smhi-8k_20200806.htm
false 0001690334 0001690334 2020-08-06 2020-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 6, 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 August 6, 2020, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three and six months ended June 30, 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

 

Exhibit No.

Description

 

 

99.1

Press Release of SEACOR Marine Holdings Inc. dated August 6, 2020

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURES

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

 

 

SEACOR Marine Holdings Inc.

 

 

 

August 6, 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 SECOND QUARTER 2020 RESULTS 

 

 

Houston, Texas

August 6, 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 second quarter ended June 30, 2020.

 

Notable second quarter items include:

 

 

Acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (“SEACOSCO”) on June 30, 2020 for total consideration of $28.2 million payable over four years.  The transaction adds eight modern platform supply vessels to SEACOR Marine’s owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.  The vessels and the debt associated with the transaction are included in the second quarter numbers, but the operating results of the joint venture were not consolidated in the quarter. SEACOR Marine expects the vessels to generate cash in future quarters in excess of scheduled debt amortization payments.

 

 

Entry into an agreement with SEACOR Holdings Inc. permitting SEACOR Marine to carry back net operating losses under provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  SEACOR Marine expects to receive approximately $31.2 million of cash tax refunds under the CARES Act. SEACOR Marine paid a one-time transaction fee of $3.0 million to SEACOR Holdings Inc. as consideration for entry into the agreement that is reflected in the general and administrative costs for the second quarter.

 

 

Average dayrates, excluding those for the crew transfer vessel fleet, were $11,018 in the second quarter of 2020 and $10,387 in the second quarter of 2019. The improved average dayrates year on year reflect the improvement in SEACOR Marine’s overall fleet mix since the second quarter of the prior year.

 

 

Both COVID-19 and volatility in oil prices impacted second quarter revenues. SEACOR Marine expects such volatility to continue at least for the remainder of this year.  SEACOR Marine is unable to quantify such impact at this point but will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

 

 

Administrative and general expenses in the second quarter were $14.5 million, including $3.7 million in non-recurring expenses comprised of $3.3 million of transaction, legal and advisory fees related to the carry back of net operating losses pursuant to the CARES Act, and a one-time restructuring charge of $0.4 million from SEACOR Marine’s continuing cost reduction initiatives. SEACOR Marine maintains its target for projected annual savings of at least $8.0 million, of which it has already achieved $7.8 million. SEACOR Marine anticipates that the cost reduction initiatives will impact all of its reportable segments and expects the remaining cost reduction initiatives to be completed by the end of the third quarter of 2020. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to the changing conditions.

 

Overall, total operating revenues for the second quarter were $41.9 million, operating loss was $16.7 million, and direct vessel profit (“DVP”)(1) was $18.0 million. This compares to operating revenues of $52.8 million, operating loss of $17.6 million, and DVP of $17.4 million in the second quarter of 2019. The improved DVP in the second quarter was primarily driven by the change in fleet mix over the period.

 

1

 


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

 

“SEACOR Marine delivered solid operating and financial results in an extremely challenging environment. All our international operating regions showed significant improvements in key metrics, reflecting the efforts made to improve our market presence, fleet mix and overhead expenses. Our U.S. operations saw a steep decline in activity, mostly in liftboat demand, which continues to be challenged by the effects of low commodity prices on our customers and tepid decommissioning activity.

 

“Notwithstanding this difficult environment we were able to execute two transactions that will enhance our results and strengthen our liquidity. The acquisition of our partner’s interest in SEACOSCO is expected to be accretive to our results this year, and the ability to carry back net operating losses pursuant to the CARES Act adds incremental liquidity.

 

“Finally, I want to recognize and thank the SEACOR Marine team for these results and their continuing dedication to maintaining safe and reliable operations for our customers worldwide.  I particularly thank our seafarers, many of whom have worked extended rotations due to the COVID-19 pandemic and continue to face challenges returning home.  We appreciate the cooperation and assistance of our customers and suppliers in navigating the complex logistics of the unprecedented COVID-19 operating environment.”

 

For the second quarter of 2020, net loss attributable to SEACOR Marine was $6.1 million ($0.24 loss per basic and diluted share) and operating loss was $16.7 million.  Net loss attributable to SEACOR Marine’s continuing operations for the second quarter of 2019 was $31.4 million ($1.26 loss per basic and diluted share) and operating loss was $17.6 million.

 

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation 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 4 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 June 30,

 

 

Six months ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenues

 

$

41,878

 

 

$

52,812

 

 

$

83,621

 

 

$

97,722

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

23,913

 

 

 

35,370

 

 

 

48,533

 

 

 

70,536

 

Administrative and general

 

 

14,560

 

 

 

10,524

 

 

 

25,325

 

 

 

21,336

 

Lease expense

 

 

1,355

 

 

 

4,298

 

 

 

4,762

 

 

 

8,435

 

Depreciation and amortization

 

 

15,313

 

 

 

16,412

 

 

 

30,314

 

 

 

32,509

 

 

 

 

55,141

 

 

 

66,604

 

 

 

108,934

 

 

 

132,816

 

(Loss) Gain on Asset Dispositions and Impairments, Net

 

 

(3,453

)

 

 

(3,848

)

 

 

(16,025

)

 

 

(3,580

)

Operating Loss

 

 

(16,716

)

 

 

(17,640

)

 

 

(41,338

)

 

 

(38,674

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

529

 

 

 

215

 

 

 

1,205

 

 

 

569

 

Interest expense

 

 

(6,995

)

 

 

(7,633

)

 

 

(14,633

)

 

 

(15,297

)

SEACOR Holdings guarantee fees

 

 

(9

)

 

 

(32

)

 

 

(25

)

 

 

(61

)

Derivative gains (losses), net

 

 

85

 

 

 

(1,398

)

 

 

5,199

 

 

 

(2,323

)

Foreign currency gains, net

 

 

(171

)

 

 

(924

)

 

 

(106

)

 

 

(254

)

 

 

 

(6,561

)

 

 

(9,772

)

 

 

(8,360

)

 

 

(17,366

)

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

 

 

(23,277

)

 

 

(27,412

)

 

 

(49,698

)

 

 

(56,040

)

Income Tax Benefit

 

 

(15,081

)

 

 

(3,052

)

 

 

(21,749

)

 

 

(6,883

)

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

 

 

(8,196

)

 

 

(24,360

)

 

 

(27,949

)

 

 

(49,157

)

Equity in Losses of 50% or Less Owned Companies

 

 

2,130

 

 

 

(7,078

)

 

 

1,891

 

 

 

(10,554

)

Loss from Continuing Operations

 

 

(6,066

)

 

 

(31,438

)

 

 

(26,058

)

 

 

(59,711

)

(Loss) Income on Discontinued Operations, Net of Tax

 

 

 

 

 

1,174.0

 

 

 

 

 

 

1,174

 

Net Loss

 

 

(6,066

)

 

 

(30,264

)

 

 

(26,058

)

 

 

(58,537

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

7

 

 

 

(1,875

)

 

 

(4,040

)

 

 

(4,599

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(6,073

)

 

$

(28,389

)

 

$

(22,018

)

 

$

(53,938

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.24

)

 

$

(1.26

)

 

$

(0.90

)

 

$

(2.37

)

Discontinued operations

 

 

 

 

 

0.05

 

 

 

 

 

$

0.05

 

 

 

$

(0.24

)

 

$

(1.21

)

 

$

(0.90

)

 

$

(2.32

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

24,851,834

 

 

 

23,382,272

 

 

 

24,420,432

 

 

 

23,237,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

 

Jun. 30, 2019

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

11,018

 

 

$

11,157

 

 

$

11,071

 

 

$

10,946

 

 

$

10,387

 

Average Rates Per Day

 

$

6,648

 

 

$

7,163

 

 

$

7,260

 

 

$

6,981

 

 

$

6,843

 

Fleet Utilization (excluding crew transfer)

 

 

57

%

 

 

57

%

 

 

62

%

 

 

64

%

 

 

59

%

Fleet Utilization

 

 

69

%

 

 

63

%

 

 

68

%

 

 

74

%

 

 

69

%

Fleet Available Days (excluding crew transfer)

 

 

5,167

 

 

 

5,210

 

 

 

5,542

 

 

 

6,048

 

 

 

6,491

 

Fleet Available Days

 

 

8,688

 

 

 

8,668

 

 

 

9,007

 

 

 

9,578

 

 

 

9,990

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

39,807

 

 

$

39,290

 

 

$

44,465

 

 

$

49,747

 

 

$

47,270

 

Bareboat charter

 

 

723

 

 

 

724

 

 

 

834

 

 

 

1,765

 

 

 

1,389

 

Other marine services

 

 

1,348

 

 

 

1,729

 

 

 

3,771

 

 

 

3,188

 

 

 

4,153

 

 

 

 

41,878

 

 

 

41,743

 

 

 

49,070

 

 

 

54,700

 

 

 

52,812

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

13,378

 

 

 

13,706

 

 

 

15,096

 

 

 

15,879

 

 

 

17,914

 

Repairs and maintenance

 

 

4,311

 

 

 

4,804

 

 

 

3,983

 

 

 

5,495

 

 

 

7,607

 

Drydocking

 

 

566

 

 

 

1,365

 

 

 

766

 

 

 

515

 

 

 

1,997

 

Insurance and loss reserves

 

 

1,589

 

 

 

939

 

 

 

1,663

 

 

 

1,198

 

 

 

1,763

 

Fuel, lubes and supplies

 

 

2,295

 

 

 

2,067

 

 

 

2,409

 

 

 

2,910

 

 

 

3,202

 

Other

 

 

1,774

 

 

 

1,739

 

 

 

2,061

 

 

 

1,214

 

 

 

2,887

 

 

 

 

23,913

 

 

 

24,620

 

 

 

25,978

 

 

 

27,211

 

 

 

35,370

 

Direct Vessel Profit (1)

 

 

17,965

 

 

 

17,123

 

 

 

23,092

 

 

 

27,489

 

 

 

17,442

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,355

 

 

 

3,407

 

 

 

3,570

 

 

 

4,153

 

 

 

4,298

 

Administrative and general

 

 

14,560

 

 

 

10,765

 

 

 

11,928

 

 

 

11,462

 

 

 

10,524

 

Depreciation and amortization

 

 

15,313

 

 

 

15,001

 

 

 

15,412

 

 

 

16,091

 

 

 

16,412

 

 

 

 

31,228

 

 

 

29,173

 

 

 

30,910

 

 

 

31,706

 

 

 

31,234

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(3,453

)

 

 

(12,572

)

 

 

(2,679

)

 

 

862

 

 

 

(3,848

)

Operating Loss

 

 

(16,716

)

 

 

(24,622

)

 

 

(10,497

)

 

 

(3,355

)

 

 

(17,640

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

529

 

 

 

676

 

 

 

559

 

 

 

317

 

 

 

215

 

Interest expense

 

 

(6,995

)

 

 

(7,638

)

 

 

(7,397

)

 

 

(7,362

)

 

 

(7,633

)

SEACOR Holdings guarantee fees

 

 

(9

)

 

 

(16

)

 

 

(21

)

 

 

(26

)

 

 

(32

)

Derivative losses (gains), net

 

 

85

 

 

 

5,114

 

 

 

(663

)

 

 

3,057

 

 

 

(1,398

)

Foreign currency gains, net

 

 

(171

)

 

 

65

 

 

 

(1,037

)

 

 

(370

)

 

 

(924

)

Other, net

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

(6,561

)

 

 

(1,799

)

 

 

(8,560

)

 

 

(4,384

)

 

 

(9,772

)

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

 

 

(23,277

)

 

 

(26,421

)

 

 

(19,057

)

 

 

(7,739

)

 

 

(27,412

)

Income Tax (Benefit) Expense

 

 

(15,081

)

 

 

(6,668

)

 

 

(2,306

)

 

 

1,277

 

 

 

(3,052

)

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

 

 

(8,196

)

 

 

(19,753

)

 

 

(16,751

)

 

 

(9,016

)

 

 

(24,360

)

Equity in Losses of 50% or Less Owned Companies

 

 

2,130

 

 

 

(239

)

 

 

(2,425

)

 

 

(1,325

)

 

 

(7,078

)

Loss from Continuing Operations

 

 

(6,066

)

 

 

(19,992

)

 

 

(19,176

)

 

 

(10,341

)

 

 

(31,438

)

(Loss) Income from Discontinued Operations, Net of Tax

 

 

 

 

 

 

 

 

(2,742

)

 

 

(7,899

)

 

 

1,174

 

Net Loss

 

 

(6,066

)

 

 

(19,992

)

 

 

(21,918

)

 

 

(18,240

)

 

 

(30,264

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

 

7

 

 

 

(4,047

)

 

 

(1,463

)

 

 

204

 

 

 

(1,875

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(6,073

)

 

$

(15,945

)

 

$

(20,455

)

 

$

(18,444

)

 

$

(28,389

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.74

)

 

$

(0.49

)

 

$

(1.31

)

Discontinued operations

 

 

 

 

 

 

 

 

(0.12

)

 

 

(0.29

)

 

 

0.10

 

 

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.86

)

 

$

(0.78

)

 

$

(1.21

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

24,851

 

 

 

23,989

 

 

 

23,832

 

 

 

23,741

 

 

 

23,382

 

Common Shares and Warrants Outstanding at Period End

 

 

24,899

 

 

 

24,854

 

 

 

23,708

 

 

 

23,653

 

 

 

23,592

 

 

4

 


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

 

Jun. 30, 2019

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,574

 

 

$

20,988

 

 

$

19,285

 

 

$

17,851

 

 

$

14,058

 

Fleet utilization

 

 

5

%

 

 

11

%

 

 

20

%

 

 

26

%

 

 

34

%

Fleet available days

 

 

1,842

 

 

 

1,864

 

 

 

1,956

 

 

 

2,340

 

 

 

2,669

 

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

 

32

 

 

116

 

 

6

 

 

159

 

 

325

 

Out-of-service days for cold-stacked status

 

 

1,465

 

 

 

1,301

 

 

 

1,301

 

 

 

1,131

 

 

 

1,322

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

1,478

 

 

$

4,375

 

 

$

7,408

 

 

$

10,914

 

 

$

12,628

 

Bareboat charter

 

 

723

 

 

 

724

 

 

 

732

 

 

 

597

 

 

 

233

 

Other marine services

 

 

513

 

 

 

642

 

 

 

516

 

 

 

838

 

 

 

1,320

 

 

 

 

2,714

 

 

 

5,741

 

 

 

8,656

 

 

 

12,349

 

 

 

14,181

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,284

 

 

 

2,928

 

 

 

3,432

 

 

 

4,353

 

 

 

5,203

 

Repairs and maintenance

 

 

314

 

 

 

617

 

 

 

782

 

 

 

1,508

 

 

 

2,515

 

Drydocking

 

 

110

 

 

 

1,057

 

 

 

252

 

 

 

547

 

 

 

1,801

 

Insurance and loss reserves

 

 

354

 

 

 

135

 

 

 

566

 

 

 

371

 

 

 

841

 

Fuel, lubes and supplies

 

 

189

 

 

 

524

 

 

 

407

 

 

 

739

 

 

 

1,107

 

Other

 

 

93

 

 

 

79

 

 

 

102

 

 

 

88

 

 

 

113

 

 

 

 

3,344

 

 

 

5,340

 

 

 

5,541

 

 

 

7,606

 

 

 

11,580

 

Direct Vessel Profit (Loss) (1)

 

$

(630

)

 

$

401

 

 

$

3,115

 

 

$

4,743

 

 

$

2,601

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

741

 

 

$

2,138

 

 

$

2,283

 

 

$

2,758

 

 

$

2,942

 

Depreciation and amortization

 

 

5,254

 

 

 

5,358

 

 

 

5,474

 

 

 

5,634

 

 

 

5,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa, primarily West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,001

 

 

$

9,249

 

 

$

9,435

 

 

$

9,316

 

 

$

9,365

 

Fleet utilization

 

 

85

%

 

 

89

%

 

 

88

%

 

 

91

%

 

 

81

%

Fleet available days

 

 

1,304

 

 

 

1,346

 

 

 

1,349

 

 

 

1,380

 

 

 

1,365

 

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

 

 

90

 

 

 

56

 

 

 

68

 

 

 

 

 

54

 

Operating Revenues: