SEACOR Marine Announces First Quarter 2020 Results

May 11, 2020 at 7:00 AM EDT

HOUSTON, May 11, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its first quarter ended March 31, 2020.

Notable first quarter items include:

Average dayrates, excluding those for the crew transfer vessel fleet, increased to $11,157 in the first quarter of 2020 from $11,071 in the fourth quarter of 2019. The improved average dayrates reflect the change in the Company’s fleet mix over the period.
SEACOR Marine closed its acquisition of the remaining minority interests in Falcon Global Holdings LLC, increasing its ownership stake to 100%. Obtaining full ownership of the liftboat fleet will allow SEACOR Marine to manage the business with full flexibility going forward, which the Company believes will create value for its shareholders.
First quarter results include one-time restructuring charges of $0.5 million from the Company’s continuing cost reduction initiatives. The Company maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.7 million. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020. The Company continues to evaluate additional opportunities for further cost reductions to adapt to the changing conditions.
First quarter revenues saw limited impact from COVID-19 and the drop in oil prices. The Company expects a deeper impact to revenues the rest of the year as a result of COVID-19 and reduced activity from its oil and gas customers due to lower commodity prices; however, the Company is unable to quantify such impact at this point but is closely monitoring and adjusting its operations accordingly.

Overall, total operating revenues for the first quarter were $41.7 million, operating loss was $24.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $17.1 million. This compares in the fourth quarter of 2019 to operating revenues of $49.1 million, operating loss of $10.5 million, and DVP of $23.1 million. The decrease in DVP in the first quarter was primarily driven by normal seasonally lower utilization, increased repairs and maintenance downtime and expense, and a reduction in available days due to vessel sales.

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

“I sincerely thank our employees at sea and ashore for their professionalism, dedication, and perseverance throughout the COVID-19 pandemic. Despite these difficult times, we have maintained safe, reliable operations for our customers worldwide.

“The business challenges from COVID-19 that began late in the first quarter and the unprecedented drop in oil prices continue to impact every aspect of the offshore oil and gas industry.

“We remain focused on having adequate financial liquidity to ride through this cycle. We continue to sell assets to optimize our fleet mix, while improving our margins and liquidity. Additionally, the passage of the CARES Act allows for the carryback of net operating tax losses to tax years prior to our spin-off from SEACOR Holdings Inc. (“SEACOR Holdings”) and corresponding tax refunds for those years. Subject to reaching an agreement with SEACOR Holdings, whose consent is required to make the necessary filings, we expect to receive a material amount of tax refunds over the next year, which will greatly assist to offset the potential effects to our business from COVID-19 and the recent drops in oil prices.

“We believe that, as we navigate these unprecedented times, the diversity of our assets, variety of missions supported by our equipment, and geographic spread of our operations will help mitigate the decline in business activity.”

For the first quarter of 2020, net loss attributable to SEACOR Marine was $15.9 million ($0.66 loss per basic and diluted share) and operating loss was $24.6 million. Net loss attributable to SEACOR Marine’s continuing operations for the first quarter of 2019 was $25.5 million ($1.11 loss per basic and diluted share) and operating loss was $21.0 million.

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 7 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 and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com

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

	Three Months Ended March 31,
	2020			2019
Operating Revenues	$	41,743		$	44,910
Costs and Expenses:
Operating		24,620			35,166
Administrative and general		10,765			10,812
Lease expense		3,407			4,137
Depreciation and amortization		15,001			16,097
		53,793			66,212
(Loss) Gain on Asset Dispositions and Impairments, Net		(12,572	)		268
Operating Loss		(24,622	)		(21,034	)
Other Income (Expense):
Interest income	$	676			354
Interest expense		(7,638	)		(7,664	)
SEACOR Holdings guarantee fees		(16	)		(29	)
Derivative gains (losses), net		5,114			(925	)
Foreign currency losses, net		65			670
		(1,799	)		(7,594	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(26,421	)		(28,628	)
Income Tax Benefit		(6,668	)		(3,831	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(19,753	)		(24,797	)
Equity in Losses of 50% or Less Owned Companies		(239	)		(3,476	)
Loss from Continuing Operations		(19,992	)		(28,273	)
(Loss) Income on Discontinued Operations, Net of Tax		—			—
Net Loss		(19,992	)		(28,273	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries		(4,047	)		(2,724	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(15,945	)	$	(25,549	)

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.66	)	$	(1.11	)
Discontinued operations		—			—
	$	(0.66	)	$	(1.11	)

Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		23,989,089			23,090,137

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

	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	11,157		$	11,071		$	10,946		$	10,387		$	9,796
Average Rates Per Day	$	7,163		$	7,260		$	6,981		$	6,843		$	7,109
Fleet Utilization (excluding crew transfer)		57	%		62	%		64	%		59	%		57	%
Fleet Utilization		63	%		68	%		74	%		69	%		58	%
Fleet Available Days (excluding crew transfer)		5,210			5,542			6,048			6,491			6,496
Fleet Available Days		8,668			9,007			9,578			9,990			9,916
Operating Revenues:
Time charter	$	39,290		$	44,465		$	49,747		$	47,270		$	40,819
Bareboat charter		724			834			1,765			1,389			1,143
Other marine services		1,729			3,771			3,188			4,153			2,948
		41,743			49,070			54,700			52,812			44,910
Costs and Expenses:
Operating:
Personnel		13,706			15,096			15,879			17,914			16,623
Repairs and maintenance		4,804			3,983			5,495			7,607			7,584
Drydocking		1,365			766			515			1,997			2,570
Insurance and loss reserves		939			1,663			1,198			1,763			1,414
Fuel, lubes and supplies		2,067			2,409			2,910			3,202			2,806
Other		1,739			2,061			1,214			2,887			4,169
		24,620			25,978			27,211			35,370			35,166
Direct Vessel Profit⁽¹⁾		17,123			23,092			27,489			17,442			9,744
Other Costs and Expenses:
Lease expense		3,407			3,570			4,153			4,298			4,137
Administrative and general		10,765			11,928			11,462			10,524			10,812
Depreciation and amortization		15,001			15,412			16,091			16,412			16,097
		29,173			30,910			31,706			31,234			31,046
(Losses) Gains on Asset Dispositions and Impairments, Net		(12,572	)		(2,679	)		862			(3,848	)		268
Operating Loss		(24,622	)		(10,497	)		(3,355	)		(17,640	)		(21,034	)
Other Income (Expense):
Interest income		676			559			317			215			354
Interest expense		(7,638	)		(7,397	)		(7,362	)		(7,633	)		(7,664	)
SEACOR Holdings guarantee fees		(16	)		(21	)		(26	)		(32	)		(29	)
Derivative losses (gains), net		5,114			(663	)		3,057			(1,398	)		(925	)
Foreign currency gains, net		65			(1,037	)		(370	)		(924	)		670
Other, net		—			(1	)		—			—			—
		(1,799	)		(8,560	)		(4,384	)		(9,772	)		(7,594	)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(26,421	)		(19,057	)		(7,739	)		(27,412	)		(28,628	)
Income Tax (Benefit) Expense		(6,668	)		(2,306	)		1,277			(3,052	)		(3,831	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(19,753	)		(16,751	)		(9,016	)		(24,360	)		(24,797	)
Equity in Losses of 50% or Less Owned Companies		(239	)		(2,425	)		(1,325	)		(7,078	)		(3,476	)
Loss from Continuing Operations		(19,992	)		(19,176	)		(10,341	)		(31,438	)		(28,273	)
(Loss) Income from Discontinued Operations, Net of Tax		—			(2,742	)		(7,899	)		1,174			—
Net Loss		(19,992	)		(21,918	)		(18,240	)		(30,264	)		(28,273	)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries		(4,047	)		(1,463	)		204			(1,875	)		(2,724	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(15,945	)	$	(20,455	)	$	(18,444	)	$	(28,389	)	$	(25,549	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.66	)	$	(0.74	)	$	(0.49	)	$	(1.31	)	$	(1.11	)
Discontinued operations		—			(0.12	)		(0.29	)		0.10			—
	$	(0.66	)	$	(0.86	)	$	(0.78	)	$	(1.21	)	$	(1.11	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		23,989			23,832			23,741			23,382			23,090
Common Shares and Warrants Outstanding at Period End		24,854			23,708			23,653			23,592			23,350

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	20,988		$	19,285		$	17,851		$	14,058		$	10,588
Fleet utilization		11	%		20	%		26	%		34	%		28	%
Fleet available days		1,864			1,956			2,340			2,669			2,698
Out-of-service days for repairs, maintenance and drydockings	116			6			159			325			232
Out-of-service days for cold-stacked status		1,301			1,301			1,131			1,322			1,579
Operating Revenues:
Time charter	$	4,375		$	7,408		$	10,914		$	12,628		$	8,005
Bareboat charter		724			732			597			233			—
Other marine services		642			516			838			1,320			1,132
		5,741			8,656			12,349			14,181			9,137
Direct Costs and Expenses:
Operating:
Personnel		2,928			3,432			4,353			5,203			4,503
Repairs and maintenance		617			782			1,508			2,515			2,778
Drydocking		1,057			252			547			1,801			1,994
Insurance and loss reserves		135			566			371			841			592
Fuel, lubes and supplies		524			407			739			1,107			683
Other		79			102			88			113			90
		5,340			5,541			7,606			11,580			10,640
Direct Vessel Profit (Loss)⁽¹⁾	$	401		$	3,115		$	4,743		$	2,601		$	(1,503	)
Other Costs and Expenses:
Lease expense	$	2,138		$	2,283		$	2,758		$	2,942		$	2,911
Depreciation and amortization		5,358			5,474			5,634			5,341			5,498

*Africa, primarily West Africa*
Time Charter Statistics:
Average rates per day worked	$	9,249		$	9,435		$	9,316		$	9,365		$	9,461
Fleet utilization		89	%		88	%		91	%		81	%		87	%
Fleet available days		1,346			1,349			1,380			1,365			1,313
Out-of-service days for repairs, maintenance and drydockings		56			68			—		54			58
Operating Revenues:
Time charter	$	11,095		$	11,249		$	11,738		$	10,400		$	10,773
Other marine services		167			1,216			129			753			(637	)
		11,262			12,465			11,867			11,153			10,136
Direct Costs and Expenses:
Operating:
Personnel		2,695			3,230			3,308			3,428			3,867
Repairs and maintenance		1,435			1,242			1,323			952			1,184
Drydocking		8			253			(53	)		(48	)		338
Insurance and loss reserves		193			369			230			239			213
Fuel, lubes and supplies		472			817			961			939			754
Other		571			976			499			773			2,106
		5,374			6,887			6,268			6,283			8,462
Direct Vessel Profit⁽¹⁾	$	5,888		$	5,578		$	5,599		$	4,870		$	1,674
Other Costs and Expenses:
Lease expense	$	1,126		$	757		$	761		$	787		$	785
Depreciation and amortization		2,604			2,608			2,681			2,759			2,356

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,634		$	8,843		$	8,795		$	8,182		$	8,386
Fleet utilization		73	%		82	%		83	%		79	%		72	%
Fleet available days		1,671			1,901			2,020			2,026			2,061
Out-of-service days for repairs, maintenance and drydockings	200			15			129			73			95
Out-of-service days for cold-stacked status	48			153			184			115			90
Operating Revenues:
Time charter	$	11,767		$	13,840		$	14,798		$	13,175		$	12,499
Other marine services		420			678			414			349			228
		12,187			14,518			15,212			13,524			12,727
Direct Costs and Expenses:
Operating:
Personnel		3,811			4,129			4,023			4,292			4,254
Repairs and maintenance		1,246			973			1,387			2,629			2,193
Drydocking		414			146			20			275			159
Insurance and loss reserves		339			408			333			381			327
Fuel, lubes and supplies		665			769			701			725			709
Other		683			635			567			793			1,100
		7,158			7,060			7,031			9,095			8,742
Direct Vessel Profit⁽¹⁾	$	5,029		$	7,458		$	8,181		$	4,429		$	3,985
Other Costs and Expenses:
Lease expense	$	45		$	42		$	43		$	42		$	46
Depreciation and amortization		3,790			3,963			3,914			4,274			4,249

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	9,397		$	8,649		$	6,867		$	8,074		$	12,900
Fleet utilization		93	%		69	%		71	%		63	%		71	%
Fleet available days		389			429			399			400			541
Out-of-service days for repairs, maintenance and drydockings	3			35			5			3			5
Out-of-service days for cold-stacked status		—		65			92			91			90
Operating Revenues:
Time charter	$	3,396		$	2,541		$	1,951		$	2,046		$	4,922
Bareboat charter		—			102			1,168			1,156			1,143
Other marine services		149			261			221			273			635
		3,545			2,904			3,340			3,475			6,700
Direct Costs and Expenses:
Operating:
Personnel		1,215			1,081			846			976			1,556
Repairs and maintenance		392			234			298			481			335
Drydocking		(114	)		114			—			(32	)		79
Insurance and loss reserves		69			79			31			66			135
Fuel, lubes and supplies		135			127			187			314			428
Other		305			188			(87	)		560			521
		2,002			1,823			1,275			2,365			3,054
Direct Vessel Profit⁽¹⁾	$	1,543		$	1,081		$	2,065		$	1,110		$	3,646
Other Costs and Expenses:
Lease expense	$	9		$	9		$	—		$	—		$	1
Depreciation and amortization		899			1,037			1,573			1,659			1,936

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked		3,471			3,505			3,146			2,972			2,339
Fleet utilization		73	%		80	%		96	%		86	%		60	%
Fleet available days		3,398			3,373			3,439			3,530			3,303
Out-of-service days for repairs, maintenance and drydockings	122			107			3			159			53
Out-of-service days for cold-stacked status		—			—		92			91			90
Operating Revenues:
Time charter	$	8,657		$	9,427		$	10,346		$	9,021		$	4,620
Other marine services		351			1,100			1,586			1,458			1,590
		9,008			10,527			11,932			10,479			6,210
Direct Costs and Expenses:
Operating:
Personnel		3,057			3,224			3,349			4,015			2,443
Repairs and maintenance		1,114			752			979			1,030			1,094
Drydocking		—			1			1			1			—
Insurance and loss reserves		203			241			233			236			147
Fuel, lubes and supplies		271			289			322			117			232
Other		101			160			147			648			352
		4,746			4,667			5,031			6,047			4,268
Direct Vessel Profit for Continuing Operations⁽¹⁾	$	4,262		$	5,860		$	6,901		$	4,432		$	1,942
Other Costs and Expenses:
Lease expense	$	89		$	479		$	609		$	546		$	405
Depreciation and amortization		2,350			2,330			2,289			2,379			2,058

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	8,012		$	8,095		$	7,790		$	7,597		$	8,502
Fleet utilization		39	%		48	%		53	%		49	%		38	%
Fleet available days		709			705			736			910			900
Out-of-service days for repairs, maintenance and drydockings	74			33			10			31			34
Out-of-service days for cold-stacked status	273			337			332			437			521
Operating Revenues:
Time charter	$	2,225		$	2,714		$	3,059		$	3,360		$	2,875
Other marine services		559			1,076			365			869			(658	)
		2,784			3,790			3,424			4,229			2,217
Direct Costs and Expenses:
Operating:
Personnel		892			1,212			1,418			2,001			1,390
Repairs and maintenance		408			330			524			632			630
Drydocking		22			-			8			96			75
Insurance and loss reserves		45			208			179			266			122
Fuel, lubes and supplies		216			145			252			262			62
Other		259			366			404			411			592
		1,842			2,261			2,785			3,668			2,871
Direct Vessel Profit (Loss)⁽¹⁾	$	942		$	1,529		$	639		$	561		$	(654	)
Other Costs and Expenses:
Lease expense	$	1,216		$	872		$	1,357		$	1,527		$	1,539
Depreciation and amortization		561			522			568			575			575

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	8,472		$	8,257		$	8,133		$	7,624		$	7,609
Fleet utilization		76	%		78	%		78	%		71	%		68	%
Fleet available days		2,521			2,935			3,156			3,275			3,295
Out-of-service days for repairs, maintenance and drydockings	156			82			81			134			72
Out-of-service days for cold-stacked status	273			341			459			545			622
Operating Revenues:
Time charter	$	16,284		$	18,877		$	20,079		$	17,709		$	17,083
Bareboat charter		724			732			597			233			—
Other marine services		(355	)		(40	)		(200	)		(179	)		(251	)
		16,653			19,569			20,476			17,763			16,832
Direct Costs and Expenses:
Operating:
Personnel		4,659			5,071			5,486			5,796			5,511
Repairs and maintenance		2,278			1,873			2,204			2,682			2,337
Drydocking		36			357			(27	)		136			350
Insurance and loss reserves		332			541			347			385			326
Fuel, lubes and supplies		904			1,098			1,395			1,602			1,102
Other		1,000			1,346			959			1,713			2,464
		9,209			10,286			10,364			12,314			12,090
Direct Vessel Profit⁽¹⁾	$	7,444		$	9,283		$	10,112		$	5,449		$	4,742
Other Costs and Expenses:
Lease expense	$	352		$	352		$	351		$	352		$	352
Depreciation and amortization		5,118			5,447			5,646			5,929			5,944

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*Supply*
Time Charter Statistics:
Average rates per day worked	$	7,360		$	7,179		$	6,755		$	6,906		$	7,001
Fleet utilization		79	%		87	%		96	%		53	%		62	%
Fleet available days		2,521			338			398			486			501
Out-of-service days for repairs, maintenance and drydockings		3			—			—		118			60
Operating Revenues:
Time charter	$	2,520		$	2,114		$	2,589		$	1,787		$	2,182
Bareboat charter		—			102			1,168			1,156			1,143
Other marine services		(69	)		582			863			799			781
		2,451			2,798			4,620			3,742			4,106
Direct Costs and Expenses:
Operating:
Personnel		1,206			1,369			1,266			1,617			1,678
Repairs and maintenance		348			159			276			1,085			619
Drydocking		—			142			1			82			162
Insurance and loss reserves		67			65			66			78			105
Fuel, lubes and supplies		119			377			205			98			399
Other		397			314			57			842			1,144
		2,137			2,426			1,871			3,802			4,107
Direct Vessel Profit (Loss)⁽¹⁾	$	314		$	372		$	2,749		$	(60	)	$	(1	)
Other Costs and Expenses:
Lease expense		—		$	381		$	517		$	433		$	318
Depreciation and amortization		787			823			1,167			1,223			1,036

*Specialty*
Time Charter Statistics:
Fleet available days		91			92			92			91			90
Out-of-service days for cold-stacked status		91			92			92			91			90
Operating Revenues:
Other marine services	$	—		$	—		$	—		$	—		$	—

Direct Costs and Expenses:
Operating:
Personnel		13			6			13			23			65
Repairs and maintenance		11			5			1			3			4
Insurance and loss reserves		20			9			18			20			8
Fuel, lubes and supplies		22			—			2			(24	)		31
Other		101			64			75			77			95
		167			84			109			99			203
Direct Vessel Loss⁽¹⁾	$	(167	)	$	(84	)	$	(109	)	$	(99	)	$	(203	)
Other Costs and Expenses:
Operating:
Depreciation and amortization		128			128			128			127			128

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	27,513		$	27,453		$	26,172		$	20,993		$	17,750
Fleet utilization		31	%		36	%		39	%		47	%		46	%
Fleet available days		8,668			1,472			1,665			1,729			1,710
Out-of-service days for repairs, maintenance and drydockings	141			6			153			292			224
Out-of-service days for cold-stacked status		664			657			432			455			526
Operating Revenues:
Time charter	$	12,339		$	14,375		$	16,830		$	16,932		$	13,877
Other marine services		250			732			795			1,481			2,080
		12,589			15,107			17,625			18,413			15,957
Direct Costs and Expenses:
Operating:
Personnel		4,097			4,588			4,824			5,360			5,097
Repairs and maintenance		650			776			1,656			2,189			2,828
Drydocking		1,307			267			532			1,683			1,983
Insurance and loss reserves		679			711			484			921			884
Fuel, lubes and supplies		490			550			899			1,076			1,005
Other		147			338			221			251			444
		7,370			7,230			8,616			11,480			12,241
Direct Vessel Profit⁽¹⁾	$	5,219		$	7,877		$	9,009		$	6,933		$	3,716
Other Costs and Expenses:
Lease expense	$	1,497		$	1,497		$	1,498		$	1,497		$	1,498
Depreciation and amortization		6,128			6,136			6,247			6,055			6,053

*Crew transfer*
Time Charter Statistics:
Average rates per day worked	$	2,375		$	2,378		$	2,220		$	2,431		$	2,325
Fleet utilization		72	%		77	%		92	%		88	%		60	%
Fleet available days		3,458			3,465			3,531			3,499			3,420
Out-of-service days for repairs, maintenance and drydockings	122			111			52			39			53
Out-of-service days for cold-stacked status		48			92			184			91			90
Operating Revenues:
Time charter	$	5,922		$	6,385		$	7,190		$	7,482		$	4,802
Other marine services		315			389			577			499			322
		6,237			6,774			7,767			7,981			5,124
Direct Costs and Expenses:
Operating:
Personnel		2,592			2,435			2,432			2,665			2,309
Repairs and maintenance		1,056			693			775			933			1,096
Drydocking		—			—			—			—			—
Insurance and loss reserves		99			124			113			93			104
Fuel, lubes and supplies		230			220			152			167			189
Other		86			75			96			113			113
		4,063			3,547			3,568			3,971			3,811
Direct Vessel Profit⁽¹⁾	$	2,174		$	3,227		$	4,199		$	4,010		$	1,313
Other Costs and Expenses:
Depreciation and amortization	$	1,717		$	1,837		$	1,819		$	1,920		$	2,031

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
*Other Activity*
Operating Revenues:
Other marine services	$	1,029		$	1,032		$	788		$	684		$	674
		1,029			1,032			788			684			674
Direct Costs and Expenses:
Operating:
Personnel		247			415			440			452			573
Repairs and maintenance		53			147			59			83			70
Insurance and loss reserves		(303	)		5			(9	)		—			(135	)
Fuel, lubes and supplies		86			19			5			21			18
Other		(251	)		(442	)		(598	)		(520	)		(683	)
		(168	)		144			(102	)		36			(157	)
Direct Vessel Profit⁽¹⁾	$	1,197		$	888		$	890		$	648		$	831
Other Costs and Expenses:
Lease expense	$	342		$	468		$	448		$	508		$	224
Depreciation and amortization		562			519			516			583			330

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

	Three Months Ended
	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
Cash Flows from Continuing Operating Activities:
DVP ⁽¹⁾		17,123			23,092			27,489			17,442			9,744
Operating, leased-in equipment (excluding amortization of deferred gains)		(3,838	)		(4,648	)		(4,963	)		(4,886	)		(4,842	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(9,776	)		(10,773	)		(9,160	)		(9,696	)		(10,455	)
SEACOR Holdings management and guarantee fees		(16	)		(21	)		(26	)		(32	)		(29	)
Dividends received from 50% or less owned companies		—			800			873			—			400
Other, net (excluding non-cash losses)		—			(2	)		—			—			—
		3,493			8,448			14,213			2,828			(5,182	)
Changes in operating assets and liabilities before interest and income taxes		(7,144	)		7,758			(7,236	)		4,921			2,924
Director share awards		—			—			—			894			—
Restricted stock vested		(175	)		(55	)		(240	)		—			(282	)
Cash settlements on derivative transactions, net		(214	)		(190	)		(546	)		275			(75	)
Interest paid, excluding capitalized interest ⁽¹⁾		(4,744	)		(6,255	)		(5,633	)		(5,971	)		(4,593	)
Interest received		676			560			316			215			354
Income taxes refunded, net		—			—			—			—			1,999
Net cash (used in) provided operating activities		(8,108	)		10,266			874			3,162			(4,855	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(11,244	)		(5,890	)		(9,547	)		(19,386	)		(20,633	)
Proceeds from disposition of property and equipment		3,105			36,418			10,119			9,268			378
Proceeds from the sale of ERRV fleet		—			27,390			—			—			—
Cash Impact of sale of ERRV fleet		—			(5,140	)		—			—			—
Net change in construction reserve fund		9,148			5,268			1,951			7,997			(48	)
Net investing activities in property and equipment		1,009			58,046			2,523			(2,121	)		(20,303	)
Investments in and advances to 50% or less owned companies		(245	)		(6,062	)		(8,686	)		(718	)		(1,951	)
Capital distributions from equity investees		—			48			413			—			—
Principal payments on notes due from equity investees		—			—			22			—			—
Net cash provided by (used in) investing activities		764			52,032			(5,728	)		(2,839	)		(22,254	)
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(5,222	)		(3,899	)		(11,976	)		(3,738	)		(4,361	)
Purchase of subsidiary shares from noncontrolling interests		—			—			—			—			(3,392	)
Proceeds from exercise of stock options and Warrants		—			340			973			3			108
Net cash (used in) provided by financing activities		(5,222	)		(3,559	)		(11,003	)		(3,735	)		(7,645	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(1,908	)		(19,238	)		(472	)		1,195			873
Net Change in Cash, Cash Equivalents and Restricted Cash		(14,474	)		39,501			(16,329	)		(2,217	)		(33,881	)
Cash Flows from Discontinued Operations
Operating Activities		—			4,297			(446	)		(747	)		2,888
Investing Activities		—			(4,462	)		(116	)		(615	)		(376	)
Effects of FX Rate Changes on Cash and Cash Equivalents		—			3,322			268			(1,504	)		612
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:		—			3,157			(294	)		(2,866	)		3,124
Net Change in Cash, Cash Equivalents and Restricted Cash		(14,474	)		42,658			(16,623	)		(5,083	)		(30,757	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		87,047			44,389			61,012			66,095			96,852
Cash, Restricted Cash and Cash Equivalents, End of Period	$	72,573		$	87,047		$	44,389		$	61,012		$	66,095

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

	Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	69,220		$	83,943		$	38,155		$	55,763		$	57,158
Restricted cash		3,353			3,104			4,016			2,240			2,240
Receivables:
Trade, net of allowance for doubtful accounts		48,192			49,128			58,954			60,711			61,586
Other		27,872			18,531			6,835			9,682			7,998
Inventories		1,575			1,228			1,408			1,660			2,779
Prepaid expenses and other		2,653			2,612			3,146			3,710			4,266
Discontinued operations		—			—			13,127			13,891			15,782
Total current assets		152,865			158,546			125,641			147,657			151,809
Property and Equipment:
Historical cost		930,264			976,978			1,063,290			1,099,221			1,168,104
Accumulated depreciation		(312,911	)		(358,962	)		(400,628	)		(425,881	)		(478,239	)
		617,353			618,016			662,662			673,340			689,865
Construction in progress		55,302			74,344			70,275			67,063			62,750
Net property and equipment		672,655			692,360			732,937			740,403			752,615
Right-of-Use Asset - Operating Leases		8,990			17,313			18,774			27,390			30,503
Investments, at Equity, and Advances to 50% or Less Owned Companies		125,010			124,680			118,222			112,418			119,520
Construction Reserve Funds		3,745			12,893			18,161			20,112			28,109
Other Assets		3,270			3,401			3,422			3,627			3,603
Discontinued operations		—			—			23,349			25,092			26,193
	$	966,535		$	1,009,193		$	1,040,506		$	1,076,699		$	1,112,352
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	13,359		$	15,099		$	15,182		$	16,552		$	17,918
Current portion of long-term debt		37,084			17,802			23,446			20,651			17,426
Accounts payable and accrued expenses		32,023			25,691			26,507			31,504			24,970
Due to SEACOR Holdings		66			74			77			74			535
Other current liabilities		29,949			36,151			42,372			47,185			45,967
Discontinued operations		—			—			3,813			3,813			3,893
Total current liabilities		112,481			94,817			111,397			119,779			110,709
Long-Term Operating Lease Liabilities		7,859			9,822			12,878			16,775			19,851
Long-Term Debt		356,729			380,251			375,772			379,075			384,344
Conversion Option Liability on Convertible Senior Notes		91			5,205			4,543			7,599			6,201
Deferred Income Taxes		26,113			33,905			36,921			37,066			41,834
Deferred Gains and Other Liabilities		7,951			6,269			4,848			5,165			7,290
Total liabilities		511,224			530,269			546,359			565,459			570,229
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		231			219			219			218			211
Additional paid-in capital		447,425			429,318			427,823			424,549			422,830
Retained earnings		11,131			27,076			64,929			83,312			111,701
Shares held in treasury		(844	)		(669	)		(614	)		(374	)		(373	)
Accumulated other comprehensive loss, net of tax		(2,971	)		1,548			(21,105	)		(19,156	)		(16,812	)
		454,972			457,492			471,252			488,549			517,557
Noncontrolling interests in subsidiaries		339			21,432			22,895			22,691			24,566
Total equity		455,311			478,924			494,147			511,240			542,123
	$	966,535		$	1,009,193		$	1,040,506		$	1,076,699		$	1,112,352

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total ⁽²⁾
March 31, 2020
AHTS		4		—		4		—		8
FSV		28		5		1		1	35
Supply		5		34		—		2	41
Specialty		1		3		—		—	4
Liftboats		14		—		2		—	16
Crew transfer		38		5		—		—	43
		90		47		7		3		147
December 31, 2019
AHTS		4		—		4		—		8
FSV		30		5		1		1		37
Supply		4		34		—		2		40
Specialty		1		3		—		1		5
Liftboats		14		—		2		—		16
Crew transfer		38		5		—		—		43
		91		47		7		4		149

______________________

(2)

Excludes one owned vessel that have been retired and removed from service.

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces First Quarter 2020 Results