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

 

 

 

2


 

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

)

 

 


3


 

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