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): March 6, 2019

 

 

 

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.)

 

 

12121 Wickchester Lane, Suite 500, Houston, TX	77079
(Address of Principal Executive Offices)	(Zip Code)

 

 

Registrant's telephone number, including area code

(346) 980-1700

 

 

7910 Main Street, 2nd Floor, Houma, LA 70360

(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 March 6, 2019, SEACOR Marine Holdings Inc. (the "Company") issued a press release setting forth its earnings for the fourth quarter and year ended December 31, 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 March 6, 2019

 

 

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.
March 6, 2019	By:	/s/ John Gellert
		Name: John Gellert
		Title: President and Chief Executive Officer

 

 

Exhibit 99.1 

 

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES FOURTH QUARTER 2018 RESULTS 

 

CONTINUED IMPROVEMENT IN OPERATING PERFORMANCE 

 

 

Houston, Texas

March 6, 2019

 

 

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its fourth quarter and twelve months ended December 31, 2018.

 

Fourth quarter highlights include:

 

•

Total operating revenues increased 43.8% as compared with the fourth quarter of 2017, in what is historically a seasonally slow quarter.

 

•

Cash flows from operating activities increased to $11.9 million from $5.6 million in the prior quarter.

 

•

Operating loss decreased by $24.6 million to $11.2 million from $35.8 million in the fourth quarter of 2017, representing a 68.8% year over year improvement.

 

•

Consolidated direct vessel profit ("DVP")(1) increased 32.8% to $28.8 million from $21.7 million in the third quarter of 2018, an increase of 146.0% from $11.7 million in the fourth quarter of 2017, and an increase of 189.4% to $78.5 million in the year ended December 31, 2018 from $27.1 million in the year ended December 31, 2017.

 

•

Expanded presence in Brazil through the formation of a new joint venture to acquire UP Offshore.

 

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

 

"Our business improved steadily throughout the year and we closed 2018 with our sixth consecutive quarterly increase in direct vessel profit, and nearly doubled our cash flow from operating activities from the prior quarter.  This improvement is especially notable as the last quarter of the year is usually a seasonally slow period of activity for our liftboats in the Gulf of Mexico and crew transfer vessels ("CTVs") in the North Sea.  To the extent there was some seasonal reduction it was offset by improved results from nearly all other classes of vessels and a one-time recognition of previously deferred revenues in the U.S. Gulf of Mexico. 

 

As part of our continued commitment to actively managing our fleet, we sold an additional six fast support vessels ("FSVs"), two liftboats and one standby safety vessel during the fourth quarter, taking us to a total of 16 vessel dispositions for 2018.  These sales were offset during 2018 by the addition of two CTVs and six liftboats as well as the net addition of 16 vessels to the managed fleet through non-consolidated joint ventures.  As of December 31, 2018, the net book value of our property and equipment was $681.5 million, an increase of $61.8 million compared to the end of 2017.  Collectively, the sale transactions in the fourth quarter generated a net gain of $3.8 million before asset impairments.

 

The improvement in 2018 and positive beginning to 2019 is encouraging.  We hope for continued upticks in demand and believe our asset base and geographical reach place us in a unique position."

 

A comparison of results for the fourth quarter ended December 31, 2018 with the preceding quarter ended September 30, 2018 is included below.

 

For the fourth quarter and twelve months ended December 31, 2018, net loss attributable to SEACOR Marine was $7.8 million ($0.35 per diluted share) and $77.6 million ($3.71 per diluted share), respectively, and operating loss was $11.2 million and $66.8 million, respectively.  Net loss attributable to SEACOR Marine for the preceding quarter ended September 30, 2018 was $16.0 million ($0.71 per diluted share). 

 

For the fourth quarter ended December 31, 2017, net income attributable to SEACOR Marine was $29.0 million ($1.20 per diluted share).  For the twelve months ended December 31, 2017 net loss attributable to SEACOR Marine was $32.9 million ($1.87 per diluted share).  Operating losses attributable to SEACOR Marine for the fourth quarter and twelve months ended December 31, 2017 were $35.8 million and $128.4 million, respectively. 

 

 

Operating Revenues. On a total fleet basis, time charter revenues were $7.5 million lower compared with the preceding quarter, resulting from (i) an increase in time charter revenues of $1.1 million due to an increase in average rates per day worked and (ii) a decline in time charter revenues of (a) $4.3 million due to reduced utilization (of which $1.4 million was related to the effects of cold stacking vessels), (b) $2.4 million due to the repositioning of vessels between geographic regions, (c) $1.7 million due to net fleet dispositions and (d) $0.2 million due to unfavorable changes in currency exchange rates.  Other marine services revenues were $8.1 million higher compared with the preceding quarter.

 

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 $28.8 million compared with $21.7 million in the preceding quarter, an increase of $7.1 million.  The increase was primarily driven by a $6.4 million decrease in operating expenses and an increase in fleet utilization, excluding CTVs, from 60% to 61%, offset by a $0.5 million decrease in operating revenues and a decrease in average rates per day worked from $10,186 to $9,852.  Drydocking expenses were $3.4 million lower than the previous quarter due to timing of drydockings.  Results by region are as follows:

 

United States, primarily Gulf of Mexico.  DVP was $11.0 million compared with $6.6 million in the preceding quarter, a $4.4 million improvement.  Time charter revenues were $1.8 million lower compared with the preceding quarter, of which $1.5 million related to the liftboat fleet, primarily due to lower utilization.  Other marine services revenues were $6.0 million higher compared with the preceding quarter, primarily due to the recognition of previously deferred revenue.  On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 30% to 29%, and average rates per day worked increased from $12,476 to $12,656.  Primarily due to net fleet dispositions, days available for charter decreased by 13% and operating expenses decreased by $0.2 million.  As of December 31, 2018, the Company had 18 of 30 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply ("AHTS") vessels, five FSVs, six liftboats and one specialty vessel) compared with 22 of 38 vessels as of September 30, 2018.  As of December 31, 2018, the Company had five vessels retired and removed from service in this region (four AHTS vessels and one supply vessel).

 

Africa, primarily West Africa.  DVP was $8.2 million compared with $2.3 million in the preceding quarter, a $5.9 million improvement.  Time charter revenues were $0.5 million lower compared with the preceding quarter, primarily due to net fleet dispositions.  On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 82% to 87%, and average rates per day worked increased from $9,315 to $9,411.  Days available for charter decreased by 11% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions.  Other marine services revenues were $2.4 million higher compared with the preceding quarter, primarily due to the recognition of revenue previously deferred.  Operating expenses (excluding leased-in equipment of $1.0 million) were $3.9 million lower compared with the preceding quarter primarily due to the timing of drydockings, a decrease in repair costs and the net disposition of vessels.  As of December 31, 2018, the Company had one specialty vessel retired and removed from service in this region.

 

Middle East and Asia.  DVP was $1.7 million compared with $3.5 million in the preceding quarter, a decrease of $1.8 million.  Time charter revenues were $0.1 million lower compared with the preceding quarter, primarily due to the net disposition of vessels. Other marine services revenues were $0.2 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 76% to 70%, and average rates per day worked increased from $8,156 to $8,856. Days available for charter decreased by 1% primarily due to net fleet dispositions. Operating expenses were $1.9 million higher compared with the preceding quarter, primarily due to the mobilization and drydocking of one supply vessel. As of December 31, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one AHTS vessel) compared with one of 22 vessels as of September 30, 2018. As of December 31, 2018, the Company had one specialty vessel retired and removed from service in this region. 

 

Brazil, Mexico, Central and South America.  DVP was $3.1 million compared with $6.0 million in the preceding quarter, a decrease of $2.9 million.  Time charter revenues were $3.5 million lower compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions.  Other marine services revenues were $0.2 million lower.  On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 80% to 72% and average rates per day worked decreased from $17,604 to $11,866.  Days available for charter decreased by 13% driven by repositioning of vessels, primarily liftboats, between geographic regions.  Operating expenses were $0.8 million lower compared with the preceding quarter.  As of December 31, 2018, the Company had one of seven owned and leased-in vessels cold-stacked in this region.

 

Europe, primarily North Sea.  DVP was $4.8 million compared with $3.2 million in the preceding quarter, an improvement of $1.6 million.  Time charter revenues were $1.6 million lower, primarily due to a seasonal decrease in utilization of the CTVs.  Other marine services revenues were $0.2 million lower.  For the standby safety fleet, utilization increased from 77% to 82%, and average rates per day worked decreased from $8,692 to $8,504.  For the CTVs, utilization decreased from 91% to 69%, and average rates per day worked increased from $2,260 to $2,293.  Operating expenses (excluding leased-in equipment of $0.2 million) were $3.4 million lower compared with the preceding quarter primarily due to the timing of drydockings.  As of December 31, 2018, the Company had one of 54 owned and leased-in vessels cold-stacked in this region (one CTV).

 

___________________

(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. Fourth quarter 2018 administrative and general expenses were flat compared with the preceding quarter primarily due to higher legal and professional fees, severance and relocation expenses, and acceleration of stock awards, offset by a decrease in bad debt expense due to collection of a previously reserved receivable.

 

Depreciation and amortization. Depreciation and amortization costs were $0.4 million lower compared with the preceding quarter primarily due to net asset dispositions.

 

Asset Dispositions and Impairments. During the fourth quarter, the Company sold six FSVs, two liftboats, one standby safety vessel and other equipment for net proceeds of $10.0 million and a gain of $3.8 million, all of which was recognized in this quarter.  The Company also recognized impairment charges of $11.6 million associated with three AHTS vessels and one specialty vessel.  During the preceding quarter, the Company sold two FSVs, two CTVs, one PSV, 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 in the preceding quarter.

 

Derivative gains (losses). Net derivative gains during fourth quarter 2018 were $12.7 million, and net derivative gains during the preceding quarter of $4.4 million, were primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in the Company's convertible senior notes.

 

Income tax benefit.   The Company's year-to-date effective income tax rate was a benefit of 14.5% 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 fourth quarter 2018 were $1.9 million compared with equity losses of $1.0 million in the preceding quarter. 

 

Capital Commitments. As of December 31, 2018, the Company had unfunded capital commitments of $78.2 million that included four FSVs, three supply vessels, two CTVs and three PSVs.  The Company’s capital commitments by year of expected payment are as follows (in thousands):

 

2019			51,132
2020			27,046
		$	78,178

 

In addition, the Company has indefinitely deferred an additional $20.2 million of orders with respect to two FSVs, which the Company had previously reported as unfunded capital commitments.

 

Liquidity and Debt. As of December 31, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $124.9 million and its total outstanding debt was $404.7 million (net of $38.3 million in discount and issuance costs).  As of December 31, 2018, construction reserve funds of $28.1 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.  Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company.  These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.  Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control.  It should be understood that it is not possible to predict or identify all such factors.  Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties.  Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.  Forward-looking statements speak only as of the date of the document in which they are made.  The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.  It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).  These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

 

 

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

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

 

 

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

 

		Three Months Ended December 31,								Twelve Months Ended December 31,
		2018				2017				2018				2017
Operating Revenues		$	70,932			$	49,343			$	253,609			$	173,783
Costs and Expenses:
Operating			45,150				40,480				186,566				159,599
Administrative and general			12,240				12,368				52,813				56,217
Depreciation and amortization			16,986				20,021				72,246				62,779
			74,376				72,869				311,625				278,595
Losses on Asset Dispositions and Impairments, Net			(7,745	)			(12,304	)			(8,747	)			(23,547	)
Operating Loss			(11,189	)			(35,830	)			(66,763	)			(128,359	)
Other Income (Expense):
Interest income			357				326				1,234				1,805
Interest expense			(7,486	)			(4,509	)			(27,869	)			(16,532	)
SEACOR Holdings management fees			—				—				—				(3,208	)
SEACOR Holdings guarantee fees			(5	)			(29	)			(29	)			(201	)
Loss on debt extinguishment			—				—				(638	)			—
Marketable security gains, net			—				—				—				10,931
Derivative gains, net			12,651				7,536				2,854				20,256
Foreign currency losses, net			(466	)			(320	)			(1,447	)			(1,709	)
Other, net			(4	)			(5	)			674				(6	)
			5,047				2,999				(25,221	)			11,336
Net Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(6,142	)			(32,831	)			(91,984	)			(117,023	)
Income Tax Benefit			(48	)			(51,361	)			(13,347	)			(74,406	)
Loss (Income) Before Equity in Earnings of 50% or Less Owned Companies			(6,094	)			18,530				(78,637	)			(42,617	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(1,875	)			9,374				(3,415	)			4,077
Net (Loss) Income			(7,969	)			27,904				(82,052	)			(38,540	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries			(175	)			(1,057	)			(4,444	)			(5,639	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.		$	(7,794	)		$	28,961			$	(77,608	)		$	(32,901	)
Loss Per Common Share of SEACOR Marine Holdings Inc.
Basic		$	(0.35	)		$	(1.65	)		$	(3.71	)		$	(1.87	)
Diluted		$	(0.35	)		$	(1.20	)		$	(3.71	)		$	(1.87	)
Weighted Average Common Shares Outstanding:
Basic			22,513,886				17,551,935				20,926,307				17,601,244
Diluted			22,513,886				21,622,435				20,926,307				17,601,244

 

 

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

 

		Three Months Ended December 31,														Twelve Months Ended December 31,
		2018							2017							2018							2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)		$	9,852						$	8,583						$	9,735						$	8,481
Average Rates Per Day		$	7,447						$	6,435						$	7,282						$	5,972
Fleet Utilization (excluding crew transfer)						61	%						51	%						57	%						45	%
Fleet Utilization						63	%						56	%						62	%						54	%
Fleet Available Days (excluding crew transfer)			8,312							9,224							35,772							35,833
Fleet Available Days			11,808							12,628							49,553							49,338
Operating Revenues:
Time charter		$	55,382			78	%		$	45,745			93	%		$	222,252			88	%		$	160,545			92	%
Bareboat charter			1,168			2	%			1,169			2	%			4,635			2	%			4,636			3	%
Other marine services			14,382			20	%			2,429			5	%			26,722			10	%			8,602			5	%
			70,932			100	%			49,343			100	%			253,609			100	%			173,783			100	%
Costs and Expenses:
Operating:
Personnel			23,598			33	%			21,953			44	%			95,028			37	%			81,500			47	%
Repairs and maintenance			7,928			11	%			6,225			13	%			33,279			13	%			27,655			16	%
Drydocking			1,396			2	%			1,438			3	%			11,587			5	%			9,035			5	%
Insurance and loss reserves			2,093			3	%			1,443			3	%			7,074			3	%			6,524			4	%
Fuel, lubes and supplies			4,618			7	%			3,620			7	%			16,975			7	%			12,032			7	%
Other			2,532			4	%			2,970			6	%			11,148			4	%			9,905			6	%
Leased-in equipment			2,985			4	%			2,831			6	%			11,475			5	%			12,948			7	%
			45,150			64	%			40,480			82	%			186,566			74	%			159,599			92	%
Administrative and general			12,240			17	%			12,368			25	%			52,813			21	%			56,217			32	%
Depreciation and amortization			16,986			24	%			20,021			41	%			72,246			29	%			62,779			36	%
			74,376			105	%			72,869			148	%			311,625			124	%			278,595			160	%
Losses on Asset Dispositions and Impairments, Net			(7,745)			(11	)%			(12,304	)		(25	)%			(8,747	)		(3	)%			(23,547	)		(14	)%
Operating Loss			(11,189	)		(16	)%			(35,830	)		(73	)%			(66,763	)		(27)	%			(128,359	)		(74	)%

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)		$	9,852			$	10,186			$	9,742			$	9,071			$	8,583
Average Rates Per Day Worked		$	7,447			$	7,323			$	7,324			$	7,001			$	6,435
Fleet Utilization (excluding crew transfer)			61	%			60	%			58	%			50	%			51	%
Fleet Utilization			63	%			68	%			62	%			53	%			56	%
Fleet Available Days (excluding crew transfer)			8,312				9,119				9,071				9,271				9,224
Fleet Available Days			11,808				12,617				12,528				12,601				12,628
Operating Revenues:
Time charter		$	55,382			$	62,902			$	56,826			$	47,142			$	45,745
Bareboat charter			1,168				1,168				1,156				1,143				1,169
Other marine services			14,382				6,185				2,719				3,436				2,429
			70,932				70,255				60,701				51,721				49,343
Costs and Expenses:
Operating:
Personnel			23,598				25,021				24,733				21,676				21,953
Repairs and maintenance			7,928				9,208				9,070				7,073				6,225
Drydocking			1,396				4,822				3,112				2,257				1,438
Insurance and loss reserves			2,093				1,857				1,934				1,190				1,443
Fuel, lubes and supplies			4,618				4,690				4,122				3,545				3,620
Other			2,532				3,000				3,009				2,607				2,970
			42,165				48,598				45,980				38,348				37,649
Direct Vessel Profit			28,767				21,657				14,721				13,373				11,694
Other Costs and Expenses:
Operating:
Leased-in expense			2,985				2,825				2,840				2,825				2,831
Administrative and general			12,240				12,234				15,532				12,807				12,368
Depreciation and amortization			16,986				17,342				18,406				19,512				20,021
			32,211				32,401				36,778				35,144				35,220
(Losses) Gains on Asset Dispositions and Impairments, Net			(7,745	)			586				1,055				(2,643	)			(12,304	)
Operating Loss			(11,189	)			(10,158	)			(21,002	)			(24,414	)			(35,830	)
Other Income (Expense):
Interest income			357				309				352				216				326
Interest expense			(7,486	)			(7,761	)			(6,489	)			(6,133	)			(4,509	)
SEACOR Holdings guarantee fees			(5	)			(5	)			(7	)			(12	)			(29	)
Debt extinguishment loss			—				(638	)			—				—				—
Derivative gains (losses), net			12,651				4,387				(2,668	)			(11,516	)			7,536
Foreign currency (losses) gains, net			(466	)			(302	)			(818	)			139				(320	)
Other, net			(4	)			678				—				—				(5	)
			5,047				(3,332	)			(9,630	)			(17,306	)			2,999
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies			(6,142	)			(13,490	)			(30,632	)			(41,720	)			(32,831	)
Income Tax Expense (Benefit)			(48	)			1,249				(4,724	)			(9,824	)			(51,361	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(6,094	)			(14,739	)			(25,908	)			(31,896	)			18,530
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(1,875	)			(1,027	)			(721	)			208				9,374
Net (Loss) Income			(7,969	)			(15,766	)			(26,629	)			(31,688	)			27,904
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries			(175	)			191				(1,605	)			(2,855	)			(1,057	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.		$	(7,794	)		$	(15,957	)		$	(25,024	)		$	(28,833	)		$	28,961
(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:
Basic		$	(0.35	)		$	(0.71	)		$	(1.19	)		$	(1.64	)		$	1.65
Diluted		$	(0.35	)		$	(0.71	)		$	(1.19	)		$	(1.64	)		$	1.20
Weighted Average Common Shares and Warrants Outstanding:
Basic			22,514				22,513				21,035				17,571				17,552
Diluted			22,514				22,513				21,035				17,571				21,629
Common Shares and Warrants Outstanding at Period End			22,711				22,709				22,709				17,787				17,675

 

 

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 December 31, 2018
Time Charter Statistics:
Average Rates Per Day		$	12,656			$	9,411			$	8,856			$	11,866			$	4,676			$	7,447
Fleet Utilization			29	%			87	%			70	%			72	%			73	%			63	%
Fleet Available Days			2,983				1,310				2,009				460				5,046				11,808
Operating Revenues:
Time charter		$	10,968			$	10,730			$	12,517			$	3,934			$	17,233			$	55,382
Bareboat charter			—				—				—				1,168				—				1,168
Other marine services			8,709				4,247				118				183				1,125				14,382
			19,677				14,977				12,635				5,285				18,358				70,932
Direct Costs and Expenses:
Operating:
Personnel			5,227				3,665				4,354				1,142				9,210				23,598
Repairs and maintenance			1,128				873				3,077				362				2,488				7,928
Drydocking			147				(28	)			949				14				314				1,396
Insurance and loss reserves			974				307				389				96				327				2,093
Fuel, lubes and supplies			1,055				1,176				1,179				384				824				4,618
Other			185				772				984				232				359				2,532
			8,716				6,765				10,932				2,230				13,522				42,165
Direct Vessel Profit		$	10,961			$	8,212			$	1,703			$	3,055			$	4,836				28,767
Other Costs and Expenses:
Operating:
Leased-in equipment		$	1,849			$	958			$	—			$	—			$	178				2,985
Administrative and general																							12,240
Depreciation and amortization		$	5,550			$	2,341			$	4,154			$	1,888			$	3,053				16,986
																							32,211
Gains on Asset Dispositions and Impairments																							(7,745	)
Operating Loss																						$	(11,189	)

 

 

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 Twelve Months Ended December 31, 2018
Time Charter Statistics:
Average Rates Per Day		$	11,292			$	9,421			$	8,320			$	15,991			$	4,710			$	7,282
Fleet Utilization			24	%			87	%			74	%			67	%			76	%			62	%
Fleet Available Days			14,176				5,376				8,170				1,626				20,205				49,553
Operating Revenues:
Time charter		$	38,802			$	43,847			$	50,072			$	17,343			$	72,188			$	222,252
Bareboat charter			—				—				—				4,635				—				4,635
Other marine services			14,762				7,661				(887	)			1,554				3,632				26,722
			53,564				51,508				49,185				23,532				75,820				253,609
Direct Costs and Expenses:
Operating:
Personnel			18,708				16,538				16,806				4,399				38,577				95,028
Repairs and maintenance			5,152				6,330				11,172				1,011				9,614				33,279
Drydocking			1,957				2,085				1,362				128				6,055				11,587
Insurance and loss reserves			2,922				1,096				1,371				495				1,190				7,074
Fuel, lubes and supplies			3,568				3,826				4,027				1,225				4,329				16,975
Other			393				4,313				3,980				1,130				1,332				11,148
			32,700				34,188				38,718				8,388				61,097				175,091
Direct Vessel Profit		$	20,864			$	17,320			$	10,467			$	15,144			$	14,723				78,518
Other Costs and Expenses:
Operating:
Leased-in equipment		$	7,420			$	3,843			$	—			$	—			$	212				11,475
Administrative and general																							52,813
Depreciation and amortization		$	23,227			$	10,453			$	18,762			$	7,908			$	11,896				72,246
																							136,534
Losses on Asset Dispositions and Impairments																							(8,747	)
Operating Loss																						$	(66,763	)
As of December 31, 2018
Property and Equipment:
Historical cost		$	432,335			$	184,361			$	306,897			$	124,177			$	194,963			$	1,242,733
Accumulated depreciation			(224,737	)			(55,206	)			(81,378	)			(57,002	)			(142,949	)			(561,272	)
		$	207,598			$	129,155			$	225,519			$	67,175			$	52,014			$	681,461

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	12,656			$	12,476			$	10,503			$	8,775			$	8,027
Fleet utilization			29	%			30	%			23	%			17	%			18	%
Fleet available days			2,983				3,433				3,710				4,050				3,864
Out-of-service days for repairs, maintenance and drydockings			143				147				292				219				139
Out-of-service days for cold-stacked status			1,761				2,101				2,435				3,111				3,010
Operating revenues:
Time charter		$	10,968			$	12,800			$	9,052			$	5,982			$	5,608
Other marine services			8,709				2,722				1,676				1,655				1,077
			19,677				15,522				10,728				7,637				6,685
Direct operating expenses:
Personnel			5,227				4,853				4,636				3,992				3,853
Repairs and maintenance			1,128				1,801				1,529				694				631
Drydocking			147				375				910				525				(164	)
Insurance and loss reserves			974				612				902				434				678
Fuel, lubes and supplies			1,055				1,120				900				493				381
Other			185				154				29				25				3
			8,716				8,915				8,906				6,163				5,382
Direct Vessel Profit		$	10,961			$	6,607			$	1,822			$	1,474			$	1,303
Leased-in equipment (included in operating costs and expenses)		$	1,849			$	1,853			$	1,856			$	1,862			$	1,866
Depreciation and amortization		$	5,550			$	5,227			$	5,915			$	6,535			$	5,487
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked		$	9,411			$	9,315			$	9,509			$	9,455			$	10,517
Fleet utilization			87	%			82	%			88	%			91	%			75	%
Fleet available days			1,310				1,475				1,331				1,260				1,207
Out-of-service days for repairs, maintenance and drydockings			—				92				46				31				34
Out-of-service days for cold-stacked status			—				—				—				—				92
Operating revenues:
Time charter		$	10,730			$	11,201			$	11,122			$	10,794			$	9,533
Other marine services			4,247				1,777				350				1,287				983
			14,977				12,978				11,472				12,081				10,516
Direct operating expenses:
Personnel			3,665				4,486				4,314				4,073				3,795
Repairs and maintenance			873				2,438				1,663				1,356				855
Drydocking			(28	)			1,201				910				2				129
Insurance and loss reserves			307				323				248				218				(19	)
Fuel, lubes and supplies			1,176				1,081				900				669				859
Other			772				1,103				1,402				1,036				1,098
			6,765				10,632				9,437				7,354				6,717
Direct Vessel Profit		$	8,212			$	2,346			$	2,035			$	4,727			$	3,799
Leased-in equipment (included in operating costs and expenses)		$	958			$	960			$	962			$	963			$	965
Depreciation and amortization		$	2,341			$	2,381			$	2,924			$	2,807			$	3,175

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	8,856			$	8,156			$	8,226			$	8,072			$	6,784
Fleet utilization			70	%			76	%			82	%			66	%			68	%
Fleet available days			2,009				2,024				2,005				2,132				2,331
Out-of-service days for repairs, maintenance and drydockings			178				76				4				151				104
Out-of-service days for cold-stacked status			92				92				91				130				119
Operating revenues:
Time charter		$	12,517			$	12,590			$	13,591			$	11,374			$	10,682
Other marine services			118				(83	)			(792	)			(130	)			(171	)
			12,635				12,507				12,799				11,244				10,511
Direct operating expenses:
Personnel			4,354				4,361				4,069				4,022				4,882
Repairs and maintenance			3,077				2,091				3,576				2,428				2,205
Drydocking			949				352				72				(11	)			554
Insurance and loss reserves			389				385				361				236				382
Fuel, lubes and supplies			1,179				892				922				1,034				1,180
Other			984				952				836				1,208				1,522
			10,932				9,033				9,836				8,917				10,725
Direct Vessel Profit (Loss)		$	1,703			$	3,474			$	2,963			$	2,327			$	(214	)
Depreciation and amortization		$	4,154			$	4,207			$	4,311			$	6,090			$	6,898
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked		$	11,866			$	17,604			$	19,127			$	15,272			$	16,718
Fleet utilization			72	%			80	%			57	%			41	%			50	%
Fleet available days			460				531				416				219				184
Out-of-service days for cold-stacked status			92				92				91				90				92
Operating revenues:
Time charter		$	3,934			$	7,479			$	4,556			$	1,374			$	1,538
Bareboat charter			1,168				1,168				1,156				1,143				1,169
Other marine services			183				416				845				110				156
			5,285				9,063				6,557				2,627				2,863
Direct operating expenses:
Personnel			1,142				1,662				1,219				376				322
Repairs and maintenance			362				312				32				305				44
Drydocking			14				103				11				—				—
Insurance and loss reserves			96				163				169				67				230
Fuel, lubes and supplies			384				427				349				65				163
Other			232				350				488				60				44
			2,230				3,017				2,268				873				803
Direct Vessel Profit		$	3,055			$	6,046			$	4,289			$	1,754			$	2,060
Depreciation and amortization		$	1,888			$	2,521			$	2,280			$	1,219			$	1,134

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety		$	8,504			$	8,692			$	9,157			$	9,058			$	8,660
Fleet utilization - Standby safety			82	%			77	%			80	%			78	%			82	%
Fleet available days - Standby safety			1,734				1,809				1,746				1,849				1,822
Average rates per day worked - Crew transfer			2,293				2,260				2,342				2,317				2,330
Fleet utilization - Crew transfer			69	%			91	%			76	%			64	%			73	%
Fleet available days - Crew transfer			3,312				3,314				3,228				3,091				3,220
Out-of-service days for repairs, maintenance and drydockings			136				240				77				137				249
Out-of-service days for cold-stacked status			92				61				—				—				—
Operating revenues:
Time charter		$	17,233			$	18,832			$	18,505			$	17,618			$	18,384
Other marine services			1,125				1,353				640				514				384
			18,358				20,185				19,145				18,132				18,768
Direct operating expenses:
Personnel			9,210				9,659				10,495				9,213				9,101
Repairs and maintenance			2,488				2,566				2,270				2,290				2,490
Drydocking			314				2,791				1,209				1,741				919
Insurance and loss reserves			327				374				254				235				172
Fuel, lubes and supplies			824				1,170				1,051				1,284				1,037
Other			359				441				254				278				303
			13,522				17,001				15,533				15,041				14,022
Direct Vessel Profit		$	4,836			$	3,184			$	3,612			$	3,091			$	4,746
Leased-in equipment (included in operating costs and expenses)		$	178			$	12			$	22			$	—			$	—
Depreciation and amortization		$	3,053			$	3,006			$	2,976			$	2,861			$	3,327

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	8,506			$	9,269			$	13,381			$	10,322			$	10,322
Fleet utilization			26	%			28	%			23	%			21	%			21	%
Fleet available days			1,012				1,012				866				1,260				1,288
Out-of-service days for repairs, maintenance and drydockings			12				100				23				36				5
Out-of-service days for cold-stacked status			644				602				608				947				943
Operating revenues:
Time charter		$	2,248			$	2,592			$	2,712			$	2,787			$	2,849
Other marine services			2,426				1,244				(91	)			1,438				698
			4,674				3,836				2,621				4,225				3,547
Direct operating expenses:
Personnel			1,279				1,667				1,593				1,397				2,381
Repairs and maintenance			386				1,625				1,281				394				498
Drydocking			(70	)			1,168				945				480				(30	)
Insurance and loss reserves			219				282				265				91				195
Fuel, lubes and supplies			467				582				586				153				446
Other			568				530				689				452				(499	)
			2,849				5,854				5,359				2,967				2,991
Direct Vessel Profit (Loss)		$	1,825			$	(2,018	)		$	(2,738	)		$	1,258			$	556
Leased-in equipment (included in operating costs and expenses)		$	1,847			$	1,851			$	1,855			$	1,858			$	1,862
Depreciation and amortization		$	679			$	689			$	532			$	1,490			$	2,430
Fast support
Time Charter Statistics:
Average rates per day worked		$	7,749			$	7,148			$	6,963			$	7,746			$	7,414
Fleet utilization			67	%			59	%			62	%			53	%			52	%
Fleet available days			3,187				3,709				3,820				3,780				3,864
Out-of-service days for repairs, maintenance and drydockings			151				131				53				109				155
Out-of-service days for cold-stacked status			659				1,037				1,191				1,253				1,324
Operating revenues:
Time charter		$	16,453			$	15,678			$	16,488			$	15,427			$	14,845
Other marine services			(952	)			(834	)			(505	)			(656	)			(399	)
			15,501				14,844				15,983				14,771				14,446
Direct operating expenses:
Personnel			5,328				5,826				5,258				4,756				5,717
Repairs and maintenance			2,595				2,641				3,406				2,544				1,853
Drydocking			1				432				115				(9	)			684
Insurance and loss reserves			534				407				314				324				129
Fuel, lubes and supplies			1,368				1,016				1,015				795				849
Other			1,062				1,718				1,466				1,460				2,356
			10,888				12,040				11,574				9,870				11,588
Direct Vessel Profit		$	4,613			$	2,804			$	4,409			$	4,901			$	2,858
Leased-in equipment (included in operating costs and expenses)		$	341			$	342			$	342			$	342			$	343
Depreciation and amortization		$	5,525			$	5,780			$	6,585			$	6,585			$	6,521

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Supply
Time Charter Statistics:
Average rates per day worked		$	7,050			$	7,410			$	7,174			$	6,454			$	5,222
Fleet utilization			81	%			82	%			69	%			73	%			81	%
Fleet available days			460				565				637				633				594
Out-of-service days for repairs, maintenance and drydockings			27				—				—				16				2
Out-of-service days for cold-stacked status			—				—				19				68				25
Operating revenues:
Time charter		$	2,631			$	3,442			$	3,149			$	3,002			$	2,527
Bareboat charter			1,168				1,168				1,156				1,143				1,169
Other marine services			619				1,066				39				(18	)			(47	)
			4,418				5,676				4,344				4,127				3,649
Direct operating expenses:
Personnel			1,487				1,976				1,999				1,956				1,604
Repairs and maintenance			403				549				259				445				266
Drydocking			1,023				1,624				585				—				—
Insurance and loss reserves			130				145				134				102				210
Fuel, lubes and supplies			445				391				317				694				632
Other			762				254				1,048				719				348
			4,250				4,939				4,342				3,916				3,060
Direct Vessel Profit		$	168			$	737			$	2			$	211			$	589
Leased-in equipment (included in operating costs and expenses)		$	178			$	34			$	—			$	—			$	—
Depreciation and amortization		$	966			$	1,173			$	1,394			$	2,743			$	3,566
Standby safety
Time Charter Statistics:
Average rates per day worked		$	8,504			$	8,692			$	9,157			$	9,058			$	8,660
Fleet utilization			82	%			77	%			80	%			78	%			82	%
Fleet available days			1,734				1,809				1,746				1,849				1,822
Out-of-service days for repairs, maintenance and drydockings			89				117				46				87				78
Operating revenues:
Time charter		$	12,024			$	12,036			$	12,791			$	13,051			$	12,921
Other marine services			11				50				39				40				38
			12,035				12,086				12,830				13,091				12,959
Direct operating expenses:
Personnel			6,774				5,855				8,148				6,938				6,901
Repairs and maintenance			1,601				1,627				1,464				1,554				1,570
Drydocking			273				1,156				624				1,741				919
Insurance and loss reserves			216				234				143				138				106
Fuel, lubes and supplies			657				975				843				991				894
Other			209				351				144				161				220
			9,730				10,198				11,366				11,523				10,610
Direct Vessel Profit		$	2,305			$	1,888			$	1,464			$	1,568			$	2,349
Depreciation and amortization		$	1,085			$	945			$	681			$	694			$	769

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Specialty
Time Charter Statistics:
Fleet available days			92				92				91				90				276
Out-of-service days for repairs, maintenance and drydockings			—				—				—				—				24
Out-of-service days for cold-stacked status			92				92				91				90				160
Operating revenues:
Time charter		$	—			$	—			$	—			$	—			$	(1	)
Other marine services			337				—				—				—				1
			337				—				—				—				—
Direct operating expenses:
Personnel			64				64				79				164				472
Repairs and maintenance			12				31				13				37				77
Drydocking			—				—				—				(6	)			(136	)
Insurance and loss reserves			9				41				25				10				102
Fuel, lubes and supplies			33				65				(29	)			83				20
Other			70				67				93				104				85
			188				268				181				392				620
Direct Vessel Profit (Loss)		$	149			$	(268	)		$	(181	)		$	(392	)		$	(620	)
Depreciation and amortization		$	282			$	282			$	283			$	282			$	283
Liftboats
Time Charter Statistics:
Average rates per day worked		$	18,497			$	18,993			$	19,225			$	16,068			$	16,662
Fleet utilization			49	%			60	%			43	%			30	%			30	%
Fleet available days			1,827				1,932				1,911				1,659				1,380
Out-of-service days for repairs, maintenance and drydockings			132				86				266				116				92
Out-of-service days for cold-stacked status			550				554				708				933				771
Operating revenues:
Time charter		$	16,631			$	22,171			$	15,788			$	8,126			$	6,954
Other marine services			1,926				2,922				1,569				756				393
			18,557				25,093				17,357				8,882				7,347
Direct operating expenses:
Personnel			5,546				5,621				4,671				3,461				2,577
Repairs and maintenance			1,971				1,827				1,553				1,134				990
Drydocking			167				433				842				51				1
Insurance and loss reserves			872				630				889				651				722
Fuel, lubes and supplies			1,485				1,482				1,153				668				632
Other			667				620				336				417				333
			10,708				10,613				9,444				6,382				5,255
Direct Vessel Profit		$	7,849			$	14,480			$	7,913			$	2,500			$	2,092
Leased-in equipment (included in operating costs and expenses)		$	638			$	641			$	644			$	638			$	626
Depreciation and amortization		$	6,098			$	6,188			$	6,333			$	5,025			$	3,160

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Crew transfer
Time Charter Statistics:
Average rates per day worked		$	2,283			$	2,253			$	2,330			$	2,305			$	2,318
Fleet utilization			68	%			89	%			73	%			62	%			72	%
Fleet available days			3,496				3,498				3,457				3,330				3,404
Out-of-service days for repairs, maintenance and drydockings			47				123				31				113				171
Out-of-service days for cold-stacked status			92				61				—				40				92
Operating revenues:
Time charter		$	5,395			$	6,983			$	5,898			$	4,749			$	5,650
Other marine services			460				657				563				429				295
			5,855				7,640				6,461				5,178				5,945
Direct operating expenses:
Personnel			2,274				2,471				2,295				2,222				2,295
Repairs and maintenance			814				806				987				825				969
Drydocking			2				9				1				—				—
Insurance and loss reserves			94				130				93				103				74
Fuel, lubes and supplies			145				163				219				144				146
Other			165				104				173				96				121
			3,494				3,683				3,768				3,390				3,605
Direct Vessel Profit		$	2,361			$	3,957			$	2,693			$	1,788			$	2,340
Leased-in equipment (included in operating costs and expenses)		$	—			$	(22	)		$	22			$	—			$	—
Depreciation and amortization		$	2,155			$	2,093			$	2,380			$	2,428			$	2,903
Other Activity
Operating revenues:
Other marine services		$	9,555			$	1,080			$	1,105			$	1,447			$	1,450
Direct operating expenses:
Personnel			846				1,541				690				782				6
Repairs and maintenance			146				102				107				140				2
Insurance and loss reserves			19				(12	)			71				(229	)			(95	)
Fuel, lubes and supplies			18				16				18				17				1
Other			(971	)			(644	)			(940	)			(802	)			6
			58				1,003				(54	)			(92	)			(80	)
Direct Vessel Profit		$	9,497			$	77			$	1,159			$	1,539			$	1,530
Leased-in equipment (included in operating costs and expenses)		$	(19	)		$	(21	)		$	(23	)			(13	)			—
Depreciation and amortization		$	196			$	192			$	218			$	265			$	389

 

 

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

 

		Three Months Ended
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
Cash Flows from Operating Activities:
DVP		$	28,767			$	21,657			$	14,721			$	13,373			$	11,694
Operating, leased-in equipment (excluding amortization of deferred gains)			(4,994	)			(4,834	)			(4,850	)			(4,834	)			(4,840	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)			(12,314	)			(11,452	)			(14,076	)			(12,357	)			(12,091	)
SEACOR Holdings management and guarantee fees			(5	)			(5	)			(7	)			(12	)			(29	)
Other, net (excluding non-cash losses)			(3	)			249				—				—				(5	)
Dividends received from 50% or less owned companies			400				—				1,324				—				200
			11,851				5,615				(2,888	)			(3,830	)			(5,071	)
Changes in operating assets and liabilities before interest and income taxes			(10,638	)			(16,587	)			(14,575	)			(4,938	)			9,003
Director share awards			—				—				893				—				—
Restricted stock vesting			(5	)			(32	)			(51	)			—				—
Cash settlements on derivative transactions, net			1,420				102				(21	)			(129	)			(140	)
Interest paid, excluding capitalized interest			(5,929	)			(5,498	)			(5,875	)			(2,828	)			(4,471	)
Interest received			357				309				352				216				326
Income taxes (paid) refunded, net			40				(344	)			(12	)			—				(52	)
Net cash used in operating activities (GAAP Measure)			(2,904	)			(16,435	)			(22,177	)			(11,509	)			(405	)
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest			(14,217	)			(21,601	)			(5,983	)			(8,557	)			(16,105	)
Capitalized interest paid			—				(614	)			(1,008	)			—				(563	)
Proceeds from disposition of property and equipment			17,476				1,858				3,244				282				1,046
Construction reserve funds withdrawals, net			7,535				2,556				7,209				—				94
Net investing activities in property and equipment			10,794				(17,801	)			3,462				(8,275	)			(15,528	)
Net investing activities in 50% or less owned companies			(3,672	)			1,770				(5,610	)			(19,950	)			(366	)
Sale of subsidiary to joint venture			—				8,017				—				—				—
Net investing activities in third party notes receivable			17				—				—				99				—
Net cash provided by (used in) investing activities (GAAP Measure)			7,139				(8,014	)			(2,148	)			(28,126	)			(15,894	)
Cash Flows from Financing Activities:
Payments on long-term debt			(11,352	)			(2,851	)			(6,395	)			(28,807	)			(3,354	)
Proceeds from issuance of debt, net of issue costs			(336	)			43,882				—				18,471				(300	)
Proceeds from exercise of stock options and warrants			20				—				813				—				—
Proceeds from issuance of stock			—				—				54,012				1,793				—
Net cash (used in) provided by financing activities (GAAP Measure)			(11,668	)			41,031				48,430				(8,543	)			(3,654	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(233	)			(253	)			(970	)			682				528
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash			(7,666	)			16,329				23,135				(47,496	)			(19,425	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period			104,519				88,190				65,055				112,551				131,976
Cash, Cash Equivalents and Restricted Cash, End of Period		$	96,853			$	104,519			$	88,190			$	65,055			$	112,551

 

 

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

 

		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents		$	95,195			$	102,864			$	86,239			$	62,738			$	110,234
Restricted cash			1,657				1,655				1,951				2,316				2,317
Receivables:
Trade, net of allowance for doubtful accounts			64,125				75,349				57,658				45,664				45,616
Other			12,082				16,552				16,039				17,039				12,341
Inventories			3,443				3,646				3,666				3,975				3,756
Prepaid expenses and other			2,530				2,692				4,090				3,613				3,026
Total current assets			179,032				202,758				169,643				135,345				177,290
Property and Equipment:
Historical cost			1,242,733				1,279,000				1,287,855				1,320,496				1,179,836
Accumulated depreciation			(561,272	)			(568,752	)			(564,477	)			(580,461	)			(560,160	)
			681,461				710,248				723,378				740,035				619,676
Construction in progress			88,918				82,953				82,274				80,682				70,157
Net property and equipment			770,379				793,201				805,652				820,717				689,833
Investments, at Equity, and Advances to 50% or Less Owned Companies			121,773				120,340				115,424				112,219				92,169
Construction Reserve Funds			28,061				35,596				38,152				45,361				45,361
Other Assets			3,690				3,582				3,667				3,736				3,851
		$	1,102,935			$	1,155,477			$	1,132,538			$	1,117,378			$	1,008,504
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt		$	16,812			$	17,426			$	22,858			$	22,858			$	22,858
Accounts payable and accrued expenses			19,370				20,480				23,774				25,551				24,024
Due to SEACOR Holdings			452				463				746				1,583				1,358
Other current liabilities			46,983				63,772				56,469				55,365				50,978
Total current liabilities			83,617				102,141				103,847				105,357				99,218
Long-Term Debt			387,854				397,738				348,912				405,234				292,041
Conversion Option Liability on Convertible Senior Notes			5,276				17,928				21,886				18,991				6,832
Deferred Income Taxes			44,682				46,120				49,789				56,024				55,506
Deferred Gains and Other Liabilities			26,571				26,662				27,289				28,600				31,741
Total liabilities		$	548,000			$	590,589			$	551,723			$	614,206			$	485,338
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		$	204			$	204			$	204			$	178			$	177
Additional paid-in capital			415,372				414,460				413,754				306,639				303,996
Retained earnings			126,834				134,628				150,585				175,609				216,511
Shares held in treasury			(91	)			(86	)			(54	)			—				—
Accumulated other comprehensive loss, net of tax			(16,788	)			(13,945	)			(13,129	)			(10,424	)			(12,493	)
			525,531				535,261				551,360				472,002				508,191
Noncontrolling interests in subsidiaries			29,404				29,627				29,455				31,170				14,975
Total equity			554,935				564,888				580,815				503,172				523,166
		$	1,102,935			$	1,155,477			$	1,132,538			$	1,117,378			$	1,008,504

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

 

		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018(1)				Mar. 31, 2018				Dec. 31, 2017
Anchor handling towing supply			12				13				13				19				23
Fast support			41				47				49				50				50
Supply			39				29				29				29				31
Standby safety			19				20				21				22				20
Specialty			7				4				4				4				4
Liftboats			19				21				21				21				15
Crew transfer			42				42				42				41				41
			179				176				179				186				184

 

______________________

(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

 

		2019																2020
		Q1				Q2				Q3				Q4				Q1		Q2	Q3	Q4			Deferred				Total
Fast support			1				—				—				—				—	1	—	—				2				4
Supply			1				—				1				—				1	—	—	—				—				3
Crew transfer			1				1				—				—				—	—	—	—				—				2
Platform supply			—				—				1				1				1	—	—	—				—				3

 

 

20