Continued Improvement in Operating Performance

HOUSTON--(BUSINESS WIRE)-- 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 fourth quarter and twelve months ended December 31, 2018.

Fourth quarter highlights include:

• Total operating revenues increased 43.8% as compared with the fourth quarter of 2017, in what is historically a seasonally slow quarter.

• Cash flows from operating activities increased to $11.9 million from $5.6 million in the prior quarter.

• Operating loss decreased by $24.6 million to $11.2 million from $35.8 million in the fourth quarter of 2017, representing a 68.8% year over year improvement.
• Consolidated direct vessel profit ("DVP")(1) increased 32.8% to $28.8 million from $21.7 million in the third quarter of 2018, an increase of 146.0% from $11.7 million in the fourth quarter of 2017, and an increase of 189.4% to $78.5 million in the year ended December 31, 2018 from $27.1 million in the year ended December 31, 2017.
• Expanded presence in Brazil through the formation of a new joint venture to acquire UP Offshore.

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

"Our business improved steadily throughout the year and we closed 2018 with our sixth consecutive quarterly increase in direct vessel profit, and nearly doubled our cash flow from operating activities from the prior quarter. This improvement is especially notable as the last quarter of the year is usually a seasonally slow period of activity for our liftboats in the Gulf of Mexico and crew transfer vessels ("CTVs") in the North Sea. To the extent there was some seasonal reduction it was offset by improved results from nearly all other classes of vessels and a one-time recognition of previously deferred revenues in the U.S. Gulf of Mexico.

As part of our continued commitment to actively managing our fleet, we sold an additional six fast support vessels ("FSVs"), two liftboats and one standby safety vessel during the fourth quarter, taking us to a total of 16 vessel dispositions for 2018. These sales were offset during 2018 by the addition of two CTVs and six liftboats as well as the net addition of 16 vessels to the managed fleet through non-consolidated joint ventures. As of December 31, 2018, the net book value of our property and equipment was $681.5 million, an increase of $61.8 million compared to the end of 2017. Collectively, the sale transactions in the fourth quarter generated a net gain of $3.8 million before asset impairments.

The improvement in 2018 and positive beginning to 2019 is encouraging. We hope for continued upticks in demand and believe our asset base and geographical reach place us in a unique position."

A comparison of results for the fourth quarter ended December 31, 2018 with the preceding quarter ended September 30, 2018 is included below.

For the fourth quarter and twelve months ended December 31, 2018, net loss attributable to SEACOR Marine was $7.8 million ($0.35 per diluted share) and $77.6 million ($3.71 per diluted share), respectively, and operating loss was $11.2 million and $66.8 million, respectively. Net loss attributable to SEACOR Marine for the preceding quarter ended September 30, 2018 was $16.0 million ($0.71 per diluted share).

For the fourth quarter ended December 31, 2017, net income attributable to SEACOR Marine was $29.0 million ($1.20 per diluted share). For the twelve months ended December 31, 2017 net loss attributable to SEACOR Marine was $32.9 million ($1.87 per diluted share). Operating losses attributable to SEACOR Marine for the fourth quarter and twelve months ended December 31, 2017 were $35.8 million and $128.4 million, respectively.

Operating Revenues. On a total fleet basis, time charter revenues were $7.5 million lower compared with the preceding quarter, resulting from (i) an increase in time charter revenues of $1.1 million due to an increase in average rates per day worked and (ii) a decline in time charter revenues of (a) $4.3 million due to reduced utilization (of which $1.4 million was related to the effects of cold stacking vessels), (b) $2.4 million due to the repositioning of vessels between geographic regions, (c) $1.7 million due to net fleet dispositions and (d) $0.2 million due to unfavorable changes in currency exchange rates. Other marine services revenues were $8.1 million higher compared with the preceding quarter.

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 $28.8 million compared with $21.7 million in the preceding quarter, an increase of $7.1 million. The increase was primarily driven by a $6.4 million decrease in operating expenses and an increase in fleet utilization, excluding CTVs, from 60% to 61%, offset by a $0.5 million decrease in operating revenues and a decrease in average rates per day worked from $10,186 to $9,852. Drydocking expenses were $3.4 million lower than the previous quarter due to timing of drydockings. Results by region are as follows:

United States, primarily Gulf of Mexico. DVP was $11.0 million compared with $6.6 million in the preceding quarter, a $4.4 million improvement. Time charter revenues were $1.8 million lower compared with the preceding quarter, of which $1.5 million related to the liftboat fleet, primarily due to lower utilization. Other marine services revenues were $6.0 million higher compared with the preceding quarter, primarily due to the recognition of previously deferred revenue. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 30% to 29%, and average rates per day worked increased from $12,476 to $12,656. Primarily due to net fleet dispositions, days available for charter decreased by 13% and operating expenses decreased by $0.2 million. As of December 31, 2018, the Company had 18 of 30 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply ("AHTS") vessels, five FSVs, six liftboats and one specialty vessel) compared with 22 of 38 vessels as of September 30, 2018. As of December 31, 2018, the Company had five vessels retired and removed from service in this region (four AHTS vessels and one supply vessel).

Africa, primarily West Africa. DVP was $8.2 million compared with $2.3 million in the preceding quarter, a $5.9 million improvement. Time charter revenues were $0.5 million lower compared with the preceding quarter, primarily due to net fleet dispositions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 82% to 87%, and average rates per day worked increased from $9,315 to $9,411. Days available for charter decreased by 11% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions. Other marine services revenues were $2.4 million higher compared with the preceding quarter, primarily due to the recognition of revenue previously deferred. Operating expenses (excluding leased-in equipment of $1.0 million) were $3.9 million lower compared with the preceding quarter primarily due to the timing of drydockings, a decrease in repair costs and the net disposition of vessels. As of December 31, 2018, the Company had one specialty vessel retired and removed from service in this region.

Middle East and Asia. DVP was $1.7 million compared with $3.5 million in the preceding quarter, a decrease of $1.8 million. Time charter revenues were $0.1 million lower compared with the preceding quarter, primarily due to the net disposition of vessels. Other marine services revenues were $0.2 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 76% to 70%, and average rates per day worked increased from $8,156 to $8,856. Days available for charter decreased by 1% primarily due to net fleet dispositions. Operating expenses were $1.9 million higher compared with the preceding quarter, primarily due to the mobilization and drydocking of one supply vessel. As of December 31, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one AHTS vessel) compared with one of 22 vessels as of September 30, 2018. As of December 31, 2018, the Company had one specialty vessel retired and removed from service in this region.

Brazil, Mexico, Central and South America. DVP was $3.1 million compared with $6.0 million in the preceding quarter, a decrease of $2.9 million. Time charter revenues were $3.5 million lower compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions. Other marine services revenues were $0.2 million lower. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 80% to 72% and average rates per day worked decreased from $17,604 to $11,866. Days available for charter decreased by 13% driven by repositioning of vessels, primarily liftboats, between geographic regions. Operating expenses were $0.8 million lower compared with the preceding quarter. As of December 31, 2018, the Company had one of seven owned and leased-in vessels cold-stacked in this region.

Europe, primarily North Sea. DVP was $4.8 million compared with $3.2 million in the preceding quarter, an improvement of $1.6 million. Time charter revenues were $1.6 million lower, primarily due to a seasonal decrease in utilization of the CTVs. Other marine services revenues were $0.2 million lower. For the standby safety fleet, utilization increased from 77% to 82%, and average rates per day worked decreased from $8,692 to $8,504. For the CTVs, utilization decreased from 91% to 69%, and average rates per day worked increased from $2,260 to $2,293. Operating expenses (excluding leased-in equipment of $0.2 million) were $3.4 million lower compared with the preceding quarter primarily due to the timing of drydockings. As of December 31, 2018, the Company had one of 54 owned and leased-in vessels cold-stacked in this region (one CTV).

___________________

(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. Fourth quarter 2018 administrative and general expenses were flat compared with the preceding quarter primarily due to higher legal and professional fees, severance and relocation expenses, and acceleration of stock awards, offset by a decrease in bad debt expense due to collection of a previously reserved receivable.

Depreciation and amortization. Depreciation and amortization costs were $0.4 million lower compared with the preceding quarter primarily due to net asset dispositions.

Asset Dispositions and Impairments. During the fourth quarter, the Company sold six FSVs, two liftboats, one standby safety vessel and other equipment for net proceeds of $10.0 million and a gain of $3.8 million, all of which was recognized in this quarter. The Company also recognized impairment charges of $11.6 million associated with three AHTS vessels and one specialty vessel. During the preceding quarter, the Company sold two FSVs, two CTVs, one PSV, 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 in the preceding quarter.

Derivative gains (losses). Net derivative gains during fourth quarter 2018 were $12.7 million, and net derivative gains during the preceding quarter of $4.4 million, were primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in the Company's convertible senior notes.

Income tax benefit. The Company's year-to-date effective income tax rate was a benefit of 14.5% 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 fourth quarter 2018 were $1.9 million compared with equity losses of $1.0 million in the preceding quarter.

Capital Commitments. As of December 31, 2018, the Company had unfunded capital commitments of $78.2 million that included four FSVs, three supply vessels, two CTVs and three PSVs. The Company’s capital commitments by year of expected payment are as follows (in thousands):

2019																																																																											51,132
2020																																																																											27,046
																																																																										$	78,178

In addition, the Company has indefinitely deferred an additional $20.2 million of orders with respect to two FSVs, which the Company had previously reported as unfunded capital commitments.

Liquidity and Debt. As of December 31, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $124.9 million and its total outstanding debt was $404.7 million (net of $38.3 million in discount and issuance costs). As of December 31, 2018, construction reserve funds of $28.1 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. 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 INCOME (LOSS) (in thousands, except share data)
					Three Months Ended December 31,												Twelve Months Ended December 31,
					2018						2017						2018						2017
Operating Revenues					$	70,932					$	49,343					$	253,609					$	173,783
Costs and Expenses:
Operating						45,150						40,480						186,566						159,599
Administrative and general						12,240						12,368						52,813						56,217
Depreciation and amortization						16,986						20,021						72,246						62,779
						74,376						72,869						311,625						278,595
Losses on Asset Dispositions and Impairments, Net						(7,745	)					(12,304	)					(8,747	)					(23,547	)
Operating Loss						(11,189	)					(35,830	)					(66,763	)					(128,359	)
Other Income (Expense):
Interest income						357						326						1,234						1,805
Interest expense						(7,486	)					(4,509	)					(27,869	)					(16,532	)
SEACOR Holdings management fees						—						—						—						(3,208	)
SEACOR Holdings guarantee fees						(5	)					(29	)					(29	)					(201	)
Loss on debt extinguishment						—						—						(638	)					—
Marketable security gains, net						—						—						—						10,931
Derivative gains, net						12,651						7,536						2,854						20,256
Foreign currency losses, net						(466	)					(320	)					(1,447	)					(1,709	)
Other, net						(4	)					(5	)					674						(6	)
						5,047						2,999						(25,221	)					11,336
Net Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies						(6,142	)					(32,831	)					(91,984	)					(117,023	)
Income Tax Benefit						(48	)					(51,361	)					(13,347	)					(74,406	)
Loss (Income) Before Equity in Earnings of 50% or Less Owned Companies						(6,094	)					18,530						(78,637	)					(42,617	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax						(1,875	)					9,374						(3,415	)					4,077
Net (Loss) Income						(7,969	)					27,904						(82,052	)					(38,540	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries						(175	)					(1,057	)					(4,444	)					(5,639	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.					$	(7,794	)				$	28,961					$	(77,608	)				$	(32,901	)
Loss Per Common Share of SEACOR Marine Holdings Inc.
Basic					$	(0.35	)				$	(1.65	)				$	(3.71	)				$	(1.87	)
Diluted					$	(0.35	)				$	(1.20	)				$	(3.71	)				$	(1.87	)
Weighted Average Common Shares Outstanding:
Basic						22,513,886						17,551,935						20,926,307						17,601,244
Diluted						22,513,886						21,622,435						20,926,307						17,601,244

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data)
					Three Months Ended December 31,																		Twelve Months Ended  December 31,
					2018									2017									2018									2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)					$	9,852								$	8,583								$	9,735								$	8,481
Average Rates Per Day					$	7,447								$	6,435								$	7,282								$	5,972
Fleet Utilization (excluding crew transfer)									61	%								51	%								57	%								45	%
Fleet Utilization									63	%								56	%								62	%								54	%
Fleet Available Days (excluding crew transfer)						8,312									9,224									35,772									35,833
Fleet Available Days						11,808									12,628									49,553									49,338
Operating Revenues:
Time charter					$	55,382			78	%				$	45,745			93	%				$	222,252			88	%				$	160,545			92	%
Bareboat charter						1,168			2	%					1,169			2	%					4,635			2	%					4,636			3	%
Other marine services						14,382			20	%					2,429			5	%					26,722			10	%					8,602			5	%
						70,932			100	%					49,343			100	%					253,609			100	%					173,783			100	%
Costs and Expenses:
Operating:
Personnel						23,598			33	%					21,953			44	%					95,028			37	%					81,500			47	%
Repairs and maintenance						7,928			11	%					6,225			13	%					33,279			13	%					27,655			16	%
Drydocking						1,396			2	%					1,438			3	%					11,587			5	%					9,035			5	%
Insurance and loss reserves						2,093			3	%					1,443			3	%					7,074			3	%					6,524			4	%
Fuel, lubes and supplies						4,618			7	%					3,620			7	%					16,975			7	%					12,032			7	%
Other						2,532			4	%					2,970			6	%					11,148			4	%					9,905			6	%
Leased-in equipment						2,985			4	%					2,831			6	%					11,475			5	%					12,948			7	%
						45,150			64	%					40,480			82	%					186,566			74	%					159,599			92	%
Administrative and general						12,240			17	%					12,368			25	%					52,813			21	%					56,217			32	%
Depreciation and amortization						16,986			24	%					20,021			41	%					72,246			29	%					62,779			36	%
						74,376			105	%					72,869			148	%					311,625			124	%					278,595			160	%
Losses on Asset Dispositions and Impairments, Net						(7,745)			(11	)%					(12,304	)		(25	)%					(8,747	)		(3	)%					(23,547	)		(14	)%
Operating Loss						(11,189	)		(16	)%					(35,830	)		(73	)%					(66,763	)		(27)	%					(128,359	)		(74	)%

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
					Three Months Ended
					Dec. 31, 2018					Sep. 30, 2018					Jun. 30, 2018					Mar. 31, 2018					Dec. 31, 2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)					$	9,852				$	10,186				$	9,742				$	9,071				$	8,583
Average Rates Per Day Worked					$	7,447				$	7,323				$	7,324				$	7,001				$	6,435
Fleet Utilization (excluding crew transfer)						61	%				60	%				58	%				50	%				51	%
Fleet Utilization						63	%				68	%				62	%				53	%				56	%
Fleet Available Days (excluding crew transfer)						8,312					9,119					9,071					9,271					9,224
Fleet Available Days						11,808					12,617					12,528					12,601					12,628
Operating Revenues:
Time charter					$	55,382				$	62,902				$	56,826				$	47,142				$	45,745
Bareboat charter						1,168					1,168					1,156					1,143					1,169
Other marine services						14,382					6,185					2,719					3,436					2,429
						70,932					70,255					60,701					51,721					49,343
Costs and Expenses:
Operating:
Personnel						23,598					25,021					24,733					21,676					21,953
Repairs and maintenance						7,928					9,208					9,070					7,073					6,225
Drydocking						1,396					4,822					3,112					2,257					1,438
Insurance and loss reserves						2,093					1,857					1,934					1,190					1,443
Fuel, lubes and supplies						4,618					4,690					4,122					3,545					3,620
Other						2,532					3,000					3,009					2,607					2,970
						42,165					48,598					45,980					38,348					37,649
Direct Vessel Profit						28,767					21,657					14,721					13,373					11,694
Other Costs and Expenses:
Operating:
Leased-in expense						2,985					2,825					2,840					2,825					2,831
Administrative and general						12,240					12,234					15,532					12,807					12,368
Depreciation and amortization						16,986					17,342					18,406					19,512					20,021
						32,211					32,401					36,778					35,144					35,220
(Losses) Gains on Asset Dispositions and Impairments, Net						(7,745	)				586					1,055					(2,643	)				(12,304	)
Operating Loss						(11,189	)				(10,158	)				(21,002	)				(24,414	)				(35,830	)
Other Income (Expense):
Interest income						357					309					352					216					326
Interest expense						(7,486	)				(7,761	)				(6,489	)				(6,133	)				(4,509	)
SEACOR Holdings guarantee fees						(5	)				(5	)				(7	)				(12	)				(29	)
Debt extinguishment loss						—					(638	)				—					—					—
Derivative gains (losses), net						12,651					4,387					(2,668	)				(11,516	)				7,536
Foreign currency (losses) gains, net						(466	)				(302	)				(818	)				139					(320	)
Other, net						(4	)				678					—					—					(5	)
						5,047					(3,332	)				(9,630	)				(17,306	)				2,999
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies						(6,142	)				(13,490	)				(30,632	)				(41,720	)				(32,831	)
Income Tax Expense (Benefit)						(48	)				1,249					(4,724	)				(9,824	)				(51,361	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies						(6,094	)				(14,739	)				(25,908	)				(31,896	)				18,530
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax						(1,875	)				(1,027	)				(721	)				208					9,374
Net (Loss) Income						(7,969	)				(15,766	)				(26,629	)				(31,688	)				27,904
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries						(175	)				191					(1,605	)				(2,855	)				(1,057	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.					$	(7,794	)			$	(15,957	)			$	(25,024	)			$	(28,833	)			$	28,961
(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:
Basic					$	(0.35	)			$	(0.71	)			$	(1.19	)			$	(1.64	)			$	1.65
Diluted					$	(0.35	)			$	(0.71	)			$	(1.19	)			$	(1.64	)			$	1.20
Weighted Average Common Shares and Warrants Outstanding:
Basic						22,514					22,513					21,035					17,571					17,552
Diluted						22,514					22,513					21,035					17,571					21,629
Common Shares and Warrants Outstanding at Period End						22,711					22,709					22,709					17,787					17,675

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 December 31, 2018
Time Charter Statistics:
Average Rates Per Day				$	12,656					$	9,411					$	8,856					$	11,866					$	4,676					$	7,447
Fleet Utilization					29	%					87	%					70	%					72	%					73	%					63	%
Fleet Available Days					2,983						1,310						2,009						460						5,046						11,808
Operating Revenues:
Time charter				$	10,968					$	10,730					$	12,517					$	3,934					$	17,233					$	55,382
Bareboat charter					—						—						—						1,168						—						1,168
Other marine services					8,709						4,247						118						183						1,125						14,382
					19,677						14,977						12,635						5,285						18,358						70,932
Direct Costs and Expenses:
Operating:
Personnel					5,227						3,665						4,354						1,142						9,210						23,598
Repairs and maintenance					1,128						873						3,077						362						2,488						7,928
Drydocking					147						(28	)					949						14						314						1,396
Insurance and loss reserves					974						307						389						96						327						2,093
Fuel, lubes and supplies					1,055						1,176						1,179						384						824						4,618
Other					185						772						984						232						359						2,532
					8,716						6,765						10,932						2,230						13,522						42,165
Direct Vessel Profit				$	10,961					$	8,212					$	1,703					$	3,055					$	4,836						28,767
Other Costs and Expenses:
Operating:
Leased-in equipment				$	1,849					$	958					$	—					$	—					$	178						2,985
Administrative and general																																			12,240
Depreciation and amortization				$	5,550					$	2,341					$	4,154					$	1,888					$	3,053						16,986
																																			32,211
Gains on Asset Dispositions and Impairments																																			(7,745	)
Operating Loss																																		$	(11,189	)

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 Twelve Months Ended December 31, 2018
Time Charter Statistics:
Average Rates Per Day				$	11,292					$	9,421					$	8,320					$	15,991					$	4,710					$	7,282
Fleet Utilization					24	%					87	%					74	%					67	%					76	%					62	%
Fleet Available Days					14,176						5,376						8,170						1,626						20,205						49,553
Operating Revenues:
Time charter				$	38,802					$	43,847					$	50,072					$	17,343					$	72,188					$	222,252
Bareboat charter					—						—						—						4,635						—						4,635
Other marine services					14,762						7,661						(887	)					1,554						3,632						26,722
					53,564						51,508						49,185						23,532						75,820						253,609
Direct Costs and Expenses:
Operating:
Personnel					18,708						16,538						16,806						4,399						38,577						95,028
Repairs and maintenance					5,152						6,330						11,172						1,011						9,614						33,279
Drydocking					1,957						2,085						1,362						128						6,055						11,587
Insurance and loss reserves					2,922						1,096						1,371						495						1,190						7,074
Fuel, lubes and supplies					3,568						3,826						4,027						1,225						4,329						16,975
Other					393						4,313						3,980						1,130						1,332						11,148
					32,700						34,188						38,718						8,388						61,097						175,091
Direct Vessel Profit				$	20,864					$	17,320					$	10,467					$	15,144					$	14,723						78,518
Other Costs and Expenses:
Operating:
Leased-in equipment				$	7,420					$	3,843					$	—					$	—					$	212						11,475
Administrative and general																																			52,813
Depreciation and amortization				$	23,227					$	10,453					$	18,762					$	7,908					$	11,896						72,246
																																			136,534
Losses on Asset Dispositions and Impairments																																			(8,747	)
Operating Loss																																		$	(66,763	)
As of December 31, 2018
Property and Equipment:
Historical cost				$	432,335					$	184,361					$	306,897					$	124,177					$	194,963					$	1,242,733
Accumulated depreciation					(224,737	)					(55,206	)					(81,378	)					(57,002	)					(142,949	)					(561,272	)
				$	207,598					$	129,155					$	225,519					$	67,175					$	52,014					$	681,461

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked				$	12,656					$	12,476					$	10,503					$	8,775					$	8,027
Fleet utilization					29	%					30	%					23	%					17	%					18	%
Fleet available days					2,983						3,433						3,710						4,050						3,864
Out-of-service days for repairs, maintenance and drydockings					143						147						292						219						139
Out-of-service days for cold-stacked status					1,761						2,101						2,435						3,111						3,010
Operating revenues:
Time charter				$	10,968					$	12,800					$	9,052					$	5,982					$	5,608
Other marine services					8,709						2,722						1,676						1,655						1,077
					19,677						15,522						10,728						7,637						6,685
Direct operating expenses:
Personnel					5,227						4,853						4,636						3,992						3,853
Repairs and maintenance					1,128						1,801						1,529						694						631
Drydocking					147						375						910						525						(164	)
Insurance and loss reserves					974						612						902						434						678
Fuel, lubes and supplies					1,055						1,120						900						493						381
Other					185						154						29						25						3
					8,716						8,915						8,906						6,163						5,382
Direct Vessel Profit				$	10,961					$	6,607					$	1,822					$	1,474					$	1,303
Leased-in equipment (included in operating costs and expenses)				$	1,849					$	1,853					$	1,856					$	1,862					$	1,866
Depreciation and amortization				$	5,550					$	5,227					$	5,915					$	6,535					$	5,487
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked				$	9,411					$	9,315					$	9,509					$	9,455					$	10,517
Fleet utilization					87	%					82	%					88	%					91	%					75	%
Fleet available days					1,310						1,475						1,331						1,260						1,207
Out-of-service days for repairs, maintenance and drydockings					—						92						46						31						34
Out-of-service days for cold-stacked status					—						—						—						—						92
Operating revenues:
Time charter				$	10,730					$	11,201					$	11,122					$	10,794					$	9,533
Other marine services					4,247						1,777						350						1,287						983
					14,977						12,978						11,472						12,081						10,516
Direct operating expenses:
Personnel					3,665						4,486						4,314						4,073						3,795
Repairs and maintenance					873						2,438						1,663						1,356						855
Drydocking					(28	)					1,201						910						2						129
Insurance and loss reserves					307						323						248						218						(19	)
Fuel, lubes and supplies					1,176						1,081						900						669						859
Other					772						1,103						1,402						1,036						1,098
					6,765						10,632						9,437						7,354						6,717
Direct Vessel Profit				$	8,212					$	2,346					$	2,035					$	4,727					$	3,799
Leased-in equipment (included in operating costs and expenses)				$	958					$	960					$	962					$	963					$	965
Depreciation and amortization				$	2,341					$	2,381					$	2,924					$	2,807					$	3,175

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Middle East and Asia
Time Charter Statistics:
Average rates per day worked				$	8,856					$	8,156					$	8,226					$	8,072					$	6,784
Fleet utilization					70	%					76	%					82	%					66	%					68	%
Fleet available days					2,009						2,024						2,005						2,132						2,331
Out-of-service days for repairs, maintenance and drydockings					178						76						4						151						104
Out-of-service days for cold-stacked status					92						92						91						130						119
Operating revenues:
Time charter				$	12,517					$	12,590					$	13,591					$	11,374					$	10,682
Other marine services					118						(83	)					(792	)					(130	)					(171	)
					12,635						12,507						12,799						11,244						10,511
Direct operating expenses:
Personnel					4,354						4,361						4,069						4,022						4,882
Repairs and maintenance					3,077						2,091						3,576						2,428						2,205
Drydocking					949						352						72						(11	)					554
Insurance and loss reserves					389						385						361						236						382
Fuel, lubes and supplies					1,179						892						922						1,034						1,180
Other					984						952						836						1,208						1,522
					10,932						9,033						9,836						8,917						10,725
Direct Vessel Profit (Loss)				$	1,703					$	3,474					$	2,963					$	2,327					$	(214	)
Depreciation and amortization				$	4,154					$	4,207					$	4,311					$	6,090					$	6,898
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked				$	11,866					$	17,604					$	19,127					$	15,272					$	16,718
Fleet utilization					72	%					80	%					57	%					41	%					50	%
Fleet available days					460						531						416						219						184
Out-of-service days for cold-stacked status					92						92						91						90						92
Operating revenues:
Time charter				$	3,934					$	7,479					$	4,556					$	1,374					$	1,538
Bareboat charter					1,168						1,168						1,156						1,143						1,169
Other marine services					183						416						845						110						156
					5,285						9,063						6,557						2,627						2,863
Direct operating expenses:
Personnel					1,142						1,662						1,219						376						322
Repairs and maintenance					362						312						32						305						44
Drydocking					14						103						11						—						—
Insurance and loss reserves					96						163						169						67						230
Fuel, lubes and supplies					384						427						349						65						163
Other					232						350						488						60						44
					2,230						3,017						2,268						873						803
Direct Vessel Profit				$	3,055					$	6,046					$	4,289					$	1,754					$	2,060
Depreciation and amortization				$	1,888					$	2,521					$	2,280					$	1,219					$	1,134

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety				$	8,504					$	8,692					$	9,157					$	9,058					$	8,660
Fleet utilization - Standby safety					82	%					77	%					80	%					78	%					82	%
Fleet available days - Standby safety					1,734						1,809						1,746						1,849						1,822
Average rates per day worked - Crew transfer					2,293						2,260						2,342						2,317						2,330
Fleet utilization - Crew transfer					69	%					91	%					76	%					64	%					73	%
Fleet available days - Crew transfer					3,312						3,314						3,228						3,091						3,220
Out-of-service days for repairs, maintenance and drydockings					136						240						77						137						249
Out-of-service days for cold-stacked status					92						61						—						—						—
Operating revenues:
Time charter				$	17,233					$	18,832					$	18,505					$	17,618					$	18,384
Other marine services					1,125						1,353						640						514						384
					18,358						20,185						19,145						18,132						18,768
Direct operating expenses:
Personnel					9,210						9,659						10,495						9,213						9,101
Repairs and maintenance					2,488						2,566						2,270						2,290						2,490
Drydocking					314						2,791						1,209						1,741						919
Insurance and loss reserves					327						374						254						235						172
Fuel, lubes and supplies					824						1,170						1,051						1,284						1,037
Other					359						441						254						278						303
					13,522						17,001						15,533						15,041						14,022
Direct Vessel Profit				$	4,836					$	3,184					$	3,612					$	3,091					$	4,746
Leased-in equipment (included in operating costs and expenses)				$	178					$	12					$	22					$	—					$	—
Depreciation and amortization				$	3,053					$	3,006					$	2,976					$	2,861					$	3,327

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked				$	8,506					$	9,269					$	13,381					$	10,322					$	10,322
Fleet utilization					26	%					28	%					23	%					21	%					21	%
Fleet available days					1,012						1,012						866						1,260						1,288
Out-of-service days for repairs, maintenance and drydockings					12						100						23						36						5
Out-of-service days for cold-stacked status					644						602						608						947						943
Operating revenues:
Time charter				$	2,248					$	2,592					$	2,712					$	2,787					$	2,849
Other marine services					2,426						1,244						(91	)					1,438						698
					4,674						3,836						2,621						4,225						3,547
Direct operating expenses:
Personnel					1,279						1,667						1,593						1,397						2,381
Repairs and maintenance					386						1,625						1,281						394						498
Drydocking					(70	)					1,168						945						480						(30	)
Insurance and loss reserves					219						282						265						91						195
Fuel, lubes and supplies					467						582						586						153						446
Other					568						530						689						452						(499	)
					2,849						5,854						5,359						2,967						2,991
Direct Vessel Profit (Loss)				$	1,825					$	(2,018	)				$	(2,738	)				$	1,258					$	556
Leased-in equipment (included in operating costs and expenses)				$	1,847					$	1,851					$	1,855					$	1,858					$	1,862
Depreciation and amortization				$	679					$	689					$	532					$	1,490					$	2,430
Fast support
Time Charter Statistics:
Average rates per day worked				$	7,749					$	7,148					$	6,963					$	7,746					$	7,414
Fleet utilization					67	%					59	%					62	%					53	%					52	%
Fleet available days					3,187						3,709						3,820						3,780						3,864
Out-of-service days for repairs, maintenance and drydockings					151						131						53						109						155
Out-of-service days for cold-stacked status					659						1,037						1,191						1,253						1,324
Operating revenues:
Time charter				$	16,453					$	15,678					$	16,488					$	15,427					$	14,845
Other marine services					(952	)					(834	)					(505	)					(656	)					(399	)
					15,501						14,844						15,983						14,771						14,446
Direct operating expenses:
Personnel					5,328						5,826						5,258						4,756						5,717
Repairs and maintenance					2,595						2,641						3,406						2,544						1,853
Drydocking					1						432						115						(9	)					684
Insurance and loss reserves					534						407						314						324						129
Fuel, lubes and supplies					1,368						1,016						1,015						795						849
Other					1,062						1,718						1,466						1,460						2,356
					10,888						12,040						11,574						9,870						11,588
Direct Vessel Profit				$	4,613					$	2,804					$	4,409					$	4,901					$	2,858
Leased-in equipment (included in operating costs and expenses)				$	341					$	342					$	342					$	342					$	343
Depreciation and amortization				$	5,525					$	5,780					$	6,585					$	6,585					$	6,521

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Supply
Time Charter Statistics:
Average rates per day worked				$	7,050					$	7,410					$	7,174					$	6,454					$	5,222
Fleet utilization					81	%					82	%					69	%					73	%					81	%
Fleet available days					460						565						637						633						594
Out-of-service days for repairs, maintenance and drydockings					27						—						—						16						2
Out-of-service days for cold-stacked status					—						—						19						68						25
Operating revenues:
Time charter				$	2,631					$	3,442					$	3,149					$	3,002					$	2,527
Bareboat charter					1,168						1,168						1,156						1,143						1,169
Other marine services					619						1,066						39						(18	)					(47	)
					4,418						5,676						4,344						4,127						3,649
Direct operating expenses:
Personnel					1,487						1,976						1,999						1,956						1,604
Repairs and maintenance					403						549						259						445						266
Drydocking					1,023						1,624						585						—						—
Insurance and loss reserves					130						145						134						102						210
Fuel, lubes and supplies					445						391						317						694						632
Other					762						254						1,048						719						348
					4,250						4,939						4,342						3,916						3,060
Direct Vessel Profit				$	168					$	737					$	2					$	211					$	589
Leased-in equipment (included in operating costs and expenses)				$	178					$	34					$	—					$	—					$	—
Depreciation and amortization				$	966					$	1,173					$	1,394					$	2,743					$	3,566
Standby safety
Time Charter Statistics:
Average rates per day worked				$	8,504					$	8,692					$	9,157					$	9,058					$	8,660
Fleet utilization					82	%					77	%					80	%					78	%					82	%
Fleet available days					1,734						1,809						1,746						1,849						1,822
Out-of-service days for repairs, maintenance and drydockings					89						117						46						87						78
Operating revenues:
Time charter				$	12,024					$	12,036					$	12,791					$	13,051					$	12,921
Other marine services					11						50						39						40						38
					12,035						12,086						12,830						13,091						12,959
Direct operating expenses:
Personnel					6,774						5,855						8,148						6,938						6,901
Repairs and maintenance					1,601						1,627						1,464						1,554						1,570
Drydocking					273						1,156						624						1,741						919
Insurance and loss reserves					216						234						143						138						106
Fuel, lubes and supplies					657						975						843						991						894
Other					209						351						144						161						220
					9,730						10,198						11,366						11,523						10,610
Direct Vessel Profit				$	2,305					$	1,888					$	1,464					$	1,568					$	2,349
Depreciation and amortization				$	1,085					$	945					$	681					$	694					$	769

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Specialty
Time Charter Statistics:
Fleet available days					92						92						91						90						276
Out-of-service days for repairs, maintenance and drydockings					—						—						—						—						24
Out-of-service days for cold-stacked status					92						92						91						90						160
Operating revenues:
Time charter				$	—					$	—					$	—					$	—					$	(1	)
Other marine services					337						—						—						—						1
					337						—						—						—						—
Direct operating expenses:
Personnel					64						64						79						164						472
Repairs and maintenance					12						31						13						37						77
Drydocking					—						—						—						(6	)					(136	)
Insurance and loss reserves					9						41						25						10						102
Fuel, lubes and supplies					33						65						(29	)					83						20
Other					70						67						93						104						85
					188						268						181						392						620
Direct Vessel Profit (Loss)				$	149					$	(268	)				$	(181	)				$	(392	)				$	(620	)
Depreciation and amortization				$	282					$	282					$	283					$	282					$	283
Liftboats
Time Charter Statistics:
Average rates per day worked				$	18,497					$	18,993					$	19,225					$	16,068					$	16,662
Fleet utilization					49	%					60	%					43	%					30	%					30	%
Fleet available days					1,827						1,932						1,911						1,659						1,380
Out-of-service days for repairs, maintenance and drydockings					132						86						266						116						92
Out-of-service days for cold-stacked status					550						554						708						933						771
Operating revenues:
Time charter				$	16,631					$	22,171					$	15,788					$	8,126					$	6,954
Other marine services					1,926						2,922						1,569						756						393
					18,557						25,093						17,357						8,882						7,347
Direct operating expenses:
Personnel					5,546						5,621						4,671						3,461						2,577
Repairs and maintenance					1,971						1,827						1,553						1,134						990
Drydocking					167						433						842						51						1
Insurance and loss reserves					872						630						889						651						722
Fuel, lubes and supplies					1,485						1,482						1,153						668						632
Other					667						620						336						417						333
					10,708						10,613						9,444						6,382						5,255
Direct Vessel Profit				$	7,849					$	14,480					$	7,913					$	2,500					$	2,092
Leased-in equipment (included in operating costs and expenses)				$	638					$	641					$	644					$	638					$	626
Depreciation and amortization				$	6,098					$	6,188					$	6,333					$	5,025					$	3,160

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics)
				Three Months Ended
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Crew transfer
Time Charter Statistics:
Average rates per day worked				$	2,283					$	2,253					$	2,330					$	2,305					$	2,318
Fleet utilization					68	%					89	%					73	%					62	%					72	%
Fleet available days					3,496						3,498						3,457						3,330						3,404
Out-of-service days for repairs, maintenance and drydockings					47						123						31						113						171
Out-of-service days for cold-stacked status					92						61						—						40						92
Operating revenues:
Time charter				$	5,395					$	6,983					$	5,898					$	4,749					$	5,650
Other marine services					460						657						563						429						295
					5,855						7,640						6,461						5,178						5,945
Direct operating expenses:
Personnel					2,274						2,471						2,295						2,222						2,295
Repairs and maintenance					814						806						987						825						969
Drydocking					2						9						1						—						—
Insurance and loss reserves					94						130						93						103						74
Fuel, lubes and supplies					145						163						219						144						146
Other					165						104						173						96						121
					3,494						3,683						3,768						3,390						3,605
Direct Vessel Profit				$	2,361					$	3,957					$	2,693					$	1,788					$	2,340
Leased-in equipment (included in operating costs and expenses)				$	—					$	(22	)				$	22					$	—					$	—
Depreciation and amortization				$	2,155					$	2,093					$	2,380					$	2,428					$	2,903
Other Activity
Operating revenues:
Other marine services				$	9,555					$	1,080					$	1,105					$	1,447					$	1,450
Direct operating expenses:
Personnel					846						1,541						690						782						6
Repairs and maintenance					146						102						107						140						2
Insurance and loss reserves					19						(12	)					71						(229	)					(95	)
Fuel, lubes and supplies					18						16						18						17						1
Other					(971	)					(644	)					(940	)					(802	)					6
					58						1,003						(54	)					(92	)					(80	)
Direct Vessel Profit				$	9,497					$	77					$	1,159					$	1,539					$	1,530
Leased-in equipment (included in operating costs and expenses)				$	(19	)				$	(21	)				$	(23	)					(13	)					—
Depreciation and amortization				$	196					$	192					$	218					$	265					$	389

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands)
					Three Months Ended
					Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
Cash Flows from Operating Activities:
DVP					$	28,767					$	21,657					$	14,721					$	13,373					$	11,694
Operating, leased-in equipment (excluding amortization of deferred gains)						(4,994	)					(4,834	)					(4,850	)					(4,834	)					(4,840	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)						(12,314	)					(11,452	)					(14,076	)					(12,357	)					(12,091	)
SEACOR Holdings management and guarantee fees						(5	)					(5	)					(7	)					(12	)					(29	)
Other, net (excluding non-cash losses)						(3	)					249						—						—						(5	)
Dividends received from 50% or less owned companies						400						—						1,324						—						200
						11,851						5,615						(2,888	)					(3,830	)					(5,071	)
Changes in operating assets and liabilities before interest and income taxes						(10,638	)					(16,587	)					(14,575	)					(4,938	)					9,003
Director share awards						—						—						893						—						—
Restricted stock vesting						(5	)					(32	)					(51	)					—						—
Cash settlements on derivative transactions, net						1,420						102						(21	)					(129	)					(140	)
Interest paid, excluding capitalized interest						(5,929	)					(5,498	)					(5,875	)					(2,828	)					(4,471	)
Interest received						357						309						352						216						326
Income taxes (paid) refunded, net						40						(344	)					(12	)					—						(52	)
Net cash used in operating activities (GAAP Measure)						(2,904	)					(16,435	)					(22,177	)					(11,509	)					(405	)
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest						(14,217	)					(21,601	)					(5,983	)					(8,557	)					(16,105	)
Capitalized interest paid						—						(614	)					(1,008	)					—						(563	)
Proceeds from disposition of property and equipment						17,476						1,858						3,244						282						1,046
Construction reserve funds withdrawals, net						7,535						2,556						7,209						—						94
Net investing activities in property and equipment						10,794						(17,801	)					3,462						(8,275	)					(15,528	)
Net investing activities in 50% or less owned companies						(3,672	)					1,770						(5,610	)					(19,950	)					(366	)
Sale of subsidiary to joint venture						—						8,017						—						—						—
Net investing activities in third party notes receivable						17						—						—						99						—
Net cash provided by (used in) investing activities (GAAP Measure)						7,139						(8,014	)					(2,148	)					(28,126	)					(15,894	)
Cash Flows from Financing Activities:
Payments on long-term debt						(11,352	)					(2,851	)					(6,395	)					(28,807	)					(3,354	)
Proceeds from issuance of debt, net of issue costs						(336	)					43,882						—						18,471						(300	)
Proceeds from exercise of stock options and warrants						20						—						813						—						—
Proceeds from issuance of stock						—						—						54,012						1,793						—
Net cash (used in) provided by financing activities (GAAP Measure)						(11,668	)					41,031						48,430						(8,543	)					(3,654	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents						(233	)					(253	)					(970	)					682						528
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash						(7,666	)					16,329						23,135						(47,496	)					(19,425	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period						104,519						88,190						65,055						112,551						131,976
Cash, Cash Equivalents and Restricted Cash, End of Period					$	96,853					$	104,519					$	88,190					$	65,055					$	112,551

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
				Dec. 31, 2018						Sep. 30, 2018						Jun. 30, 2018						Mar. 31, 2018						Dec. 31, 2017
ASSETS
Current Assets:
Cash and cash equivalents				$	95,195					$	102,864					$	86,239					$	62,738					$	110,234
Restricted cash					1,657						1,655						1,951						2,316						2,317
Receivables:
Trade, net of allowance for doubtful accounts					64,125						75,349						57,658						45,664						45,616
Other					12,082						16,552						16,039						17,039						12,341
Inventories					3,443						3,646						3,666						3,975						3,756
Prepaid expenses and other					2,530						2,692						4,090						3,613						3,026
Total current assets					179,032						202,758						169,643						135,345						177,290
Property and Equipment:
Historical cost					1,242,733						1,279,000						1,287,855						1,320,496						1,179,836
Accumulated depreciation					(561,272	)					(568,752	)					(564,477	)					(580,461	)					(560,160	)
					681,461						710,248						723,378						740,035						619,676
Construction in progress					88,918						82,953						82,274						80,682						70,157
Net property and equipment					770,379						793,201						805,652						820,717						689,833
Investments, at Equity, and Advances to 50% or Less Owned Companies					121,773						120,340						115,424						112,219						92,169
Construction Reserve Funds					28,061						35,596						38,152						45,361						45,361
Other Assets					3,690						3,582						3,667						3,736						3,851
				$	1,102,935					$	1,155,477					$	1,132,538					$	1,117,378					$	1,008,504
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt				$	16,812					$	17,426					$	22,858					$	22,858					$	22,858
Accounts payable and accrued expenses					19,370						20,480						23,774						25,551						24,024
Due to SEACOR Holdings					452						463						746						1,583						1,358
Other current liabilities					46,983						63,772						56,469						55,365						50,978
Total current liabilities					83,617						102,141						103,847						105,357						99,218
Long-Term Debt					387,854						397,738						348,912						405,234						292,041
Conversion Option Liability on Convertible Senior Notes					5,276						17,928						21,886						18,991						6,832
Deferred Income Taxes					44,682						46,120						49,789						56,024						55,506
Deferred Gains and Other Liabilities					26,571						26,662						27,289						28,600						31,741
Total liabilities				$	548,000					$	590,589					$	551,723					$	614,206					$	485,338
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock				$	204					$	204					$	204					$	178					$	177
Additional paid-in capital					415,372						414,460						413,754						306,639						303,996
Retained earnings					126,834						134,628						150,585						175,609						216,511
Shares held in treasury					(91	)					(86	)					(54	)					—						—
Accumulated other comprehensive loss, net of tax					(16,788	)					(13,945	)					(13,129	)					(10,424	)					(12,493	)
					525,531						535,261						551,360						472,002						508,191
Noncontrolling interests in subsidiaries					29,404						29,627						29,455						31,170						14,975
Total equity					554,935						564,888						580,815						503,172						523,166
				$	1,102,935					$	1,155,477					$	1,132,538					$	1,117,378					$	1,008,504

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
		Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018(1)				Mar. 31, 2018				Dec. 31, 2017
Anchor handling towing supply			12				13				13				19				23
Fast support			41				47				49				50				50
Supply			39				29				29				29				31
Standby safety			19				20				21				22				20
Specialty			7				4				4				4				4
Liftboats			19				21				21				21				15
Crew transfer			42				42				42				41				41
			179				176				179				186				184

______________________

(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
				2019																2020
				Q1				Q2				Q3				Q4				Q1			Q2		Q3		Q4			Deferred				Total
Fast support					1				-				-				-				-		1		-		-				2				4
Supply					1				-				1				-				1		-		-		-				-				3
Crew transfer					1				1				-				-				-		-		-		-				-				2
Platform supply					-				-				1				1				1		-		-		-				-				3