Market Overview

SEACOR Marine Announces Second Quarter 2018 Results

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Continued Improvement in Operating Performance

Strengthened Balance Sheet

SEACOR Marine Holdings Inc. (NYSE:SMHI) (the "Company"), 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 second quarter ended June 30, 2018.

Second quarter 2018 net loss attributable to SEACOR Marine Holdings Inc.
improved to $25.0 million ($1.25 per diluted share) from a net loss of
$28.8 million ($1.64 per diluted share) in the first quarter 2018 and a
net loss of $34.0 million ($1.93 per diluted share) in the second
quarter 2017 due primarily to increases in fleet utilization from rising
customer demand, as well as higher average day rates.

Non-cash charges included $18.4 million of depreciation and amortization
expense and a $2.9 million mark-to-market adjustment on convertible
senior notes in the second quarter 2018 compared to $19.5 million of
depreciation and amortization expense and a $12.2 million mark-to-market
adjustment on the derivative liability embedded in the convertible
senior notes in the first quarter 2018. Second quarter 2017 results
included $14.6 million of depreciation and amortization expense and a
$0.01 million mark-to-market adjustment on the derivative liability
embedded in the convertible senior notes.

Second quarter highlights include:

  • 10.1% increase in consolidated direct vessel profit ("DVP")(1)
    to $14.7 million from $13.4 million in first quarter 2018, and up from
    $1.5 million in second quarter 2017. DVP measures operational
    performance (operating revenues less direct operating costs, excluding
    leased-in equipment). DVP has increased steadily over the past four
    quarters, and these increases have been broad based across most
    regions.
  • Continued improvement in fleet utilization to 62% from 53% in first
    quarter 2018 and 56% in second quarter 2017; average day rate
    increased 5% to $7,324 from first quarter 2018 and 30% from second
    quarter 2017.
  • A full quarter of results from the previously announced Falcon Global
    Holdings joint venture transaction completed on February 8, 2018
    increased revenue and DVP by $8.5 million and $5.4 million,
    respectively, compared to first quarter 2018.
  • Strengthened balance sheet by improving the ratio of long-term debt as
    a percentage of total capital to 37% at June 30, 2018 from 45% as of
    March 31, 2018 and extending debt maturities:
    • Raised aggregate gross proceeds of $56.9 million from successful
      private placement of common stock and warrants
    • Completed conversion of $50.0 million aggregate principal of the
      Convertible Senior Notes into warrants for the purchase of
      1,886,792 common shares and extended the maturities of the
      remaining $125.0 million aggregate principal by one year into 2023
  • Multiple vessels were repositioned for new, long-term contracts in
    Africa, Latin America, Middle East, Gulf of Mexico and the North Sea.
    Increased repositioning and reactivation costs related to these
    contracts were approximately $3.9 million in second quarter 2018, as
    the Company expenses these costs as incurred.

Chief Executive Officer John Gellert commented on second quarter results:

"We improved our operating performance for the fourth consecutive
quarter, strengthened our balance sheet and continued to upgrade our
fleet. For the first time since the second and third quarters of 2016,
all of our operating regions achieved positive DVP for two consecutive
quarters. Liftboats were the largest contributor to increased direct
vessel profit, headlined by additional contracts in Mexico supporting
pipeline construction and platform maintenance projects. The Middle East
region achieved fleet utilization of 82%, the highest since 2013, aided
by the commencement of several long-term charters and a seasonal uptick
in construction activity.

To meet customer demand for new long-term contracts that we believe will
boost future utilization and direct vessel profits, we incurred upfront
costs to reactivate and reposition vessels. While these costs can
fluctuate, as market conditions improve with longer contract terms and
higher utilization, we expect these unreimbursed expenses incurred to
reposition vessels will become less prevalent.

We sold five vessels during the quarter with an average age of 20 years
at a gain, and in early July we added two AHTS vessels built in 2013.
Both have customer contracts. Such active fleet management is central to
our approach to running the business.

Finally, we significantly improved our financial position as we reduced
leverage and extended debt maturities. We added more than $100.0 million
in net equity during the quarter, putting us in a stronger position. We
enter the second half of the year with cautious optimism for continued
market improvement as tendering activity and customer inquiries rise."

A comparison of results for the second quarter ended June 30, 2018 with
the preceding quarter ended March 31, 2018 is included below.

Operating Revenues. Operating revenues increased 17.4% to
$60.7 million from $51.7 million in first quarter 2018, and 43.5% from
$42.3 million a year ago. These increases in revenues were primarily
driven by higher utilization, as well as higher day rates.

Direct Vessel Profit ("DVP")(1)
by Region.
Total DVP increased 10.1% to $14.7
million from $13.4 million in the preceding quarter, and grew from $1.5
million in second quarter 2017.

Compared to first quarter 2018, the $9.0 million increase in operating
revenues was partly offset by a $7.6 million increase in direct
operating expenses. Personnel costs were $3.1 million higher primarily
due to increased utilization. Repairs and maintenance expenses were $2.0
million higher primarily due to costs to replace main engines in two
fast support vessels. Results by region are as follows:

United States, primarily Gulf of Mexico. DVP rose to $1.8 million
compared with $1.5 million in the preceding quarter, a $0.3 million
improvement. Time charter revenues were $3.1 million higher compared
with the preceding quarter, including $2.8 million from the liftboat
fleet, primarily due to increased utilization. Including cold-stacked
vessels, utilization increased to 23% from 17% in the first quarter
2018, and average rates per day worked increased to $10,503 from $8,775.
Days available for charter decreased by 8% primarily due to the removal
from service of four anchor handling towing supply vessels in the
preceding quarter. Improvements in operating revenues of $3.1 million
were offset by increased direct operating expenses of $2.7 million,
primarily due to increased utilization and reactivation costs. As of
June 30, 2018, the Company had 25 of 38 owned and leased-in vessels
cold-stacked in the U.S. (six anchor handling towing supply vessels, 12
fast support vessels, six liftboats and one specialty vessel) compared
with 33 of 43 vessels as of March 31, 2018. As of June 30, 2018, the
Company had five vessels retired and removed from service in this region.

Africa, primarily West Africa. DVP was $2.0 million compared with
$4.7 million in the preceding quarter, a $2.7 million decline primarily
due to first quarter 2018 benefitting from the recognition of previously
deferred revenues. Time charter revenues were $0.3 million higher
compared with the preceding quarter. Including cold-stacked vessels,
utilization of this region's fleet decreased to 88% from 91% in the
first quarter 2018, and average rates per day worked increased to $9,509
from $9,455 in first quarter 2018. Days available for charter increased
by 6% primarily due to the repositioning of vessels between geographic
regions. Operating expenses (excluding leased-in equipment) were $2.1
million higher compared with the preceding quarter primarily due to the
repositioning of vessels between geographic regions that increased
drydocking and other expenses. As of June 30, 2018, the Company had one
specialty vessel retired and removed from service in this region.

Middle East and Asia. DVP increased to $3.0 million compared with
$2.3 million in the preceding quarter, a $0.7 million improvement. Time
charter revenues were $2.2 million higher compared with the preceding
quarter, primarily as a result of improved utilization of the active
fleet. Including cold-stacked vessels, utilization of this region's
fleet increased to 82% from 66% in the first quarter 2018, and average
rates per day worked increased to $8,226 from $8,072 in first quarter
2018. Days available for charter decreased by 6% primarily due to net
fleet dispositions. Operating expenses (excluding leased-in equipment)
were $0.9 million higher compared with the preceding quarter, primarily
due to the replacement of main engines in two fast support vessels. As
of June 30, 2018, the Company had one of 21 owned and leased-in vessels
cold-stacked in the Middle East and Asia (one anchor handling towing
supply vessel) compared with one of 23 vessels as of March 31, 2018. As
of June 30, 2018, the Company had one specialty vessel retired and
removed from service in this region.

Brazil, Mexico, Central and South America. DVP rose to $4.3
million compared with $1.8 million in the preceding quarter, an increase
of $2.5 million primarily due to liftboat activity. Time charter
revenues were $3.2 million higher compared with the preceding quarter,
primarily due to higher utilization and day rates and net fleet
additions from the repositioning of vessels between geographic regions.
Including cold-stacked vessels, utilization increased to 57% from 41% in
the first quarter 2018, and average rates per day worked increased from
$15,272 to $19,127. Days available for charter increased by 90%
primarily due to net fleet additions and the repositioning of vessels
between geographic regions. Operating expenses (excluding leased-in
equipment) were $1.4 million higher compared with the preceding quarter
primarily due to higher utilization and fleet additions and mobilization
costs. As of June 30, 2018, the Company had one of eight owned and
leased-in vessels cold-stacked in Brazil, Mexico, Central and South
America (one fast support vessel) compared with one of five vessels as
of March 31, 2018

Europe, primarily North Sea. DVP increased to $3.6 million
compared with $3.1 million in the preceding quarter, an increase of $0.5
million. Time charter revenues were $0.9 million higher, primarily due
to a seasonal increase in utilization of the wind farm utility vessels.
For the standby safety fleet, utilization increased from 78% in the
first quarter 2018 to 80%, and average rates per day worked increased to
$9,157 from $9,058 in first quarter 2018. For the windfarm utility
vessels, utilization increased to 76% from 64% in the first quarter
2018, and average rates per day worked increased to $2,342 from $2,317
in the prior quarter. Operating expenses (excluding leased-in equipment)
were $0.5 million higher compared with the preceding quarter due mostly
to higher utilization.

___________________

(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. Second quarter 2018
administrative and general expenses were $2.7 million higher compared
with the preceding quarter primarily due to termination costs, stock
awards granted to both employees and non-employee directors, as well as
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 second
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. During the
preceding quarter, the Company recognized impairment charges of $2.9
million associated with the Company's anchor handling towing supply
fleet. In addition, the Company sold one platform support vessel and
other equipment for net proceeds of $0.4 million and a gain of $0.3
million.

Derivative gains (losses). Net derivative losses during
second quarter 2018 of $2.7 million, and net derivative losses during
the preceding quarter of $11.5 million, are principally due to changes
in the fair value of the Company's conversion option liability on its
convertible senior notes as a consequence of changes in the Company's
share price and estimated credit spread.

Income tax benefit. The Company's year-to-date effective
income tax rate of 20.1% was primarily due to taxes not provided for
income attributable to non-controlling interest, foreign source income
not subject to U.S. income taxes and a reversal of an unrecognized
benefit.

Equity in earnings (losses) of 50% or less owned companies. Equity
losses in the second quarter 2018 were $0.7 million compared with equity
earnings of $0.2 million in the preceding quarter. The increase in the
equity losses was primarily due to the Company's 50% investment in
SEACOSCO joint venture.

Capital Commitments. As of June 30, 2018, the Company had
unfunded capital commitments of $43.3 million that included two fast
support vessels, three supply vessels and three wind farm utility
vessels. The Company's capital commitments by year of expected payment
are as follows (in thousands):

2018               12,706
2019 21,620
2020   8,970
$ 43,296

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 June 30, 2018, the Company's
balances of cash, cash equivalents, restricted cash, and construction
reserve funds totaled $126.3 million and its total outstanding debt was
$371.8 million (net of $39.9 million in discount and issuance costs). As
of June 30, 2018, construction reserve funds of $38.2 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 $7.3
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 June 30, Six Months Ended June 30,
2018   2017 2018   2017
Operating Revenues $ 60,701 $ 42,323 $ 112,422 $ 76,627
Costs and Expenses:
Operating 48,820 44,482 89,993 77,861
Administrative and general 15,532 21,705 28,339 33,531
Depreciation and amortization   18,406   14,633   37,918   27,136
  82,758   80,820   156,250   138,528
Gains (Losses) on Asset Dispositions and Impairments, Net   1,055   (6,318 )   (1,588 )   (1,499 )
Operating Loss   (21,002 )   (44,815 )   (45,416 )   (63,400 )
Other Income (Expense):
Interest income 352 275 568 1,125
Interest expense (6,489 ) (4,546 ) (12,622 ) (7,728 )
SEACOR Holdings management fees (1,283 ) (3,208 )
SEACOR Holdings guarantee fees (7 ) (75 ) (19 ) (151 )
Marketable security (losses) gains, net (109 ) 11,629
Derivative losses, net (2,668 ) (213 ) (14,184 ) (302 )
Foreign currency losses, net (818 ) (1,094 ) (679 ) (1,283 )
Other, net         (1 )
  (9,630 )   (7,045 )   (26,936 )   81
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less
Owned Companies
(30,632 ) (51,860 ) (72,352 ) (63,319 )
Income Tax Benefit   (4,724 )   (13,800 )   (14,548 )   (17,222 )
Loss Before Equity in Earnings of 50% or Less Owned Companies (25,908 ) (38,060 ) (57,804 ) (46,097 )
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of
Tax
  (721 )   1,571   (513 )   2,009
Net Loss (26,629 ) (36,489 ) (58,317 ) (44,088 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries   (1,605 )   (2,497 )   (4,460 )   (2,701 )
Net Loss attributable to SEACOR Marine Holdings Inc. $ (25,024 ) $ (33,992 ) $ (53,857 ) $ (41,387 )
 
Basic and Diluted Loss Per Common Share of SEACOR Marine Holdings
Inc.
$ (1.25 ) $ (1.93 ) $ (3.00 ) $ (2.34 )
 
Basic and Diluted Weighted Average Common Shares Outstanding: 19,978,516 17,631,567 17,967,242 17,651,352
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS

(in thousands, except share data)

   
Three Months Ended June 30, Six Months Ended June 30,
2018   2017 2018   2017
Time Charter Statistics:                
Average Rates Per Day Worked (excluding wind farm) $ 9,742 $ 8,431 $ 9,425 $ 8,359
Average Rates Per Day $ 7,324 $ 5,649 $ 7,174 $ 5,683
Fleet Utilization (excluding wind farm) 58 % 43 % 54 % 40 %
Fleet Utilization 62 % 56 % 58 % 51 %
Fleet Available Days (excluding wind farm) 9,071 8,996 18,342 17,433
Fleet Available Days 12,528 12,363 25,129 24,130
Operating Revenues:
Time charter $ 56,826 94 % $ 38,803 92 % $ 103,968 92 % $ 69,533 91 %
Bareboat charter 1,156 2 % 1,156 3 % 2,299 2 % 2,299 3 %
Other marine services   2,719   4 %   2,364   5 %   6,155   6 %   4,795   6 %
  60,701   100 %   42,323   100 %   112,422   100 %   76,627   100 %
Costs and Expenses:
Operating:
Personnel 24,733 41 % 20,577 49 % 46,409 41 % 37,368 49 %
Repairs and maintenance 9,070 15 % 10,425 25 % 16,143 14 % 14,020 18 %
Drydocking 3,112 5 % 2,251 5 % 5,369 4 % 5,318 7 %
Insurance and loss reserves 1,934 3 % 2,126 5 % 3,124 3 % 3,685 5 %
Fuel, lubes and supplies 4,122 7 % 3,190 7 % 7,667 7 % 5,532 7 %
Other 3,009 5 % 2,223 5 % 5,616 5 % 4,657 6 %
Leased-in equipment   2,840   4 %   3,690   9 %   5,665   5 %   7,281   10 %
48,820 80 % 44,482 105 % 89,993 79 % 77,861 102 %
Administrative and general 15,532 26 % 21,705 51 % 28,339 25 % 33,531 44 %
Depreciation and amortization   18,406   30 %   14,633   35 %   37,918   34 %   27,136   35 %
  82,758   136 %   80,820   191 %   156,250   138 %   138,528   181 %
Gains (Losses) on Asset Dispositions and Impairments, Net   1,055   2 %   (6,318 )   (15 )%   (1,588 )   (2 )%   (1,499 )   (2 )%
Operating Loss   (21,002 )   (34 )%   (44,815 )   (106 )%   (45,416 )   (40 )%   (63,400 )   (83 )%
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 
Three Months Ended
Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
2018 2018 2017 2017 2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm utility) $ 9,742 $ 9,071 $ 8,583 $ 8,565 $ 8,431
Average Rates Per Day Worked $ 7,324 $ 7,001 $ 6,435 $ 6,006 $ 5,649
Fleet Utilization (excluding wind farm utility) 58 % 50 % 51 % 49 % 43 %
Fleet Utilization 62 % 53 % 56 % 60 % 56 %
Fleet Available Days (excluding wind farm utility) 9,071 9,271 9,224 9,176 8,996
Fleet Available Days 12,528 12,601 12,628 12,580 12,363
Operating Revenues:
Time charter $ 56,826 $ 47,142 $ 45,745 $ 45,267 $ 38,803
Bareboat charter 1,156 1,143 1,169 1,168 1,156
Other marine services   2,719   3,436   2,429   1,378   2,364
  60,701   51,721   49,343   47,813   42,323
Costs and Expenses:
Operating:
Personnel 24,733 21,676 21,953 22,179 20,577
Repairs and maintenance 9,070 7,073 6,225 7,410 10,425
Drydocking 3,112 2,257 1,438 2,279 2,251
Insurance and loss reserves 1,934 1,190 1,443 1,396 2,126
Fuel, lubes and supplies 4,122 3,545 3,620 2,880 3,190
Other   3,009   2,607   2,970   2,278   2,223
  45,980   38,348   37,649   38,422   40,792
Direct Vessel Profit   14,721   13,373   11,694   9,391   1,531
Other Costs and Expenses:
Operating:
Leased-in expense 2,840 2,825 2,831 2,836 3,690
Administrative and general 15,532 12,807 12,368 10,318 21,705
Depreciation and amortization   18,406   19,512   20,021   15,622   14,633
  36,778   35,144   35,220   28,776   40,028
Gains (Losses) on Asset Dispositions and Impairments, Net   1,055   (2,643 )   (12,304 )   (9,744 )   (6,318 )
Operating Loss   (21,002 )   (24,414 )   (35,830 )   (29,129 )   (44,815 )
Other Income (Expense):
Interest income 352 216 326 354 275
Interest expense (6,489 ) (6,133 ) (4,509 ) (4,295 ) (4,546 )
SEACOR Holdings management fees (1,283 )
SEACOR Holdings guarantee fees (7 ) (12 ) (29 ) (21 ) (75 )
Marketable security losses, net (698 ) (109 )
Derivative (losses) gains, net (2,668 ) (11,516 ) 7,536 13,022 (213 )
Foreign currency (losses) gains, net (818 ) 139 (320 ) (106 ) (1,094 )
Other, net       (5 )    
  (9,630 )   (17,306 )   2,999   8,256   (7,045 )
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of
50% or Less Owned Companies
(30,632 ) (41,720 ) (32,831 ) (20,873 ) (51,860 )
Income Tax Benefit   (4,724 )   (9,824 )   (51,361 )   (5,823 )   (13,800 )
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less
Owned Companies
(25,908 ) (31,896 ) 18,530 (15,050 ) (38,060 )
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of
Tax
  (721 )   208   9,374   (7,306 )   1,571
Net (Loss) Income (26,629 ) (31,688 ) 27,904 (22,356 ) (36,489 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries   (1,605 )   (2,855 )   (1,057 )   (1,881 )   (2,497 )
Net (Loss) Income attributable to SEACOR Marine Holdings Inc. $ (25,024 ) $ (28,833 ) $ 28,961 $ (20,475 ) $ (33,992 )
 
(Loss) Income Per Common Share and Warrants of SEACOR Marine
Holdings Inc.:
Basic $ (1.25 ) $ (1.64 ) $ 1.65 $ (1.17 ) $ (1.93 )
Diluted $ (1.25 ) $ (1.64 ) $ 1.20 $ (1.25 ) $ (1.93 )
Weighted Average Common Shares and Warrants Outstanding:
Basic 19,979 17,571 17,552 17,551 17,632
Diluted 19,979 17,571 21,629 21,621 17,632
Common Shares and Warrants Outstanding at Period End 20,442 17,787 17,675 17,671 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 June 30, 2018
Time Charter Statistics:
Average Rates Per Day $ 10,503 $ 9,509 $ 8,226 $ 19,127 $ 4,823 $ 7,324
Fleet Utilization 23 % 88 % 82 % 57 % 76 % 62 %
Fleet Available Days 3,710 1,331 2,005 416 5,066 12,528
Operating Revenues:
Time charter $ 9,052 $ 11,122 $ 13,591 $ 4,556 $ 18,505 $ 56,826
Bareboat charter 1,156 1,156
Other marine services   1,676   350   (792 )   845   640   2,719
  10,728   11,472   12,799   6,557   19,145   60,701
Direct Costs and Expenses:
Operating:
Personnel 4,636 4,314 4,069 1,219 10,495 24,733
Repairs and maintenance 1,529 1,663 3,576 32 2,270 9,070
Drydocking 910 910 72 11 1,209 3,112
Insurance and loss reserves 902 248 361 169 254 1,934
Fuel, lubes and supplies 900 900 922 349 1,051 4,122
Other   29   1,402   836   488   254   3,009
  8,906   9,437   9,836   2,268   15,533   45,980
Direct Vessel Profit $ 1,822 $ 2,035 $ 2,963 $ 4,289 $ 3,612 14,721
Other Costs and Expenses:
Operating:
Leased-in equipment $ 1,856 $ 962 $ $ $ 22 2,840
Administrative and general 15,532
Depreciation and amortization $ 5,915 $ 2,924 $ 4,311 $ 2,280 $ 2,976   18,406
  36,778
Gains on Asset Dispositions and Impairments   1,055
Operating Loss $ (21,002 )
 

  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 Six Months Ended June 30, 2018
Time Charter Statistics:
Average Rates Per Day $ 9,740 $ 9,482 $ 8,155 $ 18,069 $ 4,984 $ 7,174
Fleet Utilization 20 % 89 % 74 % 52 % 72 % 58 %
Fleet Available Days 7,760 2,591 4,137 635 10,006 25,129
Operating Revenues:
Time charter $ 15,034 $ 21,916 $ 24,965 $ 5,930 $ 36,123 $ 103,968
Bareboat charter 2,229 2,299
Other marine services   3,331   1,637   (922 )   955   1,154   6,155
  18,365   23,553   24,043   9,184   37,277   112,422
Direct Costs and Expenses:
Operating:
Personnel 8,628 8,387 8,091 1,595 19,708 46,409
Repairs and maintenance 2,223 3,019 6,004 337 4,560 16,143
Drydocking 1,435 912 61 11 2,950 5,369
Insurance and loss reserves 1,336 466 597 236 489 3,124
Fuel, lubes and supplies 1,393 1,569 1,956 414 2,335 7,667
Other   54   2,438   2,044   548   532   5,616
  15,069   16,791   18,753   3,141   30,574   84,328
Direct Vessel Profit $ 3,296 $ 6,762 $ 5,290 $ 6,043 $ 6,703   28,094
Other Costs and Expenses:
Operating:
Leased-in equipment $ 3,718 $ 1,925 $ $ $ 22 5,665
Administrative and general 28,339
Depreciation and amortization $ 12,450 $ 5,731 $ 10,401 $ 3,499 $ 5,837   37,918
  71,922
Losses on Asset Dispositions and Impairments   (1,588 )
Operating Loss $ (45,416 )
 
As of June 30, 2018
Property and Equipment:
Historical cost $ 439,026 $ 184,037 $ 317,536 $ 165,145 $ 182,111 $ 1,287,855
Accumulated depreciation   (225,116 )   (57,909 )   (86,239 )   (58,078 )   (137,135 )   (564,477 )
$ 213,910 $ 126,128 $ 231,297 $ 107,067 $ 44,976 $ 723,378
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION

(in thousands, except statistics)

 
Three Months Ended
Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
2018 2018 2017 2017 2017
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked $ 10,503 $ 8,775 $ 8,027 $ 7,212 $ 9,619
Fleet utilization 23 % 17 % 18 % 16 % 13 %
Fleet available days 3,710 4,050 3,864 3,859 4,063
Out-of-service days for repairs, maintenance and drydockings 292 219 139 338 221
Out-of-service days for cold-stacked status 2,435 3,111 3,010 2,746 3,070
Operating revenues:
Time charter $ 9,052 $ 5,982 $ 5,608 $ 4,587 $ 4,889
Other marine services   1,676   1,655   1,077   1,116   1,198
  10,728   7,637   6,685   5,703   6,087
Direct operating expenses:
Personnel 4,636 3,992 3,853 4,455 4,183
Repairs and maintenance 1,529 694 631 1,289 937
Drydocking 910 525 (164 ) 1,109 310
Insurance and loss reserves 902 434 678 598 1,205
Fuel, lubes and supplies 900 493 381 249 545
Other   29   25   3   123   51
  8,906   6,163   5,382   7,823   7,231
Direct Vessel Profit (Loss) $ 1,822 $ 1,474 $ 1,303 $ (2,120 ) $ (1,144 )
 
Leased-in equipment (included in operating costs and expenses)   1,856 $ 1,862 $ 1,866 $ 1,870 $ 2,205
Depreciation and amortization   5,915 $ 6,535 $ 5,487 $ 5,224 $ 5,749
 
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked $ 9,509 $ 9,455 $ 10,517 $ 10,611 $ 10,348
Fleet utilization 88 % 91 % 75 % 71 % 67 %
Fleet available days 1,331 1,260 1,207 1,283 1,123
Out-of-service days for repairs, maintenance and drydockings 46 31 34 79 125
Out-of-service days for cold-stacked status 92 184 91
Operating revenues:
Time charter $ 11,122 $ 10,794 $ 9,533 $ 9,700 $ 7,786
Other marine services   350   1,287   983   (310 )   215
  11,472   12,081   10,516   9,390   8,001
Direct operating expenses:
Personnel 4,314 4,073 3,795 3,588 3,428
Repairs and maintenance 1,663 1,356 855 1,324 3,234
Drydocking 910 2 129 311 683
Insurance and loss reserves 248 218 (19 ) 157 357
Fuel, lubes and supplies 900 669 859 693 704
Other   1,402   1,036   1,098   704   871
  9,437   7,354   6,717   6,777   9,277
Direct Vessel Profit (Loss) $ 2,035 $ 4,727 $ 3,799 $ 2,613 $ (1,276 )
 
Leased-in equipment (included in operating costs and expenses) $ 962 $ 963 $ 965 $ 966 $ 969
Depreciation and amortization $ 2,924 $ 2,807 $ 3,175 $ 2,456 $ 2,059
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION (continued)

(in thousands, except statistics)

 
Three Months Ended
Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
2018 2018 2017 2017 2017
Middle East and Asia
Time Charter Statistics:
Average rates per day worked $ 8,226 $ 8,072 $ 6,784 $ 7,138 $ 6,580
Fleet utilization 82 % 66 % 68 % 61 % 55 %
Fleet available days 2,005 2,132 2,331 2,194 2,067
Out-of-service days for repairs, maintenance and drydockings 4 151 104 95 122
Out-of-service days for cold-stacked status 91 130 119 184 304
Operating revenues:
Time charter $ 13,591 $ 11,374 $ 10,682 $ 9,490 $ 7,415
Other marine services   (792 )   (130 )   (171 )   (341 )   109
  12,799   11,244   10,511   9,149   7,524
Direct operating expenses:
Personnel 4,069 4,022 4,882 4,731 4,147
Repairs and maintenance 3,576 2,428 2,205 2,309 3,947
Drydocking 72 (11 ) 554 (102 ) 358
Insurance and loss reserves 361 236 382 363 353
Fuel, lubes and supplies 922 1,034 1,180 1,115 908
Other   836   1,208   1,522   1,192   1,061
  9,836   8,917   10,725   9,608   10,774
Direct Vessel Profit (Loss) $ 2,963 $ 2,327 $ (214 ) $ (459 ) $ (3,250 )
 
Leased-in equipment (included in operating costs and expenses) $ $ $ $ $ 516
Depreciation and amortization $ 4,311 $ 6,090 $ 6,898 $ 4,320 $ 3,979
 
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked $ 19,127 $ 15,272 $ 16,718 $ 16,060 $
Fleet utilization 57 % 41 % 50 % 49 % %
Fleet available days 416 219 184 184 105
Out-of-service days for cold-stacked status 91 90 92 92 91
Operating revenues:
Time charter $ 4,556 $ 1,374 $ 1,538 $ 1,439 $
Bareboat charter 1,156 1,143 1,169 1,168 1,156
Other marine services   845   110   156   159   162
  6,557   2,627   2,863   2,766   1,318
Direct operating expenses:
Personnel 1,219 376 322 326 148
Repairs and maintenance 32 305 44 110 116
Drydocking 11
Insurance and loss reserves 169 67 230 75 4
Fuel, lubes and supplies 349 65 163 33 27
Other   488   60   44   69   3
  2,268   873   803   613   298
Direct Vessel Profit $ 4,289 $ 1,754 $ 2,060 $ 2,153 $ 1,020
 
Depreciation and amortization $ 2,280 $ 1,219 $ 1,134 $ 1,025 $ 784
 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION (continued)

(in thousands, except statistics)

 
Three Months Ended
Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
2018 2018 2017 2017 2017
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety $ 9,157 $ 9,058 $ 8,660 $ 8,650 $ 8,457
Fleet utilization - Standby safety 80 % 78 % 82 % 84 % 80 %
Fleet available days - Standby safety 1,746 1,849 1,822 1,840 1,820
Average rates per day worked - Wind farm utility 2,342 2,317 2,330 2,221 2,124
Fleet utilization - Wind farm utility 76 % 64 % 73 % 94 % 95 %
Fleet available days - Wind farm utility 3,228 3,091 3,220 3,220 3,185
Out-of-service days for repairs, maintenance and drydockings 77 137 249 110 124
Operating revenues:
Time charter $ 18,505 $ 17,618 $ 18,384 $ 20,051 $ 18,713
Other marine services   640   514   384   754   680
  19,145   18,132   18,768   20,805   19,393
Direct operating expenses:
Personnel 10,495 9,213 9,101 9,079 8,671
Repairs and maintenance 2,270 2,290 2,490 2,378 2,191
Drydocking 1,209 1,741 919 961 900
Insurance and loss reserves 254 235 172 203 207
Fuel, lubes and supplies 1,051 1,284 1,037 790 1,006
Other   254   278   303   190   237
  15,533   15,041   14,022   13,601   13,212
Direct Vessel Profit $ 3,612 $ 3,091 $ 4,746 $ 7,204 $ 6,181
 
Leased-in equipment (included in operating costs and expenses) $ 22 $ $ $ $
Depreciation and amortization $ 2,976 $ 2,861 $ 3,327 $ 2,597 $ 2,062
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY VESSEL CLASS

(in thousands, except statistics)

 
Three Months Ended
Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
2018 2018 2017 2017 2017
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked $ 13,381 $ 10,322 $ 10,322 $ 9,766 $ 10,774
Fleet utilization 23 % 21 % 21 % 25 % 24 %
Fleet available days 866 1,260 1,288 1,288 1,274
Out-of-service days for repairs, maintenance and drydockings 23 36 5 69 43
Out-of-service days for cold-stacked status 608 947 943 851 856
Operating revenues:
Time charter $ 2,712 $ 2,787 $ 2,849 $ 3,199 $ 3,299
Other marine services   (91 )   1,438   698   (88 )   (50 )
  2,621   4,225   3,547   3,111   3,249
Direct operating expenses:
Personnel 1,593 1,397 2,381 2,388 2,745
Repairs and maintenance 1,281 394 498 565 990
Drydocking 945 480 (30 ) 125 62
Insurance and loss reserves 265 91 195 176 307
Fuel, lubes and supplies 586 153 446 158 317
Other   689   452   (499 )   (170 )   (425 )
  5,359   2,967   2,991   3,242   3,996
Direct Vessel (Loss) Profit $ (2,738 ) $ 1,258 $ 556 $ (131 ) $ (747 )
 
Leased-in equipment (included in operating costs and expenses) $ 1,855 $ 1,858 $ 1,862 $ 1,866 $ 1,869
Depreciation and amortization $ 532 $ 1,490 $ 2,430 $ 2,419 $ 2,418
 
Fast support
Time Charter Statistics:
Average rates per day worked $ 6,963 $ 7,746 $ 7,414 $ 7,999 $ 8,086
Fleet utilization 62 % 53 % 52 % 49 % 43 %
Fleet available days 3,820 3,780 3,864 3,885 3,684
Out-of-service days for repairs, maintenance and drydockings 53 109 155 208 242
Out-of-service days for cold-stacked status 1,191 1,253 1,324 1,447 1,580
Operating revenues:
Time charter $ 16,488 $ 15,427 $ 14,845 $ 15,271 $ 12,712
Other marine services   (505 )   (656 )   (399 )   (410 )   152
  15,983   14,771   14,446   14,861   12,864
Direct operating expenses:
Personnel 5,258 4,756 5,717 5,405 4,815
Repairs and maintenance 3,406 2,544 1,853 2,680 5,893
Drydocking 115 (9 ) 684 247 979
Insurance and loss reserves 314 324 129 297 381
Fuel, lubes and supplies 1,015 795 849 975 990
Other   1,466   1,460   2,356   1,610   1,527
  11,574   9,870   11,588   11,214   14,585
Direct Vessel Profit (Loss) $ 4,409 $ 4,901 $ 2,858 $ 3,647 $ (1,721 )
 
Leased-in equipment (included in operating costs and expenses) $ 342 $ 342 $ 343 $ 343 $ 860
Depreciation and amortization $ 6,585 $ 6,585 $ 6,521 $ 5,000 $ 4,403
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY VESSEL CLASS
(continued)

(in thousands, except statistics)

 
Three Months Ended
Jun. 30,   Mar. 31,   Dec. 31,   Sep. 30,   Jun. 30,
2018 2018 2017 2017 2017
Supply
Time Charter Statistics:
Average rates per day worked $ 7,174 $ 6,454 $ 5,222 $ 6,279 $ 6,028
Fleet utilization 69 % 73 % 81 % 65 % 48 %
Fleet available days 637 633 594 507 580
Out-of-service days for repairs, maintenance and drydockings 16 2 36 3
Out-of-service days for cold-stacked status 19 68 25 99 182
Operating revenues:
Time charter $ 3,149 $ 3,002 $ 2,527 $ 2,062 $ 1,679
Other marine services   1,195   1,125   1,122   1,079   1,069
  4,344   4,127   3,649   3,141   2,748
Direct operating expenses:
Personnel 1,999 1,956 1,604 1,321 1,198
Repairs and maintenance 259 445 266 321 362
Drydocking 585
Insurance and loss reserves 134 102 210 26 34
Fuel, lubes and supplies 317 694 632 194 156
Other   1,048   719   348   158   252
  4,342   3,916   3,060   2,020   2,002
Direct Vessel Profit $ 2 $ 211 $ 589 $ 1,121 $ 746
 
Leased-in equipment (included in operating costs and expenses) $ $ $ $ $ 331
Depreciation and amortization $ 1,394 $ 2,743 $ 3,566 $ 1,226 $ 1,278
 
Standby safety
Time Charter Statistics:
Average rates per day worked $ 9,157 $ 9,058 $ 8,660 $ 8,650 $ 8,457
Fleet utilization 80 % 78 % 82 % 84 % 80 %
Fleet available days 1,746 1,849 1,822 1,840 1,820
Out-of-service days for repairs, maintenance and drydockings 46 87 78 96 108
Operating revenues:
Time charter $ 12,791 $ 13,051 $ 12,921 $ 13,328 $ 12,279
Other marine services   39   40   38   32   36
  12,830   13,091   12,959   13,360   12,315
Direct operating expenses:
Personnel 8,148 6,938 6,901 6,955 6,698
Repairs and maintenance 1,464 1,554 1,570 1,943 1,610
Drydocking 624 1,741 919 960 900
Insurance and loss reserves 143 138 106 116 137
Fuel, lubes and supplies 843 991 894 723 844
Other   144