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Seacor Marine Announces Fourth Quarter 2020 Results

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SEACOR Marine Holdings Inc.
·15 min read
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HOUSTON, March 11, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter and full year ended December 31, 2020.

Notable fourth quarter items include:

  • Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (“Windcat”) and its crew transfer business with the transaction closing on January 12, 2021. SEACOR Marine received net cash proceeds of approximately US$42.6 million. The buyer also assumed all of the approximately GBP£20.4 million of debt outstanding under Windcat’s existing revolving credit facility. SEACOR Marine recognized a gain on the sale of approximately US$22.8 million, which will be reflected in SEACOR Marine’s financial results for the first quarter of 2021.

  • Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019.

  • $9.7 million in equity in losses of 50% or less owned companies. These losses are mostly non-cash and non-recurring charges in our joint ventures in Latin America as a result of the recognition of losses originating in our investment in UP Offshore in Brazil. These charges will be offset by reduced income tax expense in current and future periods.

  • Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system. This was the last vessel delivery of the eight modern platform supply vessels acquired in connection with our SEACOSCO transaction. The vessel commenced a long-term charter in December. The average age for the Company’s owned fleet is now seven years, one of the youngest in the industry.

  • The COVID-19 pandemic has continued to impact revenues and costs for the fourth quarter of 2020. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

As a result of the announced sale of Windcat, SEACOR Marine classified the Windcat crew transfer assets as held for sale as of December 31, 2020. All of the results presented for all periods exclude the Windcat operations, which are classified as discontinued operations.

SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (“DVP”)(1) was $10.5 million. This compares to consolidated operating revenues from continuing operations of $42.5 million, operating loss of $10.6 million, and DVP of $19.9 million in the fourth quarter of 2019. The reduction in DVP in the fourth quarter of 2020 was primarily driven by lower revenues in the United States. For the fourth quarter of 2020, net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2019 of $19.5 million ($0.76 loss per basic and diluted share).

Chief Executive Officer John Gellert provided the following comments on SEACOR Marine's fourth quarter results:

I am very pleased with SEACOR Marine’s response to the most challenging year in the current industry cycle and thank all of our employees for their dedication and hard work during extremely difficult conditions in 2020.

The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States, higher expenses in connection with COVID-19 operating protocols, and seasonality.

Utilization for our fleet in the Gulf of Mexico during the fourth quarter was 7%, a slight improvement from 5% in the prior two quarters, but enough to generate positive DVP in the region for the first time since COVID-19 hit. I see this as a good example that marginal improvements will have significant positive impact on our results.

Internationally, revenues and utilization were mostly flat, except for higher out-of-service time. Expenses were $4.9 million higher than in the fourth quarter of 2019, mostly due to increased expenses associated with COVID-19 operating protocols and higher expenses in the Middle East.

Additionally, our results reflect our share of the equity losses in our joint ventures in Latin America primarily in our UP Offshore investment in Brazil. However, I want to note that these are non-recurring and non-cash losses, and will be offset by increased tax savings. Although the investment in UP Offshore has not met our expectations, our joint ventures in Latin America continue to perform well and closed the year generating substantial cash flow.

More broadly, I am optimistic about the future for SEACOR Marine:

  • Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021. We are already seeing a welcome increase in inquiries from our customers as they regain confidence to carry out previously deferred capital expenditure plans or consider incremental offshore activity.

  • COVID-19 operating protocols are getting clearer and better every day. Although we continue to see high expenses in connection with COVID-19 operating conditions, we also see better coordination in the countries where we operate. These measures, together with the worldwide vaccination campaign underway are positive. Nonetheless, difficulties remain, and we recently joined the Neptune Declaration urging the implementation of certain actions in support of seafarer wellbeing and crew changes.

  • Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale. Additionally, we expect to collect more than $30 million in tax refund claims under the CARES Act. We remain committed to managing our balance sheet prudently, including the use of non-recourse debt to efficiently allocate our capital.

  • We have a diverse and technologically superior asset base with a dedicated and motivated team of employees. We have continued investing through the entire cycle and taken advantage of the opportunities to rejuvenate and enhance our fleet substantially.

SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy. Among other initiatives, we have established a formal ESG Program, which is complemented by our unique fleet mix that includes liftboat assets that are poised to assist in the development of the U.S. offshore wind market, and modern platform support vessels with hybrid power systems that improve fuel efficiency and reduce emissions. We have been an early adopter of hybrid power vessel technology, with nine systems currently deployed. Additionally, we expect the heightened ESG focus in the industry to increase activity on meeting plug and abandonment, and decommissioning obligations in the Gulf of Mexico, for which our U.S. flag assets are well suited.

Lastly, I would like to acknowledge the crews and shore-based SEACOR Marine employees for their professionalism and commitment to maintaining safe and reliable operations in a difficult environment. They have continued to drive the business forward by providing uninterrupted service to our clients during unprecedented and challenging times.
___________________

(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 5 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 energy 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 InvestorRelations@seacormarine.com


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data)

Three Months Ended December 31,

Year ended December 31,

2020

2019

2020

2019

Operating Revenues

$

36,044

$

42,478

$

141,837

$

174,453

Costs and Expenses:

Operating

25,562

22,567

91,145

109,523

Administrative and general

8,556

10,577

40,051

39,791

Lease expense

1,798

3,477

7,525

15,840

Depreciation and amortization

15,247

13,733

57,167

57,166

51,163

50,354

195,888

222,320

(Loss) Gain on Asset Dispositions and Impairments, Net

(1,796

)

(2,679

)

(17,588

)

(6,461

)

Operating Loss

(16,915

)

(10,555

)

(71,639

)

(54,328

)

Other Income (Expense):

Interest income

61

546

1,273

1,389

Interest expense

(8,288

)

(7,130

)

(30,691

)

(28,956

)

SEACOR Holdings guarantee fees

(11

)

(21

)

(47

)

(108

)

Derivative gains (losses), net

(894

)

(663

)

4,310

71

Foreign currency gains, net

(1,286

)

(1,657

)

(1,294

)

(2,541

)

Other, net

(19

)

(1

)

(19

)

(1

)

(10,437

)

(8,926

)

(26,468

)

(30,146

)

Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

(27,352

)

(19,481

)

(98,107

)

(84,474

)

Income Tax Benefit

1,865

(2,319

)

(22,924

)

(7,969

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

(29,217

)

(17,162

)

(75,183

)

(76,505

)

Equity in Losses of 50% or Less Owned Companies

(9,681

)

(2,277

)

(8,163

)

(14,459

)

Loss from Continuing Operations

(38,898

)

(19,439

)

(83,346

)

(90,964

)

(Loss) Income on Discontinued Operations, Net of Tax

51

(2,479

)

364

(7,731

)

Net Loss

(38,847

)

(21,918

)

(82,982

)

(98,695

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

(31

)

(1,463

)

(4,067

)

(5,858

)

Net Loss attributable to SEACOR Marine Holdings Inc.

$

(38,816

)

$

(20,455

)

$

(78,915

)

$

(92,837

)

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.

Continuing operations

$

(1.54

)

$

(0.76

)

$

(3.20

)

$

(3.62

)

Discontinued operations

-

(0.10

)

0.02

$

(0.33

)

$

(1.54

)

$

(0.86

)

$

(3.18

)

$

(3.95

)

Weighted Average Common Shares and Warrants Outstanding:

Basic and diluted shares

25,265,812

23,831,920

24,785,744

23,513,925

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31,
2020

Dec. 31, 2019

Time Charter Statistics:

Average Rates Per Day

$

10,931

$

11,052

$

10,746

$

10,886

$

10,846

Fleet Utilization

51

%

54

%

57

%

57

%

62

%

Fleet Available Days

5,824

5,807

5,258

5,361

5,726

Operating Revenues:

Time charter

$

32,693

$

34,824

$

32,389

$

33,549

$

38,259

Bareboat charter

732

677

723

724

834

Other marine services

2,619

700

813

1,394

3,385

36,044

36,201

33,925

35,667

42,478

Costs and Expenses:

Operating:

Personnel

13,057

13,401

10,704

11,186

12,726

Repairs and maintenance

3,445

3,764

3,612

3,840

3,318

Drydocking

1,753

585

566

1,365

766

Insurance and loss reserves

1,670

1,764

1,489

840

1,557

Fuel, lubes and supplies

2,081

2,131

2,075

1,841

2,193

Other

3,556

3,074

1,682

1,664

2,007

25,562

24,719

20,128

20,736

22,567

Direct Vessel Profit (1)

10,482

11,482

13,797

14,931

19,911

Other Costs and Expenses:

Lease expense

1,798

1,200

1,202

3,325

3,477

Administrative and general

8,556

8,861

13,241

9,393

10,577

Depreciation and amortization

15,247

14,833

13,725

13,362

13,733

25,601

24,894

28,168

26,080

27,787

(Losses) Gains on Asset Dispositions and Impairments, Net

(1,796

)

233

(3,453

)

(12,572

)

(2,679

)

Operating Loss

(16,915

)

(13,179

)

(17,824

)

(23,721

)

(10,555

)

Other Income (Expense):

Interest income

61

34

516

662

546

Interest expense

(8,288

)

(8,312

)

(6,717

)

(7,374

)

(7,130

)

SEACOR Holdings guarantee fees

(11

)

(11

)

(9

)

(16

)

(21

)

Derivative losses (gains), net

(894

)

5

85

5,114

(663

)

Foreign currency gains, net

(1,286

)

(911

)

193

710

(1,657

)

Other, net

(19

)

(1

)

(10,437

)

(9,195

)

(5,932

)

(904

)

(8,926

)

Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

(27,352

)

(22,374

)

(23,756

)

(24,625

)

(19,481

)

Income Tax (Benefit) Expense

1,865

(3,120

)

(15,007

)

(6,662

)

(2,319

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

(29,217

)

(19,254

)

(8,749

)

(17,963

)

(17,162

)

Equity in Losses of 50% or Less Owned Companies

(9,681

)

(588

)

2,081

25

(2,277

)

Loss from Continuing Operations

(38,898

)

(19,842

)

(6,668

)

(17,938

)

(19,439

)

(Loss) Income from Discontinued Operations, Net of Tax

51

1,765

602

(2,054

)

(2,479

)

Net Loss

(38,847

)

(18,077

)

(6,066

)

(19,992

)

(21,918

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

(31

)

4

7

(4,047

)

(1,463

)

Net Loss attributable to SEACOR Marine Holdings Inc.

$

(38,816

)

$

(18,081

)

$

(6,073

)

$

(15,945

)

$

(20,455

)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

Continuing operations

$

(1.54

)

$

(0.79

)

$

(0.26

)

$

(0.58

)

$

(0.76

)

Discontinued operations

0.07

0.02

(0.08

)

(0.10

)

$

(1.54

)

$

(0.72

)

$

(0.24

)

$

(0.66

)

$

(0.86

)

Weighted Average Common Shares and Warrants Outstanding:

Basic and Diluted

25,265

24,989

24,851

23,989

23,832

Common Shares and Warrants Outstanding at Period End

24,919

24,996

24,899

24,854

23,708

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

United States, primarily Gulf of Mexico

Time Charter Statistics:

Average rates per day worked

$

18,405

$

19,397

$

15,574

$

20,988

$

19,285

Fleet utilization

7

%

5

%

5

%

11

%

20

%

Fleet available days

1,797

1,871

1,842

1,864

1,956

Out-of-service days for repairs, maintenance and drydockings

45.25

37

32

116

6

Out-of-service days for cold-stacked status

1,472

1,576

1,465

1,301

1,301

Operating Revenues:

Time charter

$

2,352

$

1,668

$

1,478

$

4,375

$

7,408

Bareboat charter

732

731

723

724

732

Other marine services

794

473

513

642

516

3,878

2,872

2,714

5,741

8,656

Direct Costs and Expenses:

Operating:

Personnel

2,372

2,481

2,284

2,928

3,432

Repairs and maintenance

386

338

314

617

782

Drydocking

-

-

110

1,057

252

Insurance and loss reserves

507

778

354

135

566

Fuel, lubes and supplies

208

251

189

524

407

Other

116

93

79

102

3,589

3,933

3,344

5,340

5,541

Direct Vessel Profit (Loss) (1)

$

289

$

(1,061

)

$

(630

)

$

401

$

3,115

Other Costs and Expenses:

Lease expense

$

677

$

716

$

741

$

2,138

$

2,283

Depreciation and amortization

5,854

4,961

5,254

5,358

5,474

Africa, primarily West Africa

Time Charter Statistics:

Average rates per day worked

$

8,674

$

8,364

$

9,001

$

9,249

$

9,435

Fleet utilization

64

%

71

%

85

%

89

%

88

%

Fleet available days

1,288

1,288

1,304

1,346

1,349

Out-of-service days for repairs, maintenance and drydockings

120

45

90

56

68

Out-of-service days for cold-stacked status

276

124

Operating Revenues:

Time charter

$

7,196

$

7,641

$

9,944

$

11,095

$

11,249

Other marine services

233

(385

)

(480

)

167

1,216

7,429

7,256

9,464

11,262

12,465

Direct Costs and Expenses:

Operating:

Personnel

2,714

2,597

2,546

2,695

3,230

Repairs and maintenance

1,295

1,066

1,379

1,435

1,242

Drydocking

1,269

481

256

8

253

Insurance and loss reserves

378

267

188

193

369

Fuel, lubes and supplies

747

994

727

472

817

Other

(838

)

686

565

571

976

5,565

6,091

5,661

5,374

6,887

Direct Vessel Profit (1)

$

1,864

$

1,165

$

3,803

$

5,888

$

5,578

Other Costs and Expenses:

Lease expense

$

1,056

$

430

$

417

$

1,126

$

757

Depreciation and amortization

2,673

2,667

2,889

2,604

2,608

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Middle East and Asia

Time Charter Statistics:

Average rates per day worked

$

9,455

$

9,670

$

10,245

$

9,634

$

8,843

Fleet utilization

75

%

78

%

82

%

73

%

82

%

Fleet available days

1,840

1,809

1,613

1,671

1,901

Out-of-service days for repairs, maintenance and drydockings

68

89

113

200

15

Out-of-service days for cold-stacked status

169

76

61

48

153

Operating Revenues:

Time charter

$

13,008

$

13,672

$

13,605

$

11,767

$

13,840

Other marine services

927

296

514

420

678

13,935

13,968

14,119

12,187

14,518

Direct Costs and Expenses:

Operating:

Personnel

5,411

5,171

3,795

3,811

4,129

Repairs and maintenance

842

1,564

1,580

1,246

973

Drydocking

41

104

200

414

146

Insurance and loss reserves

501

451

430

339

408

Fuel, lubes and supplies

604

482

955

665

769

Other

3,618

1,771

819

683

635

11,017

9,543

7,779

7,158

7,060

Direct Vessel Profit (1)

$

2,918

$

4,425

$

6,340

$

5,029

$

7,458

Other Costs and Expenses:

Lease expense

$

47

$

46

$

32

$

45

$

42

Depreciation and amortization

4,505

4,379

3,921

3,790

3,963

Latin America

Time Charter Statistics:

Average rates per day worked

$

12,921

$

13,355

$

10,752

$

9,397

$

8,649

Fleet utilization

82

%

99

%

97

%

93

%

69

%

Fleet available days

716

655

408

389

429

Out-of-service days for repairs, maintenance and drydockings

66

7

3

35

Out-of-service days for cold-stacked status

65

Operating Revenues:

Time charter

$

7,538

$

8,621

$

4,251

$

3,396

$

2,541

Bareboat charter

102

Other marine services

555

212

168

149

261

8,093

8,833

4,419

3,545

2,904

Direct Costs and Expenses:

Operating:

Personnel

1,764

2,342

1,377

1,215

1,081

Repairs and maintenance

780

704

255

392

234

Drydocking

443

(114

)

114

Insurance and loss reserves

150

138

105

69

79

Fuel, lubes and supplies

416

307

132

135

127

Other

497

444

123

305

188

4,050

3,935

1,992

2,002

1,823

Direct Vessel Profit (1)

$

4,043

$

4,898

$

2,427

$

1,543

$

1,081

Other Costs and Expenses:

Lease expense

$

18

$

9

$

9

$

9

$

9

Depreciation and amortization

1,924

1,708

950

899

1,037

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Europe, Continuing Operations

Time Charter Statistics:

Average rates per day worked

34,999

35,000

34,192

32,038

35,000

Fleet utilization

40

%

50

%

100

%

100

%

100

%

Fleet available days

184

184

91

91

92

Out-of-service days for repairs, maintenance and drydockings

18

Out-of-service days for cold-stacked status

92

92

Operating Revenues:

Time charter

$

2,600

$

3,220

$

3,111

$

2,916

$

3,221

Bareboat charter

(54

)

Other marine services

110

106

98

16

714

2,710

3,272

3,209

2,932

3,935

Direct Costs and Expenses:

Operating:

Personnel

796

810

702

537

854

Repairs and maintenance

142

92

84

150

87

Drydocking

1

Insurance and loss reserves

134

130

412

104

135

Fuel, lubes and supplies

106

97

72

45

73

Other

164

88

82

26

106

1,342

1,217

1,352

862

1,256

Direct Vessel Profit for Continuing Operations (1)

$

1,368

$

2,055

$

1,857

$

2,070

$

2,679

Other Costs and Expenses:

Lease expense

$

-

$

-

$

3

$

7

$

386

Depreciation and amortization

291

1,117

711

711

651

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Anchor handling towing supply

Time Charter Statistics:

Average rates per day worked

$

7,967

$

7,388

$

8,383

$

8,012

$

8,095

Fleet utilization

44

%

54

%

43

%

39

%

48

%

Fleet available days

641

644

667

709

705

Out-of-service days for repairs, maintenance and drydockings

133

21

76

74

33

Out-of-service days for cold-stacked status

228

276

273

273

337

Operating Revenues:

Time charter

$

2,236

$

2,564

$

2,413

$

2,225

$

2,714

Other marine services

433

(147

)

(137

)

559

1,076

2,669

2,417

2,276

2,784

3,790

Direct Costs and Expenses:

Operating:

Personnel

1,149

950

853

892

1,212

Repairs and maintenance

542

432

679

408

330

Drydocking

847

(2

)

(19

)

22

-

Insurance and loss reserves

199

139

159

45

208

Fuel, lubes and supplies

258

148

168

216

145

Other

535

370

341

259

366

3,530

2,037

2,181

1,842

2,261

Direct Vessel Profit (Loss) (1)

$

(861

)

$

380

$

95

$

942

$

1,529

Other Costs and Expenses:

Lease expense

$

1,127

$

505

$

518

$

1,216

$

872

Depreciation and amortization

494

495

500

561

522

Fast support

Time Charter Statistics:

Average rates per day worked

$

8,074

$

8,421

$

8,590

$

8,472

$

8,257

Fleet utilization

60

%

63

%

72

%

76

%

78

%

Fleet available days

2,300

2,300

2,426

2,521

2,935

Out-of-service days for repairs, maintenance and drydockings

155

71

137

156

82

Out-of-service days for cold-stacked status

549

421

285

273

341

Operating Revenues:

Time charter

$

11,151

$

12,212

$

15,078

$

16,284

$

18,877

Bareboat charter

732

731

723

724

732

Other marine services

(283

)

(256

)

(372

)

(355

)

(40

)

11,600

12,687

15,429

16,653

19,569

Direct Costs and Expenses:

Operating:

Personnel

4,409

4,180

4,166

4,659

5,071

Repairs and maintenance

1,604

1,642

1,922

2,278

1,873

Drydocking

912

587

274

36

357

Insurance and loss reserves

471

353

304

332

541

Fuel, lubes and supplies

836

976

1,180

904

1,098

Other

2,085

1,489

1,203

1,000

1,346

10,317

9,227

9,049

9,209

10,286

Direct Vessel Profit (1)

$

1,283

$

3,460

$

6,380

$

7,444

$

9,283

Other Costs and Expenses:

Lease expense

$

352

$

351

$

352

$

352

$

352

Depreciation and amortization

5,113

5,105

5,405

5,118

5,447

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Supply

Time Charter Statistics:

Average rates per day worked

$

11,373

$

11,355

$

8,477

$

7,360

$

7,179

Fleet utilization

63

%

74

%

83

%

79

%

87

%

Fleet available days

1,360

1,257

527

2,521

338

Out-of-service days for repairs, maintenance and drydockings

12

23

13

3

Out-of-service days for cold-stacked status

353

229

61

Operating Revenues:

Time charter

$

9,714

$

10,541

$

3,713

$

2,520

$

2,114

Bareboat charter

(55

)

102

Other marine services

482

92

(53

)

(69

)

582

10,196

10,578

3,660

2,451

2,798

Direct Costs and Expenses:

Operating:

Personnel

3,364

3,821

1,591

1,206

1,369

Repairs and maintenance

735

968

375

348

159

Drydocking

(2

)

197

142

Insurance and loss reserves

238

230

106

67

65

Fuel, lubes and supplies

622

601

219

119

377

Other

1,205

1,022

246

397

314

6,162

6,642

2,734

2,137

2,426

Direct Vessel Profit (Loss) (1)

$

4,034

$

3,936

$

926

$

314

$

372

Other Costs and Expenses:

Lease expense

$

$

$

$

$

381

Depreciation and amortization

3,060

2,673

1,000

787

823

Specialty

Time Charter Statistics:

Fleet available days

42

91

91

92

Out-of-service days for cold-stacked status

42

91

91

92

Operating Revenues:

Other marine services

$

$

$

$

$

Direct Costs and Expenses:

Operating:

Personnel

13

6

Repairs and maintenance

35

46

11

5

Insurance and loss reserves

(7

)

13

16

20

9

Fuel, lubes and supplies

(8

)

(2

)

22

Other

32

67

101

64

(7

)

72

127

167

84

Direct Vessel Loss (1)

$

7

$

(72

)

$

(127

)

$

(167

)

$

(84

)

Other Costs and Expenses:

Operating:

Depreciation and amortization

$

$

27

$

127

$

128

$

128

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Liftboats

Time Charter Statistics:

Average rates per day worked

$

24,561

$

27,947

$

24,894

$

27,513

$

27,453

Fleet utilization

27

%

23

%

30

%

31

%

36

%

Fleet available days

1,432

1,472

1,456

1,456

1,472

Out-of-service days for repairs, maintenance and drydockings

18

64

9

141

6

Out-of-service days for cold-stacked status

880

899

816

664

657

Operating Revenues:

Time charter

$

9,406

$

9,319

$

11,001

$

12,339

$

14,375

Other marine services

395

316

306

250

732

9,801

9,635

11,307

12,589

15,107

Direct Costs and Expenses:

Operating:

Personnel

3,742

3,963

3,545

4,097

4,588

Repairs and maintenance

524

624

407

650

776

Drydocking

(1

)

111

1,307

267

Insurance and loss reserves

690

1,055

893

679

711

Fuel, lubes and supplies

349

370

343

490

550

Other

1,642

538

219

147

338

6,946

6,550

5,518

7,370

7,230

Direct Vessel Profit (1)

$

2,855

$

3,085

$

5,789

$

5,219

$

7,877

Other Costs and Expenses:

Lease expense

$

19

$

31

$

44

$

1,497

$

1,497

Depreciation and amortization

6,009

5,980

6,081

6,128

6,136

Crew transfer

Time Charter Statistics:

Average rates per day worked

$

2,025

$

2,025

$

2,025

$

1,982

$

2,023

Fleet utilization

100

%

100

%

100

%

60

%

48

%

Fleet available days

92

92

91

151

184

Out-of-service days for repairs, maintenance and drydockings

4

Out-of-service days for cold-stacked status

48

92

Operating Revenues:

Time charter

$

187

$

187

$

184

$

181

$

179

Other marine services

1

(9

)

(10

)

(12

)

3

188

178

174

169

182

Direct Costs and Expenses:

Operating:

Personnel

69

72

47

72

65

Repairs and maintenance

34

16

56

92

28

Drydocking

(3

)

Insurance and loss reserves

5

-

18

Fuel, lubes and supplies

3

6

10

4

4

Other

18

24

23

11

21

126

118

136

179

136

Direct Vessel Profit (1)

$

62

$

60

$

38

$

(10

)

$

46

Other Costs and Expenses:

Lease expense

Depreciation and amortization

1,541

62.0

62

31

170

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

Three Months Ended

Dec. 31,
2020

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Other Activity

Operating Revenues:

Other marine services

$

1,591

$

720

$

1,056

$

1,029

$

1,032

1,591

720

1,056

1,029

1,032

Direct Costs and Expenses:

Operating:

Personnel

324

415

502

247

415

Repairs and maintenance

6

47

128

53

147

Insurance and loss reserves

74

(26

)

11

(303

)

5

Fuel, lubes and supplies

13

38

157

86

19

Other

(1,928

)

(401

)

(417

)

(251

)

(442

)

(1,511

)

73

381

(168

)

144

Direct Vessel Profit (1)

$

3,102

$

647

$

675

$

1,197

$

888

Other Costs and Expenses:

Lease expense

$

300

$

335

$

241

$

285

$

375

Depreciation and amortization

(970

)

545

553

552

507

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31,
2020

Dec. 31, 2019

ASSETS

Current Assets:

Cash and cash equivalents

$

32,666

$

42,314

$

51,888

$

67,441

$

81,382

Restricted cash

3,352

3,352

3,352

3,353

3,104

Receivables:

Trade, net of allowance for doubtful accounts

45,325

48,294

52,169

43,602

43,050

Other

10,924

18,365

13,814

27,249

18,239

Receivables from SEACOR Holdings

18,832

18,814

14,394

Tax Receivable

13,556

11,770

Inventories

576

573

1,409

1,575

1,228

Prepaid expenses and other

3,230

3,438

2,835

2,092

1,940

Assets held for sale

50,235

46,768

44,616

54,182

45,718

Total current assets

178,696

193,688

184,477

199,494

194,661

Property and Equipment:

Historical cost

1,012,873

996,370

987,741

857,118

899,024

Accumulated depreciation

(291,538

)

(280,468

)

(271,097

)

(264,365

)

(308,917

)

721,335

715,902

716,644

592,753

590,107

Construction in progress

32,327

51,969

52,456

49,186

70,806

Net property and equipment

753,662

767,871

769,100

641,939

660,913

Right-of-Use Asset - Operating Leases

7,134

7,670

8,148

8,286

16,537

Right-of-Use Asset - Finance Lease

129

137

Investments, at Equity, and Advances to 50% or Less Owned Companies

75,308

84,701

87,177

109,844

120,831

Construction Reserve Funds

3,745

12,893

Other Assets

2,734

3,108

3,200

3,227

3,358

$

1,017,663

$

1,057,175

$

1,052,102

$

966,535

$

1,009,193

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of operating lease liabilities

$

7,030

$

9,446

$

11,579

$

13,167

$

14,896

Current lease liability - Finance

36

27

-

Current portion of long-term debt

32,377

52,108

51,793

37,084

17,802

Accounts payable and accrued expenses

29,967

28,888

21,323

30,064

24,598

Due to SEACOR Holdings

66

74

Other current liabilities

31,467

29,548

29,642

29,154

35,387

Liabilities held for sale

30,927

28,555

28,882

27,392

27,540

Total current liabilities

131,804

148,572

143,219

136,927

120,297

Long-Term Operating Lease Liabilities

4,345

5,239

6,067

7,352

9,255

Long-Term Finance Lease Liabilities

105

113

Long-Term Debt

440,510

426,711

422,569

333,121

355,714

Conversion Option Liability on Convertible Senior Notes

2

1

6

91

5,205

Deferred Income Taxes

35,822

36,075

23,740

25,793

33,564

Deferred Gains and Other Liabilities

3,239

3,810

5,137

7,940

6,234

Total liabilities

615,827

620,521

600,738

511,224

530,269

Equity:

SEACOR Marine Holdings Inc. stockholders’ equity:

Common stock

235

235

232

231

219

Additional paid-in capital

451,179

450,320

449,116

447,425

429,318

(Accumulated Deficit) Retained earnings

(51,839

)

(13,023

)

5,058

11,131

27,076

Shares held in treasury

(848

)

(848

)

(847

)

(844

)

(669

)

Accumulated other comprehensive loss, net of tax

2,790

(380

)

(2,541

)

(2,971

)

1,548

401,517

436,304

451,018

454,972

457,492

Noncontrolling interests in subsidiaries

319

350

346

339

21,432

Total equity

401,836

436,654

451,364

455,311

478,924

$

1,017,663

$

1,057,175

$

1,052,102

$

966,535

$

1,009,193

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

Owned

Joint Ventured

Leased-in

Managed

Total

December 31, 2020

AHTS

4

2

6

FSV

26

5

1

1

33

Supply

15

27

1

43

Specialty

3

3

Liftboats

14

1

15

Crew Transfer Assets Held for Sale

40

5

45

Crew transfer Continuing Operations

1

1

100

40

4

2

146

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 Assets Held for Sale

40

4

44

Crew transfer Continuing Operations

1

1

99

39

6

3

147