Seacor Marine Announces Second Quarter 2020 Results

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SEACOR Marine Holdings Inc.
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HOUSTON, Aug. 06, 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 second quarter ended June 30, 2020.

Notable second quarter items include:

  • Acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (SEACOSCO) on June 30, 2020 for total consideration of $28.2 million payable over four years.  The transaction adds eight modern platform supply vessels to SEACOR Marines owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels systems.  The vessels and the debt associated with the transaction are included in the second quarter numbers, but the operating results of the joint venture were not consolidated in the quarter. SEACOR Marine expects the vessels to generate cash in future quarters in excess of scheduled debt amortization payments.
     

  • Entry into an agreement with SEACOR Holdings Inc. permitting SEACOR Marine to carry back net operating losses under provisions of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act).  SEACOR Marine expects to receive approximately $31.2 million of cash tax refunds under the CARES Act. SEACOR Marine paid a one-time transaction fee of $3.0 million to SEACOR Holdings Inc. as consideration for entry into the agreement that is reflected in the general and administrative costs for the second quarter.
     

  • Average dayrates, excluding those for the crew transfer vessel fleet, were $11,018 in the second quarter of 2020 and $10,387 in the second quarter of 2019. The improved average dayrates year on year reflect the improvement in SEACOR Marines overall fleet mix since the second quarter of the prior year.
     

  • Both COVID-19 and volatility in oil prices impacted second quarter revenues. SEACOR Marine expects such volatility to continue at least for the remainder of this year.  SEACOR Marine is unable to quantify such impact at this point but will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.
     

  • Administrative and general expenses in the second quarter were $14.5 million, including $3.7 million in non-recurring expenses comprised of $3.3 million of transaction, legal and advisory fees related to the carry back of net operating losses pursuant to the CARES Act, and  a one-time restructuring charge of $0.4 million from SEACOR Marines continuing cost reduction initiatives. SEACOR Marine maintains its target for projected annual savings of at least $8.0 million, of which it has already achieved $7.8 million. SEACOR Marine anticipates that the cost reduction initiatives will impact all of its reportable segments and expects the remaining cost reduction initiatives to be completed by the end of the third quarter of 2020. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to the changing conditions.

Overall, total operating revenues for the second quarter were $41.9 million, operating loss was $16.7 million, and direct vessel profit (DVP) (1) was $18.0 million. This compares to operating revenues of $52.8 million, operating loss of $17.6 million, and DVP of $17.4 million in the second quarter of 2019. The improved DVP in the second quarter was primarily driven by the change in fleet mix over the period.

Chief Executive Officer John Gellert commented on SEACOR Marine's second quarter results:

SEACOR Marine delivered solid operating and financial results in an extremely challenging environment. All our international operating regions showed significant improvements in key metrics, reflecting the efforts made to improve our market presence, fleet mix and overhead expenses. Our U.S. operations saw a steep decline in activity, mostly in liftboat demand, which continues to be challenged by the effects of low commodity prices on our customers and tepid decommissioning activity.

Notwithstanding this difficult environment we were able to execute two transactions that will enhance our results and strengthen our liquidity. The acquisition of our partners interest in SEACOSCO is expected to be accretive to our results this year, and the ability to carry back net operating losses pursuant to the CARES Act adds incremental liquidity.

Finally, I want to recognize and thank the SEACOR Marine team for these results and their continuing dedication to maintaining safe and reliable operations for our customers worldwide.  I particularly thank our seafarers, many of whom have worked extended rotations due to the COVID-19 pandemic and continue to face challenges returning home.  We appreciate the cooperation and assistance of our customers and suppliers in navigating the complex logistics of the unprecedented COVID-19 operating environment.

For the second quarter of 2020, net loss attributable to SEACOR Marine was $6.1 million ($0.24 loss per basic and diluted share) and operating loss was $16.7 million.  Net loss attributable to SEACOR Marines continuing operations for the second quarter of 2019 was $31.4 million ($1.26 loss per basic and diluted share) and operating loss was $17.6 million.

___________________

(1

)

Direct vessel profit (defined as operating revenues less operating costs and expenses, DVP) is the Companys 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 Companys fleet performance against those of our competitors who may have differing fleet financing structures.  DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.  See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide.  SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair.  Additionally, SEACOR Marines 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 managements 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 Companys control and are described in the Companys 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 Companys 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 Companys cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marines 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 June   30,

 

 

Six months ended June   30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenues

 

$

41,878

 

 

$

52,812

 

 

$

83,621

 

 

$

97,722

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

23,913

 

 

 

35,370

 

 

 

48,533

 

 

 

70,536

 

Administrative and general

 

 

14,560

 

 

 

10,524

 

 

 

25,325

 

 

 

21,336

 

Lease expense

 

 

1,355

 

 

 

4,298

 

 

 

4,762

 

 

 

8,435

 

Depreciation and amortization

 

 

15,313

 

 

 

16,412

 

 

 

30,314

 

 

 

32,509

 

 

 

 

55,141

 

 

 

66,604

 

 

 

108,934

 

 

 

132,816

 

(Loss) Gain on Asset Dispositions and Impairments, Net

 

 

(3,453

)

 

 

(3,848

)

 

 

(16,025

)

 

 

(3,580

)

Operating Loss

 

 

(16,716

)

 

 

(17,640

)

 

 

(41,338

)

 

 

(38,674

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

529

 

 

 

215

 

 

 

1,205

 

 

 

569

 

Interest expense

 

 

(6,995

)

 

 

(7,633

)

 

 

(14,633

)

 

 

(15,297

)

SEACOR Holdings guarantee fees

 

 

(9

)

 

 

(32

)

 

 

(25

)

 

 

(61

)

Derivative gains (losses), net

 

 

85

 

 

 

(1,398

)

 

 

5,199

 

 

 

(2,323

)

Foreign currency gains, net

 

 

(171

)

 

 

(924

)

 

 

(106

)

 

 

(254

)

 

 

 

(6,561

)

 

 

(9,772

)

 

 

(8,360

)

 

 

(17,366

)

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

 

 

(23,277

)

 

 

(27,412

)

 

 

(49,698

)

 

 

(56,040

)

Income Tax Benefit

 

 

(15,081

)

 

 

(3,052

)

 

 

(21,749

)

 

 

(6,883

)

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

 

 

(8,196

)

 

 

(24,360

)

 

 

(27,949

)

 

 

(49,157

)

Equity in Losses of 50% or Less Owned Companies

 

 

2,130

 

 

 

(7,078

)

 

 

1,891

 

 

 

(10,554

)

Loss from Continuing Operations

 

 

(6,066

)

 

 

(31,438

)

 

 

(26,058

)

 

 

(59,711

)

(Loss) Income on Discontinued Operations, Net of Tax

 

 

 

 

 

1,174.0

 

 

 

 

 

 

1,174

 

Net Loss

 

 

(6,066

)

 

 

(30,264

)

 

 

(26,058

)

 

 

(58,537

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

 

7

 

 

 

(1,875

)

 

 

(4,040

)

 

 

(4,599

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(6,073

)

 

$

(28,389

)

 

$

(22,018

)

 

$

(53,938

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.24

)

 

$

(1.26

)

 

$

(0.90

)

 

$

(2.37

)

Discontinued operations

 

 

 

 

 

0.05

 

 

 

 

 

$

0.05

 

 

 

$

(0.24

)

 

$

(1.21

)

 

$

(0.90

)

 

$

(2.32

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

 

24,851,834

 

 

 

23,382,272

 

 

 

24,420,432

 

 

 

23,237,012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Jun.   30, 2020

 

 

Mar.   31, 2020

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

 

Jun. 30, 2019

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

 

$

11,018

 

 

$

11,157

 

 

$

11,071

 

 

$

10,946

 

 

$

10,387

 

Average Rates Per Day

 

$

6,648

 

 

$

7,163

 

 

$

7,260

 

 

$

6,981

 

 

$

6,843

 

Fleet Utilization (excluding crew transfer)

 

 

57

%

 

 

57

%

 

 

62

%

 

 

64

%

 

 

59

%

Fleet Utilization

 

 

69

%

 

 

63

%

 

 

68

%

 

 

74

%

 

 

69

%

Fleet Available Days (excluding crew transfer)

 

 

5,167

 

 

 

5,210

 

 

 

5,542

 

 

 

6,048

 

 

 

6,491

 

Fleet Available Days

 

 

8,688

 

 

 

8,668

 

 

 

9,007

 

 

 

9,578

 

 

 

9,990

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

39,807

 

 

$

39,290

 

 

$

44,465

 

 

$

49,747

 

 

$

47,270

 

Bareboat charter

 

 

723

 

 

 

724

 

 

 

834

 

 

 

1,765

 

 

 

1,389

 

Other marine services

 

 

1,348

 

 

 

1,729

 

 

 

3,771

 

 

 

3,188

 

 

 

4,153

 

 

 

 

41,878

 

 

 

41,743

 

 

 

49,070

 

 

 

54,700

 

 

 

52,812

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

13,378

 

 

 

13,706

 

 

 

15,096

 

 

 

15,879

 

 

 

17,914

 

Repairs and maintenance

 

 

4,311

 

 

 

4,804

 

 

 

3,983

 

 

 

5,495

 

 

 

7,607

 

Drydocking

 

 

566

 

 

 

1,365

 

 

 

766

 

 

 

515

 

 

 

1,997

 

Insurance and loss reserves

 

 

1,589

 

 

 

939

 

 

 

1,663

 

 

 

1,198

 

 

 

1,763

 

Fuel, lubes and supplies

 

 

2,295

 

 

 

2,067

 

 

 

2,409

 

 

 

2,910

 

 

 

3,202

 

Other

 

 

1,774

 

 

 

1,739

 

 

 

2,061

 

 

 

1,214

 

 

 

2,887

 

 

 

 

23,913

 

 

 

24,620

 

 

 

25,978

 

 

 

27,211

 

 

 

35,370

 

Direct Vessel Profit (1)

 

 

17,965

 

 

 

17,123

 

 

 

23,092

 

 

 

27,489

 

 

 

17,442

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,355

 

 

 

3,407

 

 

 

3,570

 

 

 

4,153

 

 

 

4,298

 

Administrative and general

 

 

14,560

 

 

 

10,765

 

 

 

11,928

 

 

 

11,462

 

 

 

10,524

 

Depreciation and amortization

 

 

15,313

 

 

 

15,001

 

 

 

15,412

 

 

 

16,091

 

 

 

16,412

 

 

 

 

31,228

 

 

 

29,173

 

 

 

30,910

 

 

 

31,706

 

 

 

31,234

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(3,453

)

 

 

(12,572

)

 

 

(2,679

)

 

 

862

 

 

 

(3,848

)

Operating Loss

 

 

(16,716

)

 

 

(24,622

)

 

 

(10,497

)

 

 

(3,355

)

 

 

(17,640

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

529

 

 

 

676

 

 

 

559

 

 

 

317

 

 

 

215

 

Interest expense

 

 

(6,995

)

 

 

(7,638

)

 

 

(7,397

)

 

 

(7,362

)

 

 

(7,633

)

SEACOR Holdings guarantee fees

 

 

(9

)

 

 

(16

)

 

 

(21

)

 

 

(26

)

 

 

(32

)

Derivative losses (gains), net

 

 

85

 

 

 

5,114

 

 

 

(663

)

 

 

3,057

 

 

 

(1,398

)

Foreign currency gains, net

 

 

(171

)

 

 

65

 

 

 

(1,037

)

 

 

(370

)

 

 

(924

)

Other, net

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

(6,561

)

 

 

(1,799

)

 

 

(8,560

)

 

 

(4,384

)

 

 

(9,772

)

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

 

 

(23,277

)

 

 

(26,421

)

 

 

(19,057

)

 

 

(7,739

)

 

 

(27,412

)

Income Tax (Benefit) Expense

 

 

(15,081

)

 

 

(6,668

)

 

 

(2,306

)

 

 

1,277

 

 

 

(3,052

)

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

 

 

(8,196

)

 

 

(19,753

)

 

 

(16,751

)

 

 

(9,016

)

 

 

(24,360

)

Equity in Losses of 50% or Less Owned Companies

 

 

2,130

 

 

 

(239

)

 

 

(2,425

)

 

 

(1,325

)

 

 

(7,078

)

Loss from Continuing Operations

 

 

(6,066

)

 

 

(19,992

)

 

 

(19,176

)

 

 

(10,341

)

 

 

(31,438

)

(Loss) Income from Discontinued Operations, Net of Tax

 

 

 

 

 

 

 

 

(2,742

)

 

 

(7,899

)

 

 

1,174

 

Net Loss

 

 

(6,066

)

 

 

(19,992

)

 

 

(21,918

)

 

 

(18,240

)

 

 

(30,264

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

 

7

 

 

 

(4,047

)

 

 

(1,463

)

 

 

204

 

 

 

(1,875

)

Net Loss attributable to SEACOR Marine Holdings Inc.

 

$

(6,073

)

 

$

(15,945

)

 

$

(20,455

)

 

$

(18,444

)

 

$

(28,389

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.74

)

 

$

(0.49

)

 

$

(1.31

)

Discontinued operations

 

 

 

 

 

 

 

 

(0.12

)

 

 

(0.29

)

 

 

0.10

 

 

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.86

)

 

$

(0.78

)

 

$

(1.21

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

24,851

 

 

 

23,989

 

 

 

23,832

 

 

 

23,741

 

 

 

23,382

 

Common Shares and Warrants Outstanding at Period End

 

 

24,899

 

 

 

24,854

 

 

 

23,708

 

 

 

23,653

 

 

 

23,592

 

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

 

 

Three Months Ended

 

 

 

Jun. 30, 2020

 

 

Mar. 31, 2020

 

 

Dec. 31, 2019

 

 

Sep. 30, 2019

 

 

Jun. 30, 2019

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,574

 

 

$

20,988

 

 

$

19,285

 

 

$

17,851

 

 

$

14,058

 

Fleet utilization

 

 

5

%

 

 

11

%

 

 

20

%

 

 

26

%

 

 

34

%

Fleet available days

 

 

1,842

 

 

 

1,864

 

 

 

1,956

 

 

 

2,340

 

 

 

2,669

 

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

 

32

 

 

116

 

 

6

 

 

159

 

 

325

 

Out-of-service days for cold-stacked status

 

 

1,465

 

 

 

1,301

 

 

 

1,301

 

 

 

1,131

 

 

 

1,322

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

1,478

 

 

$

4,375

 

 

$

7,408

 

 

$

10,914

 

 

$

12,628

 

Bareboat charter

 

 

723

 

 

 

724

 

 

 

732

 

 

 

597

 

 

 

233

 

Other marine services

 

 

513

 

 

 

642

 

 

 

516

 

 

 

838

 

 

 

1,320

 

 

 

 

2,714

 

 

 

5,741

 

 

 

8,656

 

 

 

12,349

 

 

 

14,181

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,284

 

 

 

2,928

 

 

 

3,432

 

 

 

4,353

 

 

 

5,203

 

Repairs and maintenance

 

 

314

 

 

 

617

 

 

 

782

 

 

 

1,508

 

 

 

2,515

 

Drydocking

 

 

110

 

 

 

1,057

 

 

 

252

 

 

 

547

 

 

 

1,801

 

Insurance and loss reserves

 

 

354

 

 

 

135

 

 

 

566

 

 

 

371

 

 

 

841

 

Fuel, lubes and supplies

 

 

189

 

 

 

524

 

 

 

407

 

 

 

739

 

 

 

1,107

 

Other

 

 

93

 

 

 

79

 

 

 

102

 

 

 

88

 

 

 

113

 

 

 

 

3,344

 

 

 

5,340

 

 

 

5,541

 

 

 

7,606

 

 

 

11,580

 

Direct Vessel Profit (Loss) (1)

 

$

(630

)

 

$

401

 

 

$

3,115

 

 

$

4,743

 

 

$

2,601

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

741

 

 

$

2,138

 

 

$

2,283

 

 

$

2,758

 

 

$

2,942

 

Depreciation and amortization

 

 

5,254

 

 

 

5,358

 

 

 

5,474

 

 

 

5,634

 

 

 

5,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa, primarily West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,001

 

 

$

9,249

 

 

$

9,435

 

 

$

9,316

 

 

$

9,365

 

Fleet utilization

 

 

85

%

 

 

89

%

 

 

88

%

 

 

91

%

 

 

81

%

Fleet available days 1,304 1,346 1,349 1,380 1,365 Out-of-service days for repairs, maintenance and drydockings 90 56 68 — 54 Operating Revenues: Time charter $9,944 $11,095 $11,249 $11,738 $10,400 Other marine services (480) 167 1,216 129 753 9,464 11,262 12,465 11,867 11,153 Direct Costs and Expenses: Operating: Personnel 2,546 2,695 3,230 3,308 3,428 Repairs and maintenance 1,379 1,435 1,242 1,323 952 Drydocking 256 8 253 (53) (48)Insurance and loss reserves 188 193 369 230 239 Fuel, lubes and supplies 727 472 817 961 939 Other 565 571 976 499 773 5,661 5,374 6,887 6,268 6,283 Direct Vessel Profit (1) $3,803 $5,888 $5,578 $5,599 $4,870 Other Costs and Expenses: Lease expense $417 $1,126 $757 $761 $787 Depreciation and amortization 2,889 2,604 2,608 2,681 2,759

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

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Middle East and Asia

Time Charter Statistics:

Average rates per day worked

$

10,245

$

9,634

$

8,843

$

8,795

$

8,182

Fleet utilization

82

%

73

%

82

%

83

%

79

%

Fleet available days

1,613

1,671

1,901

2,020

2,026

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

113

200

15

129

73

Out-of-service days for cold-stacked status

61

48

153

184

115

Operating Revenues:

Time charter

$

13,605

$

11,767

$

13,840

$

14,798

$

13,175

Other marine services

514

420

678

414

349

14,119

12,187

14,518

15,212

13,524

Direct Costs and Expenses:

Operating:

Personnel

3,795

3,811

4,129

4,023

4,292

Repairs and maintenance

1,580

1,246

973

1,387

2,629

Drydocking

200

414

146

20

275

Insurance and loss reserves

430

339

408

333

381

Fuel, lubes and supplies

955

665

769

701

725

Other

819

683

635

567

793

7,779

7,158

7,060

7,031

9,095

Direct Vessel Profit (1)

$

6,340

$

5,029

$

7,458

$

8,181

$

4,429

Other Costs and Expenses:

Lease expense

$

32

$

45

$

42

$

43

$

42

Depreciation and amortization

3,921

3,790

3,963

3,914

4,274

Latin America

Time Charter Statistics:

Average rates per day worked

$

10,752

$

9,397

$

8,649

$

6,867

$

8,074

Fleet utilization

97

%

93

%

69

%

71

%

63

%

Fleet available days

408

389

429

399

400

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

3

35

5

3

Out-of-service days for cold-stacked status

65

92

91

Operating Revenues:

Time charter

$

4,251

$

3,396

$

2,541

$

1,951

$

2,046

Bareboat charter

-

102

1,168

1,156

Other marine services

168

149

261

221

273

4,419

3,545

2,904

3,340

3,475

Direct Costs and Expenses:

Operating:

Personnel

1,377

1,215

1,081

846

976

Repairs and maintenance

255

392

234

298

481

Drydocking

(114

)

114

(32

)

Insurance and loss reserves

105

69

79

31

66

Fuel, lubes and supplies

132

135

127

187

314

Other

123

305

188

(87

)

560

1,992

2,002

1,823

1,275

2,365

Direct Vessel Profit (1)

$

2,427

$

1,543

$

1,081

$

2,065

$

1,110

Other Costs and Expenses:

Lease expense

$

9

$

9

$

9

$

$

Depreciation and amortization

950

899

1,037

1,573

1,659

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

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Europe, Continuing Operations

Time Charter Statistics:

Average rates per day worked

3,436

3,471

3,505

3,146

2,972

Fleet utilization

87

%

73

%

80

%

96

%

86

%

Fleet available days

3,521

3,398

3,373

3,439

3,530

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

117

122

107

3

159

Out-of-service days for cold-stacked status

92

91

Operating Revenues:

Time charter

$

10,529

$

8,657

$

9,427

$

10,346

$

9,021

Other marine services

633

351

1,100

1,586

1,458

11,162

9,008

10,527

11,932

10,479

Direct Costs and Expenses:

Operating:

Personnel

3,376

3,057

3,224

3,349

4,015

Repairs and maintenance

783

1,114

752

979

1,030

Drydocking

1

1

1

Insurance and loss reserves

512

203

241

233

236

Fuel, lubes and supplies

292

271

289

322

117

Other

174

101

160

147

648

5,137

4,746

4,667

5,031

6,047

Direct Vessel Profit for Continuing Operations (1)

$

6,025

$

4,262

$

5,860

$

6,901

$

4,432

Other Costs and Expenses:

Lease expense

$

156

$

89

$

479

$

591

$

527

Depreciation and amortization

2,299

2,350

2,330

2,289

2,379

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

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Anchor handling towing supply

Time Charter Statistics:

Average rates per day worked

$

8,383

$

8,012

$

8,095

$

7,790

$

7,597

Fleet utilization

43

%

39

%

48

%

53

%

49

%

Fleet available days

667

709

705

736

910

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

76

74

33

10

31

Out-of-service days for cold-stacked status

273

273

337

332

437

Operating Revenues:

Time charter

$

2,413

$

2,225

$

2,714

$

3,059

$

3,360

Other marine services

(137

)

559

1,076

365

869

2,276

2,784

3,790

3,424

4,229

Direct Costs and Expenses:

Operating:

Personnel

853

892

1,212

1,418

2,001

Repairs and maintenance

679

408

330

524

632

Drydocking

(19

)

22

-

8

96

Insurance and loss reserves

159

45

208

179

266

Fuel, lubes and supplies

168

216

145

252

262

Other

341

259

366

404

411

2,181

1,842

2,261

2,785

3,668

Direct Vessel Profit (Loss) (1)

$

95

$

942

$

1,529

$

639

$

561

Other Costs and Expenses:

Lease expense

$

518

$

1,216

$

872

$

1,357

$

1,527

Depreciation and amortization

500

561

522

568

575

Fast support

Time Charter Statistics:

Average rates per day worked

$

8,590

$

8,472

$

8,257

$

8,133

$

7,624

Fleet utilization

72

%

76

%

78

%

78

%

71

%

Fleet available days

2,426

2,521

2,935

3,156

3,275

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

137

156

82

81

134

Out-of-service days for cold-stacked status

285

273

341

459

545

Operating Revenues:

Time charter

$

15,078

$

16,284

$

18,877

$

20,079

$

17,709

Bareboat charter

723

724

732

597

233

Other marine services

(372

)

(355

)

(40

)

(200

)

(179

)

15,429

16,653

19,569

20,476

17,763

Direct Costs and Expenses:

Operating:

Personnel

4,166

4,659

5,071

5,486

5,796

Repairs and maintenance

1,922

2,278

1,873

2,204

2,682

Drydocking

274

36

357

(27

)

136

Insurance and loss reserves

304

332

541

347

385

Fuel, lubes and supplies

1,180

904

1,098

1,395

1,602

Other

1,203

1,000

1,346

959

1,713

9,049

9,209

10,286

10,364

12,314

Direct Vessel Profit (1)

$

6,380

$

7,444

$

9,283

$

10,112

$

5,449

Other Costs and Expenses:

Lease expense

$

352

$

352

$

352

$

351

$

352

Depreciation and amortization

5,405

5,118

5,447

5,646

5,929

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

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Supply

Time Charter Statistics:

Average rates per day worked

$

8,477

$

7,360

$

7,179

$

6,755

$

6,906

Fleet utilization

83

%

79

%

87

%

96

%

53

%

Fleet available days

527

2,521

338

398

486

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

13

3

118

Out-of-service days for cold-stacked status

61

Operating Revenues:

Time charter

$

3,713

$

2,520

$

2,114

$

2,589

$

1,787

Bareboat charter

102

1,168

1,156

Other marine services

(53

)

(69

)

582

863

799

3,660

2,451

2,798

4,620

3,742

Direct Costs and Expenses:

Operating:

Personnel

1,591

1,206

1,369

1,266

1,617

Repairs and maintenance

375

348

159

276

1,085

Drydocking

197

142

1

82

Insurance and loss reserves

106

67

65

66

78

Fuel, lubes and supplies

219

119

377

205

98

Other

246

397

314

57

842

2,734

2,137

2,426

1,871

3,802

Direct Vessel Profit (Loss) (1)

$

926

$

314

$

372

$

2,749

$

(60

)

Other Costs and Expenses:

Lease expense

$

$

$

381

$

517

$

433

Depreciation and amortization

1,000

787

823

1,167

1,223

Specialty

Time Charter Statistics:

Fleet available days

91

91

92

92

91

Out-of-service days for cold-stacked status

91

91

92

92

91

Operating Revenues:

Other marine services

$

$

$

$

$

Direct Costs and Expenses:

Operating:

Personnel

13

6

13

23

Repairs and maintenance

46

11

5

1

3

Insurance and loss reserves

16

20

9

18

20

Fuel, lubes and supplies

(2

)

22

2

(24

)

Other

67

101

64

75

77

127

167

84

109

99

Direct Vessel Loss (1)

$

(127

)

$

(167

)

$

(84

)

$

(109

)

$

(99

)

Other Costs and Expenses:

Operating:

Depreciation and amortization

$

127

$

128

$

128

$

128

$

127

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

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Liftboats

Time Charter Statistics:

Average rates per day worked

$

24,894

$

27,513

$

27,453

$

26,172

$

20,993

Fleet utilization

30

%

31

%

36

%

39

%

47

%

Fleet available days

1,456

1,456

1,472

1,665

1,729

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

9

141

6

153

292

Out-of-service days for cold-stacked status

816

664

657

432

455

Operating Revenues:

Time charter

$

11,001

$

12,339

$

14,375

$

16,830

$

16,932

Other marine services

306

250

732

795

1,481

11,307

12,589

15,107

17,625

18,413

Direct Costs and Expenses:

Operating:

Personnel

3,545

4,097

4,588

4,824

5,360

Repairs and maintenance

407

650

776

1,656

2,189

Drydocking

111

1,307

267

532

1,683

Insurance and loss reserves

893

679

711

484

921

Fuel, lubes and supplies

343

490

550

899

1,076

Other

219

147

338

221

251

5,518

7,370

7,230

8,616

11,480

Direct Vessel Profit (1)

$

5,789

$

5,219

$

7,877

$

9,009

$

6,933

Other Costs and Expenses:

Lease expense

$

44

$

1,497

$

1,497

$

1,498

$

1,497

Depreciation and amortization

6,081

6,128

6,136

6,247

6,055

Crew transfer

Time Charter Statistics:

Average rates per day worked

$

2,481

$

2,375

$

2,378

$

2,220

$

2,431

Fleet utilization

87

%

72

%

77

%

92

%

88

%

Fleet available days

3,521

3,458

3,465

3,531

3,499

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

117

122

111

52

39

Out-of-service days for cold-stacked status

48

92

184

91

Operating Revenues:

Time charter

$

7,602

$

5,922

$

6,385

$

7,190

$

7,482

Other marine services

548

315

389

577

499

8,150

6,237

6,774

7,767

7,981

Direct Costs and Expenses:

Operating:

Personnel

2,721

2,592

2,435

2,432

2,665

Repairs and maintenance

754

1,056

693

775

933

Drydocking

3

Insurance and loss reserves

100

99

124

113

93

Fuel, lubes and supplies

230

230

220

152

167

Other

115

86

75

96

113

3,923

4,063

3,547

3,568

3,971

Direct Vessel Profit (1)

$

4,227

$

2,174

$

3,227

$

4,199

$

4,010

Other Costs and Expenses:

Lease expense

$

67

$

-

$

-

$

-

$

-

Depreciation and amortization

1,637

1,717

1,837

1,819

1,920

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

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Other Activity

Operating Revenues:

Other marine services

$

1,056

$

1,029

$

1,032

$

788

$

684

1,056

1,029

1,032

788

684

Direct Costs and Expenses:

Operating:

Personnel

502

247

415

440

452

Repairs and maintenance

128

53

147

59

83

Insurance and loss reserves

11

(303

)

5

(9

)

Fuel, lubes and supplies

157

86

19

5

21

Other

(417

)

(251

)

(442

)

(598

)

(520

)

381

(168

)

144

(102

)

36

Direct Vessel Profit (1)

$

675

$

1,197

$

888

$

890

$

648

Other Costs and Expenses:

Lease expense

$

374

$

342

$

468

$

430

$

489

Depreciation and amortization

563

562

519

516

583

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands)

Three Months Ended

Jun. 30, 2020

Mar. 31, 2020

Dec. 31, 2019

Sep. 30, 2019

Jun. 30, 2019

Cash Flows from Continuing Operating Activities:

DVP (1)

17,965

17,123

23,092

27,489

17,442

Operating, leased-in equipment (excluding amortization of deferred gains)

(3,814

)

(3,838

)

(4,648

)

(4,963

)

(4,886

)

Administrative and general (excluding provisions for bad debts and amortization of share awards)

(13,352

)

(9,776

)

(10,773

)

(9,160

)

(9,696

)

SEACOR Holdings management and guarantee fees

(9

)

(16

)

(21

)

(26

)

(32

)

Dividends received from 50% or less owned companies

800

873

Other, net (excluding non-cash losses)

(2

)

790

3,493

8,448

14,213

2,828

Changes in operating assets and liabilities before interest and income taxes

(9,293

)

(7,144

)

7,758

(7,236

)

4,921

Director share awards

755

894

Restricted stock vested

(3

)

(175

)

(55

)

(240

)

Cash settlements on derivative transactions, net

(279

)

(214

)

(190

)

(546

)

275

Interest paid, excluding capitalized interest (1)

(4,529

)

(4,744

)

(6,255

)

(5,633

)

(5,971

)

Interest received

529

676

560

316

215

Income taxes refunded, net

Net cash (used in) provided operating activities

(12,030

)

(8,108

)

10,266

874

3,162

Cash Flows from Continuing Investing Activities: