smhi-8k_20210311.htm
false 0001690334 0001690334 2021-03-11 2021-03-11

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): March 11, 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 2.02    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 March 11, 2021, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three and twelve months ended December 31, 2020 (the "Earnings Release").

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

Item 9.01   Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.

Description

 

 

99.1

Press Release of SEACOR Marine Holdings Inc. dated March 11, 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.

 

 

 

March 11, 2021

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 FOURTH QUARTER 2020 RESULTS 

 

 

Houston, Texas

March 11, 2021

 

 

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 energy facilities worldwide, today announced results for its fourth quarter and full year ended December 31, 2020.

 

Notable fourth quarter items include:

 

 

Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (“Windcat”) and its crew transfer business with the transaction closing on January 12, 2021. SEACOR Marine received net cash proceeds of approximately US$42.6 million. The buyer also assumed all of the approximately GBP£20.4 million of debt outstanding under Windcat’s existing revolving credit facility.  SEACOR Marine recognized a gain on the sale of approximately US$22.8 million, which will be reflected in SEACOR Marine’s financial results for the first quarter of 2021.

 

 

Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019.  

 

 

$9.7 million in equity in losses of 50% or less owned companies. These losses are mostly non-cash and non-recurring charges in our joint ventures in Latin America as a result of the recognition of losses originating in our investment in UP Offshore in Brazil. These charges will be offset by reduced income tax expense in current and future periods.

 

 

Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system. This was the last vessel delivery of the eight modern platform supply vessels acquired in connection with our SEACOSCO transaction.  The vessel commenced a long-term charter in December. The average age for the Company’s owned fleet is now seven years, one of the youngest in the industry.

 

 

The COVID-19 pandemic has continued to impact revenues and costs for the fourth quarter of 2020. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

 

As a result of the announced sale of Windcat, SEACOR Marine classified the Windcat crew transfer assets as held for sale as of December 31, 2020. All of the results presented for all periods exclude the Windcat operations, which are classified as discontinued operations.

 

SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (“DVP”)(1) was $10.5 million. This compares to consolidated operating revenues from continuing operations of $42.5 million, operating loss of $10.6 million, and DVP of $19.9 million in the fourth quarter of 2019. The reduction in DVP in the fourth quarter of 2020 was primarily driven by lower revenues in the United States. For the fourth quarter of 2020, net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2019 of $19.5 million ($0.76 loss per basic and diluted share).

 

Chief Executive Officer John Gellert provided the following comments on SEACOR Marine's fourth quarter results:

 

I am very pleased with SEACOR Marine’s response to the most challenging year in the current industry cycle and thank all of our employees for their dedication and hard work during extremely difficult conditions in 2020.

 

1

 


The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States, higher expenses in connection with COVID-19 operating protocols, and seasonality.

 

Utilization for our fleet in the Gulf of Mexico during the fourth quarter was 7%, a slight improvement from 5% in the prior two quarters, but enough to generate positive DVP in the region for the first time since COVID-19 hit.  I see this as a good example that marginal improvements will have significant positive impact on our results.

 

Internationally, revenues and utilization were mostly flat, except for higher out-of-service time. Expenses were $4.9 million higher than in the fourth quarter of 2019, mostly due to increased expenses associated with COVID-19 operating protocols and higher expenses in the Middle East.

 

Additionally, our results reflect our share of the equity losses in our joint ventures in Latin America primarily in our UP Offshore investment in Brazil. However, I want to note that these are non-recurring and non-cash losses, and will be offset by increased tax savings. Although the investment in UP Offshore has not met our expectations, our joint ventures in Latin America continue to perform well and closed the year generating substantial cash flow.

 

More broadly, I am optimistic about the future for SEACOR Marine:

 

 

-

Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021. We are already seeing a welcome increase in inquiries from our customers as they regain confidence to carry out previously deferred capital expenditure plans or consider incremental offshore activity.

 

-

COVID-19 operating protocols are getting clearer and better every day. Although we continue to see high expenses in connection with COVID-19 operating conditions, we also see better coordination in the countries where we operate. These measures, together with the worldwide vaccination campaign underway are positive. Nonetheless, difficulties remain, and we recently joined the Neptune Declaration urging the implementation of certain actions in support of seafarer wellbeing and crew changes.

 

-

Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale. Additionally, we expect to collect more than $30 million in tax refund claims under the CARES Act. We remain committed to managing our balance sheet prudently, including the use of non-recourse debt to efficiently allocate our capital.  

 

-

We have a diverse and technologically superior asset base with a dedicated and motivated team of employees. We have continued investing through the entire cycle and taken advantage of the opportunities to rejuvenate and enhance our fleet substantially.

 

SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy. Among other initiatives, we have established a formal ESG Program, which is complemented by our unique fleet mix that includes liftboat assets that are poised to assist in the development of the U.S. offshore wind market, and modern platform support vessels with hybrid power systems that improve fuel efficiency and reduce emissions. We have been an early adopter of hybrid power vessel technology, with nine systems currently deployed. Additionally, we expect the heightened ESG focus in the industry to increase activity on meeting plug and abandonment, and decommissioning obligations in the Gulf of Mexico, for which our U.S. flag assets are well suited.

 

Lastly, I would like to acknowledge the crews and shore-based SEACOR Marine employees for their professionalism and commitment to maintaining safe and reliable operations in a difficult environment. They have continued to drive the business forward by providing uninterrupted service to our clients during unprecedented and challenging times.

___________________

(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 5 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 energy 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

2

 


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

3

 


InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except share data)

 

 

 

Three Months Ended December 31,

 

 

Year ended December 31,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenues

 

$

36,044

 

 

$

42,478

 

 

$

141,837

 

 

$

174,453

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

25,562

 

 

 

22,567

 

 

 

91,145

 

 

 

109,523

 

Administrative and general

 

 

8,556

 

 

 

10,577

 

 

 

40,051

 

 

 

39,791

 

Lease expense

 

 

1,798

 

 

 

3,477

 

 

 

7,525

 

 

 

15,840

 

Depreciation and amortization

 

 

15,247

 

 

 

13,733

 

 

 

57,167

 

 

 

57,166

 

 

 

 

51,163

 

 

 

50,354

 

 

 

195,888

 

 

 

222,320

 

(Loss) Gain on Asset Dispositions and Impairments, Net

 

 

(1,796

)

 

 

(2,679

)

 

 

(17,588

)

 

 

(6,461

)

Operating Loss

 

 

(16,915

)

 

 

(10,555

)

 

 

(71,639

)

 

 

(54,328

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

61

 

 

 

546

 

 

 

1,273

 

 

 

1,389

 

Interest expense

 

 

(8,288

)

 

 

(7,130

)

 

 

(30,691

)

 

 

(28,956

)

SEACOR Holdings guarantee fees

 

 

(11

)

 

 

(21

)

 

 

(47

)

 

 

(108

)

Derivative gains (losses), net

 

 

(894

)

 

 

(663

)

 

 

4,310

 

 

 

71

 

Foreign currency gains, net

 

 

(1,286

)

 

 

(1,657

)

 

 

(1,294

)

 

 

(2,541

)

Other, net

 

 

(19

)

 

 

(1

)

 

 

(19

)

 

 

(1

)

 

 

 

(10,437

)

 

 

(8,926

)

 

 

(26,468

)

 

 

(30,146

)

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

 

 

(27,352

)

 

 

(19,481

)

 

 

(98,107

)

 

 

(84,474

)

Income Tax Benefit

 

 

1,865

 

 

 

(2,319

)

 

 

(22,924

)

 

 

(7,969

)

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

 

 

(29,217

)

 

 

(17,162

)

 

 

(75,183

)

 

 

(76,505

)

Equity in Losses of 50% or Less Owned Companies

 

 

(9,681

)

 

 

(2,277

)

 

 

(8,163

)

 

 

(14,459

)

Loss from Continuing Operations

 

 

(38,898

)

 

 

(19,439

)

 

 

(83,346

)

 

 

(90,964

)

(Loss) Income on Discontinued Operations, Net of Tax

 

 

51

 

 

 

(2,479

)

 

 

364

 

 

 

(7,731

)

Net Loss

 

 

(38,847

)

 

 

(21,918

)

 

 

(82,982

)

 

 

(98,695

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

(31

)

 

 

(1,463

)

 

 

(4,067

)

 

 

(5,858

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(38,816

)

 

$

(20,455

)

 

$

(78,915

)

 

$

(92,837

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(1.54

)

 

$

(0.76

)

 

$

(3.20

)

 

$

(3.62

)

Discontinued operations

 

 

-

 

 

 

(0.10

)

 

 

0.02

 

 

$

(0.33

)

 

 

$

(1.54

)

 

$

(0.86

)

 

$

(3.18

)

 

$

(3.95

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

25,265,812

 

 

 

23,831,920

 

 

 

24,785,744

 

 

 

23,513,925

 

4

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS

(in thousands, except statistics and per share data)

 

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

10,931

 

 

$

11,052

 

 

$

10,746

 

 

$

10,886

 

 

$

10,846

 

Fleet Utilization

 

 

51

%

 

 

54

%

 

 

57

%

 

 

57

%

 

 

62

%

Fleet Available Days

 

 

5,824

 

 

 

5,807

 

 

 

5,258

 

 

 

5,361

 

 

 

5,726

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

32,693

 

 

$

34,824

 

 

$

32,389

 

 

$

33,549

 

 

$

38,259

 

Bareboat charter

 

 

732

 

 

 

677

 

 

 

723

 

 

 

724

 

 

 

834

 

Other marine services

 

 

2,619

 

 

 

700

 

 

 

813

 

 

 

1,394

 

 

 

3,385

 

 

 

 

36,044

 

 

 

36,201

 

 

 

33,925

 

 

 

35,667

 

 

 

42,478

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

13,057

 

 

 

13,401

 

 

 

10,704

 

 

 

11,186

 

 

 

12,726

 

Repairs and maintenance

 

 

3,445

 

 

 

3,764

 

 

 

3,612

 

 

 

3,840

 

 

 

3,318

 

Drydocking

 

 

1,753

 

 

 

585

 

 

 

566

 

 

 

1,365

 

 

 

766

 

Insurance and loss reserves

 

 

1,670

 

 

 

1,764

 

 

 

1,489

 

 

 

840

 

 

 

1,557

 

Fuel, lubes and supplies

 

 

2,081

 

 

 

2,131

 

 

 

2,075

 

 

 

1,841

 

 

 

2,193

 

Other

 

 

3,556

 

 

 

3,074

 

 

 

1,682

 

 

 

1,664

 

 

 

2,007

 

 

 

 

25,562

 

 

 

24,719

 

 

 

20,128

 

 

 

20,736

 

 

 

22,567

 

Direct Vessel Profit (1)

 

 

10,482

 

 

 

11,482

 

 

 

13,797

 

 

 

14,931

 

 

 

19,911

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,798

 

 

 

1,200

 

 

 

1,202

 

 

 

3,325

 

 

 

3,477

 

Administrative and general

 

 

8,556

 

 

 

8,861

 

 

 

13,241

 

 

 

9,393

 

 

 

10,577

 

Depreciation and amortization

 

 

15,247

 

 

 

14,833

 

 

 

13,725

 

 

 

13,362

 

 

 

13,733

 

 

 

 

25,601

 

 

 

24,894

 

 

 

28,168

 

 

 

26,080

 

 

 

27,787

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(1,796

)

 

 

233

 

 

 

(3,453

)

 

 

(12,572

)

 

 

(2,679

)

Operating Loss

 

 

(16,915

)

 

 

(13,179

)

 

 

(17,824

)

 

 

(23,721

)

 

 

(10,555

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

61

 

 

 

34

 

 

 

516

 

 

 

662

 

 

 

546

 

Interest expense

 

 

(8,288

)

 

 

(8,312

)

 

 

(6,717

)

 

 

(7,374

)

 

 

(7,130

)

SEACOR Holdings guarantee fees

 

 

(11

)

 

 

(11

)

 

 

(9

)

 

 

(16

)

 

 

(21

)

Derivative losses (gains), net

 

 

(894

)

 

 

5

 

 

 

85

 

 

 

5,114

 

 

 

(663

)

Foreign currency gains, net

 

 

(1,286

)

 

 

(911

)

 

 

193

 

 

 

710

 

 

 

(1,657

)

Other, net

 

 

(19

)

 

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

(10,437

)

 

 

(9,195

)

 

 

(5,932

)

 

 

(904

)

 

 

(8,926

)

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

 

 

(27,352

)

 

 

(22,374

)

 

 

(23,756

)

 

 

(24,625

)

 

 

(19,481

)

Income Tax (Benefit) Expense

 

 

1,865

 

 

 

(3,120

)

 

 

(15,007

)

 

 

(6,662

)

 

 

(2,319

)

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

 

 

(29,217

)

 

 

(19,254

)

 

 

(8,749

)

 

 

(17,963

)

 

 

(17,162

)

Equity in Losses of 50% or Less Owned Companies

 

 

(9,681

)

 

 

(588

)

 

 

2,081

 

 

 

25

 

 

 

(2,277

)

Loss from Continuing Operations

 

 

(38,898

)

 

 

(19,842

)

 

 

(6,668

)

 

 

(17,938

)

 

 

(19,439

)

(Loss) Income from Discontinued Operations, Net of Tax

 

 

51

 

 

 

1,765

 

 

 

602

 

 

 

(2,054

)

 

 

(2,479

)

Net Loss

 

 

(38,847

)

 

 

(18,077

)

 

 

(6,066

)

 

 

(19,992

)

 

 

(21,918

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

 

(31

)

 

 

4

 

 

 

7

 

 

 

(4,047

)

 

 

(1,463

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(38,816

)

 

$

(18,081

)

 

$

(6,073

)

 

$

(15,945

)

 

$

(20,455

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(1.54

)

 

$

(0.79

)

 

$

(0.26

)

 

$

(0.58

)

 

$

(0.76

)

Discontinued operations

 

 

 

 

 

0.07

 

 

 

0.02

 

 

 

(0.08

)

 

 

(0.10

)

 

 

$

(1.54

)

 

$

(0.72

)

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.86

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

25,265

 

 

 

24,989

 

 

 

24,851

 

 

 

23,989

 

 

 

23,832

 

Common Shares and Warrants Outstanding at Period End

 

 

24,919

 

 

 

24,996

 

 

 

24,899

 

 

 

24,854

 

 

 

23,708

 

 

5

 


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

18,405

 

 

$

19,397

 

 

$

15,574

 

 

$

20,988

 

 

$

19,285

 

Fleet utilization

 

 

7

%

 

 

5

%

 

 

5

%

 

 

11

%

 

 

20

%

Fleet available days

 

 

1,797

 

 

 

1,871

 

 

 

1,842

 

 

 

1,864

 

 

 

1,956

 

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

 

45.25

 

 

37

 

 

32

 

 

116

 

 

6

 

Out-of-service days for cold-stacked status

 

 

1,472

 

 

 

1,576

 

 

 

1,465

 

 

 

1,301

 

 

 

1,301

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

2,352

 

 

$

1,668

 

 

$

1,478

 

 

$

4,375

 

 

$

7,408

 

Bareboat charter

 

 

732

 

 

 

731

 

 

 

723

 

 

 

724

 

 

 

732

 

Other marine services

 

 

794

 

 

 

473

 

 

 

513

 

 

 

642

 

 

 

516

 

 

 

 

3,878

 

 

 

2,872

 

 

 

2,714

 

 

 

5,741

 

 

 

8,656

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,372

 

 

 

2,481

 

 

 

2,284

 

 

 

2,928

 

 

 

3,432

 

Repairs and maintenance

 

 

386

 

 

 

338

 

 

 

314

 

 

 

617

 

 

 

782

 

Drydocking

 

 

-

 

 

 

-

 

 

 

110

 

 

 

1,057

 

 

 

252

 

Insurance and loss reserves

 

 

507

 

 

 

778

 

 

 

354

 

 

 

135

 

 

 

566

 

Fuel, lubes and supplies

 

 

208

 

 

 

251

 

 

 

189

 

 

 

524

 

 

 

407

 

Other

 

 

116

 

 

 

85

 

 

 

93

 

 

 

79

 

 

 

102

 

 

 

 

3,589

 

 

 

3,933

 

 

 

3,344

 

 

 

5,340

 

 

 

5,541

 

Direct Vessel Profit (Loss) (1)

 

$

289

 

 

$

(1,061

)

 

$

(630

)

 

$

401

 

 

$

3,115

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

677

 

 

$

716

 

 

$

741

 

 

$

2,138

 

 

$

2,283

 

Depreciation and amortization

 

 

5,854

 

 

 

4,961

 

 

 

5,254

 

 

 

5,358

 

 

 

5,474

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa, primarily West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

8,674

 

 

$

8,364

 

 

$

9,001

 

 

$

9,249

 

 

$

9,435

 

Fleet utilization

 

 

64

%

 

 

71

%

 

 

85

%

 

 

89

%

 

 

88

%

Fleet available days

 

 

1,288

 

 

 

1,288

 

 

 

1,304

 

 

 

1,346

 

 

 

1,349

 

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

 

 

120

 

 

 

45

 

 

 

90

 

 

 

56

 

 

 

68

 

Out-of-service days for cold-stacked status

 

 

276

 

 

 

124

 

 

 

 

 

 

 

 

 

 

Operating Revenues: