SEACOR Marine Announces Third Quarter 2020 Results

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SEACOR Marine Holdings Inc.
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HOUSTON, Nov. 05, 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 third quarter ended September 30, 2020.

Notable third quarter items include:

  • Average dayrates, excluding those for the wind crew transfer vessel fleet, were $11,323 in the third quarter of 2020 compared to $10,946 in the third quarter of 2019. The year-over-year improvement in average dayrates reflect an improved fleet mix and the full quarter contribution from the acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (SEACOSCO). This acquisition added eight modern platform supply vessels to SEACOR 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.

  • Multiple hurricanes in the U.S. Gulf of Mexico, the COVID-19 pandemic and volatility in oil prices impacted revenues for the third quarter of 2020. SEACOR Marine expects this volatility to continue for at least the remainder of this year. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

  • Administrative and general expenses in the third quarter were $10.2 million, including a one-time restructuring charge of $0.25 million as a result of SEACOR Marines cost reduction initiative. During the third quarter of 2020, SEACOR Marine completed its Transformation Plan which resulted in the achievement of the previously announced target of $8.0 million in annual savings. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to changing conditions.

SEACOR Marines consolidated operating revenues for the third quarter of 2020 were $45.7 million, operating loss was $11.4 million, and direct vessel profit (DVP) (1) was $16.6 million. This compares to consolidated operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million in the third quarter of 2019. The reduction in DVP in the third quarter of 2020 was primarily driven by lower revenues in the United States.

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

SEACOR Marine continued to execute its strategy of prudent cost control and improving its fleet and geographic mix during a quarter marked by the ongoing challenges of COVID-19 and a very active hurricane season in the U.S. Gulf of Mexico. Our U.S. operations experienced their lowest utilization levels on record, mainly driven by the effects of the most active hurricane season since 2005, with five storms having disrupted operations in the region so far this year. Internationally, our West Africa and Middle East operations experienced weakened demand driven by the effects of low commodity prices and disruptions from the COVID-19 pandemic, as well as higher drydocking and repair time. However, we are encouraged that our operations in Latin America reflect the positive contribution of several vessels recently acquired as part of our SEACOSCO transaction, and that our offshore wind operations in Europe continued to meet our expectations, even in a difficult COVID-19 environment.

I want to emphasize the importance of the two transactions that we executed at the end of last quarter, which will enhance our results and strengthen our liquidity. The acquisition of our partners interest in SEACOSCO is already accretive to our results this quarter, and the ability to carry back net operating losses pursuant to the CARES Act will add over $30 million of liquidity once received. We are well positioned to navigate this very challenging environment and create value for our stakeholders over the long term.

COVID-19 continues to create significant challenges to our logistics, especially our crew rotations. SEACOR Marine is devoting significant resources to ensure the safety of our crews and the service of our fleet. Although the situation is greatly improved from the first half of the year, much progress needs to be made before we can return to the pre-COVID environment. We need a consistent approach across the offshore industry and better coordination with government authorities in order to facilitate the safe transit of our employees. I again want to thank our crews and shore-based employees for their continued dedication to maintaining safe and reliable operations in a difficult environment.

For the third quarter of 2020, net loss attributable to SEACOR Marine was $18.1 million ($0.72 loss per basic and diluted share) and operating loss was $11.4 million. Net loss attributable to SEACOR Marines continuing operations for the third quarter of 2019 was $10.3 million ($0.34 loss per basic and diluted share) and operating loss was $3.4 million.

___________________

(1)

 

Direct vessel profit (defined as operating revenues less operating costs and expenses, DVP) is the 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
September
  30,

 

 

Nine months ended
September
  30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Operating Revenues

$

45,697

 

 

$

54,700

 

 

$

129,318

 

 

$

152,422

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

29,128

 

 

 

27,211

 

 

 

77,661

 

 

 

97,747

 

Administrative and general

 

10,155

 

 

 

11,462

 

 

 

35,480

 

 

 

32,798

 

Lease expense

 

1,390

 

 

 

4,153

 

 

 

6,152

 

 

 

12,589

 

Depreciation and amortization

 

16,613

 

 

 

16,091

 

 

 

46,927

 

 

 

48,600

 

 

 

57,286

 

 

 

58,917

 

 

 

166,220

 

 

 

191,734

 

(Loss) Gain on Asset Dispositions and Impairments, Net

 

233

 

 

 

861

 

 

 

(15,792

)

 

 

(2,719

)

Operating Loss

 

(11,356

)

 

 

(3,356

)

 

 

(52,694

)

 

 

(42,031

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

50

 

 

 

317

 

 

 

1,255

 

 

 

886

 

Interest expense

 

(8,598

)

 

 

(7,362

)

 

 

(23,231

)

 

 

(22,659

)

SEACOR Holdings guarantee fees

 

(11

)

 

 

(26

)

 

 

(36

)

 

 

(87

)

Derivative gains (losses), net

 

5

 

 

 

3,057

 

 

 

5,204

 

 

 

734

 

Foreign currency gains, net

 

(853

)

 

 

(370

)

 

 

(959

)

 

 

(624

)

 

 

(9,407

)

 

 

(4,384

)

 

 

(17,767

)

 

 

(21,750

)

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

 

(20,763

)

 

 

(7,740

)

 

 

(70,461

)

 

 

(63,781

)

Income Tax Benefit

 

(3,119

)

 

 

1,277

 

 

 

(24,868

)

 

 

(5,606

)

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

 

(17,644

)

 

 

(9,017

)

 

 

(45,593

)

 

 

(58,175

)

Equity in Losses of 50% or Less Owned Companies

 

(433

)

 

 

(1,325

)

 

 

1,458

 

 

 

(11,879

)

Loss from Continuing Operations

 

(18,077

)

 

 

(10,342

)

 

 

(44,135

)

 

 

(70,054

)

(Loss) Income on Discontinued Operations, Net of Tax

 

 

 

 

(7,899

)

 

 

 

 

 

(6,724

)

Net Loss

 

(18,077

)

 

 

(18,241

)

 

 

(44,135

)

 

 

(76,778

)

Net Loss attributable to Noncontrolling Interests in Subsidiaries

 

4

 

 

 

204

 

 

 

(4,036

)

 

 

(4,395

)

Net Loss attributable to SEACOR Marine Holdings Inc.

$

(18,081

)

 

$

(18,445

)

 

$

(40,099

)

 

$

(72,383

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.72

)

 

$

(0.34

)

 

$

(1.63

)

 

$

(2.80

)

Discontinued operations

 

 

 

 

(0.44

)

 

 

 

 

$

(0.29

)

 

$

(0.72

)

 

$

(0.78

)

 

$

(1.63

)

 

$

(3.09

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted shares

 

24,989,977

 

 

 

23,740,718

 

 

 

24,611,666

 

 

 

23,406,759

 



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

 

Sep.   30,
2020

 

 

Jun.   30,
2020

 

 

Mar.   31,
2020

 

 

Dec. 31,
2019

 

 

Sep. 30,
2019

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day Worked (excluding crew transfer)

$

11,323

 

 

$

11,018

 

 

$

11,157

 

 

$

11,071

 

 

$

10,946

 

Average Rates Per Day

$

6,656

 

 

$

6,648

 

 

$

7,163

 

 

$

7,260

 

 

$

6,981

 

Fleet Utilization (excluding crew transfer)

 

54

%

 

 

57

%

 

 

57

%

 

 

62

%

 

 

64

%

Fleet Utilization

 

70

%

 

 

69

%

 

 

63

%

 

 

68

%

 

 

74

%

Fleet Available Days (excluding crew transfer)

 

5,715

 

 

 

5,167

 

 

 

5,210

 

 

 

5,542

 

 

 

6,048

 

Fleet Available Days

 

9,379

 

 

 

8,688

 

 

 

8,668

 

 

 

9,007

 

 

 

9,578

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

$

43,586

 

 

$

39,807

 

 

$

39,290

 

 

$

44,465

 

 

$

49,747

 

Bareboat charter

 

676

 

 

 

723

 

 

 

724

 

 

 

834

 

 

 

1,765

 

Other marine services

 

1,435

 

 

 

1,348

 

 

 

1,729

 

 

 

3,771

 

 

 

3,188

 

 

 

45,697

 

 

 

41,878

 

 

 

41,743

 

 

 

49,070

 

 

 

54,700

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

16,513

 

 

 

13,378

 

 

 

13,706

 

 

 

15,096

 

 

 

15,879

 

Repairs and maintenance

 

4,639

 

 

 

4,311

 

 

 

4,804

 

 

 

3,983

 

 

 

5,495

 

Drydocking

 

585

 

 

 

566

 

 

 

1,365

 

 

 

766

 

 

 

515

 

Insurance and loss reserves

 

1,873

 

 

 

1,589

 

 

 

939

 

 

 

1,663

 

 

 

1,198

 

Fuel, lubes and supplies

 

2,388

 

 

 

2,295

 

 

 

2,067

 

 

 

2,409

 

 

 

2,910

 

Other

 

3,130

 

 

 

1,774

 

 

 

1,739

 

 

 

2,061

 

 

 

1,214

 

 

 

29,128

 

 

 

23,913

 

 

 

24,620

 

 

 

25,978

 

 

 

27,211

 

Direct Vessel Profit (1)

 

16,569

 

 

 

17,965

 

 

 

17,123

 

 

 

23,092

 

 

 

27,489

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

1,390

 

 

 

1,355

 

 

 

3,407

 

 

 

3,570

 

 

 

4,153

 

Administrative and general

 

10,155

 

 

 

14,560

 

 

 

10,765

 

 

 

11,928

 

 

 

11,462

 

Depreciation and amortization

 

16,613

 

 

 

15,313

 

 

 

15,001

 

 

 

15,412

 

 

 

16,091

 

 

 

28,158

 

 

 

31,228

 

 

 

29,173

 

 

 

30,910

 

 

 

31,706

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

233

 

 

 

(3,453

)

 

 

(12,572

)

 

 

(2,679

)

 

 

862

 

Operating Loss

 

(11,356

)

 

 

(16,716

)

 

 

(24,622

)

 

 

(10,497

)

 

 

(3,355

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

50

 

 

 

529

 

 

 

676

 

 

 

559

 

 

 

317

 

Interest expense

 

(8,598

)

 

 

(6,995

)

 

 

(7,638

)

 

 

(7,397

)

 

 

(7,362

)

SEACOR Holdings guarantee fees

 

(11

)

 

 

(9

)

 

 

(16

)

 

 

(21

)

 

 

(26

)

Derivative losses (gains), net

 

5

 

 

 

85

 

 

 

5,114

 

 

 

(663

)

 

 

3,057

 

Foreign currency gains, net

 

(853

)

 

 

(171

)

 

 

65

 

 

 

(1,037

)

 

 

(370

)

Other, net

 

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

(9,407

)

 

 

(6,561

)

 

 

(1,799

)

 

 

(8,560

)

 

 

(4,384

)

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

 

(20,763

)

 

 

(23,277

)

 

 

(26,421

)

 

 

(19,057

)

 

 

(7,739

)

Income Tax (Benefit) Expense

 

(3,119

)

 

 

(15,081

)

 

 

(6,668

)

 

 

(2,306

)

 

 

1,277

 

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

 

(17,644

)

 

 

(8,196

)

 

 

(19,753

)

 

 

(16,751

)

 

 

(9,016

)

Equity in Losses of 50% or Less Owned Companies

 

(433

)

 

 

2,130

 

 

 

(239

)

 

 

(2,425

)

 

 

(1,325

)

Loss from Continuing Operations

 

(18,077

)

 

 

(6,066

)

 

 

(19,992

)

 

 

(19,176

)

 

 

(10,341

)

(Loss) Income from Discontinued Operations, Net of Tax

 

 

 

 

 

 

 

 

 

 

(2,742

)

 

 

(7,899

)

Net Loss

 

(18,077

)

 

 

(6,066

)

 

 

(19,992

)

 

 

(21,918

)

 

 

(18,240

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

 

4

 

 

 

7

 

 

 

(4,047

)

 

 

(1,463

)

 

 

204

 

Net Loss attributable to SEACOR Marine Holdings Inc.

$

(18,081

)

 

$

(6,073

)

 

$

(15,945

)

 

$

(20,455

)

 

$

(18,444

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.72

)

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.74

)

 

$

(0.49

)

Discontinued operations

 

 

 

 

 

 

 

 

 

 

(0.12

)

 

 

(0.29

)

 

$

(0.72

)

 

$

(0.24

)

 

$

(0.66

)

 

$

(0.86

)

 

$

(0.78

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

24,989

 

 

 

24,851

 

 

 

23,989

 

 

 

23,832

 

 

 

23,741

 

Common Shares and Warrants Outstanding at Period End

 

24,996

 

 

 

24,899

 

 

 

24,854

 

 

 

23,708

 

 

 

23,653

 



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

 

Three Months Ended

 

 

Sep. 30,
2020

 

 

Jun. 30,
2020

 

 

Mar. 31,
2020

 

 

Dec. 31,
2019

 

 

Sep. 30,
2019

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

$

19,397

 

 

$

15,574

 

 

$

20,988

 

 

$

19,285

 

 

$

17,851

 

Fleet utilization

 

5

%

 

 

5

%

 

 

11

%

 

 

20

%

 

 

26

%

Fleet available days

 

1,871

 

 

 

1,842

 

 

 

1,864

 

 

 

1,956

 

 

 

2,340

 

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

37

 

 

32

 

 

116

 

 

6

 

 

159

 

Out-of-service days for cold-stacked status

 

1,576

 

 

 

1,465

 

 

 

1,301

 

 

 

1,301

 

 

 

1,131

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

$

1,668

 

 

$

1,478

 

 

$

4,375

 

 

$

7,408

 

 

$

10,914

 

Bareboat charter

 

731

 

 

 

723

 

 

 

724

 

 

 

732

 

 

 

597

 

Other marine services

 

473

 

 

 

513

 

 

 

642

 

 

 

516

 

 

 

838

 

 

 

2,872

 

 

 

2,714

 

 

 

5,741

 

 

 

8,656

 

 

 

12,349

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

2,481

 

 

 

2,284

 

 

 

2,928

 

 

 

3,432

 

 

 

4,353

 

Repairs and maintenance

 

338

 

 

 

314

 

 

 

617

 

 

 

782

 

 

 

1,508

 

Drydocking

 

-

 

 

 

110

 

 

 

1,057

 

 

 

252

 

 

 

547

 

Insurance and loss reserves

 

778

 

 

 

354

 

 

 

135

 

 

 

566

 

 

 

371

 

Fuel, lubes and supplies

 

251

 

 

 

189

 

 

 

524

 

 

 

407

 

 

 

739

 

Other

 

85

 

 

 

93

 

 

 

79

 

 

 

102

 

 

 

88

 

 

 

3,933

 

 

 

3,344

 

 

 

5,340

 

 

 

5,541

 

 

 

7,606

 

Direct Vessel Profit (Loss) (1)

$

(1,061

)

 

$

(630

)

 

$

401

 

 

$

3,115

 

 

$

4,743

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

$

716

 

 

$

741

 

 

$

2,138

 

 

$

2,283

 

 

$

2,758

 

Depreciation and amortization

 

4,961

 

 

 

5,254

 

 

 

5,358

 

 

 

5,474

 

 

 

5,634

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa, primarily West Africa

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

$

8,364

 

 

$

9,001

 

 

$

9,249

 

 

$

9,435

 

 

$

9,316

 

Fleet utilization

 

71

%

 

 

85

%

 

 

89

%

 

 

88

%

 

 

91

%

Fleet available days

 

1,288

 

 

 

1,304

 

 

 

1,346

 

 

 

1,349

 

 

 

1,380

 

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

 

45

 

 

 

90

 

 

 

56

 

 

 

68

 

 

 

 

Out-of-service days for cold-stacked status

 

124

 

 

 

— — — Operating Revenues: Time charter$7,641 $9,944 $11,095 $11,249 $11,738 Other marine services (385) (480) 167 1,216 129 7,256 9,464 11,262 12,465 11,867 Direct Costs and Expenses: Operating: Personnel 2,597 2,546 2,695 3,230 3,308 Repairs and maintenance 1,066 1,379 1,435 1,242 1,323 Drydocking 481 256 8 253 (53)Insurance and loss reserves 267 188 193 369 230 Fuel, lubes and supplies 994 727 472 817 961 Other 686 565 571 976 499 6,091 5,661 5,374 6,887 6,268 Direct Vessel Profit (1)$1,165 $3,803 $5,888 $5,578 $5,599 Other Costs and Expenses: Lease expense$430 $417 $1,126 $757 $761 Depreciation and amortization 2,667 2,889 2,604 2,608 2,681



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

Three Months Ended

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Sep. 30,
2019

Middle East and Asia

Time Charter Statistics:

Average rates per day worked

$

9,670

$

10,245

$

9,634

$

8,843

$

8,795

Fleet utilization

78

%

82

%

73

%

82

%

83

%

Fleet available days

1,809

1,613

1,671

1,901

2,020

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

89

113

200

15

129

Out-of-service days for cold-stacked status

76

61

48

153

184

Operating Revenues:

Time charter

$

13,672

$

13,605

$

11,767

$

13,840

$

14,798

Other marine services

296

514

420

678

414

13,968

14,119

12,187

14,518

15,212

Direct Costs and Expenses:

Operating:

Personnel

5,171

3,795

3,811

4,129

4,023

Repairs and maintenance

1,564

1,580

1,246

973

1,387

Drydocking

104

200

414

146

20

Insurance and loss reserves

451

430

339

408

333

Fuel, lubes and supplies

482

955

665

769

701

Other

1,771

819

683

635

567

9,543

7,779

7,158

7,060

7,031

Direct Vessel Profit (1)

$

4,425

$

6,340

$

5,029

$

7,458

$

8,181

Other Costs and Expenses:

Lease expense

$

46

$

32

$

45

$

42

$

43

Depreciation and amortization

4,379

3,921

3,790

3,963

3,914

Latin America

Time Charter Statistics:

Average rates per day worked

$

13,355

$

10,752

$

9,397

$

8,649

$

6,867

Fleet utilization

99

%

97

%

93

%

69

%

71

%

Fleet available days

655

408

389

429

399

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

7

3

35

5

Out-of-service days for cold-stacked status

65

92

Operating Revenues:

Time charter

$

8,621

$

4,251

$

3,396

$

2,541

$

1,951

Bareboat charter

-

102

1,168

Other marine services

212

168

149

261

221

8,833

4,419

3,545

2,904

3,340

Direct Costs and Expenses:

Operating:

Personnel

2,342

1,377

1,215

1,081

846

Repairs and maintenance

704

255

392

234

298

Drydocking

(114

)

114

Insurance and loss reserves

138

105

69

79

31

Fuel, lubes and supplies

307

132

135

127

187

Other

444

123

305

188

(87

)

3,935

1,992

2,002

1,823

1,275

Direct Vessel Profit (1)

$

4,898

$

2,427

$

1,543

$

1,081

$

2,065

Other Costs and Expenses:

Lease expense

$

9

$

9

$

9

$

9

$

Depreciation and amortization

1,708

950

899

1,037

1,573



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

Three Months Ended

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Sep. 30,
2019

Europe, Continuing Operations

Time Charter Statistics:

Average rates per day worked

3,434

3,436

3,471

3,505

3,146

Fleet utilization

93

%

87

%

73

%

80

%

96

%

Fleet available days

3,756

3,521

3,398

3,373

3,439

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

81

117

122

107

3

Out-of-service days for cold-stacked status

92

92

Operating Revenues:

Time charter

$

11,984

$

10,529

$

8,657

$

9,427

$

10,346

Bareboat charter

(55

)

Other marine services

839

633

351

1,100

1,586

12,768

11,162

9,008

10,527

11,932

Direct Costs and Expenses:

Operating:

Personnel

3,922

3,376

3,057

3,224

3,349

Repairs and maintenance

967

783

1,114

752

979

Drydocking

1

1

Insurance and loss reserves

239

512

203

241

233

Fuel, lubes and supplies

354

292

271

289

322

Other

144

174

101

160

147

5,626

5,137

4,746

4,667

5,031

Direct Vessel Profit for Continuing Operations (1)

$

7,142

$

6,025

$

4,262

$

5,860

$

6,901

Other Costs and Expenses:

Lease expense

$

189

$

156

$

89

$

479

$

591

Depreciation and amortization

2,898

2,299

2,350

2,330

2,289



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

Three Months Ended

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Sep. 30,
2019

Anchor handling towing supply

Time Charter Statistics:

Average rates per day worked

$

7,388

$

8,383

$

8,012

$

8,095

$

7,790

Fleet utilization

54

%

43

%

39

%

48

%

53

%

Fleet available days

644

667

709

705

736

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

21

76

74

33

10

Out-of-service days for cold-stacked status

276

273

273

337

332

Operating Revenues:

Time charter

$

2,564

$

2,413

$

2,225

$

2,714

$

3,059

Other marine services

(147

)

(137

)

559

1,076

365

2,417

2,276

2,784

3,790

3,424

Direct Costs and Expenses:

Operating:

Personnel

950

853

892

1,212

1,418

Repairs and maintenance

432

679

408

330

524

Drydocking

(2

)

(19

)

22

-

8

Insurance and loss reserves

139

159

45

208

179

Fuel, lubes and supplies

148

168

216

145

252

Other

370

341

259

366

404

2,037

2,181

1,842

2,261

2,785

Direct Vessel Profit (Loss) (1)

$

380

$

95

$

942

$

1,529

$

639

Other Costs and Expenses:

Lease expense

$

505

$

518

$

1,216

$

872

$

1,357

Depreciation and amortization

495

500

561

522

568

Fast support

Time Charter Statistics:

Average rates per day worked

$

8,421

$

8,590

$

8,472

$

8,257

$

8,133

Fleet utilization

63

%

72

%

76

%

78

%

78

%

Fleet available days

2,300

2,426

2,521

2,935

3,156

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

71

137

156

82

81

Out-of-service days for cold-stacked status

421

285

273

341

459

Operating Revenues:

Time charter

$

12,212

$

15,078

$

16,284

$

18,877

$

20,079

Bareboat charter

731

723

724

732

597

Other marine services

(256

)

(372

)

(355

)

(40

)

(200

)

12,687

15,429

16,653

19,569

20,476

Direct Costs and Expenses:

Operating:

Personnel

4,180

4,166

4,659

5,071

5,486

Repairs and maintenance

1,642

1,922

2,278

1,873

2,204

Drydocking

587

274

36

357

(27

)

Insurance and loss reserves

353

304

332

541

347

Fuel, lubes and supplies

976

1,180

904

1,098

1,395

Other

1,489

1,203

1,000

1,346

959

9,227

9,049

9,209

10,286

10,364

Direct Vessel Profit (1)

$

3,460

$

6,380

$

7,444

$

9,283

$

10,112

Other Costs and Expenses:

Lease expense

$

351

$

352

$

352

$

352

$

351

Depreciation and amortization

5,105

5,405

5,118

5,447

5,646



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

Three Months Ended

Sep. 30,
2020

Jun. 30,
2020

Mar. 31,
2020

Dec. 31,
2019

Sep. 30,
2019

Supply