SEACOR Marine Announces Third Quarter 2020 Results

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 drydockings37  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 drydockings89  113  200  15  129 
Out-of-service days for cold-stacked status76  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 drydockings81  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 drydockings21  76  74  33  10 
Out-of-service days for cold-stacked status276  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 drydockings71  137  156  82  81 
Out-of-service days for cold-stacked status421  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 drydockings64  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 drydockings81  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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