Seacor Marine Announces Fourth Quarter 2020 Results

March 11, 2021 at 5:38 PM EST

HOUSTON, March 11, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter and full year ended December 31, 2020.

Notable fourth quarter items include:

Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (“Windcat”) and its crew transfer business with the transaction closing on January 12, 2021. SEACOR Marine received net cash proceeds of approximately US$42.6 million. The buyer also assumed all of the approximately GBP£20.4 million of debt outstanding under Windcat’s existing revolving credit facility. SEACOR Marine recognized a gain on the sale of approximately US$22.8 million, which will be reflected in SEACOR Marine’s financial results for the first quarter of 2021.
Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019.
$9.7 million in equity in losses of 50% or less owned companies. These losses are mostly non-cash and non-recurring charges in our joint ventures in Latin America as a result of the recognition of losses originating in our investment in UP Offshore in Brazil. These charges will be offset by reduced income tax expense in current and future periods.
Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system. This was the last vessel delivery of the eight modern platform supply vessels acquired in connection with our SEACOSCO transaction. The vessel commenced a long-term charter in December. The average age for the Company’s owned fleet is now seven years, one of the youngest in the industry.
The COVID-19 pandemic has continued to impact revenues and costs for the fourth quarter of 2020. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

As a result of the announced sale of Windcat, SEACOR Marine classified the Windcat crew transfer assets as held for sale as of December 31, 2020. All of the results presented for all periods exclude the Windcat operations, which are classified as discontinued operations.

SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (“DVP”)⁽¹⁾ was $10.5 million. This compares to consolidated operating revenues from continuing operations of $42.5 million, operating loss of $10.6 million, and DVP of $19.9 million in the fourth quarter of 2019. The reduction in DVP in the fourth quarter of 2020 was primarily driven by lower revenues in the United States. For the fourth quarter of 2020, net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2019 of $19.5 million ($0.76 loss per basic and diluted share).

Chief Executive Officer John Gellert provided the following comments on SEACOR Marine's fourth quarter results:

I am very pleased with SEACOR Marine’s response to the most challenging year in the current industry cycle and thank all of our employees for their dedication and hard work during extremely difficult conditions in 2020.

The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States, higher expenses in connection with COVID-19 operating protocols, and seasonality.

Utilization for our fleet in the Gulf of Mexico during the fourth quarter was 7%, a slight improvement from 5% in the prior two quarters, but enough to generate positive DVP in the region for the first time since COVID-19 hit. I see this as a good example that marginal improvements will have significant positive impact on our results.

Internationally, revenues and utilization were mostly flat, except for higher out-of-service time. Expenses were $4.9 million higher than in the fourth quarter of 2019, mostly due to increased expenses associated with COVID-19 operating protocols and higher expenses in the Middle East.

Additionally, our results reflect our share of the equity losses in our joint ventures in Latin America primarily in our UP Offshore investment in Brazil. However, I want to note that these are non-recurring and non-cash losses, and will be offset by increased tax savings. Although the investment in UP Offshore has not met our expectations, our joint ventures in Latin America continue to perform well and closed the year generating substantial cash flow.

More broadly, I am optimistic about the future for SEACOR Marine:

Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021. We are already seeing a welcome increase in inquiries from our customers as they regain confidence to carry out previously deferred capital expenditure plans or consider incremental offshore activity.
COVID-19 operating protocols are getting clearer and better every day. Although we continue to see high expenses in connection with COVID-19 operating conditions, we also see better coordination in the countries where we operate. These measures, together with the worldwide vaccination campaign underway are positive. Nonetheless, difficulties remain, and we recently joined the Neptune Declaration urging the implementation of certain actions in support of seafarer wellbeing and crew changes.
Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale. Additionally, we expect to collect more than $30 million in tax refund claims under the CARES Act. We remain committed to managing our balance sheet prudently, including the use of non-recourse debt to efficiently allocate our capital.
We have a diverse and technologically superior asset base with a dedicated and motivated team of employees. We have continued investing through the entire cycle and taken advantage of the opportunities to rejuvenate and enhance our fleet substantially.

SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy. Among other initiatives, we have established a formal ESG Program, which is complemented by our unique fleet mix that includes liftboat assets that are poised to assist in the development of the U.S. offshore wind market, and modern platform support vessels with hybrid power systems that improve fuel efficiency and reduce emissions. We have been an early adopter of hybrid power vessel technology, with nine systems currently deployed. Additionally, we expect the heightened ESG focus in the industry to increase activity on meeting plug and abandonment, and decommissioning obligations in the Gulf of Mexico, for which our U.S. flag assets are well suited.

Lastly, I would like to acknowledge the crews and shore-based SEACOR Marine employees for their professionalism and commitment to maintaining safe and reliable operations in a difficult environment. They have continued to drive the business forward by providing uninterrupted service to our clients during unprecedented and challenging times.
___________________

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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 and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 5 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 energy 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 InvestorRelations@seacormarine.com

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

	Three Months Ended December 31,						Year ended December 31,
	2020			2019			2020			2019
Operating Revenues	$	36,044		$	42,478		$	141,837		$	174,453
Costs and Expenses:
Operating		25,562			22,567			91,145			109,523
Administrative and general		8,556			10,577			40,051			39,791
Lease expense		1,798			3,477			7,525			15,840
Depreciation and amortization		15,247			13,733			57,167			57,166
		51,163			50,354			195,888			222,320
(Loss) Gain on Asset Dispositions and Impairments, Net		(1,796	)		(2,679	)		(17,588	)		(6,461	)
Operating Loss		(16,915	)		(10,555	)		(71,639	)		(54,328	)
Other Income (Expense):
Interest income		61			546			1,273			1,389
Interest expense		(8,288	)		(7,130	)		(30,691	)		(28,956	)
SEACOR Holdings guarantee fees		(11	)		(21	)		(47	)		(108	)
Derivative gains (losses), net		(894	)		(663	)		4,310			71
Foreign currency gains, net		(1,286	)		(1,657	)		(1,294	)		(2,541	)
Other, net		(19	)		(1	)		(19	)		(1	)
		(10,437	)		(8,926	)		(26,468	)		(30,146	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(27,352	)		(19,481	)		(98,107	)		(84,474	)
Income Tax Benefit		1,865			(2,319	)		(22,924	)		(7,969	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(29,217	)		(17,162	)		(75,183	)		(76,505	)
Equity in Losses of 50% or Less Owned Companies		(9,681	)		(2,277	)		(8,163	)		(14,459	)
Loss from Continuing Operations		(38,898	)		(19,439	)		(83,346	)		(90,964	)
(Loss) Income on Discontinued Operations, Net of Tax		51			(2,479	)		364			(7,731	)
Net Loss		(38,847	)		(21,918	)		(82,982	)		(98,695	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries		(31	)		(1,463	)		(4,067	)		(5,858	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(38,816	)	$	(20,455	)	$	(78,915	)	$	(92,837	)

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(1.54	)	$	(0.76	)	$	(3.20	)	$	(3.62	)
Discontinued operations		-			(0.10	)		0.02		$	(0.33	)
	$	(1.54	)	$	(0.86	)	$	(3.18	)	$	(3.95	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		25,265,812			23,831,920			24,785,744			23,513,925

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

	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
Time Charter Statistics:
Average Rates Per Day	$	10,931		$	11,052		$	10,746		$	10,886		$	10,846
Fleet Utilization		51	%		54	%		57	%		57	%		62	%
Fleet Available Days		5,824			5,807			5,258			5,361			5,726
Operating Revenues:
Time charter	$	32,693		$	34,824		$	32,389		$	33,549		$	38,259
Bareboat charter		732			677			723			724			834
Other marine services		2,619			700			813			1,394			3,385
		36,044			36,201			33,925			35,667			42,478
Costs and Expenses:
Operating:
Personnel		13,057			13,401			10,704			11,186			12,726
Repairs and maintenance		3,445			3,764			3,612			3,840			3,318
Drydocking		1,753			585			566			1,365			766
Insurance and loss reserves		1,670			1,764			1,489			840			1,557
Fuel, lubes and supplies		2,081			2,131			2,075			1,841			2,193
Other		3,556			3,074			1,682			1,664			2,007
		25,562			24,719			20,128			20,736			22,567
Direct Vessel Profit⁽¹⁾		10,482			11,482			13,797			14,931			19,911
Other Costs and Expenses:
Lease expense		1,798			1,200			1,202			3,325			3,477
Administrative and general		8,556			8,861			13,241			9,393			10,577
Depreciation and amortization		15,247			14,833			13,725			13,362			13,733
		25,601			24,894			28,168			26,080			27,787
(Losses) Gains on Asset Dispositions and Impairments, Net		(1,796	)		233			(3,453	)		(12,572	)		(2,679	)
Operating Loss		(16,915	)		(13,179	)		(17,824	)		(23,721	)		(10,555	)
Other Income (Expense):
Interest income		61			34			516			662			546
Interest expense		(8,288	)		(8,312	)		(6,717	)		(7,374	)		(7,130	)
SEACOR Holdings guarantee fees		(11	)		(11	)		(9	)		(16	)		(21	)
Derivative losses (gains), net		(894	)		5			85			5,114			(663	)
Foreign currency gains, net		(1,286	)		(911	)		193			710			(1,657	)
Other, net		(19	)		—			—			—			(1	)
		(10,437	)		(9,195	)		(5,932	)		(904	)		(8,926	)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(27,352	)		(22,374	)		(23,756	)		(24,625	)		(19,481	)
Income Tax (Benefit) Expense		1,865			(3,120	)		(15,007	)		(6,662	)		(2,319	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(29,217	)		(19,254	)		(8,749	)		(17,963	)		(17,162	)
Equity in Losses of 50% or Less Owned Companies		(9,681	)		(588	)		2,081			25			(2,277	)
Loss from Continuing Operations		(38,898	)		(19,842	)		(6,668	)		(17,938	)		(19,439	)
(Loss) Income from Discontinued Operations, Net of Tax		51			1,765			602			(2,054	)		(2,479	)
Net Loss		(38,847	)		(18,077	)		(6,066	)		(19,992	)		(21,918	)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries		(31	)		4			7			(4,047	)		(1,463	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(38,816	)	$	(18,081	)	$	(6,073	)	$	(15,945	)	$	(20,455	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(1.54	)	$	(0.79	)	$	(0.26	)	$	(0.58	)	$	(0.76	)
Discontinued operations		—			0.07			0.02			(0.08	)		(0.10	)
	$	(1.54	)	$	(0.72	)	$	(0.24	)	$	(0.66	)	$	(0.86	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		25,265			24,989			24,851			23,989			23,832
Common Shares and Warrants Outstanding at Period End		24,919			24,996			24,899			24,854			23,708

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	18,405		$	19,397		$	15,574		$	20,988		$	19,285
Fleet utilization		7	%		5	%		5	%		11	%		20	%
Fleet available days		1,797			1,871			1,842			1,864			1,956
Out-of-service days for repairs, maintenance and drydockings	45.25			37			32			116			6
Out-of-service days for cold-stacked status		1,472			1,576			1,465			1,301			1,301
Operating Revenues:
Time charter	$	2,352		$	1,668		$	1,478		$	4,375		$	7,408
Bareboat charter		732			731			723			724			732
Other marine services		794			473			513			642			516
		3,878			2,872			2,714			5,741			8,656
Direct Costs and Expenses:
Operating:
Personnel		2,372			2,481			2,284			2,928			3,432
Repairs and maintenance		386			338			314			617			782
Drydocking		-			-			110			1,057			252
Insurance and loss reserves		507			778			354			135			566
Fuel, lubes and supplies		208			251			189			524			407
Other		116			85			93			79			102
		3,589			3,933			3,344			5,340			5,541
Direct Vessel Profit (Loss)⁽¹⁾	$	289		$	(1,061	)	$	(630	)	$	401		$	3,115
Other Costs and Expenses:
Lease expense	$	677		$	716		$	741		$	2,138		$	2,283
Depreciation and amortization		5,854			4,961			5,254			5,358			5,474

*Africa, primarily West Africa*
Time Charter Statistics:
Average rates per day worked	$	8,674		$	8,364		$	9,001		$	9,249		$	9,435
Fleet utilization		64	%		71	%		85	%		89	%		88	%
Fleet available days		1,288			1,288			1,304			1,346			1,349
Out-of-service days for repairs, maintenance and drydockings		120			45			90			56			68
Out-of-service days for cold-stacked status		276			124			—			—			—
Operating Revenues:
Time charter	$	7,196		$	7,641		$	9,944		$	11,095		$	11,249
Other marine services		233			(385	)		(480	)		167			1,216
		7,429			7,256			9,464			11,262			12,465
Direct Costs and Expenses:
Operating:
Personnel		2,714			2,597			2,546			2,695			3,230
Repairs and maintenance		1,295			1,066			1,379			1,435			1,242
Drydocking		1,269			481			256			8			253
Insurance and loss reserves		378			267			188			193			369
Fuel, lubes and supplies		747			994			727			472			817
Other		(838	)		686			565			571			976
		5,565			6,091			5,661			5,374			6,887
Direct Vessel Profit⁽¹⁾	$	1,864		$	1,165		$	3,803		$	5,888		$	5,578
Other Costs and Expenses:
Lease expense	$	1,056		$	430		$	417		$	1,126		$	757
Depreciation and amortization		2,673			2,667			2,889			2,604			2,608

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,455		$	9,670		$	10,245		$	9,634		$	8,843
Fleet utilization		75	%		78	%		82	%		73	%		82	%
Fleet available days		1,840			1,809			1,613			1,671			1,901
Out-of-service days for repairs, maintenance and drydockings		68		89			113			200			15
Out-of-service days for cold-stacked status		169		76			61			48			153
Operating Revenues:
Time charter	$	13,008		$	13,672		$	13,605		$	11,767		$	13,840
Other marine services		927			296			514			420			678
		13,935			13,968			14,119			12,187			14,518
Direct Costs and Expenses:
Operating:
Personnel		5,411			5,171			3,795			3,811			4,129
Repairs and maintenance		842			1,564			1,580			1,246			973
Drydocking		41			104			200			414			146
Insurance and loss reserves		501			451			430			339			408
Fuel, lubes and supplies		604			482			955			665			769
Other		3,618			1,771			819			683			635
		11,017			9,543			7,779			7,158			7,060
Direct Vessel Profit⁽¹⁾	$	2,918		$	4,425		$	6,340		$	5,029		$	7,458
Other Costs and Expenses:
Lease expense	$	47		$	46		$	32		$	45		$	42
Depreciation and amortization		4,505			4,379			3,921			3,790			3,963

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	12,921		$	13,355		$	10,752		$	9,397		$	8,649
Fleet utilization		82	%		99	%		97	%		93	%		69	%
Fleet available days		716			655			408			389			429
Out-of-service days for repairs, maintenance and drydockings		66			7			—		3			35
Out-of-service days for cold-stacked status		—			—			—			—		65
Operating Revenues:
Time charter	$	7,538		$	8,621		$	4,251		$	3,396		$	2,541
Bareboat charter		—			—			—			—			102
Other marine services		555			212			168			149			261
		8,093			8,833			4,419			3,545			2,904
Direct Costs and Expenses:
Operating:
Personnel		1,764			2,342			1,377			1,215			1,081
Repairs and maintenance		780			704			255			392			234
Drydocking		443			—			—			(114	)		114
Insurance and loss reserves		150			138			105			69			79
Fuel, lubes and supplies		416			307			132			135			127
Other		497			444			123			305			188
		4,050			3,935			1,992			2,002			1,823
Direct Vessel Profit⁽¹⁾	$	4,043		$	4,898		$	2,427		$	1,543		$	1,081
Other Costs and Expenses:
Lease expense	$	18		$	9		$	9		$	9		$	9
Depreciation and amortization		1,924			1,708			950			899			1,037

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked		34,999			35,000			34,192			32,038			35,000
Fleet utilization		40	%		50	%		100	%		100	%		100	%
Fleet available days		184			184			91			91			92
Out-of-service days for repairs, maintenance and drydockings		18			—			—			—			—
Out-of-service days for cold-stacked status		92			92			—			—			—
Operating Revenues:
Time charter	$	2,600		$	3,220		$	3,111		$	2,916		$	3,221
Bareboat charter		—			(54	)		—			—			—
Other marine services		110			106			98			16			714
		2,710			3,272			3,209			2,932			3,935
Direct Costs and Expenses:
Operating:
Personnel		796			810			702			537			854
Repairs and maintenance		142			92			84			150			87
Drydocking		—			—			—			—			1
Insurance and loss reserves		134			130			412			104			135
Fuel, lubes and supplies		106			97			72			45			73
Other		164			88			82			26			106
		1,342			1,217			1,352			862			1,256
Direct Vessel Profit for Continuing Operations⁽¹⁾	$	1,368		$	2,055		$	1,857		$	2,070		$	2,679
Other Costs and Expenses:
Lease expense	$	-		$	-		$	3		$	7		$	386
Depreciation and amortization		291			1,117			711			711			651

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	7,967		$	7,388		$	8,383		$	8,012		$	8,095
Fleet utilization		44	%		54	%		43	%		39	%		48	%
Fleet available days		641			644			667			709			705
Out-of-service days for repairs, maintenance and drydockings		133		21			76			74			33
Out-of-service days for cold-stacked status		228		276			273			273			337
Operating Revenues:
Time charter	$	2,236		$	2,564		$	2,413		$	2,225		$	2,714
Other marine services		433			(147	)		(137	)		559			1,076
		2,669			2,417			2,276			2,784			3,790
Direct Costs and Expenses:
Operating:
Personnel		1,149			950			853			892			1,212
Repairs and maintenance		542			432			679			408			330
Drydocking		847			(2	)		(19	)		22			-
Insurance and loss reserves		199			139			159			45			208
Fuel, lubes and supplies		258			148			168			216			145
Other		535			370			341			259			366
		3,530			2,037			2,181			1,842			2,261
Direct Vessel Profit (Loss)⁽¹⁾	$	(861	)	$	380		$	95		$	942		$	1,529
Other Costs and Expenses:
Lease expense	$	1,127		$	505		$	518		$	1,216		$	872
Depreciation and amortization		494			495			500			561			522

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	8,074		$	8,421		$	8,590		$	8,472		$	8,257
Fleet utilization		60	%		63	%		72	%		76	%		78	%
Fleet available days		2,300			2,300			2,426			2,521			2,935
Out-of-service days for repairs, maintenance and drydockings		155		71			137			156			82
Out-of-service days for cold-stacked status		549		421			285			273			341
Operating Revenues:
Time charter	$	11,151		$	12,212		$	15,078		$	16,284		$	18,877
Bareboat charter		732			731			723			724			732
Other marine services		(283	)		(256	)		(372	)		(355	)		(40	)
		11,600			12,687			15,429			16,653			19,569
Direct Costs and Expenses:
Operating:
Personnel		4,409			4,180			4,166			4,659			5,071
Repairs and maintenance		1,604			1,642			1,922			2,278			1,873
Drydocking		912			587			274			36			357
Insurance and loss reserves		471			353			304			332			541
Fuel, lubes and supplies		836			976			1,180			904			1,098
Other		2,085			1,489			1,203			1,000			1,346
		10,317			9,227			9,049			9,209			10,286
Direct Vessel Profit⁽¹⁾	$	1,283		$	3,460		$	6,380		$	7,444		$	9,283
Other Costs and Expenses:
Lease expense	$	352		$	351		$	352		$	352		$	352
Depreciation and amortization		5,113			5,105			5,405			5,118			5,447

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*Supply*
Time Charter Statistics:
Average rates per day worked	$	11,373		$	11,355		$	8,477		$	7,360		$	7,179
Fleet utilization		63	%		74	%		83	%		79	%		87	%
Fleet available days		1,360			1,257			527			2,521			338
Out-of-service days for repairs, maintenance and drydockings		12			23			13			3			—
Out-of-service days for cold-stacked status		353			229			61			—			—
Operating Revenues:
Time charter	$	9,714		$	10,541		$	3,713		$	2,520		$	2,114
Bareboat charter		—			(55	)		—			—			102
Other marine services		482			92			(53	)		(69	)		582
		10,196			10,578			3,660			2,451			2,798
Direct Costs and Expenses:
Operating:
Personnel		3,364			3,821			1,591			1,206			1,369
Repairs and maintenance		735			968			375			348			159
Drydocking		(2	)		—			197			—			142
Insurance and loss reserves		238			230			106			67			65
Fuel, lubes and supplies		622			601			219			119			377
Other		1,205			1,022			246			397			314
		6,162			6,642			2,734			2,137			2,426
Direct Vessel Profit (Loss)⁽¹⁾	$	4,034		$	3,936		$	926		$	314		$	372
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	381
Depreciation and amortization		3,060			2,673			1,000			787			823

*Specialty*
Time Charter Statistics:
Fleet available days		—			42			91			91			92
Out-of-service days for cold-stacked status		—			42			91			91			92
Operating Revenues:
Other marine services	$	—		$	—		$	—		$	—		$	—

Direct Costs and Expenses:
Operating:
Personnel		—			—			—			13			6
Repairs and maintenance		—			35			46			11			5
Insurance and loss reserves		(7	)		13			16			20			9
Fuel, lubes and supplies		—			(8	)		(2	)		22			—
Other		—			32			67			101			64
		(7	)		72			127			167			84
Direct Vessel Loss⁽¹⁾	$	7		$	(72	)	$	(127	)	$	(167	)	$	(84	)
Other Costs and Expenses:
Operating:
Depreciation and amortization	$	—		$	27		$	127		$	128		$	128

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	24,561		$	27,947		$	24,894		$	27,513		$	27,453
Fleet utilization		27	%		23	%		30	%		31	%		36	%
Fleet available days		1,432			1,472			1,456			1,456			1,472
Out-of-service days for repairs, maintenance and drydockings		18		64			9			141			6
Out-of-service days for cold-stacked status		880			899			816			664			657
Operating Revenues:
Time charter	$	9,406		$	9,319		$	11,001		$	12,339		$	14,375
Other marine services		395			316			306			250			732
		9,801			9,635			11,307			12,589			15,107
Direct Costs and Expenses:
Operating:
Personnel		3,742			3,963			3,545			4,097			4,588
Repairs and maintenance		524			624			407			650			776
Drydocking		(1	)		—			111			1,307			267
Insurance and loss reserves		690			1,055			893			679			711
Fuel, lubes and supplies		349			370			343			490			550
Other		1,642			538			219			147			338
		6,946			6,550			5,518			7,370			7,230
Direct Vessel Profit⁽¹⁾	$	2,855		$	3,085		$	5,789		$	5,219		$	7,877
Other Costs and Expenses:
Lease expense	$	19		$	31		$	44		$	1,497		$	1,497
Depreciation and amortization		6,009			5,980			6,081			6,128			6,136

*Crew transfer*
Time Charter Statistics:
Average rates per day worked	$	2,025		$	2,025		$	2,025		$	1,982		$	2,023
Fleet utilization		100	%		100	%		100	%		60	%		48	%
Fleet available days		92			92			91			151			184
Out-of-service days for repairs, maintenance and drydockings		—			—			—			—			4
Out-of-service days for cold-stacked status		—			—			—			48			92
Operating Revenues:
Time charter	$	187		$	187		$	184		$	181		$	179
Other marine services		1			(9	)		(10	)		(12	)		3
		188			178			174			169			182
Direct Costs and Expenses:
Operating:
Personnel		69			72			47			72			65
Repairs and maintenance		34			16			56			92			28
Drydocking		(3	)		—			—			—			—
Insurance and loss reserves		5			-			—			—			18
Fuel, lubes and supplies		3			6			10			4			4
Other		18			24			23			11			21
		126			118			136			179			136
Direct Vessel Profit⁽¹⁾	$	62		$	60		$	38		$	(10	)	$	46
Other Costs and Expenses:
Lease expense		—			—			—			—			—
Depreciation and amortization		1,541			62.0			62			31			170

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

	Three Months Ended
	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
*Other Activity*
Operating Revenues:
Other marine services	$	1,591		$	720		$	1,056		$	1,029		$	1,032
		1,591			720			1,056			1,029			1,032
Direct Costs and Expenses:
Operating:
Personnel		324			415			502			247			415
Repairs and maintenance		6			47			128			53			147
Insurance and loss reserves		74			(26	)		11			(303	)		5
Fuel, lubes and supplies		13			38			157			86			19
Other		(1,928	)		(401	)		(417	)		(251	)		(442	)
		(1,511	)		73			381			(168	)		144
Direct Vessel Profit⁽¹⁾	$	3,102		$	647		$	675		$	1,197		$	888
Other Costs and Expenses:
Lease expense	$	300		$	335		$	241		$	285		$	375
Depreciation and amortization		(970	)		545			553			552			507

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

	Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	32,666		$	42,314		$	51,888		$	67,441		$	81,382
Restricted cash		3,352			3,352			3,352			3,353			3,104
Receivables:
Trade, net of allowance for doubtful accounts		45,325			48,294			52,169			43,602			43,050
Other		10,924			18,365			13,814			27,249			18,239
Receivables from SEACOR Holdings		18,832			18,814			14,394			—			—
Tax Receivable		13,556			11,770			—			—			—
Inventories		576			573			1,409			1,575			1,228
Prepaid expenses and other		3,230			3,438			2,835			2,092			1,940
Assets held for sale		50,235			46,768			44,616			54,182			45,718
Total current assets		178,696			193,688			184,477			199,494			194,661
Property and Equipment:
Historical cost		1,012,873			996,370			987,741			857,118			899,024
Accumulated depreciation		(291,538	)		(280,468	)		(271,097	)		(264,365	)		(308,917	)
		721,335			715,902			716,644			592,753			590,107
Construction in progress		32,327			51,969			52,456			49,186			70,806
Net property and equipment		753,662			767,871			769,100			641,939			660,913
Right-of-Use Asset - Operating Leases		7,134			7,670			8,148			8,286			16,537
Right-of-Use Asset - Finance Lease		129			137			—			—			—
Investments, at Equity, and Advances to 50% or Less Owned Companies		75,308			84,701			87,177			109,844			120,831
Construction Reserve Funds		—			—			—			3,745			12,893
Other Assets		2,734			3,108			3,200			3,227			3,358
	$	1,017,663		$	1,057,175		$	1,052,102		$	966,535		$	1,009,193
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	7,030		$	9,446		$	11,579		$	13,167		$	14,896
Current lease liability - Finance		36			27			-			—			—
Current portion of long-term debt		32,377			52,108			51,793			37,084			17,802
Accounts payable and accrued expenses		29,967			28,888			21,323			30,064			24,598
Due to SEACOR Holdings		—			—			—			66			74
Other current liabilities		31,467			29,548			29,642			29,154			35,387
Liabilities held for sale		30,927			28,555			28,882			27,392			27,540
Total current liabilities		131,804			148,572			143,219			136,927			120,297
Long-Term Operating Lease Liabilities		4,345			5,239			6,067			7,352			9,255
Long-Term Finance Lease Liabilities		105			113			—			—			—
Long-Term Debt		440,510			426,711			422,569			333,121			355,714
Conversion Option Liability on Convertible Senior Notes		2			1			6			91			5,205
Deferred Income Taxes		35,822			36,075			23,740			25,793			33,564
Deferred Gains and Other Liabilities		3,239			3,810			5,137			7,940			6,234
Total liabilities		615,827			620,521			600,738			511,224			530,269
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		235			235			232			231			219
Additional paid-in capital		451,179			450,320			449,116			447,425			429,318
(Accumulated Deficit) Retained earnings		(51,839	)		(13,023	)		5,058			11,131			27,076
Shares held in treasury		(848	)		(848	)		(847	)		(844	)		(669	)
Accumulated other comprehensive loss, net of tax		2,790			(380	)		(2,541	)		(2,971	)		1,548
		401,517			436,304			451,018			454,972			457,492
Noncontrolling interests in subsidiaries		319			350			346			339			21,432
Total equity		401,836			436,654			451,364			455,311			478,924
	$	1,017,663		$	1,057,175		$	1,052,102		$	966,535		$	1,009,193

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total
December 31, 2020
AHTS		4		—		2		—		6
FSV		26		5		1		1		33
Supply		15		27		—		1		43
Specialty		—		3		—		—		3
Liftboats		14		—		1		—		15
Crew Transfer Assets Held for Sale		40		5		—		—		45
Crew transfer Continuing Operations		1		—		—		—		1
		100		40		4		2		146
September 30, 2020
AHTS		4		—		3		—		7
FSV		26		5		1		1		33
Supply		14		27		—		2		43
Specialty		—		3		—		—		3
Liftboats		14		—		2		—		16
Crew Transfer Assets Held for Sale		40		4		—		—		44
Crew transfer Continuing Operations		1		—		—		—		1
		99		39		6		3		147

Source: SEACOR Marine Holdings Inc.

Press Release Details

Seacor Marine Announces Fourth Quarter 2020 Results