smhi-8k_20211104.htm
false 0001690334 0001690334 2021-11-04 2021-11-04

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 4, 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 November 4, 2021, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three and nine months ended September 30, 2021 (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 November 4, 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.

 

 

 

November 4, 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 THIRD QUARTER 2021 RESULTS 

 

 

Houston, Texas

November 4, 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 third quarter ended September 30, 2021.

 

SEACOR Marine’s consolidated operating revenues from continuing operations for the third quarter of 2021 were $43.7 million, operating loss was $14.3 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $36.2 million, operating loss of $13.2 million, and DVP of $11.5 million in the third quarter of 2020.

 

Notable third quarter items include:

 

The Company’s laid-up fleet is down to 7 vessels compared to 20 in the third quarter of 2020.

 

The Company repositioned 4 vessels between regions for new contracts, including the reactivation of 2 vessels.

 

Increased utilization levels and moderate rate improvements were offset by higher out-of-service time and delays caused by Hurricane Ida in the U.S. Gulf of Mexico, as well as the early termination of a contract for one of our liftboats in Europe.

 

The Company continues to monitor the impact of COVID-19 on its global operations in general, including higher labor costs, crew shortages, and higher repair and maintenance expenses.

 

Positive contributions of $14.0 million from our 50% or less owned companies, primarily due to cash distributions from the sale of the Company’s Brazilian joint venture, UP Offshore, in the second quarter of 2021.

 

 

For the third quarter of 2021, net loss attributable to SEACOR Marine was $5.8 million ($0.23 loss per basic share and $0.23 loss per diluted share). This compares to a net loss from continuing operations for the third quarter of 2020 of $18.1 million ($0.72 loss per basic and diluted share). Sequentially, the third quarter of 2021 results compare to consolidated operating revenues from continuing operations of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021. For the second quarter of 2021 the net income attributable to SEACOR Marine’s continuing operations was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to gains on asset dispositions and the extinguishment of debt.

 

Chief Executive Officer John Gellert commented:

 

“The Company’s business saw a noticeable improvement in activity during the third quarter, which translated into additional expenses as we prepared for new contracts. I am encouraged by the levels of tender activity as we plan our business for the rest of the year and 2022. Previously deferred activity from our customers due to COVID and improved commodity prices are providing a strong tailwind as we enter a change in the offshore cycle. We see substantial opportunity to participate in the market up-cycle given the limited supply of readily available tonnage and less than half of our fleet committed long-term.”

 

___________________

(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.

1

 


 

 

* * * * *

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 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 InvestorRelations@seacormarine.com


2

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

 

 

Three Months Ended September 30,

 

 

Nine months ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Revenues

 

$

43,663

 

 

$

36,224

 

 

$

122,974

 

 

$

105,816

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

33,448

 

 

 

24,719

 

 

 

92,370

 

 

 

65,583

 

Administrative and general

 

 

9,134

 

 

 

8,885

 

 

 

26,897

 

 

 

31,519

 

Lease expense

 

 

1,109

 

 

 

1,200

 

 

 

3,421

 

 

 

5,727

 

Depreciation and amortization

 

 

14,306

 

 

 

14,833

 

 

 

43,197

 

 

 

41,920

 

 

 

 

57,997

 

 

 

49,637

 

 

 

165,885

 

 

 

144,749

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

56

 

 

 

233

 

 

 

20,436

 

 

 

(15,792

)

Operating Income (Loss)

 

 

(14,278

)

 

 

(13,180

)

 

 

(22,475

)

 

 

(54,725

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

124

 

 

 

34

 

 

 

1,245

 

 

 

1,212

 

Interest expense

 

 

(6,403

)

 

 

(8,312

)

 

 

(21,731

)

 

 

(22,403

)

SEACOR Holdings guarantee fees

 

 

 

 

 

(11

)

 

 

(7

)

 

 

(36

)

Gain on debt Extinguishment

 

 

 

 

 

 

 

 

61,994

 

 

 

 

Derivative gains, net

 

 

2

 

 

 

5

 

 

 

387

 

 

 

5,204

 

Foreign currency gains (losses), net

 

 

245

 

 

 

(911

)

 

 

(878

)

 

 

(8

)

Gain from return of investments in 50% or less owned companies and other, net

 

 

9,442

 

 

 

 

 

 

9,441

 

 

 

 

 

 

 

3,410

 

 

 

(9,195

)

 

 

50,451

 

 

 

(16,031

)

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

 

 

(10,868

)

 

 

(22,375

)

 

 

27,976

 

 

 

(70,756

)

Income Tax (Benefit) Expense

 

 

(725

)

 

 

(3,120

)

 

 

12,502

 

 

 

(24,789

)

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

 

 

(10,143

)

 

 

(19,255

)

 

 

15,474

 

 

 

(45,967

)

Equity in Earnings Gains (Losses) of 50% or Less Owned Companies

 

 

4,314

 

 

 

(588

)

 

 

10,584

 

 

 

1,518

 

(Loss) Income from Continuing Operations

 

 

(5,829

)

 

 

(19,843

)

 

 

26,058

 

 

 

(44,449

)

Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)

 

 

 

 

 

1,766

 

 

 

22,925

 

 

 

314

 

Net (Loss) Income

 

 

(5,829

)

 

 

(18,077

)

 

 

48,983

 

 

 

(44,135

)

Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

4

 

 

 

1

 

 

 

(4,036

)

Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.

 

$

(5,829

)

 

$

(18,081

)

 

$

48,982

 

 

$

(40,099

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Earnings Per Common Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

(0.79

)

 

$

1.03

 

 

$

(1.64

)

Diluted

 

$

(0.23

)

 

$

(0.79

)

 

$

1.02

 

 

$

(1.64

)

Net Earnings (Loss) Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

0.07

 

 

$

0.90

 

 

$

0.01

 

Diluted

 

$

 

 

$

0.07

 

 

$

0.90

 

 

$

0.01

 

Net (Loss) Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

(0.72

)

 

$

1.93

 

 

$

(1.63

)

Diluted

 

$

(0.23

)

 

$

(0.72

)

 

$

1.92

 

 

$

(1.63

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,515,569

 

 

 

24,989,977

 

 

 

25,419,303

 

 

 

24,611,666

 

Diluted

 

 

25,515,569

 

 

 

24,989,977

 

 

 

25,430,762

 

 

 

24,611,666

 

3

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

12,120

 

 

$

12,007

 

 

$

11,323

 

 

$

10,931

 

 

$

11,051

 

 

Fleet Utilization

 

 

68

%

 

 

67

%

 

 

55

%

 

 

51

%

 

 

54

%

 

Fleet Available Days

 

 

5,108

 

 

 

5,177

 

 

 

5,505

 

 

 

5,824

 

 

 

5,807

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

41,782

 

 

$

41,474

 

 

$

34,290

 

 

$

32,694

 

 

$

34,822

 

 

Bareboat charter

 

 

 

 

 

434

 

 

 

729

 

 

 

732

 

 

 

676

 

 

Other marine services

 

 

1,881

 

 

 

891

 

 

 

1,493

 

 

 

2,595

 

 

 

726

 

 

 

 

 

43,663

 

 

 

42,799

 

 

 

36,512

 

 

 

36,021

 

 

 

36,224

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

15,051

 

 

 

14,353

 

 

 

13,418

 

 

 

13,058

 

 

 

13,401

 

 

Repairs and maintenance

 

 

6,536

 

 

 

6,959

 

 

 

3,840

 

 

 

3,445

 

 

 

3,764

 

 

Drydocking

 

 

771

 

 

 

2,792

 

 

 

2,217

 

 

 

1,753

 

 

 

585

 

 

Insurance and loss reserves

 

 

2,189

 

 

 

2,661

 

 

 

1,958

 

 

 

1,669

 

 

 

1,765

 

 

Fuel, lubes and supplies

 

 

3,684

 

 

 

2,893

 

 

 

2,202

 

 

 

2,081

 

 

 

2,131

 

 

Other

 

 

5,217

 

 

 

2,957

 

 

 

2,672

 

 

 

3,557

 

 

 

3,073

 

 

 

 

 

33,448

 

 

 

32,615

 

 

 

26,307

 

 

 

25,563

 

 

 

24,719

 

 

Direct Vessel Profit (1)

 

 

10,215

 

 

 

10,184

 

 

 

10,205

 

 

 

10,458

 

 

 

11,505

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,109

 

 

 

1,234

 

 

 

1,078

 

 

 

1,798

 

 

 

1,200

 

 

Administrative and general

 

 

9,134

 

 

 

9,152

 

 

 

8,611

 

 

 

8,531

 

 

 

8,885

 

 

Depreciation and amortization

 

 

14,306

 

 

 

14,093

 

 

 

14,798

 

 

 

15,247

 

 

 

14,833

 

 

 

 

 

24,549

 

 

 

24,479

 

 

 

24,487

 

 

 

25,576

 

 

 

24,918

 

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

56

 

 

 

22,653

 

 

 

(2,273

)

 

 

(1,796

)

 

 

233

 

 

Operating (Loss) Income

 

 

(14,278

)

 

 

8,358

 

 

 

(16,555

)

 

 

(16,914

)

 

 

(13,180

)

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

124

 

 

 

135

 

 

 

986

 

 

 

61

 

 

 

34

 

 

Interest expense

 

 

(6,403

)

 

 

(7,310

)

 

 

(8,018

)

 

 

(8,288

)

 

 

(8,312

)

 

SEACOR Holdings guarantee fees

 

 

 

 

 

 

 

 

(7

)

 

 

(11

)

 

 

(11

)

 

Derivative gains (losses), net

 

 

2

 

 

 

30

 

 

 

355

 

 

 

(894

)

 

 

5

 

 

Gain on debt extinguishment

 

 

 

 

 

61,994

 

 

 

 

 

 

 

 

 

 

 

Foreign currency gains (losses), net

 

 

245

 

 

 

(657

)

 

 

(466

)

 

 

(1,286

)

 

 

(911

)

 

Other, net

 

 

9,442

 

 

 

(1

)

 

 

 

 

 

(19

)

 

 

 

 

 

 

 

3,410

 

 

 

54,191

 

 

 

(7,150

)

 

 

(10,437

)

 

 

(9,195

)

 

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

 

 

(10,868

)

 

 

62,549

 

 

 

(23,705

)

 

 

(27,351

)

 

 

(22,375

)

 

Income Tax (Benefit) Expense

 

 

(725

)

 

 

15,915

 

 

 

(2,688

)

 

 

1,865

 

 

 

(3,120

)

 

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

 

 

(10,143

)

 

 

46,634

 

 

 

(21,017

)

 

 

(29,216

)

 

 

(19,255

)

 

Equity in Earnings Gains (Losses) of 50% or Less Owned Companies

 

 

4,314

 

 

 

2,167

 

 

 

4,103

 

 

 

(9,681

)

 

 

(588

)

 

(Loss) Income from Continuing Operations

 

 

(5,829

)

 

 

48,801

 

 

 

(16,914

)

 

 

(38,897

)

 

 

(19,843

)

 

Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)

 

 

 

 

 

 

 

 

22,925

 

 

 

50

 

 

 

1,766

 

 

Net (Loss) Income

 

 

(5,829

)

 

 

48,801

 

 

 

6,011

 

 

 

(38,847

)

 

 

(18,077

)

 

Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

1

 

 

 

 

 

 

(31

)

 

 

4

 

 

Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.

 

$

(5,829

)

 

$

48,800

 

 

$

6,011

 

 

$

(38,816

)

 

$

(18,081

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Earnings Per Common Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

1.92

 

 

$

(0.67

)

 

$

(1.54

)

 

$

(0.79

)

 

Diluted

 

$

(0.23

)

 

$

1.79

 

 

$

(0.67

)

 

$

(1.54

)

 

$

(0.79

)

 

Net Earnings (Loss) Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

 

 

$

0.91

 

 

$

 

 

$

0.07

 

 

Diluted

 

$

 

 

$

 

 

$

0.91

 

 

$

 

 

$

0.07

 

 

Net (Loss) Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.23

)

 

$

1.92

 

 

$

0.24

 

 

$

(1.54

)

 

$

(0.72

)

 

Diluted

 

$

(0.23

)

 

$

1.79

 

 

$

0.24

 

 

$

(1.54

)

 

$

(0.72

)

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,516

 

 

 

25,435

 

 

 

25,305

 

 

 

25,265

 

 

 

24,990

 

 

Diluted

 

 

25,516

 

 

 

28,345

 

 

 

25,305

 

 

 

25,265

 

 

 

24,990

 

 

Common Shares and Warrants Outstanding at Period End

 

 

25,864

 

 

 

25,869

 

 

 

25,683

 

 

 

24,919

 

 

 

24,924

 

 

4

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

18,702

 

 

$

17,058

 

 

$

15,910

 

 

$

18,405

 

 

$

19,397

 

 

Fleet utilization

 

 

27

%

 

 

18

%

 

 

6

%

 

 

7

%

 

 

5

%

 

Fleet available days

 

 

1,062

 

 

 

1,112

 

 

 

1,518

 

 

 

1,797

 

 

 

1,871

 

 

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

 

 

246

 

 

 

137

 

 

 

67

 

 

 

45

 

 

37

 

 

Out-of-service days for cold-stacked status

 

 

469

 

 

 

748

 

 

 

1,270

 

 

 

1,472

 

 

 

1,576

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

5,289

 

 

$

3,419

 

 

$

1,489

 

 

$

2,352

 

 

$

1,668

 

 

Bareboat charter

 

 

 

 

 

434

 

 

 

729

 

 

 

732

 

 

 

731

 

 

Other marine services

 

 

1,215

 

 

 

727

 

 

 

546

 

 

 

794

 

 

 

473

 

 

 

 

 

6,504

 

 

 

4,580

 

 

 

2,764

 

 

 

3,878

 

 

 

2,872

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,428

 

 

 

1,528

 

 

 

1,744

 

 

 

2,372

 

 

 

2,481

 

 

Repairs and maintenance

 

 

1,266

 

 

 

389

 

 

 

654

 

 

 

386

 

 

 

338

 

 

Drydocking

 

 

239

 

 

 

777

 

 

 

875

 

 

 

 

 

 

 

 

Insurance and loss reserves

 

 

462

 

 

 

923

 

 

 

527

 

 

 

507

 

 

 

778

 

 

Fuel, lubes and supplies

 

 

259

 

 

 

245

 

 

 

199

 

 

 

208

 

 

 

251

 

 

Other

 

 

147

 

 

 

224

 

 

 

77

 

 

 

116

 

 

 

85

 

 

 

 

 

4,801

 

 

 

4,086

 

 

 

4,076

 

 

 

3,589

 

 

 

3,933

 

 

Direct Vessel (Loss) Profit (1)

 

$

1,703

 

 

$

494

 

 

$

(1,312

)

 

$

289

 

 

$

(1,061

)

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

621

 

 

$

703

 

 

$

664

 

 

$

677

 

 

$

716

 

 

Depreciation and amortization

 

 

3,936

 

 

 

3,287

 

 

 

4,164

 

 

 

5,854

 

 

 

4,961

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe, Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,551

 

 

$

11,231

 

 

$

11,356

 

 

$

10,837

 

 

$

10,801

 

 

Fleet utilization

 

 

77

%

 

 

75

%

 

 

68

%

 

 

61

%

 

 

68

%

 

Fleet available days

 

 

1,417

 

 

 

1,365

 

 

 

1,356

 

 

 

1,472

 

 

 

1,472

 

 

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

 

 

52

 

 

 

65

 

 

 

78

 

 

 

138

 

 

 

45

 

 

Out-of-service days for cold-stacked status

 

 

29

 

 

 

176

 

 

 

346

 

 

 

368

 

 

 

216

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

10,446

 

 

$

11,437

 

 

$

10,502

 

 

$

9,796

 

 

$

10,861

 

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55

)

 

Other marine services

 

 

(429

)

 

 

(224

)

 

 

(269

)

 

 

319

 

 

 

(255

)

 

 

 

 

10,017

 

 

 

11,213

 

 

 

10,233

 

 

 

10,115

 

 

 

10,551

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

3,147

 

 

 

4,253

 

 

 

3,220

 

 

 

3,511

 

 

 

3,407

 

 

Repairs and maintenance

 

 

1,540

 

 

 

2,195

 

 

 

1,191

 

 

 

1,437

 

 

 

1,158

 

 

Drydocking

 

 

337

 

 

 

374

 

 

 

304

 

 

 

1,269

 

 

 

481

 

 

Insurance and loss reserves

 

 

323

 

 

 

352

 

 

 

433

 

 

 

511

 

 

 

398

 

 

Fuel, lubes and supplies

 

 

1,631

 

 

 

887

 

 

 

572

 

 

 

853

 

 

 

1,091

 

 

Other

 

 

1,424

 

 

 

2,072

 

 

 

579

 

 

 

(674

)

 

 

773

 

 

 

 

 

8,402

 

 

 

10,133

 

 

 

6,299

 

 

 

6,907

 

 

 

7,308

 

 

Direct Vessel Profit (1)

 

$

1,615

 

 

$

1,080

 

 

$

3,934

 

 

$

3,208

 

 

$

3,243

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

284

 

 

$

270

 

 

$

356

 

 

$

1,056

 

 

$

429

 

 

Depreciation and amortization

 

 

3,296

 

 

 

3,305

 

 

 

3,307

 

 

 

2,964

 

 

 

3,785

 

 

 

5

 


 

SEACOR MARINE HOLDINGS INC.

 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

Middle East and Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

10,374

 

 

$

9,292

 

 

$

9,308

 

 

$

9,455

 

 

$

9,670

 

Fleet utilization

 

 

73

%

 

 

81

%

 

 

73

%

 

 

75

%

 

 

78

%

Fleet available days

 

 

1,780

 

 

 

1,820

 

 

 

1,852

 

 

 

1,840

 

 

 

1,809

 

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

 

 

134

 

 

 

105

 

 

 

115

 

 

68

 

 

89

 

Out-of-service days for cold-stacked status

 

 

214

 

 

 

116

 

 

 

239

 

 

169

 

 

76

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

13,417

 

 

$

13,752

 

 

$

12,575

 

 

$

13,008

 

 

$

13,672

 

Other marine services

 

 

85

 

 

 

31

 

 

 

360

 

 

 

927

 

 

 

296

 

 

 

 

13,502

 

 

 

13,783

 

 

 

12,935

 

 

 

13,935

 

 

 

13,968

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,849

 

 

 

5,378

 

 

 

5,208

 

 

 

5,411

 

 

 

5,171

 

Repairs and maintenance

 

 

1,610

 

 

 

2,806

 

 

 

903

 

 

 

842

 

 

 

1,564

 

Drydocking

 

 

156

 

 

 

1,185

 

 

 

1,066

 

 

 

41

 

 

 

104

 

Insurance and loss reserves

 

 

707

 

 

 

461

 

 

 

702

 

 

 

501

 

 

 

451

 

Fuel, lubes and supplies

 

 

777

 

 

 

1,081

 

 

 

559

 

 

 

604

 

 

 

482

 

Other

 

 

2,823

 

 

 

43

 

 

 

1,144

 

 

 

3,618

 

 

 

1,771

 

 

 

 

11,922

 

 

 

10,954

 

 

 

9,582

 

 

 

11,017

 

 

 

9,543

 

Direct Vessel Profit (1)

 

$

1,580

 

 

$

2,829

 

 

$

3,353

 

 

$

2,918

 

 

$

4,425

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

377

 

 

$

35

 

 

$

22

 

 

$

47

 

 

$

46

 

Depreciation and amortization

 

 

4,456

 

 

 

4,663

 

 

 

4,710

 

 

 

4,505

 

 

 

4,379

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

16,240

 

 

$

17,034

 

 

$

14,751

 

 

$

12,921

 

 

$

13,355

 

Fleet utilization

 

 

92

%

 

 

86

%

 

 

85

%

 

 

82

%

 

 

99

%

Fleet available days

 

 

849

 

 

 

880

 

 

 

779

 

 

 

716

 

 

 

655

 

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

 

 

58

 

 

 

117

 

 

 

94

 

 

 

66

 

 

 

7

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

12,630

 

 

$

12,866

 

 

$

9,724

 

 

$

7,538

 

 

$

8,621

 

Other marine services

 

 

1,010

 

 

 

357

 

 

 

856

 

 

 

555

 

 

 

212

 

 

 

 

13,640

 

 

 

13,223

 

 

 

10,580

 

 

 

8,093

 

 

 

8,833

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

3,627

 

 

 

3,194

 

 

 

3,246

 

 

 

1,764

 

 

 

2,342

 

Repairs and maintenance

 

 

2,120

 

 

 

1,569

 

 

 

1,092

 

 

 

780

 

 

 

704

 

Drydocking

 

 

39

 

 

 

456

 

 

 

(28

)

 

 

443

 

 

 

 

Insurance and loss reserves

 

 

697

 

 

 

925

 

 

 

296

 

 

 

150

 

 

 

138

 

Fuel, lubes and supplies

 

 

1,017

 

 

 

680

 

 

 

872

 

 

 

416

 

 

 

307

 

Other

 

 

823

 

 

 

618

 

 

 

872

 

 

 

497

 

 

 

444

 

 

 

 

8,323

 

 

 

7,442

 

 

 

6,350

 

 

 

4,050

 

 

 

3,935

 

Direct Vessel Profit (1)

 

$

5,317

 

 

$

5,781

 

 

$

4,230

 

 

$

4,043

 

 

$

4,898

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

(173

)

 

$

226

 

 

$

36

 

 

$

18

 

 

$

9

 

Depreciation and amortization

 

 

2,618

 

 

 

2,838

 

 

 

2,617

 

 

 

1,924

 

 

 

1,708

 

 

 

 

 

6

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Anchor handling towing supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

14,346

 

 

$

11,268

 

 

$

7,778

 

 

$

7,967

 

 

$

7,388

 

 

Fleet utilization

 

 

66

%

 

 

59

%

 

 

67

%

 

 

44

%

 

 

54

%

 

Fleet available days

 

 

552

 

 

 

546

 

 

 

540

 

 

 

641

 

 

 

644

 

 

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

 

 

61

 

 

 

105

 

 

 

 

 

133

 

 

21

 

 

Out-of-service days for cold-stacked status

 

 

92

 

 

 

118

 

 

 

180

 

 

228

 

 

276

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

5,224

 

 

$

3,640

 

 

$

2,801

 

 

$

2,236

 

 

$

2,564

 

 

Other marine services

 

 

(151

)

 

 

(157

)

 

 

(130

)

 

 

433

 

 

 

(147

)

 

 

 

 

5,073

 

 

 

3,483

 

 

 

2,671

 

 

 

2,669

 

 

 

2,417

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

1,584

 

 

 

1,513

 

 

 

984

 

 

 

1,149

 

 

 

950

 

 

Repairs and maintenance

 

 

1,044

 

 

 

471

 

 

 

241

 

 

 

542

 

 

 

432

 

 

Drydocking

 

 

(217

)

 

 

1,322

 

 

 

54

 

 

 

847

 

 

 

(2

)

 

Insurance and loss reserves

 

 

193

 

 

 

99

 

 

 

194

 

 

 

199

 

 

 

139

 

 

Fuel, lubes and supplies

 

 

388

 

 

 

344

 

 

 

139

 

 

 

258

 

 

 

148

 

 

Other

 

 

408

 

 

 

444

 

 

 

270

 

 

 

535

 

 

 

370

 

 

 

 

 

3,400

 

 

 

4,193

 

 

 

1,882

 

 

 

3,530

 

 

 

2,037

 

 

Direct Vessel Profit (Loss) (1)

 

$

1,673

 

 

$

(710

)

 

$

789

 

 

$

(861

)

 

$

380

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

354

 

 

$

362

 

 

$

400

 

 

$

1,127

 

 

$

505

 

 

Depreciation and amortization

 

 

494

 

 

 

495

 

 

 

494

 

 

 

494

 

 

 

495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fast support

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

8,455

 

 

$

7,962

 

 

$

7,888

 

 

$

8,074

 

 

$

8,421

 

 

Fleet utilization

 

 

70

%

 

 

71

%

 

 

61

%

 

 

60

%

 

 

63

%

 

Fleet available days

 

 

2,208

 

 

 

2,100

 

 

 

2,207

 

 

 

2,300

 

 

 

2,300

 

 

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

 

 

300

 

 

 

226

 

 

 

182

 

 

155

 

 

71

 

 

Out-of-service days for cold-stacked status

 

 

178

 

 

 

314

 

 

 

584

 

 

549

 

 

421

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

13,007

 

 

$

11,827

 

 

$

10,657

 

 

$

11,151

 

 

$

12,212

 

 

Bareboat charter

 

 

 

 

 

434

 

 

 

729

 

 

 

732

 

 

 

731

 

 

Other marine services

 

 

(121

)

 

 

(249

)

 

 

(218

)

 

 

(283

)

 

 

(256

)

 

 

 

 

12,886

 

 

 

12,012

 

 

 

11,168

 

 

 

11,600

 

 

 

12,687

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,588

 

 

 

4,802

 

 

 

4,041

 

 

 

4,409

 

 

 

4,180

 

 

Repairs and maintenance

 

 

2,313

 

 

 

3,618

 

 

 

1,535

 

 

 

1,604

 

 

 

1,642

 

 

Drydocking

 

 

965

 

 

 

1,178

 

 

 

1,178

 

 

 

912

 

 

 

587

 

 

Insurance and loss reserves

 

 

328

 

 

 

507

 

 

 

466

 

 

 

471

 

 

 

353

 

 

Fuel, lubes and supplies

 

 

1,390

 

 

 

1,154

 

 

 

726

 

 

 

836

 

 

 

976

 

 

Other

 

 

2,021

 

 

 

1,640

 

 

 

1,141

 

 

 

2,085

 

 

 

1,489

 

 

 

 

 

11,605

 

 

 

12,899

 

 

 

9,087

 

 

 

10,317

 

 

 

9,227

 

 

Direct Vessel Profit (Loss) (1)

 

$

1,281

 

 

$

(887

)

 

$

2,081

 

 

$

1,283

 

 

$

3,460

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

693

 

 

$

352

 

 

$

352

 

 

$

352

 

 

$

351

 

 

Depreciation and amortization

 

 

4,929

 

 

 

4,931

 

 

 

5,096

 

 

 

5,113

 

 

 

5,105

 

 

 

 

7

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,631

 

 

$

11,921

 

 

$

12,110

 

 

$

11,373

 

 

$

11,355

 

 

Fleet utilization

 

 

77

%

 

 

80

%

 

 

63

%

 

 

63

%

 

 

74

%

 

Fleet available days

 

 

1,372

 

 

 

1,274

 

 

 

1,319

 

 

 

1,360

 

 

 

1,257

 

 

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

 

 

64

 

 

 

11

 

 

 

105

 

 

 

12

 

 

 

23

 

 

Out-of-service days for cold-stacked status

 

 

174

 

 

 

91

 

 

 

315

 

 

 

353

 

 

 

229

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

12,317

 

 

$

12,179

 

 

$

10,082

 

 

$

9,714

 

 

$

10,541

 

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55

)

 

Other marine services

 

 

221

 

 

 

117

 

 

 

346

 

 

 

482

 

 

 

92

 

 

 

 

 

12,538

 

 

 

12,296

 

 

 

10,428

 

 

 

10,196

 

 

 

10,578

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,738

 

 

 

4,044

 

 

 

4,158

 

 

 

3,364

 

 

 

3,821

 

 

Repairs and maintenance

 

 

2,078

 

 

 

2,039

 

 

 

1,135

 

 

 

735

 

 

 

968

 

 

Drydocking

 

 

23

 

 

 

180

 

 

 

110

 

 

 

(2

)

 

 

 

 

Insurance and loss reserves

 

 

595

 

 

 

436

 

 

 

474

 

 

 

238

 

 

 

230

 

 

Fuel, lubes and supplies

 

 

1,221

 

 

 

1,034

 

 

 

1,003

 

 

 

622

 

 

 

601

 

 

Other

 

 

988

 

 

 

884

 

 

 

880

 

 

 

1,205

 

 

 

1,022

 

 

 

 

 

9,643

 

 

 

8,617

 

 

 

7,760

 

 

 

6,162

 

 

 

6,642

 

 

Direct Vessel Profit (1)

 

$

2,895

 

 

$

3,679

 

 

$

2,668

 

 

$

4,034

 

 

$

3,936

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,149

 

 

 

2,936

 

 

 

2,977

 

 

 

3,060

 

 

 

2,673

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

 

 

$

1,571

 

 

$

1,890

 

 

$

2,025

 

 

$

2,025

 

 

Fleet utilization

 

 

0

%

 

 

92

%

 

 

100

%

 

 

100

%

 

 

100

%

 

Fleet available days

 

 

92

 

 

 

91

 

 

 

90

 

 

 

92

 

 

 

134

 

 

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

 

 

65

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

Out-of-service days for cold-stacked status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

 

 

$

131

 

 

$

170

 

 

$

187

 

 

$

186

 

 

Other marine services

 

 

 

 

 

23

 

 

 

12

 

 

 

(23

)

 

 

1

 

 

 

 

 

 

 

 

154

 

 

 

182

 

 

 

164

 

 

 

187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

35

 

 

 

99

 

 

 

89

 

 

 

70

 

 

 

72

 

 

Repairs and maintenance

 

 

7

 

 

 

104

 

 

 

8

 

 

 

34

 

 

 

51

 

 

Drydocking

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

Insurance and loss reserves

 

 

3

 

 

 

5

 

 

 

4

 

 

 

(3

)

 

 

14

 

 

Fuel, lubes and supplies

 

 

6

 

 

 

5

 

 

 

8

 

 

 

3

 

 

 

(2

)

 

Other

 

 

28

 

 

 

33

 

 

 

26

 

 

 

18

 

 

 

55

 

 

 

 

 

79

 

 

 

246

 

 

 

135

 

 

 

119

 

 

 

190

 

 

Direct Vessel Profit (Loss) (1)

 

$

(79

)

 

$

(92

)

 

$

47

 

 

$

45

 

 

$

(3

)

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

 

 

$

 

 

$

 

 

$

1,541

 

 

$

27

 

 

 

8

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

 

 

Three Months Ended

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Liftboats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

23,137

 

 

$

25,334

 

 

$

26,792

 

 

$

24,561

 

 

$

27,947

 

 

Fleet utilization

 

 

55

%

 

 

46

%

 

 

29

%

 

 

27

%

 

 

23

%

 

Fleet available days

 

 

884

 

 

 

1,167

 

 

 

1,350

 

 

 

1,432

 

 

 

1,472

 

 

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

 

 

65

 

 

 

75

 

 

 

67

 

 

18

 

 

64

 

 

Out-of-service days for cold-stacked status

 

 

202

 

 

 

517

 

 

 

776

 

 

 

880

 

 

 

899

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

11,234

 

 

$

13,697

 

 

$

10,580

 

 

$

9,406

 

 

$

9,319

 

 

Other marine services

 

 

997

 

 

 

688

 

 

 

797

 

 

 

395

 

 

 

316

 

 

 

 

 

12,231

 

 

 

14,385

 

 

 

11,377

 

 

 

9,801

 

 

 

9,635

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,033

 

 

 

3,916

 

 

 

3,806

 

 

 

3,742

 

 

 

3,963

 

 

Repairs and maintenance

 

 

1,104

 

 

 

716

 

 

 

894

 

 

 

524

 

 

 

624

 

 

Drydocking

 

 

 

 

 

112

 

 

 

875

 

 

 

(1

)

 

 

 

 

Insurance and loss reserves

 

 

1,170

 

 

 

1,752

 

 

 

719

 

 

 

690

 

 

 

1,055

 

 

Fuel, lubes and supplies

 

 

668

 

 

 

353

 

 

 

320

 

 

 

349

 

 

 

370

 

 

Other

 

 

1,672

 

 

 

(58

)

 

 

677

 

 

 

1,642

 

 

 

538

 

 

 

 

 

8,647

 

 

 

6,791

 

 

 

7,291

 

 

 

6,946

 

 

 

6,550

 

 

Direct Vessel Profit (1)

 

$

3,584

 

 

$

7,594

 

 

$

4,086

 

 

$

2,855

 

 

$

3,085

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

(200

)

 

$

205

 

 

$

12

 

 

$

19

 

 

$

31

 

 

Depreciation and amortization

 

 

5,170

 

 

 

5,171

 

 

 

5,659

 

 

 

6,009

 

 

 

5,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other marine services

 

$

935

 

 

$

469

 

 

$

686

 

 

$

1,591

 

 

$

720

 

 

 

 

 

935

 

 

 

469

 

 

 

686

 

 

 

1,591

 

 

 

720

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

73

 

 

 

(21

)

 

 

340

 

 

 

324

 

 

 

415

 

 

Repairs and maintenance

 

 

(10

)

 

 

11

 

 

 

27

 

 

 

6

 

 

 

47

 

 

Insurance and loss reserves

 

 

(100

)

 

 

(138

)

 

 

101

 

 

 

74

 

 

 

(26

)

 

Fuel, lubes and supplies

 

 

11

 

 

 

3

 

 

 

6

 

 

 

13

 

 

 

38

 

 

Other

 

 

100

 

 

 

14

 

 

 

(322

)

 

 

(1,928

)

 

 

(401

)

 

 

 

 

74

 

 

 

(131

)

 

 

152

 

 

 

(1,511

)

 

 

73

 

 

Direct Vessel Profit (1)

 

$

861

 

 

$

600

 

 

$

534

 

 

$

3,102

 

 

$

647

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

262

 

 

$

315

 

 

$

314

 

 

$

300

 

 

$

313

 

 

Depreciation and amortization

 

 

564

 

 

 

560

 

 

 

572

 

 

 

(970

)

 

 

553

 

 

 

 

9

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

42,194

 

 

$

45,446

 

 

$

68,409

 

 

$

32,666

 

 

$

42,314

 

 

Restricted cash

 

 

4,160

 

 

 

5,855

 

 

 

3,352

 

 

 

3,352

 

 

 

3,352

 

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade, net of allowance for doubtful accounts

 

 

50,343

 

 

 

47,082

 

 

 

42,680

 

 

 

45,325

 

 

 

48,294

 

 

Other

 

 

13,750

 

 

 

12,152

 

 

 

11,265

 

 

 

10,924

 

 

 

18,365

 

 

Receivables from SEACOR Holdings

 

 

 

 

 

 

 

 

19,332

 

 

 

18,832

 

 

 

18,814

 

 

Tax Receivable

 

 

101

 

 

 

1,497

 

 

 

1,498

 

 

 

13,556

 

 

 

11,770

 

 

Inventories

 

 

476

 

 

 

425

 

 

 

572

 

 

 

576

 

 

 

573

 

 

Prepaid expenses and other

 

 

3,851

 

 

 

4,527

 

 

 

2,326

 

 

 

3,230

 

 

 

3,438

 

 

Other Current Assets

 

 

 

 

 

 

 

 

423

 

 

 

 

 

 

 

 

Assets held for sale

 

 

 

 

 

 

 

 

 

 

 

50,235

 

 

 

46,768

 

 

Total current assets

 

 

114,875

 

 

 

116,984

 

 

 

149,857

 

 

 

178,696

 

 

 

193,688

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

 

989,910

 

 

 

972,267

 

 

 

1,000,430

 

 

 

1,012,873

 

 

 

996,370

 

 

Accumulated depreciation

 

 

(303,178

)

 

 

(288,882

)

 

 

(297,792

)

 

 

(291,538

)

 

 

(280,468

)

 

 

 

 

686,732

 

 

 

683,385

 

 

 

702,638

 

 

 

721,335

 

 

 

715,902

 

 

Construction in progress

 

 

15,577

 

 

 

32,903

 

 

 

32,530

 

 

 

32,327

 

 

 

51,969

 

 

Net property and equipment

 

 

702,309

 

 

 

716,288

 

 

 

735,168

 

 

 

753,662

 

 

 

767,871

 

 

Right-of-Use Asset - Operating Leases

 

 

4,670

 

 

 

5,469

 

 

 

7,046

 

 

 

7,134

 

 

 

7,670

 

 

Right-of-Use Asset - Finance Lease

 

 

108

 

 

 

116

 

 

 

121

 

 

 

129

 

 

 

137

 

 

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

 

 

77,426

 

 

 

77,539

 

 

 

79,000

 

 

 

75,308

 

 

 

84,701

 

 

Other Assets

 

 

2,672

 

 

 

2,781

 

 

 

2,624

 

 

 

2,734

 

 

 

3,108

 

 

 

 

$

902,060

 

 

$

919,177

 

 

$

973,816

 

 

$

1,017,663

 

 

$

1,057,175

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

1,269

 

 

$

2,885

 

 

$

5,139

 

 

$

7,030

 

 

$

9,446

 

 

Current lease liability - Finance

 

 

32

 

 

 

32

 

 

 

46

 

 

 

36

 

 

 

27

 

 

Current portion of long-term debt

 

 

28,875

 

 

 

28,419

 

 

 

34,888

 

 

 

32,377

 

 

 

52,108

 

 

Accounts payable and accrued expenses

 

 

23,578

 

 

 

27,163

 

 

 

21,428

 

 

 

29,967

 

 

 

28,888

 

 

Due to SEACOR Holdings

 

 

276

 

 

 

277

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities

 

 

21,109

 

 

 

26,886

 

 

 

29,719

 

 

 

31,467

 

 

 

29,548

 

 

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

30,927

 

 

 

28,555

 

 

Total current liabilities

 

 

75,139

 

 

 

85,662

 

 

 

91,220

 

 

 

131,804

 

 

 

148,572

 

 

Long-Term Operating Lease Liabilities

 

 

4,000

 

 

 

4,072

 

 

 

4,778

 

 

 

4,345

 

 

 

5,239

 

 

Long-Term Finance Lease Liabilities

 

 

84

 

 

 

92

 

 

 

97

 

 

 

105

 

 

 

113

 

 

Long-Term Debt

 

 

321,641

 

 

 

320,823

 

 

 

431,849

 

 

 

440,510

 

 

 

426,711

 

 

Conversion Option Liability on Convertible Senior Notes

 

 

5

 

 

 

7

 

 

 

37

 

 

 

2

 

 

 

1

 

 

Deferred Income Taxes

 

 

43,463

 

 

 

46,169

 

 

 

31,766

 

 

 

35,822

 

 

 

36,075

 

 

Deferred Gains and Other Liabilities

 

 

2,925

 

 

 

2,951

 

 

 

4,910

 

 

 

3,239

 

 

 

3,810

 

 

Total liabilities

 

 

447,257

 

 

 

459,776

 

 

 

564,657

 

 

 

615,827

 

 

 

620,521

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

245

 

 

 

245

 

 

 

243

 

 

 

235

 

 

 

235

 

 

Additional paid-in capital

 

 

455,373

 

 

 

454,079

 

 

 

452,290

 

 

 

451,179

 

 

 

450,320

 

 

(Accumulated Deficit) Retained earnings

 

 

(7,059

)

 

 

(1,230

)

 

 

(50,029

)

 

 

(51,839

)

 

 

(13,023

)

 

Shares held in treasury

 

 

(1,120

)

 

 

(1,120

)

 

 

(1,110

)

 

 

(848

)

 

 

(848

)

 

Accumulated other comprehensive loss, net of tax

 

 

7,044

 

 

 

7,107

 

 

 

7,446

 

 

 

2,790

 

 

 

(380

)

 

 

 

 

454,483

 

 

 

459,081

 

 

 

408,840

 

 

 

401,517

 

 

 

436,304

 

 

Noncontrolling interests in subsidiaries

 

 

320

 

 

 

320

 

 

 

319

 

 

 

319

 

 

 

350

 

 

Total equity

 

 

454,803

 

 

 

459,401

 

 

 

409,159

 

 

 

401,836

 

 

 

436,654

 

 

 

 

$

902,060

 

 

$

919,177

 

 

$

973,816

 

 

$

1,017,663

 

 

$

1,057,175

 

 

 


10

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

 

 

Three Months Ended

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Sep. 30, 2020

 

 

Cash Flows from Continuing Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

(5,829

)

 

$

48,801

 

 

$

6,011

 

 

$

(38,897

)

 

$

(19,843

)

 

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

14,306

 

 

 

14,093

 

 

 

14,798

 

 

 

15,247

 

 

 

14,833

 

 

Deferred financing costs amortization

 

 

255

 

 

254

 

 

260

 

 

266

 

 

 

278

 

 

Share-based compensation expense

 

 

1,294

 

 

 

1,779

 

 

 

849

 

 

 

859

 

 

 

1,204

 

 

Debt discount amortization

 

 

1,573

 

 

 

1,787

 

 

 

1,892

 

 

 

1,917

 

 

 

1,797

 

 

Bad debt recoveries

 

 

122

 

 

 

132

 

 

 

24

 

 

 

(146

)

 

 

185

 

 

Gain (Loss) from equipment sales, retirements or impairments

 

 

(56

)

 

 

(22,653

)

 

 

2,273

 

 

 

1,796

 

 

 

(233

)

 

Gain on the Sale of Windcat Workboats

 

 

 

 

 

 

 

 

(22,756

)

 

 

 

 

 

 

 

Gain on debt extinguishment, net

 

 

 

 

 

(62,749

)

 

 

 

 

 

 

 

 

 

 

Gain from return of investment

 

 

(9,442

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative (gains) losses

 

 

(2

)

 

 

(30

)

 

 

(355

)

 

 

894

 

 

 

(5

)

 

Cash settlement payments on derivative transactions, net

 

 

(414

)

 

 

(414

)

 

 

(919

)

 

 

(441

)

 

 

(426

)

 

Currency (gains) losses

 

 

(245

)

 

657

 

 

466

 

 

 

1,286

 

 

 

911

 

 

Deferred income taxes

 

 

(2,706

)

 

 

14,403

 

 

 

(4,056

)

 

 

(254

)

 

 

12,333

 

 

Equity (Earnings) Losses

 

 

(4,314

)

 

 

(2,167

)

 

 

(4,103

)

 

 

9,681

 

 

 

588

 

 

Dividends received from equity investees

 

 

4,515

 

 

 

 

 

 

 

 

 

 

 

 

2,117

 

 

Changes in Operating Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables

 

 

(3,798

)

 

 

16,047

 

 

 

11,345

 

 

 

7,668

 

 

 

(17,737

)

 

Other assets

 

 

1,561

 

 

 

(1,296

)

 

 

1,192

 

 

 

605

 

 

 

655

 

 

Accounts payable and accrued liabilities

 

 

(1,416

)

 

 

4,268

 

 

 

(10,296

)

 

 

(2,807

)

 

 

887

 

 

Net cash provided by (used in) used in operating activities

 

 

(4,596

)

 

 

12,912

 

 

 

(3,375

)

 

 

(2,326

)

 

 

(2,456

)

 

Cash Flows from Continuing Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(2,910

)

 

 

(926

)

 

 

(2,724

)

 

 

(2,500

)

 

 

(2,833

)

 

Proceeds from disposition of property and equipment

 

 

 

 

 

26,871

 

 

 

3,266

 

 

 

 

 

 

3,539

 

 

Proceeds from Sale of WWH, net cash sold

 

 

 

 

 

 

 

 

38,715

 

 

 

 

 

 

 

 

Net investing activities in property and equipment

 

 

(2,910

)

 

 

25,945

 

 

 

39,257

 

 

 

(2,500

)

 

 

706

 

 

Investments in and advances to 50% or less owned companies

 

 

 

 

 

 

 

 

(736

)

 

 

(1,248

)

 

 

(713

)

 

Excess distributions from equity investees

 

 

9,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal payments on notes due from equity investees

 

 

179

 

 

 

2,877

 

 

 

919

 

 

 

1,225

 

 

 

490

 

 

Net cash provided by (used in) investing activities

 

 

6,711

 

 

 

28,822

 

 

 

39,440

 

 

 

(2,523

)

 

 

483

 

 

Cash Flows from Continuing Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on long-term debt

 

 

(7,054

)

 

 

(56,787

)

 

 

(8,302

)

 

 

(5,780

)

 

 

(8,246

)

 

Payments on debt extinguishment cost

 

 

 

 

 

(755

)

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt, net of offering costs

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

(1

)

 

Payment on finance lease

 

 

(9

)

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

Interest on finance lease

 

 

1

 

 

 

 

 

 

2

 

 

 

1

 

 

 

 

 

Issuance of stock

 

 

 

 

 

2

 

 

 

8

 

 

 

 

 

 

2

 

 

Net cash used in financing activities

 

 

(7,062

)

 

 

(57,552

)

 

 

(8,292

)

 

 

(5,778

)

 

 

(8,245

)

 

Effects of Exchange Rate Changes on Cash and Cash Equivalents

 

 

 

 

 

(4,642

)

 

 

4,621

 

 

 

979

 

 

 

644

 

 

Net Change in Cash, Cash Equivalents and Restricted Cash

 

 

(4,947

)

 

 

(20,460

)

 

 

32,394

 

 

 

(9,648

)

 

 

(9,574

)

 

Cash Flows from Discontinued Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Activities

 

 

 

 

 

 

 

 

(171

)

 

 

1,870

 

 

 

1,543

 

 

Investing Activities

 

 

 

 

 

 

 

 

 

 

 

(1,436

)

 

 

(2,527

)

 

Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,090

 

 

Effects of FX Rate Changes on Cash and Cash Equivalents

 

 

 

 

 

 

 

 

 

 

 

221

 

 

 

(51

)

 

   Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:

 

 

 

 

 

 

 

 

(171

)

 

 

655

 

 

 

55

 

 

Net Change in Cash, Cash Equivalents and Restricted Cash

 

 

(4,947

)

 

 

(20,460

)

 

 

32,223

 

 

 

(8,993

)

 

 

(9,519

)

 

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

 

 

51,301

 

 

 

71,761

 

 

 

39,538

 

 

 

48,531

 

 

 

58,050

 

 

Cash, Restricted Cash and Cash Equivalents, End of Period

 

$

46,354

 

 

$

51,301

 

 

$

71,761

 

 

$

39,538

 

 

$

48,531

 

 

11

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

 

 

Owned

 

 

Joint Ventured

 

 

Leased-in

 

 

Managed

 

 

Total

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

4

 

 

 

 

 

 

2

 

 

 

 

 

 

6

 

FSV

 

 

23

 

 

 

5

 

 

 

1

 

 

 

2

 

 

 

31

 

Supply

 

 

15

 

 

 

20

 

 

 

 

 

 

 

 

 

35

 

Specialty (1)

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

Liftboats (2)

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

52

 

 

 

25

 

 

 

3

 

 

 

2

 

 

 

82

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

4

 

 

 

 

 

 

2

 

 

 

 

 

 

6

 

FSV

 

 

26

 

 

 

5

 

 

 

1

 

 

 

1

 

 

 

33

 

Supply

 

 

15

 

 

 

27

 

 

 

 

 

 

1

 

 

 

43

 

Specialty

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

3

 

Liftboats

 

 

14

 

 

 

 

 

 

1

 

 

 

 

 

 

15

 

Crew Transfer Discontinued Operations

 

 

40

 

 

 

5

 

 

 

 

 

 

 

 

 

45

 

Crew Transfer Continuing Operations

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

100

 

 

 

40

 

 

 

4

 

 

 

2

 

 

 

146

 

 

(1)

One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of September 30, 2021.

 

(2)

As of September 30, 2021, the Company removed from service four vessels (four liftboats) in this class. Removed from service vessels are not counted in active fleet count.

 

 

12