smhi-8k_20210112.htm
false 0001690334 0001690334 2021-01-12 2021-01-12

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): January 12, 2021

 

 

 

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 2.01    Completion of Acquisition or Disposition of Assets

On January 12, 2021, Seabulk Overseas Transport, Inc. (the “Seller”), a wholly-owned subsidiary of SEACOR Marine Holdings Inc. (the “Company”), completed the sale of the Company’s Windcat Workboats crew transfer vessel (“CTV”) business through the sale of 100% of the equity of Windcat Workboats Holdings Limited, a wholly-owned subsidiary of the Seller (“Windcat” and together with its subsidiaries, the “Windcat Group”), to CMB N.V. (the “Buyer”) pursuant to a Sale and Purchase Agreement entered into on December 18, 2020 (the “Sale”). At closing, the Buyer paid to the Seller an aggregate purchase price of £32.8 million. After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the Company received net cash proceeds of approximately US$42.6 million. The Buyer also assumed all of the approximately £20.4 million of debt outstanding under Windcat’s existing revolving credit facility.  As of the closing date, the Windcat Group owned a total of 41 CTVs and held interests in an additional five CTVs through its joint ventures, all of which were included in the Sale.

 

The unaudited pro forma financial information of the Company giving effect to the Sale, and the related notes thereto, are attached hereto as Exhibit 99.1.

 

Item 7.01   Regulation FD Disclosure

On January 15, 2021, the Company issued a press release announcing the closing of the Sale. The press release is attached hereto as Exhibit 99.2 and is incorporated in this Item 7.01 by reference.

Item 9.01   Financial Statements and Exhibits

(b)Pro forma financial information

 

Unaudited pro forma financial information of the Company required pursuant to Article 11 of Regulation S-X is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

(d) Exhibits.

 

Exhibit No.

Description

 

 

99.1

Unaudited pro forma consolidated statements of income (loss) of SEACOR Marine Holdings Inc. for the nine months ended September 30, 2020 and the years ended December 31, 2019, December 31, 2018 and December 31, 2017 and unaudited pro forma consolidated balance sheet of SEACOR Marine Holdings Inc. as of September 30, 2020.

 

99.2

Press Release of SEACOR Marine Holdings Inc. dated January 15, 2021.

 

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.

 

 

 

January 15, 2021

By:

/s/ John Gellert

 

 

 

 

 

Name: John Gellert

 

 

Title: President and Chief Executive Officer

 

smhi-ex991_6.htm

Exhibit 99.1

 

 SEACOR MARINE HOLDINGS INC.

UNAUDITED PRO FORMA FINANCIAL INFORMATION

 

 Windcat Sale

 

On December 18, 2020, Seabulk Overseas Transport, Inc. (the “Seller”), a wholly-owned subsidiary of SEACOR Marine Holdings Inc. (the “Company”), entered into a Sale and Purchase Agreement (the “SPA”) to sell the Company’s Windcat Workboats crew transfer vessel (“CTV”) business through the sale of 100% of the equity of Windcat Workboats Holdings Limited, a wholly-owned subsidiary of the Seller (“Windcat” and together with its subsidiaries, the “Windcat Group”), to CMB N.V. (the “Buyer”), upon the terms set forth in the SPA (the “Sale”). The Sale closed on January 12, 2021. As consideration for the Sale, at the closing of the transaction, the Buyer paid the Seller an aggregate purchase price of £32.8 million. After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the Company received net cash proceeds of approximately US$42.6 million. The Buyer also assumed all of the approximately £20.4 million of debt outstanding under Windcat’s existing revolving credit facility. The lenders under Windcat’s revolving credit facility have consented to the Sale and related change of control, and the credit facility will remain the sole obligation of the Windcat Group after closing with no recourse to the Company and its then existing subsidiaries. At closing, the Windcat Group owned a total of 41 CTVs and held interests in an additional five CTVs through its joint ventures, all of which were included in the Sale.

 

Pro Forma Financial Information

 

The following unaudited pro forma financial statements are derived from the Company's historical financial statements. The pro forma adjustments give effect to the sale of Windcat as described above under “—Windcat Sale.” The unaudited pro forma statements of income for the fiscal years ended December 31, 2019, 2018 and 2017 and for the nine months ended September 30, 2020 give effect to the sale as if it had occurred on January 1, 2017. The unaudited pro forma balance sheet as of September 30, 2020, gives effect to the sale as if it had occurred on September 30, 2020.

 

The pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma financial statements. The assumptions used and pro forma adjustments derived from such assumptions are based on currently available information and expectations, and the Company believes such assumptions are reasonable under the circumstances.

 

The unaudited pro forma financial statements are provided for illustrative and informational purposes only and are not necessarily indicative of and do not purport to represent, what the Company’s financial condition or operating results would have been had the Sale occurred on the dates indicated or what the Company’s future financial condition or operating results will be after giving effect to the Sale. The pro forma financial information was based on and derived from the Company’s audited consolidated financial statements and the Company’s unaudited condensed consolidated financial statements and should be read in conjunction with the Company’s historical financial statements and accompanying notes included in the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q.

 

1

 


SEACOR MARINE HOLDINGS INC.

UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF LOSS

Nine months ended September 30, 2020

(in thousands, except share data)

 

 

 

As Reported

 

 

Windcat Workboats Holdings Limited (1)

 

 

Pro Forma

 

Operating Revenues

 

$

129,318

 

 

$

(23,525

)

 

$

105,793

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

77,661

 

 

 

(12,078

)

 

 

65,583

 

Administrative and general

 

 

35,480

 

 

 

(3,985

)

 

 

31,495

 

Lease expense

 

 

6,152

 

 

 

(425

)

 

 

5,727

 

Depreciation and amortization

 

 

46,927

 

 

 

(5,007

)

 

 

41,920

 

 

 

 

166,220

 

 

 

(21,495

)

 

 

144,725

 

Loss on Asset Dispositions and Impairments, Net

 

 

(15,792

)

 

 

 

 

 

(15,792

)

Operating Loss

 

 

(52,694

)

 

 

(2,030

)

 

 

(54,724

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,255

 

 

 

(43

)

 

 

1,212

 

Interest expense

 

 

(23,231

)

 

 

828

 

 

 

(22,403

)

SEACOR Holdings guarantee fees

 

 

(36

)

 

 

-

 

 

 

(36

)

Derivative gains, net

 

 

5,204

 

 

 

-

 

 

 

5,204

 

Foreign currency losses, net

 

 

(959

)

 

 

951

 

 

 

(8

)

 

 

 

(17,767

)

 

 

1,736

 

 

 

(16,031

)

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

 

 

(70,461

)

 

 

(294

)

 

 

(70,755

)

Income Tax Benefit

 

 

(24,868

)

 

 

79

 

 

 

(24,789

)

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

 

 

(45,593

)

 

 

(373

)

 

 

(45,966

)

Equity in Income of 50% or Less Owned Companies

 

 

1,458

 

 

 

60

 

 

 

1,518

 

Loss from Continuing Operations

 

 

(44,135

)

 

 

(313

)

 

 

(44,448

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(4,036

)

 

 

 

 

 

(4,036

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(40,099

)

 

$

(313

)

 

$

(40,412

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(1.63

)

 

$

(0.01

)

 

$

(1.64

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

24,611,666

 

 

 

 

 

 

24,611,666

 

2

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF LOSS

Year ended December 31, 2019

(in thousands, except share data)

 

 

 

As Reported

 

 

Windcat Workboats Holdings Limited (2)

 

 

Pro Forma

 

Operating Revenues

 

$

201,492

 

 

$

(27,039

)

 

$

174,453

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

123,725

 

 

 

(14,202

)

 

 

109,523

 

Administrative and general

 

 

44,726

 

 

 

(4,935

)

 

 

39,791

 

Lease expense

 

 

16,158

 

 

 

(318

)

 

 

15,840

 

Depreciation and amortization

 

 

64,012

 

 

 

(6,846

)

 

 

57,166

 

 

 

 

248,621

 

 

 

(26,301

)

 

 

222,320

 

Loss on Asset Dispositions and Impairments, Net

 

 

(5,397

)

 

 

(1,064

)

 

 

(6,461

)

Operating Loss

 

 

(52,526

)

 

 

(1,802

)

 

 

(54,328

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,445

 

 

 

(56

)

 

 

1,389

 

Interest expense

 

 

(30,056

)

 

 

1,100

 

 

 

(28,956

)

SEACOR Holdings guarantee fees

 

 

(108

)

 

 

 

 

 

(108

)

Derivative gains, net

 

 

71

 

 

 

 

 

 

71

 

Foreign currency losses, net

 

 

(1,661

)

 

 

(879

)

 

 

(2,540

)

Other, net

 

 

(1

)

 

 

 

 

 

(1

)

 

 

 

(30,310

)

 

 

165

 

 

 

(30,145

)

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

 

 

(82,836

)

 

 

(1,637

)

 

 

(84,473

)

Income Tax Benefit

 

 

(7,912

)

 

 

(57

)

 

 

(7,969

)

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

 

 

(74,924

)

 

 

(1,580

)

 

 

(76,504

)

Equity in Losses of 50% or Less Owned Companies

 

 

(14,304

)

 

 

(155

)

 

 

(14,459

)

Loss from Continuing Operations

 

 

(89,228

)

 

 

(1,735

)

 

 

(90,963

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(5,858

)

 

 

 

 

 

(5,858

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(83,370

)

 

$

(1,735

)

 

$

(85,105

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(3.55

)

 

$

(0.07

)

 

$

(3.62

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

23,513,925

 

 

 

 

 

 

23,513,925

 

3

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF LOSS

Year ended December 31, 2018

(in thousands, except share data)

 

 

 

As Reported

 

 

Windcat Workboats Holdings Limited (2)

 

 

Pro Forma

 

Operating Revenues

 

$

203,567

 

 

$

(24,406

)

 

$

179,161

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

132,274

 

 

 

(12,687

)

 

 

119,587

 

Administrative and general

 

 

46,454

 

 

 

(4,838

)

 

 

41,616

 

Lease expense

 

 

13,239

 

 

 

(274

)

 

 

12,965

 

Depreciation and amortization

 

 

68,841

 

 

 

(7,423

)

 

 

61,418

 

 

 

 

260,808

 

 

 

(25,222

)

 

 

235,586

 

Loss on Asset Dispositions and Impairments, Net

 

 

(11,268

)

 

 

(721

)

 

 

(11,989

)

Operating Loss

 

 

(68,509

)

 

 

95

 

 

 

(68,414

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,222

 

 

 

(51

)

 

 

1,171

 

Interest expense

 

 

(27,404

)

 

 

678

 

 

 

(26,726

)

SEACOR Holdings guarantee fees

 

 

(29

)

 

 

 

 

 

(29

)

Loss on Debt Extinguishment

 

 

(638

)

 

 

 

 

 

(638

)

Derivative gains, net

 

 

2,854

 

 

 

 

 

 

2,854

 

Foreign currency losses, net

 

 

(1,397

)

 

 

69

 

 

 

(1,328

)

Other, net

 

 

677

 

 

 

 

 

 

677

 

 

 

 

(24,715

)

 

 

696

 

 

 

(24,019

)

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

 

 

(93,224

)

 

 

791

 

 

 

(92,433

)

Income Tax Benefit

 

 

(13,354

)

 

 

(108

)

 

 

(13,462

)

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

 

 

(79,870

)

 

 

899

 

 

 

(78,971

)

Equity in Losses of 50% or Less Owned Companies

 

 

(3,552

)

 

 

(457

)

 

 

(4,009

)

Loss from Continuing Operations

 

 

(83,422

)

 

 

442

 

 

 

(82,980

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(4,444

)

 

 

 

 

 

(4,444

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(78,978

)

 

$

442

 

 

$

(78,536

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(3.77

)

 

$

0.02

 

 

$

(3.75

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

20,926,307

 

 

 

 

 

 

20,926,307

 

4

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF LOSS

Year ended December 31, 2017

(in thousands, except share data)

 

 

 

As Reported

 

 

Windcat Workboats Holdings Limited (2)

 

 

Pro Forma

 

Operating Revenues

 

$

123,421

 

 

$

(24,922

)

 

$

98,499

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

104,821

 

 

 

(11,537

)

 

 

93,284

 

Administrative and general

 

 

49,865

 

 

 

(4,417

)

 

 

45,448

 

Lease expense

 

 

14,449

 

 

 

(260

)

 

 

14,189

 

Depreciation and amortization

 

 

60,307

 

 

 

(7,820

)

 

 

52,487

 

 

 

 

229,442

 

 

 

(24,034

)

 

 

205,408

 

Loss on Asset Dispositions and Impairments, Net

 

 

(23,623

)

 

 

 

 

 

(23,623

)

Operating Loss

 

 

(129,644

)

 

 

(888

)

 

 

(130,532

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

1,797

 

 

 

(40

)

 

 

1,757

 

Interest expense

 

 

(16,044

)

 

 

884

 

 

 

(15,160

)

SEACOR Holdings management fees

 

 

(3,208

)

 

 

 

 

 

(3,208

)

SEACOR Holdings guarantee fees

 

 

(201

)

 

 

 

 

 

(201

)

Marketable security gains, net

 

 

10,931

 

 

 

 

 

 

10,931

 

Derivative gains, net

 

 

20,256

 

 

 

207

 

 

 

20,463

 

Foreign currency losses, net

 

 

(1,671

)

 

 

684

 

 

 

(987

)

Other, net

 

 

(6

)

 

 

1

 

 

 

(5

)

 

 

 

11,854

 

 

 

1,736

 

 

 

13,590

 

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

 

 

(117,790

)

 

 

848

 

 

 

(116,942

)

Income Tax Benefit

 

 

(74,410

)

 

 

71

 

 

 

(74,339

)

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

 

 

(43,380

)

 

 

777

 

 

 

(42,603

)

Equity in Income of 50% or Less Owned Companies

 

 

3,851

 

 

 

(227

)

 

 

3,624

 

Loss from Continuing Operations

 

 

(39,529

)

 

 

550

 

 

 

(38,979

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(5,639

)

 

 

 

 

 

(5,639

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(33,890

)

 

$

550

 

 

$

(33,340

)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(1.93

)

 

$

0.03

 

 

$

(1.90

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

17,601,244

 

 

 

 

 

 

17,601,244

 

5

 


 

SEACOR MARINE HOLDINGS INC.

 UNAUDITED PRO FORMA CONSOLIDATED BALANCES SHEETS

September 30, 2020

(in thousands)

 

 

As Reported

 

 

Windcat Workboats Holdings Limited

 

 

Pro Forma

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

45,179

 

 

$

(2,865

)

(3)

$

84,902

 

 

 

 

 

 

 

 

42,588

 

(4)

 

 

 

Restricted cash

 

 

3,352

 

 

 

 

 

 

3,352

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

Trade, net of allowance for doubtful accounts

 

 

54,935

 

 

 

(6,641

)

 

 

48,294

 

Other

 

 

17,914

 

 

 

451

 

 

 

18,365

 

Receivables from SEACOR Holdings

 

 

18,814

 

 

 

 

 

 

18,814

 

Tax Receivable

 

 

11,770

 

 

 

 

 

 

11,770

 

Inventories

 

 

573

 

 

 

 

 

 

573

 

Prepaid expenses and other

 

 

3,598

 

 

 

(160

)

 

 

3,438

 

Total current assets

 

 

156,135

 

 

 

33,373

 

 

 

189,508

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

 

1,078,169

 

 

 

(81,799

)

 

 

996,370

 

Accumulated depreciation

 

 

(334,387

)

 

 

53,919

 

 

 

(280,468

)

 

 

 

743,782

 

 

 

(27,880

)

 

 

715,902

 

Construction in progress

 

 

56,709

 

 

 

(4,740

)

 

 

51,969

 

Net property and equipment

 

 

800,491

 

 

 

(32,620

)

 

 

767,871

 

Right-of-Use Asset - Operating Leases

 

 

8,327

 

 

 

(657

)

 

 

7,670

 

Right-of-Use Asset - Finance Lease

 

 

137

 

 

 

-

 

 

 

137

 

Investments, at Equity, and Advances to 50% or Less Owned Companies

 

 

88,933

 

 

 

(4,232

)

 

 

84,701

 

Other Assets

 

 

3,152

 

 

 

(44

)

 

 

3,108

 

 

 

$

1,057,175

 

 

$

(4,180

)

 

$

1,052,995

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

9,632

 

 

$

(186

)

 

$

9,446

 

Current portion of finance lease liabilities

 

 

27

 

 

 

 

 

 

27

 

Current portion of long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

Recourse

 

 

46,464

 

 

 

 

 

 

46,464

 

Non-Recourse

 

 

5,644

 

 

 

 

 

 

5,644

 

Accounts payable and accrued expenses

 

 

29,542

 

 

 

(654

)

 

 

28,888

 

Accrued wages

 

 

1,551

 

 

 

(331

)

 

 

1,220

 

Accrued interest

 

 

2,887

 

 

 

(2

)

 

 

2,885

 

Deferred revenue

 

 

3,131

 

 

 

(89

)

 

 

3,042

 

Accrued capital, repair and maintenance expenditures

 

 

11,164

 

 

 

(14

)

 

 

11,150

 

Accrued insurance deductibles

 

 

2,315

 

 

 

 

 

 

2,315

 

Derivatives

 

 

4,103

 

 

 

(55

)

 

 

4,048

 

Other current liabilities

 

 

5,027

 

 

 

(139

)

 

 

4,888

 

Total current liabilities

 

 

121,487

 

 

 

(1,470

)

 

 

120,017

 

Long-Term Operating Lease Liabilities

 

 

5,694

 

 

 

(455

)

 

 

5,239

 

Long-Term Finance Lease Liabilities

 

 

113

 

 

 

 

 

 

113

 

Long-Term Debt

 

 

 

 

 

 

 

 

 

 

 

 

Recourse

 

 

315,326

 

 

 

 

 

 

315,326

 

Non-Recourse

 

 

137,638

 

 

 

(26,253

)

 

 

111,385

 

Conversion Option Liability on Convertible Senior Notes

 

 

1

 

 

 

 

 

 

1

 

Deferred Income Taxes

 

 

36,452

 

 

 

(376

)

 

 

36,076

 

Deferred Gains and Other Liabilities

 

 

3,810

 

 

 

 

 

 

3,810

 

Total liabilities

 

 

620,521

 

 

 

(28,554

)

 

 

591,967

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

235

 

 

 

 

 

 

235

 

Additional paid-in capital

 

 

450,320

 

 

 

 

 

 

450,320

 

(Accumulated Deficit) Retained earnings

 

 

(13,023

)

 

 

24,319

 

 

 

11,296

 

Shares held in treasury

 

 

(848

)

 

 

 

 

 

(848

)

Accumulated other comprehensive loss, net of tax

 

 

(380

)

 

 

55

 

 

 

(325

)

 

 

 

436,304

 

 

 

24,374

 

(5)

 

460,678

 

Noncontrolling interests in subsidiaries

 

 

350

 

 

 

 

 

 

350

 

Total equity

 

 

436,654

 

 

 

24,374

 

 

 

461,028

 

 

 

$

1,057,175

 

 

$

(4,180

)

 

$

1,052,995

 

 

 

6

 


 

Notes to Unaudited Pro Forma Consolidated Financial Statements

 

The pro forma statement of income for the nine months ended September 30, 2020 gives effect to the following:

 

 

(1)

Column reflects adjustments to remove the results of operations of Windcat from the historical results of the Company for the period presented with the ultimate effect resulting in an adjustment to the nine months ended September 30, 2020 net income of $0.3 million;

 

The pro forma statements of income for the years ended December 31, 2019, 2018 and 2017 gives effect to the following:

 

 

(2)

Column reflects adjustments to remove the results of operations of Windcat from the historical results of the Company for the periods presented with the ultimate effect resulting in an adjustment to the year ended net income (loss) of $1.7 million, ($0.4) million and ($0.6) million, respectively;

 

The pro forma balance sheet as of September 30, 2020 gives effect to the following:

 

 

(3)

Reflects the cash held by Windcat of $2.9 million and retained by the buyer as part of the sale;

 

 

(4)

After deducting transaction costs and expenses and giving effect to foreign exchange rate hedges, the Company received net cash proceeds of approximately $42.6 million; and

 

 

(5)

The following is the calculation of the gain on the Sale of Windcat of $24.4 million: