UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  August 9, 2018

 

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware	001-37966	47-2564547
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

 

7910 Main Street, 2nd Floor, Houma LA	70360
(Address of Principal Executive Offices)	(Zip Code)

 

 

Registrant's telephone number, including area code

(985) 876-5400

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction  A.2. below):

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act  (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒

 

 

Item 2.02    Results of Operations and Financial Condition

 

The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

On August 9, 2018, SEACOR Marine Holdings Inc. (the "Company") issued a press release setting forth its earnings for the three months ended June 30, 2018 (the "Earnings Release").

 

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

 

Item 9.01   Financial Statements and Exhibits

 

(d) Exhibits

Exhibit No.	Description
99.1	Press Release of SEACOR Marine Holdings Inc. dated August 9, 2018

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		SEACOR Marine Holdings Inc.
August 9, 2018		By:		/s/ Jesus Llorca
				Name: Jesus Llorca
				Title: Executive Vice President and Chief Financial Officer

 

 

Exhibit 99.1

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES SECOND QUARTER 2018 RESULTS 

CONTINUED IMPROVEMENT IN OPERATING PERFORMANCE 

STRENGTHENED BALANCE SHEET

 

Houma, Louisiana

August 9, 2018

 

 

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its second quarter ended June 30, 2018.

 

Second quarter 2018 net loss attributable to SEACOR Marine Holdings Inc. improved to $25.0 million ($1.25 per diluted share) from a net loss of $28.8 million ($1.64 per diluted share) in the first quarter 2018 and a net loss of $34.0 million ($1.93 per diluted share) in the second quarter 2017 due primarily to increases in fleet utilization from rising customer demand, as well as higher average day rates.

 

Non-cash charges included $18.4 million of depreciation and amortization expense and a $2.9 million mark-to-market adjustment on convertible senior notes in the second quarter 2018 compared to $19.5 million of depreciation and amortization expense and a $12.2 million mark-to-market adjustment on the derivative liability embedded in the convertible senior notes in the first quarter 2018. Second quarter 2017 results included $14.6 million of depreciation and amortization expense and a $0.01 million mark-to-market adjustment on the derivative liability embedded in the convertible senior notes. 

 

Second quarter highlights include:

 

•

10.1% increase in consolidated direct vessel profit (“DVP”)(1) to $14.7 million from $13.4 million in first quarter 2018, and up from $1.5 million in second quarter 2017.  DVP measures operational performance (operating revenues less direct operating costs, excluding leased-in equipment). DVP has increased steadily over the past four quarters, and these increases have been broad based across most regions.

 

•

Continued improvement in fleet utilization to 62% from 53% in first quarter 2018 and 56% in second quarter 2017; average day rate increased 5% to $7,324 from first quarter 2018 and 30% from second quarter 2017.

 

•

A full quarter of results from the previously announced Falcon Global Holdings joint venture transaction completed on February 8, 2018 increased revenue and DVP by $8.5 million and $5.4 million, respectively, compared to first quarter 2018.

 

•

Strengthened balance sheet by improving the ratio of long-term debt as a percentage of total capital to 37% at June 30, 2018 from 45% as of March 31, 2018 and extending debt maturities:

 

•

Raised aggregate gross proceeds of $56.9 million from successful private placement of common stock and warrants

 

•

Completed conversion of $50.0 million aggregate principal of the Convertible Senior Notes into warrants for the purchase of 1,886,792 common shares and extended the maturities of the remaining $125.0 million aggregate principal by one year into 2023

 

•

Multiple vessels were repositioned for new, long-term contracts in Africa, Latin America, Middle East, Gulf of Mexico and the North Sea. Increased repositioning and reactivation costs related to these contracts were approximately $3.9 million in second quarter 2018, as the Company expenses these costs as incurred.

 

Chief Executive Officer John Gellert commented on second quarter results:

 

“We improved our operating performance for the fourth consecutive quarter, strengthened our balance sheet and continued to upgrade our fleet. For the first time since the second and third quarters of 2016, all of our operating regions achieved positive DVP for two consecutive quarters.  Liftboats were the largest contributor to increased direct vessel profit, headlined by additional contracts in Mexico supporting pipeline construction and platform maintenance projects.  The Middle East region achieved fleet utilization of 82%, the highest since 2013, aided by the commencement of several long-term charters and a seasonal uptick in construction activity.

 

To meet customer demand for new long-term contracts that we believe will boost future utilization and direct vessel profits, we incurred upfront costs to reactivate and reposition vessels. While these costs can fluctuate, as market conditions improve with longer contract terms and higher utilization, we expect these unreimbursed expenses incurred to reposition vessels will become less prevalent. 

 

We sold five vessels during the quarter with an average age of 20 years at a gain, and in early July we added two AHTS vessels built in 2013.  Both have customer contracts. Such active fleet management is central to our approach to running the business.

 

Finally, we significantly improved our financial position as we reduced leverage and extended debt maturities. We added more than $100.0 million in net equity during the quarter, putting us in a stronger position. We enter the second half of the year with cautious optimism for continued market improvement as tendering activity and customer inquiries rise."

 

A comparison of results for the second quarter ended June 30, 2018 with the preceding quarter ended March 31, 2018 is included below.

 

 

Operating Revenues. Operating revenues increased 17.4% to $60.7 million from $51.7 million in first quarter 2018, and 43.5% from $42.3 million a year ago. These increases in revenues were primarily driven by higher utilization, as well as higher day rates.

 

Direct Vessel Profit (“DVP”)⁽¹⁾ by Region. Total DVP increased 10.1% to $14.7 million from $13.4 million in the preceding quarter, and grew from $1.5 million in second quarter 2017.

 

Compared to first quarter 2018, the $9.0 million increase in operating revenues was partly offset by a $7.6 million increase in direct operating expenses. Personnel costs were $3.1 million higher primarily due to increased utilization. Repairs and maintenance expenses were $2.0 million higher primarily due to costs to replace main engines in two fast support vessels. Results by region are as follows:

 

United States, primarily Gulf of Mexico. DVP rose to $1.8 million compared with $1.5 million in the preceding quarter, a $0.3 million improvement. Time charter revenues were $3.1 million higher compared with the preceding quarter, including $2.8 million from the liftboat fleet, primarily due to increased utilization. Including cold-stacked vessels, utilization increased to 23% from 17% in the first quarter 2018, and average rates per day worked increased to $10,503 from $8,775. Days available for charter decreased by 8% primarily due to the removal from service of four anchor handling towing supply vessels in the preceding quarter. Improvements in operating revenues of $3.1 million were offset by increased direct operating expenses of $2.7 million, primarily due to increased utilization and reactivation costs. As of June 30, 2018, the Company had 25 of 38 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply vessels, 12 fast support vessels, six liftboats and one specialty vessel) compared with 33 of 43 vessels as of March 31, 2018. As of June 30, 2018, the Company had five vessels retired and removed from service in this region.

 

Africa, primarily West Africa. DVP was $2.0 million compared with $4.7 million in the preceding quarter, a $2.7 million decline primarily due to first quarter 2018 benefitting from the recognition of previously deferred revenues. Time charter revenues were $0.3 million higher compared with the preceding quarter. Including cold-stacked vessels, utilization of this region's fleet decreased to 88% from 91% in the first quarter 2018, and average rates per day worked increased to $9,509 from $9,455 in first quarter 2018. Days available for charter increased by 6% primarily due to the repositioning of vessels between geographic regions. Operating expenses (excluding leased-in equipment) were $2.1 million higher compared with the preceding quarter primarily due to the repositioning of vessels between geographic regions that increased drydocking and other expenses. As of June 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

 

Middle East and Asia. DVP increased to $3.0 million compared with $2.3 million in the preceding quarter, a $0.7 million improvement. Time charter revenues were $2.2 million higher compared with the preceding quarter, primarily as a result of improved utilization of the active fleet. Including cold-stacked vessels, utilization of this region's fleet increased to 82% from 66% in the first quarter 2018, and average rates per day worked increased to $8,226 from $8,072 in first quarter 2018. Days available for charter decreased by 6% primarily due to net fleet dispositions. Operating expenses (excluding leased-in equipment) were $0.9 million higher compared with the preceding quarter, primarily due to the replacement of main engines in two fast support vessels. As of June 30, 2018, the Company had one of 21 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel) compared with one of 23 vessels as of March 31, 2018. As of June 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

 

Brazil, Mexico, Central and South America. DVP rose to $4.3 million compared with $1.8 million in the preceding quarter, an increase of $2.5 million primarily due to liftboat activity. Time charter revenues were $3.2 million higher compared with the preceding quarter, primarily due to higher utilization and day rates and net fleet additions from the repositioning of vessels between geographic regions. Including cold-stacked vessels, utilization increased to 57% from 41% in the first quarter 2018, and average rates per day worked increased from $15,272 to $19,127. Days available for charter increased by 90% primarily due to net fleet additions and the repositioning of vessels between geographic regions. Operating expenses (excluding leased-in equipment) were $1.4 million higher compared with the preceding quarter primarily due to higher utilization and fleet additions and mobilization costs. As of June 30, 2018, the Company had one of eight owned and leased-in vessels cold-stacked in Brazil, Mexico, Central and South America (one fast support vessel) compared with one of five vessels as of March 31, 2018

 

Europe, primarily North Sea. DVP increased to $3.6 million compared with $3.1 million in the preceding quarter, an increase of $0.5 million. Time charter revenues were $0.9 million higher, primarily due to a seasonal increase in utilization of the wind farm utility vessels. For the standby safety fleet, utilization increased from 78% in the first quarter 2018 to 80%, and average rates per day worked increased to $9,157 from $9,058 in first quarter 2018. For the windfarm utility vessels, utilization increased to 76% from 64% in the first quarter 2018, and average rates per day worked increased to $2,342 from $2,317 in the prior quarter. Operating expenses (excluding leased-in equipment) were $0.5 million higher compared with the preceding quarter due mostly to higher utilization.

___________________

(1)

Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

 

 

 

 

Administrative and general. Second quarter 2018 administrative and general expenses were $2.7 million higher compared with the preceding quarter primarily due to termination costs, stock awards granted to both employees and non-employee directors, as well as director compensation.

 

Depreciation and amortization. Depreciation and amortization costs were $1.1 million lower compared with the preceding quarter primarily due to net asset dispositions.

 

Asset Dispositions and Impairments. During the second quarter, the Company recognized impairment charges of $0.1 million associated with two permanently deferred hull projects.  In addition, the Company sold one offshore support vessel and two supply vessels previously retired and removed from service, one standby safety vessel and one fast support vessel, property and other equipment for net proceeds of $2.2 million and a gain of $1.2 million. During the preceding quarter, the Company recognized impairment charges of $2.9 million associated with the Company's anchor handling towing supply fleet. In addition, the Company sold one platform support vessel and other equipment for net proceeds of $0.4 million and a gain of $0.3 million.

 

Derivative gains (losses). Net derivative losses during second quarter 2018 of $2.7 million, and net derivative losses during the preceding quarter of $11.5 million, are principally due to changes in the fair value of the Company's conversion option liability on its convertible senior notes as a consequence of changes in the Company's share price and estimated credit spread.

 

Income tax benefit.   The Company's year-to-date effective income tax rate of 20.1% was primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes and a reversal of an unrecognized benefit. 

 

Equity in earnings (losses) of 50% or less owned companies. Equity losses in the second quarter 2018 were $0.7 million compared with equity earnings of $0.2 million in the preceding quarter. The increase in the equity losses was primarily due to the Company's 50% investment in SEACOSCO joint venture. 

 

Capital Commitments. As of June 30, 2018, the Company had unfunded capital commitments of $43.3 million that included two fast support vessels, three supply vessels and three wind farm utility vessels. The Company’s capital commitments by year of expected payment are as follows (in thousands):

 

2018			12,706
2019			21,620
2020			8,970
		$	43,296

 

In addition, the Company has indefinitely deferred an additional $20.8 million of orders with respect to two fast support vessels, which the Company had previously reported as unfunded capital commitments.

 

Liquidity and Debt. As of June 30, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $126.3 million and its total outstanding debt was $371.8 million (net of $39.9 million in discount and issuance costs). As of June 30, 2018, construction reserve funds of $38.2 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment. Additionally, the Company had $7.3 million available under subsidiary credit facilities for future capital commitments.

 

* * * * *

 

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

 

 

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. 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, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums, weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act and related regulations are repealed, liability, legal fees and costs in connection with the provision of emergency response services, such as the response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes to the status of applicable trade treaties including as a result of the U.K.’s impending exit from the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Jones Act and related regulations on the amount of foreign ownership of the Company’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability of the Company to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties and 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 (985) 858 – 6400 or InvestorRelations@seacormarine.com

 

 

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

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2018				2017				2018				2017
Operating Revenues		$	60,701			$	42,323			$	112,422			$	76,627
Costs and Expenses:
Operating			48,820				44,482				89,993				77,861
Administrative and general			15,532				21,705				28,339				33,531
Depreciation and amortization			18,406				14,633				37,918				27,136
			82,758				80,820				156,250				138,528
Gains (Losses) on Asset Dispositions and Impairments, Net			1,055				(6,318	)			(1,588 )				(1,499	)
Operating Loss			(21,002	)			(44,815	)			(45,416	)			(63,400	)
Other Income (Expense):
Interest income			352				275				568				1,125
Interest expense			(6,489	)			(4,546	)			(12,622	)			(7,728 )
SEACOR Holdings management fees			—				(1,283	)			—				(3,208 )
SEACOR Holdings guarantee fees			(7	)			(75	)			(19	)			(151 )
Marketable security (losses) gains, net			—				(109	)			—				11,629
Derivative losses, net			(2,668	)			(213	)			(14,184	)			(302 )
Foreign currency losses, net			(818	)			(1,094	)			(679	)			(1,283 )
Other, net			—				—				—				(1 )
			(9,630	)			(7,045	)			(26,936	)			81
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(30,632	)			(51,860	)			(72,352	)			(63,319 )
Income Tax Benefit			(4,724	)			(13,800	)			(14,548	)			(17,222 )
Loss Before Equity in Earnings of 50% or Less Owned Companies			(25,908	)			(38,060	)			(57,804	)			(46,097 )
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(721	)			1,571				(513	)			2,009
Net Loss			(26,629	)			(36,489	)			(58,317	)			(44,088 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries			(1,605	)			(2,497	)			(4,460	)			(2,701 )
Net Loss attributable to SEACOR Marine Holdings Inc.		$	(25,024	)		$	(33,992	)		$	(53,857	)		$	(41,387	)
Basic and Diluted Loss Per Common Share of SEACOR Marine Holdings Inc.		$	(1.25	)		$	(1.93	)		$	(3.00	)		$	(2.34	)
Basic and Diluted Weighted Average Common Shares Outstanding:			19,978,516				17,631,567				17,967,242				17,651,352

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data)

 

		Three Months Ended June 30,																Six Months Ended June 30,
		2018								2017								2018								2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm)		$	9,742							$	8,431							$	9,425							$	8,359
Average Rates Per Day		$	7,324							$	5,649							$	7,174							$	5,683
Fleet Utilization (excluding wind farm)			58	%							43	%							54	%							40	%
Fleet Utilization			62	%							56	%							58	%							51	%
Fleet Available Days (excluding wind farm)			9,071								8,996								18,342								17,433
Fleet Available Days			12,528								12,363								25,129								24,130
Operating Revenues:
Time charter		$	56,826				94	%		$	38,803				92	%		$	103,968				92	%		$	69,533				91	%
Bareboat charter			1,156				2	%			1,156				3	%			2,299				2	%			2,299				3	%
Other marine services			2,719				4	%			2,364				5	%			6,155				6	%			4,795				6	%
			60,701				100	%			42,323				100	%			112,422				100	%			76,627				100	%
Costs and Expenses:
Operating:
Personnel			24,733				41	%			20,577				49	%			46,409				41	%			37,368				49	%
Repairs and maintenance			9,070				15	%			10,425				25	%			16,143				14	%			14,020				18	%
Drydocking			3,112				5	%			2,251				5	%			5,369				4	%			5,318				7	%
Insurance and loss reserves			1,934				3	%			2,126				5	%			3,124				3	%			3,685				5	%
Fuel, lubes and supplies			4,122				7	%			3,190				7	%			7,667				7	%			5,532				7	%
Other			3,009				5	%			2,223				5	%			5,616				5	%			4,657				6	%
Leased-in equipment			2,840				4	%			3,690				9	%			5,665				5	%			7,281				10	%
			48,820				80	%			44,482				105	%			89,993				79	%			77,861				102	%
Administrative and general			15,532				26	%			21,705				51	%			28,339				25	%			33,531				44	%
Depreciation and amortization			18,406				30	%			14,633				35	%			37,918				34	%			27,136				35	%
			82,758				136	%			80,820				191	%			156,250				138	%			138,528				181	%
Gains (Losses) on Asset Dispositions and Impairments, Net			1,055				2	%			(6,318	)			(15	)%			(1,588	)			(2	)%			(1,499	)			(2	)%
Operating Loss			(21,002	)			(34	)%			(44,815	)			(106	)%			(45,416	)			(40	)%			(63,400	)			(83	)%

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm utility)		$	9,742			$	9,071			$	8,583			$	8,565			$	8,431
Average Rates Per Day Worked		$	7,324			$	7,001			$	6,435			$	6,006			$	5,649
Fleet Utilization (excluding wind farm utility)			58	%			50	%			51	%			49	%			43	%
Fleet Utilization			62	%			53	%			56	%			60	%			56	%
Fleet Available Days (excluding wind farm utility)			9,071				9,271				9,224				9,176				8,996
Fleet Available Days			12,528				12,601				12,628				12,580				12,363
Operating Revenues:
Time charter		$	56,826			$	47,142			$	45,745			$	45,267			$	38,803
Bareboat charter			1,156				1,143				1,169				1,168				1,156
Other marine services			2,719				3,436				2,429				1,378				2,364
			60,701				51,721				49,343				47,813				42,323
Costs and Expenses:
Operating:
Personnel			24,733				21,676				21,953				22,179				20,577
Repairs and maintenance			9,070				7,073				6,225				7,410				10,425
Drydocking			3,112				2,257				1,438				2,279				2,251
Insurance and loss reserves			1,934				1,190				1,443				1,396				2,126
Fuel, lubes and supplies			4,122				3,545				3,620				2,880				3,190
Other			3,009				2,607				2,970				2,278				2,223
			45,980				38,348				37,649				38,422				40,792
Direct Vessel Profit			14,721				13,373				11,694				9,391				1,531
Other Costs and Expenses:
Operating:
Leased-in expense			2,840				2,825				2,831				2,836				3,690
Administrative and general			15,532				12,807				12,368				10,318				21,705
Depreciation and amortization			18,406				19,512				20,021				15,622				14,633
			36,778				35,144				35,220				28,776				40,028
Gains (Losses) on Asset Dispositions and Impairments, Net			1,055				(2,643	)			(12,304	)			(9,744	)			(6,318	)
Operating Loss			(21,002	)			(24,414	)			(35,830	)			(29,129	)			(44,815	)
Other Income (Expense):
Interest income			352				216				326				354				275
Interest expense			(6,489	)			(6,133	)			(4,509	)			(4,295	)			(4,546	)
SEACOR Holdings management fees			—				—				—				—				(1,283	)
SEACOR Holdings guarantee fees			(7	)			(12	)			(29	)			(21	)			(75	)
Marketable security losses, net			—				—				—				(698	)			(109	)
Derivative (losses) gains, net			(2,668	)			(11,516	)			7,536				13,022				(213	)
Foreign currency (losses) gains, net			(818	)			139				(320	)			(106	)			(1,094	)
Other, net			—				—				(5	)			—				—
			(9,630	)			(17,306	)			2,999				8,256				(7,045	)
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies			(30,632	)			(41,720	)			(32,831	)			(20,873	)			(51,860	)
Income Tax Benefit			(4,724	)			(9,824	)			(51,361	)			(5,823	)			(13,800	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(25,908	)			(31,896	)			18,530				(15,050	)			(38,060	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(721	)			208				9,374				(7,306	)			1,571
Net (Loss) Income			(26,629	)			(31,688	)			27,904				(22,356	)			(36,489	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries			(1,605	)			(2,855	)			(1,057	)			(1,881	)			(2,497	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.		$	(25,024	)		$	(28,833	)		$	28,961			$	(20,475	)		$	(33,992	)
(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:
Basic		$	(1.25	)		$	(1.64	)		$	1.65			$	(1.17	)		$	(1.93	)
Diluted		$	(1.25	)		$	(1.64	)		$	1.20			$	(1.25	)		$	(1.93	)
Weighted Average Common Shares and Warrants Outstanding:
Basic			19,979				17,571				17,552				17,551				17,632
Diluted			19,979				17,571				21,629				21,621				17,632
Common Shares and Warrants Outstanding at Period End			20,442				17,787				17,675				17,671				17,671

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

 

		United States (primarily Gulf of Mexico)				Africa (primarily West Africa)				Middle East and Asia				Brazil, Mexico, Central and South America				Europe (primarily North Sea)				Total
For the Three Months Ended June 30, 2018
Time Charter Statistics:
Average Rates Per Day		$	10,503			$	9,509			$	8,226			$	19,127			$	4,823			$	7,324
Fleet Utilization			23	%			88	%			82	%			57	%			76	%			62	%
Fleet Available Days			3,710				1,331				2,005				416				5,066				12,528
Operating Revenues:
Time charter		$	9,052			$	11,122			$	13,591			$	4,556			$	18,505			$	56,826
Bareboat charter			—				—				—				1,156				—				1,156
Other marine services			1,676				350				(792	)			845				640				2,719
			10,728				11,472				12,799				6,557				19,145				60,701
Direct Costs and Expenses:
Operating:
Personnel			4,636				4,314				4,069				1,219				10,495				24,733
Repairs and maintenance			1,529				1,663				3,576				32				2,270				9,070
Drydocking			910				910				72				11				1,209				3,112
Insurance and loss reserves			902				248				361				169				254				1,934
Fuel, lubes and supplies			900				900				922				349				1,051				4,122
Other			29				1,402				836				488				254				3,009
			8,906				9,437				9,836				2,268				15,533				45,980
Direct Vessel Profit		$	1,822			$	2,035			$	2,963			$	4,289			$	3,612				14,721
Other Costs and Expenses:
Operating:
Leased-in equipment		$	1,856			$	962			$	—			$	—			$	22				2,840
Administrative and general																							15,532
Depreciation and amortization		$	5,915			$	2,924			$	4,311			$	2,280			$	2,976				18,406
																							36,778
Gains on Asset Dispositions and Impairments																							1,055
Operating Loss																						$	(21,002	)

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

 

		United States (primarily Gulf of Mexico)				Africa (primarily West Africa)				Middle East and Asia				Brazil, Mexico, Central and South America				Europe (primarily North Sea)				Total
For the Six Months Ended June 30, 2018
Time Charter Statistics:
Average Rates Per Day		$	9,740			$	9,482			$	8,155			$	18,069			$	4,984			$	7,174
Fleet Utilization			20	%			89	%			74	%			52	%			72	%			58	%
Fleet Available Days			7,760				2,591				4,137				635				10,006				25,129
Operating Revenues:
Time charter		$	15,034			$	21,916			$	24,965			$	5,930			$	36,123			$	103,968
Bareboat charter			—				—				—				2,229				—				2,299
Other marine services			3,331				1,637				(922	)			955				1,154				6,155
			18,365				23,553				24,043				9,184				37,277				112,422
Direct Costs and Expenses:
Operating:
Personnel			8,628				8,387				8,091				1,595				19,708				46,409
Repairs and maintenance			2,223				3,019				6,004				337				4,560				16,143
Drydocking			1,435				912				61				11				2,950				5,369
Insurance and loss reserves			1,336				466				597				236				489				3,124
Fuel, lubes and supplies			1,393				1,569				1,956				414				2,335				7,667
Other			54				2,438				2,044				548				532				5,616
			15,069				16,791				18,753				3,141				30,574				84,328
Direct Vessel Profit		$	3,296			$	6,762			$	5,290			$	6,043			$	6,703				28,094
Other Costs and Expenses:
Operating:
Leased-in equipment		$	3,718			$	1,925			$	—			$	—			$	22				5,665
Administrative and general																							28,339
Depreciation and amortization		$	12,450			$	5,731			$	10,401			$	3,499			$	5,837				37,918
																							71,922
Losses on Asset Dispositions and Impairments																							(1,588	)
Operating Loss																						$	(45,416	)
As of June 30, 2018
Property and Equipment:
Historical cost		$	439,026			$	184,037			$	317,536			$	165,145			$	182,111			$	1,287,855
Accumulated depreciation			(225,116	)			(57,909	)			(86,239	)			(58,078	)			(137,135	)			(564,477	)
		$	213,910			$	126,128			$	231,297			$	107,067			$	44,976			$	723,378

 

 

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

 

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	10,503			$	8,775			$	8,027			$	7,212			$	9,619
Fleet utilization			23	%			17	%			18	%			16	%			13	%
Fleet available days			3,710				4,050				3,864				3,859				4,063
Out-of-service days for repairs, maintenance and drydockings			292				219				139				338				221
Out-of-service days for cold-stacked status			2,435				3,111				3,010				2,746				3,070
Operating revenues:
Time charter		$	9,052			$	5,982			$	5,608			$	4,587			$	4,889
Other marine services			1,676				1,655				1,077				1,116				1,198
			10,728				7,637				6,685				5,703				6,087
Direct operating expenses:
Personnel			4,636				3,992				3,853				4,455				4,183
Repairs and maintenance			1,529				694				631				1,289				937
Drydocking			910				525				(164	)			1,109				310
Insurance and loss reserves			902				434				678				598				1,205
Fuel, lubes and supplies			900				493				381				249				545
Other			29				25				3				123				51
			8,906				6,163				5,382				7,823				7,231
Direct Vessel Profit (Loss)		$	1,822			$	1,474			$	1,303			$	(2,120	)		$	(1,144	)
Leased-in equipment (included in operating costs and expenses)			1,856			$	1,862			$	1,866			$	1,870			$	2,205
Depreciation and amortization			5,915			$	6,535			$	5,487			$	5,224			$	5,749
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked		$	9,509			$	9,455			$	10,517			$	10,611			$	10,348
Fleet utilization			88	%			91	%			75	%			71	%			67	%
Fleet available days			1,331				1,260				1,207				1,283				1,123
Out-of-service days for repairs, maintenance and drydockings			46				31				34				79				125
Out-of-service days for cold-stacked status			—				—				92				184				91
Operating revenues:
Time charter		$	11,122			$	10,794			$	9,533			$	9,700			$	7,786
Other marine services			350				1,287				983				(310	)			215
			11,472				12,081				10,516				9,390				8,001
Direct operating expenses:
Personnel			4,314				4,073				3,795				3,588				3,428
Repairs and maintenance			1,663				1,356				855				1,324				3,234
Drydocking			910				2				129				311				683
Insurance and loss reserves			248				218				(19	)			157				357
Fuel, lubes and supplies			900				669				859				693				704
Other			1,402				1,036				1,098				704				871
			9,437				7,354				6,717				6,777				9,277
Direct Vessel Profit (Loss)		$	2,035			$	4,727			$	3,799			$	2,613			$	(1,276	)
Leased-in equipment (included in operating costs and expenses)		$	962			$	963			$	965			$	966			$	969
Depreciation and amortization		$	2,924			$	2,807			$	3,175			$	2,456			$	2,059

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	8,226			$	8,072			$	6,784			$	7,138			$	6,580
Fleet utilization			82	%			66	%			68	%			61	%			55	%
Fleet available days			2,005				2,132				2,331				2,194				2,067
Out-of-service days for repairs, maintenance and drydockings			4				151				104				95				122
Out-of-service days for cold-stacked status			91				130				119				184				304
Operating revenues:
Time charter		$	13,591			$	11,374			$	10,682			$	9,490			$	7,415
Other marine services			(792	)			(130	)			(171	)			(341	)			109
			12,799				11,244				10,511				9,149				7,524
Direct operating expenses:
Personnel			4,069				4,022				4,882				4,731				4,147
Repairs and maintenance			3,576				2,428				2,205				2,309				3,947
Drydocking			72				(11	)			554				(102	)			358
Insurance and loss reserves			361				236				382				363				353
Fuel, lubes and supplies			922				1,034				1,180				1,115				908
Other			836				1,208				1,522				1,192				1,061
			9,836				8,917				10,725				9,608				10,774
Direct Vessel Profit (Loss)		$	2,963			$	2,327			$	(214	)		$	(459	)		$	(3,250	)
Leased-in equipment (included in operating costs and expenses)		$	—			$	—			$	—			$	—			$	516
Depreciation and amortization		$	4,311			$	6,090			$	6,898			$	4,320			$	3,979
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked		$	19,127			$	15,272			$	16,718			$	16,060			$	—
Fleet utilization			57	%			41	%			50	%			49	%			—	%
Fleet available days			416				219				184				184				105
Out-of-service days for cold-stacked status			91				90				92				92				91
Operating revenues:
Time charter		$	4,556			$	1,374			$	1,538			$	1,439			$	—
Bareboat charter			1,156				1,143				1,169				1,168				1,156
Other marine services			845				110				156				159				162
			6,557				2,627				2,863				2,766				1,318
Direct operating expenses:
Personnel			1,219				376				322				326				148
Repairs and maintenance			32				305				44				110				116
Drydocking			11				—				—				—				—
Insurance and loss reserves			169				67				230				75				4
Fuel, lubes and supplies			349				65				163				33				27
Other			488				60				44				69				3
			2,268				873				803				613				298
Direct Vessel Profit		$	4,289			$	1,754			$	2,060			$	2,153			$	1,020
Depreciation and amortization		$	2,280			$	1,219			$	1,134			$	1,025			$	784

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety		$	9,157			$	9,058			$	8,660			$	8,650			$	8,457
Fleet utilization - Standby safety			80	%			78	%			82	%			84	%			80	%
Fleet available days - Standby safety			1,746				1,849				1,822				1,840				1,820
Average rates per day worked - Wind farm utility			2,342				2,317				2,330				2,221				2,124
Fleet utilization - Wind farm utility			76	%			64	%			73	%			94	%			95	%
Fleet available days - Wind farm utility			3,228				3,091				3,220				3,220				3,185
Out-of-service days for repairs, maintenance and drydockings			77				137				249				110				124
Operating revenues:
Time charter		$	18,505			$	17,618			$	18,384			$	20,051			$	18,713
Other marine services			640				514				384				754				680
			19,145				18,132				18,768				20,805				19,393
Direct operating expenses:
Personnel			10,495				9,213				9,101				9,079				8,671
Repairs and maintenance			2,270				2,290				2,490				2,378				2,191
Drydocking			1,209				1,741				919				961				900
Insurance and loss reserves			254				235				172				203				207
Fuel, lubes and supplies			1,051				1,284				1,037				790				1,006
Other			254				278				303				190				237
			15,533				15,041				14,022				13,601				13,212
Direct Vessel Profit		$	3,612			$	3,091			$	4,746			$	7,204			$	6,181
Leased-in equipment (included in operating costs and expenses)		$	22			$	—			$	—			$	—			$	—
Depreciation and amortization		$	2,976			$	2,861			$	3,327			$	2,597			$	2,062

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	13,381			$	10,322			$	10,322			$	9,766			$	10,774
Fleet utilization			23	%			21	%			21	%			25	%			24	%
Fleet available days			866				1,260				1,288				1,288				1,274
Out-of-service days for repairs, maintenance and drydockings			23				36				5				69				43
Out-of-service days for cold-stacked status			608				947				943				851				856
Operating revenues:
Time charter		$	2,712			$	2,787			$	2,849			$	3,199			$	3,299
Other marine services			(91	)			1,438				698				(88	)			(50	)
			2,621				4,225				3,547				3,111				3,249
Direct operating expenses:
Personnel			1,593				1,397				2,381				2,388				2,745
Repairs and maintenance			1,281				394				498				565				990
Drydocking			945				480				(30	)			125				62
Insurance and loss reserves			265				91				195				176				307
Fuel, lubes and supplies			586				153				446				158				317
Other			689				452				(499	)			(170	)			(425	)
			5,359				2,967				2,991				3,242				3,996
Direct Vessel (Loss) Profit		$	(2,738	)		$	1,258			$	556			$	(131	)		$	(747	)
Leased-in equipment (included in operating costs and expenses)		$	1,855			$	1,858			$	1,862			$	1,866			$	1,869
Depreciation and amortization		$	532			$	1,490			$	2,430			$	2,419			$	2,418
Fast support
Time Charter Statistics:
Average rates per day worked		$	6,963			$	7,746			$	7,414			$	7,999			$	8,086
Fleet utilization			62	%			53	%			52	%			49	%			43	%
Fleet available days			3,820				3,780				3,864				3,885				3,684
Out-of-service days for repairs, maintenance and drydockings			53				109				155				208				242
Out-of-service days for cold-stacked status			1,191				1,253				1,324				1,447				1,580
Operating revenues:
Time charter		$	16,488			$	15,427			$	14,845			$	15,271			$	12,712
Other marine services			(505	)			(656	)			(399	)			(410	)			152
			15,983				14,771				14,446				14,861				12,864
Direct operating expenses:
Personnel			5,258				4,756				5,717				5,405				4,815
Repairs and maintenance			3,406				2,544				1,853				2,680				5,893
Drydocking			115				(9	)			684				247				979
Insurance and loss reserves			314				324				129				297				381
Fuel, lubes and supplies			1,015				795				849				975				990
Other			1,466				1,460				2,356				1,610				1,527
			11,574				9,870				11,588				11,214				14,585
Direct Vessel Profit (Loss)		$	4,409			$	4,901			$	2,858			$	3,647			$	(1,721	)
Leased-in equipment (included in operating costs and expenses)		$	342			$	342			$	343			$	343			$	860
Depreciation and amortization		$	6,585			$	6,585			$	6,521			$	5,000			$	4,403

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Supply
Time Charter Statistics:
Average rates per day worked		$	7,174			$	6,454			$	5,222			$	6,279			$	6,028
Fleet utilization			69	%			73	%			81	%			65	%			48	%
Fleet available days			637				633				594				507				580
Out-of-service days for repairs, maintenance and drydockings			—				16				2				36				3
Out-of-service days for cold-stacked status			19				68				25				99				182
Operating revenues:
Time charter		$	3,149			$	3,002			$	2,527			$	2,062			$	1,679
Other marine services			1,195				1,125				1,122				1,079				1,069
			4,344				4,127				3,649				3,141				2,748
Direct operating expenses:
Personnel			1,999				1,956				1,604				1,321				1,198
Repairs and maintenance			259				445				266				321				362
Drydocking			585				—				—				—				—
Insurance and loss reserves			134				102				210				26				34
Fuel, lubes and supplies			317				694				632				194				156
Other			1,048				719				348				158				252
			4,342				3,916				3,060				2,020				2,002
Direct Vessel Profit		$	2			$	211			$	589			$	1,121			$	746
Leased-in equipment (included in operating costs and expenses)		$	—			$	—			$	—			$	—			$	331
Depreciation and amortization		$	1,394			$	2,743			$	3,566			$	1,226			$	1,278
Standby safety
Time Charter Statistics:
Average rates per day worked		$	9,157			$	9,058			$	8,660			$	8,650			$	8,457
Fleet utilization			80	%			78	%			82	%			84	%			80	%
Fleet available days			1,746				1,849				1,822				1,840				1,820
Out-of-service days for repairs, maintenance and drydockings			46				87				78				96				108
Operating revenues:
Time charter		$	12,791			$	13,051			$	12,921			$	13,328			$	12,279
Other marine services			39				40				38				32				36
			12,830				13,091				12,959				13,360				12,315
Direct operating expenses:
Personnel			8,148				6,938				6,901				6,955				6,698
Repairs and maintenance			1,464				1,554				1,570				1,943				1,610
Drydocking			624				1,741				919				960				900
Insurance and loss reserves			143				138				106				116				137
Fuel, lubes and supplies			843				991				894				723				844
Other			144				161				220				156				199
			11,366				11,523				10,610				10,853				10,388
Direct Vessel Profit		$	1,464			$	1,568			$	2,349			$	2,507			$	1,927
Depreciation and amortization		$	681			$	694			$	769			$	578			$	566

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Specialty
Time Charter Statistics:
Average rates per day worked		$	—			$	—			$	—			$	—			$	12,000
Fleet utilization			—	%			—	%			—	%			—	%			5	%
Fleet available days			91				90				276				276				273
Out-of-service days for repairs, maintenance and drydockings			—				—				24				25				7
Out-of-service days for cold-stacked status			91				90				160				159				182
Operating revenues:
Time charter		$	—			$	—			$	(1	)		$	—			$	149
Other marine services			—				—				1				268				278
			—				—				—				268				427
Direct operating expenses:
Personnel			79				164				472				413				316
Repairs and maintenance			13				37				77				40				56
Drydocking			—				(6	)			(136	)			736				—
Insurance and loss reserves			25				10				102				21				35
Fuel, lubes and supplies			(29	)			83				20				92				59
Other			93				104				85				84				98
			181				392				620				1,386				564
Direct Vessel Loss		$	(181	)		$	(392	)		$	(620	)		$	(1,118	)		$	(137	)
Depreciation and amortization		$	283			$	282			$	283			$	579			$	579
Liftboats
Time Charter Statistics:
Average rates per day worked		$	19,225			$	16,068			$	16,662			$	11,899			$	10,315
Fleet utilization			43	%			30	%			30	%			28	%			16	%
Fleet available days			1,911				1,659				1,380				1,380				1,365
Out-of-service days for repairs, maintenance and drydockings			266				116				92				174				173
Out-of-service days for cold-stacked status			708				933				771				551				605
Operating revenues:
Time charter		$	15,788			$	8,126			$	6,954			$	4,659			$	2,251
Other marine services			1,569				756				393				447				384
			17,357				8,882				7,347				5,106				2,635
Direct operating expenses:
Personnel			4,671				3,461				2,577				3,394				2,748
Repairs and maintenance			1,553				1,134				990				1,288				915
Drydocking			842				51				1				211				310
Insurance and loss reserves			889				651				722				684				1,167
Fuel, lubes and supplies			1,153				668				632				646				667
Other			336				417				333				352				488
			9,444				6,382				5,255				6,575				6,295
Direct Vessel Profit (Loss)		$	7,913			$	2,500			$	2,092			$	(1,469	)		$	(3,660	)
Leased-in equipment (included in operating costs and expenses)		$	644			$	638			$	626			$	627			$	630
Depreciation and amortization		$	6,333			$	5,025			$	3,160			$	3,045			$	3,045

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Wind farm utility
Time Charter Statistics:
Average rates per day worked		$	2,330			$	2,305			$	2,318			$	2,220			$	2,124
Fleet utilization			73	%			62	%			72	%			89	%			90	%
Fleet available days			3,457				3,330				3,404				3,404				3,367
Out-of-service days for repairs, maintenance and drydockings			31				113				171				14				16
Out-of-service days for cold-stacked status			—				40				92				99				152
Operating revenues:
Time charter		$	5,898			$	4,749			$	5,650			$	6,748			$	6,434
Other marine services			563				429				295				688				583
			6,461				5,178				5,945				7,436				7,017
Direct operating expenses:
Personnel			2,295				2,222				2,295				2,265				2,036
Repairs and maintenance			987				825				969				575				599
Drydocking			1				—				—				—				—
Insurance and loss reserves			93				103				74				89				83
Fuel, lubes and supplies			219				144				146				93				162
Other			173				96				121				87				80
			3,768				3,390				3,605				3,109				2,960
Direct Vessel Profit		$	2,693			$	1,788			$	2,340			$	4,327			$	4,057
Leased-in equipment (included in operating costs and expenses)		$	22			$	—			$	—			$	—			$	—
Depreciation and amortization		$	2,380			$	2,428			$	2,903			$	2,293			$	1,768
Other Activity
Operating revenues:
Other marine services		$	1,105			$	1,447			$	1,450			$	530			$	1,068
Direct operating expenses:
Personnel			690				782				6				38				21
Repairs and maintenance			107				140				2				(2	)			—
Insurance and loss reserves			71				(229	)			(95	)			(13	)			(18	)
Fuel, lubes and supplies			18				17				1				(1	)			(5	)
Other			(940	)			(802	)			6				1				4
			(54	)			(92	)			(80	)			23				2
Direct Vessel Profit		$	1,159			$	1,539			$	1,530			$	507			$	1,066
Leased-in equipment (included in operating costs and expenses)		$	(23	)			(13	)			—				—				—
Depreciation and amortization		$	218			$	265			$	389			$	482			$	576

 

 

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

 

		Three Months Ended
		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Cash Flows from Operating Activities:`
DVP		$	14,721			$	13,373			$	11,694			$	9,391			$	1,531
Operating, leased-in equipment (excluding amortization of deferred gains)			(4,850	)			(4,834	)			(4,840	)			(4,845	)			(5,740	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)			(14,076	)			(12,357	)			(12,091	)			(11,139	)			(22,596	)
SEACOR Holdings management and guarantee fees			(7	)			(12	)			(29	)			(21	)			(1,358	)
Other, net (excluding non-cash losses)			—				—				(5	)			—				—
Dividends received from 50% or less owned companies			1,324				—				200				800				1,642
			(2,888	)			(3,830	)			(5,071	)			(5,814	)			(26,521	)
Changes in operating assets and liabilities before interest and income taxes			(14,575	)			(4,938	)			9,003				(14,428	)			8,300
Director share awards			893				—				—				—				—
Restricted stock vesting			(51	)			—				—				—				—
Cash settlements on derivative transactions, net			(21	)			(129	)			(140	)			(184	)			(166	)
Interest paid, excluding capitalized interest			(5,875	)			(2,828	)			(4,471	)			(1,119	)			(3,626	)
Interest received			352				216				326				354				275
Income taxes (paid) refunded, net			(12	)			—				(52	)			2,599				10,178
Net cash (used in) operating activities (GAAP Measure)			(22,177	)			(11,509	)			(405	)			(18,592	)			(11,560	)
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest			(5,983	)			(8,557	)			(16,105	)			(22,796	)			(17,006	)
Capitalized interest paid			(1,008	)			—				(563	)			(754	)			(1,654	)
Cash settlements on derivative transactions, net			—				—				—				(45	)			—
Proceeds from disposition of property and equipment			3,244				282				1,046				248				1,252
Construction reserve funds withdrawals, net			7,209				—				94				22,344				15,678
Net investing activities in property and equipment			3,462				(8,275	)			(15,528	)			(1,003	)			(1,730	)
Net investing activities in 50% or less owned companies			(5,610	)			(19,950	)			(366	)			(773	)			(1,733	)
Net investing activities in third party notes receivable			—				99				—				—				—
Business acquisitions, net of cash acquired			—				—				—				—				(9,751	)
Net cash used in investing activities (GAAP Measure)			(2,148	)			(28,126	)			(15,894	)			(1,776	)			(13,214	)
Cash Flows from Financing Activities:
Payments on long-term debt			(6,395	)			(28,807	)			(3,354	)			(4,599	)			(2,800	)
Proceeds from issuance of debt, net of issue costs			—				18,471				(300	)			3,622				(173	)
Proceeds from exercise of stock options and warrants			813				—				—				—				—
Proceeds from issuance of stock			54,012				1,793				—				—				—
Distribution of SEACOR Marine restricted stock to Company personnel by SEACOR Holdings			—				—				—				—				(2,656	)
Purchase of subsidiary shares from noncontrolling interests			—				—				—				—				(3,693	)
Net cash provided by (used in) financing activities (GAAP Measure)			48,430				(8,543	)			(3,654	)			(977	)			(9,322	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(970	)			682				528				539				858
Net Increase (Decrease) in Cash and Cash Equivalents			23,135				(47,496	)			(19,425	)			(20,806	)			(33,238	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period			65,055				112,551				131,976				152,782				186,020
Cash, Cash Equivalents and Restricted Cash, End of Period		$	88,190			$	65,055			$	112,551			$	131,976			$	152,782

 

 

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

 

		Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
ASSETS
Current Assets:
Cash and cash equivalents		$	86,239			$	62,738			$	110,234			$	130,357			$	150,958
Restricted cash			1,951				2,316				2,317				1,619				1,824
Marketable securities			—				—				—				—				688
Receivables:
Trade, net of allowance for doubtful accounts			57,658				45,664				45,616				54,124				43,475
Other			16,039				17,039				12,341				8,942				11,957
Inventories			3,666				3,975				3,756				3,786				3,376
Prepaid expenses and other			4,090				3,613				3,026				3,364				3,719
Total current assets			169,643				135,345				177,290				202,192				215,997
Property and Equipment:
Historical cost			1,287,855				1,320,496				1,179,836				1,204,409				1,155,155
Accumulated depreciation			(564,477	)			(580,461	)			(560,160	)			(558,919	)			(543,822	)
			723,378				740,035				619,676				645,490				611,333
Construction in progress			82,274				80,682				70,157				60,597				90,335
Net property and equipment			805,652				820,717				689,833				706,087				701,668
Investments, at Equity, and Advances to 50% or Less Owned Companies			115,424				112,219				92,169				89,984				100,719
Construction Reserve Funds			38,152				45,361				45,361				45,455				67,799
Other Assets			3,667				3,736				3,851				6,213				6,072
		$	1,132,538			$	1,117,378			$	1,008,504			$	1,049,931			$	1,092,255
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt		$	22,858			$	22,858			$	22,858				30,858			$	81,593
Accounts payable and accrued expenses			23,774				25,551				24,024				23,487				23,436
Due to SEACOR Holdings			746				1,583				1,358				663				3,519
Other current liabilities			56,469				55,365				50,978				54,210				47,014
Total current liabilities			103,847				105,357				99,218				109,218				155,562
Long-Term Debt			348,912				405,234				292,041				285,869				233,904
Conversion Option Liability on Convertible Senior Notes			21,886				18,991				6,832				14,135				27,109
Deferred Income Taxes			49,789				56,024				55,506				106,389				117,332
Deferred Gains and Other Liabilities			27,289				28,600				31,741				36,314				39,324
Total liabilities		$	551,723			$	614,206			$	485,338			$	551,925			$	573,231
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		$	204			$	178			$	177			$	177			$	177
Additional paid-in capital			413,754				306,639				303,996				302,952				302,678
Retained earnings			150,585				175,609				216,511				187,550				208,025
Shares held in treasury			(54	)			—				—				—				—
Accumulated other comprehensive loss, net of tax			(13,129	)			(10,424	)			(12,493	)			(8,685	)			(9,690	)
			551,360				472,002				508,191				481,994				501,190
Noncontrolling interests in subsidiaries			29,455				31,170				14,975				16,012				17,834
Total equity			580,815				503,172				523,166				498,006				519,024
		$	1,132,538			$	1,117,378			$	1,008,504			$	1,049,931			$	1,092,255

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

 

		Jun. 30, 2018(1)				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017				Jun. 30, 2017
Anchor handling towing supply			13				19				23				23				25
Fast support			49				50				50				50				49
Supply			29				29				31				27				26
Standby safety			21				22				20				21				21
Specialty			4				4				4				6				6
Liftboats			21				21				15				15				15
Wind farm utility			42				41				41				41				40
			179				186				184				183				182

 

______________________

(1)	Excludes six owned and one leased-in offshore support vessels that have been retired and removed from service.

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED EXPECTED FLEET DELIVERIES

 

		2018								2019																2020
		Q3				Q4				Q1				Q2				Q3				Q4				Q1				Deferred				Total
Fast support			—				—				1				—				—				—				1				2				4
Supply			—				1				—				—				1				—				1				—				3
Wind farm utility			1				1				—				1				—				—				—				—				3

 

 

20