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): May 11, 2020
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SEACOR Marine Holdings Inc. |
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(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.) |
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12121 Wickchester Lane, Suite 500, Houston, TX |
77079 |
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(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant's telephone number, including area code |
(346) 980-1700 |
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Not Applicable |
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(Former Name or Former Address, if Changed Since Last Report) |
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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):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
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Common stock, par value $0.01 per share |
SMHI |
New York Stock Exchange (“NYSE”)
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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 May 11, 2020, SEACOR Marine Holdings Inc. (the "Company") issued a press release setting forth its earnings for the three months ended March 31, 2020 (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
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Exhibit No. |
Description |
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99.1 |
Press Release of SEACOR Marine Holdings Inc. dated May 11, 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.
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SEACOR Marine Holdings Inc. |
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May 11, 2020 |
By: |
/s/ John Gellert |
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Name: John Gellert |
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Title: President and Chief Executive Officer |
Exhibit 99.1
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PRESS RELEASE |
SEACOR MARINE ANNOUNCES FIRST QUARTER 2020 RESULTS
Houston, Texas
May 11, 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 first quarter ended March 31, 2020.
Notable first quarter items include:
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• |
Average dayrates, excluding those for the crew transfer vessel fleet, increased to $11,157 in the first quarter of 2020 from $11,071 in the fourth quarter of 2019. The improved average dayrates reflect the change in the Company’s fleet mix over the period. |
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• |
SEACOR Marine closed its acquisition of the remaining minority interests in Falcon Global Holdings LLC, increasing its ownership stake to 100%. Obtaining full ownership of the liftboat fleet will allow SEACOR Marine to manage the business with full flexibility going forward, which the Company believes will create value for its shareholders. |
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• |
First quarter results include one-time restructuring charges of $0.5 million from the Company’s continuing cost reduction initiatives. The Company maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.7 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. The Company continues to evaluate additional opportunities for further cost reductions to adapt to the changing conditions. |
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• |
First quarter revenues saw limited impact from COVID-19 and the drop in oil prices. The Company expects a deeper impact to revenues the rest of the year as a result of COVID-19 and reduced activity from its oil and gas customers due to lower commodity prices; however, the Company is unable to quantify such impact at this point but is closely monitoring and adjusting its operations accordingly. |
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Overall, total operating revenues for the first quarter were $41.7 million, operating loss was $24.6 million, and direct vessel profit (“DVP”)(1) was $17.1 million. This compares in the fourth quarter of 2019 to operating revenues of $49.1 million, operating loss of $10.5 million, and DVP of $23.1 million. The decrease in DVP in the first quarter was primarily driven by normal seasonally lower utilization, increased repairs and maintenance downtime and expense, and a reduction in available days due to vessel sales.
Chief Executive Officer John Gellert commented on SEACOR Marine's first quarter results:
“I sincerely thank our employees at sea and ashore for their professionalism, dedication, and perseverance throughout the COVID-19 pandemic. Despite these difficult times, we have maintained safe, reliable operations for our customers worldwide.
“The business challenges from COVID-19 that began late in the first quarter and the unprecedented drop in oil prices continue to impact every aspect of the offshore oil and gas industry.
“We remain focused on having adequate financial liquidity to ride through this cycle. We continue to sell assets to optimize our fleet mix, while improving our margins and liquidity. Additionally, the passage of the CARES Act allows for the carryback of net operating tax losses to tax years prior to our spin-off from SEACOR Holdings Inc. (“SEACOR Holdings”) and corresponding tax refunds for those years. Subject to reaching an agreement with SEACOR Holdings, whose consent is required to make the necessary filings, we expect to receive a material amount of tax refunds over the next year, which will greatly assist to offset the potential effects to our business from COVID-19 and the recent drops in oil prices.
1
“We believe that, as we navigate these unprecedented times, the diversity of our assets, variety of missions supported by our equipment, and geographic spread of our operations will help mitigate the decline in business activity.”
For the first quarter of 2020, net loss attributable to SEACOR Marine was $15.9 million ($0.66 loss per basic and diluted share) and operating loss was $24.6 million. Net loss attributable to SEACOR Marine’s continuing operations for the first quarter of 2019 was $25.5 million ($1.11 loss per basic and diluted share) and operating loss was $21.0 million.
___________________
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(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 and interest expense 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 7 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) |
|
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Three Months Ended March 31, |
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|||||
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2020 |
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2019 |
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||
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Operating Revenues |
|
$ |
41,743 |
|
|
$ |
44,910 |
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Costs and Expenses: |
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|
|
|
|
|
|
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Operating |
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24,620 |
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|
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35,166 |
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Administrative and general |
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10,765 |
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|
|
10,812 |
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Lease expense |
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|
3,407 |
|
|
|
4,137 |
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Depreciation and amortization |
|
|
15,001 |
|
|
|
16,097 |
|
|
|
|
|
53,793 |
|
|
|
66,212 |
|
|
(Loss) Gain on Asset Dispositions and Impairments, Net |
|
|
(12,572 |
) |
|
|
268 |
|
|
Operating Loss |
|
|
(24,622 |
) |
|
|
(21,034 |
) |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
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Interest income |
|
$ |
676 |
|
|
|
354 |
|
|
Interest expense |
|
|
(7,638 |
) |
|
|
(7,664 |
) |
|
SEACOR Holdings guarantee fees |
|
|
(16 |
) |
|
|
(29 |
) |
|
Derivative gains (losses), net |
|
|
5,114 |
|
|
|
(925 |
) |
|
Foreign currency losses, net |
|
|
65 |
|
|
|
670 |
|
|
|
|
|
(1,799 |
) |
|
|
(7,594 |
) |
|
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies |
|
|
(26,421 |
) |
|
|
(28,628 |
) |
|
Income Tax Benefit |
|
|
(6,668 |
) |
|
|
(3,831 |
) |
|
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(19,753 |
) |
|
|
(24,797 |
) |
|
Equity in Losses of 50% or Less Owned Companies |
|
|
(239 |
) |
|
|
(3,476 |
) |
|
Loss from Continuing Operations |
|
|
(19,992 |
) |
|
|
(28,273 |
) |
|
(Loss) Income on Discontinued Operations, Net of Tax |
|
|
— |
|
|
|
— |
|
|
Net Loss |
|
|
(19,992 |
) |
|
|
(28,273 |
) |
|
Net Loss attributable to Noncontrolling Interests in Subsidiaries |
|
|
(4,047 |
) |
|
|
(2,724 |
) |
|
Net Loss attributable to SEACOR Marine Holdings Inc. |
|
$ |
(15,945 |
) |
|
$ |
(25,549 |
) |
|
|
|
|
|
|
|
|
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Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.66 |
) |
|
$ |
(1.11 |
) |
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
|
$ |
(0.66 |
) |
|
$ |
(1.11 |
) |
|
|
|
|
|
|
|
|
|
|
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Weighted Average Common Shares and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
Basic and diluted shares |
|
|
23,989,089 |
|
|
|
23,090,137 |
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3
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SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except statistics and per share data)
|
|
|
|
Mar. 31, 2020 |
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|
Dec. 31, 2019 |
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Sep. 30, 2019 |
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Jun. 30, 2019 |
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Mar. 31, 2019 |
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|||||
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Time Charter Statistics: |
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Average Rates Per Day Worked (excluding crew transfer) |
|
$ |
11,157 |
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|
$ |
11,071 |
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$ |
10,946 |
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|
$ |
10,387 |
|
|
$ |
9,796 |
|
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Average Rates Per Day |
|
$ |
7,163 |
|
|
$ |
7,260 |
|
|
$ |
6,981 |
|
|
$ |
6,843 |
|
|
$ |
7,109 |
|
|
Fleet Utilization (excluding crew transfer) |
|
|
57 |
% |
|
|
62 |
% |
|
|
64 |
% |
|
|
59 |
% |
|
|
57 |
% |
|
Fleet Utilization |
|
|
63 |
% |
|
|
68 |
% |
|
|
74 |
% |
|
|
69 |
% |
|
|
58 |
% |
|
Fleet Available Days (excluding crew transfer) |
|
|
5,210 |
|
|
|
5,542 |
|
|
|
6,048 |
|
|
|
6,491 |
|
|
|
6,496 |
|
|
Fleet Available Days |
|
|
8,668 |
|
|
|
9,007 |
|
|
|
9,578 |
|
|
|
9,990 |
|
|
|
9,916 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
39,290 |
|
|
$ |
44,465 |
|
|
$ |
49,747 |
|
|
$ |
47,270 |
|
|
$ |
40,819 |
|
|
Bareboat charter |
|
|
724 |
|
|
|
834 |
|
|
|
1,765 |
|
|
|
1,389 |
|
|
|
1,143 |
|
|
Other marine services |
|
|
1,729 |
|
|
|
3,771 |
|
|
|
3,188 |
|
|
|
4,153 |
|
|
|
2,948 |
|
|
|
|
|
41,743 |
|
|
|
49,070 |
|
|
|
54,700 |
|
|
|
52,812 |
|
|
|
44,910 |
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
13,706 |
|
|
|
15,096 |
|
|
|
15,879 |
|
|
|
17,914 |
|
|
|
16,623 |
|
|
Repairs and maintenance |
|
|
4,804 |
|
|
|
3,983 |
|
|
|
5,495 |
|
|
|
7,607 |
|
|
|
7,584 |
|
|
Drydocking |
|
|
1,365 |
|
|
|
766 |
|
|
|
515 |
|
|
|
1,997 |
|
|
|
2,570 |
|
|
Insurance and loss reserves |
|
|
939 |
|
|
|
1,663 |
|
|
|
1,198 |
|
|
|
1,763 |
|
|
|
1,414 |
|
|
Fuel, lubes and supplies |
|
|
2,067 |
|
|
|
2,409 |
|
|
|
2,910 |
|
|
|
3,202 |
|
|
|
2,806 |
|
|
Other |
|
|
1,739 |
|
|
|
2,061 |
|
|
|
1,214 |
|
|
|
2,887 |
|
|
|
4,169 |
|
|
|
|
|
24,620 |
|
|
|
25,978 |
|
|
|
27,211 |
|
|
|
35,370 |
|
|
|
35,166 |
|
|
Direct Vessel Profit (1) |
|
|
17,123 |
|
|
|
23,092 |
|
|
|
27,489 |
|
|
|
17,442 |
|
|
|
9,744 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
3,407 |
|
|
|
3,570 |
|
|
|
4,153 |
|
|
|
4,298 |
|
|
|
4,137 |
|
|
Administrative and general |
|
|
10,765 |
|
|
|
11,928 |
|
|
|
11,462 |
|
|
|
10,524 |
|
|
|
10,812 |
|
|
Depreciation and amortization |
|
|
15,001 |
|
|
|
15,412 |
|
|
|
16,091 |
|
|
|
16,412 |
|
|
|
16,097 |
|
|
|
|
|
29,173 |
|
|
|
30,910 |
|
|
|
31,706 |
|
|
|
31,234 |
|
|
|
31,046 |
|
|
(Losses) Gains on Asset Dispositions and Impairments, Net |
|
|
(12,572 |
) |
|
|
(2,679 |
) |
|
|
862 |
|
|
|
(3,848 |
) |
|
|
268 |
|
|
Operating Loss |
|
|
(24,622 |
) |
|
|
(10,497 |
) |
|
|
(3,355 |
) |
|
|
(17,640 |
) |
|
|
(21,034 |
) |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
676 |
|
|
|
559 |
|
|
|
317 |
|
|
|
215 |
|
|
|
354 |
|
|
Interest expense |
|
|
(7,638 |
) |
|
|
(7,397 |
) |
|
|
(7,362 |
) |
|
|
(7,633 |
) |
|
|
(7,664 |
) |
|
SEACOR Holdings guarantee fees |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(26 |
) |
|
|
(32 |
) |
|
|
(29 |
) |
|
Derivative losses (gains), net |
|
|
5,114 |
|
|
|
(663 |
) |
|
|
3,057 |
|
|
|
(1,398 |
) |
|
|
(925 |
) |
|
Foreign currency gains, net |
|
|
65 |
|
|
|
(1,037 |
) |
|
|
(370 |
) |
|
|
(924 |
) |
|
|
670 |
|
|
Other, net |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
(1,799 |
) |
|
|
(8,560 |
) |
|
|
(4,384 |
) |
|
|
(9,772 |
) |
|
|
(7,594 |
) |
|
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies |
|
|
(26,421 |
) |
|
|
(19,057 |
) |
|
|
(7,739 |
) |
|
|
(27,412 |
) |
|
|
(28,628 |
) |
|
Income Tax (Benefit) Expense |
|
|
(6,668 |
) |
|
|
(2,306 |
) |
|
|
1,277 |
|
|
|
(3,052 |
) |
|
|
(3,831 |
) |
|
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(19,753 |
) |
|
|
(16,751 |
) |
|
|
(9,016 |
) |
|
|
(24,360 |
) |
|
|
(24,797 |
) |
|
Equity in Losses of 50% or Less Owned Companies |
|
|
(239 |
) |
|
|
(2,425 |
) |
|
|
(1,325 |
) |
|
|
(7,078 |
) |
|
|
(3,476 |
) |
|
Loss from Continuing Operations |
|
|
(19,992 |
) |
|
|
(19,176 |
) |
|
|
(10,341 |
) |
|
|
(31,438 |
) |
|
|
(28,273 |
) |
|
(Loss) Income from Discontinued Operations, Net of Tax |
|
|
— |
|
|
|
(2,742 |
) |
|
|
(7,899 |
) |
|
|
1,174 |
|
|
|
— |
|
|
Net Loss |
|
|
(19,992 |
) |
|
|
(21,918 |
) |
|
|
(18,240 |
) |
|
|
(30,264 |
) |
|
|
(28,273 |
) |
|
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries |
|
|
(4,047 |
) |
|
|
(1,463 |
) |
|
|
204 |
|
|
|
(1,875 |
) |
|
|
(2,724 |
) |
|
Net Loss attributable to SEACOR Marine Holdings Inc. |
|
$ |
(15,945 |
) |
|
$ |
(20,455 |
) |
|
$ |
(18,444 |
) |
|
$ |
(28,389 |
) |
|
$ |
(25,549 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.66 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.49 |
) |
|
$ |
(1.31 |
) |
|
$ |
(1.11 |
) |
|
Discontinued operations |
|
|
— |
|
|
|
(0.12 |
) |
|
|
(0.29 |
) |
|
|
0.10 |
|
|
|
— |
|
|
|
|
$ |
(0.66 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.78 |
) |
|
$ |
(1.21 |
) |
|
$ |
(1.11 |
) |
|
Weighted Average Common Shares and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and Diluted |
|
|
23,989 |
|
|
|
23,832 |
|
|
|
23,741 |
|
|
|
23,382 |
|
|
|
23,090 |
|
|
Common Shares and Warrants Outstanding at Period End |
|
|
24,854 |
|
|
|
23,708 |
|
|
|
23,653 |
|
|
|
23,592 |
|
|
|
23,350 |
|
4
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
20,988 |
|
|
$ |
19,285 |
|
|
$ |
17,851 |
|
|
$ |
14,058 |
|
|
$ |
10,588 |
|
|
Fleet utilization |
|
|
11 |
% |
|
|
20 |
% |
|
|
26 |
% |
|
|
34 |
% |
|
|
28 |
% |
|
Fleet available days |
|
|
1,864 |
|
|
|
1,956 |
|
|
|
2,340 |
|
|
|
2,669 |
|
|
|
2,698 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
116 |
|
|
6 |
|
|
159 |
|
|
325 |
|
|
232 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
1,301 |
|
|
|
1,301 |
|
|
|
1,131 |
|
|
|
1,322 |
|
|
|
1,579 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
4,375 |
|
|
$ |
7,408 |
|
|
$ |
10,914 |
|
|
$ |
12,628 |
|
|
$ |
8,005 |
|
|
Bareboat charter |
|
|
724 |
|
|
|
732 |
|
|
|
597 |
|
|
|
233 |
|
|
|
— |
|
|
Other marine services |
|
|
642 |
|
|
|
516 |
|
|
|
838 |
|
|
|
1,320 |
|
|
|
1,132 |
|
|
|
|
|
5,741 |
|
|
|
8,656 |
|
|
|
12,349 |
|
|
|
14,181 |
|
|
|
9,137 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,928 |
|
|
|
3,432 |
|
|
|
4,353 |
|
|
|
5,203 |
|
|
|
4,503 |
|
|
Repairs and maintenance |
|
|
617 |
|
|
|
782 |
|
|
|
1,508 |
|
|
|
2,515 |
|
|
|
2,778 |
|
|
Drydocking |
|
|
1,057 |
|
|
|
252 |
|
|
|
547 |
|
|
|
1,801 |
|
|
|
1,994 |
|
|
Insurance and loss reserves |
|
|
135 |
|
|
|
566 |
|
|
|
371 |
|
|
|
841 |
|
|
|
592 |
|
|
Fuel, lubes and supplies |
|
|
524 |
|
|
|
407 |
|
|
|
739 |
|
|
|
1,107 |
|
|
|
683 |
|
|
Other |
|
|
79 |
|
|
|
102 |
|
|
|
88 |
|
|
|
113 |
|
|
|
90 |
|
|
|
|
|
5,340 |
|
|
|
5,541 |
|
|
|
7,606 |
|
|
|
11,580 |
|
|
|
10,640 |
|
|
Direct Vessel Profit (Loss) (1) |
|
$ |
401 |
|
|
$ |
3,115 |
|
|
$ |
4,743 |
|
|
$ |
2,601 |
|
|
$ |
(1,503 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
2,138 |
|
|
$ |
2,283 |
|
|
$ |
2,758 |
|
|
$ |
2,942 |
|
|
$ |
2,911 |
|
|
Depreciation and amortization |
|
|
5,358 |
|
|
|
5,474 |
|
|
|
5,634 |
|
|
|
5,341 |
|
|
|
5,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa, primarily West Africa |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,249 |
|
|
$ |
9,435 |
|
|
$ |
9,316 |
|
|
$ |
9,365 |
|
|
$ |
9,461 |
|
|
Fleet utilization |
|
|
89 |
% |
|
|
88 |
% |
|
|
91 |
% |
|
|
81 |
% |
|
|
87 |
% |
|
Fleet available days |
|
|
1,346 |
|
|
|
1,349 |
|
|
|
1,380 |
|
|
|
1,365 |
|
|
|
1,313 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
56 |
|
|
|
68 |
|
|
|
— |
|
|
54 |
|
|
58 |
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
11,095 |
|
|
$ |
11,249 |
|
|
$ |
11,738 |
|
|
$ |
10,400 |
|
|
$ |
10,773 |
|
|
Other marine services |
|
|
167 |
|
|
|
1,216 |
|
|
|
129 |
|
|
|
753 |
|
|
|
(637 |
) |
|
|
|
|
11,262 |
|
|
|
12,465 |
|
|
|
11,867 |
|
|
|
11,153 |
|
|
|
10,136 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,695 |
|
|
|
3,230 |
|
|
|
3,308 |
|
|
|
3,428 |
|
|
|
3,867 |
|
|
Repairs and maintenance |
|
|
1,435 |
|
|
|
1,242 |
|
|
|
1,323 |
|
|
|
952 |
|
|
|
1,184 |
|
|
Drydocking |
|
|
8 |
|
|
|
253 |
|
|
|
(53 |
) |
|
|
(48 |
) |
|
|
338 |
|
|
Insurance and loss reserves |
|
|
193 |
|
|
|
369 |
|
|
|
230 |
|
|
|
239 |
|
|
|
213 |
|
|
Fuel, lubes and supplies |
|
|
472 |
|
|
|
817 |
|
|
|
961 |
|
|
|
939 |
|
|
|
754 |
|
|
Other |
|
|
571 |
|
|
|
976 |
|
|
|
499 |
|
|
|
773 |
|
|
|
2,106 |
|
|
|
|
|
5,374 |
|
|
|
6,887 |
|
|
|
6,268 |
|
|
|
6,283 |
|
|
|
8,462 |
|
|
Direct Vessel Profit (1) |
|
$ |
5,888 |
|
|
$ |
5,578 |
|
|
$ |
5,599 |
|
|
$ |
4,870 |
|
|
$ |
1,674 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
1,126 |
|
|
$ |
757 |
|
|
$ |
761 |
|
|
$ |
787 |
|
|
$ |
785 |
|
|
Depreciation and amortization |
|
|
2,604 |
|
|
|
2,608 |
|
|
|
2,681 |
|
|
|
2,759 |
|
|
|
2,356 |
|
5
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,634 |
|
|
$ |
8,843 |
|
|
$ |
8,795 |
|
|
$ |
8,182 |
|
|
$ |
8,386 |
|
|
Fleet utilization |
|
|
73 |
% |
|
|
82 |
% |
|
|
83 |
% |
|
|
79 |
% |
|
|
72 |
% |
|
Fleet available days |
|
|
1,671 |
|
|
|
1,901 |
|
|
|
2,020 |
|
|
|
2,026 |
|
|
|
2,061 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
200 |
|
|
15 |
|
|
129 |
|
|
73 |
|
|
95 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
48 |
|
|
153 |
|
|
184 |
|
|
115 |
|
|
90 |
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
11,767 |
|
|
$ |
13,840 |
|
|
$ |
14,798 |
|
|
$ |
13,175 |
|
|
$ |
12,499 |
|
|
Other marine services |
|
|
420 |
|
|
|
678 |
|
|
|
414 |
|
|
|
349 |
|
|
|
228 |
|
|
|
|
|
12,187 |
|
|
|
14,518 |
|
|
|
15,212 |
|
|
|
13,524 |
|
|
|
12,727 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,811 |
|
|
|
4,129 |
|
|
|
4,023 |
|
|
|
4,292 |
|
|
|
4,254 |
|
|
Repairs and maintenance |
|
|
1,246 |
|
|
|
973 |
|
|
|
1,387 |
|
|
|
2,629 |
|
|
|
2,193 |
|
|
Drydocking |
|
|
414 |
|
|
|
146 |
|
|
|
20 |
|
|
|
275 |
|
|
|
159 |
|
|
Insurance and loss reserves |
|
|
339 |
|
|
|
408 |
|
|
|
333 |
|
|
|
381 |
|
|
|
327 |
|
|
Fuel, lubes and supplies |
|
|
665 |
|
|
|
769 |
|
|
|
701 |
|
|
|
725 |
|
|
|
709 |
|
|
Other |
|
|
683 |
|
|
|
635 |
|
|
|
567 |
|
|
|
793 |
|
|
|
1,100 |
|
|
|
|
|
7,158 |
|
|
|
7,060 |
|
|
|
7,031 |
|
|
|
9,095 |
|
|
|
8,742 |
|
|
Direct Vessel Profit (1) |
|
$ |
5,029 |
|
|
$ |
7,458 |
|
|
$ |
8,181 |
|
|
$ |
4,429 |
|
|
$ |
3,985 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
45 |
|
|
$ |
42 |
|
|
$ |
43 |
|
|
$ |
42 |
|
|
$ |
46 |
|
|
Depreciation and amortization |
|
|
3,790 |
|
|
|
3,963 |
|
|
|
3,914 |
|
|
|
4,274 |
|
|
|
4,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,397 |
|
|
$ |
8,649 |
|
|
$ |
6,867 |
|
|
$ |
8,074 |
|
|
$ |
12,900 |
|
|
Fleet utilization |
|
|
93 |
% |
|
|
69 |
% |
|
|
71 |
% |
|
|
63 |
% |
|
|
71 |
% |
|
Fleet available days |
|
|
389 |
|
|
|
429 |
|
|
|
399 |
|
|
|
400 |
|
|
|
541 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
3 |
|
|
35 |
|
|
5 |
|
|
3 |
|
|
5 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
65 |
|
|
92 |
|
|
91 |
|
|
90 |
|
||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
3,396 |
|
|
$ |
2,541 |
|
|
$ |
1,951 |
|
|
$ |
2,046 |
|
|
$ |
4,922 |
|
|
Bareboat charter |
|
|
— |
|
|
|
102 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
|
1,143 |
|
|
Other marine services |
|
|
149 |
|
|
|
261 |
|
|
|
221 |
|
|
|
273 |
|
|
|
635 |
|
|
|
|
|
3,545 |
|
|
|
2,904 |
|
|
|
3,340 |
|
|
|
3,475 |
|
|
|
6,700 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
1,215 |
|
|
|
1,081 |
|
|
|
846 |
|
|
|
976 |
|
|
|
1,556 |
|
|
Repairs and maintenance |
|
|
392 |
|
|
|
234 |
|
|
|
298 |
|
|
|
481 |
|
|
|
335 |
|
|
Drydocking |
|
|
(114 |
) |
|
|
114 |
|
|
|
— |
|
|
|
(32 |
) |
|
|
79 |
|
|
Insurance and loss reserves |
|
|
69 |
|
|
|
79 |
|
|
|
31 |
|
|
|
66 |
|
|
|
135 |
|
|
Fuel, lubes and supplies |
|
|
135 |
|
|
|
127 |
|
|
|
187 |
|
|
|
314 |
|
|
|
428 |
|
|
Other |
|
|
305 |
|
|
|
188 |
|
|
|
(87 |
) |
|
|
560 |
|
|
|
521 |
|
|
|
|
|
2,002 |
|
|
|
1,823 |
|
|
|
1,275 |
|
|
|
2,365 |
|
|
|
3,054 |
|
|
Direct Vessel Profit (1) |
|
$ |
1,543 |
|
|
$ |
1,081 |
|
|
$ |
2,065 |
|
|
$ |
1,110 |
|
|
$ |
3,646 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
Depreciation and amortization |
|
|
899 |
|
|
|
1,037 |
|
|
|
1,573 |
|
|
|
1,659 |
|
|
|
1,936 |
|
6
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Europe, Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
|
3,471 |
|
|
|
3,505 |
|
|
|
3,146 |
|
|
|
2,972 |
|
|
|
2,339 |
|
|
Fleet utilization |
|
|
73 |
% |
|
|
80 |
% |
|
|
96 |
% |
|
|
86 |
% |
|
|
60 |
% |
|
Fleet available days |
|
|
3,398 |
|
|
|
3,373 |
|
|
|
3,439 |
|
|
|
3,530 |
|
|
|
3,303 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
122 |
|
|
107 |
|
|
3 |
|
|
159 |
|
|
53 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
92 |
|
|
91 |
|
|
90 |
|
|||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
8,657 |
|
|
$ |
9,427 |
|
|
$ |
10,346 |
|
|
$ |
9,021 |
|
|
$ |
4,620 |
|
|
Other marine services |
|
|
351 |
|
|
|
1,100 |
|
|
|
1,586 |
|
|
|
1,458 |
|
|
|
1,590 |
|
|
|
|
|
9,008 |
|
|
|
10,527 |
|
|
|
11,932 |
|
|
|
10,479 |
|
|
|
6,210 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,057 |
|
|
|
3,224 |
|
|
|
3,349 |
|
|
|
4,015 |
|
|
|
2,443 |
|
|
Repairs and maintenance |
|
|
1,114 |
|
|
|
752 |
|
|
|
979 |
|
|
|
1,030 |
|
|
|
1,094 |
|
|
Drydocking |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
Insurance and loss reserves |
|
|
203 |
|
|
|
241 |
|
|
|
233 |
|
|
|
236 |
|
|
|
147 |
|
|
Fuel, lubes and supplies |
|
|
271 |
|
|
|
289 |
|
|
|
322 |
|
|
|
117 |
|
|
|
232 |
|
|
Other |
|
|
101 |
|
|
|
160 |
|
|
|
147 |
|
|
|
648 |
|
|
|
352 |
|
|
|
|
|
4,746 |
|
|
|
4,667 |
|
|
|
5,031 |
|
|
|
6,047 |
|
|
|
4,268 |
|
|
Direct Vessel Profit for Continuing Operations (1) |
|
$ |
4,262 |
|
|
$ |
5,860 |
|
|
$ |
6,901 |
|
|
$ |
4,432 |
|
|
$ |
1,942 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
89 |
|
|
$ |
479 |
|
|
$ |
609 |
|
|
$ |
546 |
|
|
$ |
405 |
|
|
Depreciation and amortization |
|
|
2,350 |
|
|
|
2,330 |
|
|
|
2,289 |
|
|
|
2,379 |
|
|
|
2,058 |
|
7
|
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Anchor handling towing supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,012 |
|
|
$ |
8,095 |
|
|
$ |
7,790 |
|
|
$ |
7,597 |
|
|
$ |
8,502 |
|
|
Fleet utilization |
|
|
39 |
% |
|
|
48 |
% |
|
|
53 |
% |
|
|
49 |
% |
|
|
38 |
% |
|
Fleet available days |
|
|
709 |
|
|
|
705 |
|
|
|
736 |
|
|
|
910 |
|
|
|
900 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
74 |
|
|
33 |
|
|
10 |
|
|
31 |
|
|
34 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
273 |
|
|
337 |
|
|
332 |
|
|
437 |
|
|
521 |
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
2,225 |
|
|
$ |
2,714 |
|
|
$ |
3,059 |
|
|
$ |
3,360 |
|
|
$ |
2,875 |
|
|
Other marine services |
|
|
559 |
|
|
|
1,076 |
|
|
|
365 |
|
|
|
869 |
|
|
|
(658 |
) |
|
|
|
|
2,784 |
|
|
|
3,790 |
|
|
|
3,424 |
|
|
|
4,229 |
|
|
|
2,217 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
892 |
|
|
|
1,212 |
|
|
|
1,418 |
|
|
|
2,001 |
|
|
|
1,390 |
|
|
Repairs and maintenance |
|
|
408 |
|
|
|
330 |
|
|
|
524 |
|
|
|
632 |
|
|
|
630 |
|
|
Drydocking |
|
|
22 |
|
|
|
- |
|
|
|
8 |
|
|
|
96 |
|
|
|
75 |
|
|
Insurance and loss reserves |
|
|
45 |
|
|
|
208 |
|
|
|
179 |
|
|
|
266 |
|
|
|
122 |
|
|
Fuel, lubes and supplies |
|
|
216 |
|
|
|
145 |
|
|
|
252 |
|
|
|
262 |
|
|
|
62 |
|
|
Other |
|
|
259 |
|
|
|
366 |
|
|
|
404 |
|
|
|
411 |
|
|
|
592 |
|
|
|
|
|
1,842 |
|
|
|
2,261 |
|
|
|
2,785 |
|
|
|
3,668 |
|
|
|
2,871 |
|
|
Direct Vessel Profit (Loss) (1) |
|
$ |
942 |
|
|
$ |
1,529 |
|
|
$ |
639 |
|
|
$ |
561 |
|
|
$ |
(654 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
1,216 |
|
|
$ |
872 |
|
|
$ |
1,357 |
|
|
$ |
1,527 |
|
|
$ |
1,539 |
|
|
Depreciation and amortization |
|
|
561 |
|
|
|
522 |
|
|
|
568 |
|
|
|
575 |
|
|
|
575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fast support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,472 |
|
|
$ |
8,257 |
|
|
$ |
8,133 |
|
|
$ |
7,624 |
|
|
$ |
7,609 |
|
|
Fleet utilization |
|
|
76 |
% |
|
|
78 |
% |
|
|
78 |
% |
|
|
71 |
% |
|
|
68 |
% |
|
Fleet available days |
|
|
2,521 |
|
|
|
2,935 |
|
|
|
3,156 |
|
|
|
3,275 |
|
|
|
3,295 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
156 |
|
|
82 |
|
|
81 |
|
|
134 |
|
|
72 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
273 |
|
|
341 |
|
|
459 |
|
|
545 |
|
|
622 |
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
16,284 |
|
|
$ |
18,877 |
|
|
$ |
20,079 |
|
|
$ |
17,709 |
|
|
$ |
17,083 |
|
|
Bareboat charter |
|
|
724 |
|
|
|
732 |
|
|
|
597 |
|
|
|
233 |
|
|
|
— |
|
|
Other marine services |
|
|
(355 |
) |
|
|
(40 |
) |
|
|
(200 |
) |
|
|
(179 |
) |
|
|
(251 |
) |
|
|
|
|
16,653 |
|
|
|
19,569 |
|
|
|
20,476 |
|
|
|
17,763 |
|
|
|
16,832 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,659 |
|
|
|
5,071 |
|
|
|
5,486 |
|
|
|
5,796 |
|
|
|
5,511 |
|
|
Repairs and maintenance |
|
|
2,278 |
|
|
|
1,873 |
|
|
|
2,204 |
|
|
|
2,682 |
|
|
|
2,337 |
|
|
Drydocking |
|
|
36 |
|
|
|
357 |
|
|
|
(27 |
) |
|
|
136 |
|
|
|
350 |
|
|
Insurance and loss reserves |
|
|
332 |
|
|
|
541 |
|
|
|
347 |
|
|
|
385 |
|
|
|
326 |
|
|
Fuel, lubes and supplies |
|
|
904 |
|
|
|
1,098 |
|
|
|
1,395 |
|
|
|
1,602 |
|
|
|
1,102 |
|
|
Other |
|
|
1,000 |
|
|
|
1,346 |
|
|
|
959 |
|
|
|
1,713 |
|
|
|
2,464 |
|
|
|
|
|
9,209 |
|
|
|
10,286 |
|
|
|
10,364 |
|
|
|
12,314 |
|
|
|
12,090 |
|
|
Direct Vessel Profit (1) |
|
$ |
7,444 |
|
|
$ |
9,283 |
|
|
$ |
10,112 |
|
|
$ |
5,449 |
|
|
$ |
4,742 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
352 |
|
|
$ |
352 |
|
|
$ |
351 |
|
|
$ |
352 |
|
|
$ |
352 |
|
|
Depreciation and amortization |
|
|
5,118 |
|
|
|
5,447 |
|
|
|
5,646 |
|
|
|
5,929 |
|
|
|
5,944 |
|
8
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
7,360 |
|
|
$ |
7,179 |
|
|
$ |
6,755 |
|
|
$ |
6,906 |
|
|
$ |
7,001 |
|
|
Fleet utilization |
|
|
79 |
% |
|
|
87 |
% |
|
|
96 |
% |
|
|
53 |
% |
|
|
62 |
% |
|
Fleet available days |
|
|
2,521 |
|
|
|
338 |
|
|
|
398 |
|
|
|
486 |
|
|
|
501 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
118 |
|
|
60 |
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
2,520 |
|
|
$ |
2,114 |
|
|
$ |
2,589 |
|
|
$ |
1,787 |
|
|
$ |
2,182 |
|
|
Bareboat charter |
|
|
— |
|
|
|
102 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
|
1,143 |
|
|
Other marine services |
|
|
(69 |
) |
|
|
582 |
|
|
|
863 |
|
|
|
799 |
|
|
|
781 |
|
|
|
|
|
2,451 |
|
|
|
2,798 |
|
|
|
4,620 |
|
|
|
3,742 |
|
|
|
4,106 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
1,206 |
|
|
|
1,369 |
|
|
|
1,266 |
|
|
|
1,617 |
|
|
|
1,678 |
|
|
Repairs and maintenance |
|
|
348 |
|
|
|
159 |
|
|
|
276 |
|
|
|
1,085 |
|
|
|
619 |
|
|
Drydocking |
|
|
— |
|
|
|
142 |
|
|
|
1 |
|
|
|
82 |
|
|
|
162 |
|
|
Insurance and loss reserves |
|
|
67 |
|
|
|
65 |
|
|
|
66 |
|
|
|
78 |
|
|
|
105 |
|
|
Fuel, lubes and supplies |
|
|
119 |
|
|
|
377 |
|
|
|
205 |
|
|
|
98 |
|
|
|
399 |
|
|
Other |
|
|
397 |
|
|
|
314 |
|
|
|
57 |
|
|
|
842 |
|
|
|
1,144 |
|
|
|
|
|
2,137 |
|
|
|
2,426 |
|
|
|
1,871 |
|
|
|
3,802 |
|
|
|
4,107 |
|
|
Direct Vessel Profit (Loss) (1) |
|
$ |
314 |
|
|
$ |
372 |
|
|
$ |
2,749 |
|
|
$ |
(60 |
) |
|
$ |
(1 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
— |
|
|
$ |
381 |
|
|
$ |
517 |
|
|
$ |
433 |
|
|
$ |
318 |
|
|
Depreciation and amortization |
|
|
787 |
|
|
|
823 |
|
|
|
1,167 |
|
|
|
1,223 |
|
|
|
1,036 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet available days |
|
|
91 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
90 |
|
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
90 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
13 |
|
|
|
6 |
|
|
|
13 |
|
|
|
23 |
|
|
|
65 |
|
|
Repairs and maintenance |
|
|
11 |
|
|
|
5 |
|
|
|
1 |
|
|
|
3 |
|
|
|
4 |
|
|
Insurance and loss reserves |
|
|
20 |
|
|
|
9 |
|
|
|
18 |
|
|
|
20 |
|
|
|
8 |
|
|
Fuel, lubes and supplies |
|
|
22 |
|
|
|
— |
|
|
|
2 |
|
|
|
(24 |
) |
|
|
31 |
|
|
Other |
|
|
101 |
|
|
|
64 |
|
|
|
75 |
|
|
|
77 |
|
|
|
95 |
|
|
|
|
|
167 |
|
|
|
84 |
|
|
|
109 |
|
|
|
99 |
|
|
|
203 |
|
|
Direct Vessel Loss (1) |
|
$ |
(167 |
) |
|
$ |
(84 |
) |
|
$ |
(109 |
) |
|
$ |
(99 |
) |
|
$ |
(203 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
128 |
|
|
|
128 |
|
|
|
128 |
|
|
|
127 |
|
|
|
128 |
|
9
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
27,513 |
|
|
$ |
27,453 |
|
|
$ |
26,172 |
|
|
$ |
20,993 |
|
|
$ |
17,750 |
|
|
Fleet utilization |
|
|
31 |
% |
|
|
36 |
% |
|
|
39 |
% |
|
|
47 |
% |
|
|
46 |
% |
|
Fleet available days |
|
|
8,668 |
|
|
|
1,472 |
|
|
|
1,665 |
|
|
|
1,729 |
|
|
|
1,710 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
141 |
|
|
6 |
|
|
153 |
|
|
292 |
|
|
224 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
664 |
|
|
|
657 |
|
|
|
432 |
|
|
|
455 |
|
|
|
526 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
12,339 |
|
|
$ |
14,375 |
|
|
$ |
16,830 |
|
|
$ |
16,932 |
|
|
$ |
13,877 |
|
|
Other marine services |
|
|
250 |
|
|
|
732 |
|
|
|
795 |
|
|
|
1,481 |
|
|
|
2,080 |
|
|
|
|
|
12,589 |
|
|
|
15,107 |
|
|
|
17,625 |
|
|
|
18,413 |
|
|
|
15,957 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,097 |
|
|
|
4,588 |
|
|
|
4,824 |
|
|
|
5,360 |
|
|
|
5,097 |
|
|
Repairs and maintenance |
|
|
650 |
|
|
|
776 |
|
|
|
1,656 |
|
|
|
2,189 |
|
|
|
2,828 |
|
|
Drydocking |
|
|
1,307 |
|
|
|
267 |
|
|
|
532 |
|
|
|
1,683 |
|
|
|
1,983 |
|
|
Insurance and loss reserves |
|
|
679 |
|
|
|
711 |
|
|
|
484 |
|
|
|
921 |
|
|
|
884 |
|
|
Fuel, lubes and supplies |
|
|
490 |
|
|
|
550 |
|
|
|
899 |
|
|
|
1,076 |
|
|
|
1,005 |
|
|
Other |
|
|
147 |
|
|
|
338 |
|
|
|
221 |
|
|
|
251 |
|
|
|
444 |
|
|
|
|
|
7,370 |
|
|
|
7,230 |
|
|
|
8,616 |
|
|
|
11,480 |
|
|
|
12,241 |
|
|
Direct Vessel Profit (1) |
|
$ |
5,219 |
|
|
$ |
7,877 |
|
|
$ |
9,009 |
|
|
$ |
6,933 |
|
|
$ |
3,716 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
1,497 |
|
|
$ |
1,497 |
|
|
$ |
1,498 |
|
|
$ |
1,497 |
|
|
$ |
1,498 |
|
|
Depreciation and amortization |
|
|
6,128 |
|
|
|
6,136 |
|
|
|
6,247 |
|
|
|
6,055 |
|
|
|
6,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew transfer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
2,375 |
|
|
$ |
2,378 |
|
|
$ |
2,220 |
|
|
$ |
2,431 |
|
|
$ |
2,325 |
|
|
Fleet utilization |
|
|
72 |
% |
|
|
77 |
% |
|
|
92 |
% |
|
|
88 |
% |
|
|
60 |
% |
|
Fleet available days |
|
|
3,458 |
|
|
|
3,465 |
|
|
|
3,531 |
|
|
|
3,499 |
|
|
|
3,420 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
122 |
|
|
111 |
|
|
52 |
|
|
39 |
|
|
53 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
48 |
|
|
|
92 |
|
|
|
184 |
|
|
|
91 |
|
|
|
90 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
5,922 |
|
|
$ |
6,385 |
|
|
$ |
7,190 |
|
|
$ |
7,482 |
|
|
$ |
4,802 |
|
|
Other marine services |
|
|
315 |
|
|
|
389 |
|
|
|
577 |
|
|
|
499 |
|
|
|
322 |
|
|
|
|
|
6,237 |
|
|
|
6,774 |
|
|
|
7,767 |
|
|
|
7,981 |
|
|
|
5,124 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,592 |
|
|
|
2,435 |
|
|
|
2,432 |
|
|
|
2,665 |
|
|
|
2,309 |
|
|
Repairs and maintenance |
|
|
1,056 |
|
|
|
693 |
|
|
|
775 |
|
|
|
933 |
|
|
|
1,096 |
|
|
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Insurance and loss reserves |
|
|
99 |
|
|
|
124 |
|
|
|
113 |
|
|
|
93 |
|
|
|
104 |
|
|
Fuel, lubes and supplies |
|
|
230 |
|
|
|
220 |
|
|
|
152 |
|
|
|
167 |
|
|
|
189 |
|
|
Other |
|
|
86 |
|
|
|
75 |
|
|
|
96 |
|
|
|
113 |
|
|
|
113 |
|
|
|
|
|
4,063 |
|
|
|
3,547 |
|
|
|
3,568 |
|
|
|
3,971 |
|
|
|
3,811 |
|
|
Direct Vessel Profit (1) |
|
$ |
2,174 |
|
|
$ |
3,227 |
|
|
$ |
4,199 |
|
|
$ |
4,010 |
|
|
$ |
1,313 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
1,717 |
|
|
$ |
1,837 |
|
|
$ |
1,819 |
|
|
$ |
1,920 |
|
|
$ |
2,031 |
|
10
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Other Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
1,029 |
|
|
$ |
1,032 |
|
|
$ |
788 |
|
|
$ |
684 |
|
|
$ |
674 |
|
|
|
|
|
1,029 |
|
|
|
1,032 |
|
|
|
788 |
|
|
|
684 |
|
|
|
674 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
247 |
|
|
|
415 |
|
|
|
440 |
|
|
|
452 |
|
|
|
573 |
|
|
Repairs and maintenance |
|
|
53 |
|
|
|
147 |
|
|
|
59 |
|
|
|
83 |
|
|
|
70 |
|
|
Insurance and loss reserves |
|
|
(303 |
) |
|
|
5 |
|
|
|
(9 |
) |
|
|
— |
|
|
|
(135 |
) |
|
Fuel, lubes and supplies |
|
|
86 |
|
|
|
19 |
|
|
|
5 |
|
|
|
21 |
|
|
|
18 |
|
|
Other |
|
|
(251 |
) |
|
|
(442 |
) |
|
|
(598 |
) |
|
|
(520 |
) |
|
|
(683 |
) |
|
|
|
|
(168 |
) |
|
|
144 |
|
|
|
(102 |
) |
|
|
36 |
|
|
|
(157 |
) |
|
Direct Vessel Profit (1) |
|
$ |
1,197 |
|
|
$ |
888 |
|
|
$ |
890 |
|
|
$ |
648 |
|
|
$ |
831 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
342 |
|
|
$ |
468 |
|
|
$ |
448 |
|
|
$ |
508 |
|
|
$ |
224 |
|
|
Depreciation and amortization |
|
|
562 |
|
|
|
519 |
|
|
|
516 |
|
|
|
583 |
|
|
|
330 |
|
11
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands) |
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
Cash Flows from Continuing Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DVP (1) |
|
|
17,123 |
|
|
|
23,092 |
|
|
|
27,489 |
|
|
|
17,442 |
|
|
|
9,744 |
|
|
Operating, leased-in equipment (excluding amortization of deferred gains) |
|
|
(3,838 |
) |
|
|
(4,648 |
) |
|
|
(4,963 |
) |
|
|
(4,886 |
) |
|
|
(4,842 |
) |
|
Administrative and general (excluding provisions for bad debts and amortization of share awards) |
|
|
(9,776 |
) |
|
|
(10,773 |
) |
|
|
(9,160 |
) |
|
|
(9,696 |
) |
|
|
(10,455 |
) |
|
SEACOR Holdings management and guarantee fees |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(26 |
) |
|
|
(32 |
) |
|
|
(29 |
) |
|
Dividends received from 50% or less owned companies |
|
|
— |
|
|
|
800 |
|
|
|
873 |
|
|
|
— |
|
|
|
400 |
|
|
Other, net (excluding non-cash losses) |
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
3,493 |
|
|
|
8,448 |
|
|
|
14,213 |
|
|
|
2,828 |
|
|
|
(5,182 |
) |
|
Changes in operating assets and liabilities before interest and income taxes |
|
|
(7,144 |
) |
|
|
7,758 |
|
|
|
(7,236 |
) |
|
|
4,921 |
|
|
|
2,924 |
|
|
Director share awards |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
894 |
|
|
|
— |
|
|
Restricted stock vested |
|
|
(175 |
) |
|
|
(55 |
) |
|
|
(240 |
) |
|
|
— |
|
|
|
(282 |
) |
|
Cash settlements on derivative transactions, net |
|
|
(214 |
) |
|
|
(190 |
) |
|
|
(546 |
) |
|
|
275 |
|
|
|
(75 |
) |
|
Interest paid, excluding capitalized interest (1) |
|
|
(4,744 |
) |
|
|
(6,255 |
) |
|
|
(5,633 |
) |
|
|
(5,971 |
) |
|
|
(4,593 |
) |
|
Interest received |
|
|
676 |
|
|
|
560 |
|
|
|
316 |
|
|
|
215 |
|
|
|
354 |
|
|
Income taxes refunded, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,999 |
|
|
Net cash (used in) provided operating activities |
|
|
(8,108 |
) |
|
|
10,266 |
|
|
|
874 |
|
|
|
3,162 |
|
|
|
(4,855 |
) |
|
Cash Flows from Continuing Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(11,244 |
) |
|
|
(5,890 |
) |
|
|
(9,547 |
) |
|
|
(19,386 |
) |
|
|
(20,633 |
) |
|
Proceeds from disposition of property and equipment |
|
|
3,105 |
|
|
|
36,418 |
|
|
|
10,119 |
|
|
|
9,268 |
|
|
|
378 |
|
|
Proceeds from the sale of ERRV fleet |
|
|
— |
|
|
|
27,390 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Cash Impact of sale of ERRV fleet |
|
|
— |
|
|
|
(5,140 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net change in construction reserve fund |
|
|
9,148 |
|
|
|
5,268 |
|
|
|
1,951 |
|
|
|
7,997 |
|
|
|
(48 |
) |
|
Net investing activities in property and equipment |
|
|
1,009 |
|
|
|
58,046 |
|
|
|
2,523 |
|
|
|
(2,121 |
) |
|
|
(20,303 |
) |
|
Investments in and advances to 50% or less owned companies |
|
|
(245 |
) |
|
|
(6,062 |
) |
|
|
(8,686 |
) |
|
|
(718 |
) |
|
|
(1,951 |
) |
|
Capital distributions from equity investees |
|
|
— |
|
|
|
48 |
|
|
|
413 |
|
|
|
— |
|
|
|
— |
|
|
Principal payments on notes due from equity investees |
|
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
|
— |
|
|
Net cash provided by (used in) investing activities |
|
|
764 |
|
|
|
52,032 |
|
|
|
(5,728 |
) |
|
|
(2,839 |
) |
|
|
(22,254 |
) |
|
Cash Flows from Continuing Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
|
|
(5,222 |
) |
|
|
(3,899 |
) |
|
|
(11,976 |
) |
|
|
(3,738 |
) |
|
|
(4,361 |
) |
|
Purchase of subsidiary shares from noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,392 |
) |
|
Proceeds from exercise of stock options and Warrants |
|
|
— |
|
|
|
340 |
|
|
|
973 |
|
|
|
3 |
|
|
|
108 |
|
|
Net cash (used in) provided by financing activities |
|
|
(5,222 |
) |
|
|
(3,559 |
) |
|
|
(11,003 |
) |
|
|
(3,735 |
) |
|
|
(7,645 |
) |
|
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
(1,908 |
) |
|
|
(19,238 |
) |
|
|
(472 |
) |
|
|
1,195 |
|
|
|
873 |
|
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
(14,474 |
) |
|
|
39,501 |
|
|
|
(16,329 |
) |
|
|
(2,217 |
) |
|
|
(33,881 |
) |
|
Cash Flows from Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
— |
|
|
|
4,297 |
|
|
|
(446 |
) |
|
|
(747 |
) |
|
|
2,888 |
|
|
Investing Activities |
|
|
— |
|
|
|
(4,462 |
) |
|
|
(116 |
) |
|
|
(615 |
) |
|
|
(376 |
) |
|
Effects of FX Rate Changes on Cash and Cash Equivalents |
|
|
— |
|
|
|
3,322 |
|
|
|
268 |
|
|
|
(1,504 |
) |
|
|
612 |
|
|
Net Decrease in Cash and Cash Equivalents from Discontinued Operations: |
|
|
— |
|
|
|
3,157 |
|
|
|
(294 |
) |
|
|
(2,866 |
) |
|
|
3,124 |
|
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
(14,474 |
) |
|
|
42,658 |
|
|
|
(16,623 |
) |
|
|
(5,083 |
) |
|
|
(30,757 |
) |
|
Cash, Restricted Cash and Cash Equivalents, Beginning of Period |
|
|
87,047 |
|
|
|
44,389 |
|
|
|
61,012 |
|
|
|
66,095 |
|
|
|
96,852 |
|
|
Cash, Restricted Cash and Cash Equivalents, End of Period |
|
$ |
72,573 |
|
|
$ |
87,047 |
|
|
$ |
44,389 |
|
|
$ |
61,012 |
|
|
$ |
66,095 |
|
12
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
|
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|
Mar. 31, 2019 |
|
|||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
69,220 |
|
|
$ |
83,943 |
|
|
$ |
38,155 |
|
|
$ |
55,763 |
|
|
$ |
57,158 |
|
|
Restricted cash |
|
|
3,353 |
|
|
|
3,104 |
|
|
|
4,016 |
|
|
|
2,240 |
|
|
|
2,240 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts |
|
|
48,192 |
|
|
|
49,128 |
|
|
|
58,954 |
|
|
|
60,711 |
|
|
|
61,586 |
|
|
Other |
|
|
27,872 |
|
|
|
18,531 |
|
|
|
6,835 |
|
|
|
9,682 |
|
|
|
7,998 |
|
|
Inventories |
|
|
1,575 |
|
|
|
1,228 |
|
|
|
1,408 |
|
|
|
1,660 |
|
|
|
2,779 |
|
|
Prepaid expenses and other |
|
|
2,653 |
|
|
|
2,612 |
|
|
|
3,146 |
|
|
|
3,710 |
|
|
|
4,266 |
|
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
13,127 |
|
|
|
13,891 |
|
|
|
15,782 |
|
|
Total current assets |
|
|
152,865 |
|
|
|
158,546 |
|
|
|
125,641 |
|
|
|
147,657 |
|
|
|
151,809 |
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
930,264 |
|
|
|
976,978 |
|
|
|
1,063,290 |
|
|
|
1,099,221 |
|
|
|
1,168,104 |
|
|
Accumulated depreciation |
|
|
(312,911 |
) |
|
|
(358,962 |
) |
|
|
(400,628 |
) |
|
|
(425,881 |
) |
|
|
(478,239 |
) |
|
|
|
|
617,353 |
|
|
|
618,016 |
|
|
|
662,662 |
|
|
|
673,340 |
|
|
|
689,865 |
|
|
Construction in progress |
|
|
55,302 |
|
|
|
74,344 |
|
|
|
70,275 |
|
|
|
67,063 |
|
|
|
62,750 |
|
|
Net property and equipment |
|
|
672,655 |
|
|
|
692,360 |
|
|
|
732,937 |
|
|
|
740,403 |
|
|
|
752,615 |
|
|
Right-of-Use Asset - Operating Leases |
|
|
8,990 |
|
|
|
17,313 |
|
|
|
18,774 |
|
|
|
27,390 |
|
|
|
30,503 |
|
|
Investments, at Equity, and Advances to 50% or Less Owned Companies |
|
|
125,010 |
|
|
|
124,680 |
|
|
|
118,222 |
|
|
|
112,418 |
|
|
|
119,520 |
|
|
Construction Reserve Funds |
|
|
3,745 |
|
|
|
12,893 |
|
|
|
18,161 |
|
|
|
20,112 |
|
|
|
28,109 |
|
|
Other Assets |
|
|
3,270 |
|
|
|
3,401 |
|
|
|
3,422 |
|
|
|
3,627 |
|
|
|
3,603 |
|
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
23,349 |
|
|
|
25,092 |
|
|
|
26,193 |
|
|
|
|
$ |
966,535 |
|
|
$ |
1,009,193 |
|
|
$ |
1,040,506 |
|
|
$ |
1,076,699 |
|
|
$ |
1,112,352 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
13,359 |
|
|
$ |
15,099 |
|
|
$ |
15,182 |
|
|
$ |
16,552 |
|
|
$ |
17,918 |
|
|
Current portion of long-term debt |
|
|
37,084 |
|
|
|
17,802 |
|
|
|
23,446 |
|
|
|
20,651 |
|
|
|
17,426 |
|
|
Accounts payable and accrued expenses |
|
|
32,023 |
|
|
|
25,691 |
|
|
|
26,507 |
|
|
|
31,504 |
|
|
|
24,970 |
|
|
Due to SEACOR Holdings |
|
|
66 |
|
|
|
74 |
|
|
|
77 |
|
|
|
74 |
|
|
|
535 |
|
|
Other current liabilities |
|
|
29,949 |
|
|
|
36,151 |
|
|
|
42,372 |
|
|
|
47,185 |
|
|
|
45,967 |
|
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
3,813 |
|
|
|
3,813 |
|
|
|
3,893 |
|
|
Total current liabilities |
|
|
112,481 |
|
|
|
94,817 |
|
|
|
111,397 |
|
|
|
119,779 |
|
|
|
110,709 |
|
|
Long-Term Operating Lease Liabilities |
|
|
7,859 |
|
|
|
9,822 |
|
|
|
12,878 |
|
|
|
16,775 |
|
|
|
19,851 |
|
|
Long-Term Debt |
|
|
356,729 |
|
|
|
380,251 |
|
|
|
375,772 |
|
|
|
379,075 |
|
|
|
384,344 |
|
|
Conversion Option Liability on Convertible Senior Notes |
|
|
91 |
|
|
|
5,205 |
|
|
|
4,543 |
|
|
|
7,599 |
|
|
|
6,201 |
|
|
Deferred Income Taxes |
|
|
26,113 |
|
|
|
33,905 |
|
|
|
36,921 |
|
|
|
37,066 |
|
|
|
41,834 |
|
|
Deferred Gains and Other Liabilities |
|
|
7,951 |
|
|
|
6,269 |
|
|
|
4,848 |
|
|
|
5,165 |
|
|
|
7,290 |
|
|
Total liabilities |
|
|
511,224 |
|
|
|
530,269 |
|
|
|
546,359 |
|
|
|
565,459 |
|
|
|
570,229 |
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
231 |
|
|
|
219 |
|
|
|
219 |
|
|
|
218 |
|
|
|
211 |
|
|
Additional paid-in capital |
|
|
447,425 |
|
|
|
429,318 |
|
|
|
427,823 |
|
|
|
424,549 |
|
|
|
422,830 |
|
|
Retained earnings |
|
|
11,131 |
|
|
|
27,076 |
|
|
|
64,929 |
|
|
|
83,312 |
|
|
|
111,701 |
|
|
Shares held in treasury |
|
|
(844 |
) |
|
|
(669 |
) |
|
|
(614 |
) |
|
|
(374 |
) |
|
|
(373 |
) |
|
Accumulated other comprehensive loss, net of tax |
|
|
(2,971 |
) |
|
|
1,548 |
|
|
|
(21,105 |
) |
|
|
(19,156 |
) |
|
|
(16,812 |
) |
|
|
|
|
454,972 |
|
|
|
457,492 |
|
|
|
471,252 |
|
|
|
488,549 |
|
|
|
517,557 |
|
|
Noncontrolling interests in subsidiaries |
|
|
339 |
|
|
|
21,432 |
|
|
|
22,895 |
|
|
|
22,691 |
|
|
|
24,566 |
|
|
Total equity |
|
|
455,311 |
|
|
|
478,924 |
|
|
|
494,147 |
|
|
|
511,240 |
|
|
|
542,123 |
|
|
|
|
$ |
966,535 |
|
|
$ |
1,009,193 |
|
|
$ |
1,040,506 |
|
|
$ |
1,076,699 |
|
|
$ |
1,112,352 |
|
13
|
SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS |
|
|
|
Owned |
|
|
Joint Ventured |
|
|
Leased-in |
|
|
Managed |
|
|
Total (2) |
|
|||||
|
March 31, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
8 |
|
|
FSV |
|
|
28 |
|
|
|
5 |
|
|
|
1 |
|
|
|
1 |
|
|
35 |
|
|
|
Supply |
|
|
5 |
|
|
|
34 |
|
|
|
— |
|
|
|
2 |
|
|
41 |
|
|
|
Specialty |
|
|
1 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
4 |
|
|
|
Liftboats |
|
|
14 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
16 |
|
|
|
Crew transfer |
|
|
38 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
43 |
|
|
|
|
|
|
90 |
|
|
|
47 |
|
|
|
7 |
|
|
|
3 |
|
|
|
147 |
|
|
December 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
8 |
|
|
FSV |
|
|
30 |
|
|
|
5 |
|
|
|
1 |
|
|
|
1 |
|
|
|
37 |
|
|
Supply |
|
|
4 |
|
|
|
34 |
|
|
|
— |
|
|
|
2 |
|
|
|
40 |
|
|
Specialty |
|
|
1 |
|
|
|
3 |
|
|
|
— |
|
|
|
1 |
|
|
|
5 |
|
|
Liftboats |
|
|
14 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
16 |
|
|
Crew transfer |
|
|
38 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
43 |
|
|
|
|
|
91 |
|
|
|
47 |
|
|
|
7 |
|
|
|
4 |
|
|
|
149 |
|
______________________
|
(2) |
Excludes one owned vessel that have been retired and removed from service. |
14