Press Release Details

SEACOR Marine Announces Third Quarter 2020 Results

November 5, 2020 at 6:30 AM EST

HOUSTON, Nov. 05, 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 third quarter ended September 30, 2020.

Notable third quarter items include:

  • Average dayrates, excluding those for the wind crew transfer vessel fleet, were $11,323 in the third quarter of 2020 compared to $10,946 in the third quarter of 2019. The year-over-year improvement in average dayrates reflect an improved fleet mix and the full quarter contribution from the acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (“SEACOSCO”). This acquisition added eight modern platform supply vessels to SEACOR Marine’s owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.

  • Multiple hurricanes in the U.S. Gulf of Mexico, the COVID-19 pandemic and volatility in oil prices impacted revenues for the third quarter of 2020. SEACOR Marine expects this volatility to continue for at least the remainder of this year. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

  • Administrative and general expenses in the third quarter were $10.2 million, including a one-time restructuring charge of $0.25 million as a result of SEACOR Marine’s cost reduction initiative. During the third quarter of 2020, SEACOR Marine completed its Transformation Plan which resulted in the achievement of the previously announced target of $8.0 million in annual savings. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to changing conditions.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2020 were $45.7 million, operating loss was $11.4 million, and direct vessel profit (“DVP”)(1) was $16.6 million. This compares to consolidated operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million in the third quarter of 2019. The reduction in DVP in the third quarter of 2020 was primarily driven by lower revenues in the United States.

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

“SEACOR Marine continued to execute its strategy of prudent cost control and improving its fleet and geographic mix during a quarter marked by the ongoing challenges of COVID-19 and a very active hurricane season in the U.S. Gulf of Mexico. Our U.S. operations experienced their lowest utilization levels on record, mainly driven by the effects of the most active hurricane season since 2005, with five storms having disrupted operations in the region so far this year. Internationally, our West Africa and Middle East operations experienced weakened demand driven by the effects of low commodity prices and disruptions from the COVID-19 pandemic, as well as higher drydocking and repair time. However, we are encouraged that our operations in Latin America reflect the positive contribution of several vessels recently acquired as part of our SEACOSCO transaction, and that our offshore wind operations in Europe continued to meet our expectations, even in a difficult COVID-19 environment.

“I want to emphasize the importance of the two transactions that we executed at the end of last quarter, which will enhance our results and strengthen our liquidity. The acquisition of our partner’s interest in SEACOSCO is already accretive to our results this quarter, and the ability to carry back net operating losses pursuant to the CARES Act will add over $30 million of liquidity once received. We are well positioned to navigate this very challenging environment and create value for our stakeholders over the long term.

“COVID-19 continues to create significant challenges to our logistics, especially our crew rotations. SEACOR Marine is devoting significant resources to ensure the safety of our crews and the service of our fleet. Although the situation is greatly improved from the first half of the year, much progress needs to be made before we can return to the pre-COVID environment. We need a consistent approach across the offshore industry and better coordination with government authorities in order to facilitate the safe transit of our employees. I again want to thank our crews and shore-based employees for their continued dedication to maintaining safe and reliable operations in a difficult environment.”

For the third quarter of 2020, net loss attributable to SEACOR Marine was $18.1 million ($0.72 loss per basic and diluted share) and operating loss was $11.4 million. Net loss attributable to SEACOR Marine’s continuing operations for the third quarter of 2019 was $10.3 million ($0.34 loss per basic and diluted share) and operating loss was $3.4 million.

___________________

(1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.


SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

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



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

  Three Months Ended
September
 30,
    Nine months ended
September
 30,
 
  2020     2019     2020     2019  
Operating Revenues $ 45,697     $ 54,700     $ 129,318     $ 152,422  
Costs and Expenses:                              
Operating   29,128       27,211       77,661       97,747  
Administrative and general   10,155       11,462       35,480       32,798  
Lease expense   1,390       4,153       6,152       12,589  
Depreciation and amortization   16,613       16,091       46,927       48,600  
    57,286       58,917       166,220       191,734  
(Loss) Gain on Asset Dispositions and Impairments, Net   233       861       (15,792 )     (2,719 )
Operating Loss   (11,356 )     (3,356 )     (52,694 )     (42,031 )
Other Income (Expense):                              
Interest income   50       317       1,255       886  
Interest expense   (8,598 )     (7,362 )     (23,231 )     (22,659 )
SEACOR Holdings guarantee fees   (11 )     (26 )     (36 )     (87 )
Derivative gains (losses), net   5       3,057       5,204       734  
Foreign currency gains, net   (853 )     (370 )     (959 )     (624 )
    (9,407 )     (4,384 )     (17,767 )     (21,750 )
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies   (20,763 )     (7,740 )     (70,461 )     (63,781 )
Income Tax Benefit   (3,119 )     1,277       (24,868 )     (5,606 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies   (17,644 )     (9,017 )     (45,593 )     (58,175 )
Equity in Losses of 50% or Less Owned Companies   (433 )     (1,325 )     1,458       (11,879 )
Loss from Continuing Operations   (18,077 )     (10,342 )     (44,135 )     (70,054 )
(Loss) Income on Discontinued Operations, Net of Tax         (7,899 )           (6,724 )
Net Loss   (18,077 )     (18,241 )     (44,135 )     (76,778 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries   4       204       (4,036 )     (4,395 )
Net Loss attributable to SEACOR Marine Holdings Inc. $ (18,081 )   $ (18,445 )   $ (40,099 )   $ (72,383 )
                               
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.                              
Continuing operations $ (0.72 )   $ (0.34 )   $ (1.63 )   $ (2.80 )
Discontinued operations         (0.44 )         $ (0.29 )
  $ (0.72 )   $ (0.78 )   $ (1.63 )   $ (3.09 )
Weighted Average Common Shares and Warrants Outstanding:                              
Basic and diluted shares   24,989,977       23,740,718       24,611,666       23,406,759  



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

  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Time Charter Statistics:                                      
Average Rates Per Day Worked (excluding crew transfer) $ 11,323     $ 11,018     $ 11,157     $ 11,071     $ 10,946  
Average Rates Per Day $ 6,656     $ 6,648     $ 7,163     $ 7,260     $ 6,981  
Fleet Utilization (excluding crew transfer)   54 %     57 %     57 %     62 %     64 %
Fleet Utilization   70 %     69 %     63 %     68 %     74 %
Fleet Available Days (excluding crew transfer)   5,715       5,167       5,210       5,542       6,048  
Fleet Available Days   9,379       8,688       8,668       9,007       9,578  
Operating Revenues:                                      
Time charter $ 43,586     $ 39,807     $ 39,290     $ 44,465     $ 49,747  
Bareboat charter   676       723       724       834       1,765  
Other marine services   1,435       1,348       1,729       3,771       3,188  
    45,697       41,878       41,743       49,070       54,700  
Costs and Expenses:                                      
Operating:                                      
Personnel   16,513       13,378       13,706       15,096       15,879  
Repairs and maintenance   4,639       4,311       4,804       3,983       5,495  
Drydocking   585       566       1,365       766       515  
Insurance and loss reserves   1,873       1,589       939       1,663       1,198  
Fuel, lubes and supplies   2,388       2,295       2,067       2,409       2,910  
Other   3,130       1,774       1,739       2,061       1,214  
    29,128       23,913       24,620       25,978       27,211  
Direct Vessel Profit (1)   16,569       17,965       17,123       23,092       27,489  
Other Costs and Expenses:                                      
Lease expense   1,390       1,355       3,407       3,570       4,153  
Administrative and general   10,155       14,560       10,765       11,928       11,462  
Depreciation and amortization   16,613       15,313       15,001       15,412       16,091  
    28,158       31,228       29,173       30,910       31,706  
(Losses) Gains on Asset Dispositions and Impairments, Net   233       (3,453 )     (12,572 )     (2,679 )     862  
Operating Loss   (11,356 )     (16,716 )     (24,622 )     (10,497 )     (3,355 )
Other Income (Expense):                                      
Interest income   50       529       676       559       317  
Interest expense   (8,598 )     (6,995 )     (7,638 )     (7,397 )     (7,362 )
SEACOR Holdings guarantee fees   (11 )     (9 )     (16 )     (21 )     (26 )
Derivative losses (gains), net   5       85       5,114       (663 )     3,057  
Foreign currency gains, net   (853 )     (171 )     65       (1,037 )     (370 )
Other, net                     (1 )      
    (9,407 )     (6,561 )     (1,799 )     (8,560 )     (4,384 )
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies   (20,763 )     (23,277 )     (26,421 )     (19,057 )     (7,739 )
Income Tax (Benefit) Expense   (3,119 )     (15,081 )     (6,668 )     (2,306 )     1,277  
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies   (17,644 )     (8,196 )     (19,753 )     (16,751 )     (9,016 )
Equity in Losses of 50% or Less Owned Companies   (433 )     2,130       (239 )     (2,425 )     (1,325 )
Loss from Continuing Operations   (18,077 )     (6,066 )     (19,992 )     (19,176 )     (10,341 )
(Loss) Income from Discontinued Operations, Net of Tax                     (2,742 )     (7,899 )
Net Loss   (18,077 )     (6,066 )     (19,992 )     (21,918 )     (18,240 )
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries   4       7       (4,047 )     (1,463 )     204  
Net Loss attributable to SEACOR Marine Holdings Inc. $ (18,081 )   $ (6,073 )   $ (15,945 )   $ (20,455 )   $ (18,444 )
                                       
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.                                      
Continuing operations $ (0.72 )   $ (0.24 )   $ (0.66 )   $ (0.74 )   $ (0.49 )
Discontinued operations                     (0.12 )     (0.29 )
  $ (0.72 )   $ (0.24 )   $ (0.66 )   $ (0.86 )   $ (0.78 )
Weighted Average Common Shares and Warrants Outstanding:                                      
Basic and Diluted   24,989       24,851       23,989       23,832       23,741  
Common Shares and Warrants Outstanding at Period End   24,996       24,899       24,854       23,708       23,653  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
United States, primarily Gulf of Mexico                                      
Time Charter Statistics:                                      
Average rates per day worked $ 19,397     $ 15,574     $ 20,988     $ 19,285     $ 17,851  
Fleet utilization   5 %     5 %     11 %     20 %     26 %
Fleet available days   1,871       1,842       1,864       1,956       2,340  
Out-of-service days for repairs, maintenance and drydockings 37     32     116     6     159  
Out-of-service days for cold-stacked status   1,576       1,465       1,301       1,301       1,131  
Operating Revenues:                                      
Time charter $ 1,668     $ 1,478     $ 4,375     $ 7,408     $ 10,914  
Bareboat charter   731       723       724       732       597  
Other marine services   473       513       642       516       838  
    2,872       2,714       5,741       8,656       12,349  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   2,481       2,284       2,928       3,432       4,353  
Repairs and maintenance   338       314       617       782       1,508  
Drydocking   -       110       1,057       252       547  
Insurance and loss reserves   778       354       135       566       371  
Fuel, lubes and supplies   251       189       524       407       739  
Other   85       93       79       102       88  
    3,933       3,344       5,340       5,541       7,606  
Direct Vessel Profit (Loss) (1) $ (1,061 )   $ (630 )   $ 401     $ 3,115     $ 4,743  
Other Costs and Expenses:                                      
Lease expense $ 716     $ 741     $ 2,138     $ 2,283     $ 2,758  
Depreciation and amortization   4,961       5,254       5,358       5,474       5,634  
                                       
Africa, primarily West Africa                                      
Time Charter Statistics:                                      
Average rates per day worked $ 8,364     $ 9,001     $ 9,249     $ 9,435     $ 9,316  
Fleet utilization   71 %     85 %     89 %     88 %     91 %
Fleet available days   1,288       1,304       1,346       1,349       1,380  
Out-of-service days for repairs, maintenance and drydockings   45       90       56       68        
Out-of-service days for cold-stacked status   124                          
Operating Revenues:                                      
Time charter $ 7,641     $ 9,944     $ 11,095     $ 11,249     $ 11,738  
Other marine services   (385 )     (480 )     167       1,216       129  
    7,256       9,464       11,262       12,465       11,867  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   2,597       2,546       2,695       3,230       3,308  
Repairs and maintenance   1,066       1,379       1,435       1,242       1,323  
Drydocking   481       256       8       253       (53 )
Insurance and loss reserves   267       188       193       369       230  
Fuel, lubes and supplies   994       727       472       817       961  
Other   686       565       571       976       499  
    6,091       5,661       5,374       6,887       6,268  
Direct Vessel Profit (1) $ 1,165     $ 3,803     $ 5,888     $ 5,578     $ 5,599  
Other Costs and Expenses:                                      
Lease expense $ 430     $ 417     $ 1,126     $ 757     $ 761  
Depreciation and amortization   2,667       2,889       2,604       2,608       2,681  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Middle East and Asia                                      
Time Charter Statistics:                                      
Average rates per day worked $ 9,670     $ 10,245     $ 9,634     $ 8,843     $ 8,795  
Fleet utilization   78 %     82 %     73 %     82 %     83 %
Fleet available days   1,809       1,613       1,671       1,901       2,020  
Out-of-service days for repairs, maintenance and drydockings 89     113     200     15     129  
Out-of-service days for cold-stacked status 76     61     48     153     184  
Operating Revenues:                                      
Time charter $ 13,672     $ 13,605     $ 11,767     $ 13,840     $ 14,798  
Other marine services   296       514       420       678       414  
    13,968       14,119       12,187       14,518       15,212  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   5,171       3,795       3,811       4,129       4,023  
Repairs and maintenance   1,564       1,580       1,246       973       1,387  
Drydocking   104       200       414       146       20  
Insurance and loss reserves   451       430       339       408       333  
Fuel, lubes and supplies   482       955       665       769       701  
Other   1,771       819       683       635       567  
    9,543       7,779       7,158       7,060       7,031  
Direct Vessel Profit (1) $ 4,425     $ 6,340     $ 5,029     $ 7,458     $ 8,181  
Other Costs and Expenses:                                      
Lease expense $ 46     $ 32     $ 45     $ 42     $ 43  
Depreciation and amortization   4,379       3,921       3,790       3,963       3,914  
                                       
Latin America                                      
Time Charter Statistics:                                      
Average rates per day worked $ 13,355     $ 10,752     $ 9,397     $ 8,649     $ 6,867  
Fleet utilization   99 %     97 %     93 %     69 %     71 %
Fleet available days   655       408       389       429       399  
Out-of-service days for repairs, maintenance and drydockings   7           3     35     5  
Out-of-service days for cold-stacked status                   65     92  
Operating Revenues:                                      
Time charter $ 8,621     $ 4,251     $ 3,396     $ 2,541     $ 1,951  
Bareboat charter               -       102       1,168  
Other marine services   212       168       149       261       221  
    8,833       4,419       3,545       2,904       3,340  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   2,342       1,377       1,215       1,081       846  
Repairs and maintenance   704       255       392       234       298  
Drydocking               (114 )     114        
Insurance and loss reserves   138       105       69       79       31  
Fuel, lubes and supplies   307       132       135       127       187  
Other   444       123       305       188       (87 )
    3,935       1,992       2,002       1,823       1,275  
Direct Vessel Profit (1) $ 4,898     $ 2,427     $ 1,543     $ 1,081     $ 2,065  
Other Costs and Expenses:                                      
Lease expense $ 9     $ 9     $ 9     $ 9     $  
Depreciation and amortization   1,708       950       899       1,037       1,573  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Europe, Continuing Operations                                      
Time Charter Statistics:                                      
Average rates per day worked   3,434       3,436       3,471       3,505       3,146  
Fleet utilization   93 %     87 %     73 %     80 %     96 %
Fleet available days   3,756       3,521       3,398       3,373       3,439  
Out-of-service days for repairs, maintenance and drydockings 81     117     122     107     3  
Out-of-service days for cold-stacked status   92                       92  
Operating Revenues:                                      
Time charter $ 11,984     $ 10,529     $ 8,657     $ 9,427     $ 10,346  
Bareboat charter   (55 )                              
Other marine services   839       633       351       1,100       1,586  
    12,768       11,162       9,008       10,527       11,932  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,922       3,376       3,057       3,224       3,349  
Repairs and maintenance   967       783       1,114       752       979  
Drydocking                     1       1  
Insurance and loss reserves   239       512       203       241       233  
Fuel, lubes and supplies   354       292       271       289       322  
Other   144       174       101       160       147  
    5,626       5,137       4,746       4,667       5,031  
Direct Vessel Profit for Continuing Operations (1) $ 7,142     $ 6,025     $ 4,262     $ 5,860     $ 6,901  
Other Costs and Expenses:                                      
Lease expense $ 189     $ 156     $ 89     $ 479     $ 591  
Depreciation and amortization   2,898       2,299       2,350       2,330       2,289  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Anchor handling towing supply                                      
Time Charter Statistics:                                      
Average rates per day worked $ 7,388     $ 8,383     $ 8,012     $ 8,095     $ 7,790  
Fleet utilization   54 %     43 %     39 %     48 %     53 %
Fleet available days   644       667       709       705       736  
Out-of-service days for repairs, maintenance and drydockings 21     76     74     33     10  
Out-of-service days for cold-stacked status 276     273     273     337     332  
Operating Revenues:                                      
Time charter $ 2,564     $ 2,413     $ 2,225     $ 2,714     $ 3,059  
Other marine services   (147 )     (137 )     559       1,076       365  
    2,417       2,276       2,784       3,790       3,424  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   950       853       892       1,212       1,418  
Repairs and maintenance   432       679       408       330       524  
Drydocking   (2 )     (19 )     22       -       8  
Insurance and loss reserves   139       159       45       208       179  
Fuel, lubes and supplies   148       168       216       145       252  
Other   370       341       259       366       404  
    2,037       2,181       1,842       2,261       2,785  
Direct Vessel Profit (Loss) (1) $ 380     $ 95     $ 942     $ 1,529     $ 639  
Other Costs and Expenses:                                      
Lease expense $ 505     $ 518     $ 1,216     $ 872     $ 1,357  
Depreciation and amortization   495       500       561       522       568  
                                       
Fast support                                      
Time Charter Statistics:                                      
Average rates per day worked $ 8,421     $ 8,590     $ 8,472     $ 8,257     $ 8,133  
Fleet utilization   63 %     72 %     76 %     78 %     78 %
Fleet available days   2,300       2,426       2,521       2,935       3,156  
Out-of-service days for repairs, maintenance and drydockings 71     137     156     82     81  
Out-of-service days for cold-stacked status 421     285     273     341     459  
Operating Revenues:                                      
Time charter $ 12,212     $ 15,078     $ 16,284     $ 18,877     $ 20,079  
Bareboat charter   731       723       724       732       597  
Other marine services   (256 )     (372 )     (355 )     (40 )     (200 )
    12,687       15,429       16,653       19,569       20,476  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   4,180       4,166       4,659       5,071       5,486  
Repairs and maintenance   1,642       1,922       2,278       1,873       2,204  
Drydocking   587       274       36       357       (27 )
Insurance and loss reserves   353       304       332       541       347  
Fuel, lubes and supplies   976       1,180       904       1,098       1,395  
Other   1,489       1,203       1,000       1,346       959  
    9,227       9,049       9,209       10,286       10,364  
Direct Vessel Profit (1) $ 3,460     $ 6,380     $ 7,444     $ 9,283     $ 10,112  
Other Costs and Expenses:                                      
Lease expense $ 351     $ 352     $ 352     $ 352     $ 351  
Depreciation and amortization   5,105       5,405       5,118       5,447       5,646  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Supply                                      
Time Charter Statistics:                                      
Average rates per day worked $ 11,355     $ 8,477     $ 7,360     $ 7,179     $ 6,755  
Fleet utilization   74 %     83 %     79 %     87 %     96 %
Fleet available days   1,257       527       2,521       338       398  
Out-of-service days for repairs, maintenance and drydockings   23       13       3              
Out-of-service days for cold-stacked status   229       61                    
Operating Revenues:                                      
Time charter $ 10,541     $ 3,713     $ 2,520     $ 2,114     $ 2,589  
Bareboat charter   (55 )                 102       1,168  
Other marine services   92       (53 )     (69 )     582       863  
    10,578       3,660       2,451       2,798       4,620  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,821       1,591       1,206       1,369       1,266  
Repairs and maintenance   968       375       348       159       276  
Drydocking         197             142       1  
Insurance and loss reserves   230       106       67       65       66  
Fuel, lubes and supplies   601       219       119       377       205  
Other   1,022       246       397       314       57  
    6,642       2,734       2,137       2,426       1,871  
Direct Vessel Profit (Loss) (1) $ 3,936     $ 926     $ 314     $ 372     $ 2,749  
Other Costs and Expenses:                                      
Lease expense $     $     $     $ 381     $ 517  
Depreciation and amortization   2,673       1,000       787       823       1,167  
                                       
Specialty                                      
Time Charter Statistics:                                      
Fleet available days   42       91       91       92       92  
Out-of-service days for cold-stacked status   42       91       91       92       92  
Operating Revenues:                                      
Other marine services $     $     $     $     $  
                                       
Direct Costs and Expenses:                                      
Operating:                                      
Personnel               13       6       13  
Repairs and maintenance   35       46       11       5       1  
Insurance and loss reserves   13       16       20       9       18  
Fuel, lubes and supplies   (8 )     (2 )     22             2  
Other   32       67       101       64       75  
    72       127       167       84       109  
Direct Vessel Loss (1) $ (72 )   $ (127 )   $ (167 )   $ (84 )   $ (109 )
Other Costs and Expenses:                                      
Operating:                                      
Depreciation and amortization $ 27     $ 127     $ 128     $ 128     $ 128  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Liftboats                                      
Time Charter Statistics:                                      
Average rates per day worked $ 27,947     $ 24,894     $ 27,513     $ 27,453     $ 26,172  
Fleet utilization   23 %     30 %     31 %     36 %     39 %
Fleet available days   1,472       1,456       1,456       1,472       1,665  
Out-of-service days for repairs, maintenance and drydockings 64     9     141     6     153  
Out-of-service days for cold-stacked status   899       816       664       657       432  
Operating Revenues:                                      
Time charter $ 9,319     $ 11,001     $ 12,339     $ 14,375     $ 16,830  
Other marine services   316       306       250       732       795  
    9,635       11,307       12,589       15,107       17,625  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,963       3,545       4,097       4,588       4,824  
Repairs and maintenance   624       407       650       776       1,656  
Drydocking         111       1,307       267       532  
Insurance and loss reserves   1,055       893       679       711       484  
Fuel, lubes and supplies   370       343       490       550       899  
Other   538       219       147       338       221  
    6,550       5,518       7,370       7,230       8,616  
Direct Vessel Profit (1) $ 3,085     $ 5,789     $ 5,219     $ 7,877     $ 9,009  
Other Costs and Expenses:                                      
Lease expense $ 31     $ 44     $ 1,497     $ 1,497     $ 1,498  
Depreciation and amortization   5,980       6,081       6,128       6,136       6,247  
                                       
Crew transfer                                      
Time Charter Statistics:                                      
Average rates per day worked $ 2,565     $ 2,481     $ 2,375     $ 2,378     $ 2,220  
Fleet utilization   95 %     87 %     72 %     77 %     92 %
Fleet available days   3,664       3,521       3,458       3,465       3,531  
Out-of-service days for repairs, maintenance and drydockings 81     117     122     111     52  
Out-of-service days for cold-stacked status               48       92       184  
Operating Revenues:                                      
Time charter $ 8,950     $ 7,602     $ 5,922     $ 6,385     $ 7,190  
Other marine services   710       548       315       389       577  
    9,660       8,150       6,237       6,774       7,767  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   3,184       2,721       2,592       2,435       2,432  
Repairs and maintenance   891       754       1,056       693       775  
Drydocking         3                    
Insurance and loss reserves   109       100       99       124       113  
Fuel, lubes and supplies   263       230       230       220       152  
Other   80       115       86       75       96  
    4,527       3,923       4,063       3,547       3,568  
Direct Vessel Profit (1) $ 5,133     $ 4,227     $ 2,174     $ 3,227     $ 4,199  
Other Costs and Expenses:                                      
Lease expense $ 107     $ 67     $ -     $ -     $ -  
Depreciation and amortization   1,766       1,637       1,717       1,837       1,819  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Other Activity                                      
Operating Revenues:                                      
Other marine services $ 720     $ 1,056     $ 1,029     $ 1,032     $ 788  
    720       1,056       1,029       1,032       788  
Direct Costs and Expenses:                                      
Operating:                                      
Personnel   415       502       247       415       440  
Repairs and maintenance   47       128       53       147       59  
Insurance and loss reserves   (26 )     11       (303 )     5       (9 )
Fuel, lubes and supplies   38       157       86       19       5  
Other   (401 )     (417 )     (251 )     (442 )     (598 )
    73       381       (168 )     144       (102 )
Direct Vessel Profit (1) $ 647     $ 675     $ 1,197     $ 888     $ 890  
Other Costs and Expenses:                                      
Lease expense $ 396     $ 374     $ 342     $ 468     $ 430  
Depreciation and amortization   567       563       562       519       516  



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

  Three Months Ended  
  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
Cash Flows from Continuing Operating Activities:                                      
DVP (1)   16,569       17,965       17,123       23,092       27,489  
Operating, leased-in equipment (excluding amortization of deferred gains)   (3,600 )     (3,814 )     (3,838 )     (4,648 )     (4,963 )
Administrative and general (excluding provisions for bad debts and amortization of share awards)   (8,766 )     (13,352 )     (9,776 )     (10,773 )     (9,160 )
SEACOR Holdings management and guarantee fees   (11 )     (9 )     (16 )     (21 )     (26 )
Dividends received from 50% or less owned companies   2,117                   800       873  
Other, net (excluding non-cash losses)                     (2 )      
    6,309       790       3,493       8,448       14,213  
Changes in operating assets and liabilities before interest and income taxes   74       (9,293 )     (7,144 )     7,758       (7,236 )
Director share awards         755                    
Restricted stock vested         (3 )     (175 )     (55 )     (240 )
Cash settlements on derivative transactions, net   (445 )     (279 )     (214 )     (190 )     (546 )
Interest paid, excluding capitalized interest (1)   (6,071 )     (4,529 )     (4,744 )     (6,255 )     (5,633 )
Interest received   50       529       676       560       316  
Income taxes refunded, net   (829 )                        
Net cash (used in) provided operating activities   (912 )     (12,030 )     (8,108 )     10,266       874  
Cash Flows from Continuing Investing Activities:                                      
Purchases of property and equipment   (5,166 )     (8,530 )     (11,244 )     (5,890 )     (9,547 )
Proceeds from disposition of property and equipment   3,539       14,030       3,105       36,418       10,119  
Proceeds from the sale of ERRV fleet                     27,390        
Cash Impact of sale of ERRV fleet                     (5,140 )      
Construction reserve funds transferred to short-term cash         3,745                    
Purchase of subsidiary from joint venture         (8,445 )                  
Construction reserve funds used               9,148       5,268       1,951  
Net investing activities in property and equipment   (1,627 )     800       1,009       58,046       2,523  
Investments in and advances to 50% or less owned companies   (907 )     (56 )     (245 )     (6,062 )     (8,686 )
Capital distributions from equity investees                     48       413  
Principal payments on notes due from equity investees   490                         22  
Net cash provided by (used in) investing activities   (2,044 )     744       764       52,032       (5,728 )
Cash Flows from Continuing Financing Activities:                                      
Payments on long-term debt   (8,246 )     (3,502 )     (5,222 )     (3,899 )     (11,976 )
Proceeds from issuance of debt, net of offering costs   1,089                          
Proceeds from exercise of stock options and Warrants   2                   340       973  
Net cash (used in) provided by financing activities   (7,155 )     (3,502 )     (5,222 )     (3,559 )     (11,003 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents   592       265       (1,908 )     (19,238 )     (472 )
Net Change in Cash, Cash Equivalents and Restricted Cash   (9,519 )     (14,523 )     (14,474 )     39,501       (16,329 )
Cash Flows from Discontinued Operations                                      
Operating Activities                     4,297       (446 )
Investing Activities                     (4,462 )     (116 )
Effects of FX Rate Changes on Cash and Cash Equivalents                     3,322       268  
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:                     3,157       (294 )
Net Change in Cash, Cash Equivalents and Restricted Cash   (9,519 )     (14,523 )     (14,474 )     42,658       (16,623 )
Cash, Restricted Cash and Cash Equivalents, Beginning of Period   58,050       72,573       87,047       44,389       61,012  
Cash, Restricted Cash and Cash Equivalents, End of Period $ 48,531     $ 58,050     $ 72,573     $ 87,047     $ 44,389  



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

  Sep. 30,
2020
    Jun. 30,
2020
    Mar. 31,
2020
    Dec. 31,
2019
    Sep. 30,
2019
 
ASSETS                                      
Current Assets:                                      
Cash and cash equivalents $ 45,179     $ 54,698     $ 69,220     $ 83,943     $ 38,155  
Restricted cash   3,352       3,352       3,353       3,104       4,016  
Receivables:                                      
Trade, net of allowance for doubtful accounts   54,935       57,892       48,192       49,128       58,954  
Other   17,914       14,362       27,872       18,531       6,835  
Receivables from SEACOR Holdings   18,814       14,394                    
Tax Receivable   11,770                                  
Inventories   573       1,409       1,575       1,228       1,408  
Prepaid expenses and other   3,598       3,218       2,653       2,612       3,146  
Discontinued operations                           13,127  
Total current assets   156,135       149,325       152,865       158,546       125,641  
Property and Equipment:                                      
Historical cost   1,078,169       1,066,239       930,264       976,978       1,063,290  
Accumulated depreciation   (334,387 )     (322,378 )     (312,911 )     (358,962 )     (400,628 )
    743,782       743,861       617,353       618,016       662,662  
Construction in progress   56,709       55,955       55,302       74,344       70,275  
Net property and equipment   800,491       799,816       672,655       692,360       732,937  
Right-of-Use Asset - Operating Leases   8,327       8,818       8,990       17,313       18,774  
Right-of-Use Asset - Finance Lease   137                                  
Investments, at Equity, and Advances to 50% or Less Owned Companies   88,933       90,900       125,010       124,680       118,222  
Construction Reserve Funds               3,745       12,893       18,161  
Other Assets   3,152       3,243       3,270       3,401       3,422  
Discontinued operations                           23,349  
  $ 1,057,175     $ 1,052,102     $ 966,535     $ 1,009,193     $ 1,040,506  
LIABILITIES AND EQUITY                                      
Current Liabilities:                                      
Current portion of operating lease liabilities $ 9,632     $ 11,765     $ 13,359     $ 15,099     $ 15,182  
Current lease liability - Finance   27       -       -       -       -  
Current portion of long-term debt   52,108       51,793       37,084