smhi-8k_20220310.htm
false 0001690334 0001690334 2022-03-10 2022-03-10

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 10, 2022

 

 

 

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 10, 2022, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three and twelve months ended December 31, 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 March 10, 2022

 

 

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 10, 2022

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 2021 RESULTS 

 

 

Houston, Texas

March 10, 2022

 

 

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 ended December 31, 2021.

 

SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2021 were $48.0 million, operating loss was $14.7 million, and direct vessel profit (“DVP”)(1) was $12.9 million. This compares to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020.

 

Notable fourth quarter items include:

 

Increased utilization across all regions and asset classes, with average utilization rates of 73%, the highest since the third quarter of 2014.

 

The Company was down to five laid-up vessels at the end of 2021.

 

27% and 24% improvement in consolidated DVP compared to the third quarter of 2021 and the fourth quarter of 2020, respectively.

 

For the fourth quarter of 2021, net loss attributable to SEACOR Marine was $15.8 million ($0.62 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2020 of $38.8 million ($1.54 loss per basic and diluted share). Sequentially, fourth quarter 2021 results compare to consolidated operating revenues from continuing operations of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021. For the third quarter of 2021, net loss attributable to SEACOR Marine’s continuing operations was $5.8 million ($0.23 loss per basic and diluted share), primarily due to gains on asset dispositions and the extinguishment of debt with no similar transactions in the fourth quarter.

 

Chief Executive Officer John Gellert commented:

 

“The Company’s business continued to improve during the fourth quarter. Despite our usual seasonally lower activity, we saw very healthy levels of both contracted activity and tendering activity. I am encouraged by the levels of inquiries. Our focus during recent months has been to prepare and position the fleet to participate fully in the market up-cycle. The recent acquisition of an additional five PSVs, which were previously part of an unconsolidated joint venture, are further bolstering our participation in this up-cycle.

 

Our active efforts over the last three years to simplify our structure and maximize cost efficiencies while expanding our fleet should position us well for an improved market. Strong commodity prices are creating increasing demand for our services.

 

Finally, I want to address the recent tragic events in Ukraine. The war could disrupt access to a major source of qualified labor in the maritime industry and we are preparing accordingly.  The Company employs over 100 mariners from the region and we are working diligently to support them and their families in these troubled times. Our thoughts and prayers are with them.”

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels).  DVP is also useful when comparing the Company’s global 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 December 31,

 

 

Year ended December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating Revenues

 

$

47,967

 

 

$

36,021

 

 

$

170,941

 

 

$

141,837

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

35,036

 

 

 

25,563

 

 

 

127,406

 

 

 

91,145

 

Administrative and general

 

 

10,742

 

 

 

8,531

 

 

 

37,639

 

 

 

40,051

 

Lease expense

 

 

2,664

 

 

 

1,798

 

 

 

6,085

 

 

 

7,525

 

Depreciation and amortization

 

 

14,198

 

 

 

15,247

 

 

 

57,395

 

 

 

57,167

 

 

 

 

62,640

 

 

 

51,139

 

 

 

228,525

 

 

 

195,888

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

 

 

 

(1,796

)

 

 

20,436

 

 

 

(17,588

)

Operating Loss

 

 

(14,673

)

 

 

(16,914

)

 

 

(37,148

)

 

 

(71,639

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

57

 

 

 

61

 

 

 

1,302

 

 

 

1,273

 

Interest expense

 

 

(6,380

)

 

 

(8,288

)

 

 

(28,111

)

 

 

(30,691

)

SEACOR Holdings guarantee fees

 

 

 

 

 

(11

)

 

 

(7

)

 

 

(47

)

Gain on debt extinguishment

 

 

 

 

 

 

 

 

61,994

 

 

 

 

Derivative gains (losses), net

 

 

4

 

 

 

(894

)

 

 

391

 

 

 

4,310

 

Foreign currency (losses), net

 

 

(357

)

 

 

(1,286

)

 

 

(1,235

)

 

 

(1,294

)

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

 

 

 

 

 

(19

)

 

 

9,441

 

 

 

(19

)

 

 

 

(6,676

)

 

 

(10,437

)

 

 

43,775

 

 

 

(26,468

)

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

 

 

(21,349

)

 

 

(27,351

)

 

 

6,627

 

 

 

(98,107

)

Income Tax (Benefit) Expense

 

 

(1,009

)

 

 

1,865

 

 

 

11,493

 

 

 

(22,924

)

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

 

 

(20,340

)

 

 

(29,216

)

 

 

(4,866

)

 

 

(75,183

)

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

 

 

4,494

 

 

 

(9,681

)

 

 

15,078

 

 

 

(8,163

)

(Loss) Income from Continuing Operations

 

 

(15,846

)

 

 

(38,897

)

 

 

10,212

 

 

 

(83,346

)

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

 

 

 

 

 

50

 

 

 

22,925

 

 

 

364

 

Net (Loss) Income

 

 

(15,846

)

 

 

(38,847

)

 

 

33,137

 

 

 

(82,982

)

Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(31

)

 

 

1

 

 

 

(4,067

)

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

 

$

(15,846

)

 

$

(38,816

)

 

$

33,136

 

 

$

(78,915

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.62

)

 

$

(1.54

)

 

$

0.40

 

 

$

(3.20

)

Diluted

 

 

(0.62

)

 

 

(1.54

)

 

 

0.40

 

 

 

(3.20

)

Net Earnings Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

 

 

$

0.90

 

 

$

0.02

 

Diluted

 

 

 

 

 

 

 

 

0.90

 

 

 

0.02

 

Net (Loss) Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.62

)

 

$

(1.54

)

 

$

1.30

 

 

$

(3.18

)

Diluted

 

$

(0.62

)

 

$

(1.54

)

 

$

1.30

 

 

$

(3.18

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,520,034

 

 

 

25,265,812

 

 

 

25,444,693

 

 

 

24,785,744

 

Diluted

 

 

25,520,034

 

 

 

25,265,812

 

 

 

25,495,527

 

 

 

24,785,744

 

3

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

 

 

Dec. 31, 2021

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

11,376

 

 

$

12,120

 

 

$

12,007

 

 

$

11,323

 

 

$

10,931

 

 

Fleet Utilization

 

 

73

%

 

 

68

%

 

 

67

%

 

 

55

%

 

 

51

%

 

Fleet Available Days

 

 

5,060

 

 

 

5,108

 

 

 

5,177

 

 

 

5,505

 

 

 

5,824

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

42,289

 

 

$

41,782

 

 

$

41,474

 

 

$

34,290

 

 

$

32,694

 

 

Bareboat charter

 

 

2,870

 

 

 

 

 

 

434

 

 

 

729

 

 

 

732

 

 

Other marine services

 

 

2,808

 

 

 

1,881

 

 

 

891

 

 

 

1,493

 

 

 

2,595

 

 

 

 

 

47,967

 

 

 

43,663

 

 

 

42,799

 

 

 

36,512

 

 

 

36,021

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

17,098

 

 

 

15,051

 

 

 

14,353

 

 

 

13,418

 

 

 

13,058

 

 

Repairs and maintenance

 

 

6,782

 

 

 

6,536

 

 

 

6,959

 

 

 

3,840

 

 

 

3,445

 

 

Drydocking

 

 

567

 

 

 

771

 

 

 

2,792

 

 

 

2,217

 

 

 

1,753

 

 

Insurance and loss reserves

 

 

1,859

 

 

 

2,189

 

 

 

2,661

 

 

 

1,958

 

 

 

1,669

 

 

Fuel, lubes and supplies

 

 

3,254

 

 

 

3,684

 

 

 

2,893

 

 

 

2,202

 

 

 

2,081

 

 

Other

 

 

5,476

 

 

 

5,217

 

 

 

2,957

 

 

 

2,672

 

 

 

3,557

 

 

 

 

 

35,036

 

 

 

33,448

 

 

 

32,615

 

 

 

26,307

 

 

 

25,563

 

 

Direct Vessel Profit (1)

 

 

12,931

 

 

 

10,215

 

 

 

10,184

 

 

 

10,205

 

 

 

10,458

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

2,664

 

 

 

1,109

 

 

 

1,234

 

 

 

1,078

 

 

 

1,798

 

 

Administrative and general

 

 

10,742

 

 

 

9,134

 

 

 

9,152

 

 

 

8,611

 

 

 

8,531

 

 

Depreciation and amortization

 

 

14,198

 

 

 

14,306

 

 

 

14,093

 

 

 

14,798

 

 

 

15,247

 

 

 

 

 

27,604

 

 

 

24,549

 

 

 

24,479

 

 

 

24,487

 

 

 

25,576

 

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

 

 

 

56

 

 

 

22,653

 

 

 

(2,273

)

 

 

(1,796

)

 

Operating (Loss) Income

 

 

(14,673

)

 

 

(14,278

)

 

 

8,358

 

 

 

(16,555

)

 

 

(16,914

)

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

57

 

 

 

124

 

 

 

135

 

 

 

986

 

 

 

61

 

 

Interest expense

 

 

(6,380

)

 

 

(6,403

)

 

 

(7,310

)

 

 

(8,018

)

 

 

(8,288

)

 

SEACOR Holdings guarantee fees

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

(11

)

 

Derivative gains (losses), net

 

 

4

 

 

 

2

 

 

 

30

 

 

 

355

 

 

 

(894

)

 

Gain on debt extinguishment

 

 

 

 

 

 

 

 

61,994

 

 

 

 

 

 

 

 

Foreign currency (losses) gains, net

 

 

(357

)

 

 

245

 

 

 

(657

)

 

 

(466

)

 

 

(1,286

)

 

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

 

 

 

 

 

9,442

 

 

 

(1

)

 

 

 

 

 

(19

)

 

 

 

 

(6,676

)

 

 

3,410

 

 

 

54,191

 

 

 

(7,150

)

 

 

(10,437

)

 

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

 

 

(21,349

)

 

 

(10,868

)

 

 

62,549

 

 

 

(23,705

)

 

 

(27,351

)

 

Income Tax (Benefit) Expense

 

 

(1,009

)

 

 

(725

)

 

 

15,915

 

 

 

(2,688

)

 

 

1,865

 

 

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

 

 

(20,340

)

 

 

(10,143

)

 

 

46,634

 

 

 

(21,017

)

 

 

(29,216

)

 

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

 

 

4,494

 

 

 

4,314

 

 

 

2,167

 

 

 

4,103

 

 

 

(9,681

)

 

(Loss) Income from Continuing Operations

 

 

(15,846

)

 

 

(5,829

)

 

 

48,801

 

 

 

(16,914

)

 

 

(38,897

)

 

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

 

 

 

 

 

 

 

 

 

 

 

22,925

 

 

 

50

 

 

Net (Loss) Income

 

 

(15,846

)

 

 

(5,829

)

 

 

48,801

 

 

 

6,011

 

 

 

(38,847

)

 

Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

(31

)

 

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

 

$

(15,846

)

 

$

(5,829

)

 

$

48,800

 

 

$

6,011

 

 

$

(38,816

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.62

)

 

$

(0.23

)

 

$

1.92

 

 

$

(0.67

)

 

$

(1.54

)

 

Diluted

 

 

(0.62

)

 

 

(0.23

)

 

 

1.79

 

 

 

(0.67

)

 

 

(1.54

)

 

Net Earnings Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

 

 

$

 

 

$

0.91

 

 

$

 

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

0.91

 

 

 

 

 

Net (Loss) Earnings per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.62

)

 

$

(0.23

)

 

$

1.92

 

 

$

0.24

 

 

$

(1.54

)

 

Diluted

 

$

(0.62

)

 

$

(0.23

)

 

$

1.79

 

 

$

0.24

 

 

$

(1.54

)

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

25,520

 

 

 

25,516

 

 

 

25,435

 

 

 

25,305

 

 

 

25,265

 

 

Diluted

 

 

25,520

 

 

 

25,516

 

 

 

28,345

 

 

 

25,305

 

 

 

25,265

 

 

Common Shares and Warrants Outstanding at Period End

 

 

27,432

 

 

 

25,864

 

 

 

25,869

 

 

 

25,683

 

 

 

24,919

 

 

4

 


 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

Dec. 31, 2021

 

 

Sep. 30, 2021

 

 

Jun. 30, 2021

 

 

Mar. 31, 2021

 

 

Dec. 31, 2020

 

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,496

 

 

$

18,702

 

 

$

17,058

 

 

$

15,910

 

 

$

18,405

 

 

Fleet utilization

 

 

33

%

 

 

27

%

 

 

18

%

 

 

6

%

 

 

7

%

 

Fleet available days

 

 

1,043

 

 

 

1,062

 

 

 

1,112

 

 

 

1,518

 

 

 

1,797

 

 

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

 

 

95

 

 

 

246

 

 

 

137

 

 

 

67

 

 

 

45

 

 

Out-of-service days for cold-stacked status

 

 

399

 

 

 

469

 

 

 

748

 

 

 

1,270

 

 

 

1,472

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

5,290

 

 

$

5,289

 

 

$

3,419

 

 

$

1,489

 

 

$

2,352

 

 

Bareboat charter

 

 

386

 

 

 

 

 

 

434

 

 

 

729

 

 

 

732

 

 

Other marine services

 

 

1,119

 

 

 

1,215

 

 

 

727

 

 

 

546

 

 

 

794

 

 

 

 

 

6,795

 

 

 

6,504

 

 

 

4,580

 

 

 

2,764

 

 

 

3,878

 

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

3,136

 

 

$

2,428

 

 

$

1,528

 

 

$

1,744

 

 

$

2,372

 

 

Repairs and maintenance

 

 

1,085

 

 

 

1,266

 

 

 

389

 

 

 

654

 

 

 

386

 

 

Drydocking

 

 

191

 

 

 

239

 

 

 

777

 

 

 

875

 

 

 

 

 

Insurance and loss reserves