smhi-8k_20201105.htm
false 0001690334 0001690334 2020-11-05 2020-11-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): November 5, 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 November 5, 2020, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three and nine months ended September 30, 2020 (the "Earnings Release").

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 8.01 Other Events

SEACOR Marine announced today that, as permitted by SEACOR Marine’s corporate governance guidelines, the board of directors of SEACOR Marine (the "Board") has established the role of Lead Independent Director of the Board and appointed Andrew R. Morse to the position. Charles Fabrikant will continue to serve as chairman of the Board.

As Lead Independent Director, Mr. Morse will preside at meetings of the Board in the absence of the chairman of the Board; convene and preside at executive sessions of the independent directors of SEACOR Marine; liaise between the chairman, the chief executive officer and the independent directors of SEACOR Marine; and preside over the Board’s self-evaluation together with the chairman of the Nominating and Corporate Governance Committee.

Mr. Morse has served as an independent director of the Board since his appointment in May 2017. Mr. Morse has been a Managing Director and Senior Portfolio Manager of Morse, Towey and White, a wealth management unit of High Tower Advisors Inc., a Chicago based firm of investment advisors, since July 2010. Mr. Morse has also been a member of the Board of Managers of KGP Realty, a private residential property management company since December 2015. Mr. Morse sits on numerous philanthropic boards and is Treasurer of the American Committee of the Weizmann Institute of Science. Mr. Morse’s deep experience in wealth management and corporate finance provides a valuable resource to the Board, the Audit Committee, the Compensation Committee and the Nominating and Corporate Governance Committee.

Item 9.01   Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.

Description

 

 

99.1

Press Release of SEACOR Marine Holdings Inc. dated November 5, 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.

 

 

 

November 5, 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 THIRD QUARTER 2020 RESULTS 

 

 

Houston, Texas

November 5, 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 third quarter ended September 30, 2020.

 

Notable third quarter items include:

 

 

Average dayrates, excluding those for the wind crew transfer vessel fleet, were $11,323 in the third quarter of 2020 compared to $10,946 in the third quarter of 2019. The year-over-year improvement in average dayrates reflect an improved fleet mix and the full quarter contribution from the acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (“SEACOSCO”).  This acquisition added 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.  

 

 

Multiple hurricanes in the U.S. Gulf of Mexico, the COVID-19 pandemic and volatility in oil prices impacted revenues for the third quarter of 2020. SEACOR Marine expects this volatility to continue for at least the remainder of this year. SEACOR Marine 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 third quarter were $10.2 million, including a one-time restructuring charge of $0.25 million as a result of SEACOR Marine’s cost reduction initiative. During the third quarter of 2020, SEACOR Marine completed its Transformation Plan which resulted in the achievement of the previously announced target of $8.0 million in annual savings. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to changing conditions.

 

SEACOR Marine’s consolidated operating revenues for the third quarter of 2020 were $45.7 million, operating loss was $11.4 million, and direct vessel profit (“DVP”)(1) was $16.6 million. This compares to consolidated operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million in the third quarter of 2019. The reduction in DVP in the third quarter of 2020 was primarily driven by lower revenues in the United States.

 

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

 

“SEACOR Marine continued to execute its strategy of prudent cost control and improving its fleet and geographic mix during a quarter marked by the ongoing challenges of COVID-19 and a very active hurricane season in the U.S. Gulf of Mexico. Our U.S. operations experienced their lowest utilization levels on record, mainly driven by the effects of the most active hurricane season since 2005, with five storms having disrupted operations in the region so far this year. Internationally, our West Africa and Middle East operations experienced weakened demand driven by the effects of low commodity prices and disruptions from the COVID-19 pandemic, as well as higher drydocking and repair time. However, we are encouraged that our operations in Latin America reflect the positive contribution of several vessels recently acquired as part of our SEACOSCO transaction, and that our offshore wind operations in Europe continued to meet our expectations, even in a difficult COVID-19 environment.

 

“I want to emphasize the importance of the two transactions that we executed at the end of last quarter, which will enhance our results and strengthen our liquidity. The acquisition of our partner’s interest in SEACOSCO is already accretive to our results this quarter, and the ability to carry back net operating losses pursuant to the CARES Act will add over $30 million of liquidity once received. We are well positioned to navigate this very challenging environment and create value for our stakeholders over the long term.

1

 


 

 

“COVID-19 continues to create significant challenges to our logistics, especially our crew rotations. SEACOR Marine is devoting significant resources to ensure the safety of our crews and the service of our fleet. Although the situation is greatly improved from the first half of the year, much progress needs to be made before we can return to the pre-COVID environment. We need a consistent approach across the offshore industry and better coordination with government authorities in order to facilitate the safe transit of our employees.  I again want to thank our crews and shore-based employees for their continued dedication to maintaining safe and reliable operations in a difficult environment.”

 

For the third quarter of 2020, net loss attributable to SEACOR Marine was $18.1 million ($0.72 loss per basic and diluted share) and operating loss was $11.4 million.  Net loss attributable to SEACOR Marine’s continuing operations for the third quarter of 2019 was $10.3 million ($0.34 loss per basic and diluted share) and operating loss was $3.4 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 September 30,

 

 

Nine months ended September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenues

 

$

45,697

 

 

$

54,700

 

 

$

129,318

 

 

$

152,422

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

29,128

 

 

 

27,211

 

 

 

77,661

 

 

 

97,747

 

Administrative and general

 

 

10,155

 

 

 

11,462

 

 

 

35,480

 

 

 

32,798

 

Lease expense

 

 

1,390

 

 

 

4,153

 

 

 

6,152

 

 

 

12,589

 

Depreciation and amortization

 

 

16,613

 

 

 

16,091

 

 

 

46,927

 

 

 

48,600

 

 

 

 

57,286

 

 

 

58,917

 

 

 

166,220

 

 

 

191,734

 

(Loss) Gain on Asset Dispositions and Impairments, Net

 

 

233

 

 

 

861

 

 

 

(15,792

)

 

 

(2,719

)

Operating Loss

 

 

(11,356

)

 

 

(3,356

)

 

 

(52,694

)

 

 

(42,031

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

50

 

 

 

317

 

 

 

1,255

 

 

 

886

 

Interest expense

 

 

(8,598

)

 

 

(7,362

)

 

 

(23,231

)

 

 

(22,659

)

SEACOR Holdings guarantee fees

 

 

(11

)

 

 

(26

)

 

 

(36

)

 

 

(87

)

Derivative gains (losses), net

 

 

5

 

 

 

3,057

 

 

 

5,204

 

 

 

734

 

Foreign currency gains, net

 

 

(853

)

 

 

(370

)

 

 

(959

)

 

 

(624

)

 

 

 

(9,407

)

 

 

(4,384

)

 

 

(17,767

)

 

 

(21,750

)

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

 

 

(20,763

)

 

 

(7,740

)

 

 

(70,461

)

 

 

(63,781

)

Income Tax Benefit

 

 

(3,119

)

 

 

1,277

 

 

 

(24,868

)

 

 

(5,606

)

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

 

 

(17,644

)

 

 

(9,017

)

 

 

(45,593

)

 

 

(58,175

)

Equity in Losses of 50% or Less Owned Companies

 

 

(433

)

 

 

(1,325

)

 

 

1,458

 

 

 

(11,879

)

Loss from Continuing Operations

 

 

(18,077

)

 

 

(10,342

)

 

 

(44,135

)

 

 

(70,054

)

(Loss) Income on Discontinued Operations, Net of Tax

 

 

 

 

 

(7,899

)

 

 

 

 

 

(6,724

)

Net Loss

 

 

(18,077

)

 

 

(18,241

)

 

 

(44,135

)

 

 

(76,778

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

4

 

 

 

204

 

 

 

(4,036

)

 

 

(4,395

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(18,081

)

 

$

(18,445

)

 

$

(40,099

)

 

$

(72,383

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.72

)

 

$

(0.34

)

 

$

(1.63

)

 

$

(2.80

)

Discontinued operations

 

 

 

 

 

(0.44

)

 

 

 

 

$

(0.29

)

 

 

$

(0.72

)

 

$

(0.78

)

 

$

(1.63

)

 

$

(3.09

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

24,989,977

 

 

 

23,740,718

 

 

 

24,611,666

 

 

 

23,406,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

Sep. 30, 2020

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

11,323

 

 

$

11,018

 

 

$

11,157

 

 

$

11,071

 

 

$

10,946

 

Average Rates Per Day

 

$

6,656

 

 

$

6,648

 

 

$

7,163

 

 

$

7,260

 

 

$

6,981

 

Fleet Utilization (excluding crew transfer)

 

 

54

%

 

 

57

%

 

 

57

%

 

 

62

%

 

 

64

%

Fleet Utilization

 

 

70

%

 

 

69

%

 

 

63

%

 

 

68

%

 

 

74

%

Fleet Available Days (excluding crew transfer)

 

 

5,715

 

 

 

5,167

 

 

 

5,210

 

 

 

5,542

 

 

 

6,048

 

Fleet Available Days

 

 

9,379

 

 

 

8,688

 

 

 

8,668

 

 

 

9,007

 

 

 

9,578

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

43,586

 

 

$

39,807

 

 

$

39,290

 

 

$

44,465

 

 

$

49,747

 

Bareboat charter

 

 

676

 

 

 

723

 

 

 

724

 

 

 

834

 

 

 

1,765

 

Other marine services

 

 

1,435

 

 

 

1,348

 

 

 

1,729

 

 

 

3,771

 

 

 

3,188

 

 

 

 

45,697

 

 

 

41,878

 

 

 

41,743

 

 

 

49,070

 

 

 

54,700

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

16,513

 

 

 

13,378

 

 

 

13,706

 

 

 

15,096

 

 

 

15,879

 

Repairs and maintenance

 

 

4,639

 

 

 

4,311

 

 

 

4,804

 

 

 

3,983

 

 

 

5,495

 

Drydocking

 

 

585

 

 

 

566

 

 

 

1,365

 

 

 

766

 

 

 

515

 

Insurance and loss reserves

 

 

1,873

 

 

 

1,589

 

 

 

939

 

 

 

1,663

 

 

 

1,198

 

Fuel, lubes and supplies

 

 

2,388

 

 

 

2,295

 

 

 

2,067

 

 

 

2,409

 

 

 

2,910

 

Other

 

 

3,130

 

 

 

1,774

 

 

 

1,739

 

 

 

2,061

 

 

 

1,214

 

 

 

 

29,128

 

 

 

23,913

 

 

 

24,620

 

 

 

25,978

 

 

 

27,211

 

Direct Vessel Profit (1)

 

 

16,569

 

 

 

17,965

 

 

 

17,123

 

 

 

23,092

 

 

 

27,489

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,390

 

 

 

1,355

 

 

 

3,407

 

 

 

3,570

 

 

 

4,153

 

Administrative and general

 

 

10,155

 

 

 

14,560

 

 

 

10,765

 

 

 

11,928

 

 

 

11,462

 

Depreciation and amortization

 

 

16,613

 

 

 

15,313

 

 

 

15,001

 

 

 

15,412

 

 

 

16,091

 

 

 

 

28,158

 

 

 

31,228

 

 

 

29,173

 

 

 

30,910

 

 

 

31,706

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

233

 

 

 

(3,453

)

 

 

(12,572

)

 

 

(2,679

)

 

 

862

 

Operating Loss

 

 

(11,356

)

 

 

(16,716

)

 

 

(24,622

)

 

 

(10,497

)

 

 

(3,355

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

50

 

 

 

529

 

 

 

676

 

 

 

559

 

 

 

317

 

Interest expense

 

 

(8,598

)

 

 

(6,995

)

 

 

(7,638

)

 

 

(7,397

)

 

 

(7,362

)

SEACOR Holdings guarantee fees

 

 

(11

)

 

 

(9

)

 

 

(16

)

 

 

(21

)

 

 

(26

)

Derivative losses (gains), net

 

 

5

 

 

 

85

 

 

 

5,114

 

 

 

(663

)

 

 

3,057

 

Foreign currency gains, net

 

 

(853

)

 

 

(171

)

 

 

65

 

 

 

(1,037

)

 

 

(370

)

Other, net

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

(9,407

)

 

 

(6,561

)

 

 

(1,799

)

 

 

(8,560

)

 

 

(4,384

)

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

 

 

(20,763

)

 

 

(23,277

)

 

 

(26,421

)

 

 

(19,057

)

 

 

(7,739

)

Income Tax (Benefit) Expense

 

 

(3,119

)

 

 

(15,081

)

 

 

(6,668

)

 

 

(2,306

)

 

 

1,277

 

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

 

 

(17,644

)

 

 

(8,196

)

 

 

(19,753

)

 

 

(16,751

)

 

 

(9,016

)

Equity in Losses of 50% or Less Owned Companies

 

 

(433

)

 

 

2,130

 

 

 

(239

)

 

 

(2,425

)

 

 

(1,325

)

Loss from Continuing Operations

 

 

(18,077

)

 

 

(6,066

)

 

 

(19,992

)

 

 

(19,176

)

 

 

(10,341

)

(Loss) Income from Discontinued Operations, Net of Tax

 

 

 

 

 

 

 

 

 

 

 

(2,742

)

 

 

(7,899

)

Net Loss

 

 

(18,077

)

 

 

(6,066

)

 

 

(19,992

)

 

 

(21,918

)

 

 

(18,240

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

 

4

 

 

 

7

 

 

 

(4,047

)

 

 

(1,463

)

 

 

204

 

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(18,081

)

 

$

(6,073

)

 

$

(15,945

)

 

$

(20,455

)

 

$

(18,444

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.72

)

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.74

)

 

$

(0.49

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 

(0.29

)

 

 

$

(0.72

)

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.86

)

 

$

(0.78

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

24,989

 

 

 

24,851

 

 

 

23,989

 

 

 

23,832

 

 

 

23,741

 

Common Shares and Warrants Outstanding at Period End

 

 

24,996

 

 

 

24,899

 

 

 

24,854

 

 

 

23,708

 

 

 

23,653

 

 

4

 


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Sep. 30, 2020

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

19,397

 

 

$

15,574

 

 

$

20,988

 

 

$

19,285

 

 

$

17,851

 

Fleet utilization

 

 

5

%

 

 

5

%

 

 

11

%

 

 

20

%

 

 

26

%

Fleet available days

 

 

1,871

 

 

 

1,842

 

 

 

1,864

 

 

 

1,956

 

 

 

2,340

 

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

 

37

 

 

32

 

 

116

 

 

6

 

 

159

 

Out-of-service days for cold-stacked status

 

 

1,576

 

 

 

1,465

 

 

 

1,301

 

 

 

1,301

 

 

 

1,131

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

1,668

 

 

$

1,478

 

 

$

4,375

 

 

$

7,408

 

 

$

10,914

 

Bareboat charter

 

 

731

 

 

 

723

 

 

 

724

 

 

 

732

 

 

 

597

 

Other marine services

 

 

473

 

 

 

513

 

 

 

642

 

 

 

516

 

 

 

838

 

 

 

 

2,872

 

 

 

2,714

 

 

 

5,741

 

 

 

8,656

 

 

 

12,349

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,481

 

 

 

2,284

 

 

 

2,928

 

 

 

3,432

 

 

 

4,353

 

Repairs and maintenance

 

 

338

 

 

 

314

 

 

 

617

 

 

 

782

 

 

 

1,508

 

Drydocking

 

 

-

 

 

 

110

 

 

 

1,057

 

 

 

252

 

 

 

547

 

Insurance and loss reserves

 

 

778

 

 

 

354

 

 

 

135

 

 

 

566

 

 

 

371

 

Fuel, lubes and supplies

 

 

251

 

 

 

189

 

 

 

524

 

 

 

407

 

 

 

739

 

Other

 

 

85

 

 

 

93

 

 

 

79

 

 

 

102

 

 

 

88

 

 

 

 

3,933

 

 

 

3,344

 

 

 

5,340

 

 

 

5,541

 

 

 

7,606

 

Direct Vessel Profit (Loss) (1)

 

$

(1,061

)

 

$

(630

)

 

$

401

 

 

$

3,115

 

 

$

4,743

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

716

 

 

$

741

 

 

$

2,138

 

 

$

2,283

 

 

$

2,758

 

Depreciation and amortization

 

 

4,961

 

 

 

5,254

 

 

 

5,358

 

 

 

5,474

 

 

 

5,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa, primarily West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

8,364

 

 

$

9,001

 

 

$

9,249

 

 

$

9,435

 

 

$

9,316

 

Fleet utilization

 

 

71

%

 

 

85

%

 

 

89

%

 

 

88

%

 

 

91

%

Fleet available days

 

 

1,288

 

 

 

1,304

 

 

 

1,346

 

 

 

1,349

 

 

 

1,380

 

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

 

 

45

 

 

 

90

 

 

 

56

 

 

 

68

 

 

 

 

Out-of-service days for cold-stacked status

 

 

124