SEACOR Marine Announces Third Quarter 2020 Results

November 5, 2020 at 6:30 AM EST

HOUSTON, Nov. 05, 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 third quarter ended September 30, 2020.

Notable third quarter items include:

Average dayrates, excluding those for the wind crew transfer vessel fleet, were $11,323 in the third quarter of 2020 compared to $10,946 in the third quarter of 2019. The year-over-year improvement in average dayrates reflect an improved fleet mix and the full quarter contribution from the acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (“SEACOSCO”). This acquisition added eight modern platform supply vessels to SEACOR Marine’s owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels’ systems.
Multiple hurricanes in the U.S. Gulf of Mexico, the COVID-19 pandemic and volatility in oil prices impacted revenues for the third quarter of 2020. SEACOR Marine expects this volatility to continue for at least the remainder of this year. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.
Administrative and general expenses in the third quarter were $10.2 million, including a one-time restructuring charge of $0.25 million as a result of SEACOR Marine’s cost reduction initiative. During the third quarter of 2020, SEACOR Marine completed its Transformation Plan which resulted in the achievement of the previously announced target of $8.0 million in annual savings. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to changing conditions.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2020 were $45.7 million, operating loss was $11.4 million, and direct vessel profit (“DVP”)⁽¹⁾ was $16.6 million. This compares to consolidated operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million in the third quarter of 2019. The reduction in DVP in the third quarter of 2020 was primarily driven by lower revenues in the United States.

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

“SEACOR Marine continued to execute its strategy of prudent cost control and improving its fleet and geographic mix during a quarter marked by the ongoing challenges of COVID-19 and a very active hurricane season in the U.S. Gulf of Mexico. Our U.S. operations experienced their lowest utilization levels on record, mainly driven by the effects of the most active hurricane season since 2005, with five storms having disrupted operations in the region so far this year. Internationally, our West Africa and Middle East operations experienced weakened demand driven by the effects of low commodity prices and disruptions from the COVID-19 pandemic, as well as higher drydocking and repair time. However, we are encouraged that our operations in Latin America reflect the positive contribution of several vessels recently acquired as part of our SEACOSCO transaction, and that our offshore wind operations in Europe continued to meet our expectations, even in a difficult COVID-19 environment.

“I want to emphasize the importance of the two transactions that we executed at the end of last quarter, which will enhance our results and strengthen our liquidity. The acquisition of our partner’s interest in SEACOSCO is already accretive to our results this quarter, and the ability to carry back net operating losses pursuant to the CARES Act will add over $30 million of liquidity once received. We are well positioned to navigate this very challenging environment and create value for our stakeholders over the long term.

“COVID-19 continues to create significant challenges to our logistics, especially our crew rotations. SEACOR Marine is devoting significant resources to ensure the safety of our crews and the service of our fleet. Although the situation is greatly improved from the first half of the year, much progress needs to be made before we can return to the pre-COVID environment. We need a consistent approach across the offshore industry and better coordination with government authorities in order to facilitate the safe transit of our employees. I again want to thank our crews and shore-based employees for their continued dedication to maintaining safe and reliable operations in a difficult environment.”

For the third quarter of 2020, net loss attributable to SEACOR Marine was $18.1 million ($0.72 loss per basic and diluted share) and operating loss was $11.4 million. Net loss attributable to SEACOR Marine’s continuing operations for the third quarter of 2019 was $10.3 million ($0.34 loss per basic and diluted share) and operating loss was $3.4 million.

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 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 September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Operating Revenues	$	45,697		$	54,700		$	129,318		$	152,422
Costs and Expenses:
Operating		29,128			27,211			77,661			97,747
Administrative and general		10,155			11,462			35,480			32,798
Lease expense		1,390			4,153			6,152			12,589
Depreciation and amortization		16,613			16,091			46,927			48,600
		57,286			58,917			166,220			191,734
(Loss) Gain on Asset Dispositions and Impairments, Net		233			861			(15,792	)		(2,719	)
Operating Loss		(11,356	)		(3,356	)		(52,694	)		(42,031	)
Other Income (Expense):
Interest income		50			317			1,255			886
Interest expense		(8,598	)		(7,362	)		(23,231	)		(22,659	)
SEACOR Holdings guarantee fees		(11	)		(26	)		(36	)		(87	)
Derivative gains (losses), net		5			3,057			5,204			734
Foreign currency gains, net		(853	)		(370	)		(959	)		(624	)
		(9,407	)		(4,384	)		(17,767	)		(21,750	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(20,763	)		(7,740	)		(70,461	)		(63,781	)
Income Tax Benefit		(3,119	)		1,277			(24,868	)		(5,606	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(17,644	)		(9,017	)		(45,593	)		(58,175	)
Equity in Losses of 50% or Less Owned Companies		(433	)		(1,325	)		1,458			(11,879	)
Loss from Continuing Operations		(18,077	)		(10,342	)		(44,135	)		(70,054	)
(Loss) Income on Discontinued Operations, Net of Tax		—			(7,899	)		—			(6,724	)
Net Loss		(18,077	)		(18,241	)		(44,135	)		(76,778	)
Net Loss attributable to Noncontrolling Interests in Subsidiaries		4			204			(4,036	)		(4,395	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(18,081	)	$	(18,445	)	$	(40,099	)	$	(72,383	)

Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.72	)	$	(0.34	)	$	(1.63	)	$	(2.80	)
Discontinued operations		—			(0.44	)		—		$	(0.29	)
	$	(0.72	)	$	(0.78	)	$	(1.63	)	$	(3.09	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		24,989,977			23,740,718			24,611,666			23,406,759

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

	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	11,323		$	11,018		$	11,157		$	11,071		$	10,946
Average Rates Per Day	$	6,656		$	6,648		$	7,163		$	7,260		$	6,981
Fleet Utilization (excluding crew transfer)		54	%		57	%		57	%		62	%		64	%
Fleet Utilization		70	%		69	%		63	%		68	%		74	%
Fleet Available Days (excluding crew transfer)		5,715			5,167			5,210			5,542			6,048
Fleet Available Days		9,379			8,688			8,668			9,007			9,578
Operating Revenues:
Time charter	$	43,586		$	39,807		$	39,290		$	44,465		$	49,747
Bareboat charter		676			723			724			834			1,765
Other marine services		1,435			1,348			1,729			3,771			3,188
		45,697			41,878			41,743			49,070			54,700
Costs and Expenses:
Operating:
Personnel		16,513			13,378			13,706			15,096			15,879
Repairs and maintenance		4,639			4,311			4,804			3,983			5,495
Drydocking		585			566			1,365			766			515
Insurance and loss reserves		1,873			1,589			939			1,663			1,198
Fuel, lubes and supplies		2,388			2,295			2,067			2,409			2,910
Other		3,130			1,774			1,739			2,061			1,214
		29,128			23,913			24,620			25,978			27,211
Direct Vessel Profit⁽¹⁾		16,569			17,965			17,123			23,092			27,489
Other Costs and Expenses:
Lease expense		1,390			1,355			3,407			3,570			4,153
Administrative and general		10,155			14,560			10,765			11,928			11,462
Depreciation and amortization		16,613			15,313			15,001			15,412			16,091
		28,158			31,228			29,173			30,910			31,706
(Losses) Gains on Asset Dispositions and Impairments, Net		233			(3,453	)		(12,572	)		(2,679	)		862
Operating Loss		(11,356	)		(16,716	)		(24,622	)		(10,497	)		(3,355	)
Other Income (Expense):
Interest income		50			529			676			559			317
Interest expense		(8,598	)		(6,995	)		(7,638	)		(7,397	)		(7,362	)
SEACOR Holdings guarantee fees		(11	)		(9	)		(16	)		(21	)		(26	)
Derivative losses (gains), net		5			85			5,114			(663	)		3,057
Foreign currency gains, net		(853	)		(171	)		65			(1,037	)		(370	)
Other, net		—			—			—			(1	)		—
		(9,407	)		(6,561	)		(1,799	)		(8,560	)		(4,384	)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(20,763	)		(23,277	)		(26,421	)		(19,057	)		(7,739	)
Income Tax (Benefit) Expense		(3,119	)		(15,081	)		(6,668	)		(2,306	)		1,277
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(17,644	)		(8,196	)		(19,753	)		(16,751	)		(9,016	)
Equity in Losses of 50% or Less Owned Companies		(433	)		2,130			(239	)		(2,425	)		(1,325	)
Loss from Continuing Operations		(18,077	)		(6,066	)		(19,992	)		(19,176	)		(10,341	)
(Loss) Income from Discontinued Operations, Net of Tax		—			—			—			(2,742	)		(7,899	)
Net Loss		(18,077	)		(6,066	)		(19,992	)		(21,918	)		(18,240	)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries		4			7			(4,047	)		(1,463	)		204
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(18,081	)	$	(6,073	)	$	(15,945	)	$	(20,455	)	$	(18,444	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.72	)	$	(0.24	)	$	(0.66	)	$	(0.74	)	$	(0.49	)
Discontinued operations		—			—			—			(0.12	)		(0.29	)
	$	(0.72	)	$	(0.24	)	$	(0.66	)	$	(0.86	)	$	(0.78	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		24,989			24,851			23,989			23,832			23,741
Common Shares and Warrants Outstanding at Period End		24,996			24,899			24,854			23,708			23,653

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	19,397		$	15,574		$	20,988		$	19,285		$	17,851
Fleet utilization		5	%		5	%		11	%		20	%		26	%
Fleet available days		1,871			1,842			1,864			1,956			2,340
Out-of-service days for repairs, maintenance and drydockings	37			32			116			6			159
Out-of-service days for cold-stacked status		1,576			1,465			1,301			1,301			1,131
Operating Revenues:
Time charter	$	1,668		$	1,478		$	4,375		$	7,408		$	10,914
Bareboat charter		731			723			724			732			597
Other marine services		473			513			642			516			838
		2,872			2,714			5,741			8,656			12,349
Direct Costs and Expenses:
Operating:
Personnel		2,481			2,284			2,928			3,432			4,353
Repairs and maintenance		338			314			617			782			1,508
Drydocking		-			110			1,057			252			547
Insurance and loss reserves		778			354			135			566			371
Fuel, lubes and supplies		251			189			524			407			739
Other		85			93			79			102			88
		3,933			3,344			5,340			5,541			7,606
Direct Vessel Profit (Loss)⁽¹⁾	$	(1,061	)	$	(630	)	$	401		$	3,115		$	4,743
Other Costs and Expenses:
Lease expense	$	716		$	741		$	2,138		$	2,283		$	2,758
Depreciation and amortization		4,961			5,254			5,358			5,474			5,634

*Africa, primarily West Africa*
Time Charter Statistics:
Average rates per day worked	$	8,364		$	9,001		$	9,249		$	9,435		$	9,316
Fleet utilization		71	%		85	%		89	%		88	%		91	%
Fleet available days		1,288			1,304			1,346			1,349			1,380
Out-of-service days for repairs, maintenance and drydockings		45			90			56			68			—
Out-of-service days for cold-stacked status		124			—			—			—			—
Operating Revenues:
Time charter	$	7,641		$	9,944		$	11,095		$	11,249		$	11,738
Other marine services		(385	)		(480	)		167			1,216			129
		7,256			9,464			11,262			12,465			11,867
Direct Costs and Expenses:
Operating:
Personnel		2,597			2,546			2,695			3,230			3,308
Repairs and maintenance		1,066			1,379			1,435			1,242			1,323
Drydocking		481			256			8			253			(53	)
Insurance and loss reserves		267			188			193			369			230
Fuel, lubes and supplies		994			727			472			817			961
Other		686			565			571			976			499
		6,091			5,661			5,374			6,887			6,268
Direct Vessel Profit⁽¹⁾	$	1,165		$	3,803		$	5,888		$	5,578		$	5,599
Other Costs and Expenses:
Lease expense	$	430		$	417		$	1,126		$	757		$	761
Depreciation and amortization		2,667			2,889			2,604			2,608			2,681

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,670		$	10,245		$	9,634		$	8,843		$	8,795
Fleet utilization		78	%		82	%		73	%		82	%		83	%
Fleet available days		1,809			1,613			1,671			1,901			2,020
Out-of-service days for repairs, maintenance and drydockings	89			113			200			15			129
Out-of-service days for cold-stacked status	76			61			48			153			184
Operating Revenues:
Time charter	$	13,672		$	13,605		$	11,767		$	13,840		$	14,798
Other marine services		296			514			420			678			414
		13,968			14,119			12,187			14,518			15,212
Direct Costs and Expenses:
Operating:
Personnel		5,171			3,795			3,811			4,129			4,023
Repairs and maintenance		1,564			1,580			1,246			973			1,387
Drydocking		104			200			414			146			20
Insurance and loss reserves		451			430			339			408			333
Fuel, lubes and supplies		482			955			665			769			701
Other		1,771			819			683			635			567
		9,543			7,779			7,158			7,060			7,031
Direct Vessel Profit⁽¹⁾	$	4,425		$	6,340		$	5,029		$	7,458		$	8,181
Other Costs and Expenses:
Lease expense	$	46		$	32		$	45		$	42		$	43
Depreciation and amortization		4,379			3,921			3,790			3,963			3,914

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	13,355		$	10,752		$	9,397		$	8,649		$	6,867
Fleet utilization		99	%		97	%		93	%		69	%		71	%
Fleet available days		655			408			389			429			399
Out-of-service days for repairs, maintenance and drydockings		7			—		3			35			5
Out-of-service days for cold-stacked status		—			—			—		65			92
Operating Revenues:
Time charter	$	8,621		$	4,251		$	3,396		$	2,541		$	1,951
Bareboat charter		—			—			-			102			1,168
Other marine services		212			168			149			261			221
		8,833			4,419			3,545			2,904			3,340
Direct Costs and Expenses:
Operating:
Personnel		2,342			1,377			1,215			1,081			846
Repairs and maintenance		704			255			392			234			298
Drydocking		—			—			(114	)		114			—
Insurance and loss reserves		138			105			69			79			31
Fuel, lubes and supplies		307			132			135			127			187
Other		444			123			305			188			(87	)
		3,935			1,992			2,002			1,823			1,275
Direct Vessel Profit⁽¹⁾	$	4,898		$	2,427		$	1,543		$	1,081		$	2,065
Other Costs and Expenses:
Lease expense	$	9		$	9		$	9		$	9		$	—
Depreciation and amortization		1,708			950			899			1,037			1,573

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked		3,434			3,436			3,471			3,505			3,146
Fleet utilization		93	%		87	%		73	%		80	%		96	%
Fleet available days		3,756			3,521			3,398			3,373			3,439
Out-of-service days for repairs, maintenance and drydockings	81			117			122			107			3
Out-of-service days for cold-stacked status		92			—			—			—		92
Operating Revenues:
Time charter	$	11,984		$	10,529		$	8,657		$	9,427		$	10,346
Bareboat charter		(55	)											—
Other marine services		839			633			351			1,100			1,586
		12,768			11,162			9,008			10,527			11,932
Direct Costs and Expenses:
Operating:
Personnel		3,922			3,376			3,057			3,224			3,349
Repairs and maintenance		967			783			1,114			752			979
Drydocking		—			—			—			1			1
Insurance and loss reserves		239			512			203			241			233
Fuel, lubes and supplies		354			292			271			289			322
Other		144			174			101			160			147
		5,626			5,137			4,746			4,667			5,031
Direct Vessel Profit for Continuing Operations⁽¹⁾	$	7,142		$	6,025		$	4,262		$	5,860		$	6,901
Other Costs and Expenses:
Lease expense	$	189		$	156		$	89		$	479		$	591
Depreciation and amortization		2,898			2,299			2,350			2,330			2,289

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	7,388		$	8,383		$	8,012		$	8,095		$	7,790
Fleet utilization		54	%		43	%		39	%		48	%		53	%
Fleet available days		644			667			709			705			736
Out-of-service days for repairs, maintenance and drydockings	21			76			74			33			10
Out-of-service days for cold-stacked status	276			273			273			337			332
Operating Revenues:
Time charter	$	2,564		$	2,413		$	2,225		$	2,714		$	3,059
Other marine services		(147	)		(137	)		559			1,076			365
		2,417			2,276			2,784			3,790			3,424
Direct Costs and Expenses:
Operating:
Personnel		950			853			892			1,212			1,418
Repairs and maintenance		432			679			408			330			524
Drydocking		(2	)		(19	)		22			-			8
Insurance and loss reserves		139			159			45			208			179
Fuel, lubes and supplies		148			168			216			145			252
Other		370			341			259			366			404
		2,037			2,181			1,842			2,261			2,785
Direct Vessel Profit (Loss)⁽¹⁾	$	380		$	95		$	942		$	1,529		$	639
Other Costs and Expenses:
Lease expense	$	505		$	518		$	1,216		$	872		$	1,357
Depreciation and amortization		495			500			561			522			568

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	8,421		$	8,590		$	8,472		$	8,257		$	8,133
Fleet utilization		63	%		72	%		76	%		78	%		78	%
Fleet available days		2,300			2,426			2,521			2,935			3,156
Out-of-service days for repairs, maintenance and drydockings	71			137			156			82			81
Out-of-service days for cold-stacked status	421			285			273			341			459
Operating Revenues:
Time charter	$	12,212		$	15,078		$	16,284		$	18,877		$	20,079
Bareboat charter		731			723			724			732			597
Other marine services		(256	)		(372	)		(355	)		(40	)		(200	)
		12,687			15,429			16,653			19,569			20,476
Direct Costs and Expenses:
Operating:
Personnel		4,180			4,166			4,659			5,071			5,486
Repairs and maintenance		1,642			1,922			2,278			1,873			2,204
Drydocking		587			274			36			357			(27	)
Insurance and loss reserves		353			304			332			541			347
Fuel, lubes and supplies		976			1,180			904			1,098			1,395
Other		1,489			1,203			1,000			1,346			959
		9,227			9,049			9,209			10,286			10,364
Direct Vessel Profit⁽¹⁾	$	3,460		$	6,380		$	7,444		$	9,283		$	10,112
Other Costs and Expenses:
Lease expense	$	351		$	352		$	352		$	352		$	351
Depreciation and amortization		5,105			5,405			5,118			5,447			5,646

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*Supply*
Time Charter Statistics:
Average rates per day worked	$	11,355		$	8,477		$	7,360		$	7,179		$	6,755
Fleet utilization		74	%		83	%		79	%		87	%		96	%
Fleet available days		1,257			527			2,521			338			398
Out-of-service days for repairs, maintenance and drydockings		23			13			3			—			—
Out-of-service days for cold-stacked status		229			61			—			—			—
Operating Revenues:
Time charter	$	10,541		$	3,713		$	2,520		$	2,114		$	2,589
Bareboat charter		(55	)		—			—			102			1,168
Other marine services		92			(53	)		(69	)		582			863
		10,578			3,660			2,451			2,798			4,620
Direct Costs and Expenses:
Operating:
Personnel		3,821			1,591			1,206			1,369			1,266
Repairs and maintenance		968			375			348			159			276
Drydocking		—			197			—			142			1
Insurance and loss reserves		230			106			67			65			66
Fuel, lubes and supplies		601			219			119			377			205
Other		1,022			246			397			314			57
		6,642			2,734			2,137			2,426			1,871
Direct Vessel Profit (Loss)⁽¹⁾	$	3,936		$	926		$	314		$	372		$	2,749
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	381		$	517
Depreciation and amortization		2,673			1,000			787			823			1,167

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

Direct Costs and Expenses:
Operating:
Personnel		—			—			13			6			13
Repairs and maintenance		35			46			11			5			1
Insurance and loss reserves		13			16			20			9			18
Fuel, lubes and supplies		(8	)		(2	)		22			—			2
Other		32			67			101			64			75
		72			127			167			84			109
Direct Vessel Loss⁽¹⁾	$	(72	)	$	(127	)	$	(167	)	$	(84	)	$	(109	)
Other Costs and Expenses:
Operating:
Depreciation and amortization	$	27		$	127		$	128		$	128		$	128

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	27,947		$	24,894		$	27,513		$	27,453		$	26,172
Fleet utilization		23	%		30	%		31	%		36	%		39	%
Fleet available days		1,472			1,456			1,456			1,472			1,665
Out-of-service days for repairs, maintenance and drydockings	64			9			141			6			153
Out-of-service days for cold-stacked status		899			816			664			657			432
Operating Revenues:
Time charter	$	9,319		$	11,001		$	12,339		$	14,375		$	16,830
Other marine services		316			306			250			732			795
		9,635			11,307			12,589			15,107			17,625
Direct Costs and Expenses:
Operating:
Personnel		3,963			3,545			4,097			4,588			4,824
Repairs and maintenance		624			407			650			776			1,656
Drydocking		—			111			1,307			267			532
Insurance and loss reserves		1,055			893			679			711			484
Fuel, lubes and supplies		370			343			490			550			899
Other		538			219			147			338			221
		6,550			5,518			7,370			7,230			8,616
Direct Vessel Profit⁽¹⁾	$	3,085		$	5,789		$	5,219		$	7,877		$	9,009
Other Costs and Expenses:
Lease expense	$	31		$	44		$	1,497		$	1,497		$	1,498
Depreciation and amortization		5,980			6,081			6,128			6,136			6,247

*Crew transfer*
Time Charter Statistics:
Average rates per day worked	$	2,565		$	2,481		$	2,375		$	2,378		$	2,220
Fleet utilization		95	%		87	%		72	%		77	%		92	%
Fleet available days		3,664			3,521			3,458			3,465			3,531
Out-of-service days for repairs, maintenance and drydockings	81			117			122			111			52
Out-of-service days for cold-stacked status		—			—			48			92			184
Operating Revenues:
Time charter	$	8,950		$	7,602		$	5,922		$	6,385		$	7,190
Other marine services		710			548			315			389			577
		9,660			8,150			6,237			6,774			7,767
Direct Costs and Expenses:
Operating:
Personnel		3,184			2,721			2,592			2,435			2,432
Repairs and maintenance		891			754			1,056			693			775
Drydocking		—			3			—			—			—
Insurance and loss reserves		109			100			99			124			113
Fuel, lubes and supplies		263			230			230			220			152
Other		80			115			86			75			96
		4,527			3,923			4,063			3,547			3,568
Direct Vessel Profit⁽¹⁾	$	5,133		$	4,227		$	2,174		$	3,227		$	4,199
Other Costs and Expenses:
Lease expense	$	107		$	67		$	-		$	-		$	-
Depreciation and amortization		1,766			1,637			1,717			1,837			1,819

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
*Other Activity*
Operating Revenues:
Other marine services	$	720		$	1,056		$	1,029		$	1,032		$	788
		720			1,056			1,029			1,032			788
Direct Costs and Expenses:
Operating:
Personnel		415			502			247			415			440
Repairs and maintenance		47			128			53			147			59
Insurance and loss reserves		(26	)		11			(303	)		5			(9	)
Fuel, lubes and supplies		38			157			86			19			5
Other		(401	)		(417	)		(251	)		(442	)		(598	)
		73			381			(168	)		144			(102	)
Direct Vessel Profit⁽¹⁾	$	647		$	675		$	1,197		$	888		$	890
Other Costs and Expenses:
Lease expense	$	396		$	374		$	342		$	468		$	430
Depreciation and amortization		567			563			562			519			516

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

	Three Months Ended
	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
Cash Flows from Continuing Operating Activities:
DVP ⁽¹⁾		16,569			17,965			17,123			23,092			27,489
Operating, leased-in equipment (excluding amortization of deferred gains)		(3,600	)		(3,814	)		(3,838	)		(4,648	)		(4,963	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(8,766	)		(13,352	)		(9,776	)		(10,773	)		(9,160	)
SEACOR Holdings management and guarantee fees		(11	)		(9	)		(16	)		(21	)		(26	)
Dividends received from 50% or less owned companies		2,117			—			—			800			873
Other, net (excluding non-cash losses)		—			—			—			(2	)		—
		6,309			790			3,493			8,448			14,213
Changes in operating assets and liabilities before interest and income taxes		74			(9,293	)		(7,144	)		7,758			(7,236	)
Director share awards		—			755			—			—			—
Restricted stock vested		—			(3	)		(175	)		(55	)		(240	)
Cash settlements on derivative transactions, net		(445	)		(279	)		(214	)		(190	)		(546	)
Interest paid, excluding capitalized interest ⁽¹⁾		(6,071	)		(4,529	)		(4,744	)		(6,255	)		(5,633	)
Interest received		50			529			676			560			316
Income taxes refunded, net		(829	)		—			—			—			—
Net cash (used in) provided operating activities		(912	)		(12,030	)		(8,108	)		10,266			874
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(5,166	)		(8,530	)		(11,244	)		(5,890	)		(9,547	)
Proceeds from disposition of property and equipment		3,539			14,030			3,105			36,418			10,119
Proceeds from the sale of ERRV fleet		—			—			—			27,390			—
Cash Impact of sale of ERRV fleet		—			—			—			(5,140	)		—
Construction reserve funds transferred to short-term cash		—			3,745			—			—			—
Purchase of subsidiary from joint venture		—			(8,445	)		—			—			—
Construction reserve funds used		—			—			9,148			5,268			1,951
Net investing activities in property and equipment		(1,627	)		800			1,009			58,046			2,523
Investments in and advances to 50% or less owned companies		(907	)		(56	)		(245	)		(6,062	)		(8,686	)
Capital distributions from equity investees		—			—			—			48			413
Principal payments on notes due from equity investees		490			—			—			—			22
Net cash provided by (used in) investing activities		(2,044	)		744			764			52,032			(5,728	)
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(8,246	)		(3,502	)		(5,222	)		(3,899	)		(11,976	)
Proceeds from issuance of debt, net of offering costs		1,089			—			—			—			—
Proceeds from exercise of stock options and Warrants		2			—			—			340			973
Net cash (used in) provided by financing activities		(7,155	)		(3,502	)		(5,222	)		(3,559	)		(11,003	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		592			265			(1,908	)		(19,238	)		(472	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(9,519	)		(14,523	)		(14,474	)		39,501			(16,329	)
Cash Flows from Discontinued Operations
Operating Activities		—			—			—			4,297			(446	)
Investing Activities		—			—			—			(4,462	)		(116	)
Effects of FX Rate Changes on Cash and Cash Equivalents		—			—			—			3,322			268
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:		—			—			—			3,157			(294	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(9,519	)		(14,523	)		(14,474	)		42,658			(16,623	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		58,050			72,573			87,047			44,389			61,012
Cash, Restricted Cash and Cash Equivalents, End of Period	$	48,531		$	58,050		$	72,573		$	87,047		$	44,389

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

	Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020			Dec. 31, 2019			Sep. 30, 2019
ASSETS
Current Assets:
Cash and cash equivalents	$	45,179		$	54,698		$	69,220		$	83,943		$	38,155
Restricted cash		3,352			3,352			3,353			3,104			4,016
Receivables:
Trade, net of allowance for doubtful accounts		54,935			57,892			48,192			49,128			58,954
Other		17,914			14,362			27,872			18,531			6,835
Receivables from SEACOR Holdings		18,814			14,394			—			—			—
Tax Receivable		11,770
Inventories		573			1,409			1,575			1,228			1,408
Prepaid expenses and other		3,598			3,218			2,653			2,612			3,146
Discontinued operations		—			—			—			—			13,127
Total current assets		156,135			149,325			152,865			158,546			125,641
Property and Equipment:
Historical cost		1,078,169			1,066,239			930,264			976,978			1,063,290
Accumulated depreciation		(334,387	)		(322,378	)		(312,911	)		(358,962	)		(400,628	)
		743,782			743,861			617,353			618,016			662,662
Construction in progress		56,709			55,955			55,302			74,344			70,275
Net property and equipment		800,491			799,816			672,655			692,360			732,937
Right-of-Use Asset - Operating Leases		8,327			8,818			8,990			17,313			18,774
Right-of-Use Asset - Finance Lease		137
Investments, at Equity, and Advances to 50% or Less Owned Companies		88,933			90,900			125,010			124,680			118,222
Construction Reserve Funds		—			—			3,745			12,893			18,161
Other Assets		3,152			3,243			3,270			3,401			3,422
Discontinued operations		—			—			—			—			23,349
	$	1,057,175		$	1,052,102		$	966,535		$	1,009,193		$	1,040,506
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	9,632		$	11,765		$	13,359		$	15,099		$	15,182
Current lease liability - Finance		27			-			-			-			-
Current portion of long-term debt		52,108			51,793			37,084			17,802			23,446
Accounts payable and accrued expenses		29,542			22,382			32,023			25,691			26,507
Due to SEACOR Holdings		—			—			66			74			77
Other current liabilities		30,178			30,162			29,949			36,151			42,372
Discontinued operations		—			—			—			—			3,813
Total current liabilities		121,487			116,102			112,481			94,817			111,397
Long-Term Operating Lease Liabilities		5,694			6,545			7,859			9,822			12,878
Long-Term Finance Lease Liabilities		113			-			-			-			-
Long-Term Debt		452,964			447,663			356,729			380,251			375,772
Conversion Option Liability on Convertible Senior Notes		1			6			91			5,205			4,543
Deferred Income Taxes		36,452			24,101			26,113			33,905			36,921
Deferred Gains and Other Liabilities		3,810			6,321			7,951			6,269			4,848
Total liabilities		620,521			600,738			511,224			530,269			546,359
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		235			232			231			219			219
Additional paid-in capital		450,320			449,116			447,425			429,318			427,823
(Accumulated Deficit) Retained earnings		(13,023	)		5,058			11,131			27,076			64,929
Shares held in treasury		(848	)		(847	)		(844	)		(669	)		(614	)
Accumulated other comprehensive loss, net of tax		(380	)		(2,541	)		(2,971	)		1,548			(21,105	)
		436,304			451,018			454,972			457,492			471,252
Noncontrolling interests in subsidiaries		350			346			339			21,432			22,895
Total equity		436,654			451,364			455,311			478,924			494,147
	$	1,057,175		$	1,052,102		$	966,535		$	1,009,193		$	1,040,506

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total
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		41		4		—		—		45
		99		39		6		3		147
June 30, 2020
AHTS		4		—		3		—		7
FSV		26		5		1		1		33
Supply		13		27		—		2		42
Specialty		1		3		—		—		4
Liftboats		14		—		2		—		16
Crew transfer		39		5		—		—		44
		97		40		6		3		146

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces Third Quarter 2020 Results