Exhibit 99.1

 

PRESS RELEASE

                                  

 

SEACOR MARINE ANNOUNCES THIRD QUARTER 2018 RESULTS 

 

CONTINUED IMPROVEMENT IN OPERATING PERFORMANCE 

 

STRENGTHENED BALANCE SHEET

 

Houma, Louisiana

November 12, 2018

 

 

FOR IMMEDIATE RELEASE - 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 and nine months ended September 30, 2018.

 

For the third quarter and nine months ended September 30, 2018, net loss attributable to SEACOR Marine was $16.0 million ($0.71 per diluted share) and $69.8 million ($3.42 per diluted share), respectively, and operating loss was $10.2 million and $55.6 million, respectively.

 

For the third quarter and nine months ended September 30, 2017, net loss attributable to SEACOR Marine was $20.5 million ($1.25 per diluted share) and $61.9 million ($3.51 per diluted share), respectively, and operating loss was $29.1 million and $92.5 million, respectively.  Net Loss attributable to SEACOR Marine Holdings Inc. for the preceding quarter ended June 30, 2018 was $25.0 million ($1.19 per diluted share). 

 

Chief Executive Officer John Gellert commented on third quarter results:

 

“The improved performance of our business continued as the Company delivered its third consecutive quarter of higher direct vessel profit (“DVP”).  The standout performer was liftboats, generating approximately two-thirds of our DVP for the quarter.  Windfarm utility boats also had a strong quarter, contributing approximately 18% of quarterly DVP. The Gulf of Mexico region achieved a $4.8 million improvement in DVP from the preceding quarter, due primarily to improved utilization.

 

Further, we increased our financial capacity with the completion of a $130 million corporate loan facility, which extended maturities, reduced debt service and provided additional liquidity.

 

As part of our commitment to actively managing our fleet, we sold five vessels in the third quarter, sold a 51% interest in one of our 15 PSVs and added two AHTS vessels to our fleet. As of September 30, 2018, the net book value of our property and equipment was approximately $793.2 million, a growth of approximately $104 million this year. 

 

Collectively, the sale transactions in the third quarter generated a net gain of approximately $0.6 million. Subsequent to quarter end, we concluded additional sales which, as of today, generated an additional net gain of approximately $5.1 million.

 

Successfully raising both equity and debt in 2018 demonstrates broad support for our platform and this quarter began to demonstrate the value of that platform.  We ended the quarter with more than $100 million in cash, which provides a strong base to both prepare our fleet for 2019 and selectively pursue opportunities for growth.”

 

Third quarter highlights include:

 

•

47.6% increase in consolidated direct vessel profit (“DVP”)(1) to $21.7 million from $14.7 million in second quarter 2018, and an increase of 130.6% from $9.4 million in third quarter 2017.  DVP measures operational performance (operating revenues less direct operating costs, excluding leased-in equipment). DVP has increased steadily over the past five quarters, with increases experienced across most of the Company's regions.

 

•

Continued improvement in fleet utilization to 68% from 62% in second quarter 2018 and 60% in third quarter 2017; average day rates were flat at $7,323 compared to the prior quarter and up 21.9% from $6,006 in third quarter 2017.

 

•

Completed a refinancing transaction with a new $130.0 million loan facility, consolidating multiple facilities into a more efficient single credit facility, improving the Company's capital structure and addressing near-term maturities.

 

•

The Company used $101.3 million of gross proceeds from the credit facility to pay in full three credit agreements and the remaining $28.7 million is available for general corporate purposes, including acquisitions.

 

•

The refinanced debt reduced required principal payments through 2019 by $37.2 million and extended the final balloon payment until 2023.

 

A comparison of results for the third quarter ended September 30, 2018 with the preceding quarter ended June 30, 2018 is included below.

 

 

Operating Revenues. Time charter revenues were $6.1 million higher compared with the preceding quarter. On a total fleet basis, time charter revenues increased by $3.1 million from improved utilization, $0.9 million from net fleet additions and $4.2 million due to the repositioning of vessels between geographic regions. This increase was partially offset by $1.3 million due to a reduction in average rates per day worked and $0.8 million due to unfavorable changes in currency exchange rates.  Other marine services revenues were $3.5 million higher compared with the preceding quarter.

 

On a total fleet basis, excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet increased from 58% to 60%, and average rates per day worked increased from $9,742 to $10,186. Days available for charter were 1% higher in the third quarter primarily due to net fleet additions. This release includes a table presenting time charter operating data by vessel class.

 

Direct Vessel Profit (“DVP”)⁽¹⁾ by Region. DVP generated by the Company’s operating regions was $21.7 million compared with $14.7 million in the preceding quarter, an increase of $7.0 million. Improvements in operating revenues of $9.6 million were partly offset by increased direct operating expenses of $2.6 million. Drydocking expenses were $1.7 million higher due to timing of dockings. Results by region are as follows:

 

United States, primarily Gulf of Mexico. DVP was $6.6 million compared with $1.8 million in the preceding quarter, a $4.8 million improvement. Time charter revenues were $3.7 million higher compared with the preceding quarter, including $4.4 million from the liftboat fleet, primarily due to improved utilization. Other marine services revenues were $1.1 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 23% to 30%, and average rates per day worked increased from $10,503 to $12,476. Days available for charter decreased by 7% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions. Operating expenses were flat. As of September 30, 2018, the Company had 22 of 38 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply vessels, nine fast support vessels, six liftboats and one specialty vessel) compared with 25 of 38 vessels as of June 30, 2018. As of September 30, 2018, the Company had five vessels retired and removed from service in this region (four anchor handling towing supply vessels and one supply).

 

Africa, primarily West Africa. DVP was $2.3 million compared with $2.0 million in the preceding quarter, a $0.3 million increase. Time charter revenues were $0.1 million higher compared with the preceding quarter. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 88% to 82%, and average rates per day worked decreased from $9,509 to $9,315. Days available for charter increased by 11% primarily due to net fleet additions and the repositioning of vessels between geographic regions. Other marine services revenues were $1.4 million higher compared with the preceding quarter, primarily due to the collection and recognition of revenue previously deferred because of collection concerns.  Operating expenses (excluding leased-in equipment) were $1.2 million higher compared with the preceding quarter primarily due to repositioning of vessels between geographic regions, and an increase in repair costs of $0.8 million. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

 

Middle East and Asia. DVP was $3.5 million compared with $3.0 million in the preceding quarter, a $0.5 million improvement. Time charter revenues were $1.0 million lower compared with the preceding quarter, primarily as a result of reduced utilization and a reduction in average rates per day worked by the active fleet. Other marine services revenues were $0.7 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 82% to 76%, and average rates per day worked decreased from $8,226 to $8,156. Days available for charter increased by 1% primarily due to net fleet additions. Operating expenses (excluding leased-in equipment) were $0.8 million lower compared with the preceding quarter, primarily due to the replacement, in the preceding quarter, of main engines in two fast support vessels. As of September 30, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel) compared with one of 21 vessels as of June 30, 2018. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region. 

 

Brazil, Mexico, Central and South America. DVP was $6.1 million compared with $4.3 million in the preceding quarter, an increase of $1.8 million. Time charter revenues were $2.9 million higher compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 57% to 80% and average rates per day worked decreased from $19,127 to $17,604. Days available for charter increased by 28% driven by repositioning of vessels between geographic regions, primarily liftboats. Operating expenses (excluding leased-in equipment) were $0.7 million higher compared with the preceding quarter. As of September 30, 2018, the Company had one of six owned and leased-in vessels cold-stacked.

 

Europe, primarily North Sea.  DVP was $3.2 million compared with $3.6 million in the preceding quarter, a decrease of $0.4 million. Time charter revenues were $0.3 million higher, primarily due to a seasonal increase in utilization of the wind farm utility vessels. For the standby safety fleet, utilization decreased from 80% to 77%, and average rates per day worked decreased from $9,157 to $8,692. For the windfarm utility vessels, utilization increased from 76% to 91%, and average rates per day worked decreased from $2,342 to $2,260, primarily due to a lower exchange ratio of the Pound Sterling. Operating expenses (excluding leased-in equipment) were $1.4 million lower compared with the preceding quarter primarily due to drydockings. As of September 30, 2018, the Company had one of 55 owned and leased-in vessels cold-stacked in Europe (one windfarm utility vessel).

 

___________________

(1)

Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

 

 

 

 

Administrative and general. Third quarter 2018 administrative and general expenses were $3.3 million lower compared with the preceding quarter primarily due to lower legal and professional fees, stock awards granted to both employees and non-employee directors, and director compensation.

 

Depreciation and amortization. Depreciation and amortization costs were $1.1 million lower compared with the preceding quarter primarily due to net asset dispositions.

 

Asset Dispositions and Impairments. During the third quarter, the Company sold two fast support vessels, two windfarm utility vessels, one platform supply vessel, one safety standby vessel and other equipment for net proceeds of $1.1 million and a gain of $0.6 million, all of which was recognized currently. During the preceding quarter, the Company recognized impairment charges of $0.1 million associated with two permanently deferred hull projects. In addition, the Company sold one offshore support vessel and two supply vessels previously retired and removed from service, one standby safety vessel and one fast support vessel, property and other equipment for net proceeds of $2.2 million and a gain of $1.2 million, all of which was recognized during the preceding quarter.

 

Derivative gains (losses). Net derivative gains during third quarter 2018 of $4.4 million, and net derivative losses during the preceding quarter of $2.7 million, are primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in its Convertible Senior Notes.

 

Income tax benefit.   The Company's year-to-date effective income tax rate of 15.5% was primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes, a return-to-provision adjustment and a reversal of an unrecognized benefit. 

 

Equity in earnings (losses) of 50% or less owned companies. Equity losses in the third quarter 2018 were $1.0 million compared with equity losses of $0.7 million in the preceding quarter. The increase in the equity losses was primarily due to decreased utilization in the MexMar fleet. 

 

Capital Commitments. As of September 30, 2018, the Company had unfunded capital commitments of $34.5 million that included two fast support vessels, three supply vessels and two wind farm utility vessels. The Company’s capital commitments by year of expected payment are as follows (in thousands):

 

2018			2,734
2019			17,243
2020			14,552
		$	34,529

 

In addition, the Company has indefinitely deferred an additional $20.8 million of orders with respect to two fast support vessels, which the Company had previously reported as unfunded capital commitments.

 

Liquidity and Debt. As of September 30, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $140.1 million and its total outstanding debt was $415.2 million (net of $39.5 million in discount and issuance costs). As of September 30, 2018, construction reserve funds of $35.6 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment. Additionally, the Company had $2.5 million available under subsidiary credit facilities for future capital commitments.

 

* * * * *

 

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

 

 

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums, weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act and related regulations are repealed, liability, legal fees and costs in connection with the provision of emergency response services, such as the response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes to the status of applicable trade treaties including as a result of the U.K.’s impending exit from the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Jones Act and related regulations on the amount of foreign ownership of the Company’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability of the Company to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties and investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

 

 

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact Connie Morinello at (985) 858 – 6400 or InvestorRelations@seacormarine.com

 

 

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

 

		Three Months Ended September 30,								Nine Months Ended September 30,
		2018				2017				2018				2017
Operating Revenues		$	70,255			$	47,813			$	182,677			$	124,440
Costs and Expenses:
Operating			51,423				41,258				141,416				119,119
Administrative and general			12,234				10,318				40,573				43,849
Depreciation and amortization			17,342				15,622				55,260				42,758
			80,999				67,198				237,249				205,726
Gains (Losses) on Asset Dispositions and Impairments, Net			586				(9,744	)			(1,002	)			(11,243	)
Operating Loss			(10,158	)			(29,129	)			(55,574	)			(92,529	)
Other Income (Expense):
Interest income			309				354				877				1,479
Interest expense			(7,761	)			(4,295	)			(20,383	)			(12,023	)
SEACOR Holdings management fees			—				—				—				(3,208	)
SEACOR Holdings guarantee fees			(5	)			(21	)			(24	)			(172	)
Loss on debt extinguishment			(638	)			—				(638	)			—
Marketable security (losses) gains, net			—				(698	)			—				10,931
Derivative gains (losses), net			4,387				13,022				(9,797	)			12,720
Foreign currency losses, net			(302	)			(106	)			(981	)			(1,389	)
Other, net			678				—				678				(1	)
			(3,332	)			8,256				(30,268	)			8,337
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(13,490	)			(20,873	)			(85,842	)			(84,192	)
Income Tax Expense (Benefit)			1,249				(5,823	)			(13,299	)			(23,045	)
Loss Before Equity in Earnings of 50% or Less Owned Companies			(14,739	)			(15,050	)			(72,543	)			(61,147	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(1,027	)			(7,306	)			(1,540	)			(5,297	)
Net Loss			(15,766	)			(22,356	)			(74,083	)			(66,444	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries			191				(1,881	)			(4,269	)			(4,582	)
Net Loss attributable to SEACOR Marine Holdings Inc.		$	(15,957	)		$	(20,475	)		$	(69,814	)		$	(61,862	)
Loss Per Common Share of SEACOR Marine Holdings Inc.
Basic		$	(0.71	)		$	(1.17	)		$	(3.42	)		$	(3.51	)
Diluted		$	(0.71	)		$	(1.25	)		$	(3.42	)		$	(3.51	)
Weighted Average Common Shares Outstanding:
Basic			22,512,886				17,550,663				20,391,297				17,617,420
Diluted			22,512,886				21,621,163				20,391,297				17,617,420

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data)

 

		Three Months Ended September 30,														Nine Months Ended September 30,
		2018							2017							2018							2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm)		$	10,186						$	8,565						$	9,697						$	8,439
Average Rates Per Day		$	7,323						$	6,006						$	7,229						$	5,806
Fleet Utilization (excluding wind farm)						60	%						49	%						56	%						43	%
Fleet Utilization						68	%						60	%						61	%						54	%
Fleet Available Days (excluding wind farm)			9,119							9,176							27,461							26,608
Fleet Available Days			12,617							12,580							37,746							36,709
Operating Revenues:
Time charter		$	62,902			90	%		$	45,267			95	%		$	166,870			92	%		$	114,800			92	%
Bareboat charter			1,168			1	%			1,168			2	%			3,467			2	%			3,467			3	%
Other marine services			6,185			9	%			1,378			3	%			12,340			6	%			6,173			5	%
			70,255			100	%			47,813			100	%			182,677			100	%			124,440			100	%
Costs and Expenses:
Operating:
Personnel			25,021			35	%			22,178			46	%			71,430			39	%			59,546			48	%
Repairs and maintenance			9,208			13	%			7,411			15	%			25,351			14	%			21,431			17	%
Drydocking			4,822			7	%			2,278			5	%			10,191			5	%			7,597			6	%
Insurance and loss reserves			1,857			3	%			1,396			3	%			4,981			3	%			5,081			4	%
Fuel, lubes and supplies			4,690			7	%			2,880			6	%			12,357			7	%			8,412			7	%
Other			3,000			4	%			2,278			5	%			8,616			5	%			6,935			6	%
Leased-in equipment			2,825			4	%			2,837			6	%			8,490			5	%			10,117			8	%
			51,423			73	%			41,258			86	%			141,416			78	%			119,119			96	%
Administrative and general			12,234			17	%			10,318			22	%			40,573			22	%			43,849			35	%
Depreciation and amortization			17,342			25	%			15,622			33	%			55,260			30	%			42,758			34	%
			80,999			115	%			67,198			141	%			237,249			130	%			205,726			165	%
Gains (Losses) on Asset Dispositions and Impairments, Net			586			1	%			(9,744	)		(20	)%			(1,002	)		—	%			(11,243	)		(9	)%
Operating Loss			(10,158	)		(14	)%			(29,129	)		(61	)%			(55,574	)		(30)	%			(92,529	)		(74	)%

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm utility)		$	10,186			$	9,742			$	9,071			$	8,583			$	8,565
Average Rates Per Day Worked		$	7,323			$	7,324			$	7,001			$	6,435			$	6,006
Fleet Utilization (excluding wind farm utility)			60	%			58	%			50	%			51	%			49	%
Fleet Utilization			68	%			62	%			53	%			56	%			60	%
Fleet Available Days (excluding wind farm utility)			9,119				9,071				9,271				9,224				9,176
Fleet Available Days			12,617				12,528				12,601				12,628				12,580
Operating Revenues:
Time charter		$	62,902			$	56,826			$	47,142			$	45,745			$	45,267
Bareboat charter			1,168				1,156				1,143				1,169				1,168
Other marine services			6,185				2,719				3,436				2,429				1,378
			70,255				60,701				51,721				49,343				47,813
Costs and Expenses:
Operating:
Personnel			25,021				24,733				21,676				21,953				22,179
Repairs and maintenance			9,208				9,070				7,073				6,225				7,410
Drydocking			4,822				3,112				2,257				1,438				2,279
Insurance and loss reserves			1,857				1,934				1,190				1,443				1,396
Fuel, lubes and supplies			4,690				4,122				3,545				3,620				2,880
Other			3,000				3,009				2,607				2,970				2,278
			48,598				45,980				38,348				37,649				38,422
Direct Vessel Profit			21,657				14,721				13,373				11,694				9,391
Other Costs and Expenses:
Operating:
Leased-in expense			2,825				2,840				2,825				2,831				2,836
Administrative and general			12,234				15,532				12,807				12,368				10,318
Depreciation and amortization			17,342				18,406				19,512				20,021				15,622
			32,401				36,778				35,144				35,220				28,776
Gains (Losses) on Asset Dispositions and Impairments, Net			586				1,055				(2,643	)			(12,304	)			(9,744	)
Operating Loss			(10,158	)			(21,002	)			(24,414	)			(35,830	)			(29,129	)
Other Income (Expense):
Interest income			309				352				216				326				354
Interest expense			(7,761	)			(6,489	)			(6,133	)			(4,509	)			(4,295	)
SEACOR Holdings management fees			—				—				—				—				—
SEACOR Holdings guarantee fees			(5	)			(7	)			(12	)			(29	)			(21	)
Debt extinguishment loss			(638	)
Marketable security losses, net			—				—				—				—				(698	)
Derivative gains (losses), net			4,387				(2,668	)			(11,516	)			7,536				13,022
Foreign currency (losses) gains, net			(302	)			(818	)			139				(320	)			(106	)
Other, net			678				—				—				(5	)			—
			(3,332	)			(9,630	)			(17,306	)			2,999				8,256
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies			(13,490	)			(30,632	)			(41,720	)			(32,831	)			(20,873	)
Income Tax Expense (Benefit)			1,249				(4,724	)			(9,824	)			(51,361	)			(5,823	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(14,739	)			(25,908	)			(31,896	)			18,530				(15,050	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(1,027	)			(721	)			208				9,374				(7,306	)
Net (Loss) Income			(15,766	)			(26,629	)			(31,688	)			27,904				(22,356	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries			191				(1,605	)			(2,855	)			(1,057	)			(1,881	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.		$	(15,957	)		$	(25,024	)		$	(28,833	)		$	28,961			$	(20,475	)
(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:
Basic		$	(0.71	)		$	(1.19	)		$	(1.64	)		$	1.65			$	(1.17	)
Diluted		$	(0.71	)		$	(1.19	)		$	(1.64	)		$	1.20			$	(1.25	)
Weighted Average Common Shares and Warrants Outstanding:
Basic			22,513				21,035				17,571				17,552				17,551
Diluted			22,513				21,035				17,571				21,629				21,621
Common Shares and Warrants Outstanding at Period End			22,709				22,709				17,787				17,675				17,671

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

 

		United States (primarily Gulf of Mexico)				Africa (primarily West Africa)				Middle East and Asia				Brazil, Mexico, Central and South America				Europe (primarily North Sea)				Total
For the Three Months Ended September 30, 2018
Time Charter Statistics:
Average Rates Per Day		$	12,476			$	9,315			$	8,156			$	17,60			$	4,287			$	7,323
Fleet Utilization			30	%			82	%			76	%			80	%			85	%			68	%
Fleet Available Days			3,433				1,475				2,024				531				5,154				12,617
Operating Revenues:
Time charter		$	12,800			$	11,201			$	12,590			$	7,479			$	18,832			$	62,902
Bareboat charter			—				—				—				1,168				—				1,168
Other marine services			2,722				1,777				(83	)			416				1,353				6,185
			15,522				12,978				12,507				9,063				20,185				70,255
Direct Costs and Expenses:
Operating:
Personnel			4,853				4,486				4,361				1,662				9,659				25,021
Repairs and maintenance			1,801				2,438				2,091				312				2,566				9,208
Drydocking			375				1,201				352				103				2,791				4,822
Insurance and loss reserves			612				323				385				163				374				1,857
Fuel, lubes and supplies			1,120				1,081				892				427				1,170				4,690
Other			154				1,103				952				350				441				3,000
			8,915				10,632				9,033				3,017				17,001				48,598
Direct Vessel Profit		$	6,607			$	2,346			$	3,474			$	6,046			$	3,184				21,657
Other Costs and Expenses:
Operating:
Leased-in equipment		$	1,853			$	960			$	—			$	—			$	12				2,825
Administrative and general																							12,234
Depreciation and amortization		$	5,227			$	2,381			$	4,207			$	2,521			$	3,006				17,342
																							32,401
Gains on Asset Dispositions and Impairments																							586
Operating Loss																						$	(10,158	)

 

 

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

 

		United States (primarily Gulf of Mexico)				Africa (primarily West Africa)				Middle East and Asia				Brazil, Mexico, Central and South America				Europe (primarily North Sea)				Total
For the Nine Months Ended September 30, 2018
Time Charter Statistics:
Average Rates Per Day		$	10,832			$	11,614			$	8,156			$	17,807			$	4,721			$	7,229
Fleet Utilization			23	%			86	%			75	%			65	%			77	%			61	%
Fleet Available Days			11,193				4,066				6,161				1,166				15,159				37,746
Operating Revenues:
Time charter		$	27,834			$	33,117			$	37,555			$	13,409			$	54,955			$	166,870
Bareboat charter			—				—				—				3,467				—				3,467
Other marine services			6,053				3,414				(1,005	)			1,371				2,507				12,340
			33,887				36,531				36,550				18,247				57,462				182,677
Direct Costs and Expenses:
Operating:
Personnel			13,481				12,873				12,452				3,257				29,367				71,430
Repairs and maintenance			4,024				5,457				8,095				649				7,126				25,351
Drydocking			1,810				2,113				413				114				5,741				10,191
Insurance and loss reserves			1,948				789				982				399				863				4,981
Fuel, lubes and supplies			2,513				2,650				2,848				841				3,505				12,357
Other			208				3,541				2,996				898				973				8,616
			23,984				27,423				27,786				6,158				47,575				132,926
Direct Vessel Profit		$	9,903			$	9,108			$	8,764			$	12,089			$	9,887				49,751
Other Costs and Expenses:
Operating:
Leased-in equipment		$	5,571			$	2,885			$	—			$	—			$	34				8,490
Administrative and general																							40,573
Depreciation and amortization		$	17,677			$	8,112			$	14,608			$	6,020			$	8,843				55,260
																							104,323
Losses on Asset Dispositions and Impairments																							(1,002	)
Operating Loss																						$	(55,574	)
As of September 30, 2018
Property and Equipment:
Historical cost		$	479,303			$	186,729			$	310,110			$	102,776			$	200,082			$	1,279,000
Accumulated depreciation			(242,364	)			(53,498	)			(81,121	)			(47,374	)			(144,395	)			(568,752	)
		$	236,939			$	133,231			$	228,989			$	55,402			$	55,687			$	710,248

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	12,476			$	10,503			$	8,775			$	8,027			$	7,212
Fleet utilization			30	%			23	%			17	%			18	%			16	%
Fleet available days			3,433				3,710				4,050				3,864				3,859
Out-of-service days for repairs, maintenance and drydockings			147				292				219				139				338
Out-of-service days for cold-stacked status			2,101				2,435				3,111				3,010				2,746
Operating revenues:
Time charter		$	12,800			$	9,052			$	5,982			$	5,608			$	4,587
Other marine services			2,722				1,676				1,655				1,077				1,116
			15,522				10,728				7,637				6,685				5,703
Direct operating expenses:
Personnel			4,853				4,636				3,992				3,853				4,455
Repairs and maintenance			1,801				1,529				694				631				1,289
Drydocking			375				910				525				(164	)			1,109
Insurance and loss reserves			612				902				434				678				598
Fuel, lubes and supplies			1,120				900				493				381				249
Other			154				29				25				3				123
			8,915				8,906				6,163				5,382				7,823
Direct Vessel Profit (Loss)		$	6,607			$	1,822			$	1,474			$	1,303			$	(2,120	)
Leased-in equipment (included in operating costs and expenses)			1,853				1,856			$	1,862			$	1,866			$	1,870
Depreciation and amortization			5,227				5,915			$	6,535			$	5,487			$	5,224
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked		$	9,315			$	9,509			$	9,455			$	10,517			$	10,611
Fleet utilization			82	%			88	%			91	%			75	%			71	%
Fleet available days			1,475				1,331				1,260				1,207				1,283
Out-of-service days for repairs, maintenance and drydockings			92				46				31				34				79
Out-of-service days for cold-stacked status			—				—				—				92				184
Operating revenues:
Time charter		$	11,201			$	11,122			$	10,794			$	9,533			$	9,700
Other marine services			1,777				350				1,287				983				(310	)
			12,978				11,472				12,081				10,516				9,390
Direct operating expenses:
Personnel			4,486				4,314				4,073				3,795				3,588
Repairs and maintenance			2,438				1,663				1,356				855				1,324
Drydocking			1,201				910				2				129				311
Insurance and loss reserves			323				248				218				(19	)			157
Fuel, lubes and supplies			1,081				900				669				859				693
Other			1,103				1,402				1,036				1,098				704
			10,632				9,437				7,354				6,717				6,777
Direct Vessel Profit		$	2,346			$	2,035			$	4,727			$	3,799			$	2,613
Leased-in equipment (included in operating costs and expenses)		$	960			$	962			$	963			$	965			$	966
Depreciation and amortization		$	2,381			$	2,924			$	2,807			$	3,175			$	2,456

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	8,156			$	8,226			$	8,072			$	6,784			$	7,138
Fleet utilization			76	%			82	%			66	%			68	%			61	%
Fleet available days			2,024				2,005				2,132				2,331				2,194
Out-of-service days for repairs, maintenance and drydockings			76				4				151				104				95
Out-of-service days for cold-stacked status			92				91				130				119				184
Operating revenues:
Time charter		$	12,590			$	13,591			$	11,374			$	10,682			$	9,490
Other marine services			(83	)			(792	)			(130	)			(171	)			(341	)
			12,507				12,799				11,244				10,511				9,149
Direct operating expenses:
Personnel			4,361				4,069				4,022				4,882				4,731
Repairs and maintenance			2,091				3,576				2,428				2,205				2,309
Drydocking			352				72				(11	)			554				(102	)
Insurance and loss reserves			385				361				236				382				363
Fuel, lubes and supplies			892				922				1,034				1,180				1,115
Other			952				836				1,208				1,522				1,192
			9,033				9,836				8,917				10,725				9,608
Direct Vessel Profit (Loss)		$	3,474			$	2,963			$	2,327			$	(214	)		$	(459	)
Leased-in equipment (included in operating costs and expenses)		$	—			$	—			$	—			$	—			$	—
Depreciation and amortization		$	4,207			$	4,311			$	6,090			$	6,898			$	4,320
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked		$	17,604			$	19,127			$	15,272			$	16,718			$	16,060
Fleet utilization			80	%			57	%			41	%			50	%			49	%
Fleet available days			531				416				219				184				184
Out-of-service days for cold-stacked status			92				91				90				92				92
Operating revenues:
Time charter		$	7,479			$	4,556			$	1,374			$	1,538			$	1,439
Bareboat charter			1,168				1,156				1,143				1,169				1,168
Other marine services			416				845				110				156				159
			9,063				6,557				2,627				2,863				2,766
Direct operating expenses:
Personnel			1,662				1,219				376				322				326
Repairs and maintenance			312				32				305				44				110
Drydocking			103				11				—				—				—
Insurance and loss reserves			163				169				67				230				75
Fuel, lubes and supplies			427				349				65				163				33
Other			350				488				60				44				69
			3,017				2,268				873				803				613
Direct Vessel Profit		$	6,046			$	4,289			$	1,754			$	2,060			$	2,153
Depreciation and amortization		$	2,521			$	2,280			$	1,219			$	1,134			$	1,025

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety		$	8,692			$	9,157			$	9,058			$	8,660			$	8,650
Fleet utilization - Standby safety			77	%			80	%			78	%			82	%			84	%
Fleet available days - Standby safety			1,809				1,746				1,849				1,822				1,840
Average rates per day worked - Wind farm utility			2,260				2,342				2,317				2,330				2,221
Fleet utilization - Wind farm utility			91	%			76	%			64	%			73	%			94	%
Fleet available days - Wind farm utility			3,314				3,228				3,091				3,220				3,220
Out-of-service days for repairs, maintenance and drydockings			240				77				137				249				110
Out-of-service days for cold-stacked status			61				—				—				—				—
Operating revenues:
Time charter		$	18,832			$	18,505			$	17,618			$	18,384			$	20,051
Other marine services			1,353				640				514				384				754
			20,185				19,145				18,132				18,768				20,805
Direct operating expenses:
Personnel			9,659				10,495				9,213				9,101				9,079
Repairs and maintenance			2,566				2,270				2,290				2,490				2,378
Drydocking			2,791				1,209				1,741				919				961
Insurance and loss reserves			374				254				235				172				203
Fuel, lubes and supplies			1,170				1,051				1,284				1,037				790
Other			441				254				278				303				190
			17,001				15,533				15,041				14,022				13,601
Direct Vessel Profit		$	3,184			$	3,612			$	3,091			$	4,746			$	7,204
Leased-in equipment (included in operating costs and expenses)		$	12			$	22			$	—			$	—			$	—
Depreciation and amortization		$	3,006			$	2,976			$	2,861			$	3,327			$	2,597

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	9,269			$	13,381			$	10,322			$	10,322			$	9,766
Fleet utilization			28	%			23	%			21	%			21	%			25	%
Fleet available days			1,012				866				1,260				1,288				1,288
Out-of-service days for repairs, maintenance and drydockings			100				23				36				5				69
Out-of-service days for cold-stacked status			602				608				947				943				851
Operating revenues:
Time charter		$	2,592			$	2,712			$	2,787			$	2,849			$	3,199
Other marine services			1,244				(91	)			1,438				698				(88	)
			3,836				2,621				4,225				3,547				3,111
Direct operating expenses:
Personnel			1,667				1,593				1,397				2,381				2,388
Repairs and maintenance			1,625				1,281				394				498				565
Drydocking			1,168				945				480				(30	)			125
Insurance and loss reserves			282				265				91				195				176
Fuel, lubes and supplies			582				586				153				446				158
Other			530				689				452				(499	)			(170	)
			5,854				5,359				2,967				2,991				3,242
Direct Vessel (Loss) Profit		$	(2,018	)		$	(2,738	)		$	1,258			$	556			$	(131	)
Leased-in equipment (included in operating costs and expenses)		$	1,851			$	1,855			$	1,858			$	1,862			$	1,866
Depreciation and amortization		$	689			$	532			$	1,490			$	2,430			$	2,419
Fast support
Time Charter Statistics:
Average rates per day worked		$	7,148			$	6,963			$	7,746			$	7,414			$	7,999
Fleet utilization			59	%			62	%			53	%			52	%			49	%
Fleet available days			3,709				3,820				3,780				3,864				3,885
Out-of-service days for repairs, maintenance and drydockings			131				53				109				155				208
Out-of-service days for cold-stacked status			1,037				1,191				1,253				1,324				1,447
Operating revenues:
Time charter		$	15,678			$	16,488			$	15,427			$	14,845			$	15,271
Other marine services			(834	)			(505	)			(656	)			(399	)			(410	)
			14,844				15,983				14,771				14,446				14,861
Direct operating expenses:
Personnel			5,826				5,258				4,756				5,717				5,405
Repairs and maintenance			2,641				3,406				2,544				1,853				2,680
Drydocking			432				115				(9	)			684				247
Insurance and loss reserves			407				314				324				129				297
Fuel, lubes and supplies			1,016				1,015				795				849				975
Other			1,718				1,466				1,460				2,356				1,610
			12,040				11,574				9,870				11,588				11,214
Direct Vessel Profit		$	2,804			$	4,409			$	4,901			$	2,858			$	3,647
Leased-in equipment (included in operating costs and expenses)		$	342			$	342			$	342			$	343			$	343
Depreciation and amortization		$	5,780			$	6,585			$	6,585			$	6,521			$	5,000

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Supply
Time Charter Statistics:
Average rates per day worked		$	7,410			$	7,174			$	6,454			$	5,222			$	6,279
Fleet utilization			82	%			69	%			73	%			81	%			65	%
Fleet available days			565				637				633				594				507
Out-of-service days for repairs, maintenance and drydockings			—				—				16				2				36
Out-of-service days for cold-stacked status			—				19				68				25				99
Operating revenues:
Time charter		$	3,442			$	3,149			$	3,002			$	2,527			$	2,062
Other marine services			2,234				1,195				1,125				1,122				1,079
			5,676				4,344				4,127				3,649				3,141
Direct operating expenses:
Personnel			1,976				1,999				1,956				1,604				1,321
Repairs and maintenance			549				259				445				266				321
Drydocking			1,624				585				—				—				—
Insurance and loss reserves			145				134				102				210				26
Fuel, lubes and supplies			391				317				694				632				194
Other			254				1,048				719				348				158
			4,939				4,342				3,916				3,060				2,020
Direct Vessel Profit		$	737			$	2			$	211			$	589			$	1,121
Leased-in equipment (included in operating costs and expenses)		$	34			$	—			$	—			$	—			$	—
Depreciation and amortization		$	1,173			$	1,394			$	2,743			$	3,566			$	1,226
Standby safety
Time Charter Statistics:
Average rates per day worked		$	8,692			$	9,157			$	9,058			$	8,660			$	8,650
Fleet utilization			77	%			80	%			78	%			82	%			84	%
Fleet available days			1,809				1,746				1,849				1,822				1,840
Out-of-service days for repairs, maintenance and drydockings			117				46				87				78				96
Operating revenues:
Time charter		$	12,036			$	12,791			$	13,051			$	12,921			$	13,328
Other marine services			50				39				40				38				32
			12,086				12,830				13,091				12,959				13,360
Direct operating expenses:
Personnel			5,855				8,148				6,938				6,901				6,955
Repairs and maintenance			1,627				1,464				1,554				1,570				1,943
Drydocking			1,156				624				1,741				919				960
Insurance and loss reserves			234				143				138				106				116
Fuel, lubes and supplies			975				843				991				894				723
Other			351				144				161				220				156
			10,198				11,366				11,523				10,610				10,853
Direct Vessel Profit		$	1,888			$	1,464			$	1,568			$	2,349			$	2,507
Depreciation and amortization		$	945			$	681			$	694			$	769			$	578

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Specialty
Time Charter Statistics:
Average rates per day worked		$	—			$	—			$	—			$	—			$	—
Fleet utilization			—	%			—	%			—	%			—	%			—	%
Fleet available days			92				91				90				276				276
Out-of-service days for repairs, maintenance and drydockings			—				—				—				24				25
Out-of-service days for cold-stacked status			92				91				90				160				159
Operating revenues:
Time charter		$	—			$	—			$	—			$	(1	)		$	—
Other marine services			—				—				—				1				268
			—				—				—				—				268
Direct operating expenses:
Personnel			64				79				164				472				413
Repairs and maintenance			31				13				37				77				40
Drydocking			—				—				(6	)			(136	)			736
Insurance and loss reserves			41				25				10				102				21
Fuel, lubes and supplies			65				(29	)			83				20				92
Other			67				93				104				85				84
			268				181				392				620				1,386
Direct Vessel Loss		$	(268	)		$	(181	)		$	(392	)		$	(620	)		$	(1,118	)
Depreciation and amortization		$	282			$	283			$	282			$	283			$	579
Liftboats
Time Charter Statistics:
Average rates per day worked		$	18,993			$	19,225			$	16,068			$	16,662			$	11,899
Fleet utilization			60	%			43	%			30	%			30	%			28	%
Fleet available days			1,932				1,911				1,659				1,380				1,380
Out-of-service days for repairs, maintenance and drydockings			86				266				116				92				174
Out-of-service days for cold-stacked status			554				708				933				771				551
Operating revenues:
Time charter		$	22,171			$	15,788			$	8,126			$	6,954			$	4,659
Other marine services			2,922				1,569				756				393				447
			25,093				17,357				8,882				7,347				5,106
Direct operating expenses:
Personnel			5,621				4,671				3,461				2,577				3,394
Repairs and maintenance			1,827				1,553				1,134				990				1,288
Drydocking			433				842				51				1				211
Insurance and loss reserves			630				889				651				722				684
Fuel, lubes and supplies			1,482				1,153				668				632				646
Other			620				336				417				333				352
			10,613				9,444				6,382				5,255				6,575
Direct Vessel Profit (Loss)		$	14,480			$	7,913			$	2,500			$	2,092			$	(1,469	)
Leased-in equipment (included in operating costs and expenses)		$	641			$	644			$	638			$	626			$	627
Depreciation and amortization		$	6,188			$	6,333			$	5,025			$	3,160			$	3,045

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Wind farm utility
Time Charter Statistics:
Average rates per day worked		$	2,253			$	2,330			$	2,305			$	2,318			$	2,220
Fleet utilization			89	%			73	%			62	%			72	%			89	%
Fleet available days			3,498				3,457				3,330				3,404				3,404
Out-of-service days for repairs, maintenance and drydockings			123				31				113				171				14
Out-of-service days for cold-stacked status			61				—				40				92				99
Operating revenues:
Time charter		$	6,983			$	5,898			$	4,749			$	5,650			$	6,748
Other marine services			657				563				429				295				688
			7,640				6,461				5,178				5,945				7,436
Direct operating expenses:
Personnel			2,471				2,295				2,222				2,295				2,265
Repairs and maintenance			806				987				825				969				575
Drydocking			9				1				—				—				—
Insurance and loss reserves			130				93				103				74				89
Fuel, lubes and supplies			163				219				144				146				93
Other			104				173				96				121				87
			3,683				3,768				3,390				3,605				3,109
Direct Vessel Profit		$	3,957			$	2,693			$	1,788			$	2,340			$	4,327
Leased-in equipment (included in operating costs and expenses)		$	(22	)		$	22			$	—			$	—			$	—
Depreciation and amortization		$	2,093			$	2,380			$	2,428			$	2,903			$	2,293
Other Activity
Operating revenues:
Other marine services		$	1,080			$	1,105			$	1,447			$	1,450			$	530
Direct operating expenses:
Personnel			1,541				690				782				6				38
Repairs and maintenance			102				107				140				2				(2	)
Insurance and loss reserves			(12	)			71				(229	)			(95	)			(13	)
Fuel, lubes and supplies			16				18				17				1				(1	)
Other			(644	)			(940	)			(802	)			6				1
			1,003				(54	)			(92	)			(80	)			23
Direct Vessel Profit		$	77			$	1,159			$	1,539			$	1,530			$	507
Leased-in equipment (included in operating costs and expenses)		$	(21	)		$	(23	)			(13	)			—				—
Depreciation and amortization		$	192			$	218			$	265			$	389			$	482

 

 

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

 

		Three Months Ended
		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Cash Flows from Operating Activities:
DVP		$	21,657			$	14,721			$	13,373			$	11,694			$	9,391
Operating, leased-in equipment (excluding amortization of deferred gains)			(4,834	)			(4,850	)			(4,834	)			(4,840	)			(4,845	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)			(11,452	)			(14,076	)			(12,357	)			(12,091	)			(11,139	)
SEACOR Holdings management and guarantee fees			(5	)			(7	)			(12	)			(29	)			(21	)
Other, net (excluding non-cash losses)			249				—				—				(5	)			—
Dividends received from 50% or less owned companies			—				1,324				—				200				800
			5,615				(2,888	)			(3,830	)			(5,071	)			(5,814	)
Changes in operating assets and liabilities before interest and income taxes			(16,587	)			(14,575	)			(4,938	)			9,003				(14,428	)
Director share awards			—				893				—				—				—
Restricted stock vesting			(32	)			(51	)			—				—				—
Cash settlements on derivative transactions, net			102				(21	)			(129	)			(140	)			(184	)
Interest paid, excluding capitalized interest			(5,498	)			(5,875	)			(2,828	)			(4,471	)			(1,119	)
Interest received			309				352				216				326				354
Income taxes (paid) refunded, net			(344	)			(12	)			—				(52	)			2,599
Net cash used in operating activities (GAAP Measure)			(16,435	)			(22,177	)			(11,509	)			(405	)			(18,592	)
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest			(21,601	)			(5,983	)			(8,557	)			(16,105	)			(22,796	)
Capitalized interest paid			(614	)			(1,008	)			—				(563	)			(754	)
Cash settlements on derivative transactions, net			—				—				—				—				(45	)
Proceeds from disposition of property and equipment			1,858				3,244				282				1,046				248
Construction reserve funds withdrawals, net			2,556				7,209				—				94				22,344
Net investing activities in property and equipment			(17,801	)			3,462				(8,275	)			(15,528	)			(1,003	)
Net investing activities in 50% or less owned companies			1,770				(5,610	)			(19,950	)			(366	)			(773	)
Sale of subsidiary to joint venture			8,017				—				—				—				—
Net investing activities in third party notes receivable			—				—				99				—				—
Net cash used in investing activities (GAAP Measure)			(8,014	)			(2,148	)			(28,126	)			(15,894	)			(1,776	)
Cash Flows from Financing Activities:
Payments on long-term debt			(2,851	)			(6,395	)			(28,807	)			(3,354	)			(4,599	)
Proceeds from issuance of debt, net of issue costs			43,882				—				18,471				(300	)			3,622
Proceeds from exercise of stock options and warrants			—				813				—				—				—
Proceeds from issuance of stock			—				54,012				1,793				—				—
Net cash provided by (used in) financing activities (GAAP Measure)			41,031				48,430				(8,543	)			(3,654	)			(977	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(253	)			(970	)			682				528				539
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash			16,329				23,135				(47,496	)			(19,425	)			(20,806	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period			88,190				65,055				112,551				131,976				152,782
Cash, Cash Equivalents and Restricted Cash, End of Period		$	104,519			$	88,190			$	65,055			$	112,551			$	131,976

 

 

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

 

		Sep. 30, 2018				Jun. 30, 2018				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
ASSETS
Current Assets:
Cash and cash equivalents		$	102,864			$	86,239			$	62,738			$	110,234			$	130,357
Restricted cash			1,655				1,951				2,316				2,317				1,619
Receivables:
Trade, net of allowance for doubtful accounts			75,349				57,658				45,664				45,616				54,124
Other			16,552				16,039				17,039				12,341				8,942
Inventories			3,646				3,666				3,975				3,756				3,786
Prepaid expenses and other			2,692				4,090				3,613				3,026				3,364
Total current assets			202,758				169,643				135,345				177,290				202,192
Property and Equipment:
Historical cost			1,279,000				1,287,855				1,320,496				1,179,836				1,204,409
Accumulated depreciation			(568,752	)			(564,477	)			(580,461	)			(560,160	)			(558,919	)
			710,248				723,378				740,035				619,676				645,490
Construction in progress			82,953				82,274				80,682				70,157				60,597
Net property and equipment			793,201				805,652				820,717				689,833				706,087
Investments, at Equity, and Advances to 50% or Less Owned Companies			120,340				115,424				112,219				92,169				89,984
Construction Reserve Funds			35,596				38,152				45,361				45,361				45,455
Other Assets			3,582				3,667				3,736				3,851				6,213
		$	1,155,477			$	1,132,538			$	1,117,378			$	1,008,504			$	1,049,931
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt		$	17,426			$	22,858			$	22,858			$	22,858				30,858
Accounts payable and accrued expenses			20,480				23,774				25,551				24,024				23,487
Due to SEACOR Holdings			463				746				1,583				1,358				663
Other current liabilities			63,772				56,469				55,365				50,978				54,210
Total current liabilities			102,141				103,847				105,357				99,218				109,218
Long-Term Debt			397,738				348,912				405,234				292,041				285,869
Conversion Option Liability on Convertible Senior Notes			17,928				21,886				18,991				6,832				14,135
Deferred Income Taxes			46,120				49,789				56,024				55,506				106,389
Deferred Gains and Other Liabilities			26,662				27,289				28,600				31,741				36,314
Total liabilities		$	590,589			$	551,723			$	614,206			$	485,338			$	551,925
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		$	204			$	204			$	178			$	177			$	177
Additional paid-in capital			414,460				413,754				306,639				303,996				302,952
Retained earnings			134,628				150,585				175,609				216,511				187,550
Shares held in treasury			(86	)			(54	)			—				—				—
Accumulated other comprehensive loss, net of tax			(13,945	)			(13,129	)			(10,424	)			(12,493	)			(8,685	)
			535,261				551,360				472,002				508,191				481,994
Noncontrolling interests in subsidiaries			29,627				29,455				31,170				14,975				16,012
Total equity			564,888				580,815				503,172				523,166				498,006
		$	1,155,477			$	1,132,538			$	1,117,378			$	1,008,504			$	1,049,931

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

 

		Sep. 30, 2018				Jun. 30, 2018(1)				Mar. 31, 2018				Dec. 31, 2017				Sep. 30, 2017
Anchor handling towing supply			13				13				19				23				23
Fast support			47				49				50				50				50
Supply			29				29				29				31				27
Standby safety			20				21				22				20				21
Specialty			4				4				4				4				6
Liftboats			21				21				21				15				15
Wind farm utility			42				42				41				41				41
			176				179				186				184				183

 

______________________

(1)	Excludes six owned and one leased-in offshore support vessels that have been retired and removed from service.

 

 

SEACOR MARINE HOLDINGS INC. UNAUDITED EXPECTED FLEET DELIVERIES

 

		2018				2019																2020
		Q4				Q1				Q2				Q3				Q4				Q1		Q2	Q3	Q4			Deferred				Total
Fast support			—				1				—				—				—				—	—	—	1				2				4
Supply			—				1				—				1				—				1	—	—	—				—				3
Wind farm utility			1				—				1				—				—				—	—	—	—				—				2

 

 

20