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): November 12, 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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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 November 12, 2018, SEACOR Marine Holdings Inc. (the "Company") issued a press release setting forth its earnings for the three months ended September 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
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Exhibit No. |
Description |
99.1 |
Press Release of SEACOR Marine Holdings Inc. dated November 12, 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.
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SEACOR Marine Holdings Inc. |
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November 13, 2018 |
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By: |
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/s/ Jesús Llorca |
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Name: Jesús Llorca |
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Title: Executive Vice President and Chief Financial Officer |
Exhibit 99.1
PRESS RELEASE |
SEACOR MARINE ANNOUNCES THIRD QUARTER 2018 RESULTS
CONTINUED IMPROVEMENT IN OPERATING PERFORMANCE
STRENGTHENED BALANCE SHEET
Houma, Louisiana
November 12, 2018
FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its third quarter and nine months ended September 30, 2018.
For the third quarter and nine months ended September 30, 2018, net loss attributable to SEACOR Marine was $16.0 million ($0.71 per diluted share) and $69.8 million ($3.42 per diluted share), respectively, and operating loss was $10.2 million and $55.6 million, respectively.
For the third quarter and nine months ended September 30, 2017, net loss attributable to SEACOR Marine was $20.5 million ($1.25 per diluted share) and $61.9 million ($3.51 per diluted share), respectively, and operating loss was $29.1 million and $92.5 million, respectively. Net Loss attributable to SEACOR Marine Holdings Inc. for the preceding quarter ended June 30, 2018 was $25.0 million ($1.19 per diluted share).
Chief Executive Officer John Gellert commented on third quarter results:
“The improved performance of our business continued as the Company delivered its third consecutive quarter of higher direct vessel profit (“DVP”). The standout performer was liftboats, generating approximately two-thirds of our DVP for the quarter. Windfarm utility boats also had a strong quarter, contributing approximately 18% of quarterly DVP. The Gulf of Mexico region achieved a $4.8 million improvement in DVP from the preceding quarter, due primarily to improved utilization.
Further, we increased our financial capacity with the completion of a $130 million corporate loan facility, which extended maturities, reduced debt service and provided additional liquidity.
As part of our commitment to actively managing our fleet, we sold five vessels in the third quarter, sold a 51% interest in one of our 15 PSVs and added two AHTS vessels to our fleet. As of September 30, 2018, the net book value of our property and equipment was approximately $793.2 million, a growth of approximately $104 million this year.
Collectively, the sale transactions in the third quarter generated a net gain of approximately $0.6 million. Subsequent to quarter end, we concluded additional sales which, as of today, generated an additional net gain of approximately $5.1 million.
Successfully raising both equity and debt in 2018 demonstrates broad support for our platform and this quarter began to demonstrate the value of that platform. We ended the quarter with more than $100 million in cash, which provides a strong base to both prepare our fleet for 2019 and selectively pursue opportunities for growth.”
Third quarter highlights include:
• | 47.6% increase in consolidated direct vessel profit (“DVP”)(1) to $21.7 million from $14.7 million in second quarter 2018, and an increase of 130.6% from $9.4 million in third quarter 2017. DVP measures operational performance (operating revenues less direct operating costs, excluding leased-in equipment). DVP has increased steadily over the past five quarters, with increases experienced across most of the Company's regions. |
• | Continued improvement in fleet utilization to 68% from 62% in second quarter 2018 and 60% in third quarter 2017; average day rates were flat at $7,323 compared to the prior quarter and up 21.9% from $6,006 in third quarter 2017. |
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Completed a refinancing transaction with a new $130.0 million loan facility, consolidating multiple facilities into a more efficient single credit facility, improving the Company's capital structure and addressing near-term maturities. |
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The Company used $101.3 million of gross proceeds from the credit facility to pay in full three credit agreements and the remaining $28.7 million is available for general corporate purposes, including acquisitions. |
• |
The refinanced debt reduced required principal payments through 2019 by $37.2 million and extended the final balloon payment until 2023. |
A comparison of results for the third quarter ended September 30, 2018 with the preceding quarter ended June 30, 2018 is included below.
Operating Revenues. Time charter revenues were $6.1 million higher compared with the preceding quarter. On a total fleet basis, time charter revenues increased by $3.1 million from improved utilization, $0.9 million from net fleet additions and $4.2 million due to the repositioning of vessels between geographic regions. This increase was partially offset by $1.3 million due to a reduction in average rates per day worked and $0.8 million due to unfavorable changes in currency exchange rates. Other marine services revenues were $3.5 million higher compared with the preceding quarter.
On a total fleet basis, excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet increased from 58% to 60%, and average rates per day worked increased from $9,742 to $10,186. Days available for charter were 1% higher in the third quarter primarily due to net fleet additions. This release includes a table presenting time charter operating data by vessel class.
Direct Vessel Profit (“DVP”)(1) by Region. DVP generated by the Company’s operating regions was $21.7 million compared with $14.7 million in the preceding quarter, an increase of $7.0 million. Improvements in operating revenues of $9.6 million were partly offset by increased direct operating expenses of $2.6 million. Drydocking expenses were $1.7 million higher due to timing of dockings. Results by region are as follows:
United States, primarily Gulf of Mexico. DVP was $6.6 million compared with $1.8 million in the preceding quarter, a $4.8 million improvement. Time charter revenues were $3.7 million higher compared with the preceding quarter, including $4.4 million from the liftboat fleet, primarily due to improved utilization. Other marine services revenues were $1.1 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 23% to 30%, and average rates per day worked increased from $10,503 to $12,476. Days available for charter decreased by 7% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions. Operating expenses were flat. As of September 30, 2018, the Company had 22 of 38 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply vessels, nine fast support vessels, six liftboats and one specialty vessel) compared with 25 of 38 vessels as of June 30, 2018. As of September 30, 2018, the Company had five vessels retired and removed from service in this region (four anchor handling towing supply vessels and one supply).
Africa, primarily West Africa. DVP was $2.3 million compared with $2.0 million in the preceding quarter, a $0.3 million increase. Time charter revenues were $0.1 million higher compared with the preceding quarter. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 88% to 82%, and average rates per day worked decreased from $9,509 to $9,315. Days available for charter increased by 11% primarily due to net fleet additions and the repositioning of vessels between geographic regions. Other marine services revenues were $1.4 million higher compared with the preceding quarter, primarily due to the collection and recognition of revenue previously deferred because of collection concerns. Operating expenses (excluding leased-in equipment) were $1.2 million higher compared with the preceding quarter primarily due to repositioning of vessels between geographic regions, and an increase in repair costs of $0.8 million. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.
Middle East and Asia. DVP was $3.5 million compared with $3.0 million in the preceding quarter, a $0.5 million improvement. Time charter revenues were $1.0 million lower compared with the preceding quarter, primarily as a result of reduced utilization and a reduction in average rates per day worked by the active fleet. Other marine services revenues were $0.7 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 82% to 76%, and average rates per day worked decreased from $8,226 to $8,156. Days available for charter increased by 1% primarily due to net fleet additions. Operating expenses (excluding leased-in equipment) were $0.8 million lower compared with the preceding quarter, primarily due to the replacement, in the preceding quarter, of main engines in two fast support vessels. As of September 30, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel) compared with one of 21 vessels as of June 30, 2018. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.
Brazil, Mexico, Central and South America. DVP was $6.1 million compared with $4.3 million in the preceding quarter, an increase of $1.8 million. Time charter revenues were $2.9 million higher compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 57% to 80% and average rates per day worked decreased from $19,127 to $17,604. Days available for charter increased by 28% driven by repositioning of vessels between geographic regions, primarily liftboats. Operating expenses (excluding leased-in equipment) were $0.7 million higher compared with the preceding quarter. As of September 30, 2018, the Company had one of six owned and leased-in vessels cold-stacked.
Europe, primarily North Sea. DVP was $3.2 million compared with $3.6 million in the preceding quarter, a decrease of $0.4 million. Time charter revenues were $0.3 million higher, primarily due to a seasonal increase in utilization of the wind farm utility vessels. For the standby safety fleet, utilization decreased from 80% to 77%, and average rates per day worked decreased from $9,157 to $8,692. For the windfarm utility vessels, utilization increased from 76% to 91%, and average rates per day worked decreased from $2,342 to $2,260, primarily due to a lower exchange ratio of the Pound Sterling. Operating expenses (excluding leased-in equipment) were $1.4 million lower compared with the preceding quarter primarily due to drydockings. As of September 30, 2018, the Company had one of 55 owned and leased-in vessels cold-stacked in Europe (one windfarm utility vessel).
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(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. Third quarter 2018 administrative and general expenses were $3.3 million lower compared with the preceding quarter primarily due to lower legal and professional fees, stock awards granted to both employees and non-employee directors, and 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 third quarter, the Company sold two fast support vessels, two windfarm utility vessels, one platform supply vessel, one safety standby vessel and other equipment for net proceeds of $1.1 million and a gain of $0.6 million, all of which was recognized currently. During the preceding 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, all of which was recognized during the preceding quarter.
Derivative gains (losses). Net derivative gains during third quarter 2018 of $4.4 million, and net derivative losses during the preceding quarter of $2.7 million, are primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in its Convertible Senior Notes.
Income tax benefit. The Company's year-to-date effective income tax rate of 15.5% was primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes, a return-to-provision adjustment and a reversal of an unrecognized benefit.
Equity in earnings (losses) of 50% or less owned companies. Equity losses in the third quarter 2018 were $1.0 million compared with equity losses of $0.7 million in the preceding quarter. The increase in the equity losses was primarily due to decreased utilization in the MexMar fleet.
Capital Commitments. As of September 30, 2018, the Company had unfunded capital commitments of $34.5 million that included two fast support vessels, three supply vessels and two wind farm utility vessels. The Company’s capital commitments by year of expected payment are as follows (in thousands):
2018 |
2,734 | |||
2019 |
17,243 | |||
2020 |
14,552 | |||
$ | 34,529 |
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 September 30, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $140.1 million and its total outstanding debt was $415.2 million (net of $39.5 million in discount and issuance costs). As of September 30, 2018, construction reserve funds of $35.6 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment. Additionally, the Company had $2.5 million available under subsidiary credit facilities for future capital commitments.
* * * * *
SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
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 September 30, |
Nine Months Ended September 30, | |||||||||||||||
2018 |
2017 |
2018 | 2017 | |||||||||||||
Operating Revenues |
$ | 70,255 | $ | 47,813 | $ | 182,677 | $ | 124,440 | ||||||||
Costs and Expenses: |
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Operating |
51,423 | 41,258 | 141,416 | 119,119 | ||||||||||||
Administrative and general |
12,234 | 10,318 | 40,573 | 43,849 | ||||||||||||
Depreciation and amortization |
17,342 | 15,622 | 55,260 | 42,758 | ||||||||||||
80,999 | 67,198 | 237,249 | 205,726 | |||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net |
586 | (9,744 | ) | (1,002 | ) | (11,243 | ) | |||||||||
Operating Loss |
(10,158 | ) | (29,129 | ) | (55,574 | ) | (92,529 | ) | ||||||||
Other Income (Expense): |
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Interest income |
309 | 354 | 877 | 1,479 | ||||||||||||
Interest expense |
(7,761 | ) | (4,295 | ) | (20,383 | ) | (12,023 | ) | ||||||||
SEACOR Holdings management fees |
— | — | — | (3,208 | ) | |||||||||||
SEACOR Holdings guarantee fees |
(5 | ) | (21 | ) | (24 | ) | (172 | ) | ||||||||
Loss on debt extinguishment | (638 | ) | — | (638 | ) | — | ||||||||||
Marketable security (losses) gains, net |
— | (698 | ) | — | 10,931 | |||||||||||
Derivative gains (losses), net |
4,387 | 13,022 | (9,797 | ) | 12,720 | |||||||||||
Foreign currency losses, net |
(302 | ) | (106 | ) | (981 | ) | (1,389 | ) | ||||||||
Other, net |
678 | — | 678 | (1 | ) | |||||||||||
(3,332 | ) | 8,256 | (30,268 | ) | 8,337 | |||||||||||
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies |
(13,490 | ) | (20,873 | ) | (85,842 | ) | (84,192 | ) | ||||||||
Income Tax Expense (Benefit) |
1,249 | (5,823 | ) | (13,299 | ) | (23,045 | ) | |||||||||
Loss Before Equity in Earnings of 50% or Less Owned Companies |
(14,739 | ) | (15,050 | ) | (72,543 | ) | (61,147 | ) | ||||||||
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax |
(1,027 | ) | (7,306 | ) | (1,540 | ) | (5,297 | ) | ||||||||
Net Loss |
(15,766 | ) | (22,356 | ) | (74,083 | ) | (66,444 | ) | ||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries |
191 | (1,881 | ) | (4,269 | ) | (4,582 | ) | |||||||||
Net Loss attributable to SEACOR Marine Holdings Inc. |
$ | (15,957 | ) | $ | (20,475 | ) | $ | (69,814 | ) | $ | (61,862 | ) | ||||
Loss Per Common Share of SEACOR Marine Holdings Inc. |
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Basic | $ | (0.71 | ) | $ | (1.17 | ) | $ | (3.42 | ) | $ | (3.51 | ) | ||||
Diluted | $ | (0.71 | ) | $ | (1.25 | ) | $ | (3.42 | ) | $ | (3.51 | ) | ||||
Weighted Average Common Shares Outstanding: |
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Basic | 22,512,886 | 17,550,663 | 20,391,297 | 17,617,420 | ||||||||||||
Diluted | 22,512,886 | 21,621,163 | 20,391,297 | 17,617,420 |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data) |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||
Time Charter Statistics: |
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Average Rates Per Day Worked (excluding wind farm) |
$ | 10,186 | $ | 8,565 | $ | 9,697 | $ | 8,439 | ||||||||||||||||||||
Average Rates Per Day |
$ | 7,323 | $ | 6,006 | $ | 7,229 | $ | 5,806 | ||||||||||||||||||||
Fleet Utilization (excluding wind farm) |
60 | % | 49 | % | 56 | % | 43 | % | ||||||||||||||||||||
Fleet Utilization |
68 | % | 60 | % | 61 | % | 54 | % | ||||||||||||||||||||
Fleet Available Days (excluding wind farm) |
9,119 | 9,176 | 27,461 | 26,608 | ||||||||||||||||||||||||
Fleet Available Days |
12,617 | 12,580 | 37,746 | 36,709 | ||||||||||||||||||||||||
Operating Revenues: |
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Time charter |
$ | 62,902 | 90 | % | $ | 45,267 | 95 | % | $ | 166,870 | 92 | % | $ | 114,800 | 92 | % | ||||||||||||
Bareboat charter |
1,168 | 1 | % | 1,168 | 2 | % | 3,467 | 2 | % | 3,467 | 3 | % | ||||||||||||||||
Other marine services |
6,185 | 9 | % | 1,378 | 3 | % | 12,340 | 6 | % | 6,173 | 5 | % | ||||||||||||||||
70,255 | 100 | % | 47,813 | 100 | % | 182,677 | 100 | % | 124,440 | 100 | % | |||||||||||||||||
Costs and Expenses: |
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Operating: |
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Personnel |
25,021 | 35 | % | 22,178 | 46 | % | 71,430 | 39 | % | 59,546 | 48 | % | ||||||||||||||||
Repairs and maintenance |
9,208 | 13 | % | 7,411 | 15 | % | 25,351 | 14 | % | 21,431 | 17 | % | ||||||||||||||||
Drydocking |
4,822 | 7 | % | 2,278 | 5 | % | 10,191 | 5 | % | 7,597 | 6 | % | ||||||||||||||||
Insurance and loss reserves |
1,857 | 3 | % | 1,396 | 3 | % | 4,981 | 3 | % | 5,081 | 4 | % | ||||||||||||||||
Fuel, lubes and supplies |
4,690 | 7 | % | 2,880 | 6 | % | 12,357 | 7 | % | 8,412 | 7 | % | ||||||||||||||||
Other |
3,000 | 4 | % | 2,278 | 5 | % | 8,616 | 5 | % | 6,935 | 6 | % | ||||||||||||||||
Leased-in equipment |
2,825 | 4 | % | 2,837 | 6 | % | 8,490 | 5 | % | 10,117 | 8 | % | ||||||||||||||||
51,423 | 73 | % | 41,258 | 86 | % | 141,416 | 78 | % | 119,119 | 96 | % | |||||||||||||||||
Administrative and general |
12,234 | 17 | % | 10,318 | 22 | % | 40,573 | 22 | % | 43,849 | 35 | % | ||||||||||||||||
Depreciation and amortization |
17,342 | 25 | % | 15,622 | 33 | % | 55,260 | 30 | % | 42,758 | 34 | % | ||||||||||||||||
80,999 | 115 | % | 67,198 | 141 | % | 237,249 | 130 | % | 205,726 | 165 | % | |||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net |
586 | 1 | % | (9,744 | ) | (20 | )% | (1,002 | ) | — | % | (11,243 | ) | (9 | )% | |||||||||||||
Operating Loss |
(10,158 | ) | (14 | )% | (29,129 | ) | (61 | )% | (55,574 | ) | (30) | % | (92,529 | ) | (74 | )% |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) |
Three Months Ended | ||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
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Time Charter Statistics: |
||||||||||||||||||||
Average Rates Per Day Worked (excluding wind farm utility) |
$ | 10,186 | $ | 9,742 | $ | 9,071 | $ | 8,583 | $ | 8,565 | ||||||||||
Average Rates Per Day Worked |
$ | 7,323 | $ | 7,324 | $ | 7,001 | $ | 6,435 | $ | 6,006 | ||||||||||
Fleet Utilization (excluding wind farm utility) |
60 | % | 58 | % | 50 | % | 51 |
% |
49 |
% |
||||||||||
Fleet Utilization |
68 | % | 62 | % | 53 | % | 56 |
% |
60 |
% |
||||||||||
Fleet Available Days (excluding wind farm utility) |
9,119 | 9,071 | 9,271 | 9,224 | 9,176 | |||||||||||||||
Fleet Available Days |
12,617 | 12,528 | 12,601 | 12,628 | 12,580 | |||||||||||||||
Operating Revenues: |
||||||||||||||||||||
Time charter |
$ | 62,902 | $ | 56,826 | $ | 47,142 | $ | 45,745 | $ | 45,267 | ||||||||||
Bareboat charter |
1,168 | 1,156 | 1,143 | 1,169 | 1,168 | |||||||||||||||
Other marine services |
6,185 | 2,719 | 3,436 | 2,429 | 1,378 | |||||||||||||||
70,255 | 60,701 | 51,721 | 49,343 | 47,813 | ||||||||||||||||
Costs and Expenses: |
||||||||||||||||||||
Operating: |
||||||||||||||||||||
Personnel | 25,021 | 24,733 | 21,676 | 21,953 | 22,179 | |||||||||||||||
Repairs and maintenance | 9,208 | 9,070 | 7,073 | 6,225 | 7,410 | |||||||||||||||
Drydocking | 4,822 | 3,112 | 2,257 | 1,438 | 2,279 | |||||||||||||||
Insurance and loss reserves | 1,857 | 1,934 | 1,190 | 1,443 | 1,396 | |||||||||||||||
Fuel, lubes and supplies | 4,690 | 4,122 | 3,545 | 3,620 | 2,880 | |||||||||||||||
Other | 3,000 | 3,009 | 2,607 | 2,970 | 2,278 | |||||||||||||||
48,598 | 45,980 | 38,348 | 37,649 | 38,422 | ||||||||||||||||
Direct Vessel Profit | 21,657 | 14,721 | 13,373 | 11,694 | 9,391 | |||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Leased-in expense | 2,825 | 2,840 | 2,825 | 2,831 | 2,836 | |||||||||||||||
Administrative and general |
12,234 | 15,532 | 12,807 | 12,368 | 10,318 | |||||||||||||||
Depreciation and amortization |
17,342 | 18,406 | 19,512 | 20,021 | 15,622 | |||||||||||||||
32,401 | 36,778 | 35,144 | 35,220 | 28,776 | ||||||||||||||||
Gains (Losses) on Asset Dispositions and Impairments, Net |
586 | 1,055 | (2,643 | ) | (12,304 |
) |
(9,744 |
) |
||||||||||||
Operating Loss |
(10,158 | ) | (21,002 | ) | (24,414 | ) | (35,830 |
) |
(29,129 |
) |
||||||||||
Other Income (Expense): |
||||||||||||||||||||
Interest income |
309 | 352 | 216 | 326 | 354 | |||||||||||||||
Interest expense |
(7,761 | ) | (6,489 | ) | (6,133 | ) | (4,509 |
) |
(4,295 |
) |
||||||||||
SEACOR Holdings management fees |
— | — | — | — | — | |||||||||||||||
SEACOR Holdings guarantee fees |
(5 | ) | (7 | ) | (12 | ) | (29 |
) |
(21 |
) |
||||||||||
Debt extinguishment loss | (638 | ) | ||||||||||||||||||
Marketable security losses, net |
— | — | — | — | (698 |
) |
||||||||||||||
Derivative gains (losses), net |
4,387 | (2,668 | ) | (11,516 | ) | 7,536 | 13,022 | |||||||||||||
Foreign currency (losses) gains, net |
(302 | ) | (818 | ) | 139 | (320 |
) |
(106 |
) |
|||||||||||
Other, net |
678 | — | — | (5 |
) |
— | ||||||||||||||
(3,332 | ) | (9,630 | ) | (17,306 | ) | 2,999 | 8,256 | |||||||||||||
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies |
(13,490 | ) | (30,632 | ) | (41,720 | ) | (32,831 |
) |
(20,873 |
) |
||||||||||
Income Tax Expense (Benefit) |
1,249 | (4,724 | ) | (9,824 | ) | (51,361 |
) |
(5,823 |
) |
|||||||||||
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies |
(14,739 | ) | (25,908 | ) | (31,896 | ) | 18,530 | (15,050 |
) |
|||||||||||
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax |
(1,027 | ) | (721 | ) | 208 | 9,374 | (7,306 |
) |
||||||||||||
Net (Loss) Income |
(15,766 | ) | (26,629 | ) | (31,688 | ) | 27,904 | (22,356 |
) |
|||||||||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries |
191 | (1,605 | ) | (2,855 | ) | (1,057 |
) |
(1,881 |
) |
|||||||||||
Net (Loss) Income attributable to SEACOR Marine Holdings Inc. |
$ | (15,957 | ) | $ | (25,024 | ) | $ | (28,833 | ) | $ | 28,961 | $ | (20,475 |
) |
||||||
(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.: |
||||||||||||||||||||
Basic |
$ | (0.71 | ) | $ | (1.19 | ) | $ | (1.64 | ) | $ | 1.65 | $ | (1.17 |
) |
||||||
Diluted |
$ | (0.71 | ) | $ | (1.19 | ) | $ | (1.64 | ) | $ | 1.20 | $ | (1.25 |
) |
||||||
Weighted Average Common Shares and Warrants Outstanding: |
||||||||||||||||||||
Basic |
22,513 | 21,035 | 17,571 | 17,552 | 17,551 | |||||||||||||||
Diluted |
22,513 | 21,035 | 17,571 | 21,629 | 21,621 | |||||||||||||||
Common Shares and Warrants Outstanding at Period End |
22,709 | 22,709 | 17,787 | 17,675 | 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 September 30, 2018 | ||||||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||||||
Average Rates Per Day | $ | 12,476 | $ | 9,315 | $ | 8,156 | $ | 17,60 | $ | 4,287 | $ | 7,323 | ||||||||||||
Fleet Utilization | 30 | % | 82 | % | 76 | % | 80 | % | 85 | % | 68 | % | ||||||||||||
Fleet Available Days | 3,433 | 1,475 | 2,024 | 531 | 5,154 | 12,617 | ||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||
Time charter | $ | 12,800 | $ | 11,201 | $ | 12,590 | $ | 7,479 | $ | 18,832 | $ | 62,902 | ||||||||||||
Bareboat charter | — | — | — | 1,168 | — | 1,168 | ||||||||||||||||||
Other marine services | 2,722 | 1,777 | (83 | ) | 416 | 1,353 | 6,185 | |||||||||||||||||
15,522 | 12,978 | 12,507 | 9,063 | 20,185 | 70,255 | |||||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Personnel | 4,853 | 4,486 | 4,361 | 1,662 | 9,659 | 25,021 | ||||||||||||||||||
Repairs and maintenance | 1,801 | 2,438 | 2,091 | 312 | 2,566 | 9,208 | ||||||||||||||||||
Drydocking | 375 | 1,201 | 352 | 103 | 2,791 | 4,822 | ||||||||||||||||||
Insurance and loss reserves | 612 | 323 | 385 | 163 | 374 | 1,857 | ||||||||||||||||||
Fuel, lubes and supplies | 1,120 | 1,081 | 892 | 427 | 1,170 | 4,690 | ||||||||||||||||||
Other | 154 | 1,103 | 952 | 350 | 441 | 3,000 | ||||||||||||||||||
8,915 | 10,632 | 9,033 | 3,017 | 17,001 | 48,598 | |||||||||||||||||||
Direct Vessel Profit | $ | 6,607 | $ | 2,346 | $ | 3,474 | $ | 6,046 | $ | 3,184 | 21,657 | |||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Leased-in equipment | $ | 1,853 | $ | 960 | $ | — | $ | — | $ | 12 | 2,825 | |||||||||||||
Administrative and general | 12,234 | |||||||||||||||||||||||
Depreciation and amortization | $ | 5,227 | $ | 2,381 | $ | 4,207 | $ | 2,521 | $ | 3,006 | 17,342 | |||||||||||||
32,401 | ||||||||||||||||||||||||
Gains on Asset Dispositions and Impairments | 586 | |||||||||||||||||||||||
Operating Loss | $ | (10,158 | ) |
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 Nine Months Ended September 30, 2018 | ||||||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||||||
Average Rates Per Day | $ | 10,832 | $ | 11,614 | $ | 8,156 | $ | 17,807 | $ | 4,721 | $ | 7,229 | ||||||||||||
Fleet Utilization | 23 | % | 86 | % | 75 | % | 65 | % | 77 | % | 61 | % | ||||||||||||
Fleet Available Days | 11,193 | 4,066 | 6,161 | 1,166 | 15,159 | 37,746 | ||||||||||||||||||
Operating Revenues: |
||||||||||||||||||||||||
Time charter | $ | 27,834 | $ | 33,117 | $ | 37,555 | $ | 13,409 | $ | 54,955 | $ | 166,870 | ||||||||||||
Bareboat charter | — | — | — | 3,467 | — | 3,467 | ||||||||||||||||||
Other marine services | 6,053 | 3,414 | (1,005 | ) | 1,371 | 2,507 | 12,340 | |||||||||||||||||
33,887 | 36,531 | 36,550 | 18,247 | 57,462 | 182,677 | |||||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Personnel | 13,481 | 12,873 | 12,452 | 3,257 | 29,367 | 71,430 | ||||||||||||||||||
Repairs and maintenance | 4,024 | 5,457 | 8,095 | 649 | 7,126 | 25,351 | ||||||||||||||||||
Drydocking | 1,810 | 2,113 | 413 | 114 | 5,741 | 10,191 | ||||||||||||||||||
Insurance and loss reserves | 1,948 | 789 | 982 | 399 | 863 | 4,981 | ||||||||||||||||||
Fuel, lubes and supplies | 2,513 | 2,650 | 2,848 | 841 | 3,505 | 12,357 | ||||||||||||||||||
Other | 208 | 3,541 | 2,996 | 898 | 973 | 8,616 | ||||||||||||||||||
23,984 | 27,423 | 27,786 | 6,158 | 47,575 | 132,926 | |||||||||||||||||||
Direct Vessel Profit | $ | 9,903 | $ | 9,108 | $ | 8,764 | $ | 12,089 | $ | 9,887 | 49,751 | |||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||||||
Operating: | ||||||||||||||||||||||||
Leased-in equipment | $ | 5,571 | $ | 2,885 | $ | — | $ | — | $ | 34 | 8,490 | |||||||||||||
Administrative and general | 40,573 | |||||||||||||||||||||||
Depreciation and amortization | $ | 17,677 | $ | 8,112 | $ | 14,608 | $ | 6,020 | $ | 8,843 | 55,260 | |||||||||||||
104,323 | ||||||||||||||||||||||||
Losses on Asset Dispositions and Impairments | (1,002 | ) | ||||||||||||||||||||||
Operating Loss | $ | (55,574 | ) | |||||||||||||||||||||
As of September 30, 2018 | ||||||||||||||||||||||||
Property and Equipment: | ||||||||||||||||||||||||
Historical cost | $ | 479,303 | $ | 186,729 | $ | 310,110 | $ | 102,776 | $ | 200,082 | $ | 1,279,000 | ||||||||||||
Accumulated depreciation | (242,364 | ) | (53,498 | ) | (81,121 | ) | (47,374 | ) | (144,395 | ) | (568,752 | ) | ||||||||||||
$ | 236,939 | $ | 133,231 | $ | 228,989 | $ | 55,402 | $ | 55,687 | $ | 710,248 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics) |
Three Months Ended | ||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
United States, primarily Gulf of Mexico |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 12,476 | $ | 10,503 | $ | 8,775 | $ | 8,027 | $ | 7,212 | ||||||||||
Fleet utilization |
30 | % | 23 | % | 17 | % | 18 |
% |
16 |
% |
||||||||||
Fleet available days |
3,433 | 3,710 | 4,050 | 3,864 | 3,859 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
147 | 292 | 219 | 139 | 338 | |||||||||||||||
Out-of-service days for cold-stacked status |
2,101 | 2,435 | 3,111 | 3,010 | 2,746 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 12,800 | $ | 9,052 | $ | 5,982 | $ | 5,608 | $ | 4,587 | ||||||||||
Other marine services |
2,722 | 1,676 | 1,655 | 1,077 | 1,116 | |||||||||||||||
15,522 | 10,728 | 7,637 | 6,685 | 5,703 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
4,853 | 4,636 | 3,992 | 3,853 | 4,455 | |||||||||||||||
Repairs and maintenance |
1,801 | 1,529 | 694 | 631 | 1,289 | |||||||||||||||
Drydocking |
375 | 910 | 525 | (164 |
) |
1,109 | ||||||||||||||
Insurance and loss reserves |
612 | 902 | 434 | 678 | 598 | |||||||||||||||
Fuel, lubes and supplies |
1,120 | 900 | 493 | 381 | 249 | |||||||||||||||
Other |
154 | 29 | 25 | 3 | 123 | |||||||||||||||
8,915 | 8,906 | 6,163 | 5,382 | 7,823 | ||||||||||||||||
Direct Vessel Profit (Loss) |
$ | 6,607 | $ | 1,822 | $ | 1,474 | $ | 1,303 | $ | (2,120 |
) |
|||||||||
Leased-in equipment (included in operating costs and expenses) |
1,853 | 1,856 | $ | 1,862 | $ | 1,866 | $ | 1,870 | ||||||||||||
Depreciation and amortization |
5,227 | 5,915 | $ | 6,535 | $ | 5,487 | $ | 5,224 | ||||||||||||
Africa, primarily West Africa |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 9,315 | $ | 9,509 | $ | 9,455 | $ | 10,517 | $ | 10,611 | ||||||||||
Fleet utilization |
82 | % | 88 | % | 91 | % | 75 |
% |
71 |
% |
||||||||||
Fleet available days |
1,475 | 1,331 | 1,260 | 1,207 | 1,283 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
92 | 46 | 31 | 34 | 79 | |||||||||||||||
Out-of-service days for cold-stacked status |
— | — | — | 92 | 184 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 11,201 | $ | 11,122 | $ | 10,794 | $ | 9,533 | $ | 9,700 | ||||||||||
Other marine services |
1,777 | 350 | 1,287 | 983 | (310 |
) |
||||||||||||||
12,978 | 11,472 | 12,081 | 10,516 | 9,390 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
4,486 | 4,314 | 4,073 | 3,795 | 3,588 | |||||||||||||||
Repairs and maintenance |
2,438 | 1,663 | 1,356 | 855 | 1,324 | |||||||||||||||
Drydocking |
1,201 | 910 | 2 | 129 | 311 | |||||||||||||||
Insurance and loss reserves |
323 | 248 | 218 | (19 |
) |
157 | ||||||||||||||
Fuel, lubes and supplies |
1,081 | 900 | 669 | 859 | 693 | |||||||||||||||
Other |
1,103 | 1,402 | 1,036 | 1,098 | 704 | |||||||||||||||
10,632 | 9,437 | 7,354 | 6,717 | 6,777 | ||||||||||||||||
Direct Vessel Profit |
$ | 2,346 | $ | 2,035 | $ | 4,727 | $ | 3,799 | $ | 2,613 | ||||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | 960 | $ | 962 | $ | 963 | $ | 965 | $ | 966 | ||||||||||
Depreciation and amortization |
$ | 2,381 | $ | 2,924 | $ | 2,807 | $ | 3,175 | $ | 2,456 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
Three Months Ended |
||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Middle East and Asia |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 8,156 | $ | 8,226 | $ | 8,072 | $ | 6,784 | $ | 7,138 | ||||||||||
Fleet utilization |
76 | % | 82 | % | 66 | % | 68 |
% |
61 |
% |
||||||||||
Fleet available days |
2,024 | 2,005 | 2,132 | 2,331 | 2,194 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
76 | 4 | 151 | 104 | 95 | |||||||||||||||
Out-of-service days for cold-stacked status |
92 | 91 | 130 | 119 | 184 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 12,590 | $ | 13,591 | $ | 11,374 | $ | 10,682 | $ | 9,490 | ||||||||||
Other marine services |
(83 | ) | (792 | ) | (130 | ) | (171 |
) |
(341 |
) |
||||||||||
12,507 | 12,799 | 11,244 | 10,511 | 9,149 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
4,361 | 4,069 | 4,022 | 4,882 | 4,731 | |||||||||||||||
Repairs and maintenance |
2,091 | 3,576 | 2,428 | 2,205 | 2,309 | |||||||||||||||
Drydocking |
352 | 72 | (11 | ) | 554 | (102 |
) |
|||||||||||||
Insurance and loss reserves |
385 | 361 | 236 | 382 | 363 | |||||||||||||||
Fuel, lubes and supplies |
892 | 922 | 1,034 | 1,180 | 1,115 | |||||||||||||||
Other |
952 | 836 | 1,208 | 1,522 | 1,192 | |||||||||||||||
9,033 | 9,836 | 8,917 | 10,725 | 9,608 | ||||||||||||||||
Direct Vessel Profit (Loss) |
$ | 3,474 | $ | 2,963 | $ | 2,327 | $ | (214 |
) |
$ | (459 |
) |
||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Depreciation and amortization |
$ | 4,207 | $ | 4,311 | $ | 6,090 | $ | 6,898 | $ | 4,320 | ||||||||||
Brazil, Mexico, Central and South America |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 17,604 | $ | 19,127 | $ | 15,272 | $ | 16,718 | $ | 16,060 | ||||||||||
Fleet utilization |
80 | % | 57 | % | 41 | % | 50 |
% |
49 |
% |
||||||||||
Fleet available days |
531 | 416 | 219 | 184 | 184 | |||||||||||||||
Out-of-service days for cold-stacked status |
92 | 91 | 90 | 92 | 92 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 7,479 | $ | 4,556 | $ | 1,374 | $ | 1,538 | $ | 1,439 | ||||||||||
Bareboat charter |
1,168 | 1,156 | 1,143 | 1,169 | 1,168 | |||||||||||||||
Other marine services |
416 | 845 | 110 | 156 | 159 | |||||||||||||||
9,063 | 6,557 | 2,627 | 2,863 | 2,766 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
1,662 | 1,219 | 376 | 322 | 326 | |||||||||||||||
Repairs and maintenance |
312 | 32 | 305 | 44 | 110 | |||||||||||||||
Drydocking | 103 | 11 | — | — | — | |||||||||||||||
Insurance and loss reserves |
163 | 169 | 67 | 230 | 75 | |||||||||||||||
Fuel, lubes and supplies |
427 | 349 | 65 | 163 | 33 | |||||||||||||||
Other |
350 | 488 | 60 | 44 | 69 | |||||||||||||||
3,017 | 2,268 | 873 | 803 | 613 | ||||||||||||||||
Direct Vessel Profit |
$ | 6,046 | $ | 4,289 | $ | 1,754 | $ | 2,060 | $ | 2,153 | ||||||||||
Depreciation and amortization |
$ | 2,521 | $ | 2,280 | $ | 1,219 | $ | 1,134 | $ | 1,025 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
Three Months Ended | ||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Europe, primarily North Sea |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked - Standby safety |
$ | 8,692 | $ | 9,157 | $ | 9,058 | $ | 8,660 | $ | 8,650 | ||||||||||
Fleet utilization - Standby safety |
77 | % | 80 | % | 78 | % | 82 |
% |
84 |
% |
||||||||||
Fleet available days - Standby safety |
1,809 | 1,746 | 1,849 | 1,822 | 1,840 | |||||||||||||||
Average rates per day worked - Wind farm utility |
2,260 | 2,342 | 2,317 | 2,330 | 2,221 | |||||||||||||||
Fleet utilization - Wind farm utility |
91 | % | 76 | % | 64 | % | 73 |
% |
94 |
% |
||||||||||
Fleet available days - Wind farm utility |
3,314 | 3,228 | 3,091 | 3,220 | 3,220 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
240 | 77 | 137 | 249 | 110 | |||||||||||||||
Out-of-service days for cold-stacked status | 61 | — | — | — | — | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 18,832 | $ | 18,505 | $ | 17,618 | $ | 18,384 | $ | 20,051 | ||||||||||
Other marine services |
1,353 | 640 | 514 | 384 | 754 | |||||||||||||||
20,185 | 19,145 | 18,132 | 18,768 | 20,805 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
9,659 | 10,495 | 9,213 | 9,101 | 9,079 | |||||||||||||||
Repairs and maintenance |
2,566 | 2,270 | 2,290 | 2,490 | 2,378 | |||||||||||||||
Drydocking |
2,791 | 1,209 | 1,741 | 919 | 961 | |||||||||||||||
Insurance and loss reserves |
374 | 254 | 235 | 172 | 203 | |||||||||||||||
Fuel, lubes and supplies |
1,170 | 1,051 | 1,284 | 1,037 | 790 | |||||||||||||||
Other |
441 | 254 | 278 | 303 | 190 | |||||||||||||||
17,001 | 15,533 | 15,041 | 14,022 | 13,601 | ||||||||||||||||
Direct Vessel Profit |
$ | 3,184 | $ | 3,612 | $ | 3,091 | $ | 4,746 | $ | 7,204 | ||||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | 12 | $ | 22 | $ | — | $ | — | $ | — | ||||||||||
Depreciation and amortization |
$ | 3,006 | $ | 2,976 | $ | 2,861 | $ | 3,327 | $ | 2,597 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics) |
Three Months Ended |
||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Anchor handling towing supply |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 9,269 | $ | 13,381 | $ | 10,322 | $ | 10,322 | $ | 9,766 | ||||||||||
Fleet utilization |
28 | % | 23 | % | 21 | % | 21 |
% |
25 |
% |
||||||||||
Fleet available days |
1,012 | 866 | 1,260 | 1,288 | 1,288 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
100 | 23 | 36 | 5 | 69 | |||||||||||||||
Out-of-service days for cold-stacked status |
602 | 608 | 947 | 943 | 851 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 2,592 | $ | 2,712 | $ | 2,787 | $ | 2,849 | $ | 3,199 | ||||||||||
Other marine services |
1,244 | (91 | ) | 1,438 | 698 | (88 |
) |
|||||||||||||
3,836 | 2,621 | 4,225 | 3,547 | 3,111 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
1,667 | 1,593 | 1,397 | 2,381 | 2,388 | |||||||||||||||
Repairs and maintenance |
1,625 | 1,281 | 394 | 498 | 565 | |||||||||||||||
Drydocking |
1,168 | 945 | 480 | (30 |
) |
125 | ||||||||||||||
Insurance and loss reserves |
282 | 265 | 91 | 195 | 176 | |||||||||||||||
Fuel, lubes and supplies |
582 | 586 | 153 | 446 | 158 | |||||||||||||||
Other |
530 | 689 | 452 | (499 |
) |
(170 |
) |
|||||||||||||
5,854 | 5,359 | 2,967 | 2,991 | 3,242 | ||||||||||||||||
Direct Vessel (Loss) Profit |
$ | (2,018 | ) | $ | (2,738 | ) | $ | 1,258 | $ | 556 | $ | (131 |
) |
|||||||
Leased-in equipment (included in operating costs and expenses) |
$ | 1,851 | $ | 1,855 | $ | 1,858 | $ | 1,862 | $ | 1,866 | ||||||||||
Depreciation and amortization |
$ | 689 | $ | 532 | $ | 1,490 | $ | 2,430 | $ | 2,419 | ||||||||||
Fast support |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 7,148 | $ | 6,963 | $ | 7,746 | $ | 7,414 | $ | 7,999 | ||||||||||
Fleet utilization |
59 | % | 62 | % | 53 | % | 52 |
% |
49 |
% |
||||||||||
Fleet available days |
3,709 | 3,820 | 3,780 | 3,864 | 3,885 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
131 | 53 | 109 | 155 | 208 | |||||||||||||||
Out-of-service days for cold-stacked status |
1,037 | 1,191 | 1,253 | 1,324 | 1,447 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 15,678 | $ | 16,488 | $ | 15,427 | $ | 14,845 | $ | 15,271 | ||||||||||
Other marine services |
(834 | ) | (505 | ) | (656 | ) | (399 |
) |
(410 |
) |
||||||||||
14,844 | 15,983 | 14,771 | 14,446 | 14,861 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
5,826 | 5,258 | 4,756 | 5,717 | 5,405 | |||||||||||||||
Repairs and maintenance |
2,641 | 3,406 | 2,544 | 1,853 | 2,680 | |||||||||||||||
Drydocking |
432 | 115 | (9 | ) | 684 | 247 | ||||||||||||||
Insurance and loss reserves |
407 | 314 | 324 | 129 | 297 | |||||||||||||||
Fuel, lubes and supplies |
1,016 | 1,015 | 795 | 849 | 975 | |||||||||||||||
Other |
1,718 | 1,466 | 1,460 | 2,356 | 1,610 | |||||||||||||||
12,040 | 11,574 | 9,870 | 11,588 | 11,214 | ||||||||||||||||
Direct Vessel Profit |
$ | 2,804 | $ | 4,409 | $ | 4,901 | $ | 2,858 | $ | 3,647 | ||||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | 342 | $ | 342 | $ | 342 | $ | 343 | $ | 343 | ||||||||||
Depreciation and amortization |
$ | 5,780 | $ | 6,585 | $ | 6,585 | $ | 6,521 | $ | 5,000 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
Three Months Ended |
||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Supply |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 7,410 | $ | 7,174 | $ | 6,454 | $ | 5,222 | $ | 6,279 | ||||||||||
Fleet utilization |
82 | % | 69 | % | 73 | % | 81 |
% |
65 |
% |
||||||||||
Fleet available days |
565 | 637 | 633 | 594 | 507 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
— | — | 16 | 2 | 36 | |||||||||||||||
Out-of-service days for cold-stacked status |
— | 19 | 68 | 25 | 99 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 3,442 | $ | 3,149 | $ | 3,002 | $ | 2,527 | $ | 2,062 | ||||||||||
Other marine services |
2,234 | 1,195 | 1,125 | 1,122 | 1,079 | |||||||||||||||
5,676 | 4,344 | 4,127 | 3,649 | 3,141 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
1,976 | 1,999 | 1,956 | 1,604 | 1,321 | |||||||||||||||
Repairs and maintenance |
549 | 259 | 445 | 266 | 321 | |||||||||||||||
Drydocking |
1,624 | 585 | — | — | — | |||||||||||||||
Insurance and loss reserves |
145 | 134 | 102 | 210 | 26 | |||||||||||||||
Fuel, lubes and supplies |
391 | 317 | 694 | 632 | 194 | |||||||||||||||
Other |
254 | 1,048 | 719 | 348 | 158 | |||||||||||||||
4,939 | 4,342 | 3,916 | 3,060 | 2,020 | ||||||||||||||||
Direct Vessel Profit |
$ | 737 | $ | 2 | $ | 211 | $ | 589 | $ | 1,121 | ||||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | 34 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Depreciation and amortization |
$ | 1,173 | $ | 1,394 | $ | 2,743 | $ | 3,566 | $ | 1,226 | ||||||||||
Standby safety |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 8,692 | $ | 9,157 | $ | 9,058 | $ | 8,660 | $ | 8,650 | ||||||||||
Fleet utilization |
77 | % | 80 | % | 78 | % | 82 |
% |
84 |
% |
||||||||||
Fleet available days |
1,809 | 1,746 | 1,849 | 1,822 | 1,840 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
117 | 46 | 87 | 78 | 96 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 12,036 | $ | 12,791 | $ | 13,051 | $ | 12,921 | $ | 13,328 | ||||||||||
Other marine services |
50 | 39 | 40 | 38 | 32 | |||||||||||||||
12,086 | 12,830 | 13,091 | 12,959 | 13,360 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
5,855 | 8,148 | 6,938 | 6,901 | 6,955 | |||||||||||||||
Repairs and maintenance |
1,627 | 1,464 | 1,554 | 1,570 | 1,943 | |||||||||||||||
Drydocking |
1,156 | 624 | 1,741 | 919 | 960 | |||||||||||||||
Insurance and loss reserves |
234 | 143 | 138 | 106 | 116 | |||||||||||||||
Fuel, lubes and supplies |
975 | 843 | 991 | 894 | 723 | |||||||||||||||
Other |
351 | 144 | 161 | 220 | 156 | |||||||||||||||
10,198 | 11,366 | 11,523 | 10,610 | 10,853 | ||||||||||||||||
Direct Vessel Profit |
$ | 1,888 | $ | 1,464 | $ | 1,568 | $ | 2,349 | $ | 2,507 | ||||||||||
Depreciation and amortization |
$ | 945 | $ | 681 | $ | 694 | $ | 769 | $ | 578 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
Three Months Ended |
||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Specialty |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Fleet utilization |
— | % | — | % | — | % | — |
% |
— |
% |
||||||||||
Fleet available days |
92 | 91 | 90 | 276 | 276 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
— | — | — | 24 | 25 | |||||||||||||||
Out-of-service days for cold-stacked status |
92 | 91 | 90 | 160 | 159 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | — | $ | — | $ | — | $ | (1 |
) |
$ | — | |||||||||
Other marine services |
— | — | — | 1 | 268 | |||||||||||||||
— | — | — | — | 268 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
64 | 79 | 164 | 472 | 413 | |||||||||||||||
Repairs and maintenance |
31 | 13 | 37 | 77 | 40 | |||||||||||||||
Drydocking |
— | — | (6 | ) | (136 |
) |
736 | |||||||||||||
Insurance and loss reserves |
41 | 25 | 10 | 102 | 21 | |||||||||||||||
Fuel, lubes and supplies |
65 | (29 | ) | 83 | 20 | 92 | ||||||||||||||
Other |
67 | 93 | 104 | 85 | 84 | |||||||||||||||
268 | 181 | 392 | 620 | 1,386 | ||||||||||||||||
Direct Vessel Loss |
$ | (268 | ) | $ | (181 | ) | $ | (392 | ) | $ | (620 |
) |
$ | (1,118 |
) |
|||||
Depreciation and amortization |
$ | 282 | $ | 283 | $ | 282 | $ | 283 | $ | 579 | ||||||||||
Liftboats |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 18,993 | $ | 19,225 | $ | 16,068 | $ | 16,662 | $ | 11,899 | ||||||||||
Fleet utilization |
60 | % | 43 | % | 30 | % | 30 |
% |
28 |
% |
||||||||||
Fleet available days |
1,932 | 1,911 | 1,659 | 1,380 | 1,380 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
86 | 266 | 116 | 92 | 174 | |||||||||||||||
Out-of-service days for cold-stacked status |
554 | 708 | 933 | 771 | 551 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 22,171 | $ | 15,788 | $ | 8,126 | $ | 6,954 | $ | 4,659 | ||||||||||
Other marine services |
2,922 | 1,569 | 756 | 393 | 447 | |||||||||||||||
25,093 | 17,357 | 8,882 | 7,347 | 5,106 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
5,621 | 4,671 | 3,461 | 2,577 | 3,394 | |||||||||||||||
Repairs and maintenance |
1,827 | 1,553 | 1,134 | 990 | 1,288 | |||||||||||||||
Drydocking |
433 | 842 | 51 | 1 | 211 | |||||||||||||||
Insurance and loss reserves |
630 | 889 | 651 | 722 | 684 | |||||||||||||||
Fuel, lubes and supplies |
1,482 | 1,153 | 668 | 632 | 646 | |||||||||||||||
Other |
620 | 336 | 417 | 333 | 352 | |||||||||||||||
10,613 | 9,444 | 6,382 | 5,255 | 6,575 | ||||||||||||||||
Direct Vessel Profit (Loss) |
$ | 14,480 | $ | 7,913 | $ | 2,500 | $ | 2,092 | $ | (1,469 |
) |
|||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | 641 | $ | 644 | $ | 638 | $ | 626 | $ | 627 | ||||||||||
Depreciation and amortization |
$ | 6,188 | $ | 6,333 | $ | 5,025 | $ | 3,160 | $ | 3,045 |
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
Three Months Ended |
||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Wind farm utility |
||||||||||||||||||||
Time Charter Statistics: |
||||||||||||||||||||
Average rates per day worked |
$ | 2,253 | $ | 2,330 | $ | 2,305 | $ | 2,318 | $ | 2,220 | ||||||||||
Fleet utilization |
89 | % | 73 | % | 62 | % | 72 |
% |
89 |
% |
||||||||||
Fleet available days |
3,498 | 3,457 | 3,330 | 3,404 | 3,404 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings |
123 | 31 | 113 | 171 | 14 | |||||||||||||||
Out-of-service days for cold-stacked status |
61 | — | 40 | 92 | 99 | |||||||||||||||
Operating revenues: |
||||||||||||||||||||
Time charter |
$ | 6,983 | $ | 5,898 | $ | 4,749 | $ | 5,650 | $ | 6,748 | ||||||||||
Other marine services |
657 | 563 | 429 | 295 | 688 | |||||||||||||||
7,640 | 6,461 | 5,178 | 5,945 | 7,436 | ||||||||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
2,471 | 2,295 | 2,222 | 2,295 | 2,265 | |||||||||||||||
Repairs and maintenance |
806 | 987 | 825 | 969 | 575 | |||||||||||||||
Drydocking | 9 | 1 | — | — | — | |||||||||||||||
Insurance and loss reserves |
130 | 93 | 103 | 74 | 89 | |||||||||||||||
Fuel, lubes and supplies |
163 | 219 | 144 | 146 | 93 | |||||||||||||||
Other |
104 | 173 | 96 | 121 | 87 | |||||||||||||||
3,683 | 3,768 | 3,390 | 3,605 | 3,109 | ||||||||||||||||
Direct Vessel Profit |
$ | 3,957 | $ | 2,693 | $ | 1,788 | $ | 2,340 | $ | 4,327 | ||||||||||
Leased-in equipment (included in operating costs and expenses) |
$ | (22 | ) | $ | 22 | $ | — | $ | — | $ | — | |||||||||
Depreciation and amortization |
$ | 2,093 | $ | 2,380 | $ | 2,428 | $ | 2,903 | $ | 2,293 | ||||||||||
Other Activity |
||||||||||||||||||||
Operating revenues: |
||||||||||||||||||||
Other marine services |
$ | 1,080 | $ | 1,105 | $ | 1,447 | $ | 1,450 | $ | 530 | ||||||||||
Direct operating expenses: |
||||||||||||||||||||
Personnel |
1,541 | 690 | 782 | 6 | 38 | |||||||||||||||
Repairs and maintenance |
102 | 107 | 140 | 2 | (2 |
) |
||||||||||||||
Insurance and loss reserves |
(12 | ) | 71 | (229 | ) | (95 |
) |
(13 |
) |
|||||||||||
Fuel, lubes and supplies |
16 | 18 | 17 | 1 | (1 |
) |
||||||||||||||
Other |
(644 | ) | (940 | ) | (802 | ) | 6 | 1 | ||||||||||||
1,003 | (54 | ) | (92 | ) | (80 |
) |
23 | |||||||||||||
Direct Vessel Profit |
$ | 77 | $ | 1,159 | $ | 1,539 | $ | 1,530 | $ | 507 | ||||||||||
Leased-in equipment (included in operating costs and expenses) | $ | (21 | ) | $ | (23 | ) | (13 | ) | — | — | ||||||||||
Depreciation and amortization |
$ | 192 | $ | 218 | $ | 265 | $ | 389 | $ | 482 |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands) |
Three Months Ended |
||||||||||||||||||||
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
||||||||||||||||
Cash Flows from Operating Activities: |
||||||||||||||||||||
DVP |
$ | 21,657 | $ | 14,721 | $ | 13,373 | $ | 11,694 | $ | 9,391 | ||||||||||
Operating, leased-in equipment (excluding amortization of deferred gains) |
(4,834 | ) | (4,850 | ) | (4,834 | ) | (4,840 |
) |
(4,845 |
) |
||||||||||
Administrative and general (excluding provisions for bad debts and amortization of share awards) |
(11,452 | ) | (14,076 | ) | (12,357 | ) | (12,091 |
) |
(11,139 |
) |
||||||||||
SEACOR Holdings management and guarantee fees |
(5 | ) | (7 | ) | (12 | ) | (29 |
) |
(21 |
) |
||||||||||
Other, net (excluding non-cash losses) |
249 | — | — | (5 |
) |
— | ||||||||||||||
Dividends received from 50% or less owned companies |
— | 1,324 | — | 200 | 800 | |||||||||||||||
5,615 | (2,888 | ) | (3,830 | ) | (5,071 |
) |
(5,814 |
) |
||||||||||||
Changes in operating assets and liabilities before interest and income taxes |
(16,587 | ) | (14,575 | ) | (4,938 | ) | 9,003 | (14,428 |
) |
|||||||||||
Director share awards | — | 893 | — | — | — | |||||||||||||||
Restricted stock vesting | (32 | ) | (51 | ) | — | — | — | |||||||||||||
Cash settlements on derivative transactions, net |
102 | (21 | ) | (129 | ) | (140 |
) |
(184 |
) |
|||||||||||
Interest paid, excluding capitalized interest |
(5,498 | ) | (5,875 | ) | (2,828 | ) | (4,471 |
) |
(1,119 |
) |
||||||||||
Interest received |
309 | 352 | 216 | 326 | 354 | |||||||||||||||
Income taxes (paid) refunded, net |
(344 | ) | (12 | ) | — | (52 |
) |
2,599 | ||||||||||||
Net cash used in operating activities (GAAP Measure) |
(16,435 | ) | (22,177 | ) | (11,509 | ) | (405 |
) |
(18,592 |
) |
||||||||||
Cash Flows from Investing Activities: |
||||||||||||||||||||
Purchases of property and equipment, excluding capitalized interest |
(21,601 | ) | (5,983 | ) | (8,557 | ) | (16,105 |
) |
(22,796 |
) |
||||||||||
Capitalized interest paid |
(614 | ) | (1,008 | ) | — | (563 |
) |
(754 |
) |
|||||||||||
Cash settlements on derivative transactions, net |
— | — | — | — | (45 |
) |
||||||||||||||
Proceeds from disposition of property and equipment |
1,858 | 3,244 | 282 | 1,046 | 248 | |||||||||||||||
Construction reserve funds withdrawals, net |
2,556 | 7,209 | — | 94 | 22,344 | |||||||||||||||
Net investing activities in property and equipment |
(17,801 | ) | 3,462 | (8,275 | ) | (15,528 |
) |
(1,003 |
) |
|||||||||||
Net investing activities in 50% or less owned companies |
1,770 | (5,610 | ) | (19,950 | ) | (366 |
) |
(773 |
) |
|||||||||||
Sale of subsidiary to joint venture | 8,017 | — | — | — | — | |||||||||||||||
Net investing activities in third party notes receivable |
— | — | 99 | — | — | |||||||||||||||
Net cash used in investing activities (GAAP Measure) |
(8,014 | ) | (2,148 | ) | (28,126 | ) | (15,894 |
) |
(1,776 |
) |
||||||||||
Cash Flows from Financing Activities: |
||||||||||||||||||||
Payments on long-term debt |
(2,851 | ) | (6,395 | ) | (28,807 | ) | (3,354 |
) |
(4,599 |
) |
||||||||||
Proceeds from issuance of debt, net of issue costs |
43,882 | — | 18,471 | (300 |
) |
3,622 | ||||||||||||||
Proceeds from exercise of stock options and warrants | — | 813 | — | — | — | |||||||||||||||
Proceeds from issuance of stock | — | 54,012 | 1,793 | — | — | |||||||||||||||
Net cash provided by (used in) financing activities (GAAP Measure) |
41,031 | 48,430 | (8,543 | ) | (3,654 |
) |
(977 |
) |
||||||||||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
(253 | ) | (970 | ) | 682 | 528 | 539 | |||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
16,329 | 23,135 | (47,496 | ) | (19,425 |
) |
(20,806 |
) |
||||||||||||
Cash, Cash Equivalents and Restricted Cash, Beginning of Period |
88,190 | 65,055 | 112,551 | 131,976 | 152,782 | |||||||||||||||
Cash, Cash Equivalents and Restricted Cash, End of Period |
$ | 104,519 | $ | 88,190 | $ | 65,055 | $ | 112,551 | $ | 131,976 |
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
Sep. 30, 2018 |
Jun. 30, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
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ASSETS |
||||||||||||||||||||
Current Assets: |
||||||||||||||||||||
Cash and cash equivalents |
$ | 102,864 | $ | 86,239 | $ | 62,738 | $ | 110,234 | $ | 130,357 | ||||||||||
Restricted cash |
1,655 | 1,951 | 2,316 | 2,317 | 1,619 | |||||||||||||||
Receivables: |
||||||||||||||||||||
Trade, net of allowance for doubtful accounts |
75,349 | 57,658 | 45,664 | 45,616 | 54,124 | |||||||||||||||
Other |
16,552 | 16,039 | 17,039 | 12,341 | 8,942 | |||||||||||||||
Inventories |
3,646 | 3,666 | 3,975 | 3,756 | 3,786 | |||||||||||||||
Prepaid expenses and other |
2,692 | 4,090 | 3,613 | 3,026 | 3,364 | |||||||||||||||
Total current assets |
202,758 | 169,643 | 135,345 | 177,290 | 202,192 | |||||||||||||||
Property and Equipment: |
||||||||||||||||||||
Historical cost |
1,279,000 | 1,287,855 | 1,320,496 | 1,179,836 | 1,204,409 | |||||||||||||||
Accumulated depreciation |
(568,752 | ) | (564,477 | ) | (580,461 | ) | (560,160 |
) |
(558,919 |
) |
||||||||||
710,248 | 723,378 | 740,035 | 619,676 | 645,490 | ||||||||||||||||
Construction in progress |
82,953 | 82,274 | 80,682 | 70,157 | 60,597 | |||||||||||||||
Net property and equipment |
793,201 | 805,652 | 820,717 | 689,833 | 706,087 | |||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies |
120,340 | 115,424 | 112,219 | 92,169 | 89,984 | |||||||||||||||
Construction Reserve Funds |
35,596 | 38,152 | 45,361 | 45,361 | 45,455 | |||||||||||||||
Other Assets |
3,582 | 3,667 | 3,736 | 3,851 | 6,213 | |||||||||||||||
$ | 1,155,477 | $ | 1,132,538 | $ | 1,117,378 | $ | 1,008,504 | $ | 1,049,931 | |||||||||||
LIABILITIES AND EQUITY |
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Current Liabilities: |
||||||||||||||||||||
Current portion of long-term debt |
$ | 17,426 | $ | 22,858 | $ | 22,858 | $ | 22,858 | 30,858 | |||||||||||
Accounts payable and accrued expenses |
20,480 | 23,774 | 25,551 | 24,024 | 23,487 | |||||||||||||||
Due to SEACOR Holdings |
463 | 746 | 1,583 | 1,358 | 663 | |||||||||||||||
Other current liabilities |
63,772 | 56,469 | 55,365 | 50,978 | 54,210 | |||||||||||||||
Total current liabilities |
102,141 | 103,847 | 105,357 | 99,218 | 109,218 | |||||||||||||||
Long-Term Debt |
397,738 | 348,912 | 405,234 | 292,041 | 285,869 | |||||||||||||||
Conversion Option Liability on Convertible Senior Notes |
17,928 | 21,886 | 18,991 | 6,832 | 14,135 | |||||||||||||||
Deferred Income Taxes |
46,120 | 49,789 | 56,024 | 55,506 | 106,389 | |||||||||||||||
Deferred Gains and Other Liabilities |
26,662 | 27,289 | 28,600 | 31,741 | 36,314 | |||||||||||||||
Total liabilities |
$ | 590,589 | $ | 551,723 | $ | 614,206 | $ | 485,338 | $ | 551,925 | ||||||||||
Equity: |
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SEACOR Marine Holdings Inc. stockholders’ equity: |
||||||||||||||||||||
Common stock |
$ | 204 | $ | 204 | $ | 178 | $ | 177 | $ | 177 | ||||||||||
Additional paid-in capital |
414,460 | 413,754 | 306,639 | 303,996 | 302,952 | |||||||||||||||
Retained earnings |
134,628 | 150,585 | 175,609 | 216,511 | 187,550 | |||||||||||||||
Shares held in treasury | (86 | ) | (54 | ) | — | — | — | |||||||||||||
Accumulated other comprehensive loss, net of tax |
(13,945 | ) | (13,129 | ) | (10,424 | ) | (12,493 |
) |
(8,685 |
) |
||||||||||
535,261 | 551,360 | 472,002 | 508,191 | 481,994 | ||||||||||||||||
Noncontrolling interests in subsidiaries |
29,627 | 29,455 | 31,170 | 14,975 | 16,012 | |||||||||||||||
Total equity |
564,888 | 580,815 | 503,172 | 523,166 | 498,006 | |||||||||||||||
$ | 1,155,477 | $ | 1,132,538 | $ | 1,117,378 | $ | 1,008,504 | $ | 1,049,931 |
SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS |
Sep. 30, 2018 |
Jun. 30, 2018(1) |
Mar. 31, 2018 |
Dec. 31, 2017 |
Sep. 30, 2017 |
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Anchor handling towing supply |
13 | 13 | 19 | 23 | 23 | |||||||||||||||
Fast support |
47 | 49 | 50 | 50 | 50 | |||||||||||||||
Supply |
29 | 29 | 29 | 31 | 27 | |||||||||||||||
Standby safety |
20 | 21 | 22 | 20 | 21 | |||||||||||||||
Specialty |
4 | 4 | 4 | 4 | 6 | |||||||||||||||
Liftboats |
21 | 21 | 21 | 15 | 15 | |||||||||||||||
Wind farm utility |
42 | 42 | 41 | 41 | 41 | |||||||||||||||
176 | 179 | 186 | 184 | 183 |
______________________
(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 |
|||||||||||||||||||||||||||||||||
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 | Q3 | Q4 |
Deferred |
Total |
|||||||||||||||||||||||||
Fast support |
— | 1 | — | — | — | — | — | — | 1 | 2 | 4 | ||||||||||||||||||||||||
Supply |
— | 1 | — | 1 | — | 1 | — | — | — | — | 3 | ||||||||||||||||||||||||
Wind farm utility |
1 | — | 1 | — | — | — | — | — | — | — | 2 |
20