     $ 43,358  
Bareboat charter   834       1,765       1,389       1,143       1,168  
Other marine services   3,771       3,188       4,153       2,948       14,371  
    49,070       54,700       52,812       44,910       58,897  
Costs and Expenses:                                      
Operating:                                      
Personnel   15,096       15,879       17,914       16,623       16,824  
Repairs and maintenance   3,983       5,495       7,607       7,584       6,327  
Drydocking   766       515       1,997       2,570       1,123  
Insurance and loss reserves   1,663       1,198       1,763       1,414       1,877  
Fuel, lubes and supplies   2,409       2,910       3,202       2,806       3,961  
Other   2,061       1,214       2,887       4,169       2,323  
    25,978       27,211       35,370       35,166       32,435  
Direct Vessel Profit (1)   23,092       27,489       17,442       9,744       26,462  
Other Costs and Expenses:                                      
Lease expense   3,570       4,153       4,298       4,137       3,410  
Administrative and general   11,928       11,462       10,524       10,812       10,629  
Depreciation and amortization   15,412       16,091       16,412       16,097       15,901  
    30,910       31,706       31,234       31,046       29,940  
Gains (Losses) on Asset Dispositions and Impairments, Net   (2,679 )     862       (3,848 )     268       (7,775 )
Operating Loss   (10,497 )     (3,355 )     (17,640 )     (21,034 )     (11,253 )
Other Income (Expense):                                      
Interest income   559       317       215       354       353  
Interest expense   (7,397 )     (7,362 )     (7,633 )     (7,664 )     (7,327 )
SEACOR Holdings guarantee fees   (21 )     (26 )     (32 )     (29 )     (5 )
Derivative losses (gains), net   (663 )     3,057       (1,398 )     (925 )     12,651  
Foreign currency gains, net   (1,037 )     (370 )     (924 )     670       (430 )
Other, net   (1 )                       (1 )
    (8,560 )     (4,384 )     (9,772 )     (7,594 )     5,241  
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies   (19,057 )     (7,739 )     (27,412 )     (28,628 )     (6,012 )
Income Tax Expense (Benefit)   (2,306 )     1,277       (3,052 )     (3,831 )     (50 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies   (16,751 )     (9,016 )     (24,360 )     (24,797 )     (5,962 )
Equity in Losses of 50% or Less Owned Companies   (2,425 )     (1,325 )     (7,078 )     (3,476 )     (1,818 )
Loss from Continuing Operations   (19,176 )     (10,341 )     (31,438 )     (28,273 )     (7,780 )
(Loss) Income from Discontinued Operations, Net of Tax   (2,742 )     (7,899 )     1,174       -       (189 )
Net Loss   (21,918 )     (18,240 )     (30,264 )     (28,273 )     (7,969 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries   (1,463 )     204       (1,875 )     (2,724 )     (175 )
Net Loss attributable to SEACOR Marine Holdings Inc. $ (20,455 )   $ (18,444 )   $ (28,389 )   $ (25,549 )   $ (7,794 )
                                       
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.                                      
Continuing operations $ (0.74 )   $ (0.49 )   $ (1.31 )   $ (1.16 )   $ (0.34 )
Discontinued operations $ (0.12 )   $ (0.29 )   $ 0.10     $ 0.05     $ (0.01 )
  $ (0.86 )   $ (0.78 )   $ (1.21 )   $ (1.11 )   $ (0.35 )
Weighted Average Common Shares and Warrants Outstanding:                                      
Basic and Diluted   23,832       23,741       23,382       23,090       22,514  
Common Shares and Warrants Outstanding at Period End   23,708       23,653       23,592       23,350       22,711  


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


  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
United States, primarily Gulf of Mexico                                      
Time Charter Statistics:                                      
Average rates per day worked $ 19,285     $ 17,851     $ 14,058     $ 10,588     $ 12,656  
Fleet utilization   20 %     26 %     34 %     28 %     29 %
Fleet available days   1,956       2,340       2,669       2,698       2,983  
Out-of-service days for repairs, maintenance and drydockings 6     159     325     232     143  
Out-of-service days for cold-stacked status   1,301       1,131       1,322       1,579       1,761  
Operating Revenues:                                      
Time charter $ 7,408     $ 10,914     $ 12,628     $ 8,005     $ 10,968  
Bareboat charter   732       597       233              
Other marine services   516       838       1,320       1,132       8,709  
    8,656       12,349       14,181       9,137       19,677  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,432       4,353       5,203       4,503       5,227  
Repairs and maintenance   782       1,508       2,515       2,778       1,128  
Drydocking   252       547       1,801       1,994       147  
Insurance and loss reserves   566       371       841       592       974  
Fuel, lubes and supplies   407       739       1,107       683       1,055  
Other   102       88       113       90       185  
    5,541       7,606       11,580       10,640       8,716  
Direct Vessel Profit (Loss) (1) $ 3,115     $ 4,743     $ 2,601     $ (1,503 )   $ 10,961  
Other Costs and Expenses:                                      
Lease expense $ 2,283     $ 2,758     $ 2,942     $ 2,911     $ 2,053  
Depreciation and amortization   5,474       5,634       5,341       5,498       5,550  
                                       
Africa, primarily West Africa                                      
Time Charter Statistics:                                      
Average rates per day worked $ 9,435     $ 9,316     $ 9,365     $ 9,461     $ 9,411  
Fleet utilization   88 %     91 %     81 %     87 %     87 %
Fleet available days   1,349       1,380       1,365       1,313       1,310  
Out-of-service days for repairs, maintenance and drydockings   68           54     58        
Operating Revenues:                                      
Time charter $ 11,249     $ 11,738     $ 10,400     $ 10,773     $ 10,730  
Other marine services   1,216       129       753       (637 )     4,247  
    12,465       11,867       11,153       10,136       14,977  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,230       3,308       3,428       3,867       3,665  
Repairs and maintenance   1,242       1,323       952       1,184       873  
Drydocking   253       (53 )     (48 )     338       (28 )
Insurance and loss reserves   369       230       239       213       307  
Fuel, lubes and supplies   817       961       939       754       1,176  
Other   976       499       773       2,106       772  
    6,887       6,268       6,283       8,462       6,765  
Direct Vessel Profit (1) $ 5,578     $ 5,599     $ 4,870     $ 1,674     $ 8,212  
Other Costs and Expenses:                                      
Lease expense $ 757     $ 761     $ 787     $ 785     $ 1,059  
Depreciation and amortization   2,608       2,681       2,759       2,356       2,341  


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

            

  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Middle East and Asia                                      
Time Charter Statistics:                                      
Average rates per day worked $ 8,843     $ 8,795     $ 8,182     $ 8,386     $ 8,856  
Fleet utilization   82 %     83 %     79 %     72 %     70 %
Fleet available days   1,901       2,020       2,026       2,061       2,009  
Out-of-service days for repairs, maintenance and drydockings 15     129     73     95     178  
Out-of-service days for cold-stacked status 153     184     115     90       92  
Operating Revenues:                                      
Time charter $ 13,840     $ 14,798     $ 13,175     $ 12,499     $ 12,517  
Other marine services   678       414       349       228       118  
    14,518       15,212       13,524       12,727       12,635  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   4,129       4,023       4,292       4,254       4,354  
Repairs and maintenance   973       1,387       2,629       2,193       3,077  
Drydocking   146       20       275       159       949  
Insurance and loss reserves   408       333       381       327       389  
Fuel, lubes and supplies   769       701       725       709       1,179  
Other   635       567       793       1,100       984  
    7,060       7,031       9,095       8,742       10,932  
Direct Vessel Profit (1) $ 7,458     $ 8,181     $ 4,429     $ 3,985     $ 1,703  
Other Costs and Expenses:                                      
Lease expense $ 42     $ 43     $ 42     $ 46     $ 49  
Depreciation and amortization   3,963       3,914       4,274       4,249       4,154  
                                       
Latin America                                      
Time Charter Statistics:                                      
Average rates per day worked $ 8,649     $ 6,867     $ 8,074     $ 12,900     $ 11,866  
Fleet utilization   69 %     71 %     63 %     71 %     72 %
Fleet available days   429       399       400       541       460  
Out-of-service days for repairs, maintenance and drydockings 35     5     3     5        
Out-of-service days for cold-stacked status 65     92     91     90     92  
Operating Revenues:                                      
Time charter $ 2,541     $ 1,951     $ 2,046     $ 4,922     $ 3,934  
Bareboat charter   102       1,168       1,156       1,143       1,168  
Other marine services   261       221       273       635       183  
    2,904       3,340       3,475       6,700       5,285  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   1,081       846       976       1,556       1,142  
Repairs and maintenance   234       298       481       335       362  
Drydocking   114.0             (32 )     79       14  
Insurance and loss reserves   79       31       66       135       96  
Fuel, lubes and supplies   127       187       314       428       384  
Other   188       (87 )     560       521       232  
    1,823       1,275       2,365       3,054       2,230  
Direct Vessel Profit (1) $ 1,081     $ 2,065     $ 1,110     $ 3,646     $ 3,055  
Other Costs and Expenses:                                      
Lease expense $ 9     $     $     $ 1     $ 1  
Depreciation and amortization   1,037       1,573       1,659       1,936       1,888  


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


  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Europe, Continuing Operations                                      
Time Charter Statistics:                                      
Average rates per day worked   3,505       3,146       2,972       2,339       2,293  
Fleet utilization   80 %     96 %     86 %     60 %     69 %
Fleet available days   3,373       3,439       3,530       3,303       3,312  
Out-of-service days for repairs, maintenance and drydockings 107     3     159     53     47  
Out-of-service days for cold-stacked status 0     92     91     90       92  
Operating Revenues:                                      
Time charter $ 9,427     $ 10,346     $ 9,021     $ 4,620     $ 5,209  
Other marine services   1,100       1,586       1,458       1,590       1,114  
    10,527       11,932       10,479       6,210       6,323  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,224       3,349       4,015       2,443       2,436  
Repairs and maintenance   752       979       1,030       1,094       887  
Drydocking   1       1       1             41  
Insurance and loss reserves   241       233       236       147       111  
Fuel, lubes and supplies   289       322       117       232       167  
Other   160       147       648       352       150  
    4,667       5,031       6,047       4,268       3,792  
Direct Vessel Profit for Continuing Operations (1) $ 5,860     $ 6,901     $ 4,432     $ 1,942     $ 2,531  
Other Costs and Expenses:                                      
Lease expense $ 479     $ 609     $ 546     $ 405     $ 267  
Depreciation and amortization   2,330       2,289       2,379       2,058       1,968  


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

                                                                                                                   

  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Anchor handling towing supply                                      
Time Charter Statistics:                                      
Average rates per day worked $ 8,095     $ 7,790     $ 7,597     $ 8,502     $ 8,506  
Fleet utilization   48 %     53 %     49 %     38 %     26 %
Fleet available days   705       736       910       900       1,012  
Out-of-service days for repairs, maintenance and drydockings 33     10     31     34     12  
Out-of-service days for cold-stacked status 337     332     437     521       644  
Operating Revenues:                                      
Time charter $ 2,714     $ 3,059     $ 3,360     $ 2,875     $ 2,248  
Other marine services   1,076       365       869       (658 )     2,426  
    3,790       3,424       4,229       2,217       4,674  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   1,212       1,418       2,001       1,390       1,279  
Repairs and maintenance   330       524       632       630       386  
Drydocking   -       8       96       75       (70 )
Insurance and loss reserves   208       179       266       122       219  
Fuel, lubes and supplies   145       252       262       62       467  
Other   366       404       411       592       568  
    2,261       2,785       3,668       2,871       2,849  
Direct Vessel Profit (Loss) (1) $ 1,529     $ 639     $ 561     $ (654 )   $ 1,825  
Other Costs and Expenses:                                      
Lease expense $ 872     $ 1,357     $ 1,527     $ 1,539     $ 1,847  
Depreciation and amortization   522       568       575       575       679  
                                       
Fast support                                      
Time Charter Statistics:                                      
Average rates per day worked $ 8,257     $ 8,133     $ 7,624     $ 7,609     $ 7,749  
Fleet utilization   78 %     78 %     71 %     68 %     67 %
Fleet available days   2,935       3,156       3,275       3,295       3,187  
Out-of-service days for repairs, maintenance and drydockings 82     81     134     72       151  
Out-of-service days for cold-stacked status 341     459     545     622     659  
Operating Revenues:                                      
Time charter $ 18,877     $ 20,079     $ 17,709     $ 17,083     $ 16,453  
Bareboat charter   732       597       233              
Other marine services   (40 )     (200 )     (179 )     (251 )     (952 )
    19,569       20,476       17,763       16,832       15,501  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   5,071       5,486       5,796       5,511       5,328  
Repairs and maintenance   1,873       2,204       2,682       2,337       2,595  
Drydocking   357       (27 )     136       350       1  
Insurance and loss reserves   541       347       385       326       534  
Fuel, lubes and supplies   1,098       1,395       1,602       1,102       1,368  
Other   1,346       959       1,713       2,464       1,062  
    10,286       10,364       12,314       12,090       10,888  
Direct Vessel Profit (1) $ 9,283     $ 10,112     $ 5,449     $ 4,742     $ 4,613  
Other Costs and Expenses:                                      
Lease expense $ 352     $ 351     $ 352     $ 352     $ 341  
Depreciation and amortization   5,447       5,646       5,929       5,944       5,525  


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

                                                                                                                    

  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Supply                                      
Time Charter Statistics:                                      
Average rates per day worked $ 7,179     $ 6,755     $ 6,906     $ 7,001     $ 7,050  
Fleet utilization   87 %     96 %     53 %     62 %     81 %
Fleet available days   338       398       486       501       460  
Out-of-service days for repairs, maintenance and drydockings             118     60     27  
Operating Revenues:                                      
Time charter $ 2,114     $ 2,589     $ 1,787     $ 2,182     $ 2,631  
Bareboat charter   102       1,168       1,156       1,143       1,168  
Other marine services   582       863       799       781       619  
    2,798       4,620       3,742       4,106       4,418  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   1,369       1,266       1,617       1,678       1,487  
Repairs and maintenance   159       276       1,085       619       403  
Drydocking   142       1       82       162       1,023  
Insurance and loss reserves   65       66       78       105       130  
Fuel, lubes and supplies   377       205       98       399       445  
Other   314       57       842       1,144       762  
    2,426       1,871       3,802       4,107       4,250  
Direct Vessel Profit (Loss) (1) $ 372     $ 2,749     $ (60 )   $ (1 )   $ 168  
Other Costs and Expenses:                                      
Lease expense $ 381     $ 517     $ 433     $ 318     $ 178  
Depreciation and amortization   823       1,167       1,223       1,036       966  
                                       
Specialty                                      
Time Charter Statistics:                                      
Fleet available days   92       92       91       90       92  
Out-of-service days for cold-stacked status   92       92       91       90       92  
Operating Revenues:                                      
Other marine services $     $     $     $     $ 337  
                                       
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   6       13       23       65       64  
Repairs and maintenance   5       1       3       4       12  
Insurance and loss reserves   9       18       20       8       9  
Fuel, lubes and supplies   -       2       (24 )     31       33  
Other   64       75       77       95       70  
    84       109       99       203       188  
Direct Vessel Profit (Loss) (1) $ (84 )   $ (109 )   $ (99 )   $ (203 )   $ 149  
Other Costs and Expenses:                                      
Operating:                                      
Depreciation and amortization   128       128       127       128       282  


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

                                                                                                                    

  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Liftboats                                      
Time Charter Statistics:                                      
Average rates per day worked $ 27,453     $ 26,172     $ 20,993     $ 17,750     $ 18,497  
Fleet utilization   36 %     39 %     47 %     46 %     49 %
Fleet available days   1,472       1,665       1,729       1,710       1,827  
Out-of-service days for repairs, maintenance and drydockings 6     153     292     224       132  
Out-of-service days for cold-stacked status   657       432       455       526     550  
Operating Revenues:                                      
Time charter $ 14,375     $ 16,830     $ 16,932     $ 13,877     $ 16,631  
Other marine services   732       795       1,481       2,080       1,926  
    15,107       17,625       18,413       15,957       18,557  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   4,588       4,824       5,360       5,097       5,546  
Repairs and maintenance   776       1,656       2,189       2,828       1,971  
Drydocking   267       532       1,683       1,983       167  
Insurance and loss reserves   711       484       921       884       872  
Fuel, lubes and supplies   550       899       1,076       1,005       1,485  
Other   338       221       251       444       667  
    7,230       8,616       11,480       12,241       10,708  
Direct Vessel Profit (1) $ 7,877     $ 9,009     $ 6,933     $ 3,716     $ 7,849  
Other Costs and Expenses:                                      
Lease expense $ 1,497     $ 1,498     $ 1,497     $ 1,498     $ 638  
Depreciation and amortization   6,136       6,247       6,055       6,053       6,098  
                                       
Crew transfer                                      
Time Charter Statistics:                                      
Average rates per day worked $ 2,378     $ 2,220     $ 2,431     $ 2,325     $ 2,283  
Fleet utilization   77 %     92 %     88 %     60 %     68 %
Fleet available days   3,465       3,531       3,499       3,420       3,496  
Out-of-service days for repairs, maintenance and drydockings 111     52     39     53     47  
Out-of-service days for cold-stacked status   92       184       91       90       92  
Operating Revenues:                                      
Time charter $ 6,385     $ 7,190     $ 7,482     $ 4,802     $ 5,395  
Other marine services   389       577       499       322       460  
    6,774       7,767       7,981       5,124       5,855  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   2,435       2,432       2,665       2,309       2,274  
Repairs and maintenance   693       775       933       1,096       814  
Drydocking                           2  
Insurance and loss reserves   124       113       93       104       94  
Fuel, lubes and supplies   220       152       167       189       145  
Other   75       96       113       113       165  
    3,547       3,568       3,971       3,811       3,494  
Direct Vessel Profit (1) $ 3,227     $ 4,199     $ 4,010     $ 1,313     $ 2,361  
Other Costs and Expenses:                                      
Lease expense $     $     $     $     $  
Depreciation and amortization   1,837       1,819       1,920       2,031       2,155  


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

                                                                                                                    

  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Other Activity                                      
Operating Revenues:                                      
Other marine services $ 1,032     $ 788     $ 684     $ 674     $ 9,555  
    1,032       788       684       674       9,555  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   415       440       452       573       846  
Repairs and maintenance   147       59       83       70       146  
Insurance and loss reserves   5       (9 )           (135 )     19  
Fuel, lubes and supplies   19       5       21       18       18  
Other   (442 )     (598 )     (520 )     (683 )     (971 )
    144       (102 )     36       (157 )     58  
Direct Vessel Profit (1) $ 888     $ 890     $ 648     $ 831     $ 9,497  
Other Costs and Expenses:                                      
Lease expense $ 468     $ 448     $ 508     $ 224     $ 425  
Depreciation and amortization   519       516       583       330       196  


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

                                                                                                                              

  Three Months Ended  
  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
Cash Flows from Continuing Operating Activities:                                      
DVP (1)   23,092       27,489       17,442       9,744       26,462  
Operating, leased-in equipment (excluding amortization of deferred gains)   (4,648 )     (4,963 )     (4,886 )     (4,842 )     (5,437 )
Administrative and general (excluding provisions for bad debts and amortization of share awards)   (10,773 )     (9,160 )     (9,696 )     (10,455 )     (10,697 )
SEACOR Holdings management and guarantee fees   (21 )     (26 )     (32 )     (29 )     (5 )
Dividends received from 50% or less owned companies   800       873             400       (4 )
Other, net (excluding non-cash losses)   (2 )                       400  
    8,448       14,213       2,828       (5,182 )     10,719  
Changes in operating assets and liabilities before interest and income taxes   7,758       (7,236 )     4,921       2,924       (11,395 )
Director share awards               894              
Restricted stock vested   (55 )     (240 )           (282 )     (5 )
Cash settlements on derivative transactions, net   (190 )     (546 )     275       (75 )     1,420  
Interest paid, excluding capitalized interest (1)   (6,255 )     (5,633 )     (5,971 )     (4,593 )     (6,668 )
Interest received   560       316       215       354       353  
Income taxes refunded, net                     1,999       (304 )
Net cash provided by (used in) operating activities   10,266       874       3,162       (4,855 )     (5,880 )
Cash Flows from Continuing Investing Activities:                                      
Purchases of property and equipment   (5,890 )     (9,547 )     (19,386 )     (20,633 )     (14,115 )
Proceeds from disposition of property and equipment   36,418       10,119       9,268       378       17,383  
Proceeds from the sale of ERRV fleet   27,390                          
Cash Impact of sale of ERRV fleet   (5,140 )                        
Net change in construction reserve fund   5,268       1,951       7,997       (48 )     7,535  
Net investing activities in property and equipment   58,046       2,523       (2,121 )     (20,303 )     10,803  
Investments in and advances to 50% or less owned companies   (6,062 )     (8,686 )     (718 )     (1,951 )     (13,472 )
Capital distributions from equity investees   48       413                   9,800  
Net investing activities in third party notes receivable                           17  
Principal payments on notes due from equity investees         22                    
Net cash (used in) provided by investing activities   52,032       (5,728 )     (2,839 )     (22,254 )     7,148  
Cash Flows from Continuing Financing Activities:                                      
Payments on long-term debt   (3,899 )     (11,976 )     (3,738 )     (4,361 )     (11,352 )
Proceeds from issuance of long-term debt, net of issue costs                           (336 )
Purchase of subsidiary shares from noncontrolling interests                     (3,392 )      
Proceeds from exercise of stock options and Warrants   340       973       3       108       20  
Net cash (used in) provided by financing activities   (3,559 )     (11,003 )     (3,735 )     (7,645 )     (11,668 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents   (19,238 )     (472 )     1,195       873       4,331  
Net Change in Cash, Cash Equivalents and Restricted Cash   40,967       12,356       8,358       (9,165 )     16,750  
Cash Flows from Discontinued Operations                                      
Operating Activities   4,297       (446 )     (747 )     2,888       2,976  
Investing Activities   (4,462 )     (116 )     (615 )     (376 )     (9 )
Effects of FX Rate Changes on Cash and Cash Equivalents   3,322       268       (1,504 )     612       (4,565 )
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:   3,157       (294 )     (2,866 )     3,124       (1,598 )
Net Change in Cash, Cash Equivalents and Restricted Cash   42,658       (16,623 )     (5,083 )     (30,757 )     (7,667 )
Cash, Restricted Cash and Cash Equivalents, Beginning of Period   44,389       61,012       66,095       96,852       104,519  
Cash, Restricted Cash and Cash Equivalents, End of Period $ 87,047     $ 44,389     $ 61,012     $ 66,095     $ 96,852  


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

  

  Dec. 31, 2019     Sep. 30, 2019     Jun. 30, 2019     Mar. 31, 2019     Dec. 31, 2018  
ASSETS                                      
Current Assets:                                      
Cash and cash equivalents $ 83,943     $ 38,155     $ 55,763     $ 57,158     $ 91,597  
Restricted cash   3,104       4,016       2,240       2,240       1,657  
Receivables:                                      
Trade, net of allowance for doubtful accounts   49,128       58,954       60,711       61,586       55,048  
Other   18,531       6,835       9,682       7,998       11,292  
Inventories   1,228       1,408       1,660       2,779       1,977  
Prepaid expenses and other   2,612       3,146       3,710       4,266       2,239  
Discontinued operations         13,127       13,891       15,782       15,222  
Total current assets   158,546       125,641       147,657       151,809       179,032  
Property and Equipment:                                      
Historical cost   976,978       1,063,290       1,099,221       1,168,104       1,116,583  
Accumulated depreciation   (358,962 )     (400,628 )     (425,881 )     (478,239 )     (461,399 )
    618,016       662,662       673,340       689,865       655,184  
Construction in progress   74,344       70,275       67,063       62,750       88,918  
Net property and equipment   692,360       732,937       740,403       752,615       744,102  
Right-of-Use Asset - Operating Leases   17,313       18,774       27,390       30,503        
Investments, at Equity, and Advances to 50% or Less Owned Companies   124,680       118,222       112,418       119,520       121,773  
Construction Reserve Funds   12,893       18,161       20,112       28,109       28,061  
Other Assets   3,401       3,422       3,627       3,603       3,690  
Discontinued operations         23,349       25,092       26,193       26,280  
  $ 1,009,193     $ 1,040,506     $ 1,076,699     $ 1,112,352     $ 1,102,938  
LIABILITIES AND EQUITY                                      
Current Liabilities:                                      
Current portion of operating lease liabilities $ 15,099     $ 15,182     $ 16,552     $ 17,918        
Current portion of long-term debt   17,802       23,446       20,651       17,426       16,812  
Accounts payable and accrued expenses   25,691       26,507       31,504       24,970       18,089  
Due to SEACOR Holdings   74       77       74       535       452  
Other current liabilities   36,151       42,372       47,185       45,967       45,738  
Discontinued operations         3,813       3,813       3,893       2,526  
Total current liabilities   94,817       111,397       119,779       110,709       83,617  
Long-Term Operating Lease Liabilities   9,822       12,878       16,775       19,851        
Long-Term Debt   380,251       375,772       379,075       384,344       387,854  
Conversion Option Liability on Convertible Senior Notes   5,205       4,543       7,599       6,201       5,276  
Deferred Income Taxes   33,905       36,921       37,066       41,834       44,685  
Deferred Gains and Other Liabilities   6,269       4,848       5,165       7,290       26,571  
Total liabilities   530,269       546,359       565,459       570,229       548,003  
Equity:                                      
SEACOR Marine Holdings Inc. stockholders’ equity:                                      
Common stock   219       219       218       211       204  
Additional paid-in capital   429,318       427,823       424,549       422,830       415,372  
Retained earnings   27,076       64,929       83,312       111,701       126,834  
Shares held in treasury   (669 )     (614 )     (374 )     (373 )     (91 )
Accumulated other comprehensive loss, net of tax   1,548       (21,105 )     (19,156 )     (16,812 )     (16,788 )
    457,492       471,252       488,549       517,557       525,531  
Noncontrolling interests in subsidiaries   21,432       22,895       22,691       24,566       29,404  
Total equity   478,924       494,147       511,240       542,123       554,935  
  $ 1,009,193     $ 1,040,506     $ 1,076,699     $ 1,112,352     $ 1,102,938  


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS


    Owned   Joint Ventured   Leased-in   Managed   Total (2)  
December 31, 2019                                
AHTS     4         4         8  
FSV     30     5     1     1   37  
Supply     4     34         2   40  
Specialty     1     3         1   5  
Liftboats     14         2       16  
Crew transfer     38     5           43  
      91     47     7     4     149  
December 31, 2018                                
AHTS     8         4         12  
FSV     32     5     1     3     41  
Supply     7     30         2     39  
Specialty     1     4         2     7  
Liftboats     17         2         19  
Crew transfer     38     4             42  
Discontinued Operations     18     1             19  
      121     44     7     7     179  

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(2 ) Excludes four owned vessels that have been retired and removed from service.

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Source: SEACOR Marine Holdings Inc.