HOUSTON, Nov. 05, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. 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 ended September 30, 2020.
Notable third quarter items include:
- Average dayrates, excluding those for the wind crew transfer vessel fleet, were $11,323 in the third quarter of 2020 compared to $10,946 in the third quarter of 2019. The year-over-year improvement in average dayrates reflect an improved fleet mix and the full quarter contribution from the acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC ("SEACOSCO"). This acquisition added eight modern platform supply vessels to SEACOR Marine's owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels' systems.
- Multiple hurricanes in the U.S. Gulf of Mexico, the COVID-19 pandemic and volatility in oil prices impacted revenues for the third quarter of 2020. SEACOR Marine expects this volatility to continue for at least the remainder of this year. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.
- Administrative and general expenses in the third quarter were $10.2 million, including a one-time restructuring charge of $0.25 million as a result of SEACOR Marine's cost reduction initiative. During the third quarter of 2020, SEACOR Marine completed its Transformation Plan which resulted in the achievement of the previously announced target of $8.0 million in annual savings. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to changing conditions.
SEACOR Marine's consolidated operating revenues for the third quarter of 2020 were $45.7 million, operating loss was $11.4 million, and direct vessel profit ("DVP")(1) was $16.6 million. This compares to consolidated operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million in the third quarter of 2019. The reduction in DVP in the third quarter of 2020 was primarily driven by lower revenues in the United States.
Chief Executive Officer John Gellert commented on SEACOR Marine's third quarter results:
"SEACOR Marine continued to execute its strategy of prudent cost control and improving its fleet and geographic mix during a quarter marked by the ongoing challenges of COVID-19 and a very active hurricane season in the U.S. Gulf of Mexico. Our U.S. operations experienced their lowest utilization levels on record, mainly driven by the effects of the most active hurricane season since 2005, with five storms having disrupted operations in the region so far this year. Internationally, our West Africa and Middle East operations experienced weakened demand driven by the effects of low commodity prices and disruptions from the COVID-19 pandemic, as well as higher drydocking and repair time. However, we are encouraged that our operations in Latin America reflect the positive contribution of several vessels recently acquired as part of our SEACOSCO transaction, and that our offshore wind operations in Europe continued to meet our expectations, even in a difficult COVID-19 environment.
"I want to emphasize the importance of the two transactions that we executed at the end of last quarter, which will enhance our results and strengthen our liquidity. The acquisition of our partner's interest in SEACOSCO is already accretive to our results this quarter, and the ability to carry back net operating losses pursuant to the CARES Act will add over $30 million of liquidity once received. We are well positioned to navigate this very challenging environment and create value for our stakeholders over the long term.
"COVID-19 continues to create significant challenges to our logistics, especially our crew rotations. SEACOR Marine is devoting significant resources to ensure the safety of our crews and the service of our fleet. Although the situation is greatly improved from the first half of the year, much progress needs to be made before we can return to the pre-COVID environment. We need a consistent approach across the offshore industry and better coordination with government authorities in order to facilitate the safe transit of our employees. I again want to thank our crews and shore-based employees for their continued dedication to maintaining safe and reliable operations in a difficult environment."
For the third quarter of 2020, net loss attributable to SEACOR Marine was $18.1 million ($0.72 loss per basic and diluted share) and operating loss was $11.4 million. Net loss attributable to SEACOR Marine's continuing operations for the third quarter of 2019 was $10.3 million ($0.34 loss per basic and diluted share) and operating loss was $3.4 million.
___________________
| (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. |
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. 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 Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data)
| Three Months Ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Operating Revenues | $ | 45,697 | $ | 54,700 | $ | 129,318 | $ | 152,422 | |||||||
| Costs and Expenses: | |||||||||||||||
| Operating | 29,128 | 27,211 | 77,661 | 97,747 | |||||||||||
| Administrative and general | 10,155 | 11,462 | 35,480 | 32,798 | |||||||||||
| Lease expense | 1,390 | 4,153 | 6,152 | 12,589 | |||||||||||
| Depreciation and amortization | 16,613 | 16,091 | 46,927 | 48,600 | |||||||||||
| 57,286 | 58,917 | 166,220 | 191,734 | ||||||||||||
| (Loss) Gain on Asset Dispositions and Impairments, Net | 233 | 861 | (15,792 | ) | (2,719 | ) | |||||||||
| Operating Loss | (11,356 | ) | (3,356 | ) | (52,694 | ) | (42,031 | ) | |||||||
| Other Income (Expense): | |||||||||||||||
| Interest income | 50 | 317 | 1,255 | 886 | |||||||||||
| Interest expense | (8,598 | ) | (7,362 | ) | (23,231 | ) | (22,659 | ) | |||||||
| SEACOR Holdings guarantee fees | (11 | ) | (26 | ) | (36 | ) | (87 | ) | |||||||
| Derivative gains (losses), net | 5 | 3,057 | 5,204 | 734 | |||||||||||
| Foreign currency gains, net | (853 | ) | (370 | ) | (959 | ) | (624 | ) | |||||||
| (9,407 | ) | (4,384 | ) | (17,767 | ) | (21,750 | ) | ||||||||
| Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (20,763 | ) | (7,740 | ) | (70,461 | ) | (63,781 | ) | |||||||
| Income Tax Benefit | (3,119 | ) | 1,277 | (24,868 | ) | (5,606 | ) | ||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (17,644 | ) | (9,017 | ) | (45,593 | ) | (58,175 | ) | |||||||
| Equity in Losses of 50% or Less Owned Companies | (433 | ) | (1,325 | ) | 1,458 | (11,879 | ) | ||||||||
| Loss from Continuing Operations | (18,077 | ) | (10,342 | ) | (44,135 | ) | (70,054 | ) | |||||||
| (Loss) Income on Discontinued Operations, Net of Tax | — | (7,899 | ) | — | (6,724 | ) | |||||||||
| Net Loss | (18,077 | ) | (18,241 | ) | (44,135 | ) | (76,778 | ) | |||||||
| Net Loss attributable to Noncontrolling Interests in Subsidiaries | 4 | 204 | (4,036 | ) | (4,395 | ) | |||||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (18,081 | ) | $ | (18,445 | ) | $ | (40,099 | ) | $ | (72,383 | ) | |||
| Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. | |||||||||||||||
| Continuing operations | $ | (0.72 | ) | $ | (0.34 | ) | $ | (1.63 | ) | $ | (2.80 | ) | |||
| Discontinued operations | — | (0.44 | ) | — | $ | (0.29 | ) | ||||||||
| $ | (0.72 | ) | $ | (0.78 | ) | $ | (1.63 | ) | $ | (3.09 | ) | ||||
| Weighted Average Common Shares and Warrants Outstanding: | |||||||||||||||
| Basic and diluted shares | 24,989,977 | 23,740,718 | 24,611,666 | 23,406,759 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average Rates Per Day Worked (excluding crew transfer) | $ | 11,323 | $ | 11,018 | $ | 11,157 | $ | 11,071 | $ | 10,946 | |||||||||
| Average Rates Per Day | $ | 6,656 | $ | 6,648 | $ | 7,163 | $ | 7,260 | $ | 6,981 | |||||||||
| Fleet Utilization (excluding crew transfer) | 54 | % | 57 | % | 57 | % | 62 | % | 64 | % | |||||||||
| Fleet Utilization | 70 | % | 69 | % | 63 | % | 68 | % | 74 | % | |||||||||
| Fleet Available Days (excluding crew transfer) | 5,715 | 5,167 | 5,210 | 5,542 | 6,048 | ||||||||||||||
| Fleet Available Days | 9,379 | 8,688 | 8,668 | 9,007 | 9,578 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 43,586 | $ | 39,807 | $ | 39,290 | $ | 44,465 | $ | 49,747 | |||||||||
| Bareboat charter | 676 | 723 | 724 | 834 | 1,765 | ||||||||||||||
| Other marine services | 1,435 | 1,348 | 1,729 | 3,771 | 3,188 | ||||||||||||||
| 45,697 | 41,878 | 41,743 | 49,070 | 54,700 | |||||||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 16,513 | 13,378 | 13,706 | 15,096 | 15,879 | ||||||||||||||
| Repairs and maintenance | 4,639 | 4,311 | 4,804 | 3,983 | 5,495 | ||||||||||||||
| Drydocking | 585 | 566 | 1,365 | 766 | 515 | ||||||||||||||
| Insurance and loss reserves | 1,873 | 1,589 | 939 | 1,663 | 1,198 | ||||||||||||||
| Fuel, lubes and supplies | 2,388 | 2,295 | 2,067 | 2,409 | 2,910 | ||||||||||||||
| Other | 3,130 | 1,774 | 1,739 | 2,061 | 1,214 | ||||||||||||||
| 29,128 | 23,913 | 24,620 | 25,978 | 27,211 | |||||||||||||||
| Direct Vessel Profit (1) | 16,569 | 17,965 | 17,123 | 23,092 | 27,489 | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | 1,390 | 1,355 | 3,407 | 3,570 | 4,153 | ||||||||||||||
| Administrative and general | 10,155 | 14,560 | 10,765 | 11,928 | 11,462 | ||||||||||||||
| Depreciation and amortization | 16,613 | 15,313 | 15,001 | 15,412 | 16,091 | ||||||||||||||
| 28,158 | 31,228 | 29,173 | 30,910 | 31,706 | |||||||||||||||
| (Losses) Gains on Asset Dispositions and Impairments, Net | 233 | (3,453 | ) | (12,572 | ) | (2,679 | ) | 862 | |||||||||||
| Operating Loss | (11,356 | ) | (16,716 | ) | (24,622 | ) | (10,497 | ) | (3,355 | ) | |||||||||
| Other Income (Expense): | |||||||||||||||||||
| Interest income | 50 | 529 | 676 | 559 | 317 | ||||||||||||||
| Interest expense | (8,598 | ) | (6,995 | ) | (7,638 | ) | (7,397 | ) | (7,362 | ) | |||||||||
| SEACOR Holdings guarantee fees | (11 | ) | (9 | ) | (16 | ) | (21 | ) | (26 | ) | |||||||||
| Derivative losses (gains), net | 5 | 85 | 5,114 | (663 | ) | 3,057 | |||||||||||||
| Foreign currency gains, net | (853 | ) | (171 | ) | 65 | (1,037 | ) | (370 | ) | ||||||||||
| Other, net | — | — | — | (1 | ) | — | |||||||||||||
| (9,407 | ) | (6,561 | ) | (1,799 | ) | (8,560 | ) | (4,384 | ) | ||||||||||
| Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (20,763 | ) | (23,277 | ) | (26,421 | ) | (19,057 | ) | (7,739 | ) | |||||||||
| Income Tax (Benefit) Expense | (3,119 | ) | (15,081 | ) | (6,668 | ) | (2,306 | ) | 1,277 | ||||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (17,644 | ) | (8,196 | ) | (19,753 | ) | (16,751 | ) | (9,016 | ) | |||||||||
| Equity in Losses of 50% or Less Owned Companies | (433 | ) | 2,130 | (239 | ) | (2,425 | ) | (1,325 | ) | ||||||||||
| Loss from Continuing Operations | (18,077 | ) | (6,066 | ) | (19,992 | ) | (19,176 | ) | (10,341 | ) | |||||||||
| (Loss) Income from Discontinued Operations, Net of Tax | — | — | — | (2,742 | ) | (7,899 | ) | ||||||||||||
| Net Loss | (18,077 | ) | (6,066 | ) | (19,992 | ) | (21,918 | ) | (18,240 | ) | |||||||||
| Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries | 4 | 7 | (4,047 | ) | (1,463 | ) | 204 | ||||||||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (18,081 | ) | $ | (6,073 | ) | $ | (15,945 | ) | $ | (20,455 | ) | $ | (18,444 | ) | ||||
| Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. | |||||||||||||||||||
| Continuing operations | $ | (0.72 | ) | $ | (0.24 | ) | $ | (0.66 | ) | $ | (0.74 | ) | $ | (0.49 | ) | ||||
| Discontinued operations | — | — | — | (0.12 | ) | (0.29 | ) | ||||||||||||
| $ | (0.72 | ) | $ | (0.24 | ) | $ | (0.66 | ) | $ | (0.86 | ) | $ | (0.78 | ) | |||||
| Weighted Average Common Shares and Warrants Outstanding: | |||||||||||||||||||
| Basic and Diluted | 24,989 | 24,851 | 23,989 | 23,832 | 23,741 | ||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 24,996 | 24,899 | 24,854 | 23,708 | 23,653 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| United States, primarily Gulf of Mexico | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 19,397 | $ | 15,574 | $ | 20,988 | $ | 19,285 | $ | 17,851 | |||||||||
| Fleet utilization | 5 | % | 5 | % | 11 | % | 20 | % | 26 | % | |||||||||
| Fleet available days | 1,871 | 1,842 | 1,864 | 1,956 | 2,340 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 37 | 32 | 116 | 6 | 159 | ||||||||||||||
| Out-of-service days for cold-stacked status | 1,576 | 1,465 | 1,301 | 1,301 | 1,131 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 1,668 | $ | 1,478 | $ | 4,375 | $ | 7,408 | $ | 10,914 | |||||||||
| Bareboat charter | 731 | 723 | 724 | 732 | 597 | ||||||||||||||
| Other marine services | 473 | 513 | 642 | 516 | 838 | ||||||||||||||
| 2,872 | 2,714 | 5,741 | 8,656 | 12,349 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 2,481 | 2,284 | 2,928 | 3,432 | 4,353 | ||||||||||||||
| Repairs and maintenance | 338 | 314 | 617 | 782 | 1,508 | ||||||||||||||
| Drydocking | - | 110 | 1,057 | 252 | 547 | ||||||||||||||
| Insurance and loss reserves | 778 | 354 | 135 | 566 | 371 | ||||||||||||||
| Fuel, lubes and supplies | 251 | 189 | 524 | 407 | 739 | ||||||||||||||
| Other | 85 | 93 | 79 | 102 | 88 | ||||||||||||||
| 3,933 | 3,344 | 5,340 | 5,541 | 7,606 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | (1,061 | ) | $ | (630 | ) | $ | 401 | $ | 3,115 | $ | 4,743 | |||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 716 | $ | 741 | $ | 2,138 | $ | 2,283 | $ | 2,758 | |||||||||
| Depreciation and amortization | 4,961 | 5,254 | 5,358 | 5,474 | 5,634 | ||||||||||||||
| Africa, primarily West Africa | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,364 | $ | 9,001 | $ | 9,249 | $ | 9,435 | $ | 9,316 | |||||||||
| Fleet utilization | 71 | % | 85 | % | 89 | % | 88 | % | 91 | % | |||||||||
| Fleet available days | 1,288 | 1,304 | 1,346 | 1,349 | 1,380 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 45 | 90 | 56 | 68 | — | ||||||||||||||
| Out-of-service days for cold-stacked status | 124 | — | — | — | — | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 7,641 | $ | 9,944 | $ | 11,095 | $ | 11,249 | $ | 11,738 | |||||||||
| Other marine services | (385 | ) | (480 | ) | 167 | 1,216 | 129 | ||||||||||||
| 7,256 | 9,464 | 11,262 | 12,465 | 11,867 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 2,597 | 2,546 | 2,695 | 3,230 | 3,308 | ||||||||||||||
| Repairs and maintenance | 1,066 | 1,379 | 1,435 | 1,242 | 1,323 | ||||||||||||||
| Drydocking | 481 | 256 | 8 | 253 | (53 | ) | |||||||||||||
| Insurance and loss reserves | 267 | 188 | 193 | 369 | 230 | ||||||||||||||
| Fuel, lubes and supplies | 994 | 727 | 472 | 817 | 961 | ||||||||||||||
| Other | 686 | 565 | 571 | 976 | 499 | ||||||||||||||
| 6,091 | 5,661 | 5,374 | 6,887 | 6,268 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 1,165 | $ | 3,803 | $ | 5,888 | $ | 5,578 | $ | 5,599 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 430 | $ | 417 | $ | 1,126 | $ | 757 | $ | 761 | |||||||||
| Depreciation and amortization | 2,667 | 2,889 | 2,604 | 2,608 | 2,681 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Middle East and Asia | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 9,670 | $ | 10,245 | $ | 9,634 | $ | 8,843 | $ | 8,795 | |||||||||
| Fleet utilization | 78 | % | 82 | % | 73 | % | 82 | % | 83 | % | |||||||||
| Fleet available days | 1,809 | 1,613 | 1,671 | 1,901 | 2,020 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 89 | 113 | 200 | 15 | 129 | ||||||||||||||
| Out-of-service days for cold-stacked status | 76 | 61 | 48 | 153 | 184 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 13,672 | $ | 13,605 | $ | 11,767 | $ | 13,840 | $ | 14,798 | |||||||||
| Other marine services | 296 | 514 | 420 | 678 | 414 | ||||||||||||||
| 13,968 | 14,119 | 12,187 | 14,518 | 15,212 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 5,171 | 3,795 | 3,811 | 4,129 | 4,023 | ||||||||||||||
| Repairs and maintenance | 1,564 | 1,580 | 1,246 | 973 | 1,387 | ||||||||||||||
| Drydocking | 104 | 200 | 414 | 146 | 20 | ||||||||||||||
| Insurance and loss reserves | 451 | 430 | 339 | 408 | 333 | ||||||||||||||
| Fuel, lubes and supplies | 482 | 955 | 665 | 769 | 701 | ||||||||||||||
| Other | 1,771 | 819 | 683 | 635 | 567 | ||||||||||||||
| 9,543 | 7,779 | 7,158 | 7,060 | 7,031 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 4,425 | $ | 6,340 | $ | 5,029 | $ | 7,458 | $ | 8,181 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 46 | $ | 32 | $ | 45 | $ | 42 | $ | 43 | |||||||||
| Depreciation and amortization | 4,379 | 3,921 | 3,790 | 3,963 | 3,914 | ||||||||||||||
| Latin America | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 13,355 | $ | 10,752 | $ | 9,397 | $ | 8,649 | $ | 6,867 | |||||||||
| Fleet utilization | 99 | % | 97 | % | 93 | % | 69 | % | 71 | % | |||||||||
| Fleet available days | 655 | 408 | 389 | 429 | 399 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 7 | — | 3 | 35 | 5 | ||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 65 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 8,621 | $ | 4,251 | $ | 3,396 | $ | 2,541 | $ | 1,951 | |||||||||
| Bareboat charter | — | — | - | 102 | 1,168 | ||||||||||||||
| Other marine services | 212 | 168 | 149 | 261 | 221 | ||||||||||||||
| 8,833 | 4,419 | 3,545 | 2,904 | 3,340 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 2,342 | 1,377 | 1,215 | 1,081 | 846 | ||||||||||||||
| Repairs and maintenance | 704 | 255 | 392 | 234 | 298 | ||||||||||||||
| Drydocking | — | — | (114 | ) | 114 | — | |||||||||||||
| Insurance and loss reserves | 138 | 105 | 69 | 79 | 31 | ||||||||||||||
| Fuel, lubes and supplies | 307 | 132 | 135 | 127 | 187 | ||||||||||||||
| Other | 444 | 123 | 305 | 188 | (87 | ) | |||||||||||||
| 3,935 | 1,992 | 2,002 | 1,823 | 1,275 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 4,898 | $ | 2,427 | $ | 1,543 | $ | 1,081 | $ | 2,065 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 9 | $ | 9 | $ | 9 | $ | 9 | $ | — | |||||||||
| Depreciation and amortization | 1,708 | 950 | 899 | 1,037 | 1,573 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Europe, Continuing Operations | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | 3,434 | 3,436 | 3,471 | 3,505 | 3,146 | ||||||||||||||
| Fleet utilization | 93 | % | 87 | % | 73 | % | 80 | % | 96 | % | |||||||||
| Fleet available days | 3,756 | 3,521 | 3,398 | 3,373 | 3,439 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 81 | 117 | 122 | 107 | 3 | ||||||||||||||
| Out-of-service days for cold-stacked status | 92 | — | — | — | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 11,984 | $ | 10,529 | $ | 8,657 | $ | 9,427 | $ | 10,346 | |||||||||
| Bareboat charter | (55 | ) | — | ||||||||||||||||
| Other marine services | 839 | 633 | 351 | 1,100 | 1,586 | ||||||||||||||
| 12,768 | 11,162 | 9,008 | 10,527 | 11,932 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,922 | 3,376 | 3,057 | 3,224 | 3,349 | ||||||||||||||
| Repairs and maintenance | 967 | 783 | 1,114 | 752 | 979 | ||||||||||||||
| Drydocking | — | — | — | 1 | 1 | ||||||||||||||
| Insurance and loss reserves | 239 | 512 | 203 | 241 | 233 | ||||||||||||||
| Fuel, lubes and supplies | 354 | 292 | 271 | 289 | 322 | ||||||||||||||
| Other | 144 | 174 | 101 | 160 | 147 | ||||||||||||||
| 5,626 | 5,137 | 4,746 | 4,667 | 5,031 | |||||||||||||||
| Direct Vessel Profit for Continuing Operations (1) | $ | 7,142 | $ | 6,025 | $ | 4,262 | $ | 5,860 | $ | 6,901 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 189 | $ | 156 | $ | 89 | $ | 479 | $ | 591 | |||||||||
| Depreciation and amortization | 2,898 | 2,299 | 2,350 | 2,330 | 2,289 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY VESSEL CLASS
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Anchor handling towing supply | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 7,388 | $ | 8,383 | $ | 8,012 | $ | 8,095 | $ | 7,790 | |||||||||
| Fleet utilization | 54 | % | 43 | % | 39 | % | 48 | % | 53 | % | |||||||||
| Fleet available days | 644 | 667 | 709 | 705 | 736 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 21 | 76 | 74 | 33 | 10 | ||||||||||||||
| Out-of-service days for cold-stacked status | 276 | 273 | 273 | 337 | 332 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 2,564 | $ | 2,413 | $ | 2,225 | $ | 2,714 | $ | 3,059 | |||||||||
| Other marine services | (147 | ) | (137 | ) | 559 | 1,076 | 365 | ||||||||||||
| 2,417 | 2,276 | 2,784 | 3,790 | 3,424 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 950 | 853 | 892 | 1,212 | 1,418 | ||||||||||||||
| Repairs and maintenance | 432 | 679 | 408 | 330 | 524 | ||||||||||||||
| Drydocking | (2 | ) | (19 | ) | 22 | - | 8 | ||||||||||||
| Insurance and loss reserves | 139 | 159 | 45 | 208 | 179 | ||||||||||||||
| Fuel, lubes and supplies | 148 | 168 | 216 | 145 | 252 | ||||||||||||||
| Other | 370 | 341 | 259 | 366 | 404 | ||||||||||||||
| 2,037 | 2,181 | 1,842 | 2,261 | 2,785 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 380 | $ | 95 | $ | 942 | $ | 1,529 | $ | 639 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 505 | $ | 518 | $ | 1,216 | $ | 872 | $ | 1,357 | |||||||||
| Depreciation and amortization | 495 | 500 | 561 | 522 | 568 | ||||||||||||||
| Fast support | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,421 | $ | 8,590 | $ | 8,472 | $ | 8,257 | $ | 8,133 | |||||||||
| Fleet utilization | 63 | % | 72 | % | 76 | % | 78 | % | 78 | % | |||||||||
| Fleet available days | 2,300 | 2,426 | 2,521 | 2,935 | 3,156 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 71 | 137 | 156 | 82 | 81 | ||||||||||||||
| Out-of-service days for cold-stacked status | 421 | 285 | 273 | 341 | 459 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 12,212 | $ | 15,078 | $ | 16,284 | $ | 18,877 | $ | 20,079 | |||||||||
| Bareboat charter | 731 | 723 | 724 | 732 | 597 | ||||||||||||||
| Other marine services | (256 | ) | (372 | ) | (355 | ) | (40 | ) | (200 | ) | |||||||||
| 12,687 | 15,429 | 16,653 | 19,569 | 20,476 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 4,180 | 4,166 | 4,659 | 5,071 | 5,486 | ||||||||||||||
| Repairs and maintenance | 1,642 | 1,922 | 2,278 | 1,873 | 2,204 | ||||||||||||||
| Drydocking | 587 | 274 | 36 | 357 | (27 | ) | |||||||||||||
| Insurance and loss reserves | 353 | 304 | 332 | 541 | 347 | ||||||||||||||
| Fuel, lubes and supplies | 976 | 1,180 | 904 | 1,098 | 1,395 | ||||||||||||||
| Other | 1,489 | 1,203 | 1,000 | 1,346 | 959 | ||||||||||||||
| 9,227 | 9,049 | 9,209 | 10,286 | 10,364 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 3,460 | $ | 6,380 | $ | 7,444 | $ | 9,283 | $ | 10,112 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 351 | $ | 352 | $ | 352 | $ | 352 | $ | 351 | |||||||||
| Depreciation and amortization | 5,105 | 5,405 | 5,118 | 5,447 | 5,646 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Supply | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 11,355 | $ | 8,477 | $ | 7,360 | $ | 7,179 | $ | 6,755 | |||||||||
| Fleet utilization | 74 | % | 83 | % | 79 | % | 87 | % | 96 | % | |||||||||
| Fleet available days | 1,257 | 527 | 2,521 | 338 | 398 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 23 | 13 | 3 | — | — | ||||||||||||||
| Out-of-service days for cold-stacked status | 229 | 61 | — | — | — | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 10,541 | $ | 3,713 | $ | 2,520 | $ | 2,114 | $ | 2,589 | |||||||||
| Bareboat charter | (55 | ) | — | — | 102 | 1,168 | |||||||||||||
| Other marine services | 92 | (53 | ) | (69 | ) | 582 | 863 | ||||||||||||
| 10,578 | 3,660 | 2,451 | 2,798 | 4,620 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,821 | 1,591 | 1,206 | 1,369 | 1,266 | ||||||||||||||
| Repairs and maintenance | 968 | 375 | 348 | 159 | 276 | ||||||||||||||
| Drydocking | — | 197 | — | 142 | 1 | ||||||||||||||
| Insurance and loss reserves | 230 | 106 | 67 | 65 | 66 | ||||||||||||||
| Fuel, lubes and supplies | 601 | 219 | 119 | 377 | 205 | ||||||||||||||
| Other | 1,022 | 246 | 397 | 314 | 57 | ||||||||||||||
| 6,642 | 2,734 | 2,137 | 2,426 | 1,871 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 3,936 | $ | 926 | $ | 314 | $ | 372 | $ | 2,749 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | 381 | $ | 517 | |||||||||
| Depreciation and amortization | 2,673 | 1,000 | 787 | 823 | 1,167 | ||||||||||||||
| Specialty | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Fleet available days | 42 | 91 | 91 | 92 | 92 | ||||||||||||||
| Out-of-service days for cold-stacked status | 42 | 91 | 91 | 92 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | — | — | 13 | 6 | 13 | ||||||||||||||
| Repairs and maintenance | 35 | 46 | 11 | 5 | 1 | ||||||||||||||
| Insurance and loss reserves | 13 | 16 | 20 | 9 | 18 | ||||||||||||||
| Fuel, lubes and supplies | (8 | ) | (2 | ) | 22 | — | 2 | ||||||||||||
| Other | 32 | 67 | 101 | 64 | 75 | ||||||||||||||
| 72 | 127 | 167 | 84 | 109 | |||||||||||||||
| Direct Vessel Loss (1) | $ | (72 | ) | $ | (127 | ) | $ | (167 | ) | $ | (84 | ) | $ | (109 | ) | ||||
| Other Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Depreciation and amortization | $ | 27 | $ | 127 | $ | 128 | $ | 128 | $ | 128 | |||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Liftboats | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 27,947 | $ | 24,894 | $ | 27,513 | $ | 27,453 | $ | 26,172 | |||||||||
| Fleet utilization | 23 | % | 30 | % | 31 | % | 36 | % | 39 | % | |||||||||
| Fleet available days | 1,472 | 1,456 | 1,456 | 1,472 | 1,665 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 64 | 9 | 141 | 6 | 153 | ||||||||||||||
| Out-of-service days for cold-stacked status | 899 | 816 | 664 | 657 | 432 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 9,319 | $ | 11,001 | $ | 12,339 | $ | 14,375 | $ | 16,830 | |||||||||
| Other marine services | 316 | 306 | 250 | 732 | 795 | ||||||||||||||
| 9,635 | 11,307 | 12,589 | 15,107 | 17,625 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,963 | 3,545 | 4,097 | 4,588 | 4,824 | ||||||||||||||
| Repairs and maintenance | 624 | 407 | 650 | 776 | 1,656 | ||||||||||||||
| Drydocking | — | 111 | 1,307 | 267 | 532 | ||||||||||||||
| Insurance and loss reserves | 1,055 | 893 | 679 | 711 | 484 | ||||||||||||||
| Fuel, lubes and supplies | 370 | 343 | 490 | 550 | 899 | ||||||||||||||
| Other | 538 | 219 | 147 | 338 | 221 | ||||||||||||||
| 6,550 | 5,518 | 7,370 | 7,230 | 8,616 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 3,085 | $ | 5,789 | $ | 5,219 | $ | 7,877 | $ | 9,009 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 31 | $ | 44 | $ | 1,497 | $ | 1,497 | $ | 1,498 | |||||||||
| Depreciation and amortization | 5,980 | 6,081 | 6,128 | 6,136 | 6,247 | ||||||||||||||
| Crew transfer | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 2,565 | $ | 2,481 | $ | 2,375 | $ | 2,378 | $ | 2,220 | |||||||||
| Fleet utilization | 95 | % | 87 | % | 72 | % | 77 | % | 92 | % | |||||||||
| Fleet available days | 3,664 | 3,521 | 3,458 | 3,465 | 3,531 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 81 | 117 | 122 | 111 | 52 | ||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 48 | 92 | 184 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 8,950 | $ | 7,602 | $ | 5,922 | $ | 6,385 | $ | 7,190 | |||||||||
| Other marine services | 710 | 548 | 315 | 389 | 577 | ||||||||||||||
| 9,660 | 8,150 | 6,237 | 6,774 | 7,767 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,184 | 2,721 | 2,592 | 2,435 | 2,432 | ||||||||||||||
| Repairs and maintenance | 891 | 754 | 1,056 | 693 | 775 | ||||||||||||||
| Drydocking | — | 3 | — | — | — | ||||||||||||||
| Insurance and loss reserves | 109 | 100 | 99 | 124 | 113 | ||||||||||||||
| Fuel, lubes and supplies | 263 | 230 | 230 | 220 | 152 | ||||||||||||||
| Other | 80 | 115 | 86 | 75 | 96 | ||||||||||||||
| 4,527 | 3,923 | 4,063 | 3,547 | 3,568 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 5,133 | $ | 4,227 | $ | 2,174 | $ | 3,227 | $ | 4,199 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 107 | $ | 67 | $ | - | $ | - | $ | - | |||||||||
| Depreciation and amortization | 1,766 | 1,637 | 1,717 | 1,837 | 1,819 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Other Activity | |||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | 720 | $ | 1,056 | $ | 1,029 | $ | 1,032 | $ | 788 | |||||||||
| 720 | 1,056 | 1,029 | 1,032 | 788 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 415 | 502 | 247 | 415 | 440 | ||||||||||||||
| Repairs and maintenance | 47 | 128 | 53 | 147 | 59 | ||||||||||||||
| Insurance and loss reserves | (26 | ) | 11 | (303 | ) | 5 | (9 | ) | |||||||||||
| Fuel, lubes and supplies | 38 | 157 | 86 | 19 | 5 | ||||||||||||||
| Other | (401 | ) | (417 | ) | (251 | ) | (442 | ) | (598 | ) | |||||||||
| 73 | 381 | (168 | ) | 144 | (102 | ) | |||||||||||||
| Direct Vessel Profit (1) | $ | 647 | $ | 675 | $ | 1,197 | $ | 888 | $ | 890 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 396 | $ | 374 | $ | 342 | $ | 468 | $ | 430 | |||||||||
| Depreciation and amortization | 567 | 563 | 562 | 519 | 516 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands)
| Three Months Ended | |||||||||||||||||||
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| Cash Flows from Continuing Operating Activities: | |||||||||||||||||||
| DVP (1) | 16,569 | 17,965 | 17,123 | 23,092 | 27,489 | ||||||||||||||
| Operating, leased-in equipment (excluding amortization of deferred gains) | (3,600 | ) | (3,814 | ) | (3,838 | ) | (4,648 | ) | (4,963 | ) | |||||||||
| Administrative and general (excluding provisions for bad debts and amortization of share awards) | (8,766 | ) | (13,352 | ) | (9,776 | ) | (10,773 | ) | (9,160 | ) | |||||||||
| SEACOR Holdings management and guarantee fees | (11 | ) | (9 | ) | (16 | ) | (21 | ) | (26 | ) | |||||||||
| Dividends received from 50% or less owned companies | 2,117 | — | — | 800 | 873 | ||||||||||||||
| Other, net (excluding non-cash losses) | — | — | — | (2 | ) | — | |||||||||||||
| 6,309 | 790 | 3,493 | 8,448 | 14,213 | |||||||||||||||
| Changes in operating assets and liabilities before interest and income taxes | 74 | (9,293 | ) | (7,144 | ) | 7,758 | (7,236 | ) | |||||||||||
| Director share awards | — | 755 | — | — | — | ||||||||||||||
| Restricted stock vested | — | (3 | ) | (175 | ) | (55 | ) | (240 | ) | ||||||||||
| Cash settlements on derivative transactions, net | (445 | ) | (279 | ) | (214 | ) | (190 | ) | (546 | ) | |||||||||
| Interest paid, excluding capitalized interest (1) | (6,071 | ) | (4,529 | ) | (4,744 | ) | (6,255 | ) | (5,633 | ) | |||||||||
| Interest received | 50 | 529 | 676 | 560 | 316 | ||||||||||||||
| Income taxes refunded, net | (829 | ) | — | — | — | — | |||||||||||||
| Net cash (used in) provided operating activities | (912 | ) | (12,030 | ) | (8,108 | ) | 10,266 | 874 | |||||||||||
| Cash Flows from Continuing Investing Activities: | |||||||||||||||||||
| Purchases of property and equipment | (5,166 | ) | (8,530 | ) | (11,244 | ) | (5,890 | ) | (9,547 | ) | |||||||||
| Proceeds from disposition of property and equipment | 3,539 | 14,030 | 3,105 | 36,418 | 10,119 | ||||||||||||||
| Proceeds from the sale of ERRV fleet | — | — | — | 27,390 | — | ||||||||||||||
| Cash Impact of sale of ERRV fleet | — | — | — | (5,140 | ) | — | |||||||||||||
| Construction reserve funds transferred to short-term cash | — | 3,745 | — | — | — | ||||||||||||||
| Purchase of subsidiary from joint venture | — | (8,445 | ) | — | — | — | |||||||||||||
| Construction reserve funds used | — | — | 9,148 | 5,268 | 1,951 | ||||||||||||||
| Net investing activities in property and equipment | (1,627 | ) | 800 | 1,009 | 58,046 | 2,523 | |||||||||||||
| Investments in and advances to 50% or less owned companies | (907 | ) | (56 | ) | (245 | ) | (6,062 | ) | (8,686 | ) | |||||||||
| Capital distributions from equity investees | — | — | — | 48 | 413 | ||||||||||||||
| Principal payments on notes due from equity investees | 490 | — | — | — | 22 | ||||||||||||||
| Net cash provided by (used in) investing activities | (2,044 | ) | 744 | 764 | 52,032 | (5,728 | ) | ||||||||||||
| Cash Flows from Continuing Financing Activities: | |||||||||||||||||||
| Payments on long-term debt | (8,246 | ) | (3,502 | ) | (5,222 | ) | (3,899 | ) | (11,976 | ) | |||||||||
| Proceeds from issuance of debt, net of offering costs | 1,089 | — | — | — | — | ||||||||||||||
| Proceeds from exercise of stock options and Warrants | 2 | — | — | 340 | 973 | ||||||||||||||
| Net cash (used in) provided by financing activities | (7,155 | ) | (3,502 | ) | (5,222 | ) | (3,559 | ) | (11,003 | ) | |||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | 592 | 265 | (1,908 | ) | (19,238 | ) | (472 | ) | |||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (9,519 | ) | (14,523 | ) | (14,474 | ) | 39,501 | (16,329 | ) | ||||||||||
| Cash Flows from Discontinued Operations | |||||||||||||||||||
| Operating Activities | — | — | — | 4,297 | (446 | ) | |||||||||||||
| Investing Activities | — | — | — | (4,462 | ) | (116 | ) | ||||||||||||
| Effects of FX Rate Changes on Cash and Cash Equivalents | — | — | — | 3,322 | 268 | ||||||||||||||
| Net Decrease in Cash and Cash Equivalents from Discontinued Operations: | — | — | — | 3,157 | (294 | ) | |||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (9,519 | ) | (14,523 | ) | (14,474 | ) | 42,658 | (16,623 | ) | ||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 58,050 | 72,573 | 87,047 | 44,389 | 61,012 | ||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 48,531 | $ | 58,050 | $ | 72,573 | $ | 87,047 | $ | 44,389 | |||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Current Assets: | |||||||||||||||||||
| Cash and cash equivalents | $ | 45,179 | $ | 54,698 | $ | 69,220 | $ | 83,943 | $ | 38,155 | |||||||||
| Restricted cash | 3,352 | 3,352 | 3,353 | 3,104 | 4,016 | ||||||||||||||
| Receivables: | |||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 54,935 | 57,892 | 48,192 | 49,128 | 58,954 | ||||||||||||||
| Other | 17,914 | 14,362 | 27,872 | 18,531 | 6,835 | ||||||||||||||
| Receivables from SEACOR Holdings | 18,814 | 14,394 | — | — | — | ||||||||||||||
| Tax Receivable | 11,770 | ||||||||||||||||||
| Inventories | 573 | 1,409 | 1,575 | 1,228 | 1,408 | ||||||||||||||
| Prepaid expenses and other | 3,598 | 3,218 | 2,653 | 2,612 | 3,146 | ||||||||||||||
| Discontinued operations | — | — | — | — | 13,127 | ||||||||||||||
| Total current assets | 156,135 | 149,325 | 152,865 | 158,546 | 125,641 | ||||||||||||||
| Property and Equipment: | |||||||||||||||||||
| Historical cost | 1,078,169 | 1,066,239 | 930,264 | 976,978 | 1,063,290 | ||||||||||||||
| Accumulated depreciation | (334,387 | ) | (322,378 | ) | (312,911 | ) | (358,962 | ) | (400,628 | ) | |||||||||
| 743,782 | 743,861 | 617,353 | 618,016 | 662,662 | |||||||||||||||
| Construction in progress | 56,709 | 55,955 | 55,302 | 74,344 | 70,275 | ||||||||||||||
| Net property and equipment | 800,491 | 799,816 | 672,655 | 692,360 | 732,937 | ||||||||||||||
| Right-of-Use Asset - Operating Leases | 8,327 | 8,818 | 8,990 | 17,313 | 18,774 | ||||||||||||||
| Right-of-Use Asset - Finance Lease | 137 | ||||||||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 88,933 | 90,900 | 125,010 | 124,680 | 118,222 | ||||||||||||||
| Construction Reserve Funds | — | — | 3,745 | 12,893 | 18,161 | ||||||||||||||
| Other Assets | 3,152 | 3,243 | 3,270 | 3,401 | 3,422 | ||||||||||||||
| Discontinued operations | — | — | — | — | 23,349 | ||||||||||||||
| $ | 1,057,175 | $ | 1,052,102 | $ | 966,535 | $ | 1,009,193 | $ | 1,040,506 | ||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||
| Current portion of operating lease liabilities | $ | 9,632 | $ | 11,765 | $ | 13,359 | $ | 15,099 | $ | 15,182 | |||||||||
| Current lease liability - Finance | 27 | - | - | - | - | ||||||||||||||
| Current portion of long-term debt | 52,108 | 51,793 | 37,084 | 17,802 | 23,446 | ||||||||||||||
| Accounts payable and accrued expenses | 29,542 | 22,382 | 32,023 | 25,691 | 26,507 | ||||||||||||||
| Due to SEACOR Holdings | — | — | 66 | 74 | 77 | ||||||||||||||
| Other current liabilities | 30,178 | 30,162 | 29,949 | 36,151 | 42,372 | ||||||||||||||
| Discontinued operations | — | — | — | — | 3,813 | ||||||||||||||
| Total current liabilities | 121,487 | 116,102 | 112,481 | 94,817 | 111,397 | ||||||||||||||
| Long-Term Operating Lease Liabilities | 5,694 | 6,545 | 7,859 | 9,822 | 12,878 | ||||||||||||||
| Long-Term Finance Lease Liabilities | 113 | - | - | - | - | ||||||||||||||
| Long-Term Debt | 452,964 | 447,663 | 356,729 | 380,251 | 375,772 | ||||||||||||||
| Conversion Option Liability on Convertible Senior Notes | 1 | 6 | 91 | 5,205 | 4,543 | ||||||||||||||
| Deferred Income Taxes | 36,452 | 24,101 | 26,113 | 33,905 | 36,921 | ||||||||||||||
| Deferred Gains and Other Liabilities | 3,810 | 6,321 | 7,951 | 6,269 | 4,848 | ||||||||||||||
| Total liabilities | 620,521 | 600,738 | 511,224 | 530,269 | 546,359 | ||||||||||||||
| Equity: | |||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders' equity: | |||||||||||||||||||
| Common stock | 235 | 232 | 231 | 219 | 219 | ||||||||||||||
| Additional paid-in capital | 450,320 | 449,116 | 447,425 | 429,318 | 427,823 | ||||||||||||||
| (Accumulated Deficit) Retained earnings | (13,023 | ) | 5,058 | 11,131 | 27,076 | 64,929 | |||||||||||||
| Shares held in treasury | (848 | ) | (847 | ) | (844 | ) | (669 | ) | (614 | ) | |||||||||
| Accumulated other comprehensive loss, net of tax | (380 | ) | (2,541 | ) | (2,971 | ) | 1,548 | (21,105 | ) | ||||||||||
| 436,304 | 451,018 | 454,972 | 457,492 | 471,252 | |||||||||||||||
| Noncontrolling interests in subsidiaries | 350 | 346 | 339 | 21,432 | 22,895 | ||||||||||||||
| Total equity | 436,654 | 451,364 | 455,311 | 478,924 | 494,147 | ||||||||||||||
| $ | 1,057,175 | $ | 1,052,102 | $ | 966,535 | $ | 1,009,193 | $ | 1,040,506 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
| Owned | Joint Ventured | Leased-in | Managed | Total | ||||||||||||||||
| September 30, 2020 | ||||||||||||||||||||
| AHTS | 4 | — | 3 | — | 7 | |||||||||||||||
| FSV | 26 | 5 | 1 | 1 | 33 | |||||||||||||||
| Supply | 14 | 27 | — | 2 | 43 | |||||||||||||||
| Specialty | — | 3 | — | 3 | ||||||||||||||||
| Liftboats | 14 | — | 2 | — | 16 | |||||||||||||||
| Crew transfer | 41 | 4 | — | — | 45 | |||||||||||||||
| 99 | 39 | 6 | 3 | 147 | ||||||||||||||||
| June 30, 2020 | ||||||||||||||||||||
| AHTS | 4 | — | 3 | — | 7 | |||||||||||||||
| FSV | 26 | 5 | 1 | 1 | 33 | |||||||||||||||
| Supply | 13 | 27 | — | 2 | 42 | |||||||||||||||
| Specialty | 1 | 3 | — | — | 4 | |||||||||||||||
| Liftboats | 14 | — | 2 | — | 16 | |||||||||||||||
| Crew transfer | 39 | 5 | — | — | 44 | |||||||||||||||
| 97 | 40 | 6 | 3 | 146 | ||||||||||||||||
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