Seacor Marine Announces Fourth Quarter 2019 Results

March 4, 2020 at 6:00 AM EST

HOUSTON, March 04, 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 fourth quarter and twelve months ended December 31, 2019.

As a result of the announced sale of its North Sea Standby Safety business on November 1, 2019, the Company classified its standby safety assets as held for sale as of the end of the third quarter 2019. All of the results presented exclude the standby safety operations which are classified as discontinued operations.

Fourth quarter highlights include:

Average dayrates, excluding those for the CTV fleet, increased to $11,071 from $10,946 in the third quarter of 2019. This is the highest average dayrate the Company has realized for a quarter since the first quarter of 2016.
Increase in net cash provided by operating activities to $9.7 million from $0.9 million in the third quarter of 2019.
Completion of the sale of the North Sea Standby Safety business on December 2, 2019, which generated net proceeds of $27.4 million.
Completion of the sale of eight additional vessels during the fourth quarter for total aggregate net proceeds of $38.9 million of which $32.6 million was cash.
The fourth quarter results include one-time restructuring charges of $0.4 million resulting from the Company’s continuing cost reduction initiatives. During the fourth quarter of 2019, the Company implemented initiatives providing $2.9 million in annualized recurring administrative and general savings and maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.5 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.

Overall, total operating revenues for the fourth quarter were $49.1 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)⁽¹⁾ was $23.1 million. This compares in the third quarter of 2019 to operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million. The decrease in DVP in the fourth quarter is primarily due to lower fleet wide utilization from increased out of service days for repairs and maintenance, especially in the European wind farm support business. This decrease was partially offset by lower operating costs.

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

“We ended 2019 with ample liquidity and continued improvement in our operating performance. During the fourth quarter, we completed two significant sale transactions that generated more than $50 million of cash and continued with our relentless efforts to adapt our fleet mix and overhead structure to the business cycle.

“Our operating metrics of average rates and utilization improved year on year, reflecting our efforts to hi-grade our fleet mix to meet customer demands. DVP for the fourth quarter was resilient, especially for a seasonally slower period of the year, and cash flows from operating activities remained positive for the third sequential quarter.

“DVP and cash flow numbers are net after expensing all drydocking and repair and maintenance costs. We do not capitalize any such expenses, unless they enhance the marketability of the vessel or are required for charter employment.

“Seven of the eight platform supply vessels (“PSVs”) in the SEACOSCO joint venture have now been delivered from China and mobilized to offshore markets worldwide. The delivery costs and mobilization charges have been expensed and reflected in equity earnings. The majority of these vessels are battery hybrid powered and continue to build our market leading track record of fuel-efficient operations with lower carbon emissions.

“We continue to closely monitor the impact of COVID-19 on the market. We have accelerated pandemic-related training drills across our fleet based upon the industry’s best practices and are ensuring active communication between our shore-based departments and seagoing mariners to best respond to challenges as they arise.”

For the fourth quarter of 2019, net loss attributable to SEACOR Marine’s continuing operations was $20.5 million ($0.74 loss per basic and diluted share) and operating loss was $10.5 million. Net loss attributable to SEACOR Marine’s continuing operations for the fourth quarter of 2018 was $7.8 million ($0.34 loss per basic and diluted share) and operating loss was $11.3 million, which included $9.4 million of one-time miscellaneous revenues.

___________________

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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 for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

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

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control 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 December 31,						Twelve Months Ended December 31,
	2019			2018			2019			2018
Operating Revenues	$	49,070		$	58,897		$	201,492		$	203,567
Costs and Expenses:
Operating		25,978			32,435			123,725			132,274
Administrative and general		11,928			10,629			44,726			46,454
Lease expense		3,570			3,410			16,158			13,239
Depreciation and amortization		15,412			15,901			64,012			68,841
		56,888			62,375			248,621			260,808
Loss on Asset Dispositions and Impairments, Net		(2,679	)		(7,775	)		(5,397	)		(11,268	)
Operating Loss		(10,497	)		(11,253	)		(52,526	)		(68,509	)
Other Income (Expense):
Interest income	$	559			353			1,445			1,222
Interest expense		(7,397	)		(7,327	)		(30,056	)		(27,404	)
SEACOR Holdings guarantee fees		(21	)		(5	)		(108	)		(29	)
Loss on Debt Extinguishment		—			—			—			(638	)
Derivative (gains) losses, net		(663	)		12,651			71			2,854
Foreign currency losses, net		(1,037	)		(430	)		(1,661	)		(1,397	)
Other, net		(1	)		(1	)		(1	)		677
		(8,560	)		5,241			(30,310	)		(24,715	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(19,057	)		(6,012	)		(82,836	)		(93,224	)
Income Tax Benefit		(2,306	)		(50	)		(7,912	)		(13,354	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(16,751	)		(5,962	)		(74,924	)		(79,870	)
Equity in Losses of 50% or Less Owned Companies		(2,425	)		(1,818	)		(14,304	)		(3,552	)
Loss from Continuing Operations		(19,176	)		(7,780	)		(89,228	)		(83,422	)
(Loss) Income on Discontinued Operations, Net of Tax		(2,742	)		(189	)		(9,467	)		1,370
Net Loss		(21,918	)		(7,969	)		(98,695	)		(82,052	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		(1,463	)		(175	)		(5,858	)		(4,444	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(20,455	)	$	(7,794	)	$	(92,837	)	$	(77,608	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.74	)	$	(0.34	)	$	(3.55	)	$	(3.78	)
Discontinued operations	$	(0.12	)	$	(0.01	)	$	(0.40	)	$	0.07
	$	(0.86	)	$	(0.35	)	$	(3.95	)	$	(3.71	)

Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		23,831,920			22,512,886			23,513,065			20,926,307

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

	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	11,071		$	10,946		$	10,387		$	9,796		$	10,373
Average Rates Per Day	$	7,260		$	6,981		$	6,843		$	7,109		$	7,199
Fleet Utilization (excluding crew transfer)		62	%		64	%		59	%		57	%		56	%
Fleet Utilization		68	%		74	%		69	%		58	%		60	%
Fleet Available Days (excluding crew transfer)		5,542			6,048			6,491			6,496			6,578
Fleet Available Days		9,007			9,578			9,990			9,916			10,074
Operating Revenues:
Time charter	$	44,465		$	49,747		$	47,270		$	40,819		$	43,358
Bareboat charter		834			1,765			1,389			1,143			1,168
Other marine services		3,771			3,188			4,153			2,948			14,371
		49,070			54,700			52,812			44,910			58,897
Costs and Expenses:
Operating:
Personnel		15,096			15,879			17,914			16,623			16,824
Repairs and maintenance		3,983			5,495			7,607			7,584			6,327
Drydocking		766			515			1,997			2,570			1,123
Insurance and loss reserves		1,663			1,198			1,763			1,414			1,877
Fuel, lubes and supplies		2,409			2,910			3,202			2,806			3,961
Other		2,061			1,214			2,887			4,169			2,323
		25,978			27,211			35,370			35,166			32,435
Direct Vessel Profit⁽¹⁾		23,092			27,489			17,442			9,744			26,462
Other Costs and Expenses:
Lease expense		3,570			4,153			4,298			4,137			3,410
Administrative and general		11,928			11,462			10,524			10,812			10,629
Depreciation and amortization		15,412			16,091			16,412			16,097			15,901
		30,910			31,706			31,234			31,046			29,940
Gains (Losses) on Asset Dispositions and Impairments, Net		(2,679	)		862			(3,848	)		268			(7,775	)
Operating Loss		(10,497	)		(3,355	)		(17,640	)		(21,034	)		(11,253	)
Other Income (Expense):
Interest income		559			317			215			354			353
Interest expense		(7,397	)		(7,362	)		(7,633	)		(7,664	)		(7,327	)
SEACOR Holdings guarantee fees		(21	)		(26	)		(32	)		(29	)		(5	)
Derivative losses (gains), net		(663	)		3,057			(1,398	)		(925	)		12,651
Foreign currency gains, net		(1,037	)		(370	)		(924	)		670			(430	)
Other, net		(1	)		—			—			—			(1	)
		(8,560	)		(4,384	)		(9,772	)		(7,594	)		5,241
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(19,057	)		(7,739	)		(27,412	)		(28,628	)		(6,012	)
Income Tax Expense (Benefit)		(2,306	)		1,277			(3,052	)		(3,831	)		(50	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(16,751	)		(9,016	)		(24,360	)		(24,797	)		(5,962	)
Equity in Losses of 50% or Less Owned Companies		(2,425	)		(1,325	)		(7,078	)		(3,476	)		(1,818	)
Loss from Continuing Operations		(19,176	)		(10,341	)		(31,438	)		(28,273	)		(7,780	)
(Loss) Income from Discontinued Operations, Net of Tax		(2,742	)		(7,899	)		1,174			-			(189	)
Net Loss		(21,918	)		(18,240	)		(30,264	)		(28,273	)		(7,969	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		(1,463	)		204			(1,875	)		(2,724	)		(175	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(20,455	)	$	(18,444	)	$	(28,389	)	$	(25,549	)	$	(7,794	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.74	)	$	(0.49	)	$	(1.31	)	$	(1.16	)	$	(0.34	)
Discontinued operations	$	(0.12	)	$	(0.29	)	$	0.10		$	0.05		$	(0.01	)
	$	(0.86	)	$	(0.78	)	$	(1.21	)	$	(1.11	)	$	(0.35	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		23,832			23,741			23,382			23,090			22,514
Common Shares and Warrants Outstanding at Period End		23,708			23,653			23,592			23,350			22,711

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	19,285		$	17,851		$	14,058		$	10,588		$	12,656
Fleet utilization		20	%		26	%		34	%		28	%		29	%
Fleet available days		1,956			2,340			2,669			2,698			2,983
Out-of-service days for repairs, maintenance and drydockings	6			159			325			232			143
Out-of-service days for cold-stacked status		1,301			1,131			1,322			1,579			1,761
Operating Revenues:
Time charter	$	7,408		$	10,914		$	12,628		$	8,005		$	10,968
Bareboat charter		732			597			233			—			—
Other marine services		516			838			1,320			1,132			8,709
		8,656			12,349			14,181			9,137			19,677
Direct Costs and Expenses:
Operating:
Personnel		3,432			4,353			5,203			4,503			5,227
Repairs and maintenance		782			1,508			2,515			2,778			1,128
Drydocking		252			547			1,801			1,994			147
Insurance and loss reserves		566			371			841			592			974
Fuel, lubes and supplies		407			739			1,107			683			1,055
Other		102			88			113			90			185
		5,541			7,606			11,580			10,640			8,716
Direct Vessel Profit (Loss)⁽¹⁾	$	3,115		$	4,743		$	2,601		$	(1,503	)	$	10,961
Other Costs and Expenses:
Lease expense	$	2,283		$	2,758		$	2,942		$	2,911		$	2,053
Depreciation and amortization		5,474			5,634			5,341			5,498			5,550

*Africa, primarily West Africa*
Time Charter Statistics:
Average rates per day worked	$	9,435		$	9,316		$	9,365		$	9,461		$	9,411
Fleet utilization		88	%		91	%		81	%		87	%		87	%
Fleet available days		1,349			1,380			1,365			1,313			1,310
Out-of-service days for repairs, maintenance and drydockings		68			—		54			58				—
Operating Revenues:
Time charter	$	11,249		$	11,738		$	10,400		$	10,773		$	10,730
Other marine services		1,216			129			753			(637	)		4,247
		12,465			11,867			11,153			10,136			14,977
Direct Costs and Expenses:
Operating:
Personnel		3,230			3,308			3,428			3,867			3,665
Repairs and maintenance		1,242			1,323			952			1,184			873
Drydocking		253			(53	)		(48	)		338			(28	)
Insurance and loss reserves		369			230			239			213			307
Fuel, lubes and supplies		817			961			939			754			1,176
Other		976			499			773			2,106			772
		6,887			6,268			6,283			8,462			6,765
Direct Vessel Profit⁽¹⁾	$	5,578		$	5,599		$	4,870		$	1,674		$	8,212
Other Costs and Expenses:
Lease expense	$	757		$	761		$	787		$	785		$	1,059
Depreciation and amortization		2,608			2,681			2,759			2,356			2,341

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	8,843		$	8,795		$	8,182		$	8,386		$	8,856
Fleet utilization		82	%		83	%		79	%		72	%		70	%
Fleet available days		1,901			2,020			2,026			2,061			2,009
Out-of-service days for repairs, maintenance and drydockings	15			129			73			95			178
Out-of-service days for cold-stacked status	153			184			115			90				92
Operating Revenues:
Time charter	$	13,840		$	14,798		$	13,175		$	12,499		$	12,517
Other marine services		678			414			349			228			118
		14,518			15,212			13,524			12,727			12,635
Direct Costs and Expenses:
Operating:
Personnel		4,129			4,023			4,292			4,254			4,354
Repairs and maintenance		973			1,387			2,629			2,193			3,077
Drydocking		146			20			275			159			949
Insurance and loss reserves		408			333			381			327			389
Fuel, lubes and supplies		769			701			725			709			1,179
Other		635			567			793			1,100			984
		7,060			7,031			9,095			8,742			10,932
Direct Vessel Profit⁽¹⁾	$	7,458		$	8,181		$	4,429		$	3,985		$	1,703
Other Costs and Expenses:
Lease expense	$	42		$	43		$	42		$	46		$	49
Depreciation and amortization		3,963			3,914			4,274			4,249			4,154

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	8,649		$	6,867		$	8,074		$	12,900		$	11,866
Fleet utilization		69	%		71	%		63	%		71	%		72	%
Fleet available days		429			399			400			541			460
Out-of-service days for repairs, maintenance and drydockings	35			5			3			5				—
Out-of-service days for cold-stacked status	65			92			91			90			92
Operating Revenues:
Time charter	$	2,541		$	1,951		$	2,046		$	4,922		$	3,934
Bareboat charter		102			1,168			1,156			1,143			1,168
Other marine services		261			221			273			635			183
		2,904			3,340			3,475			6,700			5,285
Direct Costs and Expenses:
Operating:
Personnel		1,081			846			976			1,556			1,142
Repairs and maintenance		234			298			481			335			362
Drydocking		114.0			—			(32	)		79			14
Insurance and loss reserves		79			31			66			135			96
Fuel, lubes and supplies		127			187			314			428			384
Other		188			(87	)		560			521			232
		1,823			1,275			2,365			3,054			2,230
Direct Vessel Profit⁽¹⁾	$	1,081		$	2,065		$	1,110		$	3,646		$	3,055
Other Costs and Expenses:
Lease expense	$	9		$	—		$	—		$	1		$	1
Depreciation and amortization		1,037			1,573			1,659			1,936			1,888

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked		3,505			3,146			2,972			2,339			2,293
Fleet utilization		80	%		96	%		86	%		60	%		69	%
Fleet available days		3,373			3,439			3,530			3,303			3,312
Out-of-service days for repairs, maintenance and drydockings	107			3			159			53			47
Out-of-service days for cold-stacked status	0			92			91			90				92
Operating Revenues:
Time charter	$	9,427		$	10,346		$	9,021		$	4,620		$	5,209
Other marine services		1,100			1,586			1,458			1,590			1,114
		10,527			11,932			10,479			6,210			6,323
Direct Costs and Expenses:
Operating:
Personnel		3,224			3,349			4,015			2,443			2,436
Repairs and maintenance		752			979			1,030			1,094			887
Drydocking		1			1			1			—			41
Insurance and loss reserves		241			233			236			147			111
Fuel, lubes and supplies		289			322			117			232			167
Other		160			147			648			352			150
		4,667			5,031			6,047			4,268			3,792
Direct Vessel Profit for Continuing Operations⁽¹⁾	$	5,860		$	6,901		$	4,432		$	1,942		$	2,531
Other Costs and Expenses:
Lease expense	$	479		$	609		$	546		$	405		$	267
Depreciation and amortization		2,330			2,289			2,379			2,058			1,968

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	8,095		$	7,790		$	7,597		$	8,502		$	8,506
Fleet utilization		48	%		53	%		49	%		38	%		26	%
Fleet available days		705			736			910			900			1,012
Out-of-service days for repairs, maintenance and drydockings	33			10			31			34			12
Out-of-service days for cold-stacked status	337			332			437			521				644
Operating Revenues:
Time charter	$	2,714		$	3,059		$	3,360		$	2,875		$	2,248
Other marine services		1,076			365			869			(658	)		2,426
		3,790			3,424			4,229			2,217			4,674
Direct Costs and Expenses:
Operating:
Personnel		1,212			1,418			2,001			1,390			1,279
Repairs and maintenance		330			524			632			630			386
Drydocking		-			8			96			75			(70	)
Insurance and loss reserves		208			179			266			122			219
Fuel, lubes and supplies		145			252			262			62			467
Other		366			404			411			592			568
		2,261			2,785			3,668			2,871			2,849
Direct Vessel Profit (Loss)⁽¹⁾	$	1,529		$	639		$	561		$	(654	)	$	1,825
Other Costs and Expenses:
Lease expense	$	872		$	1,357		$	1,527		$	1,539		$	1,847
Depreciation and amortization		522			568			575			575			679

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	8,257		$	8,133		$	7,624		$	7,609		$	7,749
Fleet utilization		78	%		78	%		71	%		68	%		67	%
Fleet available days		2,935			3,156			3,275			3,295			3,187
Out-of-service days for repairs, maintenance and drydockings	82			81			134			72				151
Out-of-service days for cold-stacked status	341			459			545			622			659
Operating Revenues:
Time charter	$	18,877		$	20,079		$	17,709		$	17,083		$	16,453
Bareboat charter		732			597			233			—			—
Other marine services		(40	)		(200	)		(179	)		(251	)		(952	)
		19,569			20,476			17,763			16,832			15,501
Direct Costs and Expenses:
Operating:
Personnel		5,071			5,486			5,796			5,511			5,328
Repairs and maintenance		1,873			2,204			2,682			2,337			2,595
Drydocking		357			(27	)		136			350			1
Insurance and loss reserves		541			347			385			326			534
Fuel, lubes and supplies		1,098			1,395			1,602			1,102			1,368
Other		1,346			959			1,713			2,464			1,062
		10,286			10,364			12,314			12,090			10,888
Direct Vessel Profit⁽¹⁾	$	9,283		$	10,112		$	5,449		$	4,742		$	4,613
Other Costs and Expenses:
Lease expense	$	352		$	351		$	352		$	352		$	341
Depreciation and amortization		5,447			5,646			5,929			5,944			5,525

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*Supply*
Time Charter Statistics:
Average rates per day worked	$	7,179		$	6,755		$	6,906		$	7,001		$	7,050
Fleet utilization		87	%		96	%		53	%		62	%		81	%
Fleet available days		338			398			486			501			460
Out-of-service days for repairs, maintenance and drydockings		—			—		118			60			27
Operating Revenues:
Time charter	$	2,114		$	2,589		$	1,787		$	2,182		$	2,631
Bareboat charter		102			1,168			1,156			1,143			1,168
Other marine services		582			863			799			781			619
		2,798			4,620			3,742			4,106			4,418
Direct Costs and Expenses:
Operating:
Personnel		1,369			1,266			1,617			1,678			1,487
Repairs and maintenance		159			276			1,085			619			403
Drydocking		142			1			82			162			1,023
Insurance and loss reserves		65			66			78			105			130
Fuel, lubes and supplies		377			205			98			399			445
Other		314			57			842			1,144			762
		2,426			1,871			3,802			4,107			4,250
Direct Vessel Profit (Loss)⁽¹⁾	$	372		$	2,749		$	(60	)	$	(1	)	$	168
Other Costs and Expenses:
Lease expense	$	381		$	517		$	433		$	318		$	178
Depreciation and amortization		823			1,167			1,223			1,036			966

*Specialty*
Time Charter Statistics:
Fleet available days		92			92			91			90			92
Out-of-service days for cold-stacked status		92			92			91			90			92
Operating Revenues:
Other marine services	$	—		$	—		$	—		$	—		$	337

Direct Costs and Expenses:
Operating:
Personnel		6			13			23			65			64
Repairs and maintenance		5			1			3			4			12
Insurance and loss reserves		9			18			20			8			9
Fuel, lubes and supplies		-			2			(24	)		31			33
Other		64			75			77			95			70
		84			109			99			203			188
Direct Vessel Profit (Loss)⁽¹⁾	$	(84	)	$	(109	)	$	(99	)	$	(203	)	$	149
Other Costs and Expenses:
Operating:
Depreciation and amortization		128			128			127			128			282

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	27,453		$	26,172		$	20,993		$	17,750		$	18,497
Fleet utilization		36	%		39	%		47	%		46	%		49	%
Fleet available days		1,472			1,665			1,729			1,710			1,827
Out-of-service days for repairs, maintenance and drydockings	6			153			292			224				132
Out-of-service days for cold-stacked status		657			432			455			526		550
Operating Revenues:
Time charter	$	14,375		$	16,830		$	16,932		$	13,877		$	16,631
Other marine services		732			795			1,481			2,080			1,926
		15,107			17,625			18,413			15,957			18,557
Direct Costs and Expenses:
Operating:
Personnel		4,588			4,824			5,360			5,097			5,546
Repairs and maintenance		776			1,656			2,189			2,828			1,971
Drydocking		267			532			1,683			1,983			167
Insurance and loss reserves		711			484			921			884			872
Fuel, lubes and supplies		550			899			1,076			1,005			1,485
Other		338			221			251			444			667
		7,230			8,616			11,480			12,241			10,708
Direct Vessel Profit⁽¹⁾	$	7,877		$	9,009		$	6,933		$	3,716		$	7,849
Other Costs and Expenses:
Lease expense	$	1,497		$	1,498		$	1,497		$	1,498		$	638
Depreciation and amortization		6,136			6,247			6,055			6,053			6,098

*Crew transfer*
Time Charter Statistics:
Average rates per day worked	$	2,378		$	2,220		$	2,431		$	2,325		$	2,283
Fleet utilization		77	%		92	%		88	%		60	%		68	%
Fleet available days		3,465			3,531			3,499			3,420			3,496
Out-of-service days for repairs, maintenance and drydockings	111			52			39			53			47
Out-of-service days for cold-stacked status		92			184			91			90			92
Operating Revenues:
Time charter	$	6,385		$	7,190		$	7,482		$	4,802		$	5,395
Other marine services		389			577			499			322			460
		6,774			7,767			7,981			5,124			5,855
Direct Costs and Expenses:
Operating:
Personnel		2,435			2,432			2,665			2,309			2,274
Repairs and maintenance		693			775			933			1,096			814
Drydocking		—			—			—			—			2
Insurance and loss reserves		124			113			93			104			94
Fuel, lubes and supplies		220			152			167			189			145
Other		75			96			113			113			165
		3,547			3,568			3,971			3,811			3,494
Direct Vessel Profit⁽¹⁾	$	3,227		$	4,199		$	4,010		$	1,313		$	2,361
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	—
Depreciation and amortization		1,837			1,819			1,920			2,031			2,155

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
*Other Activity*
Operating Revenues:
Other marine services	$	1,032		$	788		$	684		$	674		$	9,555
		1,032			788			684			674			9,555
Direct Costs and Expenses:
Operating:
Personnel		415			440			452			573			846
Repairs and maintenance		147			59			83			70			146
Insurance and loss reserves		5			(9	)		—			(135	)		19
Fuel, lubes and supplies		19			5			21			18			18
Other		(442	)		(598	)		(520	)		(683	)		(971	)
		144			(102	)		36			(157	)		58
Direct Vessel Profit⁽¹⁾	$	888		$	890		$	648		$	831		$	9,497
Other Costs and Expenses:
Lease expense	$	468		$	448		$	508		$	224		$	425
Depreciation and amortization		519			516			583			330			196

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

	Three Months Ended
	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
Cash Flows from Continuing Operating Activities:
DVP ⁽¹⁾		23,092			27,489			17,442			9,744			26,462
Operating, leased-in equipment (excluding amortization of deferred gains)		(4,648	)		(4,963	)		(4,886	)		(4,842	)		(5,437	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(10,773	)		(9,160	)		(9,696	)		(10,455	)		(10,697	)
SEACOR Holdings management and guarantee fees		(21	)		(26	)		(32	)		(29	)		(5	)
Dividends received from 50% or less owned companies		800			873			—			400			(4	)
Other, net (excluding non-cash losses)		(2	)		—			—			—			400
		8,448			14,213			2,828			(5,182	)		10,719
Changes in operating assets and liabilities before interest and income taxes		7,758			(7,236	)		4,921			2,924			(11,395	)
Director share awards		—			—			894			—			—
Restricted stock vested		(55	)		(240	)		—			(282	)		(5	)
Cash settlements on derivative transactions, net		(190	)		(546	)		275			(75	)		1,420
Interest paid, excluding capitalized interest ⁽¹⁾		(6,255	)		(5,633	)		(5,971	)		(4,593	)		(6,668	)
Interest received		560			316			215			354			353
Income taxes refunded, net		—			—			—			1,999			(304	)
Net cash provided by (used in) operating activities		10,266			874			3,162			(4,855	)		(5,880	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(5,890	)		(9,547	)		(19,386	)		(20,633	)		(14,115	)
Proceeds from disposition of property and equipment		36,418			10,119			9,268			378			17,383
Proceeds from the sale of ERRV fleet		27,390			—			—			—			—
Cash Impact of sale of ERRV fleet		(5,140	)		—			—			—			—
Net change in construction reserve fund		5,268			1,951			7,997			(48	)		7,535
Net investing activities in property and equipment		58,046			2,523			(2,121	)		(20,303	)		10,803
Investments in and advances to 50% or less owned companies		(6,062	)		(8,686	)		(718	)		(1,951	)		(13,472	)
Capital distributions from equity investees		48			413			—			—			9,800
Net investing activities in third party notes receivable		—			—			—			—			17
Principal payments on notes due from equity investees		—			22			—			—			—
Net cash (used in) provided by investing activities		52,032			(5,728	)		(2,839	)		(22,254	)		7,148
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(3,899	)		(11,976	)		(3,738	)		(4,361	)		(11,352	)
Proceeds from issuance of long-term debt, net of issue costs		—			—			—			—			(336	)
Purchase of subsidiary shares from noncontrolling interests		—			—			—			(3,392	)		—
Proceeds from exercise of stock options and Warrants		340			973			3			108			20
Net cash (used in) provided by financing activities		(3,559	)		(11,003	)		(3,735	)		(7,645	)		(11,668	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(19,238	)		(472	)		1,195			873			4,331
Net Change in Cash, Cash Equivalents and Restricted Cash		40,967			12,356			8,358			(9,165	)		16,750
Cash Flows from Discontinued Operations
Operating Activities		4,297			(446	)		(747	)		2,888			2,976
Investing Activities		(4,462	)		(116	)		(615	)		(376	)		(9	)
Effects of FX Rate Changes on Cash and Cash Equivalents		3,322			268			(1,504	)		612			(4,565	)
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:		3,157			(294	)		(2,866	)		3,124			(1,598	)
Net Change in Cash, Cash Equivalents and Restricted Cash		42,658			(16,623	)		(5,083	)		(30,757	)		(7,667	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		44,389			61,012			66,095			96,852			104,519
Cash, Restricted Cash and Cash Equivalents, End of Period	$	87,047		$	44,389		$	61,012		$	66,095		$	96,852

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

	Dec. 31, 2019			Sep. 30, 2019			Jun. 30, 2019			Mar. 31, 2019			Dec. 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents	$	83,943		$	38,155		$	55,763		$	57,158		$	91,597
Restricted cash		3,104			4,016			2,240			2,240			1,657
Receivables:
Trade, net of allowance for doubtful accounts		49,128			58,954			60,711			61,586			55,048
Other		18,531			6,835			9,682			7,998			11,292
Inventories		1,228			1,408			1,660			2,779			1,977
Prepaid expenses and other		2,612			3,146			3,710			4,266			2,239
Discontinued operations		—			13,127			13,891			15,782			15,222
Total current assets		158,546			125,641			147,657			151,809			179,032
Property and Equipment:
Historical cost		976,978			1,063,290			1,099,221			1,168,104			1,116,583
Accumulated depreciation		(358,962	)		(400,628	)		(425,881	)		(478,239	)		(461,399	)
		618,016			662,662			673,340			689,865			655,184
Construction in progress		74,344			70,275			67,063			62,750			88,918
Net property and equipment		692,360			732,937			740,403			752,615			744,102
Right-of-Use Asset - Operating Leases		17,313			18,774			27,390			30,503			—
Investments, at Equity, and Advances to 50% or Less Owned Companies		124,680			118,222			112,418			119,520			121,773
Construction Reserve Funds		12,893			18,161			20,112			28,109			28,061
Other Assets		3,401			3,422			3,627			3,603			3,690
Discontinued operations		—			23,349			25,092			26,193			26,280
	$	1,009,193		$	1,040,506		$	1,076,699		$	1,112,352		$	1,102,938
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	15,099		$	15,182		$	16,552		$	17,918			—
Current portion of long-term debt		17,802			23,446			20,651			17,426			16,812
Accounts payable and accrued expenses		25,691			26,507			31,504			24,970			18,089
Due to SEACOR Holdings		74			77			74			535			452
Other current liabilities		36,151			42,372			47,185			45,967			45,738
Discontinued operations		—			3,813			3,813			3,893			2,526
Total current liabilities		94,817			111,397			119,779			110,709			83,617
Long-Term Operating Lease Liabilities		9,822			12,878			16,775			19,851			—
Long-Term Debt		380,251			375,772			379,075			384,344			387,854
Conversion Option Liability on Convertible Senior Notes		5,205			4,543			7,599			6,201			5,276
Deferred Income Taxes		33,905			36,921			37,066			41,834			44,685
Deferred Gains and Other Liabilities		6,269			4,848			5,165			7,290			26,571
Total liabilities		530,269			546,359			565,459			570,229			548,003
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		219			219			218			211			204
Additional paid-in capital		429,318			427,823			424,549			422,830			415,372
Retained earnings		27,076			64,929			83,312			111,701			126,834
Shares held in treasury		(669	)		(614	)		(374	)		(373	)		(91	)
Accumulated other comprehensive loss, net of tax		1,548			(21,105	)		(19,156	)		(16,812	)		(16,788	)
		457,492			471,252			488,549			517,557			525,531
Noncontrolling interests in subsidiaries		21,432			22,895			22,691			24,566			29,404
Total equity		478,924			494,147			511,240			542,123			554,935
	$	1,009,193		$	1,040,506		$	1,076,699		$	1,112,352		$	1,102,938

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total ⁽²⁾
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
December 31, 2018
AHTS		8		—		4		—		12
FSV		32		5		1		3		41
Supply		7		30		—		2		39
Specialty		1		4		—		2		7
Liftboats		17		—		2		—		19
Crew transfer		38		4		—		—		42
Discontinued Operations		18		1		—		—		19
		121		44		7		7		179

______________________

)

Excludes four owned vessels that have been retired and removed from service.

Source: SEACOR Marine Holdings Inc.

Press Release Details

Seacor Marine Announces Fourth Quarter 2019 Results