HOUSTON, March 04, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its fourth quarter and twelve months ended December 31, 2019.
As a result of the announced sale of its North Sea Standby Safety business on November 1, 2019, the Company classified its standby safety assets as held for sale as of the end of the third quarter 2019. All of the results presented exclude the standby safety operations which are classified as discontinued operations.
Fourth quarter highlights include:
- Average dayrates, excluding those for the CTV fleet, increased to $11,071 from $10,946 in the third quarter of 2019. This is the highest average dayrate the Company has realized for a quarter since the first quarter of 2016.
- Increase in net cash provided by operating activities to $9.7 million from $0.9 million in the third quarter of 2019.
- Completion of the sale of the North Sea Standby Safety business on December 2, 2019, which generated net proceeds of $27.4 million.
- Completion of the sale of eight additional vessels during the fourth quarter for total aggregate net proceeds of $38.9 million of which $32.6 million was cash.
- The fourth quarter results include one-time restructuring charges of $0.4 million resulting from the Company’s continuing cost reduction initiatives. During the fourth quarter of 2019, the Company implemented initiatives providing $2.9 million in annualized recurring administrative and general savings and maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.5 million. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020.
Overall, total operating revenues for the fourth quarter were $49.1 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares in the third quarter of 2019 to operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million. The decrease in DVP in the fourth quarter is primarily due to lower fleet wide utilization from increased out of service days for repairs and maintenance, especially in the European wind farm support business. This decrease was partially offset by lower operating costs.
Chief Executive Officer John Gellert commented on SEACOR Marine's fourth quarter results:
“We ended 2019 with ample liquidity and continued improvement in our operating performance. During the fourth quarter, we completed two significant sale transactions that generated more than $50 million of cash and continued with our relentless efforts to adapt our fleet mix and overhead structure to the business cycle.
“Our operating metrics of average rates and utilization improved year on year, reflecting our efforts to hi-grade our fleet mix to meet customer demands. DVP for the fourth quarter was resilient, especially for a seasonally slower period of the year, and cash flows from operating activities remained positive for the third sequential quarter.
“DVP and cash flow numbers are net after expensing all drydocking and repair and maintenance costs. We do not capitalize any such expenses, unless they enhance the marketability of the vessel or are required for charter employment.
“Seven of the eight platform supply vessels (“PSVs”) in the SEACOSCO joint venture have now been delivered from China and mobilized to offshore markets worldwide. The delivery costs and mobilization charges have been expensed and reflected in equity earnings. The majority of these vessels are battery hybrid powered and continue to build our market leading track record of fuel-efficient operations with lower carbon emissions.
“We continue to closely monitor the impact of COVID-19 on the market. We have accelerated pandemic-related training drills across our fleet based upon the industry’s best practices and are ensuring active communication between our shore-based departments and seagoing mariners to best respond to challenges as they arise.”
For the fourth quarter of 2019, net loss attributable to SEACOR Marine’s continuing operations was $20.5 million ($0.74 loss per basic and diluted share) and operating loss was $10.5 million. Net loss attributable to SEACOR Marine’s continuing operations for the fourth quarter of 2018 was $7.8 million ($0.34 loss per basic and diluted share) and operating loss was $11.3 million, which included $9.4 million of one-time miscellaneous revenues.
___________________
| (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 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. |
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 December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||
| Operating Revenues | $ | 49,070 | $ | 58,897 | $ | 201,492 | $ | 203,567 | |||||||
| Costs and Expenses: | |||||||||||||||
| Operating | 25,978 | 32,435 | 123,725 | 132,274 | |||||||||||
| Administrative and general | 11,928 | 10,629 | 44,726 | 46,454 | |||||||||||
| Lease expense | 3,570 | 3,410 | 16,158 | 13,239 | |||||||||||
| Depreciation and amortization | 15,412 | 15,901 | 64,012 | 68,841 | |||||||||||
| 56,888 | 62,375 | 248,621 | 260,808 | ||||||||||||
| Loss on Asset Dispositions and Impairments, Net | (2,679 | ) | (7,775 | ) | (5,397 | ) | (11,268 | ) | |||||||
| Operating Loss | (10,497 | ) | (11,253 | ) | (52,526 | ) | (68,509 | ) | |||||||
| Other Income (Expense): | |||||||||||||||
| Interest income | $ | 559 | 353 | 1,445 | 1,222 | ||||||||||
| Interest expense | (7,397 | ) | (7,327 | ) | (30,056 | ) | (27,404 | ) | |||||||
| SEACOR Holdings guarantee fees | (21 | ) | (5 | ) | (108 | ) | (29 | ) | |||||||
| Loss on Debt Extinguishment | — | — | — | (638 | ) | ||||||||||
| Derivative (gains) losses, net | (663 | ) | 12,651 | 71 | 2,854 | ||||||||||
| Foreign currency losses, net | (1,037 | ) | (430 | ) | (1,661 | ) | (1,397 | ) | |||||||
| Other, net | (1 | ) | (1 | ) | (1 | ) | 677 | ||||||||
| (8,560 | ) | 5,241 | (30,310 | ) | (24,715 | ) | |||||||||
| Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (19,057 | ) | (6,012 | ) | (82,836 | ) | (93,224 | ) | |||||||
| Income Tax Benefit | (2,306 | ) | (50 | ) | (7,912 | ) | (13,354 | ) | |||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (16,751 | ) | (5,962 | ) | (74,924 | ) | (79,870 | ) | |||||||
| Equity in Losses of 50% or Less Owned Companies | (2,425 | ) | (1,818 | ) | (14,304 | ) | (3,552 | ) | |||||||
| Loss from Continuing Operations | (19,176 | ) | (7,780 | ) | (89,228 | ) | (83,422 | ) | |||||||
| (Loss) Income on Discontinued Operations, Net of Tax | (2,742 | ) | (189 | ) | (9,467 | ) | 1,370 | ||||||||
| Net Loss | (21,918 | ) | (7,969 | ) | (98,695 | ) | (82,052 | ) | |||||||
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (1,463 | ) | (175 | ) | (5,858 | ) | (4,444 | ) | |||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (20,455 | ) | $ | (7,794 | ) | $ | (92,837 | ) | $ | (77,608 | ) | |||
| Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. | |||||||||||||||
| Continuing operations | $ | (0.74 | ) | $ | (0.34 | ) | $ | (3.55 | ) | $ | (3.78 | ) | |||
| Discontinued operations | $ | (0.12 | ) | $ | (0.01 | ) | $ | (0.40 | ) | $ | 0.07 | ||||
| $ | (0.86 | ) | $ | (0.35 | ) | $ | (3.95 | ) | $ | (3.71 | ) | ||||
| Weighted Average Common Shares and Warrants Outstanding: | |||||||||||||||
| Basic and diluted shares | 23,831,920 | 22,512,886 | 23,513,065 | 20,926,307 | |||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF LOSS (in thousands, except statistics and per share data) |
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average Rates Per Day Worked (excluding crew transfer) | $ | 11,071 | $ | 10,946 | $ | 10,387 | $ | 9,796 | $ | 10,373 | |||||||||
| Average Rates Per Day | $ | 7,260 | $ | 6,981 | $ | 6,843 | $ | 7,109 | $ | 7,199 | |||||||||
| Fleet Utilization (excluding crew transfer) | 62 | % | 64 | % | 59 | % | 57 | % | 56 | % | |||||||||
| Fleet Utilization | 68 | % | 74 | % | 69 | % | 58 | % | 60 | % | |||||||||
| Fleet Available Days (excluding crew transfer) | 5,542 | 6,048 | 6,491 | 6,496 | 6,578 | ||||||||||||||
| Fleet Available Days | 9,007 | 9,578 | 9,990 | 9,916 | 10,074 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 44,465 | $ | 49,747 | $ | 47,270 | $ | 40,819 | $ | 43,358 | |||||||||
| Bareboat charter | 834 | 1,765 | 1,389 | 1,143 | 1,168 | ||||||||||||||
| Other marine services | 3,771 | 3,188 | 4,153 | 2,948 | 14,371 | ||||||||||||||
| 49,070 | 54,700 | 52,812 | 44,910 | 58,897 | |||||||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 15,096 | 15,879 | 17,914 | 16,623 | 16,824 | ||||||||||||||
| Repairs and maintenance | 3,983 | 5,495 | 7,607 | 7,584 | 6,327 | ||||||||||||||
| Drydocking | 766 | 515 | 1,997 | 2,570 | 1,123 | ||||||||||||||
| Insurance and loss reserves | 1,663 | 1,198 | 1,763 | 1,414 | 1,877 | ||||||||||||||
| Fuel, lubes and supplies | 2,409 | 2,910 | 3,202 | 2,806 | 3,961 | ||||||||||||||
| Other | 2,061 | 1,214 | 2,887 | 4,169 | 2,323 | ||||||||||||||
| 25,978 | 27,211 | 35,370 | 35,166 | 32,435 | |||||||||||||||
| Direct Vessel Profit (1) | 23,092 | 27,489 | 17,442 | 9,744 | 26,462 | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | 3,570 | 4,153 | 4,298 | 4,137 | 3,410 | ||||||||||||||
| Administrative and general | 11,928 | 11,462 | 10,524 | 10,812 | 10,629 | ||||||||||||||
| Depreciation and amortization | 15,412 | 16,091 | 16,412 | 16,097 | 15,901 | ||||||||||||||
| 30,910 | 31,706 | 31,234 | 31,046 | 29,940 | |||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | (2,679 | ) | 862 | (3,848 | ) | 268 | (7,775 | ) | |||||||||||
| Operating Loss | (10,497 | ) | (3,355 | ) | (17,640 | ) | (21,034 | ) | (11,253 | ) | |||||||||
| Other Income (Expense): | |||||||||||||||||||
| Interest income | 559 | 317 | 215 | 354 | 353 | ||||||||||||||
| Interest expense | (7,397 | ) | (7,362 | ) | (7,633 | ) | (7,664 | ) | (7,327 | ) | |||||||||
| SEACOR Holdings guarantee fees | (21 | ) | (26 | ) | (32 | ) | (29 | ) | (5 | ) | |||||||||
| Derivative losses (gains), net | (663 | ) | 3,057 | (1,398 | ) | (925 | ) | 12,651 | |||||||||||
| Foreign currency gains, net | (1,037 | ) | (370 | ) | (924 | ) | 670 | (430 | ) | ||||||||||
| Other, net | (1 | ) | — | — | — | (1 | ) | ||||||||||||
| (8,560 | ) | (4,384 | ) | (9,772 | ) | (7,594 | ) | 5,241 | |||||||||||
| Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (19,057 | ) | (7,739 | ) | (27,412 | ) | (28,628 | ) | (6,012 | ) | |||||||||
| Income Tax Expense (Benefit) | (2,306 | ) | 1,277 | (3,052 | ) | (3,831 | ) | (50 | ) | ||||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (16,751 | ) | (9,016 | ) | (24,360 | ) | (24,797 | ) | (5,962 | ) | |||||||||
| Equity in Losses of 50% or Less Owned Companies | (2,425 | ) | (1,325 | ) | (7,078 | ) | (3,476 | ) | (1,818 | ) | |||||||||
| Loss from Continuing Operations | (19,176 | ) | (10,341 | ) | (31,438 | ) | (28,273 | ) | (7,780 | ) | |||||||||
| (Loss) Income from Discontinued Operations, Net of Tax | (2,742 | ) | (7,899 | ) | 1,174 | - | (189 | ) | |||||||||||
| Net Loss | (21,918 | ) | (18,240 | ) | (30,264 | ) | (28,273 | ) | (7,969 | ) | |||||||||
| Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | (1,463 | ) | 204 | (1,875 | ) | (2,724 | ) | (175 | ) | ||||||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (20,455 | ) | $ | (18,444 | ) | $ | (28,389 | ) | $ | (25,549 | ) | $ | (7,794 | ) | ||||
| Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. | |||||||||||||||||||
| Continuing operations | $ | (0.74 | ) | $ | (0.49 | ) | $ | (1.31 | ) | $ | (1.16 | ) | $ | (0.34 | ) | ||||
| Discontinued operations | $ | (0.12 | ) | $ | (0.29 | ) | $ | 0.10 | $ | 0.05 | $ | (0.01 | ) | ||||||
| $ | (0.86 | ) | $ | (0.78 | ) | $ | (1.21 | ) | $ | (1.11 | ) | $ | (0.35 | ) | |||||
| Weighted Average Common Shares and Warrants Outstanding: | |||||||||||||||||||
| Basic and Diluted | 23,832 | 23,741 | 23,382 | 23,090 | 22,514 | ||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 23,708 | 23,653 | 23,592 | 23,350 | 22,711 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| United States, primarily Gulf of Mexico | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 19,285 | $ | 17,851 | $ | 14,058 | $ | 10,588 | $ | 12,656 | |||||||||
| Fleet utilization | 20 | % | 26 | % | 34 | % | 28 | % | 29 | % | |||||||||
| Fleet available days | 1,956 | 2,340 | 2,669 | 2,698 | 2,983 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 6 | 159 | 325 | 232 | 143 | ||||||||||||||
| Out-of-service days for cold-stacked status | 1,301 | 1,131 | 1,322 | 1,579 | 1,761 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 7,408 | $ | 10,914 | $ | 12,628 | $ | 8,005 | $ | 10,968 | |||||||||
| Bareboat charter | 732 | 597 | 233 | — | — | ||||||||||||||
| Other marine services | 516 | 838 | 1,320 | 1,132 | 8,709 | ||||||||||||||
| 8,656 | 12,349 | 14,181 | 9,137 | 19,677 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,432 | 4,353 | 5,203 | 4,503 | 5,227 | ||||||||||||||
| Repairs and maintenance | 782 | 1,508 | 2,515 | 2,778 | 1,128 | ||||||||||||||
| Drydocking | 252 | 547 | 1,801 | 1,994 | 147 | ||||||||||||||
| Insurance and loss reserves | 566 | 371 | 841 | 592 | 974 | ||||||||||||||
| Fuel, lubes and supplies | 407 | 739 | 1,107 | 683 | 1,055 | ||||||||||||||
| Other | 102 | 88 | 113 | 90 | 185 | ||||||||||||||
| 5,541 | 7,606 | 11,580 | 10,640 | 8,716 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 3,115 | $ | 4,743 | $ | 2,601 | $ | (1,503 | ) | $ | 10,961 | ||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 2,283 | $ | 2,758 | $ | 2,942 | $ | 2,911 | $ | 2,053 | |||||||||
| Depreciation and amortization | 5,474 | 5,634 | 5,341 | 5,498 | 5,550 | ||||||||||||||
| Africa, primarily West Africa | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 9,435 | $ | 9,316 | $ | 9,365 | $ | 9,461 | $ | 9,411 | |||||||||
| Fleet utilization | 88 | % | 91 | % | 81 | % | 87 | % | 87 | % | |||||||||
| Fleet available days | 1,349 | 1,380 | 1,365 | 1,313 | 1,310 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 68 | — | 54 | 58 | — | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 11,249 | $ | 11,738 | $ | 10,400 | $ | 10,773 | $ | 10,730 | |||||||||
| Other marine services | 1,216 | 129 | 753 | (637 | ) | 4,247 | |||||||||||||
| 12,465 | 11,867 | 11,153 | 10,136 | 14,977 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,230 | 3,308 | 3,428 | 3,867 | 3,665 | ||||||||||||||
| Repairs and maintenance | 1,242 | 1,323 | 952 | 1,184 | 873 | ||||||||||||||
| Drydocking | 253 | (53 | ) | (48 | ) | 338 | (28 | ) | |||||||||||
| Insurance and loss reserves | 369 | 230 | 239 | 213 | 307 | ||||||||||||||
| Fuel, lubes and supplies | 817 | 961 | 939 | 754 | 1,176 | ||||||||||||||
| Other | 976 | 499 | 773 | 2,106 | 772 | ||||||||||||||
| 6,887 | 6,268 | 6,283 | 8,462 | 6,765 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 5,578 | $ | 5,599 | $ | 4,870 | $ | 1,674 | $ | 8,212 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 757 | $ | 761 | $ | 787 | $ | 785 | $ | 1,059 | |||||||||
| Depreciation and amortization | 2,608 | 2,681 | 2,759 | 2,356 | 2,341 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Middle East and Asia | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,843 | $ | 8,795 | $ | 8,182 | $ | 8,386 | $ | 8,856 | |||||||||
| Fleet utilization | 82 | % | 83 | % | 79 | % | 72 | % | 70 | % | |||||||||
| Fleet available days | 1,901 | 2,020 | 2,026 | 2,061 | 2,009 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 15 | 129 | 73 | 95 | 178 | ||||||||||||||
| Out-of-service days for cold-stacked status | 153 | 184 | 115 | 90 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 13,840 | $ | 14,798 | $ | 13,175 | $ | 12,499 | $ | 12,517 | |||||||||
| Other marine services | 678 | 414 | 349 | 228 | 118 | ||||||||||||||
| 14,518 | 15,212 | 13,524 | 12,727 | 12,635 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 4,129 | 4,023 | 4,292 | 4,254 | 4,354 | ||||||||||||||
| Repairs and maintenance | 973 | 1,387 | 2,629 | 2,193 | 3,077 | ||||||||||||||
| Drydocking | 146 | 20 | 275 | 159 | 949 | ||||||||||||||
| Insurance and loss reserves | 408 | 333 | 381 | 327 | 389 | ||||||||||||||
| Fuel, lubes and supplies | 769 | 701 | 725 | 709 | 1,179 | ||||||||||||||
| Other | 635 | 567 | 793 | 1,100 | 984 | ||||||||||||||
| 7,060 | 7,031 | 9,095 | 8,742 | 10,932 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 7,458 | $ | 8,181 | $ | 4,429 | $ | 3,985 | $ | 1,703 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 42 | $ | 43 | $ | 42 | $ | 46 | $ | 49 | |||||||||
| Depreciation and amortization | 3,963 | 3,914 | 4,274 | 4,249 | 4,154 | ||||||||||||||
| Latin America | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,649 | $ | 6,867 | $ | 8,074 | $ | 12,900 | $ | 11,866 | |||||||||
| Fleet utilization | 69 | % | 71 | % | 63 | % | 71 | % | 72 | % | |||||||||
| Fleet available days | 429 | 399 | 400 | 541 | 460 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 35 | 5 | 3 | 5 | — | ||||||||||||||
| Out-of-service days for cold-stacked status | 65 | 92 | 91 | 90 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 2,541 | $ | 1,951 | $ | 2,046 | $ | 4,922 | $ | 3,934 | |||||||||
| Bareboat charter | 102 | 1,168 | 1,156 | 1,143 | 1,168 | ||||||||||||||
| Other marine services | 261 | 221 | 273 | 635 | 183 | ||||||||||||||
| 2,904 | 3,340 | 3,475 | 6,700 | 5,285 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 1,081 | 846 | 976 | 1,556 | 1,142 | ||||||||||||||
| Repairs and maintenance | 234 | 298 | 481 | 335 | 362 | ||||||||||||||
| Drydocking | 114.0 | — | (32 | ) | 79 | 14 | |||||||||||||
| Insurance and loss reserves | 79 | 31 | 66 | 135 | 96 | ||||||||||||||
| Fuel, lubes and supplies | 127 | 187 | 314 | 428 | 384 | ||||||||||||||
| Other | 188 | (87 | ) | 560 | 521 | 232 | |||||||||||||
| 1,823 | 1,275 | 2,365 | 3,054 | 2,230 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 1,081 | $ | 2,065 | $ | 1,110 | $ | 3,646 | $ | 3,055 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 9 | $ | — | $ | — | $ | 1 | $ | 1 | |||||||||
| Depreciation and amortization | 1,037 | 1,573 | 1,659 | 1,936 | 1,888 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Europe, Continuing Operations | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | 3,505 | 3,146 | 2,972 | 2,339 | 2,293 | ||||||||||||||
| Fleet utilization | 80 | % | 96 | % | 86 | % | 60 | % | 69 | % | |||||||||
| Fleet available days | 3,373 | 3,439 | 3,530 | 3,303 | 3,312 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 107 | 3 | 159 | 53 | 47 | ||||||||||||||
| Out-of-service days for cold-stacked status | 0 | 92 | 91 | 90 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 9,427 | $ | 10,346 | $ | 9,021 | $ | 4,620 | $ | 5,209 | |||||||||
| Other marine services | 1,100 | 1,586 | 1,458 | 1,590 | 1,114 | ||||||||||||||
| 10,527 | 11,932 | 10,479 | 6,210 | 6,323 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,224 | 3,349 | 4,015 | 2,443 | 2,436 | ||||||||||||||
| Repairs and maintenance | 752 | 979 | 1,030 | 1,094 | 887 | ||||||||||||||
| Drydocking | 1 | 1 | 1 | — | 41 | ||||||||||||||
| Insurance and loss reserves | 241 | 233 | 236 | 147 | 111 | ||||||||||||||
| Fuel, lubes and supplies | 289 | 322 | 117 | 232 | 167 | ||||||||||||||
| Other | 160 | 147 | 648 | 352 | 150 | ||||||||||||||
| 4,667 | 5,031 | 6,047 | 4,268 | 3,792 | |||||||||||||||
| Direct Vessel Profit for Continuing Operations (1) | $ | 5,860 | $ | 6,901 | $ | 4,432 | $ | 1,942 | $ | 2,531 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 479 | $ | 609 | $ | 546 | $ | 405 | $ | 267 | |||||||||
| Depreciation and amortization | 2,330 | 2,289 | 2,379 | 2,058 | 1,968 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Anchor handling towing supply | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,095 | $ | 7,790 | $ | 7,597 | $ | 8,502 | $ | 8,506 | |||||||||
| Fleet utilization | 48 | % | 53 | % | 49 | % | 38 | % | 26 | % | |||||||||
| Fleet available days | 705 | 736 | 910 | 900 | 1,012 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 33 | 10 | 31 | 34 | 12 | ||||||||||||||
| Out-of-service days for cold-stacked status | 337 | 332 | 437 | 521 | 644 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 2,714 | $ | 3,059 | $ | 3,360 | $ | 2,875 | $ | 2,248 | |||||||||
| Other marine services | 1,076 | 365 | 869 | (658 | ) | 2,426 | |||||||||||||
| 3,790 | 3,424 | 4,229 | 2,217 | 4,674 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 1,212 | 1,418 | 2,001 | 1,390 | 1,279 | ||||||||||||||
| Repairs and maintenance | 330 | 524 | 632 | 630 | 386 | ||||||||||||||
| Drydocking | - | 8 | 96 | 75 | (70 | ) | |||||||||||||
| Insurance and loss reserves | 208 | 179 | 266 | 122 | 219 | ||||||||||||||
| Fuel, lubes and supplies | 145 | 252 | 262 | 62 | 467 | ||||||||||||||
| Other | 366 | 404 | 411 | 592 | 568 | ||||||||||||||
| 2,261 | 2,785 | 3,668 | 2,871 | 2,849 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 1,529 | $ | 639 | $ | 561 | $ | (654 | ) | $ | 1,825 | ||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 872 | $ | 1,357 | $ | 1,527 | $ | 1,539 | $ | 1,847 | |||||||||
| Depreciation and amortization | 522 | 568 | 575 | 575 | 679 | ||||||||||||||
| Fast support | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,257 | $ | 8,133 | $ | 7,624 | $ | 7,609 | $ | 7,749 | |||||||||
| Fleet utilization | 78 | % | 78 | % | 71 | % | 68 | % | 67 | % | |||||||||
| Fleet available days | 2,935 | 3,156 | 3,275 | 3,295 | 3,187 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 82 | 81 | 134 | 72 | 151 | ||||||||||||||
| Out-of-service days for cold-stacked status | 341 | 459 | 545 | 622 | 659 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 18,877 | $ | 20,079 | $ | 17,709 | $ | 17,083 | $ | 16,453 | |||||||||
| Bareboat charter | 732 | 597 | 233 | — | — | ||||||||||||||
| Other marine services | (40 | ) | (200 | ) | (179 | ) | (251 | ) | (952 | ) | |||||||||
| 19,569 | 20,476 | 17,763 | 16,832 | 15,501 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 5,071 | 5,486 | 5,796 | 5,511 | 5,328 | ||||||||||||||
| Repairs and maintenance | 1,873 | 2,204 | 2,682 | 2,337 | 2,595 | ||||||||||||||
| Drydocking | 357 | (27 | ) | 136 | 350 | 1 | |||||||||||||
| Insurance and loss reserves | 541 | 347 | 385 | 326 | 534 | ||||||||||||||
| Fuel, lubes and supplies | 1,098 | 1,395 | 1,602 | 1,102 | 1,368 | ||||||||||||||
| Other | 1,346 | 959 | 1,713 | 2,464 | 1,062 | ||||||||||||||
| 10,286 | 10,364 | 12,314 | 12,090 | 10,888 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 9,283 | $ | 10,112 | $ | 5,449 | $ | 4,742 | $ | 4,613 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 352 | $ | 351 | $ | 352 | $ | 352 | $ | 341 | |||||||||
| Depreciation and amortization | 5,447 | 5,646 | 5,929 | 5,944 | 5,525 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Supply | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 7,179 | $ | 6,755 | $ | 6,906 | $ | 7,001 | $ | 7,050 | |||||||||
| Fleet utilization | 87 | % | 96 | % | 53 | % | 62 | % | 81 | % | |||||||||
| Fleet available days | 338 | 398 | 486 | 501 | 460 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | — | 118 | 60 | 27 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 2,114 | $ | 2,589 | $ | 1,787 | $ | 2,182 | $ | 2,631 | |||||||||
| Bareboat charter | 102 | 1,168 | 1,156 | 1,143 | 1,168 | ||||||||||||||
| Other marine services | 582 | 863 | 799 | 781 | 619 | ||||||||||||||
| 2,798 | 4,620 | 3,742 | 4,106 | 4,418 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 1,369 | 1,266 | 1,617 | 1,678 | 1,487 | ||||||||||||||
| Repairs and maintenance | 159 | 276 | 1,085 | 619 | 403 | ||||||||||||||
| Drydocking | 142 | 1 | 82 | 162 | 1,023 | ||||||||||||||
| Insurance and loss reserves | 65 | 66 | 78 | 105 | 130 | ||||||||||||||
| Fuel, lubes and supplies | 377 | 205 | 98 | 399 | 445 | ||||||||||||||
| Other | 314 | 57 | 842 | 1,144 | 762 | ||||||||||||||
| 2,426 | 1,871 | 3,802 | 4,107 | 4,250 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 372 | $ | 2,749 | $ | (60 | ) | $ | (1 | ) | $ | 168 | |||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 381 | $ | 517 | $ | 433 | $ | 318 | $ | 178 | |||||||||
| Depreciation and amortization | 823 | 1,167 | 1,223 | 1,036 | 966 | ||||||||||||||
| Specialty | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Fleet available days | 92 | 92 | 91 | 90 | 92 | ||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 92 | 91 | 90 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | — | $ | — | $ | — | $ | — | $ | 337 | |||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 6 | 13 | 23 | 65 | 64 | ||||||||||||||
| Repairs and maintenance | 5 | 1 | 3 | 4 | 12 | ||||||||||||||
| Insurance and loss reserves | 9 | 18 | 20 | 8 | 9 | ||||||||||||||
| Fuel, lubes and supplies | - | 2 | (24 | ) | 31 | 33 | |||||||||||||
| Other | 64 | 75 | 77 | 95 | 70 | ||||||||||||||
| 84 | 109 | 99 | 203 | 188 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | (84 | ) | $ | (109 | ) | $ | (99 | ) | $ | (203 | ) | $ | 149 | |||||
| Other Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Depreciation and amortization | 128 | 128 | 127 | 128 | 282 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Liftboats | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 27,453 | $ | 26,172 | $ | 20,993 | $ | 17,750 | $ | 18,497 | |||||||||
| Fleet utilization | 36 | % | 39 | % | 47 | % | 46 | % | 49 | % | |||||||||
| Fleet available days | 1,472 | 1,665 | 1,729 | 1,710 | 1,827 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 6 | 153 | 292 | 224 | 132 | ||||||||||||||
| Out-of-service days for cold-stacked status | 657 | 432 | 455 | 526 | 550 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 14,375 | $ | 16,830 | $ | 16,932 | $ | 13,877 | $ | 16,631 | |||||||||
| Other marine services | 732 | 795 | 1,481 | 2,080 | 1,926 | ||||||||||||||
| 15,107 | 17,625 | 18,413 | 15,957 | 18,557 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 4,588 | 4,824 | 5,360 | 5,097 | 5,546 | ||||||||||||||
| Repairs and maintenance | 776 | 1,656 | 2,189 | 2,828 | 1,971 | ||||||||||||||
| Drydocking | 267 | 532 | 1,683 | 1,983 | 167 | ||||||||||||||
| Insurance and loss reserves | 711 | 484 | 921 | 884 | 872 | ||||||||||||||
| Fuel, lubes and supplies | 550 | 899 | 1,076 | 1,005 | 1,485 | ||||||||||||||
| Other | 338 | 221 | 251 | 444 | 667 | ||||||||||||||
| 7,230 | 8,616 | 11,480 | 12,241 | 10,708 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 7,877 | $ | 9,009 | $ | 6,933 | $ | 3,716 | $ | 7,849 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 1,497 | $ | 1,498 | $ | 1,497 | $ | 1,498 | $ | 638 | |||||||||
| Depreciation and amortization | 6,136 | 6,247 | 6,055 | 6,053 | 6,098 | ||||||||||||||
| Crew transfer | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 2,378 | $ | 2,220 | $ | 2,431 | $ | 2,325 | $ | 2,283 | |||||||||
| Fleet utilization | 77 | % | 92 | % | 88 | % | 60 | % | 68 | % | |||||||||
| Fleet available days | 3,465 | 3,531 | 3,499 | 3,420 | 3,496 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 111 | 52 | 39 | 53 | 47 | ||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 184 | 91 | 90 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 6,385 | $ | 7,190 | $ | 7,482 | $ | 4,802 | $ | 5,395 | |||||||||
| Other marine services | 389 | 577 | 499 | 322 | 460 | ||||||||||||||
| 6,774 | 7,767 | 7,981 | 5,124 | 5,855 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 2,435 | 2,432 | 2,665 | 2,309 | 2,274 | ||||||||||||||
| Repairs and maintenance | 693 | 775 | 933 | 1,096 | 814 | ||||||||||||||
| Drydocking | — | — | — | — | 2 | ||||||||||||||
| Insurance and loss reserves | 124 | 113 | 93 | 104 | 94 | ||||||||||||||
| Fuel, lubes and supplies | 220 | 152 | 167 | 189 | 145 | ||||||||||||||
| Other | 75 | 96 | 113 | 113 | 165 | ||||||||||||||
| 3,547 | 3,568 | 3,971 | 3,811 | 3,494 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 3,227 | $ | 4,199 | $ | 4,010 | $ | 1,313 | $ | 2,361 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
| Depreciation and amortization | 1,837 | 1,819 | 1,920 | 2,031 | 2,155 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Other Activity | |||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | 1,032 | $ | 788 | $ | 684 | $ | 674 | $ | 9,555 | |||||||||
| 1,032 | 788 | 684 | 674 | 9,555 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 415 | 440 | 452 | 573 | 846 | ||||||||||||||
| Repairs and maintenance | 147 | 59 | 83 | 70 | 146 | ||||||||||||||
| Insurance and loss reserves | 5 | (9 | ) | — | (135 | ) | 19 | ||||||||||||
| Fuel, lubes and supplies | 19 | 5 | 21 | 18 | 18 | ||||||||||||||
| Other | (442 | ) | (598 | ) | (520 | ) | (683 | ) | (971 | ) | |||||||||
| 144 | (102 | ) | 36 | (157 | ) | 58 | |||||||||||||
| Direct Vessel Profit (1) | $ | 888 | $ | 890 | $ | 648 | $ | 831 | $ | 9,497 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 468 | $ | 448 | $ | 508 | $ | 224 | $ | 425 | |||||||||
| Depreciation and amortization | 519 | 516 | 583 | 330 | 196 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands) |
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| Cash Flows from Continuing Operating Activities: | |||||||||||||||||||
| DVP (1) | 23,092 | 27,489 | 17,442 | 9,744 | 26,462 | ||||||||||||||
| Operating, leased-in equipment (excluding amortization of deferred gains) | (4,648 | ) | (4,963 | ) | (4,886 | ) | (4,842 | ) | (5,437 | ) | |||||||||
| Administrative and general (excluding provisions for bad debts and amortization of share awards) | (10,773 | ) | (9,160 | ) | (9,696 | ) | (10,455 | ) | (10,697 | ) | |||||||||
| SEACOR Holdings management and guarantee fees | (21 | ) | (26 | ) | (32 | ) | (29 | ) | (5 | ) | |||||||||
| Dividends received from 50% or less owned companies | 800 | 873 | — | 400 | (4 | ) | |||||||||||||
| Other, net (excluding non-cash losses) | (2 | ) | — | — | — | 400 | |||||||||||||
| 8,448 | 14,213 | 2,828 | (5,182 | ) | 10,719 | ||||||||||||||
| Changes in operating assets and liabilities before interest and income taxes | 7,758 | (7,236 | ) | 4,921 | 2,924 | (11,395 | ) | ||||||||||||
| Director share awards | — | — | 894 | — | — | ||||||||||||||
| Restricted stock vested | (55 | ) | (240 | ) | — | (282 | ) | (5 | ) | ||||||||||
| Cash settlements on derivative transactions, net | (190 | ) | (546 | ) | 275 | (75 | ) | 1,420 | |||||||||||
| Interest paid, excluding capitalized interest (1) | (6,255 | ) | (5,633 | ) | (5,971 | ) | (4,593 | ) | (6,668 | ) | |||||||||
| Interest received | 560 | 316 | 215 | 354 | 353 | ||||||||||||||
| Income taxes refunded, net | — | — | — | 1,999 | (304 | ) | |||||||||||||
| Net cash provided by (used in) operating activities | 10,266 | 874 | 3,162 | (4,855 | ) | (5,880 | ) | ||||||||||||
| Cash Flows from Continuing Investing Activities: | |||||||||||||||||||
| Purchases of property and equipment | (5,890 | ) | (9,547 | ) | (19,386 | ) | (20,633 | ) | (14,115 | ) | |||||||||
| Proceeds from disposition of property and equipment | 36,418 | 10,119 | 9,268 | 378 | 17,383 | ||||||||||||||
| Proceeds from the sale of ERRV fleet | 27,390 | — | — | — | — | ||||||||||||||
| Cash Impact of sale of ERRV fleet | (5,140 | ) | — | — | — | — | |||||||||||||
| Net change in construction reserve fund | 5,268 | 1,951 | 7,997 | (48 | ) | 7,535 | |||||||||||||
| Net investing activities in property and equipment | 58,046 | 2,523 | (2,121 | ) | (20,303 | ) | 10,803 | ||||||||||||
| Investments in and advances to 50% or less owned companies | (6,062 | ) | (8,686 | ) | (718 | ) | (1,951 | ) | (13,472 | ) | |||||||||
| Capital distributions from equity investees | 48 | 413 | — | — | 9,800 | ||||||||||||||
| Net investing activities in third party notes receivable | — | — | — | — | 17 | ||||||||||||||
| Principal payments on notes due from equity investees | — | 22 | — | — | — | ||||||||||||||
| Net cash (used in) provided by investing activities | 52,032 | (5,728 | ) | (2,839 | ) | (22,254 | ) | 7,148 | |||||||||||
| Cash Flows from Continuing Financing Activities: | |||||||||||||||||||
| Payments on long-term debt | (3,899 | ) | (11,976 | ) | (3,738 | ) | (4,361 | ) | (11,352 | ) | |||||||||
| Proceeds from issuance of long-term debt, net of issue costs | — | — | — | — | (336 | ) | |||||||||||||
| Purchase of subsidiary shares from noncontrolling interests | — | — | — | (3,392 | ) | — | |||||||||||||
| Proceeds from exercise of stock options and Warrants | 340 | 973 | 3 | 108 | 20 | ||||||||||||||
| Net cash (used in) provided by financing activities | (3,559 | ) | (11,003 | ) | (3,735 | ) | (7,645 | ) | (11,668 | ) | |||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | (19,238 | ) | (472 | ) | 1,195 | 873 | 4,331 | ||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | 40,967 | 12,356 | 8,358 | (9,165 | ) | 16,750 | |||||||||||||
| Cash Flows from Discontinued Operations | |||||||||||||||||||
| Operating Activities | 4,297 | (446 | ) | (747 | ) | 2,888 | 2,976 | ||||||||||||
| Investing Activities | (4,462 | ) | (116 | ) | (615 | ) | (376 | ) | (9 | ) | |||||||||
| Effects of FX Rate Changes on Cash and Cash Equivalents | 3,322 | 268 | (1,504 | ) | 612 | (4,565 | ) | ||||||||||||
| Net Decrease in Cash and Cash Equivalents from Discontinued Operations: | 3,157 | (294 | ) | (2,866 | ) | 3,124 | (1,598 | ) | |||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | 42,658 | (16,623 | ) | (5,083 | ) | (30,757 | ) | (7,667 | ) | ||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 44,389 | 61,012 | 66,095 | 96,852 | 104,519 | ||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 87,047 | $ | 44,389 | $ | 61,012 | $ | 66,095 | $ | 96,852 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
| Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Current Assets: | |||||||||||||||||||
| Cash and cash equivalents | $ | 83,943 | $ | 38,155 | $ | 55,763 | $ | 57,158 | $ | 91,597 | |||||||||
| Restricted cash | 3,104 | 4,016 | 2,240 | 2,240 | 1,657 | ||||||||||||||
| Receivables: | |||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 49,128 | 58,954 | 60,711 | 61,586 | 55,048 | ||||||||||||||
| Other | 18,531 | 6,835 | 9,682 | 7,998 | 11,292 | ||||||||||||||
| Inventories | 1,228 | 1,408 | 1,660 | 2,779 | 1,977 | ||||||||||||||
| Prepaid expenses and other | 2,612 | 3,146 | 3,710 | 4,266 | 2,239 | ||||||||||||||
| Discontinued operations | — | 13,127 | 13,891 | 15,782 | 15,222 | ||||||||||||||
| Total current assets | 158,546 | 125,641 | 147,657 | 151,809 | 179,032 | ||||||||||||||
| Property and Equipment: | |||||||||||||||||||
| Historical cost | 976,978 | 1,063,290 | 1,099,221 | 1,168,104 | 1,116,583 | ||||||||||||||
| Accumulated depreciation | (358,962 | ) | (400,628 | ) | (425,881 | ) | (478,239 | ) | (461,399 | ) | |||||||||
| 618,016 | 662,662 | 673,340 | 689,865 | 655,184 | |||||||||||||||
| Construction in progress | 74,344 | 70,275 | 67,063 | 62,750 | 88,918 | ||||||||||||||
| Net property and equipment | 692,360 | 732,937 | 740,403 | 752,615 | 744,102 | ||||||||||||||
| Right-of-Use Asset - Operating Leases | 17,313 | 18,774 | 27,390 | 30,503 | — | ||||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 124,680 | 118,222 | 112,418 | 119,520 | 121,773 | ||||||||||||||
| Construction Reserve Funds | 12,893 | 18,161 | 20,112 | 28,109 | 28,061 | ||||||||||||||
| Other Assets | 3,401 | 3,422 | 3,627 | 3,603 | 3,690 | ||||||||||||||
| Discontinued operations | — | 23,349 | 25,092 | 26,193 | 26,280 | ||||||||||||||
| $ | 1,009,193 | $ | 1,040,506 | $ | 1,076,699 | $ | 1,112,352 | $ | 1,102,938 | ||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||
| Current portion of operating lease liabilities | $ | 15,099 | $ | 15,182 | $ | 16,552 | $ | 17,918 | — | ||||||||||
| Current portion of long-term debt | 17,802 | 23,446 | 20,651 | 17,426 | 16,812 | ||||||||||||||
| Accounts payable and accrued expenses | 25,691 | 26,507 | 31,504 | 24,970 | 18,089 | ||||||||||||||
| Due to SEACOR Holdings | 74 | 77 | 74 | 535 | 452 | ||||||||||||||
| Other current liabilities | 36,151 | 42,372 | 47,185 | 45,967 | 45,738 | ||||||||||||||
| Discontinued operations | — | 3,813 | 3,813 | 3,893 | 2,526 | ||||||||||||||
| Total current liabilities | 94,817 | 111,397 | 119,779 | 110,709 | 83,617 | ||||||||||||||
| Long-Term Operating Lease Liabilities | 9,822 | 12,878 | 16,775 | 19,851 | — | ||||||||||||||
| Long-Term Debt | 380,251 | 375,772 | 379,075 | 384,344 | 387,854 | ||||||||||||||
| Conversion Option Liability on Convertible Senior Notes | 5,205 | 4,543 | 7,599 | 6,201 | 5,276 | ||||||||||||||
| Deferred Income Taxes | 33,905 | 36,921 | 37,066 | 41,834 | 44,685 | ||||||||||||||
| Deferred Gains and Other Liabilities | 6,269 | 4,848 | 5,165 | 7,290 | 26,571 | ||||||||||||||
| Total liabilities | 530,269 | 546,359 | 565,459 | 570,229 | 548,003 | ||||||||||||||
| Equity: | |||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||
| Common stock | 219 | 219 | 218 | 211 | 204 | ||||||||||||||
| Additional paid-in capital | 429,318 | 427,823 | 424,549 | 422,830 | 415,372 | ||||||||||||||
| Retained earnings | 27,076 | 64,929 | 83,312 | 111,701 | 126,834 | ||||||||||||||
| Shares held in treasury | (669 | ) | (614 | ) | (374 | ) | (373 | ) | (91 | ) | |||||||||
| Accumulated other comprehensive loss, net of tax | 1,548 | (21,105 | ) | (19,156 | ) | (16,812 | ) | (16,788 | ) | ||||||||||
| 457,492 | 471,252 | 488,549 | 517,557 | 525,531 | |||||||||||||||
| Noncontrolling interests in subsidiaries | 21,432 | 22,895 | 22,691 | 24,566 | 29,404 | ||||||||||||||
| Total equity | 478,924 | 494,147 | 511,240 | 542,123 | 554,935 | ||||||||||||||
| $ | 1,009,193 | $ | 1,040,506 | $ | 1,076,699 | $ | 1,112,352 | $ | 1,102,938 | ||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS |
| Owned | Joint Ventured | Leased-in | Managed | Total (2) | ||||||||||||
| December 31, 2019 | ||||||||||||||||
| AHTS | 4 | — | 4 | — | 8 | |||||||||||
| FSV | 30 | 5 | 1 | 1 | 37 | |||||||||||
| Supply | 4 | 34 | — | 2 | 40 | |||||||||||
| Specialty | 1 | 3 | — | 1 | 5 | |||||||||||
| Liftboats | 14 | — | 2 | — | 16 | |||||||||||
| Crew transfer | 38 | 5 | — | — | 43 | |||||||||||
| 91 | 47 | 7 | 4 | 149 | ||||||||||||
| December 31, 2018 | ||||||||||||||||
| AHTS | 8 | — | 4 | — | 12 | |||||||||||
| FSV | 32 | 5 | 1 | 3 | 41 | |||||||||||
| Supply | 7 | 30 | — | 2 | 39 | |||||||||||
| Specialty | 1 | 4 | — | 2 | 7 | |||||||||||
| Liftboats | 17 | — | 2 | — | 19 | |||||||||||
| Crew transfer | 38 | 4 | — | — | 42 | |||||||||||
| Discontinued Operations | 18 | 1 | — | — | 19 | |||||||||||
| 121 | 44 | 7 | 7 | 179 | ||||||||||||
______________________
| (2 | ) | Excludes four owned vessels that have been retired and removed from service. |