UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 7, 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 |
|
|
|
|
Not Applicable |
|
|
(Former Name or Former Address, if Changed Since Last Report) |
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
|
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Common Stock |
SMHI |
New York Stock Exchange (“NYSE”)
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 2.02 Results of Operations and Financial Condition
The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On August 7, 2019, SEACOR Marine Holdings Inc. (the "Company") issued a press release setting forth its earnings for the three and six months ended June 30, 2019 (the "Earnings Release").
A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
|
|
|
|
Exhibit No. |
Description |
|
|
|
|
99.1 |
Press Release of SEACOR Marine Holdings Inc. dated August 7, 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. |
|
|
|
|
|
|
August 7, 2019 |
By: |
/s/ John Gellert |
|
|
|
|
|
|
|
Name: John Gellert |
|
|
|
Title: President and Chief Executive Officer |
Exhibit 99.1
|
|
PRESS RELEASE |
SEACOR MARINE ANNOUNCES SECOND QUARTER 2019 RESULTS
Houston, Texas
August 7, 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 second quarter ended June 30, 2019.
Second quarter highlights include:
|
|
• |
Consolidated direct vessel profit (“DVP”)(1) for the second quarter of 2019 increased by $6.1 million, or 41%, to $20.8 million from $14.7 million in the second quarter of 2018. Primary drivers of the increase were current quarter increases in revenues, along with a decrease in labor costs compared to the second quarter of 2018 due to a $1.2 million foreign pension adjustment in 2018, $1.0 million reduction in drydockings and a $1.7 million reduction in other major repairs. |
|
|
|
• |
Wind energy support revenues for the second quarter of 2019 increased by $3.3 million to $9.8 million from $6.5 million in the second quarter of 2018, a 52% increase, and DVP for this activity increased by $2.0 million to $4.7 million from $2.7 million in the second quarter of 2018, a 76% increase. This growth included both organic improvement in utilization and average dayrates for our crew transfer vessel (“CTV”) fleet and the commencement of a multi-year contract in Europe for one liftboat. |
|
|
|
• |
Start-up expenses incurred by both our Brazilian focused joint venture and our Chinese new construction platform supply vessel (“PSV”) joint venture, resulted in $5.6 million in losses from 50% or less owned companies. These joint ventures incurred drydocking and/or mobilization expenses for a total of eight vessels, all of which are expected to begin work and contribute positively to the Company’s results in the third quarter. |
|
Following the end of the quarter, the Company initiated cost reduction initiatives aimed at better aligning its operating expenses with its view of current and prospective market conditions. Cost reduction measures include a reduction of workforce, reorganization of the management structure, and closure and/or consolidation of certain facilities in the U.S. Gulf of Mexico, Middle East, and Europe. The Company expects that upon completion of these initiatives, it will realize annualized recurring administrative and general savings of at least $8.0 million, representing approximately 17% of the Company’s total administrative and general expense over the last twelve months. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020. These initiatives will result in a one-time restructuring charge in the third quarter of 2019.
Chief Executive Officer John Gellert commented on SEACOR Marine's second quarter results:
“Our fleet continued to experience an upward trend in utilization and dayrates, reflecting consistent improvement for assets since the offshore cycle trough in the first quarter of 2017. Activity levels in the U.S. Gulf of Mexico remain tepid as customer demand is highly sensitive to oil and gas prices. Tendering activity, especially in international markets served by our asset portfolio, points to a continuing recovery. Unfortunately, the pace of the recovery is slower than we had hoped, leading us to implement our aggressive cost-cutting initiative.
1
“Our investments in wind energy support are paying off and continue to develop attractive growth opportunities. Notable highlights from the second quarter were the commencement of a 30-month contract in Europe for our largest and most capable liftboat, increased activity of our CTVs in Europe, and new tendering activity in the U.S. for Jones Act-compliant assets in anticipation of significant offshore windfarm installations off the East Coast.
“We are focused on returning to profit and generating cash, while remaining vigilant in positioning ourselves to take advantage of opportunities in any market conditions. We have proactively reassessed our cost structure and regional footprint and initiated efforts to optimize both. I am confident that these efforts, and our continued emphasis on core assets, regions and services with the highest potential for improved margins, allow us to chart our own path to profitability without depending on a full market recovery in oil and gas services.”
For the second quarter of 2019, net loss attributable to SEACOR Marine was $28.4 million ($1.21 per basic and diluted share), and operating loss was $16.5 million. Net loss attributable to SEACOR Marine for the second quarter of 2018 was $25.0 million ($1.19 per basic and diluted share) and operating loss was $21.0 million.
___________________
|
(1) |
Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
* * * * *
SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control. 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
2
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except share data) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||
|
Operating Revenues |
|
$ |
64,345 |
|
|
$ |
60,701 |
|
|
$ |
120,594 |
|
|
$ |
112,422 |
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating |
|
|
43,525 |
|
|
|
46,001 |
|
|
|
87,802 |
|
|
|
84,349 |
|
|
Administrative and general |
|
|
11,639 |
|
|
|
15,041 |
|
|
|
23,639 |
|
|
|
27,415 |
|
|
Lease expense |
|
|
4,317 |
|
|
|
3,310 |
|
|
|
8,465 |
|
|
|
6,568 |
|
|
Depreciation and amortization |
|
|
17,494 |
|
|
|
18,406 |
|
|
|
34,687 |
|
|
|
37,918 |
|
|
|
|
|
76,975 |
|
|
|
82,758 |
|
|
|
154,593 |
|
|
|
156,250 |
|
|
(Losses) Gains on Asset Dispositions and Impairments, Net |
|
|
(3,848 |
) |
|
|
1,055 |
|
|
|
(3,489 |
) |
|
|
(1,588 |
) |
|
Operating Loss |
|
|
(16,478 |
) |
|
|
(21,002 |
) |
|
|
(37,488 |
) |
|
|
(45,416 |
) |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
222 |
|
|
|
352 |
|
|
|
579 |
|
|
|
568 |
|
|
Interest expense |
|
|
(7,691 |
) |
|
|
(6,489 |
) |
|
|
(15,426 |
) |
|
|
(12,622 |
) |
|
SEACOR Holdings guarantee fees |
|
|
(32 |
) |
|
|
(7 |
) |
|
|
(61 |
) |
|
|
(19 |
) |
|
Derivative losses, net |
|
|
(1,398 |
) |
|
|
(2,668 |
) |
|
|
(2,323 |
) |
|
|
(14,184 |
) |
|
Foreign currency gains, net |
|
|
(929 |
) |
|
|
(818 |
) |
|
|
(294 |
) |
|
|
(679 |
) |
|
|
|
|
(9,828 |
) |
|
|
(9,630 |
) |
|
|
(17,525 |
) |
|
|
(26,936 |
) |
|
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies |
|
|
(26,306 |
) |
|
|
(30,632 |
) |
|
|
(55,013 |
) |
|
|
(72,352 |
) |
|
Income Tax Benefit |
|
|
(3,048 |
) |
|
|
(4,724 |
) |
|
|
(6,879 |
) |
|
|
(14,548 |
) |
|
Loss Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(23,258 |
) |
|
|
(25,908 |
) |
|
|
(48,134 |
) |
|
|
(57,804 |
) |
|
Equity in Losses of 50% or Less Owned Companies |
|
|
(7,006 |
) |
|
|
(721 |
) |
|
|
(10,403 |
) |
|
|
(513 |
) |
|
Net Loss |
|
|
(30,264 |
) |
|
|
(26,629 |
) |
|
|
(58,537 |
) |
|
|
(58,317 |
) |
|
Net Loss attributable to Noncontrolling Interests in Subsidiaries |
|
|
(1,875 |
) |
|
|
(1,605 |
) |
|
|
(4,599 |
) |
|
|
(4,460 |
) |
|
Net Loss attributable to SEACOR Marine Holdings Inc. |
|
$ |
(28,389 |
) |
|
$ |
(25,024 |
) |
|
|
(53,938 |
) |
|
$ |
(53,857 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
|
$ |
(1.21 |
) |
|
$ |
(1.19 |
) |
|
$ |
(2.32 |
) |
|
$ |
(2.79 |
) |
|
Weighted Average Common Shares and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
23,382,272 |
|
|
|
21,035,214 |
|
|
|
23,237,012 |
|
|
$ |
19,312,923 |
|
3
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data) |
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||||||||||||||||||
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|||||||||||||||||||||
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day Worked (excluding crew transfer) |
|
$ |
9,913 |
|
|
|
|
|
|
$ |
9,742 |
|
|
|
|
|
|
$ |
9,686 |
|
|
|
|
|
|
$ |
9,425 |
|
|
|
|
|
|
Average Rates Per Day |
|
$ |
7,122 |
|
|
|
|
|
|
$ |
7,324 |
|
|
|
|
|
|
$ |
7,237 |
|
|
|
|
|
|
$ |
7,174 |
|
|
|
|
|
|
Fleet Utilization (excluding crew transfer) |
|
|
64 |
% |
|
|
|
|
|
|
58 |
% |
|
|
|
|
|
|
63 |
% |
|
|
|
|
|
|
54 |
% |
|
|
|
|
|
Fleet Utilization |
|
|
72 |
% |
|
|
|
|
|
|
62 |
% |
|
|
|
|
|
|
66 |
% |
|
|
|
|
|
|
58 |
% |
|
|
|
|
|
Fleet Available Days (excluding crew transfer) |
|
|
8,038 |
|
|
|
|
|
|
|
9,071 |
|
|
|
|
|
|
|
16,153 |
|
|
|
|
|
|
|
18,342 |
|
|
|
|
|
|
Fleet Available Days |
|
|
11,537 |
|
|
|
|
|
|
|
12,528 |
|
|
|
|
|
|
|
23,072 |
|
|
|
|
|
|
|
25,129 |
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
58,773 |
|
|
|
91 |
% |
|
$ |
56,826 |
|
|
|
94 |
% |
|
$ |
110,900 |
|
|
|
92 |
% |
|
$ |
103,968 |
|
|
|
93 |
% |
|
Bareboat charter |
|
|
1,389 |
|
|
|
2 |
% |
|
|
1,156 |
|
|
|
2 |
% |
|
|
2,532 |
|
|
|
2 |
% |
|
|
2,299 |
|
|
|
2 |
% |
|
Other marine services |
|
|
4,183 |
|
|
|
7 |
% |
|
|
2,719 |
|
|
|
4 |
% |
|
|
7,162 |
|
|
|
6 |
% |
|
|
6,155 |
|
|
|
5 |
% |
|
|
|
$ |
64,345 |
|
|
|
100 |
% |
|
|
60,701 |
|
|
|
100 |
% |
|
$ |
120,594 |
|
|
|
100 |
% |
|
|
112,422 |
|
|
|
100 |
% |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
23,961 |
|
|
|
37 |
% |
|
|
24,733 |
|
|
|
41 |
% |
|
|
46,717 |
|
|
|
39 |
% |
|
|
46,409 |
|
|
|
41 |
% |
|
Repairs and maintenance |
|
|
8,676 |
|
|
|
14 |
% |
|
|
9,070 |
|
|
|
15 |
% |
|
|
17,682 |
|
|
|
15 |
% |
|
|
16,143 |
|
|
|
14 |
% |
|
Drydocking |
|
|
2,074 |
|
|
|
3 |
% |
|
|
3,112 |
|
|
|
5 |
% |
|
|
4,953 |
|
|
|
4 |
% |
|
|
5,369 |
|
|
|
5 |
% |
|
Insurance and loss reserves |
|
|
1,892 |
|
|
|
3 |
% |
|
|
1,934 |
|
|
|
3 |
% |
|
|
3,366 |
|
|
|
3 |
% |
|
|
3,124 |
|
|
|
3 |
% |
|
Fuel, lubes and supplies |
|
|
3,892 |
|
|
|
6 |
% |
|
|
4,122 |
|
|
|
7 |
% |
|
|
7,645 |
|
|
|
6 |
% |
|
|
7,667 |
|
|
|
7 |
% |
|
Other |
|
|
3,030 |
|
|
|
5 |
% |
|
|
3,009 |
|
|
|
5 |
% |
|
|
7,439 |
|
|
|
6 |
% |
|
|
5,616 |
|
|
|
5 |
% |
|
|
|
|
43,525 |
|
|
|
68 |
% |
|
|
45,980 |
|
|
|
76 |
% |
|
|
87,802 |
|
|
|
73 |
% |
|
|
84,328 |
|
|
|
75 |
% |
|
Administrative and general |
|
|
11,639 |
|
|
|
18 |
% |
|
|
15,041 |
|
|
|
25 |
% |
|
|
23,639 |
|
|
|
19 |
% |
|
|
27,415 |
|
|
|
24 |
% |
|
Depreciation and amortization |
|
|
17,494 |
|
|
|
27 |
% |
|
|
18,406 |
|
|
|
30 |
% |
|
|
34,687 |
|
|
|
29 |
% |
|
|
37,918 |
|
|
|
34 |
% |
|
Lease expense - operating |
|
|
4,317 |
|
|
|
7 |
% |
|
|
3,331 |
|
|
|
6 |
% |
|
|
8,465 |
|
|
|
7 |
% |
|
|
6,589 |
|
|
|
6 |
% |
|
|
|
|
76,975 |
|
|
|
120 |
% |
|
|
82,758 |
|
|
|
137 |
% |
|
|
154,593 |
|
|
|
128 |
% |
|
|
156,250 |
|
|
|
139 |
% |
|
Gains (Losses) on Asset Dispositions and Impairments, Net |
|
|
(3,848 |
) |
|
|
(6 |
)% |
|
|
1,055 |
|
|
|
2 |
% |
|
|
(3,489 |
) |
|
|
(3 |
)% |
|
|
(1,588 |
) |
|
|
(1 |
)% |
|
Operating Loss |
|
|
(16,478 |
) |
|
|
(26 |
)% |
|
|
(21,002 |
) |
|
|
(35 |
)% |
|
|
(37,488 |
) |
|
|
(31 |
)% |
|
|
(45,416 |
) |
|
|
(40 |
)% |
4
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except statistics and per share data)
|
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day Worked (excluding crew transfer) |
|
$ |
9,913 |
|
|
$ |
9,451 |
|
|
$ |
9,852 |
|
|
$ |
10,186 |
|
|
$ |
9,742 |
|
|
Average Rates Per Day |
|
$ |
7,122 |
|
|
$ |
7,371 |
|
|
$ |
7,447 |
|
|
$ |
7,323 |
|
|
$ |
7,324 |
|
|
Fleet Utilization (excluding crew transfer) |
|
|
64 |
% |
|
|
62 |
% |
|
|
61 |
% |
|
|
60 |
% |
|
|
58 |
% |
|
Fleet Utilization |
|
|
72 |
% |
|
|
61 |
% |
|
|
63 |
% |
|
|
68 |
% |
|
|
62 |
% |
|
Fleet Available Days (excluding crew transfer) |
|
|
8,038 |
|
|
|
8,116 |
|
|
|
8,312 |
|
|
|
9,119 |
|
|
|
9,071 |
|
|
Fleet Available Days |
|
|
11,537 |
|
|
|
11,536 |
|
|
|
11,808 |
|
|
|
12,617 |
|
|
|
12,528 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
58,773 |
|
|
$ |
52,127 |
|
|
$ |
55,382 |
|
|
$ |
62,902 |
|
|
$ |
56,826 |
|
|
Bareboat charter |
|
|
1,389 |
|
|
|
1,143 |
|
|
|
1,168 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
Other marine services |
|
|
4,183 |
|
|
|
2,979 |
|
|
|
14,382 |
|
|
|
6,185 |
|
|
|
2,719 |
|
|
|
|
$ |
64,345 |
|
|
$ |
56,249 |
|
|
$ |
70,932 |
|
|
|
70,255 |
|
|
$ |
60,701 |
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
23,961 |
|
|
|
22,756 |
|
|
|
23,598 |
|
|
|
25,021 |
|
|
|
24,733 |
|
|
Repairs and maintenance |
|
|
8,676 |
|
|
|
9,006 |
|
|
|
7,928 |
|
|
|
9,208 |
|
|
|
9,070 |
|
|
Drydocking |
|
|
2,074 |
|
|
|
2,879 |
|
|
|
1,396 |
|
|
|
4,822 |
|
|
|
3,112 |
|
|
Insurance and loss reserves |
|
|
1,892 |
|
|
|
1,474 |
|
|
|
2,093 |
|
|
|
1,857 |
|
|
|
1,934 |
|
|
Fuel, lubes and supplies |
|
|
3,892 |
|
|
|
3,753 |
|
|
|
4,618 |
|
|
|
4,690 |
|
|
|
4,122 |
|
|
Other |
|
|
3,030 |
|
|
|
4,409 |
|
|
|
2,532 |
|
|
|
3,000 |
|
|
|
3,009 |
|
|
|
|
|
43,525 |
|
|
|
44,277 |
|
|
|
42,165 |
|
|
|
48,598 |
|
|
|
45,980 |
|
|
Direct Vessel Profit |
|
|
20,820 |
|
|
|
11,972 |
|
|
|
28,767 |
|
|
|
21,657 |
|
|
|
14,721 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
4,317 |
|
|
|
4,148 |
|
|
|
3,430 |
|
|
|
3,292 |
|
|
|
3,331 |
|
|
Administrative and general |
|
|
11,639 |
|
|
|
12,000 |
|
|
|
11,795 |
|
|
|
11,767 |
|
|
|
15,041 |
|
|
Depreciation and amortization |
|
|
17,494 |
|
|
|
17,193 |
|
|
|
16,986 |
|
|
|
17,342 |
|
|
|
18,406 |
|
|
|
|
|
33,450 |
|
|
|
33,341 |
|
|
|
32,211 |
|
|
|
32,401 |
|
|
|
36,778 |
|
|
Gains (Losses) on Asset Dispositions and Impairments, Net |
|
|
(3,848 |
) |
|
|
359 |
|
|
|
(7,745 |
) |
|
|
586 |
|
|
|
1,055 |
|
|
Operating Loss |
|
|
(16,478 |
) |
|
|
(21,010 |
) |
|
|
(11,189 |
) |
|
|
(10,158 |
) |
|
|
(21,002 |
) |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
222 |
|
|
|
357 |
|
|
|
357 |
|
|
|
309 |
|
|
|
352 |
|
|
Interest expense |
|
|
(7,691 |
) |
|
|
(7,735 |
) |
|
|
(7,486 |
) |
|
|
(7,761 |
) |
|
|
(6,489 |
) |
|
SEACOR Holdings guarantee fees |
|
|
(32 |
) |
|
|
(29 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
Debt extinguishment loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(638 |
) |
|
|
— |
|
|
Derivative losses, net |
|
|
(1,398 |
) |
|
|
(925 |
) |
|
|
12,651 |
|
|
|
4,387 |
|
|
|
(2,668 |
) |
|
Foreign currency gains, net |
|
|
(929 |
) |
|
|
635 |
|
|
|
(466 |
) |
|
|
(302 |
) |
|
|
(818 |
) |
|
Other, net |
|
|
— |
|
|
|
— |
|
|
|
(4 |
) |
|
678 |
|
|
|
— |
|
|
|
|
|
|
(9,828 |
) |
|
|
(7,697 |
) |
|
|
5,047 |
|
|
|
(3,332 |
) |
|
|
(9,630 |
) |
|
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies |
|
|
(26,306 |
) |
|
|
(28,707 |
) |
|
|
(6,142 |
) |
|
|
(13,490 |
) |
|
|
(30,632 |
) |
|
Income Tax (Benefit) Expense |
|
|
(3,048 |
) |
|
|
(3,831 |
) |
|
|
(48 |
) |
|
|
1,249 |
|
|
|
(4,724 |
) |
|
Loss Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(23,258 |
) |
|
|
(24,876 |
) |
|
|
(6,094 |
) |
|
|
(14,739 |
) |
|
|
(25,908 |
) |
|
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax |
|
|
(7,006 |
) |
|
|
(3,397 |
) |
|
|
(1,875 |
) |
|
|
(1,027 |
) |
|
|
(721 |
) |
|
Net Loss |
|
|
(30,264 |
) |
|
|
(28,273 |
) |
|
|
(7,969 |
) |
|
|
(15,766 |
) |
|
|
(26,629 |
) |
|
Net Loss attributable to Noncontrolling Interests in Subsidiaries |
|
|
(1,875 |
) |
|
|
(2,724 |
) |
|
|
(175 |
) |
|
|
191 |
|
|
|
(1,605 |
) |
|
Net Loss attributable to SEACOR Marine Holdings Inc. |
|
$ |
(28,389 |
) |
|
$ |
(25,549 |
) |
|
$ |
(7,794 |
) |
|
$ |
(15,957 |
) |
|
$ |
(25,024 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
|
$ |
(1.21 |
) |
|
$ |
(1.11 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.71 |
) |
|
$ |
(1.19 |
) |
|
Weighted Average Common Shares and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
23,382 |
|
|
|
23,090 |
|
|
|
22,514 |
|
|
|
22,513 |
|
|
|
21,035 |
|
|
Common Shares and Warrants Outstanding at Period End |
|
|
23,618 |
|
|
|
23,222 |
|
|
|
22,711 |
|
|
|
22,709 |
|
|
|
22,709 |
|
5
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 |
|
|
Latin America |
|
|
Europe (primarily North Sea) |
|
|
Total |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day |
|
$ |
14,058 |
|
|
$ |
9,365 |
|
|
$ |
8,182 |
|
|
$ |
8,074 |
|
|
$ |
4,686 |
|
|
$ |
7,122 |
|
|
Fleet Utilization |
|
|
34 |
% |
|
|
81 |
% |
|
|
79 |
% |
|
|
63 |
% |
|
|
86 |
% |
|
|
72 |
% |
|
Fleet Available Days |
|
|
2,669 |
|
|
|
1,365 |
|
|
|
2,026 |
|
|
|
400 |
|
|
|
5,077 |
|
|
|
11,537 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
12,628 |
|
|
$ |
10,400 |
|
|
$ |
13,175 |
|
|
$ |
2,046 |
|
|
$ |
20,524 |
|
|
$ |
58,773 |
|
|
Bareboat charter |
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
1,156 |
|
|
|
— |
|
|
|
1,389 |
|
|
Other marine services |
|
|
1,320 |
|
|
|
753 |
|
|
|
349 |
|
|
|
273 |
|
|
|
1,488 |
|
|
|
4,183 |
|
|
|
|
|
14,181 |
|
|
|
11,153 |
|
|
|
13,524 |
|
|
|
3,475 |
|
|
|
22,012 |
|
|
|
64,345 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,203 |
|
|
|
3,428 |
|
|
|
4,292 |
|
|
|
976 |
|
|
|
10,062 |
|
|
|
23,961 |
|
|
Repairs and maintenance |
|
|
2,515 |
|
|
|
952 |
|
|
|
2,629 |
|
|
|
481 |
|
|
|
2,099 |
|
|
|
8,676 |
|
|
Drydocking |
|
|
1,801 |
|
|
|
(48 |
) |
|
|
275 |
|
|
|
(32 |
) |
|
|
78 |
|
|
|
2,074 |
|
|
Insurance and loss reserves |
|
|
841 |
|
|
|
239 |
|
|
|
381 |
|
|
|
66 |
|
|
|
365 |
|
|
|
1,892 |
|
|
Fuel, lubes and supplies |
|
|
1,107 |
|
|
|
939 |
|
|
|
725 |
|
|
|
314 |
|
|
|
807 |
|
|
|
3,892 |
|
|
Other |
|
|
113 |
|
|
|
773 |
|
|
|
793 |
|
|
|
560 |
|
|
|
791 |
|
|
|
3,030 |
|
|
|
|
|
11,580 |
|
|
|
6,283 |
|
|
|
9,095 |
|
|
|
2,365 |
|
|
|
14,202 |
|
|
|
43,525 |
|
|
Direct Vessel Profit |
|
$ |
2,601 |
|
|
$ |
4,870 |
|
|
$ |
4,429 |
|
|
$ |
1,110 |
|
|
$ |
7,810 |
|
|
|
20,820 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
2,942 |
|
|
$ |
787 |
|
|
$ |
42 |
|
|
$ |
— |
|
|
$ |
546 |
|
|
|
4,317 |
|
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,639 |
|
|
Depreciation and amortization |
|
|
5,341 |
|
|
|
2,759 |
|
|
|
4,274 |
|
|
|
1,659 |
|
|
|
3,461 |
|
|
|
17,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33,450 |
|
|
Loss on Asset Dispositions and Impairments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,848 |
) |
|
Operating Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(16,478 |
) |
6
|
|
|
United States (primarily Gulf of Mexico) |
|
|
Africa (primarily West Africa) |
|
|
Middle East and Asia |
|
|
Latin America |
|
|
Europe (primarily North Sea) |
|
|
Total |
|
||||||
|
For the Six Months Ended June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day |
|
$ |
12,472 |
|
|
$ |
9,414 |
|
|
$ |
8,280 |
|
|
$ |
10,974 |
|
|
$ |
4,743 |
|
|
$ |
7,237 |
|
|
Fleet Utilization |
|
|
31 |
% |
|
|
84 |
% |
|
|
76 |
% |
|
|
67 |
% |
|
|
77 |
% |
|
|
66 |
% |
|
Fleet Available Days |
|
|
5,367 |
|
|
|
2,678 |
|
|
|
4,087 |
|
|
|
941 |
|
|
|
10,000 |
|
|
|
23,073 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
20,633 |
|
|
$ |
21,173 |
|
|
$ |
25,674 |
|
|
$ |
6,968 |
|
|
$ |
36,452 |
|
|
$ |
110,900 |
|
|
Bareboat charter |
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
2,299 |
|
|
|
— |
|
|
|
2,532 |
|
|
Other marine services |
|
|
2,452 |
|
|
|
116 |
|
|
|
577 |
|
|
|
908 |
|
|
|
3,109 |
|
|
|
7,162 |
|
|
|
|
|
23,318 |
|
|
|
21,289 |
|
|
|
26,251 |
|
|
|
10,175 |
|
|
|
39,561 |
|
|
|
120,594 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
9,706 |
|
|
|
7,295 |
|
|
|
8,546 |
|
|
|
2,532 |
|
|
|
18,638 |
|
|
|
46,717 |
|
|
Repairs and maintenance |
|
|
5,293 |
|
|
|
2,136 |
|
|
|
4,822 |
|
|
|
816 |
|
|
|
4,615 |
|
|
|
17,682 |
|
|
Drydocking |
|
|
3,795 |
|
|
|
290 |
|
|
|
434 |
|
|
|
47 |
|
|
|
387 |
|
|
|
4,953 |
|
|
Insurance and loss reserves |
|
|
1,433 |
|
|
|
452 |
|
|
|
708 |
|
|
|
201 |
|
|
|
572 |
|
|
|
3,366 |
|
|
Fuel, lubes and supplies |
|
|
1,790 |
|
|
|
1,693 |
|
|
|
1,434 |
|
|
|
742 |
|
|
|
1,986 |
|
|
|
7,645 |
|
|
Other |
|
|
203 |
|
|
|
2,879 |
|
|
|
1,893 |
|
|
|
1,081 |
|
|
|
1,383 |
|
|
|
7,439 |
|
|
|
|
|
22,220 |
|
|
|
14,745 |
|
|
|
17,837 |
|
|
|
5,419 |
|
|
|
27,581 |
|
|
|
87,802 |
|
|
Direct Vessel Profit |
|
$ |
1,098 |
|
|
$ |
6,544 |
|
|
$ |
8,414 |
|
|
$ |
4,756 |
|
|
$ |
11,980 |
|
|
|
32,792 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
5,853 |
|
|
$ |
1,572 |
|
|
$ |
88 |
|
|
$ |
1 |
|
|
$ |
951 |
|
|
|
8,465 |
|
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,639 |
|
|
Depreciation and amortization |
|
|
10,839 |
|
|
|
5,115 |
|
|
|
8,523 |
|
|
|
3,595 |
|
|
|
6,615 |
|
|
|
34,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,791 |
|
|
Loss on Asset Dispositions and Impairments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,489 |
) |
|
Operating Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(37,488 |
) |
|
As of June 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
$ |
364,501 |
|
|
$ |
220,855 |
|
|
$ |
288,677 |
|
|
$ |
108,068 |
|
|
$ |
240,719 |
|
|
$ |
1,222,820 |
|
|
Accumulated depreciation |
|
|
(189,602 |
) |
|
|
(62,061 |
) |
|
|
(74,815 |
) |
|
|
(49,393 |
) |
|
|
(149,685 |
) |
|
|
(525,556 |
) |
|
|
|
$ |
174,899 |
|
|
$ |
158,794 |
|
|
$ |
213,862 |
|
|
$ |
58,675 |
|
|
$ |
91,034 |
|
|
$ |
697,264 |
|
|
Total Assets (1) |
|
$ |
312,465 |
|
|
$ |
171,084 |
|
|
$ |
252,926 |
|
|
$ |
123,513 |
|
|
$ |
133,437 |
|
|
$ |
993,425 |
|
|
|
(1) |
Total assets by region does not include corporate assets, which are $83,271 as of June 30, 2019 |
|
7
|
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
14,058 |
|
|
$ |
10,588 |
|
|
$ |
12,656 |
|
|
$ |
12,476 |
|
|
$ |
10,503 |
|
|
Fleet utilization |
|
|
34 |
% |
|
|
28 |
% |
|
|
29 |
% |
|
|
30 |
% |
|
|
23 |
% |
|
Fleet available days |
|
|
2,669 |
|
|
|
2,698 |
|
|
|
2,983 |
|
|
|
3,433 |
|
|
|
3,710 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
325 |
|
|
232 |
|
|
143 |
|
|
147 |
|
|
292 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
1,322 |
|
|
|
1,579 |
|
|
|
1,761 |
|
|
|
2,101 |
|
|
|
2,435 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
12,628 |
|
|
$ |
8,005 |
|
|
$ |
10,968 |
|
|
$ |
12,800 |
|
|
$ |
9,052 |
|
|
Bareboat charter |
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other marine services |
|
|
1,320 |
|
|
|
1,132 |
|
|
|
8,709 |
|
|
|
2,722 |
|
|
|
1,676 |
|
|
|
|
|
14,181 |
|
|
|
9,137 |
|
|
|
19,677 |
|
|
|
15,522 |
|
|
|
10,728 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,203 |
|
|
|
4,503 |
|
|
|
5,227 |
|
|
|
4,853 |
|
|
|
4,636 |
|
|
Repairs and maintenance |
|
|
2,515 |
|
|
|
2,778 |
|
|
|
1,128 |
|
|
|
1,801 |
|
|
|
1,529 |
|
|
Drydocking |
|
|
1,801 |
|
|
|
1,994 |
|
|
|
147 |
|
|
|
375 |
|
|
|
910 |
|
|
Insurance and loss reserves |
|
|
841 |
|
|
|
592 |
|
|
|
974 |
|
|
|
612 |
|
|
|
902 |
|
|
Fuel, lubes and supplies |
|
|
1,107 |
|
|
|
683 |
|
|
|
1,055 |
|
|
|
1,120 |
|
|
|
900 |
|
|
Other |
|
|
113 |
|
|
|
90 |
|
|
|
185 |
|
|
|
154 |
|
|
|
29 |
|
|
|
|
|
11,580 |
|
|
|
10,640 |
|
|
|
8,716 |
|
|
|
8,915 |
|
|
|
8,906 |
|
|
Direct Vessel Profit (Loss) |
|
$ |
2,601 |
|
|
$ |
(1,503 |
) |
|
$ |
10,961 |
|
|
$ |
6,607 |
|
|
$ |
1,822 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
2,942 |
|
|
$ |
2,911 |
|
|
$ |
2,053 |
|
|
$ |
2,078 |
|
|
$ |
2,065 |
|
|
Depreciation and amortization |
|
|
5,341 |
|
|
|
5,498 |
|
|
|
5,550 |
|
|
|
5,227 |
|
|
|
5,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa, primarily West Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,365 |
|
|
$ |
9,461 |
|
|
$ |
9,411 |
|
|
$ |
9,315 |
|
|
$ |
9,509 |
|
|
Fleet utilization |
|
|
81 |
% |
|
|
87 |
% |
|
|
87 |
% |
|
|
82 |
% |
|
|
88 |
% |
|
Fleet available days |
|
|
1,365 |
|
|
|
1,313 |
|
|
|
1,310 |
|
|
|
1,475 |
|
|
|
1,331 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
54 |
|
|
58 |
|
|
|
— |
|
|
92 |
|
|
46 |
|
||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
10,400 |
|
|
$ |
10,773 |
|
|
$ |
10,730 |
|
|
$ |
11,201 |
|
|
$ |
11,122 |
|
|
Other marine services |
|
|
753 |
|
|
|
(637 |
) |
|
|
4,247 |
|
|
|
1,777 |
|
|
|
350 |
|
|
|
|
|
11,153 |
|
|
|
10,136 |
|
|
|
14,977 |
|
|
|
12,978 |
|
|
|
11,472 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,428 |
|
|
|
3,867 |
|
|
|
3,665 |
|
|
|
4,486 |
|
|
|
4,314 |
|
|
Repairs and maintenance |
|
|
952 |
|
|
|
1,184 |
|
|
|
873 |
|
|
|
2,438 |
|
|
|
1,663 |
|
|
Drydocking |
|
|
(48 |
) |
|
|
338 |
|
|
|
(28 |
) |
|
|
1,201 |
|
|
|
910 |
|
|
Insurance and loss reserves |
|
|
239 |
|
|
|
213 |
|
|
|
307 |
|
|
|
323 |
|
|
|
248 |
|
|
Fuel, lubes and supplies |
|
|
939 |
|
|
|
754 |
|
|
|
1,176 |
|
|
|
1,081 |
|
|
|
900 |
|
|
Other |
|
|
773 |
|
|
|
2,106 |
|
|
|
772 |
|
|
|
1,103 |
|
|
|
1,402 |
|
|
|
|
|
6,283 |
|
|
|
8,462 |
|
|
|
6,765 |
|
|
|
10,632 |
|
|
|
9,437 |
|
|
Direct Vessel Profit |
|
$ |
4,870 |
|
|
$ |
1,674 |
|
|
$ |
8,212 |
|
|
$ |
2,346 |
|
|
$ |
2,035 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
787 |
|
|
$ |
785 |
|
|
$ |
1,059 |
|
|
$ |
1,061 |
|
|
$ |
1,092 |
|
|
Depreciation and amortization |
|
|
2,759 |
|
|
|
2,356 |
|
|
|
2,341 |
|
|
|
2,381 |
|
|
|
2,924 |
|
8
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|
|||||
|
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,182 |
|
|
$ |
8,386 |
|
|
$ |
8,856 |
|
|
$ |
8,156 |
|
|
$ |
8,226 |
|
|
|
Fleet utilization |
|
|
79 |
% |
|
|
72 |
% |
|
|
70 |
% |
|
|
76 |
% |
|
|
82 |
% |
|
|
Fleet available days |
|
|
2,026 |
|
|
|
2,061 |
|
|
|
2,009 |
|
|
|
2,024 |
|
|
|
2,005 |
|
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
73 |
|
|
95 |
|
|
178 |
|
|
76 |
|
|
4 |
|
|
|||||
|
Out-of-service days for cold-stacked status |
|
115 |
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
13,175 |
|
|
$ |
12,499 |
|
|
$ |
12,517 |
|
|
$ |
12,590 |
|
|
$ |
13,591 |
|
|
|
Other marine services |
|
|
349 |
|
|
|
228 |
|
|
|
118 |
|
|
|
(83 |
) |
|
|
(792 |
) |
|
|
|
|
|
13,524 |
|
|
|
12,727 |
|
|
|
12,635 |
|
|
|
12,507 |
|
|
|
12,799 |
|
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,292 |
|
|
|
4,254 |
|
|
|
4,354 |
|
|
|
4,361 |
|
|
|
4,069 |
|
|
|
Repairs and maintenance |
|
|
2,629 |
|
|
|
2,193 |
|
|
|
3,077 |
|
|
|
2,091 |
|
|
|
3,576 |
|
|
|
Drydocking |
|
|
275 |
|
|
|
159 |
|
|
|
949 |
|
|
|
352 |
|
|
|
72 |
|
|
|
Insurance and loss reserves |
|
|
381 |
|
|
|
327 |
|
|
|
389 |
|
|
|
385 |
|
|
|
361 |
|
|
|
Fuel, lubes and supplies |
|
|
725 |
|
|
|
709 |
|
|
|
1,179 |
|
|
|
892 |
|
|
|
922 |
|
|
|
Other |
|
|
793 |
|
|
|
1,100 |
|
|
|
984 |
|
|
|
952 |
|
|
|
836 |
|
|
|
|
|
|
9,095 |
|
|
|
8,742 |
|
|
|
10,932 |
|
|
|
9,033 |
|
|
|
9,836 |
|
|
|
Direct Vessel Profit |
|
$ |
4,429 |
|
|
$ |
3,985 |
|
|
$ |
1,703 |
|
|
$ |
3,474 |
|
|
$ |
2,963 |
|
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
42 |
|
|
$ |
46 |
|
|
$ |
49 |
|
|
$ |
57 |
|
|
$ |
59 |
|
|
|
Depreciation and amortization |
|
|
4,274 |
|
|
|
4,249 |
|
|
|
4,154 |
|
|
|
4,207 |
|
|
|
4,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,074 |
|
|
$ |
12,900 |
|
|
$ |
11,866 |
|
|
$ |
17,604 |
|
|
$ |
19,127 |
|
|
|
Fleet utilization |
|
|
63 |
% |
|
|
71 |
% |
|
|
72 |
% |
|
|
80 |
% |
|
|
57 |
% |
|
|
Fleet available days |
|
|
400 |
|
|
|
541 |
|
|
|
460 |
|
|
|
531 |
|
|
|
416 |
|
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
3 |
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
||
|
Out-of-service days for cold-stacked status |
|
91 |
|
|
90 |
|
|
92 |
|
|
92 |
|
|
91 |
|
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
2,046 |
|
|
$ |
4,922 |
|
|
$ |
3,934 |
|
|
$ |
7,479 |
|
|
$ |
4,556 |
|
|
|
Bareboat charter |
|
|
1,156 |
|
|
|
1,143 |
|
|
|
1,168 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
|
Other marine services |
|
|
273 |
|
|
|
635 |
|
|
|
183 |
|
|
|
416 |
|
|
|
845 |
|
|
|
|
|
|
3,475 |
|
|
|
6,700 |
|
|
|
5,285 |
|
|
|
9,063 |
|
|
|
6,557 |
|
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
976 |
|
|
|
1,556 |
|
|
|
1,142 |
|
|
|
1,662 |
|
|
|
1,219 |
|
|
|
Repairs and maintenance |
|
|
481 |
|
|
|
335 |
|
|
|
362 |
|
|
|
312 |
|
|
|
32 |
|
|
|
Drydocking |
|
|
(32 |
) |
|
|
79 |
|
|
|
14 |
|
|
|
103 |
|
|
|
11 |
|
|
|
Insurance and loss reserves |
|
|
66 |
|
|
|
135 |
|
|
|
96 |
|
|
|
163 |
|
|
|
169 |
|
|
|
Fuel, lubes and supplies |
|
|
314 |
|
|
|
428 |
|
|
|
384 |
|
|
|
427 |
|
|
|
349 |
|
|
|
Other |
|
|
560 |
|
|
|
521 |
|
|
|
232 |
|
|
|
350 |
|
|
|
488 |
|
|
|
|
|
|
2,365 |
|
|
|
3,054 |
|
|
|
2,230 |
|
|
|
3,017 |
|
|
|
2,268 |
|
|
|
Direct Vessel Profit |
|
$ |
1,110 |
|
|
$ |
3,646 |
|
|
$ |
3,055 |
|
|
$ |
6,046 |
|
|
$ |
4,289 |
|
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
2 |
|
|
|
Depreciation and amortization |
|
|
1,659 |
|
|
|
1,936 |
|
|
|
1,888 |
|
|
|
2,521 |
|
|
|
2,280 |
|
|
9
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
Europe, primarily North Sea |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
|
4,686 |
|
|
|
4,819 |
|
|
|
4,676 |
|
|
|
4,287 |
|
|
|
4,823 |
|
|
Fleet utilization |
|
|
86 |
% |
|
|
67 |
% |
|
|
73 |
% |
|
|
85 |
% |
|
|
76 |
% |
|
Fleet available days |
|
|
5,077 |
|
|
|
4,923 |
|
|
|
5,046 |
|
|
|
5,154 |
|
|
|
5,065 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
174 |
|
|
124 |
|
|
136 |
|
|
240 |
|
|
77 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
91 |
|
|
90 |
|
|
|
92 |
|
|
|
61 |
|
|
|
— |
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
20,524 |
|
|
$ |
15,928 |
|
|
$ |
17,233 |
|
|
$ |
18,832 |
|
|
$ |
18,505 |
|
|
Other marine services |
|
|
1,488 |
|
|
|
1,621 |
|
|
|
1,125 |
|
|
|
1,353 |
|
|
|
640 |
|
|
|
|
|
22,012 |
|
|
|
17,549 |
|
|
|
18,358 |
|
|
|
20,185 |
|
|
|
19,145 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
10,062 |
|
|
|
8,576 |
|
|
|
9,210 |
|
|
|
9,659 |
|
|
|
10,495 |
|
|
Repairs and maintenance |
|
|
2,099 |
|
|
|
2,516 |
|
|
|
2,488 |
|
|
|
2,566 |
|
|
|
2,270 |
|
|
Drydocking |
|
|
78 |
|
|
|
309 |
|
|
|
314 |
|
|
|
2,791 |
|
|
|
1,209 |
|
|
Insurance and loss reserves |
|
|
365 |
|
|
|
207 |
|
|
|
327 |
|
|
|
374 |
|
|
|
254 |
|
|
Fuel, lubes and supplies |
|
|
807 |
|
|
|
1,179 |
|
|
|
824 |
|
|
|
1,170 |
|
|
|
1,051 |
|
|
Other |
|
|
791 |
|
|
|
592 |
|
|
|
359 |
|
|
|
441 |
|
|
|
254 |
|
|
|
|
|
14,202 |
|
|
|
13,379 |
|
|
|
13,522 |
|
|
|
17,001 |
|
|
|
15,533 |
|
|
Direct Vessel Profit |
|
$ |
7,810 |
|
|
$ |
4,170 |
|
|
$ |
4,836 |
|
|
$ |
3,184 |
|
|
$ |
3,612 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
546 |
|
|
$ |
405 |
|
|
$ |
267 |
|
|
$ |
95 |
|
|
$ |
113 |
|
|
Depreciation and amortization |
|
|
3,461 |
|
|
|
3,154 |
|
|
|
3,053 |
|
|
|
3,006 |
|
|
|
2,976 |
|
10
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
Anchor handling towing supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
7,597 |
|
|
$ |
8,502 |
|
|
$ |
8,506 |
|
|
$ |
9,269 |
|
|
$ |
13,381 |
|
|
Fleet utilization |
|
|
49 |
% |
|
|
38 |
% |
|
|
26 |
% |
|
|
28 |
% |
|
|
23 |
% |
|
Fleet available days |
|
|
910 |
|
|
|
900 |
|
|
|
1,012 |
|
|
|
1,012 |
|
|
|
866 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
31 |
|
|
34 |
|
|
12 |
|
|
100 |
|
|
23 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
437 |
|
|
521 |
|
|
|
644 |
|
|
|
602 |
|
|
|
608 |
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
3,360 |
|
|
$ |
2,875 |
|
|
$ |
2,248 |
|
|
$ |
2,592 |
|
|
$ |
2,712 |
|
|
Other marine services |
|
|
869 |
|
|
|
(658 |
) |
|
|
2,426 |
|
|
|
1,244 |
|
|
|
(91 |
) |
|
|
|
|
4,229 |
|
|
|
2,217 |
|
|
|
4,674 |
|
|
|
3,836 |
|
|
|
2,621 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,001 |
|
|
|
1,390 |
|
|
|
1,279 |
|
|
|
1,667 |
|
|
|
1,593 |
|
|
Repairs and maintenance |
|
|
632 |
|
|
|
630 |
|
|
|
386 |
|
|
|
1,625 |
|
|
|
1,281 |
|
|
Drydocking |
|
|
96 |
|
|
|
75 |
|
|
|
(70 |
) |
|
|
1,168 |
|
|
|
945 |
|
|
Insurance and loss reserves |
|
|
266 |
|
|
|
122 |
|
|
|
219 |
|
|
|
282 |
|
|
|
265 |
|
|
Fuel, lubes and supplies |
|
|
262 |
|
|
|
62 |
|
|
|
467 |
|
|
|
582 |
|
|
|
586 |
|
|
Other |
|
|
411 |
|
|
|
592 |
|
|
|
568 |
|
|
|
530 |
|
|
|
689 |
|
|
|
|
|
3,668 |
|
|
|
2,871 |
|
|
|
2,849 |
|
|
|
5,854 |
|
|
|
5,359 |
|
|
Direct Vessel Profit (Loss) |
|
$ |
561 |
|
|
$ |
(654 |
) |
|
$ |
1,825 |
|
|
$ |
(2,018 |
) |
|
$ |
(2,738 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
1,527 |
|
|
$ |
1,539 |
|
|
$ |
1,847 |
|
|
$ |
1,851 |
|
|
$ |
1,855 |
|
|
Depreciation and amortization |
|
|
575 |
|
|
|
575 |
|
|
|
679 |
|
|
|
689 |
|
|
|
532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fast support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
7,624 |
|
|
$ |
7,609 |
|
|
$ |
7,749 |
|
|
$ |
7,148 |
|
|
$ |
6,963 |
|
|
Fleet utilization |
|
|
71 |
% |
|
|
68 |
% |
|
|
67 |
% |
|
|
59 |
% |
|
|
62 |
% |
|
Fleet available days |
|
|
3,275 |
|
|
|
3,295 |
|
|
|
3,187 |
|
|
|
3,709 |
|
|
|
3,820 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
134 |
|
|
72 |
|
|
|
151 |
|
|
|
131 |
|
|
|
53 |
|
||
|
Out-of-service days for cold-stacked status |
|
545 |
|
|
622 |
|
|
659 |
|
|
|
1,037 |
|
|
|
1,191 |
|
|||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
17,709 |
|
|
$ |
17,083 |
|
|
$ |
16,453 |
|
|
$ |
15,678 |
|
|
$ |
16,488 |
|
|
Bareboat charter |
|
|
233 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other marine services |
|
|
(179 |
) |
|
|
(251 |
) |
|
|
(952 |
) |
|
|
(834 |
) |
|
|
(505 |
) |
|
|
|
|
17,763 |
|
|
|
16,832 |
|
|
|
15,501 |
|
|
|
14,844 |
|
|
|
15,983 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,796 |
|
|
|
5,511 |
|
|
|
5,328 |
|
|
|
5,826 |
|
|
|
5,258 |
|
|
Repairs and maintenance |
|
|
2,682 |
|
|
|
2,337 |
|
|
|
2,595 |
|
|
|
2,641 |
|
|
|
3,406 |
|
|
Drydocking |
|
|
136 |
|
|
|
350 |
|
|
|
1 |
|
|
|
432 |
|
|
|
115 |
|
|
Insurance and loss reserves |
|
|
385 |
|
|
|
326 |
|
|
|
534 |
|
|
|
407 |
|
|
|
314 |
|
|
Fuel, lubes and supplies |
|
|
1,602 |
|
|
|
1,102 |
|
|
|
1,368 |
|
|
|
1,016 |
|
|
|
1,015 |
|
|
Other |
|
|
1,713 |
|
|
|
2,464 |
|
|
|
1,062 |
|
|
|
1,718 |
|
|
|
1,466 |
|
|
|
|
|
12,314 |
|
|
|
12,090 |
|
|
|
10,888 |
|
|
|
12,040 |
|
|
|
11,574 |
|
|
Direct Vessel Profit |
|
$ |
5,449 |
|
|
$ |
4,742 |
|
|
$ |
4,613 |
|
|
$ |
2,804 |
|
|
$ |
4,409 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
352 |
|
|
$ |
352 |
|
|
$ |
341 |
|
|
$ |
342 |
|
|
$ |
342 |
|
|
Depreciation and amortization |
|
|
5,929 |
|
|
|
5,944 |
|
|
|
5,525 |
|
|
|
5,780 |
|
|
|
6,585 |
|
11
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
6,906 |
|
|
$ |
7,001 |
|
|
$ |
7,050 |
|
|
$ |
7,410 |
|
|
$ |
7,174 |
|
|
Fleet utilization |
|
|
53 |
% |
|
|
62 |
% |
|
|
81 |
% |
|
|
82 |
% |
|
|
69 |
% |
|
Fleet available days |
|
|
486 |
|
|
|
501 |
|
|
|
460 |
|
|
|
565 |
|
|
|
637 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
118 |
|
|
60 |
|
|
27 |
|
|
|
— |
|
|
|
— |
|
|||
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
1,787 |
|
|
$ |
2,182 |
|
|
$ |
2,631 |
|
|
$ |
3,442 |
|
|
$ |
3,149 |
|
|
Bareboat charter |
|
|
1,156 |
|
|
|
1,143 |
|
|
|
1,168 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
Other marine services |
|
|
799 |
|
|
|
781 |
|
|
|
619 |
|
|
|
1,066 |
|
|
|
39 |
|
|
|
|
|
3,742 |
|
|
|
4,106 |
|
|
|
4,418 |
|
|
|
5,676 |
|
|
|
4,344 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
1,617 |
|
|
|
1,678 |
|
|
|
1,487 |
|
|
|
1,976 |
|
|
|
1,999 |
|
|
Repairs and maintenance |
|
|
1,085 |
|
|
|
619 |
|
|
|
403 |
|
|
|
549 |
|
|
|
259 |
|
|
Drydocking |
|
|
82 |
|
|
|
162 |
|
|
|
1,023 |
|
|
|
1,624 |
|
|
|
585 |
|
|
Insurance and loss reserves |
|
|
78 |
|
|
|
105 |
|
|
|
130 |
|
|
|
145 |
|
|
|
134 |
|
|
Fuel, lubes and supplies |
|
|
98 |
|
|
|
399 |
|
|
|
445 |
|
|
|
391 |
|
|
|
317 |
|
|
Other |
|
|
842 |
|
|
|
1,144 |
|
|
|
762 |
|
|
|
254 |
|
|
|
1,048 |
|
|
|
|
|
3,802 |
|
|
|
4,107 |
|
|
|
4,250 |
|
|
|
4,939 |
|
|
|
4,342 |
|
|
Direct Vessel (Loss) Profit |
|
$ |
(60 |
) |
|
$ |
(1 |
) |
|
$ |
168 |
|
|
$ |
737 |
|
|
$ |
2 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
433 |
|
|
$ |
318 |
|
|
$ |
178 |
|
|
$ |
34 |
|
|
$ |
— |
|
|
Depreciation and amortization |
|
|
1,223 |
|
|
|
1,036 |
|
|
|
966 |
|
|
|
1,173 |
|
|
|
1,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emergency Response and Rescue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,562 |
|
|
$ |
8,499 |
|
|
$ |
8,504 |
|
|
$ |
8,692 |
|
|
$ |
9,157 |
|
|
Fleet utilization |
|
|
87 |
% |
|
|
82 |
% |
|
|
82 |
% |
|
|
77 |
% |
|
|
80 |
% |
|
Fleet available days |
|
|
1,547 |
|
|
|
1,620 |
|
|
|
1,734 |
|
|
|
1,809 |
|
|
|
1,746 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
15 |
|
|
71 |
|
|
|
89 |
|
|
|
117 |
|
|
|
46 |
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
11,503 |
|
|
$ |
11,308 |
|
|
$ |
12,024 |
|
|
$ |
12,036 |
|
|
$ |
12,791 |
|
|
Other marine services |
|
|
30 |
|
|
|
31 |
|
|
|
11 |
|
|
|
50 |
|
|
|
39 |
|
|
|
|
|
11,533 |
|
|
|
11,339 |
|
|
|
12,035 |
|
|
|
12,086 |
|
|
|
12,830 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
6,047 |
|
|
|
6,133 |
|
|
|
6,774 |
|
|
|
5,855 |
|
|
|
8,148 |
|
|
Repairs and maintenance |
|
|
1,069 |
|
|
|
1,422 |
|
|
|
1,601 |
|
|
|
1,627 |
|
|
|
1,464 |
|
|
Drydocking |
|
|
77 |
|
|
|
309 |
|
|
|
273 |
|
|
|
1,156 |
|
|
|
624 |
|
|
Insurance and loss reserves |
|
|
129 |
|
|
|
60 |
|
|
|
216 |
|
|
|
234 |
|
|
|
143 |
|
|
Fuel, lubes and supplies |
|
|
690 |
|
|
|
947 |
|
|
|
657 |
|
|
|
975 |
|
|
|
843 |
|
|
Other |
|
|
143 |
|
|
|
240 |
|
|
|
209 |
|
|
|
351 |
|
|
|
144 |
|
|
|
|
|
8,155 |
|
|
|
9,111 |
|
|
|
9,730 |
|
|
|
10,198 |
|
|
|
11,366 |
|
|
Direct Vessel Profit |
|
$ |
3,378 |
|
|
$ |
2,228 |
|
|
$ |
2,305 |
|
|
$ |
1,888 |
|
|
$ |
1,464 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
1,082 |
|
|
$ |
1,096 |
|
|
$ |
1,085 |
|
|
$ |
945 |
|
|
$ |
681 |
|
12
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet available days |
|
|
91 |
|
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
337 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
23 |
|
|
|
65 |
|
|
|
64 |
|
|
|
64 |
|
|
|
79 |
|
|
Repairs and maintenance |
|
|
3 |
|
|
|
4 |
|
|
|
12 |
|
|
|
31 |
|
|
|
13 |
|
|
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Insurance and loss reserves |
|
|
20 |
|
|
|
8 |
|
|
|
9 |
|
|
|
41 |
|
|
|
25 |
|
|
Fuel, lubes and supplies |
|
|
(24 |
) |
|
|
31 |
|
|
|
33 |
|
|
|
65 |
|
|
|
(29 |
) |
|
Other |
|
|
77 |
|
|
|
95 |
|
|
|
70 |
|
|
|
67 |
|
|
|
93 |
|
|
|
|
|
99 |
|
|
|
203 |
|
|
|
188 |
|
|
|
268 |
|
|
|
181 |
|
|
Direct Vessel (Loss) Profit |
|
$ |
(99 |
) |
|
$ |
(203 |
) |
|
$ |
149 |
|
|
$ |
(268 |
) |
|
$ |
(181 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
127 |
|
|
|
128 |
|
|
|
282 |
|
|
|
282 |
|
|
|
283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
20,993 |
|
|
$ |
17,750 |
|
|
$ |
18,497 |
|
|
$ |
18,993 |
|
|
$ |
19,225 |
|
|
Fleet utilization |
|
|
47 |
% |
|
|
46 |
% |
|
|
49 |
% |
|
|
60 |
% |
|
|
43 |
% |
|
Fleet available days |
|
|
1,729 |
|
|
|
1,710 |
|
|
|
1,827 |
|
|
|
1,932 |
|
|
|
1,911 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
292 |
|
|
224 |
|
|
|
132 |
|
|
|
86 |
|
|
|
266 |
|
||
|
Out-of-service days for cold-stacked status |
|
|
455 |
|
|
|
526 |
|
|
550 |
|
|
|
554 |
|
|
|
708 |
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
16,932 |
|
|
$ |
13,877 |
|
|
$ |
16,631 |
|
|
$ |
22,171 |
|
|
$ |
15,788 |
|
|
Other marine services |
|
|
1,481 |
|
|
|
2,080 |
|
|
|
1,926 |
|
|
|
2,922 |
|
|
|
1,569 |
|
|
|
|
|
18,413 |
|
|
|
15,957 |
|
|
|
18,557 |
|
|
|
25,093 |
|
|
|
17,357 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
5,360 |
|
|
|
5,097 |
|
|
|
5,546 |
|
|
|
5,621 |
|
|
|
4,671 |
|
|
Repairs and maintenance |
|
|
2,189 |
|
|
|
2,828 |
|
|
|
1,971 |
|
|
|
1,827 |
|
|
|
1,553 |
|
|
Drydocking |
|
|
1,683 |
|
|
|
1,983 |
|
|
|
167 |
|
|
|
433 |
|
|
|
842 |
|
|
Insurance and loss reserves |
|
|
921 |
|
|
|
884 |
|
|
|
872 |
|
|
|
630 |
|
|
|
889 |
|
|
Fuel, lubes and supplies |
|
|
1,076 |
|
|
|
1,005 |
|
|
|
1,485 |
|
|
|
1,482 |
|
|
|
1,153 |
|
|
Other |
|
|
251 |
|
|
|
444 |
|
|
|
667 |
|
|
|
620 |
|
|
|
336 |
|
|
|
|
|
11,480 |
|
|
|
12,241 |
|
|
|
10,708 |
|
|
|
10,613 |
|
|
|
9,444 |
|
|
Direct Vessel Profit |
|
$ |
6,933 |
|
|
$ |
3,716 |
|
|
$ |
7,849 |
|
|
$ |
14,480 |
|
|
$ |
7,913 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
1,497 |
|
|
$ |
1,498 |
|
|
$ |
638 |
|
|
$ |
641 |
|
|
$ |
644 |
|
|
Depreciation and amortization |
|
|
6,055 |
|
|
|
6,053 |
|
|
|
6,098 |
|
|
|
6,188 |
|
|
|
6,333 |
|
13
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
|||||
|
Crew transfer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
2,431 |
|
|
$ |
2,325 |
|
|
$ |
2,283 |
|
|
$ |
2,253 |
|
|
$ |
2,330 |
|
|
Fleet utilization |
|
|
88 |
% |
|
|
60 |
% |
|
|
68 |
% |
|
|
89 |
% |
|
|
73 |
% |
|
Fleet available days |
|
|
3,499 |
|
|
|
3,420 |
|
|
|
3,496 |
|
|
|
3,498 |
|
|
|
3,457 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
39 |
|
|
53 |
|
|
47 |
|
|
123 |
|
|
31 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
90 |
|
|
|
92 |
|
|
|
61 |
|
|
|
— |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
7,482 |
|
|
$ |
4,802 |
|
|
$ |
5,395 |
|
|
$ |
6,983 |
|
|
$ |
5,898 |
|
|
Other marine services |
|
|
499 |
|
|
|
322 |
|
|
|
460 |
|
|
|
657 |
|
|
|
563 |
|
|
|
|
|
7,981 |
|
|
|
5,124 |
|
|
|
5,855 |
|
|
|
7,640 |
|
|
|
6,461 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,665 |
|
|
|
2,309 |
|
|
|
2,274 |
|
|
|
2,471 |
|
|
|
2,295 |
|
|
Repairs and maintenance |
|
|
933 |
|
|
|
1,096 |
|
|
|
814 |
|
|
|
806 |
|
|
|
987 |
|
|
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
9 |
|
|
|
1 |
|
|
Insurance and loss reserves |
|
|
93 |
|
|
|
104 |
|
|
|
94 |
|
|
|
130 |
|
|
|
93 |
|
|
Fuel, lubes and supplies |
|
|
167 |
|
|
|
189 |
|
|
|
145 |
|
|
|
163 |
|
|
|
219 |
|
|
Other |
|
|
113 |
|
|
|
113 |
|
|
|
165 |
|
|
|
104 |
|
|
|
173 |
|
|
|
|
|
3,971 |
|
|
|
3,811 |
|
|
|
3,494 |
|
|
|
3,683 |
|
|
|
3,768 |
|
|
Direct Vessel Profit |
|
$ |
4,010 |
|
|
$ |
1,313 |
|
|
$ |
2,361 |
|
|
$ |
3,957 |
|
|
$ |
2,693 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(22 |
) |
|
$ |
22 |
|
|
Depreciation and amortization |
|
|
1,920 |
|
|
|
2,031 |
|
|
|
679 |
|
|
|
689 |
|
|
|
532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
684 |
|
|
$ |
674 |
|
|
$ |
9,555 |
|
|
$ |
1,080 |
|
|
$ |
1,105 |
|
|
|
|
|
684 |
|
|
|
674 |
|
|
|
9,555 |
|
|
|
1,080 |
|
|
|
1,105 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
452 |
|
|
|
573 |
|
|
|
846 |
|
|
|
1,541 |
|
|
|
690 |
|
|
Repairs and maintenance |
|
|
83 |
|
|
|
70 |
|
|
|
146 |
|
|
|
102 |
|
|
|
107 |
|
|
Insurance and loss reserves |
|
|
— |
|
|
|
(135 |
) |
|
|
19 |
|
|
|
(12 |
) |
|
|
71 |
|
|
Fuel, lubes and supplies |
|
|
21 |
|
|
|
18 |
|
|
|
18 |
|
|
|
16 |
|
|
|
18 |
|
|
Other |
|
|
(520 |
) |
|
|
(683 |
) |
|
|
(971 |
) |
|
|
(644 |
) |
|
|
(940 |
) |
|
|
|
|
36 |
|
|
|
(157 |
) |
|
|
58 |
|
|
|
1,003 |
|
|
|
(54 |
) |
|
Direct Vessel Profit |
|
$ |
648 |
|
|
$ |
831 |
|
|
$ |
9,497 |
|
|
$ |
77 |
|
|
$ |
1,159 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
508 |
|
|
$ |
224 |
|
|
$ |
425 |
|
|
$ |
446 |
|
|
$ |
468 |
|
|
Depreciation and amortization |
|
|
583 |
|
|
|
330 |
|
|
|
196 |
|
|
|
192 |
|
|
|
218 |
|
14
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|
Dec. 31, 2018 |
|
|
Sep. 30, 2018 |
|
|
Jun. 30, 2018 |
|
||||||
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DVP |
|
|
20,820 |
|
|
|
11,972 |
|
|
|
28,767 |
|
|
$ |
21,657 |
|
|
$ |
14,721 |
|
|
Operating, leased-in equipment (excluding amortization of deferred gains) |
|
|
(4,625 |
) |
|
|
(5,157 |
) |
|
|
(5,439 |
) |
|
|
(5,301 |
) |
|
|
(5,341 |
) |
|
Administrative and general (excluding provisions for bad debts and amortization of share awards) |
|
|
(10,594 |
) |
|
|
(11,860 |
) |
|
|
(11,869 |
) |
|
|
(10,985 |
) |
|
|
(13,585 |
) |
|
SEACOR Holdings management and guarantee fees |
|
|
(32 |
) |
|
|
(29 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
Dividends received from 50% or less owned companies |
|
|
— |
|
|
|
400 |
|
|
|
400 |
|
|
|
— |
|
|
|
1,324 |
|
|
Other, net (excluding non-cash losses) |
|
|
— |
|
|
|
— |
|
|
|
(3 |
) |
|
|
249 |
|
|
|
— |
|
|
|
|
|
5,569 |
|
|
|
(4,674 |
) |
|
|
11,851 |
|
|
|
5,615 |
|
|
|
(2,888 |
) |
|
Changes in operating assets and liabilities before interest and income taxes |
|
|
3,090 |
|
|
|
5,372 |
|
|
|
(10,638 |
) |
|
|
(16,587 |
) |
|
|
(14,575 |
) |
|
Director share awards |
|
|
894 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
893 |
|
|
Restricted stock vested |
|
|
- |
|
|
|
(282 |
) |
|
|
(5 |
) |
|
|
(32 |
) |
|
|
(51 |
) |
|
Cash settlements on derivative transactions, net |
|
|
275 |
|
|
|
(75 |
) |
|
|
1,420 |
|
|
|
102 |
|
|
|
(21 |
) |
|
Interest paid, excluding capitalized interest (1) |
|
|
(7,691 |
) |
|
|
(4,664 |
) |
|
|
(5,929 |
) |
|
|
(5,498 |
) |
|
|
(5,875 |
) |
|
Interest received |
|
|
222 |
|
|
|
357 |
|
|
|
357 |
|
|
|
309 |
|
|
|
352 |
|
|
Income taxes refunded, net |
|
|
56 |
|
|
|
1,999 |
|
|
|
40 |
|
|
|
(344 |
) |
|
|
(12 |
) |
|
Net cash provided by (used in) operating activities |
|
|
2,415 |
|
|
|
(1,967 |
) |
|
|
(2,904 |
) |
|
|
(16,435 |
) |
|
|
(22,177 |
) |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(19,654 |
) |
|
|
(20,813 |
) |
|
|
(14,217 |
) |
|
|
(21,601 |
) |
|
|
(5,983 |
) |
|
Capitalized interest paid |
|
|
(347 |
) |
|
|
(370 |
) |
|
|
— |
|
|
|
(614 |
) |
|
|
(1,008 |
) |
|
Proceeds from disposition of property and equipment |
|
|
9,268 |
|
|
|
552 |
|
|
|
17,476 |
|
|
|
1,858 |
|
|
|
3,244 |
|
|
Net change in construction reserve fund |
|
|
7,997 |
|
|
|
(48 |
) |
|
|
7,535 |
|
|
|
2,556 |
|
|
|
7,209 |
|
|
Net investing activities in property and equipment |
|
|
(2,736 |
) |
|
|
(20,679 |
) |
|
|
10,794 |
|
|
|
(17,801 |
) |
|
|
3,462 |
|
|
Investments in and advances to 50% or less owned companies |
|
|
(718 |
) |
|
|
(1,951 |
) |
|
|
(3,672 |
) |
|
|
1,770 |
|
|
|
(5,610 |
) |
|
Net investing activities in third party notes receivable |
|
|
— |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
Sale of subsidiary to joint venture |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,017 |
|
|
|
— |
|
|
Net cash (used in) provided by investing activities |
|
|
(3,454 |
) |
|
|
(22,630 |
) |
|
|
7,139 |
|
|
|
(8,014 |
) |
|
|
(2,148 |
) |
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
|
|
(3,738 |
) |
|
|
(4,361 |
) |
|
|
(11,352 |
) |
|
|
(2,851 |
) |
|
|
(6,395 |
) |
|
Proceeds from issuance of long-term debt, net of issue costs |
|
|
— |
|
|
|
— |
|
|
|
(336 |
) |
|
|
43,882 |
|
|
|
— |
|
|
Purchase of subsidiary shares from noncontrolling interests |
|
|
— |
|
|
|
(3,392 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from exercise of stock options and Warrants |
|
|
3 |
|
|
|
108 |
|
|
|
20 |
|
|
|
— |
|
|
|
813 |
|
|
Issuance of stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
54,012 |
|
|
Net cash (used in) provided by financing activities |
|
|
(3,735 |
) |
|
|
(7,645 |
) |
|
|
(11,668 |
) |
|
|
41,031 |
|
|
|
48,430 |
|
|
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
(309 |
) |
|
|
1,484 |
|
|
|
(233 |
) |
|
|
(253 |
) |
|
|
(970 |
) |
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
(5,083 |
) |
|
|
(30,758 |
) |
|
|
(7,666 |
) |
|
|
16,329 |
|
|
|
23,135 |
|
|
Cash, Restricted Cash and Cash Equivalents, Beginning of Period |
|
|
66,095 |
|
|
|
96,853 |
|
|
|
104,519 |
|
|
|
88,190 |
|
|
|
65,055 |
|
|
Cash, Restricted Cash and Cash Equivalents, End of Period |
|
$ |
61,012 |
|
|
$ |
66,095 |
|
|
$ |
96,853 |
|
|
$ |
104,519 |
|
|
$ |
88,190 |
|
15
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|
|
|
June 30, 2019 |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
September 30, 2018 |
|
|
June 30, 2018 |
|
|||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
58,772 |
|
|
$ |
63,855 |
|
|
$ |
95,195 |
|
|
$ |
102,864 |
|
|
$ |
86,239 |
|
|
Restricted cash |
|
|
2,240 |
|
|
|
2,240 |
|
|
|
1,657 |
|
|
|
1,655 |
|
|
|
1,951 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts |
|
|
69,117 |
|
|
|
67,900 |
|
|
|
64,125 |
|
|
|
75,349 |
|
|
|
57,658 |
|
|
Other |
|
|
10,410 |
|
|
|
9,078 |
|
|
|
12,082 |
|
|
|
16,552 |
|
|
|
16,039 |
|
|
Inventories |
|
|
2,995 |
|
|
|
4,139 |
|
|
|
3,443 |
|
|
|
3,646 |
|
|
|
3,666 |
|
|
Prepaid expenses and other |
|
|
4,123 |
|
|
|
4,597 |
|
|
|
2,530 |
|
|
|
2,692 |
|
|
|
4,090 |
|
|
Total current assets |
|
|
147,657 |
|
|
|
151,809 |
|
|
|
179,032 |
|
|
|
202,758 |
|
|
|
169,643 |
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
1,222,820 |
|
|
|
1,294,945 |
|
|
|
1,242,733 |
|
|
|
1,279,000 |
|
|
|
1,287,855 |
|
|
Accumulated depreciation |
|
|
(525,556 |
) |
|
|
(579,441 |
) |
|
|
(561,272 |
) |
|
|
(568,752 |
) |
|
|
(564,477 |
) |
|
|
|
|
697,264 |
|
|
|
715,504 |
|
|
|
681,461 |
|
|
|
710,248 |
|
|
|
723,378 |
|
|
Construction in progress |
|
|
68,228 |
|
|
|
63,301 |
|
|
|
88,918 |
|
|
|
82,953 |
|
|
|
82,274 |
|
|
Net property and equipment |
|
|
765,492 |
|
|
|
778,805 |
|
|
|
770,379 |
|
|
|
793,201 |
|
|
|
805,652 |
|
|
Right-of-Use Asset - Operating Leases |
|
|
27,390 |
|
|
|
30,503 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Investments, at Equity, and Advances to 50% or Less Owned Companies |
|
|
112,418 |
|
|
|
119,520 |
|
|
|
121,773 |
|
|
|
120,340 |
|
|
|
115,424 |
|
|
Construction Reserve Funds |
|
|
20,112 |
|
|
|
28,109 |
|
|
|
28,061 |
|
|
|
35,596 |
|
|
|
38,152 |
|
|
Other Assets |
|
|
3,627 |
|
|
|
3,603 |
|
|
|
3,690 |
|
|
|
3,582 |
|
|
|
3,667 |
|
|
|
|
$ |
1,076,696 |
|
|
$ |
1,112,349 |
|
|
$ |
1,102,935 |
|
|
$ |
1,155,477 |
|
|
$ |
1,132,538 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
16,552 |
|
|
$ |
17,918 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Current portion of long-term debt |
|
|
20,651 |
|
|
|
17,426 |
|
|
|
16,812 |
|
|
|
17,426 |
|
|
|
22,858 |
|
|
Accounts payable and accrued expenses |
|
|
33,909 |
|
|
|
27,263 |
|
|
|
19,370 |
|
|
|
20,480 |
|
|
|
23,774 |
|
|
Due to SEACOR Holdings |
|
|
74 |
|
|
|
535 |
|
|
|
452 |
|
|
|
463 |
|
|
|
746 |
|
|
Other current liabilities |
|
|
48,593 |
|
|
|
47,567 |
|
|
|
46,983 |
|
|
|
63,772 |
|
|
|
56,469 |
|
|
Total current liabilities |
|
|
119,779 |
|
|
|
110,709 |
|
|
|
83,617 |
|
|
|
102,141 |
|
|
|
103,847 |
|
|
Long-Term Operating Lease Liabilities |
|
|
16,775 |
|
|
|
19,851 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Long-Term Debt |
|
|
379,075 |
|
|
|
384,344 |
|
|
|
387,854 |
|
|
|
397,738 |
|
|
|
348,912 |
|
|
Conversion Option Liability on Convertible Senior Notes |
|
|
7,599 |
|
|
|
6,201 |
|
|
|
5,276 |
|
|
|
17,928 |
|
|
|
21,886 |
|
|
Deferred Income Taxes |
|
|
37,063 |
|
|
|
41,831 |
|
|
|
44,682 |
|
|
|
46,120 |
|
|
|
49,789 |
|
|
Deferred Gains and Other Liabilities |
|
|
5,165 |
|
|
|
7,290 |
|
|
|
26,571 |
|
|
|
26,662 |
|
|
|
27,289 |
|
|
Total liabilities |
|
|
565,456 |
|
|
|
570,226 |
|
|
|
548,000 |
|
|
|
590,589 |
|
|
|
551,723 |
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
218 |
|
|
|
211 |
|
|
|
204 |
|
|
|
204 |
|
|
|
204 |
|
|
Additional paid-in capital |
|
|
424,549 |
|
|
|
422,830 |
|
|
|
415,372 |
|
|
|
414,460 |
|
|
|
413,754 |
|
|
Retained earnings |
|
|
83,312 |
|
|
|
111,701 |
|
|
|
126,834 |
|
|
|
134,628 |
|
|
|
150,585 |
|
|
Shares held in treasury |
|
|
(374 |
) |
|
|
(373 |
) |
|
|
(91 |
) |
|
|
(86 |
) |
|
|
(54 |
) |
|
Accumulated other comprehensive loss, net of tax |
|
|
(19,156 |
) |
|
|
(16,812 |
) |
|
|
(16,788 |
) |
|
|
(13,945 |
) |
|
|
(13,129 |
) |
|
|
|
|
488,549 |
|
|
|
517,557 |
|
|
|
525,531 |
|
|
|
535,261 |
|
|
|
551,360 |
|
|
Noncontrolling interests in subsidiaries |
|
|
22,691 |
|
|
|
24,566 |
|
|
|
29,404 |
|
|
|
29,627 |
|
|
|
29,455 |
|
|
Total equity |
|
|
511,240 |
|
|
|
542,123 |
|
|
|
554,935 |
|
|
|
564,888 |
|
|
|
580,815 |
|
|
|
|
$ |
1,076,696 |
|
|
$ |
1,112,349 |
|
|
$ |
1,102,935 |
|
|
$ |
1,155,477 |
|
|
$ |
1,132,538 |
|
16
|
SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS |
|
|
|
June 30, 2019 (1) |
|
|
March 31, 2019 |
|
|
December 31, 2018 |
|
|
September 30, 2018 |
|
|
June 30, 2018 |
|
|||||
|
AHTS |
|
|
9 |
|
|
|
11 |
|
|
|
12 |
|
|
|
13 |
|
|
|
13 |
|
|
FSV |
|
|
40 |
|
|
|
42 |
|
|
|
41 |
|
|
|
47 |
|
|
|
49 |
|
|
Supply |
|
|
41 |
|
|
|
42 |
|
|
|
39 |
|
|
|
29 |
|
|
|
29 |
|
|
ERRV |
|
|
18 |
|
|
|
18 |
|
|
|
19 |
|
|
|
20 |
|
|
|
21 |
|
|
Specialty |
|
|
6 |
|
|
|
7 |
|
|
|
7 |
|
|
|
4 |
|
|
|
4 |
|
|
Liftboats |
|
|
19 |
|
|
|
19 |
|
|
|
19 |
|
|
|
21 |
|
|
|
21 |
|
|
CTV |
|
|
44 |
|
|
|
43 |
|
|
|
42 |
|
|
|
42 |
|
|
|
42 |
|
|
|
|
177 |
|
|
182 |
|
|
179 |
|
|
176 |
|
|
179 |
|
|||||
______________________
|
(1) |
Excludes five owned and one leased-in offshore support vessels that have been retired and removed from service. |
17
|
SEACOR MARINE HOLDINGS INC. UNAUDITED EXPECTED FLEET DELIVERIES |
|
|
2019 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
Q3 |
|
|
Q4 |
|
|
Q1 |
|
|
Q2 |
|
|
Q3 |
|
|
Q4 |
|
|
Deferred |
|
|
Total |
|
||||||||
|
Fast support |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
3 |
|
|
Crew transfer |
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Platform supply |
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
5 |
|
18