Press Releases

SEACOR Marine Announces Third Quarter 2018 Results

Continued Improvement in Operating Performance

Strengthened Balance Sheet

HOUMA, La.--(BUSINESS WIRE)-- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its third quarter and nine months ended September 30, 2018.

For the third quarter and nine months ended September 30, 2018, net loss attributable to SEACOR Marine was $16.0 million ($0.71 per diluted share) and $69.8 million ($3.42 per diluted share), respectively, and operating loss was $10.2 million and $55.6 million, respectively.

For the third quarter and nine months ended September 30, 2017, net loss attributable to SEACOR Marine was $20.5 million ($1.25 per diluted share) and $61.9 million ($3.51 per diluted share), respectively, and operating loss was $29.1 million and $92.5 million, respectively. Net Loss attributable to SEACOR Marine Holdings Inc. for the preceding quarter ended June 30, 2018 was $25.0 million ($1.19 per diluted share).

Chief Executive Officer John Gellert commented on third quarter results:

“The improved performance of our business continued as the Company delivered its third consecutive quarter of higher direct vessel profit (“DVP”). The standout performer was liftboats, generating approximately two-thirds of our DVP for the quarter. Windfarm utility boats also had a strong quarter, contributing approximately 18% of quarterly DVP. The Gulf of Mexico region achieved a $4.8 million improvement in DVP from the preceding quarter, due primarily to improved utilization.

Further, we increased our financial capacity with the completion of a $130 million corporate loan facility, which extended maturities, reduced debt service and provided additional liquidity.

As part of our commitment to actively managing our fleet, we sold five vessels in the third quarter, sold a 51% interest in one of our 15 PSVs and added two AHTS vessels to our fleet. As of September 30, 2018, the net book value of our property and equipment was approximately $793.2 million, a growth of approximately $104 million this year.

Collectively, the sale transactions in the third quarter generated a net gain of approximately $0.6 million. Subsequent to quarter end, we concluded additional sales which, as of today, generated an additional net gain of approximately $5.1 million.

Successfully raising both equity and debt in 2018 demonstrates broad support for our platform and this quarter began to demonstrate the value of that platform. We ended the quarter with more than $100 million in cash, which provides a strong base to both prepare our fleet for 2019 and selectively pursue opportunities for growth.”

Third quarter highlights include:

  • 47.6% increase in consolidated direct vessel profit (“DVP”)(1) to $21.7 million from $14.7 million in second quarter 2018, and an increase of 130.6% from $9.4 million in third quarter 2017. DVP measures operational performance (operating revenues less direct operating costs, excluding leased-in equipment). DVP has increased steadily over the past five quarters, with increases experienced across most of the Company's regions.
  • Continued improvement in fleet utilization to 68% from 62% in second quarter 2018 and 60% in third quarter 2017; average day rates were flat at $7,323 compared to the prior quarter and up 21.9% from $6,006 in third quarter 2017.
  • Completed a refinancing transaction with a new $130.0 million loan facility, consolidating multiple facilities into a more efficient single credit facility, improving the Company's capital structure and addressing near-term maturities.
    • The Company used $101.3 million of gross proceeds from the credit facility to pay in full three credit agreements and the remaining $28.7 million is available for general corporate purposes, including acquisitions.
    • The refinanced debt reduced required principal payments through 2019 by $37.2 million and extended the final balloon payment until 2023.

A comparison of results for the third quarter ended September 30, 2018 with the preceding quarter ended June 30, 2018 is included below.

Operating Revenues. Time charter revenues were $6.1 million higher compared with the preceding quarter. On a total fleet basis, time charter revenues increased by $3.1 million from improved utilization, $0.9 million from net fleet additions and $4.2 million due to the repositioning of vessels between geographic regions. This increase was partially offset by $1.3 million due to a reduction in average rates per day worked and $0.8 million due to unfavorable changes in currency exchange rates. Other marine services revenues were $3.5 million higher compared with the preceding quarter.

On a total fleet basis, excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet increased from 58% to 60%, and average rates per day worked increased from $9,742 to $10,186. Days available for charter were 1% higher in the third quarter primarily due to net fleet additions. This release includes a table presenting time charter operating data by vessel class.

Direct Vessel Profit (“DVP”)(1) by Region. DVP generated by the Company’s operating regions was $21.7 million compared with $14.7 million in the preceding quarter, an increase of $7.0 million. Improvements in operating revenues of $9.6 million were partly offset by increased direct operating expenses of $2.6 million. Drydocking expenses were $1.7 million higher due to timing of dockings. Results by region are as follows:

United States, primarily Gulf of Mexico. DVP was $6.6 million compared with $1.8 million in the preceding quarter, a $4.8 million improvement. Time charter revenues were $3.7 million higher compared with the preceding quarter, including $4.4 million from the liftboat fleet, primarily due to improved utilization. Other marine services revenues were $1.1 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 23% to 30%, and average rates per day worked increased from $10,503 to $12,476. Days available for charter decreased by 7% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions. Operating expenses were flat. As of September 30, 2018, the Company had 22 of 38 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply vessels, nine fast support vessels, six liftboats and one specialty vessel) compared with 25 of 38 vessels as of June 30, 2018. As of September 30, 2018, the Company had five vessels retired and removed from service in this region (four anchor handling towing supply vessels and one supply).

Africa, primarily West Africa. DVP was $2.3 million compared with $2.0 million in the preceding quarter, a $0.3 million increase. Time charter revenues were $0.1 million higher compared with the preceding quarter. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 88% to 82%, and average rates per day worked decreased from $9,509 to $9,315. Days available for charter increased by 11% primarily due to net fleet additions and the repositioning of vessels between geographic regions. Other marine services revenues were $1.4 million higher compared with the preceding quarter, primarily due to the collection and recognition of revenue previously deferred because of collection concerns. Operating expenses (excluding leased-in equipment) were $1.2 million higher compared with the preceding quarter primarily due to repositioning of vessels between geographic regions, and an increase in repair costs of $0.8 million. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

Middle East and Asia. DVP was $3.5 million compared with $3.0 million in the preceding quarter, a $0.5 million improvement. Time charter revenues were $1.0 million lower compared with the preceding quarter, primarily as a result of reduced utilization and a reduction in average rates per day worked by the active fleet. Other marine services revenues were $0.7 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 82% to 76%, and average rates per day worked decreased from $8,226 to $8,156. Days available for charter increased by 1% primarily due to net fleet additions. Operating expenses (excluding leased-in equipment) were $0.8 million lower compared with the preceding quarter, primarily due to the replacement, in the preceding quarter, of main engines in two fast support vessels. As of September 30, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel) compared with one of 21 vessels as of June 30, 2018. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

Brazil, Mexico, Central and South America. DVP was $6.1 million compared with $4.3 million in the preceding quarter, an increase of $1.8 million. Time charter revenues were $2.9 million higher compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 57% to 80% and average rates per day worked decreased from $19,127 to $17,604. Days available for charter increased by 28% driven by repositioning of vessels between geographic regions, primarily liftboats. Operating expenses (excluding leased-in equipment) were $0.7 million higher compared with the preceding quarter. As of September 30, 2018, the Company had one of six owned and leased-in vessels cold-stacked.

Europe, primarily North Sea. DVP was $3.2 million compared with $3.6 million in the preceding quarter, a decrease of $0.4 million. Time charter revenues were $0.3 million higher, primarily due to a seasonal increase in utilization of the wind farm utility vessels. For the standby safety fleet, utilization decreased from 80% to 77%, and average rates per day worked decreased from $9,157 to $8,692. For the windfarm utility vessels, utilization increased from 76% to 91%, and average rates per day worked decreased from $2,342 to $2,260, primarily due to a lower exchange ratio of the Pound Sterling. Operating expenses (excluding leased-in equipment) were $1.4 million lower compared with the preceding quarter primarily due to drydockings. As of September 30, 2018, the Company had one of 55 owned and leased-in vessels cold-stacked in Europe (one windfarm utility vessel).

___________________

(1)   Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “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 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 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
 

Administrative and general. Third quarter 2018 administrative and general expenses were $3.3 million lower compared with the preceding quarter primarily due to lower legal and professional fees, stock awards granted to both employees and non-employee directors, and director compensation.

Depreciation and amortization. Depreciation and amortization costs were $1.1 million lower compared with the preceding quarter primarily due to net asset dispositions.

Asset Dispositions and Impairments. During the third quarter, the Company sold two fast support vessels, two windfarm utility vessels, one platform supply vessel, one safety standby vessel and other equipment for net proceeds of $1.1 million and a gain of $0.6 million, all of which was recognized currently. During the preceding quarter, the Company recognized impairment charges of $0.1 million associated with two permanently deferred hull projects. In addition, the Company sold one offshore support vessel and two supply vessels previously retired and removed from service, one standby safety vessel and one fast support vessel, property and other equipment for net proceeds of $2.2 million and a gain of $1.2 million, all of which was recognized during the preceding quarter.

Derivative gains (losses). Net derivative gains during third quarter 2018 of $4.4 million, and net derivative losses during the preceding quarter of $2.7 million, are primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in its Convertible Senior Notes.

Income tax benefit. The Company's year-to-date effective income tax rate of 15.5% was primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes, a return-to-provision adjustment and a reversal of an unrecognized benefit.

Equity in earnings (losses) of 50% or less owned companies. Equity losses in the third quarter 2018 were $1.0 million compared with equity losses of $0.7 million in the preceding quarter. The increase in the equity losses was primarily due to decreased utilization in the MexMar fleet.

Capital Commitments. As of September 30, 2018, the Company had unfunded capital commitments of $34.5 million that included two fast support vessels, three supply vessels and two wind farm utility vessels. The Company’s capital commitments by year of expected payment are as follows (in thousands):

       
2018 2,734
2019 17,243
2020   14,552
$ 34,529
 

In addition, the Company has indefinitely deferred an additional $20.8 million of orders with respect to two fast support vessels, which the Company had previously reported as unfunded capital commitments.

Liquidity and Debt. As of September 30, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $140.1 million and its total outstanding debt was $415.2 million (net of $39.5 million in discount and issuance costs). As of September 30, 2018, construction reserve funds of $35.6 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment. Additionally, the Company had $2.5 million available under subsidiary credit facilities for future capital commitments.

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. 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, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums, weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act and related regulations are repealed, liability, legal fees and costs in connection with the provision of emergency response services, such as the response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes to the status of applicable trade treaties including as a result of the U.K.’s impending exit from the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Jones Act and related regulations on the amount of foreign ownership of the Company’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability of the Company to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties and investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact Connie Morinello at (985) 858 – 6400 or InvestorRelations@seacormarine.com

 
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,

2018   2017 2018   2017
Operating Revenues $ 70,255 $ 47,813 $ 182,677 $ 124,440
Costs and Expenses:
Operating 51,423 41,258 141,416 119,119
Administrative and general 12,234 10,318 40,573 43,849
Depreciation and amortization   17,342   15,622   55,260   42,758
  80,999   67,198   237,249   205,726
Gains (Losses) on Asset Dispositions and Impairments, Net   586   (9,744 )   (1,002 )   (11,243 )
Operating Loss   (10,158 )   (29,129 )   (55,574 )   (92,529 )
Other Income (Expense):
Interest income 309 354 877 1,479
Interest expense (7,761 ) (4,295 ) (20,383 ) (12,023 )
SEACOR Holdings management fees (3,208 )
SEACOR Holdings guarantee fees (5 ) (21 ) (24 ) (172 )
Loss on debt extinguishment (638 ) (638 )
Marketable security (losses) gains, net (698 ) 10,931
Derivative gains (losses), net 4,387 13,022 (9,797 ) 12,720
Foreign currency losses, net (302 ) (106 ) (981 ) (1,389 )
Other, net   678     678   (1 )
  (3,332 )   8,256   (30,268 )   8,337
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies (13,490 ) (20,873 ) (85,842 ) (84,192 )
Income Tax Expense (Benefit)   1,249   (5,823 )   (13,299 )   (23,045 )
Loss Before Equity in Earnings of 50% or Less Owned Companies (14,739 ) (15,050 ) (72,543 ) (61,147 )
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax   (1,027 )   (7,306 )   (1,540 )   (5,297 )
Net Loss (15,766 ) (22,356 ) (74,083 ) (66,444 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries   191   (1,881 )   (4,269 )   (4,582 )
Net Loss attributable to SEACOR Marine Holdings Inc. $ (15,957 ) $ (20,475 ) $ (69,814 ) $ (61,862 )
 
Loss Per Common Share of SEACOR Marine Holdings Inc.
Basic $ (0.71 ) $ (1.17 ) $ (3.42 ) $ (3.51 )
Diluted $ (0.71 ) $ (1.25 ) $ (3.42 ) $ (3.51 )
 
Weighted Average Common Shares Outstanding:
Basic 22,512,886 17,550,663 20,391,297 17,617,420
Diluted 22,512,886 21,621,163 20,391,297 17,617,420
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS
(in thousands, except share data)
   

Three Months Ended
September 30,

Nine Months Ended
September 30,

2018   2017 2018     2017
Time Charter Statistics:        
Average Rates Per Day Worked (excluding wind farm) $ 10,186 $ 8,565 $ 9,697 $ 8,439
Average Rates Per Day $ 7,323 $ 6,006 $ 7,229 $ 5,806
Fleet Utilization (excluding wind farm) 60 % 49 % 56 % 43 %
Fleet Utilization 68 % 60 % 61 % 54 %
Fleet Available Days (excluding wind farm) 9,119 9,176 27,461 26,608
Fleet Available Days 12,617 12,580 37,746 36,709
Operating Revenues:
Time charter $ 62,902 90 % $ 45,267 95 % $ 166,870 92 % $ 114,800 92 %
Bareboat charter 1,168 1 % 1,168 2 % 3,467 2 % 3,467 3 %
Other marine services   6,185 9 %   1,378 3 %   12,340 6   %   6,173 5 %
  70,255 100 %   47,813 100 %   182,677 100   %   124,440 100 %
Costs and Expenses:
Operating:
Personnel 25,021 35 % 22,178 46 % 71,430 39 % 59,546 48 %
Repairs and maintenance 9,208 13 % 7,411 15 % 25,351 14 % 21,431 17 %
Drydocking 4,822 7 % 2,278 5 % 10,191 5 % 7,597 6 %
Insurance and loss reserves 1,857 3 % 1,396 3 % 4,981 3 % 5,081 4 %
Fuel, lubes and supplies 4,690 7 % 2,880 6 % 12,357 7 % 8,412 7 %
Other 3,000 4 % 2,278 5 % 8,616 5 % 6,935 6 %
Leased-in equipment   2,825 4 %   2,837 6 %   8,490 5   %   10,117 8 %
51,423 73 % 41,258 86 % 141,416 78 % 119,119 96 %
Administrative and general 12,234 17 % 10,318 22 % 40,573 22 % 43,849 35 %
Depreciation and amortization   17,342 25 %   15,622 33 %   55,260 30   %   42,758 34 %
  80,999 115 %   67,198 141 %   237,249 130   %   205,726 165 %
Gains (Losses) on Asset Dispositions and Impairments, Net   586 1 %   (9,744 ) (20 )%   (1,002 )   %   (11,243 ) (9 )%
Operating Loss   (10,158 ) (14 )%   (29,129 ) (61 )%   (55,574 ) (30 ) %   (92,529 ) (74 )%
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
 
Three Months Ended

Sep. 30,
2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm utility) $ 10,186 $ 9,742 $ 9,071 $ 8,583 $ 8,565
Average Rates Per Day Worked $ 7,323 $ 7,324 $ 7,001 $ 6,435 $ 6,006
Fleet Utilization (excluding wind farm utility) 60 % 58 % 50 % 51 % 49 %
Fleet Utilization 68 % 62 % 53 % 56 % 60 %
Fleet Available Days (excluding wind farm utility) 9,119 9,071 9,271 9,224 9,176
Fleet Available Days 12,617 12,528 12,601 12,628 12,580
Operating Revenues:
Time charter $ 62,902 $ 56,826 $ 47,142 $ 45,745 $ 45,267
Bareboat charter 1,168 1,156 1,143 1,169 1,168
Other marine services   6,185   2,719   3,436   2,429   1,378
  70,255   60,701   51,721   49,343   47,813
Costs and Expenses:
Operating:
Personnel 25,021 24,733 21,676 21,953 22,179
Repairs and maintenance 9,208 9,070 7,073 6,225 7,410
Drydocking 4,822 3,112 2,257 1,438 2,279
Insurance and loss reserves 1,857 1,934 1,190 1,443 1,396
Fuel, lubes and supplies 4,690 4,122 3,545 3,620 2,880
Other   3,000   3,009   2,607   2,970   2,278
  48,598   45,980   38,348   37,649   38,422
Direct Vessel Profit   21,657   14,721   13,373   11,694   9,391
Other Costs and Expenses:
Operating:
Leased-in expense 2,825 2,840 2,825 2,831 2,836
Administrative and general 12,234 15,532 12,807 12,368 10,318
Depreciation and amortization   17,342   18,406   19,512   20,021   15,622
  32,401   36,778   35,144   35,220   28,776
Gains (Losses) on Asset Dispositions and Impairments, Net   586   1,055   (2,643 )   (12,304 )   (9,744 )
Operating Loss   (10,158 )   (21,002 )   (24,414 )   (35,830 )   (29,129 )
Other Income (Expense):
Interest income 309 352 216 326 354
Interest expense (7,761 ) (6,489 ) (6,133 ) (4,509 ) (4,295 )
SEACOR Holdings management fees
SEACOR Holdings guarantee fees (5 ) (7 ) (12 ) (29 ) (21 )
Debt extinguishment loss (638 )
Marketable security losses, net (698 )
Derivative gains (losses), net 4,387 (2,668 ) (11,516 ) 7,536 13,022
Foreign currency (losses) gains, net (302 ) (818 ) 139 (320 ) (106 )
Other, net   678       (5 )  
  (3,332 )   (9,630 )   (17,306 )   2,999   8,256
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies (13,490 ) (30,632 ) (41,720 ) (32,831 ) (20,873 )
Income Tax Expense (Benefit)   1,249   (4,724 )   (9,824 )   (51,361 )   (5,823 )
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies (14,739 ) (25,908 ) (31,896 ) 18,530 (15,050 )
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax   (1,027 )   (721 )   208   9,374   (7,306 )
Net (Loss) Income (15,766 ) (26,629 ) (31,688 ) 27,904 (22,356 )
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries   191   (1,605 )   (2,855 )   (1,057 )   (1,881 )
Net (Loss) Income attributable to SEACOR Marine Holdings Inc. $ (15,957 ) $ (25,024 ) $ (28,833 ) $ 28,961 $ (20,475 )
 
(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:
Basic $ (0.71 ) $ (1.19 ) $ (1.64 ) $ 1.65 $ (1.17 )
Diluted $ (0.71 ) $ (1.19 ) $ (1.64 ) $ 1.20 $ (1.25 )
Weighted Average Common Shares and Warrants Outstanding:
Basic 22,513 21,035 17,571 17,552 17,551
Diluted 22,513 21,035 17,571 21,629 21,621
Common Shares and Warrants Outstanding at Period End 22,709 22,709 17,787 17,675 17,671
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except share data)
           

United
States
(primarily
Gulf of
Mexico)

Africa
(primarily
West
Africa)

Middle East
and Asia

Brazil,
Mexico,
Central and
South
America

Europe
(primarily
North Sea)

Total
For the Three Months Ended September 30, 2018
Time Charter Statistics:
Average Rates Per Day $ 12,476 $ 9,315 $ 8,156 $ 17,60 $ 4,287 $ 7,323
Fleet Utilization 30 % 82 % 76 % 80 % 85 % 68 %
Fleet Available Days 3,433 1,475 2,024 531 5,154 12,617
Operating Revenues:
Time charter $ 12,800 $ 11,201 $ 12,590 $ 7,479 $ 18,832 $ 62,902
Bareboat charter 1,168 1,168
Other marine services   2,722   1,777   (83 )   416   1,353   6,185
  15,522   12,978   12,507   9,063   20,185   70,255
Direct Costs and Expenses:
Operating:
Personnel 4,853 4,486 4,361 1,662 9,659 25,021
Repairs and maintenance 1,801 2,438 2,091 312 2,566 9,208
Drydocking 375 1,201 352 103 2,791 4,822
Insurance and loss reserves 612 323 385 163 374 1,857
Fuel, lubes and supplies 1,120 1,081 892 427 1,170 4,690
Other   154   1,103   952   350   441   3,000
  8,915   10,632   9,033   3,017   17,001   48,598
Direct Vessel Profit $ 6,607 $ 2,346 $ 3,474 $ 6,046 $ 3,184 21,657
Other Costs and Expenses:
Operating:
Leased-in equipment $ 1,853 $ 960 $ $ $ 12 2,825
Administrative and general 12,234
Depreciation and amortization $ 5,227 $ 2,381 $ 4,207 $ 2,521 $ 3,006   17,342
  32,401
Gains on Asset Dispositions and Impairments   586
Operating Loss $ (10,158 )
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except share data)
 
 

United
States
(primarily
Gulf of
Mexico)

 

Africa
(primarily
West
Africa)

 

Middle East
and Asia

 

Brazil,
Mexico,
Central and
South
America

 

Europe
(primarily
North Sea)

  Total
For the Nine Months Ended September 30, 2018
Time Charter Statistics:
Average Rates Per Day $ 10,832 $ 11,614 $ 8,156 $ 17,807 $ 4,721 $ 7,229
Fleet Utilization 23 % 86 % 75 % 65 % 77 % 61 %
Fleet Available Days 11,193 4,066 6,161 1,166 15,159 37,746
Operating Revenues:
Time charter $ 27,834 $ 33,117 $ 37,555 $ 13,409 $ 54,955 $ 166,870
Bareboat charter 3,467 3,467
Other marine services   6,053   3,414   (1,005 )   1,371   2,507   12,340
  33,887   36,531   36,550   18,247   57,462   182,677
Direct Costs and Expenses:
Operating:
Personnel 13,481 12,873 12,452 3,257 29,367 71,430
Repairs and maintenance 4,024 5,457 8,095 649 7,126 25,351
Drydocking 1,810 2,113 413 114 5,741 10,191
Insurance and loss reserves 1,948 789 982 399 863 4,981
Fuel, lubes and supplies 2,513 2,650 2,848 841 3,505 12,357
Other   208   3,541   2,996   898   973   8,616
  23,984   27,423   27,786   6,158   47,575   132,926
Direct Vessel Profit $ 9,903 $ 9,108 $ 8,764 $ 12,089 $ 9,887   49,751
Other Costs and Expenses:
Operating:
Leased-in equipment $ 5,571 $ 2,885 $ $ $ 34 8,490
Administrative and general 40,573
Depreciation and amortization $ 17,677 $ 8,112 $ 14,608 $ 6,020 $ 8,843   55,260
  104,323
Losses on Asset Dispositions and Impairments   (1,002 )
Operating Loss $ (55,574 )
 
As of September 30, 2018
Property and Equipment:
Historical cost $ 479,303 $ 186,729 $ 310,110 $ 102,776 $ 200,082 $ 1,279,000
Accumulated depreciation   (242,364 )   (53,498 )   (81,121 )   (47,374 )   (144,395 )   (568,752 )
$ 236,939 $ 133,231 $ 228,989 $ 55,402 $ 55,687 $ 710,248
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)
 
Three Months Ended

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,
2017

United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked $ 12,476 $ 10,503 $ 8,775 $ 8,027 $ 7,212
Fleet utilization 30 % 23 % 17 % 18 % 16 %
Fleet available days 3,433 3,710 4,050 3,864 3,859
Out-of-service days for repairs, maintenance and drydockings 147 292 219 139 338
Out-of-service days for cold-stacked status 2,101 2,435 3,111 3,010 2,746
Operating revenues:
Time charter $ 12,800 $ 9,052 $ 5,982 $ 5,608 $ 4,587
Other marine services   2,722   1,676   1,655   1,077   1,116
  15,522   10,728   7,637   6,685   5,703
Direct operating expenses:
Personnel 4,853 4,636 3,992 3,853 4,455
Repairs and maintenance 1,801 1,529 694 631 1,289
Drydocking 375 910 525 (164 ) 1,109
Insurance and loss reserves 612 902 434 678 598
Fuel, lubes and supplies 1,120 900 493 381 249
Other   154   29   25   3   123
  8,915   8,906   6,163   5,382   7,823
Direct Vessel Profit (Loss) $ 6,607 $ 1,822 $ 1,474 $ 1,303 $ (2,120 )
 
Leased-in equipment (included in operating costs and expenses)   1,853   1,856 $ 1,862 $ 1,866 $ 1,870
Depreciation and amortization   5,227   5,915 $ 6,535 $ 5,487 $ 5,224
 
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked $ 9,315 $ 9,509 $ 9,455 $ 10,517 $ 10,611
Fleet utilization 82 % 88 % 91 % 75 % 71 %
Fleet available days 1,475 1,331 1,260 1,207 1,283
Out-of-service days for repairs, maintenance and drydockings 92 46 31 34 79
Out-of-service days for cold-stacked status 92 184
Operating revenues:
Time charter $ 11,201 $ 11,122 $ 10,794 $ 9,533 $ 9,700
Other marine services   1,777   350   1,287   983   (310 )
  12,978   11,472   12,081   10,516   9,390
Direct operating expenses:
Personnel 4,486 4,314 4,073 3,795 3,588
Repairs and maintenance 2,438 1,663 1,356 855 1,324
Drydocking 1,201 910 2 129 311
Insurance and loss reserves 323 248 218 (19 ) 157
Fuel, lubes and supplies 1,081 900 669 859 693
Other   1,103   1,402   1,036   1,098   704
  10,632   9,437   7,354   6,717   6,777
Direct Vessel Profit $ 2,346 $ 2,035 $ 4,727 $ 3,799 $ 2,613
 
Leased-in equipment (included in operating costs and expenses) $ 960 $ 962 $ 963 $ 965 $ 966
Depreciation and amortization $ 2,381 $ 2,924 $ 2,807 $ 3,175 $ 2,456
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
 
 

Three Months Ended

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,
2017

 

Sep. 30,
2017

Middle East and Asia
Time Charter Statistics:
Average rates per day worked $ 8,156 $ 8,226 $ 8,072 $ 6,784 $ 7,138
Fleet utilization 76 % 82 % 66 % 68 % 61 %
Fleet available days 2,024 2,005 2,132 2,331 2,194
Out-of-service days for repairs, maintenance and drydockings 76 4 151 104 95
Out-of-service days for cold-stacked status 92 91 130 119 184
Operating revenues:
Time charter $ 12,590 $ 13,591 $ 11,374 $ 10,682 $ 9,490
Other marine services   (83 )   (792 )   (130 )   (171 )   (341 )
  12,507   12,799   11,244   10,511   9,149
Direct operating expenses:
Personnel 4,361 4,069 4,022 4,882 4,731
Repairs and maintenance 2,091 3,576 2,428 2,205 2,309
Drydocking 352 72 (11 ) 554 (102 )
Insurance and loss reserves 385 361 236 382 363
Fuel, lubes and supplies 892 922 1,034 1,180 1,115
Other   952   836   1,208   1,522   1,192
  9,033   9,836   8,917   10,725   9,608
Direct Vessel Profit (Loss) $ 3,474 $ 2,963 $ 2,327 $ (214 ) $ (459 )
 
Leased-in equipment (included in operating costs and expenses) $ $ $ $ $
Depreciation and amortization $ 4,207 $ 4,311 $ 6,090 $ 6,898 $ 4,320
 
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked $ 17,604 $ 19,127 $ 15,272 $ 16,718 $ 16,060
Fleet utilization 80 % 57 % 41 % 50 % 49 %
Fleet available days 531 416 219 184 184
Out-of-service days for cold-stacked status 92 91 90 92 92
Operating revenues:
Time charter $ 7,479 $ 4,556 $ 1,374 $ 1,538 $ 1,439
Bareboat charter 1,168 1,156 1,143 1,169 1,168
Other marine services   416   845   110   156   159
  9,063   6,557   2,627   2,863   2,766
Direct operating expenses:
Personnel 1,662 1,219 376 322 326
Repairs and maintenance 312 32 305 44 110
Drydocking 103 11
Insurance and loss reserves 163 169 67 230 75
Fuel, lubes and supplies 427 349 65 163 33
Other   350   488   60   44   69
  3,017   2,268   873   803   613
Direct Vessel Profit $ 6,046 $ 4,289 $ 1,754 $ 2,060 $ 2,153
 
Depreciation and amortization $ 2,521 $ 2,280 $ 1,219 $ 1,134 $ 1,025
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
 
  Three Months Ended

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety $ 8,692 $ 9,157 $ 9,058 $ 8,660 $ 8,650
Fleet utilization - Standby safety 77 % 80 % 78 % 82 % 84 %
Fleet available days - Standby safety 1,809 1,746 1,849 1,822 1,840
Average rates per day worked - Wind farm utility 2,260 2,342 2,317 2,330 2,221
Fleet utilization - Wind farm utility 91 % 76 % 64 % 73 % 94 %
Fleet available days - Wind farm utility 3,314 3,228 3,091 3,220 3,220
Out-of-service days for repairs, maintenance and drydockings 240 77 137 249 110
Out-of-service days for cold-stacked status 61
Operating revenues:
Time charter $ 18,832 $ 18,505 $ 17,618 $ 18,384 $ 20,051
Other marine services   1,353   640   514   384   754
  20,185   19,145   18,132   18,768   20,805
Direct operating expenses:
Personnel 9,659 10,495 9,213 9,101 9,079
Repairs and maintenance 2,566 2,270 2,290 2,490 2,378
Drydocking 2,791 1,209 1,741 919 961
Insurance and loss reserves 374 254 235 172 203
Fuel, lubes and supplies 1,170 1,051 1,284 1,037 790
Other   441   254   278   303   190
  17,001   15,533   15,041   14,022   13,601
Direct Vessel Profit $ 3,184 $ 3,612 $ 3,091 $ 4,746 $ 7,204
 
Leased-in equipment (included in operating costs and expenses) $ 12 $ 22 $ $ $
Depreciation and amortization $ 3,006 $ 2,976 $ 2,861 $ 3,327 $ 2,597
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)
 
 

Three Months Ended

Sep. 30,
2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked $ 9,269 $ 13,381 $ 10,322 $ 10,322 $ 9,766
Fleet utilization 28 % 23 % 21 % 21 % 25 %
Fleet available days 1,012 866 1,260 1,288 1,288
Out-of-service days for repairs, maintenance and drydockings 100 23 36 5 69
Out-of-service days for cold-stacked status 602 608 947 943 851
Operating revenues:
Time charter $ 2,592 $ 2,712 $ 2,787 $ 2,849 $ 3,199
Other marine services   1,244   (91 )   1,438   698   (88 )
  3,836   2,621   4,225   3,547   3,111
Direct operating expenses:
Personnel 1,667 1,593 1,397 2,381 2,388
Repairs and maintenance 1,625 1,281 394 498 565
Drydocking 1,168 945 480 (30 ) 125
Insurance and loss reserves 282 265 91 195 176
Fuel, lubes and supplies 582 586 153 446 158
Other   530   689   452   (499 )   (170 )
  5,854   5,359   2,967   2,991   3,242
Direct Vessel (Loss) Profit $ (2,018 ) $ (2,738 ) $ 1,258 $ 556 $ (131 )
 
Leased-in equipment (included in operating costs and expenses) $ 1,851 $ 1,855 $ 1,858 $ 1,862 $ 1,866
Depreciation and amortization $ 689 $ 532 $ 1,490 $ 2,430 $ 2,419
 
Fast support
Time Charter Statistics:
Average rates per day worked $ 7,148 $ 6,963 $ 7,746 $ 7,414 $ 7,999
Fleet utilization 59 % 62 % 53 % 52 % 49 %
Fleet available days 3,709 3,820 3,780 3,864 3,885
Out-of-service days for repairs, maintenance and drydockings 131 53 109 155 208
Out-of-service days for cold-stacked status 1,037 1,191 1,253 1,324 1,447
Operating revenues:
Time charter $ 15,678 $ 16,488 $ 15,427 $ 14,845 $ 15,271
Other marine services   (834 )   (505 )   (656 )   (399 )   (410 )
  14,844   15,983   14,771   14,446   14,861
Direct operating expenses:
Personnel 5,826 5,258 4,756 5,717 5,405
Repairs and maintenance 2,641 3,406 2,544 1,853 2,680
Drydocking 432 115 (9 ) 684 247
Insurance and loss reserves 407 314 324 129 297
Fuel, lubes and supplies 1,016 1,015 795 849 975
Other   1,718   1,466   1,460   2,356   1,610
  12,040   11,574   9,870   11,588   11,214
Direct Vessel Profit $ 2,804 $ 4,409 $ 4,901 $ 2,858 $ 3,647
 
Leased-in equipment (included in operating costs and expenses) $ 342 $ 342 $ 342 $ 343 $ 343
Depreciation and amortization $ 5,780 $ 6,585 $ 6,585 $ 6,521 $ 5,000
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
  Three Months Ended

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Supply
Time Charter Statistics:
Average rates per day worked $ 7,410 $ 7,174 $ 6,454 $ 5,222 $ 6,279
Fleet utilization 82 % 69 % 73 % 81 % 65 %
Fleet available days 565 637 633 594 507
Out-of-service days for repairs, maintenance and drydockings 16 2 36
Out-of-service days for cold-stacked status 19 68 25 99
Operating revenues:
Time charter $ 3,442 $ 3,149 $ 3,002 $ 2,527 $ 2,062
Other marine services   2,234   1,195   1,125   1,122   1,079
  5,676   4,344   4,127   3,649   3,141
Direct operating expenses:
Personnel 1,976 1,999 1,956 1,604 1,321
Repairs and maintenance 549 259 445 266 321
Drydocking 1,624 585
Insurance and loss reserves 145 134 102 210 26
Fuel, lubes and supplies 391 317 694 632 194
Other   254   1,048   719   348   158
  4,939   4,342   3,916   3,060   2,020
Direct Vessel Profit $ 737 $ 2 $ 211 $ 589 $ 1,121
 
Leased-in equipment (included in operating costs and expenses) $ 34 $ $ $ $
Depreciation and amortization $ 1,173 $ 1,394 $ 2,743 $ 3,566 $ 1,226
 
Standby safety
Time Charter Statistics:
Average rates per day worked $ 8,692 $ 9,157 $ 9,058 $ 8,660 $ 8,650
Fleet utilization 77 % 80 % 78 % 82 % 84 %
Fleet available days 1,809 1,746 1,849 1,822 1,840
Out-of-service days for repairs, maintenance and drydockings 117 46 87 78 96
Operating revenues:
Time charter $ 12,036 $ 12,791 $ 13,051 $ 12,921 $ 13,328
Other marine services   50   39   40   38   32
  12,086   12,830   13,091   12,959   13,360
Direct operating expenses:
Personnel 5,855 8,148 6,938 6,901 6,955
Repairs and maintenance 1,627 1,464 1,554 1,570 1,943
Drydocking 1,156 624 1,741 919 960
Insurance and loss reserves 234 143 138 106 116
Fuel, lubes and supplies 975 843 991 894 723
Other   351   144   161   220   156
  10,198   11,366   11,523   10,610   10,853
Direct Vessel Profit $ 1,888 $ 1,464 $ 1,568 $ 2,349 $ 2,507
 
Depreciation and amortization $ 945 $ 681 $ 694 $ 769 $ 578
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
 

Three Months Ended

Sep. 30,
2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Specialty
Time Charter Statistics:
Average rates per day worked $ $ $ $ $
Fleet utilization % % % % %
Fleet available days 92 91 90 276 276
Out-of-service days for repairs, maintenance and drydockings 24 25
Out-of-service days for cold-stacked status 92 91 90 160 159
Operating revenues:
Time charter $ $ $ $ (1 ) $
Other marine services         1   268
          268
Direct operating expenses:
Personnel 64 79 164 472 413
Repairs and maintenance 31 13 37 77 40
Drydocking (6 ) (136 ) 736
Insurance and loss reserves 41 25 10 102 21
Fuel, lubes and supplies 65 (29 ) 83 20 92
Other   67   93   104   85   84
  268   181   392   620   1,386
Direct Vessel Loss $ (268 ) $ (181 ) $ (392 ) $ (620 ) $ (1,118 )
 
Depreciation and amortization $ 282 $ 283 $ 282 $ 283 $ 579
 
Liftboats
Time Charter Statistics:
Average rates per day worked $ 18,993 $ 19,225 $ 16,068 $ 16,662 $ 11,899
Fleet utilization 60 % 43 % 30 % 30 % 28 %
Fleet available days 1,932 1,911 1,659 1,380 1,380
Out-of-service days for repairs, maintenance and drydockings 86 266 116 92 174
Out-of-service days for cold-stacked status 554 708 933 771 551
Operating revenues:
Time charter $ 22,171 $ 15,788 $ 8,126 $ 6,954 $ 4,659
Other marine services   2,922   1,569   756   393   447
  25,093   17,357   8,882   7,347   5,106
Direct operating expenses:
Personnel 5,621 4,671 3,461 2,577 3,394
Repairs and maintenance 1,827 1,553 1,134 990 1,288
Drydocking 433 842 51 1 211
Insurance and loss reserves 630 889 651 722 684
Fuel, lubes and supplies 1,482 1,153 668 632 646
Other   620   336   417   333   352
  10,613   9,444   6,382   5,255   6,575
Direct Vessel Profit (Loss) $ 14,480 $ 7,913 $ 2,500 $ 2,092 $ (1,469 )
 
Leased-in equipment (included in operating costs and expenses) $ 641 $ 644 $ 638 $ 626 $ 627
Depreciation and amortization $ 6,188 $ 6,333 $ 5,025 $ 3,160 $ 3,045
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
  Three Months Ended

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Wind farm utility
Time Charter Statistics:
Average rates per day worked $ 2,253 $ 2,330 $ 2,305 $ 2,318 $ 2,220
Fleet utilization 89 % 73 % 62 % 72 % 89 %
Fleet available days 3,498 3,457 3,330 3,404 3,404
Out-of-service days for repairs, maintenance and drydockings 123 31 113 171 14
Out-of-service days for cold-stacked status 61 40 92 99
Operating revenues:
Time charter $ 6,983 $ 5,898 $ 4,749 $ 5,650 $ 6,748
Other marine services   657   563   429   295   688
  7,640   6,461   5,178   5,945   7,436
Direct operating expenses:
Personnel 2,471 2,295 2,222 2,295 2,265
Repairs and maintenance 806 987 825 969 575
Drydocking 9 1
Insurance and loss reserves 130 93 103 74 89
Fuel, lubes and supplies 163 219 144 146 93
Other   104   173   96   121   87
  3,683   3,768   3,390   3,605   3,109
Direct Vessel Profit $ 3,957 $ 2,693 $ 1,788 $ 2,340 $ 4,327
 
Leased-in equipment (included in operating costs and expenses) $ (22 ) $ 22 $ $ $
Depreciation and amortization $ 2,093 $ 2,380 $ 2,428 $ 2,903 $ 2,293
 
Other Activity
Operating revenues:
Other marine services $ 1,080 $ 1,105 $ 1,447 $ 1,450 $ 530
 
Direct operating expenses:
Personnel 1,541 690 782 6 38
Repairs and maintenance 102 107 140 2 (2 )
Insurance and loss reserves (12 ) 71 (229 ) (95 ) (13 )
Fuel, lubes and supplies 16 18 17 1 (1 )
Other   (644 )   (940 )   (802 )   6   1
  1,003   (54 )   (92 )   (80 )   23
Direct Vessel Profit $ 77 $ 1,159 $ 1,539 $ 1,530 $ 507
 
Leased-in equipment (included in operating costs and expenses) $ (21 ) $ (23 )   (13 )    
Depreciation and amortization $ 192 $ 218 $ 265 $ 389 $ 482
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands)
 
  Three Months Ended

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

Cash Flows from Operating Activities:
DVP $ 21,657 $ 14,721 $ 13,373 $ 11,694 $ 9,391
Operating, leased-in equipment (excluding amortization of deferred gains) (4,834 ) (4,850 ) (4,834 ) (4,840 ) (4,845 )
Administrative and general (excluding provisions for bad debts and amortization of share awards) (11,452 ) (14,076 ) (12,357 ) (12,091 ) (11,139 )
SEACOR Holdings management and guarantee fees (5 ) (7 ) (12 ) (29 ) (21 )
Other, net (excluding non-cash losses) 249 (5 )
Dividends received from 50% or less owned companies     1,324     200   800
5,615 (2,888 ) (3,830 ) (5,071 ) (5,814 )
Changes in operating assets and liabilities before interest and income taxes (16,587 ) (14,575 ) (4,938 ) 9,003 (14,428 )
Director share awards 893
Restricted stock vesting (32 ) (51 )
Cash settlements on derivative transactions, net 102 (21 ) (129 ) (140 ) (184 )
Interest paid, excluding capitalized interest (5,498 ) (5,875 ) (2,828 ) (4,471 ) (1,119 )
Interest received 309 352 216 326 354
Income taxes (paid) refunded, net   (344 )   (12 )     (52 )   2,599
Net cash used in operating activities (GAAP Measure)   (16,435 )   (22,177 )   (11,509 )   (405 )   (18,592 )
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest (21,601 ) (5,983 ) (8,557 ) (16,105 ) (22,796 )
Capitalized interest paid (614 ) (1,008 ) (563 ) (754 )
Cash settlements on derivative transactions, net (45 )
Proceeds from disposition of property and equipment 1,858 3,244 282 1,046 248
Construction reserve funds withdrawals, net   2,556   7,209     94   22,344
Net investing activities in property and equipment (17,801 ) 3,462 (8,275 ) (15,528 ) (1,003 )
Net investing activities in 50% or less owned companies 1,770 (5,610 ) (19,950 ) (366 ) (773 )
Sale of subsidiary to joint venture 8,017
Net investing activities in third party notes receivable       99    
Net cash used in investing activities (GAAP Measure)   (8,014 )   (2,148 )   (28,126 )   (15,894 )   (1,776 )
Cash Flows from Financing Activities:
Payments on long-term debt (2,851 ) (6,395 ) (28,807 ) (3,354 ) (4,599 )
Proceeds from issuance of debt, net of issue costs 43,882 18,471 (300 ) 3,622
Proceeds from exercise of stock options and warrants 813
Proceeds from issuance of stock     54,012   1,793    
Net cash provided by (used in) financing activities (GAAP Measure)   41,031   48,430   (8,543 )   (3,654 )   (977 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents   (253 )   (970 )   682   528   539
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash   16,329   23,135   (47,496 )   (19,425 )   (20,806 )
Cash, Cash Equivalents and Restricted Cash, Beginning of Period   88,190   65,055   112,551   131,976   152,782
Cash, Cash Equivalents and Restricted Cash, End of Period $ 104,519 $ 88,190 $ 65,055 $ 112,551 $ 131,976
 
 
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 

Sep. 30,

2018

 

Jun. 30,

2018

 

Mar. 31,

2018

 

Dec. 31,

2017

 

Sep. 30,

2017

ASSETS
Current Assets:
Cash and cash equivalents $ 102,864 $ 86,239 $ 62,738 $ 110,234 $ 130,357
Restricted cash 1,655 1,951 2,316 2,317 1,619
Receivables:
Trade, net of allowance for doubtful accounts 75,349 57,658 45,664 45,616 54,124
Other 16,552 16,039 17,039 12,341 8,942
Inventories 3,646 3,666 3,975 3,756 3,786
Prepaid expenses and other   2,692   4,090   3,613   3,026   3,364
Total current assets   202,758   169,643   135,345   177,290   202,192
Property and Equipment:
Historical cost 1,279,000 1,287,855 1,320,496 1,179,836 1,204,409
Accumulated depreciation   (568,752 )   (564,477 )   (580,461 )   (560,160 )   (558,919 )
710,248 723,378 740,035 619,676 645,490
Construction in progress   82,953   82,274   80,682   70,157   60,597
Net property and equipment   793,201   805,652   820,717   689,833   706,087
Investments, at Equity, and Advances to 50% or Less Owned Companies 120,340 115,424 112,219 92,169 89,984
Construction Reserve Funds 35,596 38,152 45,361 45,361 45,455
Other Assets   3,582   3,667   3,736   3,851   6,213
$ 1,155,477 $ 1,132,538 $ 1,117,378 $ 1,008,504 $ 1,049,931
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 17,426 $ 22,858 $ 22,858 $ 22,858 30,858
Accounts payable and accrued expenses 20,480 23,774 25,551 24,024 23,487
Due to SEACOR Holdings 463 746 1,583 1,358 663
Other current liabilities   63,772   56,469   55,365   50,978   54,210
Total current liabilities   102,141   103,847   105,357   99,218   109,218
Long-Term Debt 397,738 348,912 405,234 292,041 285,869
Conversion Option Liability on Convertible Senior Notes 17,928 21,886 18,991 6,832 14,135
Deferred Income Taxes 46,120 49,789 56,024 55,506 106,389
Deferred Gains and Other Liabilities   26,662   27,289   28,600   31,741   36,314
Total liabilities $ 590,589 $ 551,723 $ 614,206 $ 485,338 $ 551,925
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock $ 204 $ 204 $ 178 $ 177 $ 177
Additional paid-in capital 414,460 413,754 306,639 303,996 302,952
Retained earnings