SEACOR Marine Announces First Quarter 2019 Results

May 10, 2019 at 6:30 AM EDT

HOUSTON--(BUSINESS WIRE)--May 10, 2019-- 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 first quarter ended March 31, 2019.

First quarter highlights include:

Total operating revenues increased 8.8% as compared with the first quarter of 2018, due to increases of 5.3% in average day rates and 8.0% in utilization. The improved utilization reflected an increase of 5.0% in on hire days notwithstanding a decrease of 8.5% in the number of available days, compared with the first quarter 2018. Operating loss decreased by $3.4 million to $21.0 million as compared with $24.4 million in the first quarter of 2018.
Consolidated direct vessel profit (“DVP”)⁽¹⁾for the first quarter of 2019 decreased by $1.4 million to $12.0 million from $13.4 million in the first quarter of 2018 due to expensing approximately $4.4 million of mobilization and vessel upgrade costs incurred in the quarter to prepare and position vessels for long-term contracts without comparable expenses incurred in the 2018 quarter. Excluding these costs, DVP would have been approximately $16.4 million in the first quarter of 2019, a 22.4% increase from the first quarter of 2018.
Total lease expense, which amounted to $4.1 million, was $0.8 million and $0.7 million higher compared to the first and fourth quarters of 2018, respectively. These increases reflect non-cash adjustments to lease expenses resulting from the implementation of the new lease accounting standard by the Company on January 1, 2019.
SEACOR Marine closed on three separate transactions which expanded its fleet. One of the transactions led to 100% ownership of SEACOR Marine’s European wind business through the acquisition of the remaining minority interests. Another of the transactions included the acquisition of three previously pooled fast support vessels (“FSVs”) which had pooling distributions of $2.6 million and $2.4 million in 2018 and 2017, respectively, and their acquisition will result in the elimination of the expense going forward. Subsequent to quarter end, we acquired a modern FSV operating in the U.S. under a long-term contract outside of the oil and gas sector.

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

“This quarter brought many positive developments. Although the first quarter is a period of seasonally lower activity for our fleet, which has a significant presence in North Sea market and Gulf of Mexico lift boat sector, we saw meaningful improvements in both utilization and day rates. Tendering activity also increased, pointing to a continuing recovery. The quarter also featured significant investment to prepare several assets for long-term charters, including one of our two largest liftboats from the U.S. to the North Sea for work supporting the offshore wind farm industry.

We saw improvements in West Africa and Latin America, and increased contracting activity in the North Sea. Within Latin America, Mexico had positive market developments, contracting vessels in support of integrated well service projects and new contracts with foreign oil companies. I am particularly satisfied with the performance of our joint venture in Mexico, which stands out as one of the few companies in that market which can truly claim local content.

I believe the upfront costs to capture these market opportunities are precursors to growth. Our strategy is to continue positioning the fleet selectively to capitalize on our global presence. The benefit of a strong global presence and diverse fleet was again demonstrated through recent contract awards in Latin America, which will expand our hybrid battery equipped platform supply vessels (“PSVs”) in the market.”

For the first quarter ended March 31, 2019, net loss attributable to SEACOR Marine was $25.5 million ($1.11 per basic and diluted share), and operating loss was $21.0 million. Net loss attributable to SEACOR Marine for the preceding quarter ended December 31, 2018 was $7.8 million ($0.35 per basic diluted share) and operating loss was $11.2 million.

___________________

⁽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.

* * * * *

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

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements.Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters.Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company.These statements are not guarantees of future performance and actual events or results may differ significantly from these statements.Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control.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.Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.Forward-looking statements speak only as of the date of the document in which they are made.The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law.It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any).These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

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


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

	Three Months Ended March 31,
	2019			2018
Operating Revenues	$	56,249		$	51,721
Costs and Expenses:
Operating		44,277			38,348
Administrative and general		12,000			12,374
Operating lease expense		4,148			3,258
Depreciation and amortization		17,193			19,512
		77,618			73,492
Gains (Losses) on Asset Dispositions and Impairments, Net		359			(2,643	)
Operating Loss		(21,010	)		(24,414	)
Other Income (Expense):
Interest income		357			216
Interest expense		(7,735	)		(6,133	)
SEACOR Holdings guarantee fees		(29	)		(12	)
Derivative losses, net		(925	)		(11,516	)
Foreign currency gains, net		635			139
		(7,697	)		(17,306	)
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(28,707	)		(41,720	)
Income Tax Benefit		(3,831	)		(9,824	)
Loss Before Equity in Earnings of 50% or Less Owned Companies		(24,876	)		(31,896	)
Equity in (Losses) Earnings of 50% or Less Owned Companies		(3,397	)		208
Net Loss		(28,273	)		(31,688	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries		(2,724	)		(2,855	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(25,549	)	$	(28,833	)

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.	$	(1.11	)	$	(1.64	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		23,090,137			17,571,490


SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data)
	Three Months Ended March 31,
	2019				2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	9,451			$	9,071
Average Rates Per Day	$	7,371			$	7,001
Fleet Utilization (excluding crew transfer)		62	%			50	%
Fleet Utilization		61	%			53	%
Fleet Available Days (excluding crew transfer)		8,116				9,271
Fleet Available Days		11,536				12,601
Operating Revenues:
Time charter	$	52,127		93%	$	47,142		91%
Bareboat charter		1,143		2%		1,143		2%
Other marine services		2,979		5%		3,436		7%
	$	56,249		100%		51,721		100%
Costs and Expenses:
Operating:
Personnel		22,756		40%		21,676		42%
Repairs and maintenance		9,006		16%		7,073		14%
Drydocking		2,879		5%		2,257		4%
Insurance and loss reserves		1,474		3%		1,190		2%
Fuel, lubes and supplies		3,753		7%		3,545		7%
Other		4,409		8%		2,607		5%
		44,277		79%		38,348		79%
Administrative and general		12,000		21%		12,374		24%
Depreciation and amortization		17,193		31%		19,512		38%
Lease expense - operating		4,148		7%		3,258		6.3%
		77,618		131%		73,492		141%
Gains (Losses) on Asset Dispositions and Impairments, Net		359		1%		(2,643	)	(5)%
Operating Loss		(21,010	)	(31)%		(24,414	)	(46)%


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	9,451		$	9,852		$	10,186		$	9,742		$	9,071
Average Rates Per Day	$	7,371		$	7,447		$	7,323		$	7,324		$	7,001
Fleet Utilization (excluding crew transfer)		62	%		61	%		60	%		58	%		50		%
Fleet Utilization		61	%		63	%		68	%		62	%		53	%
Fleet Available Days (excluding crew transfer)		8,116			8,312			9,119			9,071			9,271
Fleet Available Days		11,536			11,808			12,617			12,528			12,601
Operating Revenues:
Time charter	$	52,127		$	55,382		$	62,902		$	56,826		$	47,142
Bareboat charter		1,143			1,168			1,168			1,156			1,143
Other marine services		2,979			14,382			6,185			2,719			3,436
	$	56,249		$	70,932			70,255		$	60,701		$	51,721
Costs and Expenses:
Operating:
Personnel		22,756			23,598			25,021			24,733			21,676
Repairs and maintenance		9,006			7,928			9,208			9,070			7,073
Drydocking		2,879			1,396			4,822			3,112			2,257
Insurance and loss reserves		1,474			2,093			1,857			1,934			1,190
Fuel, lubes and supplies		3,753			4,618			4,690			4,122			3,545
Other		4,409			2,532			3,000			3,009			2,607
		44,277			42,165			48,598			45,980			38,348
Direct Vessel Profit		11,972			28,767			21,657			14,721			13,373
Other Costs and Expenses:
Operating:
Lease expense		4,148			3,430			3,292			3,331			3,258
Administrative and general		12,000			11,795			11,767			15,041			12,374
Depreciation and amortization		17,193			16,986			17,342			18,406			19,512
		33,341			32,211			32,401			36,778			35,144
Gains (Losses) on Asset Dispositions and Impairments, Net		359			(7,745	)		586			1,055			(2,643		)
Operating Loss		(21,010	)		(11,189	)		(10,158	)		(21,002)			(24,414		)
Other Income (Expense):
Interest income		357			357			309			352			216
Interest expense		(7,735	)		(7,486	)		(7,761	)		(6,489)			(6,133		)
SEACOR Holdings guarantee fees		(29	)		(5	)		(5	)		(7)			(12		)
Debt extinguishment loss		-			-			(638	)		-			-
Derivative losses, net		(925	)		12,651			4,387			(2,668)			(11,516		)
Foreign currency gains, net		635			(466	)		(302	)		(818)			139
Other, net		-			(4	)	678				-			-
		(7,697	)		5,047			(3,332	)		(9,630)			(17,306		)
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(28,707	)		(6,142	)		(13,490	)		(30,632)			(41,720		)
Income Tax (Benefit) Expense		(3,831	)		(48	)		1,249			(4,724)			(9,824		)
Loss Before Equity in Earnings of 50% or Less Owned Companies		(24,876	)		(6,094	)		(14,739	)		(25,908	)		(31,896		)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax		(3,397	)		(1,875	)		(1,027	)		(721	)		208
Net Loss		(28,273	)		(7,969	)		(15,766	)		(26,629	)		(31,688		)
Net Loss attributable to Noncontrolling Interests in Subsidiaries		(2,724	)		(175	)		191			(1,605	)		(2,855		)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(25,549	)	$	(7,794	)	$	(15,957	)	$	(25,024	)	$	(28,833		)

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.	$	(1.11	)	$	(0.35	)	$	(0.71	)	$	(1.19	)	$	(1.64		)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		23,090			22,514			22,513			21,035			17,571
Common Shares and Warrants Outstanding at Period End		23,222			22,711			22,709			22,709			17,787


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			Latin America			Europe (primarily North Sea)			Total
For the Three Months Ended March 31, 2019
Time Charter Statistics:
Average Rates Per Day	$	10,588		$	9,461		$	8,386		$	12,900		$	4,819		$	7,371
Fleet Utilization		28	%		87	%		72	%		71	%		67	%		61	%
Fleet Available Days		2,698			1,313			2,061			541			4,923			11,536
Operating Revenues:
Time charter	$	8,005		$	10,773		$	12,499		$	4,922		$	15,928		$	52,127
Bareboat charter		—			—			—			1,143			—			1,143
Other marine services		1,132			(637	)		228			635			1,621			2,979
		9,137			10,136			12,727			6,700			17,549			56,249
Direct Costs and Expenses:
Operating:
Personnel		4,503			3,867			4,254			1,556			8,576			22,756
Repairs and maintenance		2,778			1,184			2,193			335			2,516			9,006
Drydocking		1,994			338			159			79			309			2,879
Insurance and loss reserves		592			213			327			135			207			1,474
Fuel, lubes and supplies		683			754			709			428			1,179			3,753
Other		90			2,106			1,100			521			592			4,409
		10,640			8,462			8,742			3,054			13,379			44,277
Direct Vessel (Loss) Profit	$	(1,503	)	$	1,674		$	3,985		$	3,646		$	4,170			11,972
Other Costs and Expenses:
Operating:
Lease expense	$	2,897		$	665		$	6		$	1		$	362			3,931
Administrative and general ⁽¹⁾																	12,217
Depreciation and amortization		5,498			2,356			4,249			1,936			3,154			17,193
																	33,341
Gains on Asset Dispositions and Impairments																	359
Operating Loss																$	(21,010	)
As of March 31, 2019
Property and Equipment:
Historical cost	$	416,559		$	207,167		$	310,297		$	119,699		$	241,223		$	1,294,945
Accumulated depreciation		(223,720	)		(59,652	)		(85,627	)		(60,444	)		(149,998	)		(579,441	)
	$	192,839		$	147,515		$	224,670		$	59,255		$	91,225		$	715,504
Total Assets ⁽²⁾	$	330,938		$	160,624		$	266,007		$	128,421		$	133,019		$	1,019,009

(1) Includes $217 facility lease expense

(2) Total assets by region does not include corporate assets, which are $93,340 as of March 31, 2019


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked	$	10,588		$	12,656		$	12,476		$	10,503		$	8,775
Fleet utilization		28	%		29	%		30	%		23	%		17	%
Fleet available days		2,698			2,983			3,433			3,710			4,050
Out-of-service days for repairs, maintenance and drydockings	232			143			147			292			219
Out-of-service days for cold-stacked status	1579				1,761			2,101			2,435			3,111
Operating Revenues:
Time charter	$	8,005		$	10,968		$	12,800		$	9,052		$	5,982
Other marine services		1,132			8,709			2,722			1,676			1,655
		9,137			19,677			15,522			10,728			7,637
Direct Costs and Expenses:
Operating:
Personnel		4,503			5,227			4,853			4,636			3,992
Repairs and maintenance		2,778			1,128			1,801			1,529			694
Drydocking		1,994			147			375			910			525
Insurance and loss reserves		592			974			612			902			434
Fuel, lubes and supplies		683			1,055			1,120			900			493
Other		90			185			154			29			25
		10,640			8,716			8,915			8,906			6,163
Direct Vessel (Loss) Profit	$	(1,503	)	$	10,961		$	6,607		$	1,822		$	1,474
Other Costs and Expenses:
Operating:
Lease expense	$	2,897		$	1,849		$	1,853		$	1,862		$	1,866
Depreciation and amortization		5,498			5,550			5,227			6,535			5,487

Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked	$	9,461		$	9,411		$	9,315		$	9,509		$	9,455
Fleet utilization		87	%		87	%		82	%		88	%		91	%
Fleet available days		1,313			1,310			1,475			1,331			1,260
Out-of-service days for repairs, maintenance and drydockings	58				—		92			46			31
Operating Revenues:
Time charter	$	10,773		$	10,730		$	11,201		$	11,122		$	10,794
Other marine services		(637	)		4,247			1,777			350			1,287
		10,136			14,977			12,978			11,472			12,081
Direct Costs and Expenses:
Operating:
Personnel		3,867			3,665			4,486			4,314			4,073
Repairs and maintenance		1,184			873			2,438			1,663			1,356
Drydocking		338			(28	)		1,201			910			2
Insurance and loss reserves		213			307			323			248			218
Fuel, lubes and supplies		754			1,176			1,081			900			669
Other		2,106			772			1,103			1,402			1,036
		8,462			6,765			10,632			9,437			7,354
Direct Vessel Profit	$	1,674		$	8,212		$	2,346		$	2,035		$	4,727
Other Costs and Expenses:
Operating:
Lease expense	$	665		$	958		$	960		$	962		$	963
Depreciation and amortization		2,356			2,341			2,381			2,924			2,807


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Middle East and Asia
Time Charter Statistics:
Average rates per day worked	$	8,386		$	8,856		$	8,156		$	8,226		$	8,072
Fleet utilization		72	%		70	%		76	%		82	%		66	%
Fleet available days		2,061			2,009			2,024			2,005			2,132
Out-of-service days for repairs, maintenance and drydockings	95			178			76			4			151
Out-of-service days for cold-stacked status	90				92			92			91			130
Operating Revenues:
Time charter	$	12,499		$	12,517		$	12,590		$	13,591		$	11,374
Other marine services		228			118			(83	)		(792	)		(130	)
		12,727			12,635			12,507			12,799			11,244
Direct Costs and Expenses:
Operating:
Personnel		4,254			4,354			4,361			4,069			4,022
Repairs and maintenance		2,193			3,077			2,091			3,576			2,428
Drydocking		159			949			352			72			(11	)
Insurance and loss reserves		327			389			385			361			236
Fuel, lubes and supplies		709			1,179			892			922			1,034
Other		1,100			984			952			836			1,208
		8,742			10,932			9,033			9,836			8,917
Direct Vessel Profit	$	3,985		$	1,703		$	3,474		$	2,963		$	2,327
Other Costs and Expenses:
Operating:
Lease expense	$	6		$	—		$	—		$	—		$	—
Depreciation and amortization		4,249			4,154			4,207			4,311			6,090

Latin America
Time Charter Statistics:
Average rates per day worked	$	12,900		$	11,866		$	17,604		$	19,127		$	15,272
Fleet utilization		71	%		72	%		80	%		57	%		41	%
Fleet available days		541			460			531			416			219
Out-of-service days for repairs, maintenance and drydockings	5				—			—			—			—
Out-of-service days for cold-stacked status	90			92			92			91			90
Operating Revenues:
Time charter	$	4,922		$	3,934		$	7,479		$	4,556		$	1,374
Bareboat charter		1,143			1,168			1,168			1,156			1,143
Other marine services		635			183			416			845			110
		6,700			5,285			9,063			6,557			2,627
Direct Costs and Expenses:
Operating:
Personnel		1,556			1,142			1,662			1,219			376
Repairs and maintenance		335			362			312			32			305
Drydocking		79			14			103			11			—
Insurance and loss reserves		135			96			163			169			67
Fuel, lubes and supplies		428			384			427			349			65
Other		521			232			350			488			60
		3,054			2,230			3,017			2,268			873
Direct Vessel Profit	$	3,646		$	3,055		$	6,046		$	4,289		$	1,754
Other Costs and Expenses:
Operating:
Lease expense	$	1		$	—		$	—		$	—		$	—
Depreciation and amortization		1,936			1,888			2,521			2,280			1,219


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked		4,819			4,676			4,287			4,823			5,164
Fleet utilization		67	%		73	%		85	%		76	%		69	%
Fleet available days		4,923			5,046			5,154			5,065			4,940
Out-of-service days for repairs, maintenance and drydockings	124			136			240			77			137
Out-of-service days for cold-stacked status	90				92			61			—			—
Operating Revenues:
Time charter	$	15,928		$	17,233		$	18,832		$	18,505		$	17,618
Other marine services		1,621			1,125			1,353			640			514
		17,549			18,358			20,185			19,145			18,132
Direct Costs and Expenses:
Operating:
Personnel		8,576			9,210			9,659			10,495			9,213
Repairs and maintenance		2,516			2,488			2,566			2,270			2,290
Drydocking		309			314			2,791			1,209			1,741
Insurance and loss reserves		207			327			374			254			235
Fuel, lubes and supplies		1,179			824			1,170			1,051			1,284
Other		592			359			441			254			278
		13,379			13,522			17,001			15,533			15,041
Direct Vessel Profit	$	4,170		$	4,836		$	3,184		$	3,612		$	3,091
Other Costs and Expenses:
Operating:
Lease expense	$	362		$	178		$	12		$	22		$	—
Depreciation and amortization		3,154			3,053			3,006			2,976			2,861


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked	$	8,502		$	8,506		$	9,269		$	13,381		$	10,322
Fleet utilization		38	%		26	%		28	%		23	%		21	%
Fleet available days		900			1,012			1,012			866			1,260
Out-of-service days for repairs, maintenance and drydockings	34			12			100			23			36
Out-of-service days for cold-stacked status	521				644			602			608			947
Operating Revenues:
Time charter	$	2,875		$	2,248		$	2,592		$	2,712		$	2,787
Other marine services		(658	)		2,426			1,244			(91	)		1,438
		2,217			4,674			3,836			2,621			4,225
Direct Costs and Expenses:
Operating:
Personnel		1,390			1,279			1,667			1,593			1,397
Repairs and maintenance		630			386			1,625			1,281			394
Drydocking		75			(70	)		1,168			945			480
Insurance and loss reserves		122			219			282			265			91
Fuel, lubes and supplies		62			467			582			586			153
Other		592			568			530			689			452
		2,871			2,849			5,854			5,359			2,967
Direct Vessel (Loss) Profit	$	(654	)	$	1,825		$	(2,018	)	$	(2,738	)	$	1,258
Other Costs and Expenses:
Operating:
Lease expense	$	1,539		$	1,847		$	1,851		$	1,855		$	1,858
Depreciation and amortization		575			679			689			532			1,490

Fast support
Time Charter Statistics:
Average rates per day worked	$	7,609		$	7,749		$	7,148		$	6,963		$	7,746
Fleet utilization		68	%		67	%		59	%		62	%		53	%
Fleet available days		3,295			3,187			3,709			3,820			3,780
Out-of-service days for repairs, maintenance and drydockings	72				151			131			53			109
Out-of-service days for cold-stacked status	622			659				1,037			1,191			1,253
Operating Revenues:
Time charter	$	17,083		$	16,453		$	15,678		$	16,488		$	15,427
Other marine services		(251	)		(952	)		(834	)		(505	)		(656	)
		16,832			15,501			14,844			15,983			14,771
Direct Costs and Expenses:
Operating:
Personnel		5,511			5,328			5,826			5,258			4,756
Repairs and maintenance		2,337			2,595			2,641			3,406			2,544
Drydocking		350			1			432			115			(9	)
Insurance and loss reserves		326			534			407			314			324
Fuel, lubes and supplies		1,102			1,368			1,016			1,015			795
Other		2,464			1,062			1,718			1,466			1,460
		12,090			10,888			12,040			11,574			9,870
Direct Vessel Profit	$	4,742		$	4,613		$	2,804		$	4,409		$	4,901
Other Costs and Expenses:
Operating:
Lease expense	$	352		$	341		$	342		$	342		$	342
Depreciation and amortization		5,944			5,525			5,780			6,585			6,585


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Supply
Time Charter Statistics:
Average rates per day worked	$	7,001		$	7,050		$	7,410		$	7,174		$	6,454
Fleet utilization		62	%		81	%		82	%		69	%		73	%
Fleet available days		501			460			565			637			633
Out-of-service days for repairs, maintenance and drydockings	60			27				—			—		16
Out-of-service days for cold-stacked status		—			—			—			19			68
Operating Revenues:
Time charter	$	2,182		$	2,631		$	3,442		$	3,149		$	3,002
Bareboat charter		1,143			1,168			1,168			1,156			1,143
Other marine services		781			619			1,066			39			(18	)
		4,106			4,418			5,676			4,344			4,127
Direct Costs and Expenses:
Operating:
Personnel		1,678			1,487			1,976			1,999			1,956
Repairs and maintenance		619			403			549			259			445
Drydocking		162			1,023			1,624			585			—
Insurance and loss reserves		105			130			145			134			102
Fuel, lubes and supplies		399			445			391			317			694
Other		1,144			762			254			1,048			719
		4,107			4,250			4,939			4,342			3,916
Direct Vessel (Loss) Profit	$	(1	)	$	168		$	737		$	2		$	211
Other Costs and Expenses:
Operating:
Lease expense	$	318		$	178		$	34		$	—		$	—
Depreciation and amortization		1,036			966			1,173			1,394			2,743

Standby safety
Time Charter Statistics:
Average rates per day worked	$	8,499		$	8,504		$	8,692		$	9,157		$	9,058
Fleet utilization		82	%		82	%		77	%		80	%		78	%
Fleet available days		1,620			1,734			1,809			1,746			1,849
Out-of-service days for repairs, maintenance and drydockings	71				89			117			46			87
Operating Revenues:
Time charter	$	11,308		$	12,024		$	12,036		$	12,791		$	13,051
Other marine services		31			11			50			39			40
		11,339			12,035			12,086			12,830			13,091
Direct Costs and Expenses:
Operating:
Personnel		6,133			6,774			5,855			8,148			6,938
Repairs and maintenance		1,422			1,601			1,627			1,464			1,554
Drydocking		309			273			1,156			624			1,741
Insurance and loss reserves		60			216			234			143			138
Fuel, lubes and supplies		947			657			975			843			991
Other		240			209			351			144			161
		9,111			9,730			10,198			11,366			11,523
Direct Vessel Profit	$	2,228		$	2,305		$	1,888		$	1,464		$	1,568
Other Costs and Expenses:
Depreciation and amortization	$	1,096		$	1,085		$	945		$	681		$	694


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Specialty
Time Charter Statistics:
Fleet available days		90			92			92			91			90
Out-of-service days for cold-stacked status		90			92			92			91			90
Operating Revenues:
Other marine services	$	—		$	337		$	—		$	—		$	—

Direct Costs and Expenses:
Operating:
Personnel		65			64			64			79			164
Repairs and maintenance		4			12			31			13			37
Drydocking		—			—			—			—			(6	)
Insurance and loss reserves		8			9			41			25			10
Fuel, lubes and supplies		31			33			65			(29	)		83
Other		95			70			67			93			104
		203			188			268			181			392
Direct Vessel (Loss) Profit	$	(203	)	$	149		$	(268	)	$	(181	)	$	(392	)
Other Costs and Expenses:
Depreciation and amortization		128			282			282			283			282

Liftboats
Time Charter Statistics:
Average rates per day worked	$	17,750		$	18,497		$	18,993		$	19,225		$	16,068
Fleet utilization		46	%		49	%		60	%		43	%		30	%
Fleet available days		1,710			1,827			1,932			1,911			1,659
Out-of-service days for repairs, maintenance and drydockings	224				132			86			266			116
Out-of-service days for cold-stacked status		526		550				554			708			933
Operating Revenues:
Time charter	$	13,877		$	16,631		$	22,171		$	15,788		$	8,126
Other marine services		2,080			1,926			2,922			1,569			756
		15,957			18,557			25,093			17,357			8,882
Direct Costs and Expenses:
Operating:
Personnel		5,097			5,546			5,621			4,671			3,461
Repairs and maintenance		2,828			1,971			1,827			1,553			1,134
Drydocking		1,983			167			433			842			51
Insurance and loss reserves		884			872			630			889			651
Fuel, lubes and supplies		1,005			1,485			1,482			1,153			668
Other		444			667			620			336			417
		12,241			10,708			10,613			9,444			6,382
Direct Vessel Profit	$	3,716		$	7,849		$	14,480		$	7,913		$	2,500
Other Costs and Expenses:
Operating:
Lease expense	$	1,498		$	638		$	641		$	644		$	638
Depreciation and amortization		6,053			6,098			6,188			6,333			5,025


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Crew transfer
Time Charter Statistics:
Average rates per day worked	$	2,325		$	2,283		$	2,253		$	2,330		$	2,305
Fleet utilization		60	%		68	%		89	%		73	%		62	%
Fleet available days		3,420			3,496			3,498			3,457			3,330
Out-of-service days for repairs, maintenance and drydockings	53			47			123			31			113
Out-of-service days for cold-stacked status		90			92			61			—			40
Operating Revenues:
Time charter	$	4,802		$	5,395		$	6,983		$	5,898		$	4,749
Other marine services		322			460			657			563			429
		5,124			5,855			7,640			6,461			5,178
Direct Costs and Expenses:
Operating:
Personnel		2,309			2,274			2,471			2,295			2,222
Repairs and maintenance		1,096			814			806			987			825
Drydocking		—			2			9			1			—
Insurance and loss reserves		104			94			130			93			103
Fuel, lubes and supplies		189			145			163			219			144
Other		113			165			104			173			96
		3,811			3,494			3,683			3,768			3,390
Direct Vessel Profit	$	1,313		$	2,361		$	3,957		$	2,693		$	1,788
Other Costs and Expenses:
Operating:
Lease expense	$	—		$	—		$	(22	)	$	22		$	—
Depreciation and amortization		2,031			679			689			532			1,490

Other Activity
Operating Revenues:
Other marine services	$	674		$	9,555		$	1,080		$	1,105		$	1,447
		674			9,555			1,080			1,105			1,447
Direct Costs and Expenses:
Operating:
Personnel		573			846			1,541			690			782
Repairs and maintenance		70			146			102			107			140
Insurance and loss reserves		(135	)		19			(12	)		71			(229	)
Fuel, lubes and supplies		18			18			16			18			17
Other		(683	)		(971	)		(644	)		(940	)		(802	)
		(157	)		58			1,003			(54	)		(92	)
Direct Vessel Profit	$	831		$	9,497		$	77		$	1,159		$	1,539
Other Costs and Expenses:
Operating:
Lease expense	$	224		$	(19	)	$	(21	)	$	(23	)	$	(13	)
Depreciation and amortization		330			196			192			218			265


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

	Three Months Ended
	Mar. 31, 2019			Dec. 31, 2018			Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018
Cash Flows from Operating Activities:
DVP		11,972			28,767		$	21,657		$	14,721		$	13,373
Operating, leased-in equipment (excluding amortization of deferred gains)		(5,157	)		(4,994	)		(4,834	)		(4,850	)		(4,834	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(11,860	)		(12,314	)		(11,452	)		(14,076	)		(12,357	)
SEACOR Holdings management and guarantee fees		(29	)		(5	)		(5	)		(7	)		(12	)
Dividends received from 50% or less owned companies		400			400			—			1,324			—
Other, net (excluding non-cash losses)		—			(3	)		249			—			—
		(4,674	)		11,851			5,615			(2,888	)		(3,830	)
Changes in operating assets and liabilities before interest and income taxes		5,372			(10,638	)		(16,587	)		(14,575	)		(4,938	)
Director share awards		—			—			—			893			—
Restricted stock vested		(282	)		(5	)		(32	)		(51	)		—
Cash settlements on derivative transactions, net		(75	)		1,420			102			(21	)		(129	)
Interest paid, excluding capitalized interest ⁽¹⁾		(4,664	)		(5,929	)		(5,498	)		(5,875	)		(2,828	)
Interest received		357			357			309			352			216
Income taxes refunded, net		1,999			40			(344	)		(12	)		—
Net cash used in operating activities		(1,967	)		(2,904	)		(16,435	)		(22,177	)		(11,509	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(20,813	)		(14,217	)		(21,601	)		(5,983	)		(8,557	)
Capitalized interest paid		(370	)		—			(614	)		(1,008	)		—
Proceeds from disposition of property and equipment		552			17,476			1,858			3,244			282
Net change in construction reserve fund		(48	)		7,535			2,556			7,209			—
Net investing activities in property and equipment		(20,679	)		10,794			(17,801	)		3,462			(8,275	)
Investments in and advances to 50% or less owned companies		(1,951	)		(3,672	)		1,770			(5,610	)		(19,950	)
Net investing activities in third party notes receivable		—			17			—			—			99
Sale of subsidiary to joint venture		—			—			8,017			—			—
Net cash (used in) provided by investing activities		(22,630	)		7,139			(8,014	)		(2,148	)		(28,126	)
Cash Flows from Financing Activities:
Payments on long-term debt		(4,361	)		(11,352	)		(2,851	)		(6,395	)		(28,807	)
Proceeds from issuance of long-term debt, net of issue costs		—			(336	)		43,882			—			18,471
Purchase of subsidiary shares from noncontrolling interests		(3,392	)		—			—			—			—
Proceeds from exercise of stock options and Warrants		108			20			—			813			—
Issuance of stock		—			—			—			54,012			1,793
Net cash (used in) provided by financing activities		(7,645	)		(11,668	)		41,031			48,430			(8,543	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		1,485			(233	)		(253	)		(970	)		682
Net Change in Cash, Cash Equivalents and Restricted Cash		(30,757	)		(7,666	)		16,329			23,135			(47,496	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		96,852			104,519			88,190			65,055			112,551
Cash, Restricted Cash and Cash Equivalents, End of Period	$	66,095		$	96,853		$	104,519		$	88,190		$	65,055


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

	March 31, 2019			December 31, 2018			September 30, 2018			June 30, 2018			March 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents	$	63,855		$	95,195		$	102,864		$	86,239		$	62,738
Restricted cash		2,240			1,657			1,655			1,951			2,316
Receivables:													`
Trade, net of allowance for doubtful accounts		67,900			64,125			75,349			57,658			45,664
Other		9,078			12,082			16,552			16,039			17,039
Inventories		4,139			3,443			3,646			3,666			3,975
Prepaid expenses and other		4,597			2,530			2,692			4,090			3,613
Total current assets		151,809			179,032			202,758			169,643			135,345
Property and Equipment:
Historical cost		1,294,945			1,242,733			1,279,000			1,287,855			1,320,496
Accumulated depreciation		(579,441	)		(561,272	)		(568,752	)		(564,477	)		(580,461	)
		715,504			681,461			710,248			723,378			740,035
Construction in progress		63,301			88,918			82,953			82,274			80,682
Net property and equipment		778,805			770,379			793,201			805,652			820,717
Right-of-Use Asset - Operating Leases		30,503			—			—			—			—
Investments, at Equity, and Advances to 50% or Less Owned Companies		119,520			121,773			120,340			115,424			112,219
Construction Reserve Funds		28,109			28,061			35,596			38,152			45,361
Other Assets		3,603			3,690			3,582			3,667			3,736
	$	1,112,349		$	1,102,935		$	1,155,477		$	1,132,538		$	1,117,378
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	17,918			—			—			—			—
Current portion of long-term debt		17,426			16,812			17,426			22,858			22,858
Accounts payable and accrued expenses		27,263			19,370			20,480			23,774			25,551
Due to SEACOR Holdings		535			452			463			746			1,583
Other current liabilities		47,567			46,983			63,772			56,469			55,365
Total current liabilities		110,709			83,617			102,141			103,847			105,357
Long-Term Operating Lease Liabilities		19,851			—			—			—			—
Long-Term Debt		384,344			387,854			397,738			348,912			405,234
Conversion Option Liability on Convertible Senior Notes		6,201			5,276			17,928			21,886			18,991
Deferred Income Taxes		41,831			44,682			46,120			49,789			56,024
Deferred Gains and Other Liabilities		7,290			26,571			26,662			27,289			28,600
Total liabilities		570,226			548,000			590,589			551,723			614,206
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		211			204			204			204			178
Additional paid-in capital		422,830			415,372			414,460			413,754			306,639
Retained earnings		111,701			126,834			134,628			150,585			175,609
Shares held in treasury		(373	)		(91	)		(86	)		(54	)		—
Accumulated other comprehensive loss, net of tax		(16,812	)		(16,788	)		(13,945	)		(13,129	)		(10,424	)
		517,557			525,531			535,261			551,360			472,002
Noncontrolling interests in subsidiaries		24,566			29,404			29,627			29,455			31,170
Total equity		542,123			554,935			564,888			580,815			503,172
	$	1,112,349		$	1,102,935		$	1,155,477		$	1,132,538		$	1,117,378


SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	March 31, 2019 ⁽¹⁾		December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
AHTS		11		12		13		13	19
FSV		42		41		47		49	50
Supply		42		39		29		29	29
Standby safety		18		19		20		21	22
Specialty		7		7		4		4	4
Liftboats		19		19		21		21	21
Crew transfer		43		42		42		42	41
	182		179		176		179		186

______________________

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


SEACOR MARINE HOLDINGS INC. UNAUDITED EXPECTED FLEET DELIVERIES

	2019						2020
	Q2		Q3		Q4		Q1		Q2		Q3		Q4		Deferred		Total
Fast support		-		-		-		-		1		-		-		2		3
Supply		-	2			-				-		-		-		-		2
Crew transfer				1		1		1		-		-		-		-		3
Platform supply		-	1		1		1			-		-		-		-		3

View source version on businesswire.com: https://www.businesswire.com/news/home/20190510005105/en/

Source: SEACOR Marine Holdings Inc.

Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com

Press Release Details

SEACOR Marine Announces First Quarter 2019 Results