SEC Filing | SEACOR Marine Holdings Inc.

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smhi-8k_20191125.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 25, 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, par value $0.01 per share

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 7.01 Regulation FD Disclosure

The information in this Current Report 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 Current Report shall not be incorporated by reference in 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.

In response to investor request, attached hereto as Exhibit 99.1 are supplemental financial tables with respect to the results of SEACOR Marine Holdings Inc. for the third quarter ended September 30, 2019.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.	Description

99.1	Supplemental Financial Tables

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.

November 25, 2019	By:	/s/ John Gellert

		Name: John Gellert
		Title: President and Chief Executive Officer

smhi-ex991_6.htm

Exhibit 99.1

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	10,946		$	10,387		$	9,796		$	10,373		$	10,690
Average Rates Per Day		6,981			6,843			7,109			7,199			7,060
Fleet Utilization (excluding crew transfer)		64	%		59	%		57	%		56	%		56	%
Fleet Utilization		74	%		69	%		58	%		60	%		67	%
Fleet Available Days (excluding crew transfer)		6,048			6,491			6,496			6,578			7,310
Fleet Available Days		9,578			9,990			9,916			10,074			10,808
Operating Revenues:
Time charter	$	49,747		$	47,270		$	40,819		$	43,358		$	50,866
Bareboat charter		1,765			1,389			1,143			1,168			1,168
Other marine services		3,188			4,153			2,948			14,371			6,135
		54,700			52,812			44,910			58,897			58,169
Costs and Expenses:
Operating:
Personnel		15,879			17,914			16,623			16,824			19,166
Repairs and maintenance		5,495			7,607			7,584			6,327			7,581
Drydocking		515			1,997			2,570			1,123			3,666
Insurance and loss reserves		1,198			1,763			1,414			1,877			1,623
Fuel, lubes and supplies		2,910			3,202			2,806			3,961			3,715
Other		1,214			2,887			4,169			2,323			2,649
		27,211			35,370			35,166			32,435			38,400
Direct Vessel Profit		27,489			17,442			9,744			26,462			19,769
Other Costs and Expenses:
Lease expense		4,171			4,317			4,148			3,429			3,292
Administrative and general		12,509			11,639			12,000			11,796			11,767
Depreciation and amortization		16,091			16,412			16,097			15,901			16,397
		32,771			32,368			32,245			31,126			31,456
Gains (Losses) on Asset Dispositions and Impairments, Net		861			(3,848	)		268			(7,775	)		(1,765	)
Operating Loss		(4,421	)		(18,774	)		(22,233	)		(12,439	)		(13,452	)
Other Income (Expense):
Interest income		317			215			354			353			305
Interest expense		(7,362	)		(7,633	)		(7,664	)		(7,327	)		(7,660	)
SEACOR Holdings guarantee fees		(26	)		(32	)		(29	)		(5	)		(5	)
Debt extinguishment loss		—			—			—			—			(638	)
Derivative losses (gains), net		3,057			(1,398	)		(925	)		12,651			4,387
Foreign currency gains, net		(370	)		(924	)		670			(430	)		(296	)
Other, net		—			—			—			(1	)	678
		(4,384	)		(9,772	)		(7,594	)		5,241			(3,229	)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(8,805	)		(28,546	)		(29,827	)		(7,198	)		(16,681	)
Income Tax Expense (Benefit)		1,277			(3,052	)		(3,831	)		(50	)		1,248
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(10,082	)		(25,494	)		(25,996	)		(7,148	)		(17,929	)
Equity in Losses of 50% or Less Owned Companies		(1,325	)		(7,078	)		(3,476	)		(1,818	)		(1,022	)
Loss from Continuing Operations		(11,407	)		(32,572	)		(29,472	)		(8,966	)		(18,951	)
(Loss) Income from Discontinued Operations, Net of Tax		(6,834	)		2,308			1,199			997			3,185
Net Loss		(18,241	)		(30,264	)		(28,273	)		(7,969	)		(15,766	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		204			(1,875	)		(2,724	)		(175	)		191
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(18,445	)	$	(28,389	)	$	(25,549	)	$	(7,794	)	$	(15,957	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations (Basic)	$	(0.49	)	$	(1.31	)	$	(1.16	)	$	(0.39	)	$	(0.85	)
Discontinued operations (Basic)	$	(0.29	)	$	0.10		$	0.05		$	0.04		$	0.14
	$	(0.78	)	$	(1.21	)	$	(1.11	)	$	(0.35	)	$	(0.71	)

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Continuing operations (Diluted)	$	(0.49	)	$	(1.31	)	$	(1.16	)	$	(0.39	)	$	(0.85	)
Discontinued operations (Diluted)	$	(0.29	)	$	0.10		$	0.05		$	0.04		$	0.14
	$	(0.78	)	$	(1.21	)	$	(1.11	)	$	(0.35	)	$	(0.71	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		23,741			23,382			23,090			22,514			22,513
Common Shares and Warrants Outstanding at Period End		23,371			23,618			23,222			22,711			22,709

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics and per share data)

	United States (primarily Gulf of Mexico)			Africa (primarily West Africa)			Middle East and Asia			Latin America			Europe, Continuing Operations			Total
For the Three Months Ended September 30, 2019
Time Charter Statistics:
Average Rates Per Day	$	17,851		$	9,316		$	8,795		$	6,867		$	3,146		$	6,981
Fleet Utilization		26	%		91	%		83	%		71	%		96	%		74	%
Fleet Available Days		2,340			1,380			2,020			399			3,439			9,578
Operating Revenues:
Time charter	$	10,914		$	11,738		$	14,798		$	1,951		$	10,346		$	49,747
Bareboat charter		597			—			—			1,168			—			1,765
Other marine services		838			129			414			221			1,586			3,188
		12,349			11,867			15,212			3,340			11,932			54,700
Direct Costs and Expenses:
Operating:
Personnel		4,353			3,308			4,023			846			3,349			15,879
Repairs and maintenance		1,508			1,323			1,387			298			979			5,495
Drydocking		547			(53	)		20			—			1			515
Insurance and loss reserves		371			230			333			31			233			1,198
Fuel, lubes and supplies		739			961			701			187			322			2,910
Other		88			499			567			(87	)		147			1,214
		7,606			6,268			7,031			1,275			5,031			27,211
Direct Vessel Profit, from Continuing Operations	$	4,743		$	5,599		$	8,181		$	2,065		$	6,901			27,489
Other Costs and Expenses:
Lease expense	$	2,758		$	761		$	43		$	—		$	609			4,171
Administrative and general																	12,509
Depreciation and amortization		5,634			2,681			3,914			1,573			2,289			16,091
																	32,771
Gain on Asset Dispositions and Impairments																	861
Operating Loss, for Continuing Operations																$	(4,421	)

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics and per share data)

	United States (primarily Gulf of Mexico)			Africa (primarily West Africa)			Middle East and Asia			Latin America			Europe, Continuing Operations			Total
For the Nine Months Ended September 30, 2019
Time Charter Statistics:
Average Rates Per Day	$	13,924		$	9,378		$	8,462		$	9,704		$	2,890		$	6,970
Fleet Utilization		29	%		87	%		78	%		69	%		81	%		67	%
Fleet Available Days		7,707			4,058			6,107			1,340			10,272			29,484
Operating Revenues:
Time charter	$	31,547		$	32,911		$	40,472		$	8,919		$	23,987		$	137,836
Bareboat charter		830			—			—			3,467			—			4,297
Other marine services		3,290			245			991			1,129			4,634			10,289
		35,667			33,156			41,463			13,515			28,621			152,422
Direct Costs and Expenses:
Operating:
Personnel		14,059			10,603			12,569			3,378			9,807			50,416
Repairs and maintenance		6,801			3,459			6,209			1,114			3,103			20,686
Drydocking		4,342			237			454			47			2			5,082
Insurance and loss reserves		1,804			682			1,041			232			616			4,375
Fuel, lubes and supplies		2,529			2,654			2,135			929			671			8,918
Other		291			3,378			2,460			994			1,147			8,270
		29,826			21,013			24,868			6,694			15,346			97,747
Direct Vessel Profit, from Continuing Operations	$	5,841		$	12,143		$	16,595		$	6,821		$	13,275			54,675
Other Costs and Expenses:
Lease expense	$	8,611		$	2,333		$	131		$	1		$	1,560			12,636
Administrative and general																	36,148
Depreciation and amortization		16,473			7,796			12,437			5,168			6,726			48,600
																	97,384
Loss on Asset Dispositions and Impairments																	(2,719	)
Operating Loss, for Continuing Operations																$	(45,428	)
As of September 30, 2019
Property and Equipment:
Historical cost	$	329,913		$	221,080		$	297,735		$	108,224		$	113,422		$	1,070,374
Accumulated depreciation		(161,315	)		(64,748	)		(74,225	)		(50,928	)		(49,412	)		(400,628	)
	$	168,598		$	156,332		$	223,510		$	57,296		$	64,010		$	669,746
Total Assets ⁽¹⁾	$	251,547		$	167,714		$	257,294		$	125,138		$	92,861		$	894,554

(1)Total assets by region does not include corporate assets, which are $145,952 as of September 30, 2019

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked	$	17,851		$	14,058		$	10,588		$	12,656		$	12,476
Fleet utilization		26	%		34	%		28	%		29	%		30	%
Fleet available days		2,340			2,669			2,698			2,983			3,433
Out-of-service days for repairs, maintenance and drydockings	159			325			232			143			147
Out-of-service days for cold-stacked status		1,131			1,322			1,579			1,761			2,101
Operating Revenues:
Time charter	$	10,914		$	12,628		$	8,005		$	10,968		$	12,800
Bareboat charter		597			233			—			—			—
Other marine services		838			1,320			1,132			8,709			2,722
		12,349			14,181			9,137			19,677			15,522
Direct Costs and Expenses:
Operating:
Personnel		4,353			5,203			4,503			5,227			4,853
Repairs and maintenance		1,508			2,515			2,778			1,128			1,801
Drydocking		547			1,801			1,994			147			375
Insurance and loss reserves		371			841			592			974			612
Fuel, lubes and supplies		739			1,107			683			1,055			1,120
Other		88			113			90			185			154
		7,606			11,580			10,640			8,716			8,915
Direct Vessel Profit (Loss)	$	4,743		$	2,601		$	(1,503	)	$	10,961		$	6,607
Other Costs and Expenses:
Lease expense	$	2,758		$	2,942		$	2,911		$	2,053		$	2,078
Depreciation and amortization		5,634			5,341			5,498			5,550			5,227

Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked	$	9,316		$	9,365		$	9,461		$	9,411		$	9,315
Fleet utilization		91	%		81	%		87	%		87	%		82	%
Fleet available days		1,380			1,365			1,313			1,310			1,475
Out-of-service days for repairs, maintenance and drydockings		—		54			58				—		92
Operating Revenues:
Time charter	$	11,738		$	10,400		$	10,773		$	10,730		$	11,201
Other marine services		129			753			(637	)		4,247			1,777
		11,867			11,153			10,136			14,977			12,978
Direct Costs and Expenses:
Operating:
Personnel		3,308			3,428			3,867			3,665			4,486
Repairs and maintenance		1,323			952			1,184			873			2,438
Drydocking		(53	)		(48	)		338			(28	)		1,201
Insurance and loss reserves		230			239			213			307			323
Fuel, lubes and supplies		961			939			754			1,176			1,081
Other		499			773			2,106			772			1,103
		6,268			6,283			8,462			6,765			10,632
Direct Vessel Profit	$	5,599		$	4,870		$	1,674		$	8,212		$	2,346
Other Costs and Expenses:
Lease expense	$	761		$	787		$	785		$	1,059		$	1,061
Depreciation and amortization		2,681			2,759			2,356			2,341			2,381

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Middle East and Asia
Time Charter Statistics:
Average rates per day worked	$	8,795		$	8,182		$	8,386		$	8,856		$	8,156
Fleet utilization		83	%		79	%		72	%		70	%		76	%
Fleet available days		2,020			2,026			2,061			2,009			2,024
Out-of-service days for repairs, maintenance and drydockings	129			73			95			178			76
Out-of-service days for cold-stacked status	184			115			90				92			92
Operating Revenues:
Time charter	$	14,798		$	13,175		$	12,499		$	12,517		$	12,590
Other marine services		414			349			228			118			(83	)
		15,212			13,524			12,727			12,635			12,507
Direct Costs and Expenses:
Operating:
Personnel		4,023			4,292			4,254			4,354			4,361
Repairs and maintenance		1,387			2,629			2,193			3,077			2,091
Drydocking		20			275			159			949			352
Insurance and loss reserves		333			381			327			389			385
Fuel, lubes and supplies		701			725			709			1,179			892
Other		567			793			1,100			984			952
		7,031			9,095			8,742			10,932			9,033
Direct Vessel Profit	$	8,181		$	4,429		$	3,985		$	1,703		$	3,474
Other Costs and Expenses:
Lease expense	$	43		$	42		$	46		$	49		$	57
Depreciation and amortization		3,914			4,274			4,249			4,154			4,207

Latin America
Time Charter Statistics:
Average rates per day worked	$	6,867		$	8,074		$	12,900		$	11,866		$	17,604
Fleet utilization		71	%		63	%		71	%		72	%		80	%
Fleet available days		399			400			541			460			531
Out-of-service days for repairs, maintenance and drydockings	5			3			5				—			—
Out-of-service days for cold-stacked status	92			91			90			92			92
Operating Revenues:
Time charter	$	1,951		$	2,046		$	4,922		$	3,934		$	7,479
Bareboat charter		1,168			1,156			1,143			1,168			1,168
Other marine services		221			273			635			183			416
		3,340			3,475			6,700			5,285			9,063
Direct Costs and Expenses:
Operating:
Personnel		846			976			1,556			1,142			1,662
Repairs and maintenance		298			481			335			362			312
Drydocking		—			(32	)		79			14			103
Insurance and loss reserves		31			66			135			96			163
Fuel, lubes and supplies		187			314			428			384			427
Other		(87	)		560			521			232			350
		1,275			2,365			3,054			2,230			3,017
Direct Vessel Profit	$	2,065		$	1,110		$	3,646		$	3,055		$	6,046
Other Costs and Expenses:
Lease expense	$	—		$	—		$	1		$	1		$	1
Depreciation and amortization		1,573			1,659			1,936			1,888			2,521

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked	$	3,146		$	2,972		$	2,339		$	2,293		$	2,260
Fleet utilization		96	%		86	%		60	%		69	%		90	%
Fleet available days		3,439			3,530			3,303			3,312			3,345
Out-of-service days for repairs, maintenance and drydockings	3			159			53			47			123
Out-of-service days for cold-stacked status	92			91			90				92			61
Operating Revenues:
Time charter	$	10,346		$	9,021		$	4,620		$	5,209		$	6,796
Other marine services		1,586			1,458			1,590			1,114			1,303
		11,932			10,479			6,210			6,323			8,099
Direct Costs and Expenses:
Operating:
Personnel		3,349			4,015			2,443			2,436			3,804
Repairs and maintenance		979			1,030			1,094			887			939
Drydocking		1			1			—			41			1,635
Insurance and loss reserves		233			236			147			111			140
Fuel, lubes and supplies		322			117			232			167			195
Other		147			648			352			150			90
		5,031			6,047			4,268			3,792			6,803
Direct Vessel Profit for Continuing Operations	$	6,901		$	4,432		$	1,942		$	2,531		$	1,296
Other Costs and Expenses:
Lease expense	$	609		$	546		$	405		$	267		$	95
Depreciation and amortization		2,289			2,379			2,058			1,968			2,061

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked	$	7,790		$	7,597		$	8,502		$	8,506		$	9,269
Fleet utilization		53	%		49	%		38	%		26	%		28	%
Fleet available days		736			910			900			1,012			1,012
Out-of-service days for repairs, maintenance and drydockings	10			31			34			12			100
Out-of-service days for cold-stacked status	332			437			521				644			602
Operating Revenues:
Time charter	$	3,059		$	3,360		$	2,875		$	2,248		$	2,592
Other marine services		365			869			(658	)		2,426			1,244
		3,424			4,229			2,217			4,674			3,836
Direct Costs and Expenses:
Operating:
Personnel		1,418			2,001			1,390			1,279			1,667
Repairs and maintenance		524			632			630			386			1,625
Drydocking		8			96			75			(70	)		1,168
Insurance and loss reserves		179			266			122			219			282
Fuel, lubes and supplies		252			262			62			467			582
Other		404			411			592			568			530
		2,785			3,668			2,871			2,849			5,854
Direct Vessel Profit (Loss)	$	639		$	561		$	(654	)	$	1,825		$	(2,018	)
Other Costs and Expenses:
Lease expense	$	1,357		$	1,527		$	1,539		$	1,847		$	1,851
Depreciation and amortization		568			575			575			679			689

Fast support
Time Charter Statistics:
Average rates per day worked	$	8,133		$	7,624		$	7,609		$	7,749		$	7,148
Fleet utilization		78	%		71	%		68	%		67	%		59	%
Fleet available days		3,156			3,275			3,295			3,187			3,709
Out-of-service days for repairs, maintenance and drydockings	81			134			72				151			131
Out-of-service days for cold-stacked status	459			545			622			659				1,037
Operating Revenues:
Time charter	$	20,079		$	17,709		$	17,083		$	16,453		$	15,678
Bareboat charter		597			233			—			—			—
Other marine services		(200	)		(179	)		(251	)		(952	)		(834	)
		20,476			17,763			16,832			15,501			14,844
Direct Costs and Expenses:
Operating:
Personnel		5,486			5,796			5,511			5,328			5,826
Repairs and maintenance		2,204			2,682			2,337			2,595			2,641
Drydocking		(27	)		136			350			1			432
Insurance and loss reserves		347			385			326			534			407
Fuel, lubes and supplies		1,395			1,602			1,102			1,368			1,016
Other		959			1,713			2,464			1,062			1,718
		10,364			12,314			12,090			10,888			12,040
Direct Vessel Profit	$	10,112		$	5,449		$	4,742		$	4,613		$	2,804
Other Costs and Expenses:
Lease expense	$	351		$	352		$	352		$	341		$	342
Depreciation and amortization		5,646			5,929			5,944			5,525			5,780

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Supply
Time Charter Statistics:
Average rates per day worked	$	6,755		$	6,906		$	7,001		$	7,050		$	7,410
Fleet utilization		96	%		53	%		62	%		81	%		82	%
Fleet available days		398			486			501			460			565
Out-of-service days for repairs, maintenance and drydockings		—		118			60			27				—
Operating Revenues:
Time charter	$	2,589		$	1,787		$	2,182		$	2,631		$	3,442
Bareboat charter		1,168			1,156			1,143			1,168			1,168
Other marine services		863			799			781			619			1,066
		4,620			3,742			4,106			4,418			5,676
Direct Costs and Expenses:
Operating:
Personnel		1,266			1,617			1,678			1,487			1,976
Repairs and maintenance		276			1,085			619			403			549
Drydocking		1			82			162			1,023			1,624
Insurance and loss reserves		66			78			105			130			145
Fuel, lubes and supplies		205			98			399			445			391
Other		57			842			1,144			762			254
		1,871			3,802			4,107			4,250			4,939
Direct Vessel (Loss) Profit	$	2,749		$	(60	)	$	(1	)	$	168		$	737
Other Costs and Expenses:
Lease expense	$	517		$	433		$	318		$	178		$	34
Depreciation and amortization		1,167			1,223			1,036			966			1,173

Specialty
Time Charter Statistics:
Fleet available days		92			91			90			92			92
Out-of-service days for cold-stacked status		92			91			90			92			92
Operating Revenues:
Other marine services	$	—		$	—		$	—		$	337		$	—

Operating:
Personnel		13			23			65			64			64
Repairs and maintenance		1			3			4			12			31
Insurance and loss reserves		18			20			8			9			41
Fuel, lubes and supplies		2			(24	)		31			33			65
Other		75			77			95			70			67
		109			99			203			188			268
Direct Vessel (Loss) Profit	$	(109	)	$	(99	)	$	(203	)	$	149		$	(268	)
Other Costs and Expenses:
Operating:
Depreciation and amortization	$	128		$	127		$	128		$	282		$	282

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Liftboats
Time Charter Statistics:
Average rates per day worked	$	26,172		$	20,993		$	17,750		$	18,497		$	18,993
Fleet utilization		39	%		47	%		46	%		49	%		60	%
Fleet available days		1,665			1,729			1,710			1,827			1,932
Out-of-service days for repairs, maintenance and drydockings	153			292			224				132			86
Out-of-service days for cold-stacked status		432			455			526		550				554
Operating Revenues:
Time charter	$	16,830		$	16,932		$	13,877		$	16,631		$	22,171
Other marine services		795			1,481			2,080			1,926			2,922
		17,625			18,413			15,957			18,557			25,093
Direct Costs and Expenses:
Operating:
Personnel		4,824			5,360			5,097			5,546			5,621
Repairs and maintenance		1,656			2,189			2,828			1,971			1,827
Drydocking		532			1,683			1,983			167			433
Insurance and loss reserves		484			921			884			872			630
Fuel, lubes and supplies		899			1,076			1,005			1,485			1,482
Other		221			251			444			667			620
		8,616			11,480			12,241			10,708			10,613
Direct Vessel Profit	$	9,009		$	6,933		$	3,716		$	7,849		$	14,480
Other Costs and Expenses:
Lease expense	$	1,498		$	1,497		$	1,498		$	638		$	641
Depreciation and amortization		6,247			6,055			6,053			6,098			6,188

Crew transfer
Time Charter Statistics:
Average rates per day worked	$	2,220		$	2,431		$	2,325		$	2,283		$	2,253
Fleet utilization		92	%		88	%		60	%		68	%		89	%
Fleet available days		3,531			3,499			3,420			3,496			3,498
Out-of-service days for repairs, maintenance and drydockings	52			39			53			47			123
Out-of-service days for cold-stacked status		184			91			90			92			61
Operating Revenues:
Time charter	$	7,190		$	7,482		$	4,802		$	5,395		$	6,983
Other marine services		577			499			322			460			657
		7,767			7,981			5,124			5,855			7,640
Direct Costs and Expenses:
Operating:
Personnel		2,432			2,665			2,309			2,274			2,471
Repairs and maintenance		775			933			1,096			814			806
Drydocking		—			—			—			2			9
Insurance and loss reserves		113			93			104			94			130
Fuel, lubes and supplies		152			167			189			145			163
Other		96			113			113			165			104
		3,568			3,971			3,811			3,494			3,683
Direct Vessel Profit	$	4,199		$	4,010		$	1,313		$	2,361		$	3,957
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	(22	)
Depreciation and amortization		1,819			1,920			2,031			2,155			2,093

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Other Activity
Operating Revenues:
Other marine services	$	788		$	684		$	674		$	9,555		$	1,080
		788			684			674			9,555			1,080
Direct Costs and Expenses:
Operating:
Personnel		440			452			573			846			1,541
Repairs and maintenance		59			83			70			146			102
Insurance and loss reserves		(9	)		—			(135	)		19			(12	)
Fuel, lubes and supplies		5			21			18			18			16
Other		(598	)		(520	)		(683	)		(971	)		(644	)
		(103	)		36			(157	)		58			1,003
Direct Vessel Profit	$	891		$	648		$	831		$	9,497		$	77
Other Costs and Expenses:
Lease expense	$	448		$	508		$	441		$	425		$	446
Depreciation and amortization		516			583			330			196			192

SEACOR MARINE HOLDINGS INC.

UNAUDITED BALANCE SHEETS

(in thousands, except statistics and per share data)

	Sep 30, 2019			June 30, 2019			March 31, 2019			December 31, 2018			September 30, 2018
ASSETS
Current Assets:
Cash and cash equivalents	$	38,155		$	55,763		$	57,158		$	91,597		$	99,558
Restricted cash		4,016			2,240			2,240			1,657			1,655
Receivables:
Trade, net of allowance for doubtful accounts		58,954			60,711			61,586			55,048			66,545
Other		6,835			9,682			7,998			11,292			15,957
Inventories		1,408			1,660			2,779			1,977			2,442
Prepaid expenses and other		3,146			3,710			4,266			2,239			2,339
Discontinued operations		13,127			13,891			15,782			15,222			14,262
Total current assets		125,641			147,657			151,809			179,032			202,758
Property and Equipment:
Historical cost		1,070,374			1,099,221			1,168,104			1,116,583			1,148,842
Accumulated depreciation		(400,628	)		(425,881	)		(478,239	)		(461,399	)		(466,419	)
		669,746			673,340			689,865			655,184			682,423
Construction in progress		70,275			67,063			62,750			88,918			82,890
Net property and equipment		740,021			740,403			752,615			744,102			765,313
Right-of-Use Asset - Operating Leases		18,774			27,390			30,503			—			—
Investments, at Equity, and Advances to 50% or Less Owned Companies		118,222			112,418			119,520			121,773			120,340
Construction Reserve Funds		18,161			20,112			28,109			28,061			35,596
Other Assets		3,422			3,627			3,603			3,690			3,582
Discontinued operations		16,265			25,092			26,193			26,280			27,891
	$	1,040,506		$	1,076,699		$	1,112,352		$	1,102,938		$	1,155,480
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	15,182		$	16,552		$	17,918			—			—
Current portion of long-term debt		23,446			20,651			17,426			16,812			17,426
Accounts payable and accrued expenses		26,507			31,504			24,970			18,089			19,187
Due to SEACOR Holdings		77			74			535			452			463
Other current liabilities		42,372			47,185			45,967			45,738			61,541
Discontinued operations		3,813			3,813			3,893			2,526			3,524
Total current liabilities		111,397			119,779			110,709			83,617			102,141
Long-Term Operating Lease Liabilities		12,878			16,775			19,851			—			—
Long-Term Debt		375,772			379,075			384,344			387,854			397,738
Conversion Option Liability on Convertible Senior Notes		4,543			7,599			6,201			5,276			17,928
Deferred Income Taxes		36,921			37,066			41,834			44,685			46,123
Deferred Gains and Other Liabilities		4,848			5,165			7,290			26,571			26,662
Total liabilities		546,359			565,459			570,229			548,003			590,592
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		219			218			211			204			204
Additional paid-in capital		427,823			424,549			422,830			415,372			414,460
Retained earnings		64,929			83,312			111,701			126,834			134,628
Shares held in treasury		(614	)		(374	)		(373	)		(91	)		(86	)
Accumulated other comprehensive loss, net of tax		(21,105	)		(19,156	)		(16,812	)		(16,788	)		(13,945	)
		471,252			488,549			517,557			525,531			535,261
Noncontrolling interests in subsidiaries		22,895			22,691			24,566			29,404			29,627
Total equity		494,147			511,240			542,123			554,935			564,888
	$	1,040,506		$	1,076,699		$	1,112,352		$	1,102,938		$	1,155,480

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED CASH FLOWS (NON-GAAP PRESENTATION)

(in thousands)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Cash Flows from Continuing Operating Activities:
DVP		27,489			17,442			9,744			26,462		$	19,769
Operating, leased-in equipment (excluding amortization of deferred gains)		(4,963	)		(4,886	)		(4,842	)		(5,437	)		(5,301	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(10,207	)		(10,811	)		(11,643	)		(11,870	)		(10,985	)
SEACOR Holdings management and guarantee fees		(26	)		(32	)		(29	)		(5	)		(5	)
Dividends received from 50% or less owned companies		873			—			400			(4	)		—
Other, net (excluding non-cash losses)		—			—			—			400			249
		13,166			1,713			(6,370	)		9,546			3,727
Changes in operating assets and liabilities before interest and income taxes		(7,253	)		4,902			2,913			(11,407	)		(20,730	)
Director share awards		—			894			—			—			—
Restricted stock vested		(240	)		—			(282	)		(5	)		(32	)
Cash settlements on derivative transactions, net		(546	)		275			(75	)		1,420			102
Interest paid, excluding capitalized interest ⁽¹⁾		(5,633	)		(5,971	)		(4,593	)		(6,668	)		(5,397	)
Interest received		317			215			354			353			305
Income taxes refunded, net		—			—			1,999			(304	)		-
Net cash provided by (used in) operating activities		(189	)		2,028			(6,054	)		(7,065	)		(22,025	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(9,547	)		(19,386	)		(20,633	)		(14,115	)		(22,137	)
Proceeds from disposition of property and equipment		10,119			9,268			378			17,383			(558	)
Net change in construction reserve fund		1,951			7,997			(48	)		7,535			2,556
Net investing activities in property and equipment		2,523			(2,121	)		(20,303	)		10,803			(20,139	)
Investments in and advances to 50% or less owned companies		(8,686	)		(718	)		(1,951	)		(13,472	)		(4,693	)
Capital distributions from equity investees		413			—			—			9,800			6,463
Net investing activities in third party notes receivable		—			—			—			17			—
Sale of subsidiary to joint venture		—			—			—			—			8,017
Principal payments on notes due from equity investees		22			—			—			—			—
Net cash (used in) provided by investing activities		(5,728	)		(2,839	)		(22,254	)		7,148			(10,352	)
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(11,976	)		(3,738	)		(4,361	)		(11,352	)		(2,851	)
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		973			3			108			20			—
Net cash (used in) provided by financing activities		(11,003	)		(3,735	)		(7,645	)		(11,668	)		41,031
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(472	)		1,195			873			4,331			(595	)
Net Change in Cash, Restricted Cash and Cash Equivalents		(17,392	)		(3,351	)		(35,080	)		(7,254	)		8,059
Cash Flows from Discontinued Operations
Operating Activities		617			387			4,087			4,161			5,590
Investing Activities		(116	)		(615	)		(376	)		(9	)		2,338
Effects of FX Rate Changes on Cash, Restricted Cash and Cash Equivalents		268			(1,504	)		612			(4,565	)		342
Net Decrease in Cash, Restricted Cash and Cash Equivalents from Discontinued Operations:		769			(1,732	)		4,323			(413	)		8,270

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED CASH FLOWS (NON-GAAP PRESENTATION)

(in thousands)

	Three Months Ended
	Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018
Net Change in Cash, Restricted Cash and Cash Equivalents		(16,623	)		(5,083	)		(30,757	)		(7,667	)		16,329
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		61,012			66,095			96,852			104,519			88,190
Cash, Restricted Cash and Cash Equivalents, End of Period	$	44,389		$	61,012		$	66,095		$	96,852		$	104,519

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

	Sep 30, 2019 ⁽¹⁾		June 30, 2019 ⁽¹⁾		March 31, 2019		December 31, 2018		September 30, 2018
AHTS		9		9		11		12		13
FSV		39		40		42		41		47
Supply		43		41		42		39		29
Specialty		6		6		7		7		4
Liftboats		16		19		19		19		21
CTV		43		44		43		42		42
Discontinued Operations		18		18		18		19		20
		174	177		182		179		176


⁽¹⁾	Excludes three 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
	Q4		Q1		Q2		Q3		Q4		Deferred		Total
Fast support		—		—		1		—		—		2		3
Crew transfer		1		1		—		—		—		—		2
Platform supply		1		1		1		—		1		—		4