smhi-8k_20200303.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): March 4, 2020

 

 

 

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 2.02    Results of Operations and Financial Condition

 

The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

On March 4, 2020, SEACOR Marine Holdings Inc. (the "Company") issued a press release setting forth its earnings for the three and twelve months ended December 31, 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 March 4, 2020

 

 



 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

SEACOR Marine Holdings Inc.

 

 

 

March 4, 2020

By:

/s/ John Gellert

 

 

 

 

 

Name: John Gellert

 

 

Title: President and Chief Executive Officer

 

smhi-ex991_6.htm

Exhibit 99.1 

 

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES FOURTH QUARTER 2019 RESULTS 

 

 

Houston, Texas

March 4, 2020

 

 

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its fourth quarter and twelve months ended December 31, 2019.

 

As a result of the announced sale of its North Sea Standby Safety business on November 1, 2019, the Company classified its standby safety assets as held for sale as of the end of the third quarter 2019.  All of the results presented exclude the standby safety operations which are classified as discontinued operations.

 

Fourth quarter highlights include:

 

 

Average dayrates, excluding those for the CTV fleet, increased to $11,071 from $10,946 in the third quarter of 2019. This is the highest average dayrate the Company has realized for a quarter since the first quarter of 2016.

 

 

 

Increase in net cash provided by operating activities to $9.7 million from $0.9 million in the third quarter of 2019.

 

 

 

Completion of the sale of the North Sea Standby Safety business on December 2, 2019, which generated net proceeds of $27.4 million.

 

 

 

Completion of the sale of eight additional vessels during the fourth quarter for total aggregate net proceeds of $38.9 million of which $32.6 million was cash.

 

 

 

The fourth quarter results include one-time restructuring charges of $0.4 million resulting from the Company’s continuing cost reduction initiatives. During the fourth quarter of 2019, the Company implemented initiatives providing $2.9 million in annualized recurring administrative and general savings and maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.5 million. 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.

 

 

Overall, total operating revenues for the fourth quarter were $49.1 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares in the third quarter of 2019 to operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million. The decrease in DVP in the fourth quarter is primarily due to lower fleet wide utilization from increased out of service days for repairs and maintenance, especially in the European wind farm support business. This decrease was partially offset by lower operating costs.

 

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

 

“We ended 2019 with ample liquidity and continued improvement in our operating performance. During the fourth quarter, we completed two significant sale transactions that generated more than $50 million of cash and continued with our relentless efforts to adapt our fleet mix and overhead structure to the business cycle.

 

“Our operating metrics of average rates and utilization improved year on year, reflecting our efforts to hi-grade our fleet mix to meet customer demands. DVP for the fourth quarter was resilient, especially for a seasonally slower period of the year, and cash flows from operating activities remained positive for the third sequential quarter.

 

1

 


“DVP and cash flow numbers are net after expensing all drydocking and repair and maintenance costs. We do not capitalize any such expenses, unless they enhance the marketability of the vessel or are required for charter employment.

 

“Seven of the eight platform supply vessels (“PSVs”) in the SEACOSCO joint venture have now been delivered from China and mobilized to offshore markets worldwide. The delivery costs and mobilization charges have been expensed and reflected in equity earnings. The majority of these vessels are battery hybrid powered and continue to build our market leading track record of fuel-efficient operations with lower carbon emissions.

 

“We continue to closely monitor the impact of COVID-19 on the market. We have accelerated pandemic-related training drills across our fleet based upon the industry’s best practices and are ensuring active communication between our shore-based departments and seagoing mariners to best respond to challenges as they arise.”

 

For the fourth quarter of 2019, net loss attributable to SEACOR Marine’s continuing operations was $20.5 million ($0.74 loss per basic and diluted share) and operating loss was $10.5 million.  Net loss attributable to SEACOR Marine’s continuing operations for the fourth quarter of 2018 was $7.8 million ($0.34 loss per basic and diluted share) and operating loss was $11.3 million, which included $9.4 million of one-time miscellaneous revenues.

 

___________________

(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 and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. 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 December 31,

 

 

Twelve Months Ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Operating Revenues

 

$

49,070

 

 

$

58,897

 

 

$

201,492

 

 

$

203,567

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

25,978

 

 

 

32,435

 

 

 

123,725

 

 

 

132,274

 

Administrative and general

 

 

11,928

 

 

 

10,629

 

 

 

44,726

 

 

 

46,454

 

Lease expense

 

 

3,570

 

 

 

3,410

 

 

 

16,158

 

 

 

13,239

 

Depreciation and amortization

 

 

15,412

 

 

 

15,901

 

 

 

64,012

 

 

 

68,841

 

 

 

 

56,888

 

 

 

62,375

 

 

 

248,621

 

 

 

260,808

 

Loss on Asset Dispositions and Impairments, Net

 

 

(2,679

)

 

 

(7,775

)

 

 

(5,397

)

 

 

(11,268

)

Operating Loss

 

 

(10,497

)

 

 

(11,253

)

 

 

(52,526

)

 

 

(68,509

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

$

559

 

 

 

353

 

 

 

1,445

 

 

 

1,222

 

Interest expense

 

 

(7,397

)

 

 

(7,327

)

 

 

(30,056

)

 

 

(27,404

)

SEACOR Holdings guarantee fees

 

 

(21

)

 

 

(5

)

 

 

(108

)

 

 

(29

)

Loss on Debt Extinguishment

 

 

 

 

 

 

 

 

 

 

 

(638

)

Derivative (gains) losses, net

 

 

(663

)

 

 

12,651

 

 

 

71

 

 

 

2,854

 

Foreign currency losses, net

 

 

(1,037

)

 

 

(430

)

 

 

(1,661

)

 

 

(1,397

)

Other, net

 

 

(1

)

 

 

(1

)

 

 

(1

)

 

 

677

 

 

 

 

(8,560

)

 

 

5,241

 

 

 

(30,310

)

 

 

(24,715

)

Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(19,057

)

 

 

(6,012

)

 

 

(82,836

)

 

 

(93,224

)

Income Tax Benefit

 

 

(2,306

)

 

 

(50

)

 

 

(7,912

)

 

 

(13,354

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

 

 

(16,751

)

 

 

(5,962

)

 

 

(74,924

)

 

 

(79,870

)

Equity in Losses of 50% or Less Owned Companies

 

 

(2,425

)

 

 

(1,818

)

 

 

(14,304

)

 

 

(3,552

)

Loss from Continuing Operations

 

 

(19,176

)

 

 

(7,780

)

 

 

(89,228

)

 

 

(83,422

)

(Loss) Income on Discontinued Operations, Net of Tax

 

 

(2,742

)

 

 

(189

)

 

 

(9,467

)

 

 

1,370

 

Net Loss

 

 

(21,918

)

 

 

(7,969

)

 

 

(98,695

)

 

 

(82,052

)

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

 

 

(1,463

)

 

 

(175

)

 

 

(5,858

)

 

 

(4,444

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(20,455

)

 

$

(7,794

)

 

$

(92,837

)

 

$

(77,608

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.74

)

 

$

(0.34

)

 

$

(3.55

)

 

$

(3.78

)

Discontinued operations

 

$

(0.12

)

 

$

(0.01

)

 

$

(0.40

)

 

$

0.07

 

 

 

$

(0.86

)

 

$

(0.35

)

 

$

(3.95

)

 

$

(3.71

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

23,831,920

 

 

 

22,512,886

 

 

 

23,513,065

 

 

 

20,926,307

 

 

3

 



 

 

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

 

Jun. 30, 2019

 

 

Mar. 31, 2019

 

 

Dec. 31, 2018

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

11,071

 

 

$

10,946

 

 

$

10,387

 

 

$

9,796

 

 

$

10,373

 

Average Rates Per Day

 

$

7,260

 

 

$

6,981

 

 

$

6,843

 

 

$

7,109

 

 

$

7,199

 

Fleet Utilization (excluding crew transfer)

 

 

62

%

 

 

64

%

 

 

59

%

 

 

57

%

 

 

56

%

Fleet Utilization

 

 

68

%

 

 

74

%

 

 

69

%

 

 

58

%

 

 

60

%

Fleet Available Days (excluding crew transfer)

 

 

5,542

 

 

 

6,048

 

 

 

6,491

 

 

 

6,496

 

 

 

6,578

 

Fleet Available Days

 

 

9,007

 

 

 

9,578

 

 

 

9,990

 

 

 

9,916

 

 

 

10,074

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

44,465

 

 

$

49,747

 

 

$

47,270

 

 

$

40,819

 

 

$

43,358

 

Bareboat charter

 

 

834

 

 

 

1,765

 

 

 

1,389

 

 

 

1,143

 

 

 

1,168

 

Other marine services

 

 

3,771

 

 

 

3,188

 

 

 

4,153

 

 

 

2,948

 

 

 

14,371

 

 

 

 

49,070

 

 

 

54,700

 

 

 

52,812

 

 

 

44,910

 

 

 

58,897

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

15,096

 

 

 

15,879

 

 

 

17,914

 

 

 

16,623

 

 

 

16,824

 

Repairs and maintenance

 

 

3,983

 

 

 

5,495

 

 

 

7,607

 

 

 

7,584

 

 

 

6,327

 

Drydocking

 

 

766

 

 

 

515

 

 

 

1,997

 

 

 

2,570

 

 

 

1,123

 

Insurance and loss reserves

 

 

1,663

 

 

 

1,198

 

 

 

1,763

 

 

 

1,414

 

 

 

1,877

 

Fuel, lubes and supplies

 

 

2,409

 

 

 

2,910

 

 

 

3,202

 

 

 

2,806

 

 

 

3,961

 

Other

 

 

2,061

 

 

 

1,214

 

 

 

2,887

 

 

 

4,169

 

 

 

2,323

 

 

 

 

25,978

 

 

 

27,211

 

 

 

35,370

 

 

 

35,166

 

 

 

32,435

 

Direct Vessel Profit (1)

 

 

23,092

 

 

 

27,489

 

 

 

17,442

 

 

 

9,744

 

 

 

26,462

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

3,570

 

 

 

4,153

 

 

 

4,298

 

 

 

4,137

 

 

 

3,410

 

Administrative and general

 

 

11,928

 

 

 

11,462

 

 

 

10,524

 

 

 

10,812

 

 

 

10,629

 

Depreciation and amortization

 

 

15,412

 

 

 

16,091

 

 

 

16,412

 

 

 

16,097

 

 

 

15,901

 

 

 

 

30,910

 

 

 

31,706

 

 

 

31,234

 

 

 

31,046

 

 

 

29,940

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

(2,679

)

 

 

862

 

 

 

(3,848

)

 

 

268

 

 

 

(7,775

)

Operating Loss

 

 

(10,497

)

 

 

(3,355

)

 

 

(17,640

)

 

 

(21,034

)

 

 

(11,253

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

559

 

 

 

317

 

 

 

215

 

 

 

354

 

 

 

353

 

Interest expense

 

 

(7,397

)

 

 

(7,362

)

 

 

(7,633

)

 

 

(7,664

)

 

 

(7,327

)

SEACOR Holdings guarantee fees

 

 

(21

)

 

 

(26

)

 

 

(32

)

 

 

(29

)

 

 

(5

)

Derivative losses (gains), net

 

 

(663

)

 

 

3,057

 

 

 

(1,398

)

 

 

(925

)

 

 

12,651

 

Foreign currency gains, net

 

 

(1,037

)

 

 

(370

)

 

 

(924

)

 

 

670

 

 

 

(430

)

Other, net

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

(8,560

)

 

 

(4,384

)

 

 

(9,772

)

 

 

(7,594

)

 

 

5,241

 

Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

 

 

(19,057

)

 

 

(7,739

)

 

 

(27,412

)

 

 

(28,628

)

 

 

(6,012

)

Income Tax Expense (Benefit)

 

 

(2,306

)

 

 

1,277

 

 

 

(3,052

)

 

 

(3,831

)

 

 

(50

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

 

 

(16,751

)

 

 

(9,016

)

 

 

(24,360

)

 

 

(24,797

)

 

 

(5,962

)

Equity in Losses of 50% or Less Owned Companies

 

 

(2,425

)

 

 

(1,325

)

 

 

(7,078

)

 

 

(3,476

)

 

 

(1,818

)

Loss from Continuing Operations

 

 

(19,176

)

 

 

(10,341

)

 

 

(31,438

)

 

 

(28,273

)

 

 

(7,780

)

(Loss) Income from Discontinued Operations, Net of Tax

 

 

(2,742

)

 

 

(7,899

)

 

 

1,174

 

 

 

-

 

 

 

(189

)

Net Loss

 

 

(21,918

)

 

 

(18,240

)

 

 

(30,264

)

 

 

(28,273

)

 

 

(7,969

)

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

 

 

(1,463

)

 

 

204

 

 

 

(1,875

)

 

 

(2,724

)

 

 

(175

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(20,455

)

 

$

(18,444

)

 

$

(28,389

)

 

$

(25,549

)

 

$

(7,794

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.74

)

 

$

(0.49

)

 

$

(1.31

)

 

$

(1.16

)

 

$

(0.34

)

Discontinued operations

 

$

(0.12

)

 

$

(0.29

)

 

$

0.10

 

 

$

0.05

 

 

$

(0.01

)

 

 

$

(0.86

)

 

$

(0.78

)

 

$

(1.21

)

 

$

(1.11

)

 

$

(0.35

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

23,832

 

 

 

23,741

 

 

 

23,382

 

 

 

23,090

 

 

 

22,514

 

Common Shares and Warrants Outstanding at Period End

 

 

23,708

 

 

 

23,653

 

 

 

23,592

 

 

 

23,350

 

 

 

22,711

 


4

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

 

Jun. 30, 2019

 

 

Mar. 31, 2019

 

 

Dec. 31, 2018

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

19,285

 

 

$

17,851

 

 

$

14,058

 

 

$

10,588

 

 

$

12,656

 

Fleet utilization

 

 

20

%

 

 

26

%

 

 

34

%

 

 

28

%

 

 

29

%

Fleet available days

 

 

1,956

 

 

 

2,340

 

 

 

2,669

 

 

 

2,698

 

 

 

2,983

 

Out-of-service days for repairs, maintenance and drydockings

 

6

 

 

159

 

 

325

 

 

232

 

 

143

 

Out-of-service days for cold-stacked status

 

 

1,301

 

 

 

1,131

 

 

 

1,322

 

 

 

1,579

 

 

 

1,761

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

7,408

 

 

$

10,914

 

 

$

12,628

 

 

$

8,005

 

 

$

10,968

 

Bareboat charter

 

 

732

 

 

 

597

 

 

 

233

 

 

 

 

 

 

 

Other marine services

 

 

516

 

 

 

838

 

 

 

1,320

 

 

 

1,132

 

 

 

8,709

 

 

 

 

8,656

 

 

 

12,349

 

 

 

14,181

 

 

 

9,137

 

 

 

19,677

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

3,432

 

 

 

4,353

 

 

 

5,203

 

 

 

4,503

 

 

 

5,227

 

Repairs and maintenance

 

 

782

 

 

 

1,508

 

 

 

2,515

 

 

 

2,778

 

 

 

1,128

 

Drydocking

 

 

252

 

 

 

547

 

 

 

1,801

 

 

 

1,994

 

 

 

147

 

Insurance and loss reserves

 

 

566

 

 

 

371

 

 

 

841

 

 

 

592

 

 

 

974

 

Fuel, lubes and supplies

 

 

407

 

 

 

739

 

 

 

1,107

 

 

 

683

 

 

 

1,055

 

Other

 

 

102

 

 

 

88

 

 

 

113

 

 

 

90

 

 

 

185

 

 

 

 

5,541

 

 

 

7,606

 

 

 

11,580

 

 

 

10,640

 

 

 

8,716

 

Direct Vessel Profit (Loss) (1)

 

$

3,115

 

 

$

4,743

 

 

$

2,601

 

 

$

(1,503

)

 

$

10,961

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

2,283

 

 

$

2,758

 

 

$

2,942

 

 

$

2,911

 

 

$

2,053

 

Depreciation and amortization

 

 

5,474

 

 

 

5,634

 

 

 

5,341

 

 

 

5,498

 

 

 

5,550

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa, primarily West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,435

 

 

$

9,316

 

 

$

9,365

 

 

$

9,461

 

 

$

9,411

 

Fleet utilization

 

 

88

%

 

 

91

%

 

 

81

%

 

 

87

%