UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Exact Name of Registrant as Specified in Its Charter) |
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(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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(Address of Principal Executive Offices) |
(Zip Code) |
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Registrant's telephone number, including area code |
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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):
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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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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
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Exhibit No. |
Description |
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99.1 |
Press Release of SEACOR Marine Holdings Inc. dated August 6, 2020 |
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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.
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SEACOR Marine Holdings Inc. |
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August 6, 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 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:
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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. |
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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. |
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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. |
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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. |
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.
___________________
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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 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
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data)
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Three Months Ended June 30, |
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Six months ended June 30, |
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2020 |
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2019 |
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2020 |
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2019 |
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Operating Revenues |
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$ |
41,878 |
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$ |
52,812 |
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$ |
83,621 |
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$ |
97,722 |
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Costs and Expenses: |
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Operating |
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23,913 |
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35,370 |
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48,533 |
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70,536 |
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Administrative and general |
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14,560 |
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10,524 |
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25,325 |
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21,336 |
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Lease expense |
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1,355 |
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4,298 |
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4,762 |
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8,435 |
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Depreciation and amortization |
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15,313 |
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16,412 |
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30,314 |
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32,509 |
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55,141 |
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66,604 |
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108,934 |
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132,816 |
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(Loss) Gain on Asset Dispositions and Impairments, Net |
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(3,453 |
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(3,848 |
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(16,025 |
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(3,580 |
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Operating Loss |
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(16,716 |
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(17,640 |
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(41,338 |
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(38,674 |
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Other Income (Expense): |
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Interest income |
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529 |
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215 |
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1,205 |
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569 |
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Interest expense |
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(6,995 |
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(7,633 |
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(14,633 |
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(15,297 |
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SEACOR Holdings guarantee fees |
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(9 |
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(32 |
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(25 |
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(61 |
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Derivative gains (losses), net |
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85 |
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(1,398 |
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5,199 |
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(2,323 |
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Foreign currency gains, net |
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(171 |
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(924 |
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(106 |
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(254 |
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(6,561 |
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(9,772 |
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(8,360 |
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(17,366 |
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Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies |
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(23,277 |
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(27,412 |
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(49,698 |
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(56,040 |
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Income Tax Benefit |
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(15,081 |
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(3,052 |
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(21,749 |
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(6,883 |
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Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies |
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(8,196 |
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(24,360 |
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(27,949 |
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(49,157 |
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Equity in Losses of 50% or Less Owned Companies |
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2,130 |
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(7,078 |
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1,891 |
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(10,554 |
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Loss from Continuing Operations |
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(6,066 |
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(31,438 |
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(26,058 |
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(59,711 |
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(Loss) Income on Discontinued Operations, Net of Tax |
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— |
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1,174.0 |
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— |
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1,174 |
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Net Loss |
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(6,066 |
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(30,264 |
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(26,058 |
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(58,537 |
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Net Loss attributable to Noncontrolling Interests in Subsidiaries |
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7 |
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(1,875 |
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(4,040 |
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(4,599 |
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Net Loss attributable to SEACOR Marine Holdings Inc. |
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$ |
(6,073 |
) |
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$ |
(28,389 |
) |
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$ |
(22,018 |
) |
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$ |
(53,938 |
) |
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Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. |
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Continuing operations |
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$ |
(0.24 |
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$ |
(1.26 |
) |
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$ |
(0.90 |
) |
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$ |
(2.37 |
) |
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Discontinued operations |
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— |
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0.05 |
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— |
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$ |
0.05 |
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$ |
(0.24 |
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$ |
(1.21 |
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$ |
(0.90 |
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$ |
(2.32 |
) |
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Weighted Average Common Shares and Warrants Outstanding: |
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Basic and diluted shares |
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24,851,834 |
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23,382,272 |
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24,420,432 |
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23,237,012 |
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3
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)
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Jun. 30, 2020 |
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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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Time Charter Statistics: |
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Average Rates Per Day Worked (excluding crew transfer) |
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$ |
11,018 |
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$ |
11,157 |
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$ |
11,071 |
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$ |
10,946 |
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$ |
10,387 |
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Average Rates Per Day |
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$ |
6,648 |
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$ |
7,163 |
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$ |
7,260 |
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$ |
6,981 |
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$ |
6,843 |
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Fleet Utilization (excluding crew transfer) |
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|
57 |
% |
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57 |
% |
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|
62 |
% |
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|
64 |
% |
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|
59 |
% |
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Fleet Utilization |
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|
69 |
% |
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|
63 |
% |
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|
68 |
% |
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|
74 |
% |
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|
69 |
% |
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Fleet Available Days (excluding crew transfer) |
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5,167 |
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|
5,210 |
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|
5,542 |
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|
6,048 |
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|
6,491 |
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Fleet Available Days |
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|
8,688 |
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|
8,668 |
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|
9,007 |
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|
9,578 |
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|
9,990 |
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Operating Revenues: |
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|
|
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Time charter |
|
$ |
39,807 |
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$ |
39,290 |
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$ |
44,465 |
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$ |
49,747 |
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$ |
47,270 |
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Bareboat charter |
|
|
723 |
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|
724 |
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|
|
834 |
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|
|
1,765 |
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|
|
1,389 |
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Other marine services |
|
|
1,348 |
|
|
|
1,729 |
|
|
|
3,771 |
|
|
|
3,188 |
|
|
|
4,153 |
|
|
|
|
|
41,878 |
|
|
|
41,743 |
|
|
|
49,070 |
|
|
|
54,700 |
|
|
|
52,812 |
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Costs and Expenses: |
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Operating: |
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|
|
|
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|
|
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Personnel |
|
|
13,378 |
|
|
|
13,706 |
|
|
|
15,096 |
|
|
|
15,879 |
|
|
|
17,914 |
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Repairs and maintenance |
|
|
4,311 |
|
|
|
4,804 |
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|
|
3,983 |
|
|
|
5,495 |
|
|
|
7,607 |
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|
Drydocking |
|
|
566 |
|
|
|
1,365 |
|
|
|
766 |
|
|
|
515 |
|
|
|
1,997 |
|
|
Insurance and loss reserves |
|
|
1,589 |
|
|
|
939 |
|
|
|
1,663 |
|
|
|
1,198 |
|
|
|
1,763 |
|
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Fuel, lubes and supplies |
|
|
2,295 |
|
|
|
2,067 |
|
|
|
2,409 |
|
|
|
2,910 |
|
|
|
3,202 |
|
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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
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
9,944 |
|
|
$ |
11,095 |
|
|
$ |
11,249 |
|
|
$ |
11,738 |
|
|
$ |
10,400 |
|
|
Other marine services |
|
|
(480 |
) |
|
|
167 |
|
|
|
1,216 |
|
|
|
129 |
|
|
|
753 |
|
|
|
|
|
9,464 |
|
|
|
11,262 |
|
|
|
12,465 |
|
|
|
11,867 |
|
|
|
11,153 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,546 |
|
|
|
2,695 |
|
|
|
3,230 |
|
|
|
3,308 |
|
|
|
3,428 |
|
|
Repairs and maintenance |
|
|
1,379 |
|
|
|
1,435 |
|
|
|
1,242 |
|
|
|
1,323 |
|
|
|
952 |
|
|
Drydocking |
|
|
256 |
|
|
|
8 |
|
|
|
253 |
|
|
|
(53 |
) |
|
|
(48 |
) |
|
Insurance and loss reserves |
|
|
188 |
|
|
|
193 |
|
|
|
369 |
|
|
|
230 |
|
|
|
239 |
|
|
Fuel, lubes and supplies |
|
|
727 |
|
|
|
472 |
|
|
|
817 |
|
|
|
961 |
|
|
|
939 |
|
|
Other |
|
|
565 |
|
|
|
571 |
|
|
|
976 |
|
|
|
499 |
|
|
|
773 |
|
|
|
|
|
5,661 |
|
|
|
5,374 |
|
|
|
6,887 |
|
|
|
6,268 |
|
|
|
6,283 |
|
|
Direct Vessel Profit (1) |
|
$ |
3,803 |
|
|
$ |
5,888 |
|
|
$ |
5,578 |
|
|
$ |
5,599 |
|
|
$ |
4,870 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
417 |
|
|
$ |
1,126 |
|
|
$ |
757 |
|
|
$ |
761 |
|
|
$ |
787 |
|
|
Depreciation and amortization |
|
|
2,889 |
|
|
|
2,604 |
|
|
|
2,608 |
|
|
|
2,681 |
|
|
|
2,759 |
|
5
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
10,245 |
|
|
$ |
9,634 |
|
|
$ |
8,843 |
|
|
$ |
8,795 |
|
|
$ |
8,182 |
|
|
Fleet utilization |
|
|
82 |
% |
|
|
73 |
% |
|
|
82 |
% |
|
|
83 |
% |
|
|
79 |
% |
|
Fleet available days |
|
|
1,613 |
|
|
|
1,671 |
|
|
|
1,901 |
|
|
|
2,020 |
|
|
|
2,026 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
113 |
|
|
200 |
|
|
15 |
|
|
129 |
|
|
73 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
61 |
|
|
48 |
|
|
153 |
|
|
184 |
|
|
115 |
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
13,605 |
|
|
$ |
11,767 |
|
|
$ |
13,840 |
|
|
$ |
14,798 |
|
|
$ |
13,175 |
|
|
Other marine services |
|
|
514 |
|
|
|
420 |
|
|
|
678 |
|
|
|
414 |
|
|
|
349 |
|
|
|
|
|
14,119 |
|
|
|
12,187 |
|
|
|
14,518 |
|
|
|
15,212 |
|
|
|
13,524 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,795 |
|
|
|
3,811 |
|
|
|
4,129 |
|
|
|
4,023 |
|
|
|
4,292 |
|
|
Repairs and maintenance |
|
|
1,580 |
|
|
|
1,246 |
|
|
|
973 |
|
|
|
1,387 |
|
|
|
2,629 |
|
|
Drydocking |
|
|
200 |
|
|
|
414 |
|
|
|
146 |
|
|
|
20 |
|
|
|
275 |
|
|
Insurance and loss reserves |
|
|
430 |
|
|
|
339 |
|
|
|
408 |
|
|
|
333 |
|
|
|
381 |
|
|
Fuel, lubes and supplies |
|
|
955 |
|
|
|
665 |
|
|
|
769 |
|
|
|
701 |
|
|
|
725 |
|
|
Other |
|
|
819 |
|
|
|
683 |
|
|
|
635 |
|
|
|
567 |
|
|
|
793 |
|
|
|
|
|
7,779 |
|
|
|
7,158 |
|
|
|
7,060 |
|
|
|
7,031 |
|
|
|
9,095 |
|
|
Direct Vessel Profit (1) |
|
$ |
6,340 |
|
|
$ |
5,029 |
|
|
$ |
7,458 |
|
|
$ |
8,181 |
|
|
$ |
4,429 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
32 |
|
|
$ |
45 |
|
|
$ |
42 |
|
|
$ |
43 |
|
|
$ |
42 |
|
|
Depreciation and amortization |
|
|
3,921 |
|
|
|
3,790 |
|
|
|
3,963 |
|
|
|
3,914 |
|
|
|
4,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
10,752 |
|
|
$ |
9,397 |
|
|
$ |
8,649 |
|
|
$ |
6,867 |
|
|
$ |
8,074 |
|
|
Fleet utilization |
|
|
97 |
% |
|
|
93 |
% |
|
|
69 |
% |
|
|
71 |
% |
|
|
63 |
% |
|
Fleet available days |
|
|
408 |
|
|
|
389 |
|
|
|
429 |
|
|
|
399 |
|
|
|
400 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
— |
|
|
3 |
|
|
35 |
|
|
5 |
|
|
3 |
|
||||
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
65 |
|
|
92 |
|
|
91 |
|
|||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
4,251 |
|
|
$ |
3,396 |
|
|
$ |
2,541 |
|
|
$ |
1,951 |
|
|
$ |
2,046 |
|
|
Bareboat charter |
|
|
— |
|
|
|
- |
|
|
|
102 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
Other marine services |
|
|
168 |
|
|
|
149 |
|
|
|
261 |
|
|
|
221 |
|
|
|
273 |
|
|
|
|
|
4,419 |
|
|
|
3,545 |
|
|
|
2,904 |
|
|
|
3,340 |
|
|
|
3,475 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
1,377 |
|
|
|
1,215 |
|
|
|
1,081 |
|
|
|
846 |
|
|
|
976 |
|
|
Repairs and maintenance |
|
|
255 |
|
|
|
392 |
|
|
|
234 |
|
|
|
298 |
|
|
|
481 |
|
|
Drydocking |
|
|
— |
|
|
|
(114 |
) |
|
|
114 |
|
|
|
— |
|
|
|
(32 |
) |
|
Insurance and loss reserves |
|
|
105 |
|
|
|
69 |
|
|
|
79 |
|
|
|
31 |
|
|
|
66 |
|
|
Fuel, lubes and supplies |
|
|
132 |
|
|
|
135 |
|
|
|
127 |
|
|
|
187 |
|
|
|
314 |
|
|
Other |
|
|
123 |
|
|
|
305 |
|
|
|
188 |
|
|
|
(87 |
) |
|
|
560 |
|
|
|
|
|
1,992 |
|
|
|
2,002 |
|
|
|
1,823 |
|
|
|
1,275 |
|
|
|
2,365 |
|
|
Direct Vessel Profit (1) |
|
$ |
2,427 |
|
|
$ |
1,543 |
|
|
$ |
1,081 |
|
|
$ |
2,065 |
|
|
$ |
1,110 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
9 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Depreciation and amortization |
|
|
950 |
|
|
|
899 |
|
|
|
1,037 |
|
|
|
1,573 |
|
|
|
1,659 |
|
6
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Europe, Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
|
3,436 |
|
|
|
3,471 |
|
|
|
3,505 |
|
|
|
3,146 |
|
|
|
2,972 |
|
|
Fleet utilization |
|
|
87 |
% |
|
|
73 |
% |
|
|
80 |
% |
|
|
96 |
% |
|
|
86 |
% |
|
Fleet available days |
|
|
3,521 |
|
|
|
3,398 |
|
|
|
3,373 |
|
|
|
3,439 |
|
|
|
3,530 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
117 |
|
|
122 |
|
|
107 |
|
|
3 |
|
|
159 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
92 |
|
|
91 |
|
||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
10,529 |
|
|
$ |
8,657 |
|
|
$ |
9,427 |
|
|
$ |
10,346 |
|
|
$ |
9,021 |
|
|
Other marine services |
|
|
633 |
|
|
|
351 |
|
|
|
1,100 |
|
|
|
1,586 |
|
|
|
1,458 |
|
|
|
|
|
11,162 |
|
|
|
9,008 |
|
|
|
10,527 |
|
|
|
11,932 |
|
|
|
10,479 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,376 |
|
|
|
3,057 |
|
|
|
3,224 |
|
|
|
3,349 |
|
|
|
4,015 |
|
|
Repairs and maintenance |
|
|
783 |
|
|
|
1,114 |
|
|
|
752 |
|
|
|
979 |
|
|
|
1,030 |
|
|
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
Insurance and loss reserves |
|
|
512 |
|
|
|
203 |
|
|
|
241 |
|
|
|
233 |
|
|
|
236 |
|
|
Fuel, lubes and supplies |
|
|
292 |
|
|
|
271 |
|
|
|
289 |
|
|
|
322 |
|
|
|
117 |
|
|
Other |
|
|
174 |
|
|
|
101 |
|
|
|
160 |
|
|
|
147 |
|
|
|
648 |
|
|
|
|
|
5,137 |
|
|
|
4,746 |
|
|
|
4,667 |
|
|
|
5,031 |
|
|
|
6,047 |
|
|
Direct Vessel Profit for Continuing Operations (1) |
|
$ |
6,025 |
|
|
$ |
4,262 |
|
|
$ |
5,860 |
|
|
$ |
6,901 |
|
|
$ |
4,432 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
156 |
|
|
$ |
89 |
|
|
$ |
479 |
|
|
$ |
591 |
|
|
$ |
527 |
|
|
Depreciation and amortization |
|
|
2,299 |
|
|
|
2,350 |
|
|
|
2,330 |
|
|
|
2,289 |
|
|
|
2,379 |
|
7
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Anchor handling towing supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,383 |
|
|
$ |
8,012 |
|
|
$ |
8,095 |
|
|
$ |
7,790 |
|
|
$ |
7,597 |
|
|
Fleet utilization |
|
|
43 |
% |
|
|
39 |
% |
|
|
48 |
% |
|
|
53 |
% |
|
|
49 |
% |
|
Fleet available days |
|
|
667 |
|
|
|
709 |
|
|
|
705 |
|
|
|
736 |
|
|
|
910 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
76 |
|
|
74 |
|
|
33 |
|
|
10 |
|
|
31 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
273 |
|
|
273 |
|
|
337 |
|
|
332 |
|
|
437 |
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
2,413 |
|
|
$ |
2,225 |
|
|
$ |
2,714 |
|
|
$ |
3,059 |
|
|
$ |
3,360 |
|
|
Other marine services |
|
|
(137 |
) |
|
|
559 |
|
|
|
1,076 |
|
|
|
365 |
|
|
|
869 |
|
|
|
|
|
2,276 |
|
|
|
2,784 |
|
|
|
3,790 |
|
|
|
3,424 |
|
|
|
4,229 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
853 |
|
|
|
892 |
|
|
|
1,212 |
|
|
|
1,418 |
|
|
|
2,001 |
|
|
Repairs and maintenance |
|
|
679 |
|
|
|
408 |
|
|
|
330 |
|
|
|
524 |
|
|
|
632 |
|
|
Drydocking |
|
|
(19 |
) |
|
|
22 |
|
|
|
- |
|
|
|
8 |
|
|
|
96 |
|
|
Insurance and loss reserves |
|
|
159 |
|
|
|
45 |
|
|
|
208 |
|
|
|
179 |
|
|
|
266 |
|
|
Fuel, lubes and supplies |
|
|
168 |
|
|
|
216 |
|
|
|
145 |
|
|
|
252 |
|
|
|
262 |
|
|
Other |
|
|
341 |
|
|
|
259 |
|
|
|
366 |
|
|
|
404 |
|
|
|
411 |
|
|
|
|
|
2,181 |
|
|
|
1,842 |
|
|
|
2,261 |
|
|
|
2,785 |
|
|
|
3,668 |
|
|
Direct Vessel Profit (Loss) (1) |
|
$ |
95 |
|
|
$ |
942 |
|
|
$ |
1,529 |
|
|
$ |
639 |
|
|
$ |
561 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
518 |
|
|
$ |
1,216 |
|
|
$ |
872 |
|
|
$ |
1,357 |
|
|
$ |
1,527 |
|
|
Depreciation and amortization |
|
|
500 |
|
|
|
561 |
|
|
|
522 |
|
|
|
568 |
|
|
|
575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fast support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,590 |
|
|
$ |
8,472 |
|
|
$ |
8,257 |
|
|
$ |
8,133 |
|
|
$ |
7,624 |
|
|
Fleet utilization |
|
|
72 |
% |
|
|
76 |
% |
|
|
78 |
% |
|
|
78 |
% |
|
|
71 |
% |
|
Fleet available days |
|
|
2,426 |
|
|
|
2,521 |
|
|
|
2,935 |
|
|
|
3,156 |
|
|
|
3,275 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
137 |
|
|
156 |
|
|
82 |
|
|
81 |
|
|
134 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
285 |
|
|
273 |
|
|
341 |
|
|
459 |
|
|
545 |
|
|||||
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
15,078 |
|
|
$ |
16,284 |
|
|
$ |
18,877 |
|
|
$ |
20,079 |
|
|
$ |
17,709 |
|
|
Bareboat charter |
|
|
723 |
|
|
|
724 |
|
|
|
732 |
|
|
|
597 |
|
|
|
233 |
|
|
Other marine services |
|
|
(372 |
) |
|
|
(355 |
) |
|
|
(40 |
) |
|
|
(200 |
) |
|
|
(179 |
) |
|
|
|
|
15,429 |
|
|
|
16,653 |
|
|
|
19,569 |
|
|
|
20,476 |
|
|
|
17,763 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,166 |
|
|
|
4,659 |
|
|
|
5,071 |
|
|
|
5,486 |
|
|
|
5,796 |
|
|
Repairs and maintenance |
|
|
1,922 |
|
|
|
2,278 |
|
|
|
1,873 |
|
|
|
2,204 |
|
|
|
2,682 |
|
|
Drydocking |
|
|
274 |
|
|
|
36 |
|
|
|
357 |
|
|
|
(27 |
) |
|
|
136 |
|
|
Insurance and loss reserves |
|
|
304 |
|
|
|
332 |
|
|
|
541 |
|
|
|
347 |
|
|
|
385 |
|
|
Fuel, lubes and supplies |
|
|
1,180 |
|
|
|
904 |
|
|
|
1,098 |
|
|
|
1,395 |
|
|
|
1,602 |
|
|
Other |
|
|
1,203 |
|
|
|
1,000 |
|
|
|
1,346 |
|
|
|
959 |
|
|
|
1,713 |
|
|
|
|
|
9,049 |
|
|
|
9,209 |
|
|
|
10,286 |
|
|
|
10,364 |
|
|
|
12,314 |
|
|
Direct Vessel Profit (1) |
|
$ |
6,380 |
|
|
$ |
7,444 |
|
|
$ |
9,283 |
|
|
$ |
10,112 |
|
|
$ |
5,449 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
352 |
|
|
$ |
352 |
|
|
$ |
352 |
|
|
$ |
351 |
|
|
$ |
352 |
|
|
Depreciation and amortization |
|
|
5,405 |
|
|
|
5,118 |
|
|
|
5,447 |
|
|
|
5,646 |
|
|
|
5,929 |
|
8
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,477 |
|
|
$ |
7,360 |
|
|
$ |
7,179 |
|
|
$ |
6,755 |
|
|
$ |
6,906 |
|
|
Fleet utilization |
|
|
83 |
% |
|
|
79 |
% |
|
|
87 |
% |
|
|
96 |
% |
|
|
53 |
% |
|
Fleet available days |
|
|
527 |
|
|
|
2,521 |
|
|
|
338 |
|
|
|
398 |
|
|
|
486 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
13 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
118 |
|
|
|
Out-of-service days for cold-stacked status |
|
|
61 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
3,713 |
|
|
$ |
2,520 |
|
|
$ |
2,114 |
|
|
$ |
2,589 |
|
|
$ |
1,787 |
|
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
102 |
|
|
|
1,168 |
|
|
|
1,156 |
|
|
Other marine services |
|
|
(53 |
) |
|
|
(69 |
) |
|
|
582 |
|
|
|
863 |
|
|
|
799 |
|
|
|
|
|
3,660 |
|
|
|
2,451 |
|
|
|
2,798 |
|
|
|
4,620 |
|
|
|
3,742 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
1,591 |
|
|
|
1,206 |
|
|
|
1,369 |
|
|
|
1,266 |
|
|
|
1,617 |
|
|
Repairs and maintenance |
|
|
375 |
|
|
|
348 |
|
|
|
159 |
|
|
|
276 |
|
|
|
1,085 |
|
|
Drydocking |
|
|
197 |
|
|
|
— |
|
|
|
142 |
|
|
|
1 |
|
|
|
82 |
|
|
Insurance and loss reserves |
|
|
106 |
|
|
|
67 |
|
|
|
65 |
|
|
|
66 |
|
|
|
78 |
|
|
Fuel, lubes and supplies |
|
|
219 |
|
|
|
119 |
|
|
|
377 |
|
|
|
205 |
|
|
|
98 |
|
|
Other |
|
|
246 |
|
|
|
397 |
|
|
|
314 |
|
|
|
57 |
|
|
|
842 |
|
|
|
|
|
2,734 |
|
|
|
2,137 |
|
|
|
2,426 |
|
|
|
1,871 |
|
|
|
3,802 |
|
|
Direct Vessel Profit (Loss) (1) |
|
$ |
926 |
|
|
$ |
314 |
|
|
$ |
372 |
|
|
$ |
2,749 |
|
|
$ |
(60 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
381 |
|
|
$ |
517 |
|
|
$ |
433 |
|
|
Depreciation and amortization |
|
|
1,000 |
|
|
|
787 |
|
|
|
823 |
|
|
|
1,167 |
|
|
|
1,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet available days |
|
|
91 |
|
|
|
91 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
91 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
— |
|
|
|
13 |
|
|
|
6 |
|
|
|
13 |
|
|
|
23 |
|
|
Repairs and maintenance |
|
|
46 |
|
|
|
11 |
|
|
|
5 |
|
|
|
1 |
|
|
|
3 |
|
|
Insurance and loss reserves |
|
|
16 |
|
|
|
20 |
|
|
|
9 |
|
|
|
18 |
|
|
|
20 |
|
|
Fuel, lubes and supplies |
|
|
(2 |
) |
|
|
22 |
|
|
|
— |
|
|
|
2 |
|
|
|
(24 |
) |
|
Other |
|
|
67 |
|
|
|
101 |
|
|
|
64 |
|
|
|
75 |
|
|
|
77 |
|
|
|
|
|
127 |
|
|
|
167 |
|
|
|
84 |
|
|
|
109 |
|
|
|
99 |
|
|
Direct Vessel Loss (1) |
|
$ |
(127 |
) |
|
$ |
(167 |
) |
|
$ |
(84 |
) |
|
$ |
(109 |
) |
|
$ |
(99 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
127 |
|
|
$ |
128 |
|
|
$ |
128 |
|
|
$ |
128 |
|
|
$ |
127 |
|
9
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
24,894 |
|
|
$ |
27,513 |
|
|
$ |
27,453 |
|
|
$ |
26,172 |
|
|
$ |
20,993 |
|
|
Fleet utilization |
|
|
30 |
% |
|
|
31 |
% |
|
|
36 |
% |
|
|
39 |
% |
|
|
47 |
% |
|
Fleet available days |
|
|
1,456 |
|
|
|
1,456 |
|
|
|
1,472 |
|
|
|
1,665 |
|
|
|
1,729 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
9 |
|
|
141 |
|
|
6 |
|
|
153 |
|
|
292 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
816 |
|
|
|
664 |
|
|
|
657 |
|
|
|
432 |
|
|
|
455 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
11,001 |
|
|
$ |
12,339 |
|
|
$ |
14,375 |
|
|
$ |
16,830 |
|
|
$ |
16,932 |
|
|
Other marine services |
|
|
306 |
|
|
|
250 |
|
|
|
732 |
|
|
|
795 |
|
|
|
1,481 |
|
|
|
|
|
11,307 |
|
|
|
12,589 |
|
|
|
15,107 |
|
|
|
17,625 |
|
|
|
18,413 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,545 |
|
|
|
4,097 |
|
|
|
4,588 |
|
|
|
4,824 |
|
|
|
5,360 |
|
|
Repairs and maintenance |
|
|
407 |
|
|
|
650 |
|
|
|
776 |
|
|
|
1,656 |
|
|
|
2,189 |
|
|
Drydocking |
|
|
111 |
|
|
|
1,307 |
|
|
|
267 |
|
|
|
532 |
|
|
|
1,683 |
|
|
Insurance and loss reserves |
|
|
893 |
|
|
|
679 |
|
|
|
711 |
|
|
|
484 |
|
|
|
921 |
|
|
Fuel, lubes and supplies |
|
|
343 |
|
|
|
490 |
|
|
|
550 |
|
|
|
899 |
|
|
|
1,076 |
|
|
Other |
|
|
219 |
|
|
|
147 |
|
|
|
338 |
|
|
|
221 |
|
|
|
251 |
|
|
|
|
|
5,518 |
|
|
|
7,370 |
|
|
|
7,230 |
|
|
|
8,616 |
|
|
|
11,480 |
|
|
Direct Vessel Profit (1) |
|
$ |
5,789 |
|
|
$ |
5,219 |
|
|
$ |
7,877 |
|
|
$ |
9,009 |
|
|
$ |
6,933 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
44 |
|
|
$ |
1,497 |
|
|
$ |
1,497 |
|
|
$ |
1,498 |
|
|
$ |
1,497 |
|
|
Depreciation and amortization |
|
|
6,081 |
|
|
|
6,128 |
|
|
|
6,136 |
|
|
|
6,247 |
|
|
|
6,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew transfer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
2,481 |
|
|
$ |
2,375 |
|
|
$ |
2,378 |
|
|
$ |
2,220 |
|
|
$ |
2,431 |
|
|
Fleet utilization |
|
|
87 |
% |
|
|
72 |
% |
|
|
77 |
% |
|
|
92 |
% |
|
|
88 |
% |
|
Fleet available days |
|
|
3,521 |
|
|
|
3,458 |
|
|
|
3,465 |
|
|
|
3,531 |
|
|
|
3,499 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
117 |
|
|
122 |
|
|
111 |
|
|
52 |
|
|
39 |
|
|||||
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
48 |
|
|
|
92 |
|
|
|
184 |
|
|
|
91 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
7,602 |
|
|
$ |
5,922 |
|
|
$ |
6,385 |
|
|
$ |
7,190 |
|
|
$ |
7,482 |
|
|
Other marine services |
|
|
548 |
|
|
|
315 |
|
|
|
389 |
|
|
|
577 |
|
|
|
499 |
|
|
|
|
|
8,150 |
|
|
|
6,237 |
|
|
|
6,774 |
|
|
|
7,767 |
|
|
|
7,981 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
2,721 |
|
|
|
2,592 |
|
|
|
2,435 |
|
|
|
2,432 |
|
|
|
2,665 |
|
|
Repairs and maintenance |
|
|
754 |
|
|
|
1,056 |
|
|
|
693 |
|
|
|
775 |
|
|
|
933 |
|
|
Drydocking |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Insurance and loss reserves |
|
|
100 |
|
|
|
99 |
|
|
|
124 |
|
|
|
113 |
|
|
|
93 |
|
|
Fuel, lubes and supplies |
|
|
230 |
|
|
|
230 |
|
|
|
220 |
|
|
|
152 |
|
|
|
167 |
|
|
Other |
|
|
115 |
|
|
|
86 |
|
|
|
75 |
|
|
|
96 |
|
|
|
113 |
|
|
|
|
|
3,923 |
|
|
|
4,063 |
|
|
|
3,547 |
|
|
|
3,568 |
|
|
|
3,971 |
|
|
Direct Vessel Profit (1) |
|
$ |
4,227 |
|
|
$ |
2,174 |
|
|
$ |
3,227 |
|
|
$ |
4,199 |
|
|
$ |
4,010 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
67 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Depreciation and amortization |
|
|
1,637 |
|
|
|
1,717 |
|
|
|
1,837 |
|
|
|
1,819 |
|
|
|
1,920 |
|
10
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Other Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
1,056 |
|
|
$ |
1,029 |
|
|
$ |
1,032 |
|
|
$ |
788 |
|
|
$ |
684 |
|
|
|
|
|
1,056 |
|
|
|
1,029 |
|
|
|
1,032 |
|
|
|
788 |
|
|
|
684 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
502 |
|
|
|
247 |
|
|
|
415 |
|
|
|
440 |
|
|
|
452 |
|
|
Repairs and maintenance |
|
|
128 |
|
|
|
53 |
|
|
|
147 |
|
|
|
59 |
|
|
|
83 |
|
|
Insurance and loss reserves |
|
|
11 |
|
|
|
(303 |
) |
|
|
5 |
|
|
|
(9 |
) |
|
|
— |
|
|
Fuel, lubes and supplies |
|
|
157 |
|
|
|
86 |
|
|
|
19 |
|
|
|
5 |
|
|
|
21 |
|
|
Other |
|
|
(417 |
) |
|
|
(251 |
) |
|
|
(442 |
) |
|
|
(598 |
) |
|
|
(520 |
) |
|
|
|
|
381 |
|
|
|
(168 |
) |
|
|
144 |
|
|
|
(102 |
) |
|
|
36 |
|
|
Direct Vessel Profit (1) |
|
$ |
675 |
|
|
$ |
1,197 |
|
|
$ |
888 |
|
|
$ |
890 |
|
|
$ |
648 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
374 |
|
|
$ |
342 |
|
|
$ |
468 |
|
|
$ |
430 |
|
|
$ |
489 |
|
|
Depreciation and amortization |
|
|
563 |
|
|
|
562 |
|
|
|
519 |
|
|
|
516 |
|
|
|
583 |
|
11
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands)
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
Cash Flows from Continuing Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DVP (1) |
|
|
17,965 |
|
|
|
17,123 |
|
|
|
23,092 |
|
|
|
27,489 |
|
|
|
17,442 |
|
|
Operating, leased-in equipment (excluding amortization of deferred gains) |
|
|
(3,814 |
) |
|
|
(3,838 |
) |
|
|
(4,648 |
) |
|
|
(4,963 |
) |
|
|
(4,886 |
) |
|
Administrative and general (excluding provisions for bad debts and amortization of share awards) |
|
|
(13,352 |
) |
|
|
(9,776 |
) |
|
|
(10,773 |
) |
|
|
(9,160 |
) |
|
|
(9,696 |
) |
|
SEACOR Holdings management and guarantee fees |
|
|
(9 |
) |
|
|
(16 |
) |
|
|
(21 |
) |
|
|
(26 |
) |
|
|
(32 |
) |
|
Dividends received from 50% or less owned companies |
|
|
— |
|
|
|
— |
|
|
|
800 |
|
|
|
873 |
|
|
|
— |
|
|
Other, net (excluding non-cash losses) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
790 |
|
|
|
3,493 |
|
|
|
8,448 |
|
|
|
14,213 |
|
|
|
2,828 |
|
|
Changes in operating assets and liabilities before interest and income taxes |
|
|
(9,293 |
) |
|
|
(7,144 |
) |
|
|
7,758 |
|
|
|
(7,236 |
) |
|
|
4,921 |
|
|
Director share awards |
|
|
755 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
894 |
|
|
Restricted stock vested |
|
|
(3 |
) |
|
|
(175 |
) |
|
|
(55 |
) |
|
|
(240 |
) |
|
|
— |
|
|
Cash settlements on derivative transactions, net |
|
|
(279 |
) |
|
|
(214 |
) |
|
|
(190 |
) |
|
|
(546 |
) |
|
|
275 |
|
|
Interest paid, excluding capitalized interest (1) |
|
|
(4,529 |
) |
|
|
(4,744 |
) |
|
|
(6,255 |
) |
|
|
(5,633 |
) |
|
|
(5,971 |
) |
|
Interest received |
|
|
529 |
|
|
|
676 |
|
|
|
560 |
|
|
|
316 |
|
|
|
215 |
|
|
Income taxes refunded, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net cash (used in) provided operating activities |
|
|
(12,030 |
) |
|
|
(8,108 |
) |
|
|
10,266 |
|
|
|
874 |
|
|
|
3,162 |
|
|
Cash Flows from Continuing Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(8,530 |
) |
|
|
(11,244 |
) |
|
|
(5,890 |
) |
|
|
(9,547 |
) |
|
|
(19,386 |
) |
|
Proceeds from disposition of property and equipment |
|
|
14,030 |
|
|
|
3,105 |
|
|
|
36,418 |
|
|
|
10,119 |
|
|
|
9,268 |
|
|
Proceeds from the sale of ERRV fleet |
|
|
— |
|
|
|
— |
|
|
|
27,390 |
|
|
|
— |
|
|
|
— |
|
|
Cash Impact of sale of ERRV fleet |
|
|
— |
|
|
|
— |
|
|
|
(5,140 |
) |
|
|
— |
|
|
|
— |
|
|
Construction reserve funds transferred to short-term cash |
|
|
3,745 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Purchase of subsidiary from joint venture |
|
|
(8,445 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Construction reserve funds used |
|
|
— |
|
|
|
9,148 |
|
|
|
5,268 |
|
|
|
1,951 |
|
|
|
7,997 |
|
|
Net investing activities in property and equipment |
|
|
800 |
|
|
|
1,009 |
|
|
|
58,046 |
|
|
|
2,523 |
|
|
|
(2,121 |
) |
|
Investments in and advances to 50% or less owned companies |
|
|
(56 |
) |
|
|
(245 |
) |
|
|
(6,062 |
) |
|
|
(8,686 |
) |
|
|
(718 |
) |
|
Capital distributions from equity investees |
|
|
— |
|
|
|
— |
|
|
|
48 |
|
|
|
413 |
|
|
|
— |
|
|
Principal payments on notes due from equity investees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
— |
|
|
Net cash provided by (used in) investing activities |
|
|
744 |
|
|
|
764 |
|
|
|
52,032 |
|
|
|
(5,728 |
) |
|
|
(2,839 |
) |
|
Cash Flows from Continuing Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
|
|
(3,502 |
) |
|
|
(5,222 |
) |
|
|
(3,899 |
) |
|
|
(11,976 |
) |
|
|
(3,738 |
) |
|
Purchase of subsidiary shares from noncontrolling interests |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Proceeds from exercise of stock options and Warrants |
|
|
— |
|
|
|
— |
|
|
|
340 |
|
|
|
973 |
|
|
|
3 |
|
|
Net cash (used in) provided by financing activities |
|
|
(3,502 |
) |
|
|
(5,222 |
) |
|
|
(3,559 |
) |
|
|
(11,003 |
) |
|
|
(3,735 |
) |
|
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
265 |
|
|
|
(1,908 |
) |
|
|
(19,238 |
) |
|
|
(472 |
) |
|
|
1,195 |
|
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
(14,523 |
) |
|
|
(14,474 |
) |
|
|
39,501 |
|
|
|
(16,329 |
) |
|
|
(2,217 |
) |
|
Cash Flows from Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
— |
|
|
|
— |
|
|
|
4,297 |
|
|
|
(446 |
) |
|
|
(747 |
) |
|
Investing Activities |
|
|
— |
|
|
|
— |
|
|
|
(4,462 |
) |
|
|
(116 |
) |
|
|
(615 |
) |
|
Effects of FX Rate Changes on Cash and Cash Equivalents |
|
|
— |
|
|
|
— |
|
|
|
3,322 |
|
|
|
268 |
|
|
|
(1,504 |
) |
|
Net Decrease in Cash and Cash Equivalents from Discontinued Operations: |
|
|
— |
|
|
|
— |
|
|
|
3,157 |
|
|
|
(294 |
) |
|
|
(2,866 |
) |
|
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
(14,523 |
) |
|
|
(14,474 |
) |
|
|
42,658 |
|
|
|
(16,623 |
) |
|
|
(5,083 |
) |
|
Cash, Restricted Cash and Cash Equivalents, Beginning of Period |
|
|
72,573 |
|
|
|
87,047 |
|
|
|
44,389 |
|
|
|
61,012 |
|
|
|
66,095 |
|
|
Cash, Restricted Cash and Cash Equivalents, End of Period |
|
$ |
58,050 |
|
|
$ |
72,573 |
|
|
$ |
87,047 |
|
|
$ |
44,389 |
|
|
$ |
61,012 |
|
12
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
|
Jun. 30, 2020 |
|
|
Mar. 31, 2020 |
|
|
Dec. 31, 2019 |
|
|
Sep. 30, 2019 |
|
|
Jun. 30, 2019 |
|
|||||
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
54,698 |
|
|
$ |
69,220 |
|
|
$ |
83,943 |
|
|
$ |
38,155 |
|
|
$ |
55,763 |
|
|
Restricted cash |
|
|
3,352 |
|
|
|
3,353 |
|
|
|
3,104 |
|
|
|
4,016 |
|
|
|
2,240 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts |
|
|
57,892 |
|
|
|
48,192 |
|
|
|
49,128 |
|
|
|
58,954 |
|
|
|
60,711 |
|
|
Other |
|
|
14,362 |
|
|
|
27,872 |
|
|
|
18,531 |
|
|
|
6,835 |
|
|
|
9,682 |
|
|
Receivables from SEACOR Holdings |
|
|
14,394 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Inventories |
|
|
1,409 |
|
|
|
1,575 |
|
|
|
1,228 |
|
|
|
1,408 |
|
|
|
1,660 |
|
|
Prepaid expenses and other |
|
|
3,218 |
|
|
|
2,653 |
|
|
|
2,612 |
|
|
|
3,146 |
|
|
|
3,710 |
|
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,127 |
|
|
|
13,891 |
|
|
Total current assets |
|
|
149,325 |
|
|
|
152,865 |
|
|
|
158,546 |
|
|
|
125,641 |
|
|
|
147,657 |
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
1,066,239 |
|
|
|
930,264 |
|
|
|
976,978 |
|
|
|
1,063,290 |
|
|
|
1,099,221 |
|
|
Accumulated depreciation |
|
|
(322,378 |
) |
|
|
(312,911 |
) |
|
|
(358,962 |
) |
|
|
(400,628 |
) |
|
|
(425,881 |
) |
|
|
|
|
743,861 |
|
|
|
617,353 |
|
|
|
618,016 |
|
|
|
662,662 |
|
|
|
673,340 |
|
|
Construction in progress |
|
|
55,955 |
|
|
|
55,302 |
|
|
|
74,344 |
|
|
|
70,275 |
|
|
|
67,063 |
|
|
Net property and equipment |
|
|
799,816 |
|
|
|
672,655 |
|
|
|
692,360 |
|
|
|
732,937 |
|
|
|
740,403 |
|
|
Right-of-Use Asset - Operating Leases |
|
|
8,818 |
|
|
|
8,990 |
|
|
|
17,313 |
|
|
|
18,774 |
|
|
|
27,390 |
|
|
Investments, at Equity, and Advances to 50% or Less Owned Companies |
|
|
90,900 |
|
|
|
125,010 |
|
|
|
124,680 |
|
|
|
118,222 |
|
|
|
112,418 |
|
|
Construction Reserve Funds |
|
|
— |
|
|
|
3,745 |
|
|
|
12,893 |
|
|
|
18,161 |
|
|
|
20,112 |
|
|
Other Assets |
|
|
3,243 |
|
|
|
3,270 |
|
|
|
3,401 |
|
|
|
3,422 |
|
|
|
3,627 |
|
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23,349 |
|
|
|
25,092 |
|
|
|
|
$ |
1,052,102 |
|
|
$ |
966,535 |
|
|
$ |
1,009,193 |
|
|
$ |
1,040,506 |
|
|
$ |
1,076,699 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
11,765 |
|
|
$ |
13,359 |
|
|
$ |
15,099 |
|
|
$ |
15,182 |
|
|
$ |
16,552 |
|
|
Current portion of long-term debt |
|
|
51,793 |
|
|
|
37,084 |
|
|
|
17,802 |
|
|
|
23,446 |
|
|
|
20,651 |
|
|
Accounts payable and accrued expenses |
|
|
22,382 |
|
|
|
32,023 |
|
|
|
25,691 |
|
|
|
26,507 |
|
|
|
31,504 |
|
|
Due to SEACOR Holdings |
|
|
— |
|
|
|
66 |
|
|
|
74 |
|
|
|
77 |
|
|
|
74 |
|
|
Other current liabilities |
|
|
30,162 |
|
|
|
29,949 |
|
|
|
36,151 |
|
|
|
42,372 |
|
|
|
47,185 |
|
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,813 |
|
|
|
3,813 |
|
|
Total current liabilities |
|
|
116,102 |
|
|
|
112,481 |
|
|
|
94,817 |
|
|
|
111,397 |
|
|
|
119,779 |
|
|
Long-Term Operating Lease Liabilities |
|
|
6,545 |
|
|
|
7,859 |
|
|
|
9,822 |
|
|
|
12,878 |
|
|
|
16,775 |
|
|
Long-Term Debt |
|
|
447,663 |
|
|
|
356,729 |
|
|
|
380,251 |
|
|
|
375,772 |
|
|
|
379,075 |
|
|
Conversion Option Liability on Convertible Senior Notes |
|
|
6 |
|
|
|
91 |
|
|
|
5,205 |
|
|
|
4,543 |
|
|
|
7,599 |
|
|
Deferred Income Taxes |
|
|
24,101 |
|
|
|
26,113 |
|
|
|
33,905 |
|
|
|
36,921 |
|
|
|
37,066 |
|
|
Deferred Gains and Other Liabilities |
|
|
6,321 |
|
|
|
7,951 |
|
|
|
6,269 |
|
|
|
4,848 |
|
|
|
5,165 |
|
|
Total liabilities |
|
|
600,738 |
|
|
|
511,224 |
|
|
|
530,269 |
|
|
|
546,359 |
|
|
|
565,459 |
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
232 |
|
|
|
231 |
|
|
|
219 |
|
|
|
219 |
|
|
|
218 |
|
|
Additional paid-in capital |
|
|
449,116 |
|
|
|
447,425 |
|
|
|
429,318 |
|
|
|
427,823 |
|
|
|
424,549 |
|
|
Retained earnings |
|
|
5,058 |
|
|
|
11,131 |
|
|
|
27,076 |
|
|
|
64,929 |
|
|
|
83,312 |
|
|
Shares held in treasury |
|
|
(847 |
) |
|
|
(844 |
) |
|
|
(669 |
) |
|
|
(614 |
) |
|
|
(374 |
) |
|
Accumulated other comprehensive loss, net of tax |
|
|
(2,541 |
) |
|
|
(2,971 |
) |
|
|
1,548 |
|
|
|
(21,105 |
) |
|
|
(19,156 |
) |
|
|
|
|
451,018 |
|
|
|
454,972 |
|
|
|
457,492 |
|
|
|
471,252 |
|
|
|
488,549 |
|
|
Noncontrolling interests in subsidiaries |
|
|
346 |
|
|
|
339 |
|
|
|
21,432 |
|
|
|
22,895 |
|
|
|
22,691 |
|
|
Total equity |
|
|
451,364 |
|
|
|
455,311 |
|
|
|
478,924 |
|
|
|
494,147 |
|
|
|
511,240 |
|
|
|
|
$ |
1,052,102 |
|
|
$ |
966,535 |
|
|
$ |
1,009,193 |
|
|
$ |
1,040,506 |
|
|
$ |
1,076,699 |
|
13
UNAUDITED FLEET COUNTS
|
|
|
Owned |
|
|
Joint Ventured |
|
|
Leased-in |
|
|
Managed |
|
|
Total |
|
|||||
|
June 30, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
4 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
7 |
|
|
FSV |
|
|
26 |
|
|
|
5 |
|
|
|
1 |
|
|
|
1 |
|
|
|
33 |
|
|
Supply |
|
|
13 |
|
|
|
27 |
|
|
|
— |
|
|
|
2 |
|
|
|
42 |
|
|
Specialty |
|
|
1 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
|
Liftboats |
|
|
14 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
16 |
|
|
Crew transfer |
|
|
39 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
44 |
|
|
|
|
|
97 |
|
|
|
40 |
|
|
|
6 |
|
|
|
3 |
|
|
|
146 |
|
|
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 |
|
14