HOUSTON, Aug. 07, 2019 (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 second quarter ended June 30, 2019.

Second quarter highlights include:

• A 6% increase in total operating revenues as compared with the second quarter of 2018, primarily due to a 10% increase in utilization. The improved utilization reflects a 7% increase in on hire days despite an 8% decrease in the number of available days as a result of asset sales during the last twelve months, compared with the second quarter of 2018  Operating loss decreased by $4.5 million to $16.5 million compared with $21.0 million in the second quarter of 2018.
  
  
• Consolidated direct vessel profit (“DVP”)⁽¹⁾ for the second quarter of 2019 increased by $6.1 million, or 41%, to $20.8 million from $14.7 million in the second quarter of 2018. Primary drivers of the increase were current quarter increases in revenues, along with a decrease in labor costs compared to the second quarter of 2018 due to a $1.2 million foreign pension adjustment in 2018, $1.0 million reduction in drydockings and a $1.7 million reduction in other major repairs.
  
  
• Wind energy support revenues for the second quarter of 2019 increased by $3.3 million to $9.8 million from $6.5 million in the second quarter of 2018, a 52% increase, and DVP for this activity increased by $2.0 million to $4.7 million from $2.7 million in the second quarter of 2018, a 76% increase.  This growth included both organic improvement in utilization and average dayrates for our crew transfer vessel (“CTV”) fleet and the commencement of a multi-year contract in Europe for one liftboat.
  
  
• Start-up expenses incurred by both our Brazilian focused joint venture and our Chinese new construction platform supply vessel (“PSV”) joint venture, resulted in $5.6 million in losses from 50% or less owned companies. These joint ventures incurred drydocking and/or mobilization expenses for a total of eight vessels, all of which are expected to begin work and contribute positively to the Company’s results in the third quarter.

Following the end of the quarter, the Company initiated cost reduction initiatives aimed at better aligning its operating expenses with its view of current and prospective market conditions. Cost reduction measures include a reduction of workforce, reorganization of the management structure, and closure and/or consolidation of certain facilities in the U.S. Gulf of Mexico, Middle East, and Europe. The Company expects that upon completion of these initiatives, it will realize annualized recurring administrative and general savings of at least $8.0 million, representing approximately 17% of the Company’s total administrative and general expense over the last twelve months. 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. These initiatives will result in a one-time restructuring charge in the third quarter of 2019. 

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

“Our fleet continued to experience an upward trend in utilization and dayrates, reflecting consistent improvement for assets since the offshore cycle trough in the first quarter of 2017.  Activity levels in the U.S. Gulf of Mexico remain tepid as customer demand is highly sensitive to oil and gas prices.  Tendering activity, especially in international markets served by our asset portfolio, points to a continuing recovery.  Unfortunately, the pace of the recovery is slower than we had hoped, leading us to implement our aggressive cost-cutting initiative.

“Our investments in wind energy support are paying off and continue to develop attractive growth opportunities.  Notable highlights from the second quarter were the commencement of a 30-month contract in Europe for our largest and most capable liftboat,  increased activity of our CTVs in Europe, and new tendering activity in the U.S. for Jones Act-compliant assets in anticipation of significant offshore windfarm installations off the East Coast.

“We are focused on returning to profit and generating cash, while remaining vigilant in positioning ourselves to take advantage of opportunities in any market conditions. We have proactively reassessed our cost structure and regional footprint and initiated efforts to optimize both. I am confident that these efforts, and our continued emphasis on core assets, regions and services with the highest potential for improved margins, allow us to chart our own path to profitability without depending on a full market recovery in oil and gas services.”

For the second quarter of 2019, net loss attributable to SEACOR Marine was $28.4 million ($1.21 per basic and diluted share), and operating loss was $16.5 million.  Net loss attributable to SEACOR Marine for the second quarter of 2018 was $25.0 million ($1.19 per basic and diluted share) and operating loss was $21.0 million.  

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels).  DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures.  DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.  See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

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

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

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
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 June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
Operating Revenues		$	64,345			$	60,701			$	120,594			$	112,422
Costs and Expenses:
Operating			43,525				46,001				87,802				84,349
Administrative and general			11,639				15,041				23,639				27,415
Lease expense			4,317				3,310				8,465				6,568
Depreciation and amortization			17,494				18,406				34,687				37,918
			76,975				82,758				154,593				156,250
(Losses) Gains on Asset Dispositions and Impairments, Net			(3,848	)			1,055				(3,489	)			(1,588	)
Operating Loss			(16,478	)			(21,002	)			(37,488	)			(45,416	)
Other Income (Expense):
Interest income			222				352				579				568
Interest expense			(7,691	)			(6,489	)			(15,426	)			(12,622	)
SEACOR Holdings guarantee fees			(32	)			(7	)			(61	)			(19	)
Derivative losses, net			(1,398	)			(2,668	)			(2,323	)			(14,184	)
Foreign currency gains, net			(929	)			(818	)			(294	)			(679	)
			(9,828	)			(9,630	)			(17,525	)			(26,936	)
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(26,306	)			(30,632	)			(55,013	)			(72,352	)
Income Tax Benefit			(3,048	)			(4,724	)			(6,879	)			(14,548	)
Loss Before Equity in Earnings of 50% or Less Owned Companies			(23,258	)			(25,908	)			(48,134	)			(57,804	)
Equity in Losses of 50% or Less Owned Companies			(7,006	)			(721	)			(10,403	)			(513	)
Net Loss			(30,264	)			(26,629	)			(58,537	)			(58,317	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries			(1,875	)			(1,605	)			(4,599	)			(4,460	)
Net Loss attributable to SEACOR Marine Holdings Inc.		$	(28,389	)		$	(25,024	)			(53,938	)		$	(53,857	)
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.		$	(1.21	)		$	(1.19	)		$	(2.32	)		$	(2.79	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted			23,382,272				21,035,214				23,237,012			$	19,312,923

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data)

		Three Months Ended June 30,																Six Months Ended June 30,
		2019								2018								2019								2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)		$	9,913							$	9,742							$	9,686							$	9,425
Average Rates Per Day		$	7,122							$	7,324							$	7,237							$	7,174
Fleet Utilization (excluding crew transfer)			64	%							58	%							63	%							54	%
Fleet Utilization			72	%							62	%							66	%							58	%
Fleet Available Days (excluding crew transfer)			8,038								9,071								16,153								18,342
Fleet Available Days			11,537								12,528								23,072								25,129
Operating Revenues:
Time charter		$	58,773				91	%		$	56,826				94	%		$	110,900				92	%		$	103,968				93	%
Bareboat charter			1,389				2	%			1,156				2	%			2,532				2	%			2,299				2	%
Other marine services			4,183				7	%			2,719				4	%			7,162				6	%			6,155				5	%
		$	64,345				100	%			60,701				100	%		$	120,594				100	%			112,422				100	%
Costs and Expenses:
Operating:
Personnel			23,961				37	%			24,733				41	%			46,717				39	%			46,409				41	%
Repairs and maintenance			8,676				14	%			9,070				15	%			17,682				15	%			16,143				14	%
Drydocking			2,074				3	%			3,112				5	%			4,953				4	%			5,369				5	%
Insurance and loss reserves			1,892				3	%			1,934				3	%			3,366				3	%			3,124				3	%
Fuel, lubes and supplies			3,892				6	%			4,122				7	%			7,645				6	%			7,667				7	%
Other			3,030				5	%			3,009				5	%			7,439				6	%			5,616				5	%
			43,525				68	%			45,980				76	%			87,802				73	%			84,328				75	%
Administrative and general			11,639				18	%			15,041				25	%			23,639				19	%			27,415				24	%
Depreciation and amortization			17,494				27	%			18,406				30	%			34,687				29	%			37,918				34	%
Lease expense - operating			4,317				7	%			3,331				6	%			8,465				7	%			6,589				6	%
			76,975				120	%			82,758				137	%			154,593				128	%			156,250				139	%
Gains (Losses) on Asset Dispositions and Impairments, Net			(3,848	)			(6	)%			1,055				2	%			(3,489	)			(3	)%			(1,588	)			(1	)%
Operating Loss			(16,478	)			(26	)%			(21,002	)			(35	)%			(37,488	)			(31	)%			(45,416	)			(40	)%

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

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)		$	9,913			$	9,451			$	9,852			$	10,186			$	9,742
Average Rates Per Day		$	7,122			$	7,371			$	7,447			$	7,323			$	7,324
Fleet Utilization (excluding crew transfer)			64	%			62	%			61	%			60	%			58	%
Fleet Utilization			72	%			61	%			63	%			68	%			62	%
Fleet Available Days (excluding crew transfer)			8,038				8,116				8,312				9,119				9,071
Fleet Available Days			11,537				11,536				11,808				12,617				12,528
Operating Revenues:
Time charter		$	58,773			$	52,127			$	55,382			$	62,902			$	56,826
Bareboat charter			1,389				1,143				1,168				1,168				1,156
Other marine services			4,183				2,979				14,382				6,185				2,719
		$	64,345			$	56,249			$	70,932				70,255			$	60,701
Costs and Expenses:
Operating:
Personnel			23,961				22,756				23,598				25,021				24,733
Repairs and maintenance			8,676				9,006				7,928				9,208				9,070
Drydocking			2,074				2,879				1,396				4,822				3,112
Insurance and loss reserves			1,892				1,474				2,093				1,857				1,934
Fuel, lubes and supplies			3,892				3,753				4,618				4,690				4,122
Other			3,030				4,409				2,532				3,000				3,009
			43,525				44,277				42,165				48,598				45,980
Direct Vessel Profit			20,820				11,972				28,767				21,657				14,721
Other Costs and Expenses:
Lease expense			4,317				4,148				3,430				3,292				3,331
Administrative and general			11,639				12,000				11,795				11,767				15,041
Depreciation and amortization			17,494				17,193				16,986				17,342				18,406
			33,450				33,341				32,211				32,401				36,778
Gains (Losses) on Asset Dispositions and Impairments, Net			(3,848	)			359				(7,745	)			586				1,055
Operating Loss			(16,478	)			(21,010	)			(11,189	)			(10,158	)			(21,002	)
Other Income (Expense):
Interest income			222				357				357				309				352
Interest expense			(7,691	)			(7,735	)			(7,486	)			(7,761	)			(6,489	)
SEACOR Holdings guarantee fees			(32	)			(29	)			(5	)			(5	)			(7	)
Debt extinguishment loss			—				—				—				(638	)			—
Derivative losses, net			(1,398	)			(925	)			12,651				4,387				(2,668	)
Foreign currency gains, net			(929	)			635				(466	)			(302	)			(818	)
Other, net			—				—				(4	)		678					—
			(9,828	)			(7,697	)			5,047				(3,332	)			(9,630	)
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(26,306	)			(28,707	)			(6,142	)			(13,490	)			(30,632	)
Income Tax (Benefit) Expense			(3,048	)			(3,831	)			(48	)			1,249				(4,724	)
Loss Before Equity in Earnings of 50% or Less Owned Companies			(23,258	)			(24,876	)			(6,094	)			(14,739	)			(25,908	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax			(7,006	)			(3,397	)			(1,875	)			(1,027	)			(721	)
Net Loss			(30,264	)			(28,273	)			(7,969	)			(15,766	)			(26,629	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries			(1,875	)			(2,724	)			(175	)			191				(1,605	)
Net Loss attributable to SEACOR Marine Holdings Inc.		$	(28,389	)		$	(25,549	)		$	(7,794	)		$	(15,957	)		$	(25,024	)
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.		$	(1.21	)		$	(1.11	)		$	(0.35	)		$	(0.71	)		$	(1.19	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted			23,382				23,090				22,514				22,513				21,035
Common Shares and Warrants Outstanding at Period End			23,618				23,222				22,711				22,709				22,709

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

		United States (primarily Gulf of Mexico)				Africa (primarily West Africa)				Middle East and Asia				Latin America				Europe (primarily North Sea)				Total
For the Three Months Ended June 30, 2019
Time Charter Statistics:
Average Rates Per Day		$	14,058			$	9,365			$	8,182			$	8,074			$	4,686			$	7,122
Fleet Utilization			34	%			81	%			79	%			63	%			86	%			72	%
Fleet Available Days			2,669				1,365				2,026				400				5,077				11,537
Operating Revenues:
Time charter		$	12,628			$	10,400			$	13,175			$	2,046			$	20,524			$	58,773
Bareboat charter			233				—				—				1,156				—				1,389
Other marine services			1,320				753				349				273				1,488				4,183
			14,181				11,153				13,524				3,475				22,012				64,345
Direct Costs and Expenses:
Operating:
Personnel			5,203				3,428				4,292				976				10,062				23,961
Repairs and maintenance			2,515				952				2,629				481				2,099				8,676
Drydocking			1,801				(48	)			275				(32	)			78				2,074
Insurance and loss reserves			841				239				381				66				365				1,892
Fuel, lubes and supplies			1,107				939				725				314				807				3,892
Other			113				773				793				560				791				3,030
			11,580				6,283				9,095				2,365				14,202				43,525
Direct Vessel Profit		$	2,601			$	4,870			$	4,429			$	1,110			$	7,810				20,820
Other Costs and Expenses:
Lease expense		$	2,942			$	787			$	42			$	—			$	546				4,317
Administrative and general																							11,639
Depreciation and amortization			5,341				2,759				4,274				1,659				3,461				17,494
																							33,450
Loss on Asset Dispositions and Impairments																							(3,848	)
Operating Loss																						$	(16,478	)

		United States (primarily Gulf of Mexico)				Africa (primarily West Africa)				Middle East and Asia				Latin America				Europe (primarily North Sea)				Total
For the Six Months Ended June 30, 2019
Time Charter Statistics:
Average Rates Per Day		$	12,472			$	9,414			$	8,280			$	10,974			$	4,743			$	7,237
Fleet Utilization			31	%			84	%			76	%			67	%			77	%			66	%
Fleet Available Days			5,367				2,678				4,087				941				10,000				23,073
Operating Revenues:
Time charter		$	20,633			$	21,173			$	25,674			$	6,968			$	36,452			$	110,900
Bareboat charter			233				—				—				2,299				—				2,532
Other marine services			2,452				116				577				908				3,109				7,162
			23,318				21,289				26,251				10,175				39,561				120,594
Direct Costs and Expenses:
Operating:
Personnel			9,706				7,295				8,546				2,532				18,638				46,717
Repairs and maintenance			5,293				2,136				4,822				816				4,615				17,682
Drydocking			3,795				290				434				47				387				4,953
Insurance and loss reserves			1,433				452				708				201				572				3,366
Fuel, lubes and supplies			1,790				1,693				1,434				742				1,986				7,645
Other			203				2,879				1,893				1,081				1,383				7,439
			22,220				14,745				17,837				5,419				27,581				87,802
Direct Vessel Profit		$	1,098			$	6,544			$	8,414			$	4,756			$	11,980				32,792
Other Costs and Expenses:
Lease expense		$	5,853			$	1,572			$	88			$	1			$	951				8,465
Administrative and general																							23,639
Depreciation and amortization			10,839				5,115				8,523				3,595				6,615				34,687
																							66,791
Loss on Asset Dispositions and Impairments																							(3,489	)
Operating Loss																						$	(37,488	)
As of June 30, 2019
Property and Equipment:
Historical cost		$	364,501			$	220,855			$	288,677			$	108,068			$	240,719			$	1,222,820
Accumulated depreciation			(189,602	)			(62,061	)			(74,815	)			(49,393	)			(149,685	)			(525,556	)
		$	174,899			$	158,794			$	213,862			$	58,675			$	91,034			$	697,264
Total Assets (1)		$	312,465			$	171,084			$	252,926			$	123,513			$	133,437			$	993,425

(1) Total assets by region does not include corporate assets, which are $83,271 as of June 30, 2019

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

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	14,058			$	10,588			$	12,656			$	12,476			$	10,503
Fleet utilization			34	%			28	%			29	%			30	%			23	%
Fleet available days			2,669				2,698				2,983				3,433				3,710
Out-of-service days for repairs, maintenance and drydockings		325				232				143				147				292
Out-of-service days for cold-stacked status			1,322				1,579				1,761				2,101				2,435
Operating Revenues:
Time charter		$	12,628			$	8,005			$	10,968			$	12,800			$	9,052
Bareboat charter			233				—				—				—				—
Other marine services			1,320				1,132				8,709				2,722				1,676
			14,181				9,137				19,677				15,522				10,728
Direct Costs and Expenses:
Operating:
Personnel			5,203				4,503				5,227				4,853				4,636
Repairs and maintenance			2,515				2,778				1,128				1,801				1,529
Drydocking			1,801				1,994				147				375				910
Insurance and loss reserves			841				592				974				612				902
Fuel, lubes and supplies			1,107				683				1,055				1,120				900
Other			113				90				185				154				29
			11,580				10,640				8,716				8,915				8,906
Direct Vessel Profit (Loss)		$	2,601			$	(1,503	)		$	10,961			$	6,607			$	1,822
Other Costs and Expenses:
Lease expense		$	2,942			$	2,911			$	2,053			$	2,078			$	2,065
Depreciation and amortization			5,341				5,498				5,550				5,227				5,915
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked		$	9,365			$	9,461			$	9,411			$	9,315			$	9,509
Fleet utilization			81	%			87	%			87	%			82	%			88	%
Fleet available days			1,365				1,313				1,310				1,475				1,331
Out-of-service days for repairs, maintenance and drydockings		54				58					—			92				46
Operating Revenues:
Time charter		$	10,400			$	10,773			$	10,730			$	11,201			$	11,122
Other marine services			753				(637	)			4,247				1,777				350
			11,153				10,136				14,977				12,978				11,472
Direct Costs and Expenses:
Operating:
Personnel			3,428				3,867				3,665				4,486				4,314
Repairs and maintenance			952				1,184				873				2,438				1,663
Drydocking			(48	)			338				(28	)			1,201				910
Insurance and loss reserves			239				213				307				323				248
Fuel, lubes and supplies			939				754				1,176				1,081				900
Other			773				2,106				772				1,103				1,402
			6,283				8,462				6,765				10,632				9,437
Direct Vessel Profit		$	4,870			$	1,674			$	8,212			$	2,346			$	2,035
Other Costs and Expenses:
Lease expense		$	787			$	785			$	1,059			$	1,061			$	1,092
Depreciation and amortization			2,759				2,356				2,341				2,381				2,924

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

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	8,182			$	8,386			$	8,856			$	8,156			$	8,226
Fleet utilization			79	%			72	%			70	%			76	%			82	%
Fleet available days			2,026				2,061				2,009				2,024				2,005
Out-of-service days for repairs, maintenance and drydockings		73				95				178				76				4
Out-of-service days for cold-stacked status		115				90					92				92				91
Operating Revenues:
Time charter		$	13,175			$	12,499			$	12,517			$	12,590			$	13,591
Other marine services			349				228				118				(83	)			(792	)
			13,524				12,727				12,635				12,507				12,799
Direct Costs and Expenses:
Operating:
Personnel			4,292				4,254				4,354				4,361				4,069
Repairs and maintenance			2,629				2,193				3,077				2,091				3,576
Drydocking			275				159				949				352				72
Insurance and loss reserves			381				327				389				385				361
Fuel, lubes and supplies			725				709				1,179				892				922
Other			793				1,100				984				952				836
			9,095				8,742				10,932				9,033				9,836
Direct Vessel Profit		$	4,429			$	3,985			$	1,703			$	3,474			$	2,963
Other Costs and Expenses:
Lease expense		$	42			$	46			$	49			$	57			$	59
Depreciation and amortization			4,274				4,249				4,154				4,207				4,311
Latin America
Time Charter Statistics:
Average rates per day worked		$	8,074			$	12,900			$	11,866			$	17,604			$	19,127
Fleet utilization			63	%			71	%			72	%			80	%			57	%
Fleet available days			400				541				460				531				416
Out-of-service days for repairs, maintenance and drydockings		3				5					—				—				—
Out-of-service days for cold-stacked status		91				90				92				92				91
Operating Revenues:
Time charter		$	2,046			$	4,922			$	3,934			$	7,479			$	4,556
Bareboat charter			1,156				1,143				1,168				1,168				1,156
Other marine services			273				635				183				416				845
			3,475				6,700				5,285				9,063				6,557
Direct Costs and Expenses:
Operating:
Personnel			976				1,556				1,142				1,662				1,219
Repairs and maintenance			481				335				362				312				32
Drydocking			(32	)			79				14				103				11
Insurance and loss reserves			66				135				96				163				169
Fuel, lubes and supplies			314				428				384				427				349
Other			560				521				232				350				488
			2,365				3,054				2,230				3,017				2,268
Direct Vessel Profit		$	1,110			$	3,646			$	3,055			$	6,046			$	4,289
Other Costs and Expenses:
Lease expense		$	—			$	1			$	1			$	1			$	2
Depreciation and amortization			1,659				1,936				1,888				2,521				2,280

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

                                                                                                                    

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked			4,686				4,819				4,676				4,287				4,823
Fleet utilization			86	%			67	%			73	%			85	%			76	%
Fleet available days			5,077				4,923				5,046				5,154				5,065
Out-of-service days for repairs, maintenance and drydockings		174				124				136				240				77
Out-of-service days for cold-stacked status		91				90					92				61				—
Operating Revenues:
Time charter		$	20,524			$	15,928			$	17,233			$	18,832			$	18,505
Other marine services			1,488				1,621				1,125				1,353				640
			22,012				17,549				18,358				20,185				19,145
Direct Costs and Expenses:
Operating:
Personnel			10,062				8,576				9,210				9,659				10,495
Repairs and maintenance			2,099				2,516				2,488				2,566				2,270
Drydocking			78				309				314				2,791				1,209
Insurance and loss reserves			365				207				327				374				254
Fuel, lubes and supplies			807				1,179				824				1,170				1,051
Other			791				592				359				441				254
			14,202				13,379				13,522				17,001				15,533
Direct Vessel Profit		$	7,810			$	4,170			$	4,836			$	3,184			$	3,612
Other Costs and Expenses:
Lease expense		$	546			$	405			$	267			$	95			$	113
Depreciation and amortization			3,461				3,154				3,053				3,006				2,976

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

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	7,597			$	8,502			$	8,506			$	9,269			$	13,381
Fleet utilization			49	%			38	%			26	%			28	%			23	%
Fleet available days			910				900				1,012				1,012				866
Out-of-service days for repairs, maintenance and drydockings		31				34				12				100				23
Out-of-service days for cold-stacked status		437				521					644				602				608
Operating Revenues:
Time charter		$	3,360			$	2,875			$	2,248			$	2,592			$	2,712
Other marine services			869				(658	)			2,426				1,244				(91	)
			4,229				2,217				4,674				3,836				2,621
Direct Costs and Expenses:
Operating:
Personnel			2,001				1,390				1,279				1,667				1,593
Repairs and maintenance			632				630				386				1,625				1,281
Drydocking			96				75				(70	)			1,168				945
Insurance and loss reserves			266				122				219				282				265
Fuel, lubes and supplies			262				62				467				582				586
Other			411				592				568				530				689
			3,668				2,871				2,849				5,854				5,359
Direct Vessel Profit (Loss)		$	561			$	(654	)		$	1,825			$	(2,018	)		$	(2,738	)
Other Costs and Expenses:
Lease expense		$	1,527			$	1,539			$	1,847			$	1,851			$	1,855
Depreciation and amortization			575				575				679				689				532
Fast support
Time Charter Statistics:
Average rates per day worked		$	7,624			$	7,609			$	7,749			$	7,148			$	6,963
Fleet utilization			71	%			68	%			67	%			59	%			62	%
Fleet available days			3,275				3,295				3,187				3,709				3,820
Out-of-service days for repairs, maintenance and drydockings		134				72					151				131				53
Out-of-service days for cold-stacked status		545				622				659					1,037				1,191
Operating Revenues:
Time charter		$	17,709			$	17,083			$	16,453			$	15,678			$	16,488
Bareboat charter			233				—				—				—				—
Other marine services			(179	)			(251	)			(952	)			(834	)			(505	)
			17,763				16,832				15,501				14,844				15,983
Direct Costs and Expenses:
Operating:
Personnel			5,796				5,511				5,328				5,826				5,258
Repairs and maintenance			2,682				2,337				2,595				2,641				3,406
Drydocking			136				350				1				432				115
Insurance and loss reserves			385				326				534				407				314
Fuel, lubes and supplies			1,602				1,102				1,368				1,016				1,015
Other			1,713				2,464				1,062				1,718				1,466
			12,314				12,090				10,888				12,040				11,574
Direct Vessel Profit		$	5,449			$	4,742			$	4,613			$	2,804			$	4,409
Other Costs and Expenses:
Lease expense		$	352			$	352			$	341			$	342			$	342
Depreciation and amortization			5,929				5,944				5,525				5,780				6,585

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

                                                                                                                    

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Supply
Time Charter Statistics:
Average rates per day worked		$	6,906			$	7,001			$	7,050			$	7,410			$	7,174
Fleet utilization			53	%			62	%			81	%			82	%			69	%
Fleet available days			486				501				460				565				637
Out-of-service days for repairs, maintenance and drydockings		118				60				27					—				—
Out-of-service days for cold-stacked status			—				—				—				—				19
Operating Revenues:
Time charter		$	1,787			$	2,182			$	2,631			$	3,442			$	3,149
Bareboat charter			1,156				1,143				1,168				1,168				1,156
Other marine services			799				781				619				1,066				39
			3,742				4,106				4,418				5,676				4,344
Direct Costs and Expenses:
Operating:
Personnel			1,617				1,678				1,487				1,976				1,999
Repairs and maintenance			1,085				619				403				549				259
Drydocking			82				162				1,023				1,624				585
Insurance and loss reserves			78				105				130				145				134
Fuel, lubes and supplies			98				399				445				391				317
Other			842				1,144				762				254				1,048
			3,802				4,107				4,250				4,939				4,342
Direct Vessel (Loss) Profit		$	(60	)		$	(1	)		$	168			$	737			$	2
Other Costs and Expenses:
Lease expense		$	433			$	318			$	178			$	34			$	—
Depreciation and amortization			1,223				1,036				966				1,173				1,394
Emergency Response and Rescue
Time Charter Statistics:
Average rates per day worked		$	8,562			$	8,499			$	8,504			$	8,692			$	9,157
Fleet utilization			87	%			82	%			82	%			77	%			80	%
Fleet available days			1,547				1,620				1,734				1,809				1,746
Out-of-service days for repairs, maintenance and drydockings		15				71					89				117				46
Operating Revenues:
Time charter		$	11,503			$	11,308			$	12,024			$	12,036			$	12,791
Other marine services			30				31				11				50				39
			11,533				11,339				12,035				12,086				12,830
Direct Costs and Expenses:
Operating:
Personnel			6,047				6,133				6,774				5,855				8,148
Repairs and maintenance			1,069				1,422				1,601				1,627				1,464
Drydocking			77				309				273				1,156				624
Insurance and loss reserves			129				60				216				234				143
Fuel, lubes and supplies			690				947				657				975				843
Other			143				240				209				351				144
			8,155				9,111				9,730				10,198				11,366
Direct Vessel Profit		$	3,378			$	2,228			$	2,305			$	1,888			$	1,464
Other Costs and Expenses:
Depreciation and amortization		$	1,082			$	1,096			$	1,085			$	945			$	681

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

                                                                                                                    

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Specialty
Time Charter Statistics:
Fleet available days			91				90				92				92				91
Out-of-service days for cold-stacked status			91				90				92				92				91
Operating Revenues:
Other marine services		$	—			$	—			$	337			$	—			$	—
Direct Costs and Expenses:
Operating:
Personnel			23				65				64				64				79
Repairs and maintenance			3				4				12				31				13
Drydocking			—				—				—				—				—
Insurance and loss reserves			20				8				9				41				25
Fuel, lubes and supplies			(24	)			31				33				65				(29	)
Other			77				95				70				67				93
			99				203				188				268				181
Direct Vessel (Loss) Profit		$	(99	)		$	(203	)		$	149			$	(268	)		$	(181	)
Other Costs and Expenses:
Depreciation and amortization			127				128				282				282				283
Liftboats
Time Charter Statistics:
Average rates per day worked		$	20,993			$	17,750			$	18,497			$	18,993			$	19,225
Fleet utilization			47	%			46	%			49	%			60	%			43	%
Fleet available days			1,729				1,710				1,827				1,932				1,911
Out-of-service days for repairs, maintenance and drydockings		292				224					132				86				266
Out-of-service days for cold-stacked status			455				526			550					554				708
Operating Revenues:
Time charter		$	16,932			$	13,877			$	16,631			$	22,171			$	15,788
Other marine services			1,481				2,080				1,926				2,922				1,569
			18,413				15,957				18,557				25,093				17,357
Direct Costs and Expenses:
Operating:
Personnel			5,360				5,097				5,546				5,621				4,671
Repairs and maintenance			2,189				2,828				1,971				1,827				1,553
Drydocking			1,683				1,983				167				433				842
Insurance and loss reserves			921				884				872				630				889
Fuel, lubes and supplies			1,076				1,005				1,485				1,482				1,153
Other			251				444				667				620				336
			11,480				12,241				10,708				10,613				9,444
Direct Vessel Profit		$	6,933			$	3,716			$	7,849			$	14,480			$	7,913
Other Costs and Expenses:
Lease expense		$	1,497			$	1,498			$	638			$	641			$	644
Depreciation and amortization			6,055				6,053				6,098				6,188				6,333

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

                                                                                                                    

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Crew transfer
Time Charter Statistics:
Average rates per day worked		$	2,431			$	2,325			$	2,283			$	2,253			$	2,330
Fleet utilization			88	%			60	%			68	%			89	%			73	%
Fleet available days			3,499				3,420				3,496				3,498				3,457
Out-of-service days for repairs, maintenance and drydockings		39				53				47				123				31
Out-of-service days for cold-stacked status			91				90				92				61				—
Operating Revenues:
Time charter		$	7,482			$	4,802			$	5,395			$	6,983			$	5,898
Other marine services			499				322				460				657				563
			7,981				5,124				5,855				7,640				6,461
Direct Costs and Expenses:
Operating:
Personnel			2,665				2,309				2,274				2,471				2,295
Repairs and maintenance			933				1,096				814				806				987
Drydocking			—				—				2				9				1
Insurance and loss reserves			93				104				94				130				93
Fuel, lubes and supplies			167				189				145				163				219
Other			113				113				165				104				173
			3,971				3,811				3,494				3,683				3,768
Direct Vessel Profit		$	4,010			$	1,313			$	2,361			$	3,957			$	2,693
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	(22	)		$	22
Depreciation and amortization			1,920				2,031				679				689				532
Other Activity
Operating Revenues:
Other marine services		$	684			$	674			$	9,555			$	1,080			$	1,105
			684				674				9,555				1,080				1,105
Direct Costs and Expenses:
Operating:
Personnel			452				573				846				1,541				690
Repairs and maintenance			83				70				146				102				107
Insurance and loss reserves			—				(135	)			19				(12	)			71
Fuel, lubes and supplies			21				18				18				16				18
Other			(520	)			(683	)			(971	)			(644	)			(940	)
			36				(157	)			58				1,003				(54	)
Direct Vessel Profit		$	648			$	831			$	9,497			$	77			$	1,159
Other Costs and Expenses:
Lease expense		$	508			$	224			$	425			$	446			$	468
Depreciation and amortization			583				330				196				192				218

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

                                                                                                                              

		Three Months Ended
		Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018				Sep. 30, 2018				Jun. 30, 2018
Cash Flows from Operating Activities:
DVP			20,820				11,972				28,767			$	21,657			$	14,721
Operating, leased-in equipment (excluding amortization of deferred gains)			(4,625	)			(5,157	)			(5,439	)			(5,301	)			(5,341	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)			(10,594	)			(11,860	)			(11,869	)			(10,985	)			(13,585	)
SEACOR Holdings management and guarantee fees			(32	)			(29	)			(5	)			(5	)			(7	)
Dividends received from 50% or less owned companies			—				400				400				—				1,324
Other, net (excluding non-cash losses)			—				—				(3	)			249				—
			5,569				(4,674	)			11,851				5,615				(2,888	)
Changes in operating assets and liabilities before interest and income taxes			3,090				5,372				(10,638	)			(16,587	)			(14,575	)
Director share awards			894				—				—				—				893
Restricted stock vested			-				(282	)			(5	)			(32	)			(51	)
Cash settlements on derivative transactions, net			275				(75	)			1,420				102				(21	)
Interest paid, excluding capitalized interest (1)			(7,691	)			(4,664	)			(5,929	)			(5,498	)			(5,875	)
Interest received			222				357				357				309				352
Income taxes refunded, net			56				1,999				40				(344	)			(12	)
Net cash provided by (used in) operating activities			2,415				(1,967	)			(2,904	)			(16,435	)			(22,177	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(19,654	)			(20,813	)			(14,217	)			(21,601	)			(5,983	)
Capitalized interest paid			(347	)			(370	)			—				(614	)			(1,008	)
Proceeds from disposition of property and equipment			9,268				552				17,476				1,858				3,244
Net change in construction reserve fund			7,997				(48	)			7,535				2,556				7,209
Net investing activities in property and equipment			(2,736	)			(20,679	)			10,794				(17,801	)			3,462
Investments in and advances to 50% or less owned companies			(718	)			(1,951	)			(3,672	)			1,770				(5,610	)
Net investing activities in third party notes receivable			—				—				17				—				—
Sale of subsidiary to joint venture			—				—				—				8,017				—
Net cash (used in) provided by investing activities			(3,454	)			(22,630	)			7,139				(8,014	)			(2,148	)
Cash Flows from Financing Activities:
Payments on long-term debt			(3,738	)			(4,361	)			(11,352	)			(2,851	)			(6,395	)
Proceeds from issuance of long-term debt, net of issue costs			—				—				(336	)			43,882				—
Purchase of subsidiary shares from noncontrolling interests			—				(3,392	)			—				—				—
Proceeds from exercise of stock options and Warrants			3				108				20				—				813
Issuance of stock			—				—				—				—				54,012
Net cash (used in) provided by financing activities			(3,735	)			(7,645	)			(11,668	)			41,031				48,430
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(309	)			1,484				(233	)			(253	)			(970	)
Net Change in Cash, Cash Equivalents and Restricted Cash			(5,083	)			(30,758	)			(7,666	)			16,329				23,135
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			66,095				96,853				104,519				88,190				65,055
Cash, Restricted Cash and Cash Equivalents, End of Period		$	61,012			$	66,095			$	96,853			$	104,519			$	88,190

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

  

		June 30, 2019				March 31, 2019				December 31, 2018				September 30, 2018				June 30, 2018
ASSETS
Current Assets:
Cash and cash equivalents		$	58,772			$	63,855			$	95,195			$	102,864			$	86,239
Restricted cash			2,240				2,240				1,657				1,655				1,951
Receivables:
Trade, net of allowance for doubtful accounts			69,117				67,900				64,125				75,349				57,658
Other			10,410				9,078				12,082				16,552				16,039
Inventories			2,995				4,139				3,443				3,646				3,666
Prepaid expenses and other			4,123				4,597				2,530				2,692				4,090
Total current assets			147,657				151,809				179,032				202,758				169,643
Property and Equipment:
Historical cost			1,222,820				1,294,945				1,242,733				1,279,000				1,287,855
Accumulated depreciation			(525,556	)			(579,441	)			(561,272	)			(568,752	)			(564,477	)
			697,264				715,504				681,461				710,248				723,378
Construction in progress			68,228				63,301				88,918				82,953				82,274
Net property and equipment			765,492				778,805				770,379				793,201				805,652
Right-of-Use Asset - Operating Leases			27,390				30,503				—				—				—
Investments, at Equity, and Advances to 50% or Less Owned Companies			112,418				119,520				121,773				120,340				115,424
Construction Reserve Funds			20,112				28,109				28,061				35,596				38,152
Other Assets			3,627				3,603				3,690				3,582				3,667
		$	1,076,696			$	1,112,349			$	1,102,935			$	1,155,477			$	1,132,538
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	16,552			$	17,918				—				—				—
Current portion of long-term debt			20,651				17,426				16,812				17,426				22,858
Accounts payable and accrued expenses			33,909				27,263				19,370				20,480				23,774
Due to SEACOR Holdings			74				535				452				463				746
Other current liabilities			48,593				47,567				46,983				63,772				56,469
Total current liabilities			119,779				110,709				83,617				102,141				103,847
Long-Term Operating Lease Liabilities			16,775				19,851				—				—				—
Long-Term Debt			379,075				384,344				387,854				397,738				348,912
Conversion Option Liability on Convertible Senior Notes			7,599				6,201				5,276				17,928				21,886
Deferred Income Taxes			37,063				41,831				44,682				46,120				49,789
Deferred Gains and Other Liabilities			5,165				7,290				26,571				26,662				27,289
Total liabilities			565,456				570,226				548,000				590,589				551,723
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			218				211				204				204				204
Additional paid-in capital			424,549				422,830				415,372				414,460				413,754
Retained earnings			83,312				111,701				126,834				134,628				150,585
Shares held in treasury			(374	)			(373	)			(91	)			(86	)			(54	)
Accumulated other comprehensive loss, net of tax			(19,156	)			(16,812	)			(16,788	)			(13,945	)			(13,129	)
			488,549				517,557				525,531				535,261				551,360
Noncontrolling interests in subsidiaries			22,691				24,566				29,404				29,627				29,455
Total equity			511,240				542,123				554,935				564,888				580,815
		$	1,076,696			$	1,112,349			$	1,102,935			$	1,155,477			$	1,132,538

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

		June 30, 2019 (1)				March 31, 2019				December 31, 2018				September 30, 2018				June 30, 2018
AHTS			9				11				12				13				13
FSV			40				42				41				47				49
Supply			41				42				39				29				29
ERRV			18				18				19				20				21
Specialty			6				7				7				4				4
Liftboats			19				19				19				21				21
CTV			44				43				42				42				42
		177				182				179				176				179

______________________

(1)	Excludes five 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
	Q3				Q4				Q1				Q2				Q3				Q4				Deferred				Total
Fast support		—				—				—				1				—				—				2				3
Crew transfer		—				1				1				—				—				—				—				2
Platform supply		1				—			2					1				—				1				—				5

Source: SEACOR Marine Holdings Inc.