HOUMA, La.--(BUSINESS WIRE)--SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company”), 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, 2018.
Second quarter 2018 net loss attributable to SEACOR Marine Holdings Inc. improved to $25.0 million ($1.25 per diluted share) from a net loss of $28.8 million ($1.64 per diluted share) in the first quarter 2018 and a net loss of $34.0 million ($1.93 per diluted share) in the second quarter 2017 due primarily to increases in fleet utilization from rising customer demand, as well as higher average day rates.
Non-cash charges included $18.4 million of depreciation and amortization expense and a $2.9 million mark-to-market adjustment on convertible senior notes in the second quarter 2018 compared to $19.5 million of depreciation and amortization expense and a $12.2 million mark-to-market adjustment on the derivative liability embedded in the convertible senior notes in the first quarter 2018. Second quarter 2017 results included $14.6 million of depreciation and amortization expense and a $0.01 million mark-to-market adjustment on the derivative liability embedded in the convertible senior notes.
Second quarter highlights include:
- 10.1% increase in consolidated direct vessel profit (“DVP”)(1) to $14.7 million from $13.4 million in first quarter 2018, and up from $1.5 million in second quarter 2017. DVP measures operational performance (operating revenues less direct operating costs, excluding leased-in equipment). DVP has increased steadily over the past four quarters, and these increases have been broad based across most regions.
- Continued improvement in fleet utilization to 62% from 53% in first quarter 2018 and 56% in second quarter 2017; average day rate increased 5% to $7,324 from first quarter 2018 and 30% from second quarter 2017.
- A full quarter of results from the previously announced Falcon Global Holdings joint venture transaction completed on February 8, 2018 increased revenue and DVP by $8.5 million and $5.4 million, respectively, compared to first quarter 2018.
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Strengthened balance sheet by improving the ratio of long-term debt as
a percentage of total capital to 37% at June 30, 2018 from 45% as of
March 31, 2018 and extending debt maturities:
- Raised aggregate gross proceeds of $56.9 million from successful private placement of common stock and warrants
- Completed conversion of $50.0 million aggregate principal of the Convertible Senior Notes into warrants for the purchase of 1,886,792 common shares and extended the maturities of the remaining $125.0 million aggregate principal by one year into 2023
- Multiple vessels were repositioned for new, long-term contracts in Africa, Latin America, Middle East, Gulf of Mexico and the North Sea. Increased repositioning and reactivation costs related to these contracts were approximately $3.9 million in second quarter 2018, as the Company expenses these costs as incurred.
Chief Executive Officer John Gellert commented on second quarter results:
“We improved our operating performance for the fourth consecutive quarter, strengthened our balance sheet and continued to upgrade our fleet. For the first time since the second and third quarters of 2016, all of our operating regions achieved positive DVP for two consecutive quarters. Liftboats were the largest contributor to increased direct vessel profit, headlined by additional contracts in Mexico supporting pipeline construction and platform maintenance projects. The Middle East region achieved fleet utilization of 82%, the highest since 2013, aided by the commencement of several long-term charters and a seasonal uptick in construction activity.
To meet customer demand for new long-term contracts that we believe will boost future utilization and direct vessel profits, we incurred upfront costs to reactivate and reposition vessels. While these costs can fluctuate, as market conditions improve with longer contract terms and higher utilization, we expect these unreimbursed expenses incurred to reposition vessels will become less prevalent.
We sold five vessels during the quarter with an average age of 20 years at a gain, and in early July we added two AHTS vessels built in 2013. Both have customer contracts. Such active fleet management is central to our approach to running the business.
Finally, we significantly improved our financial position as we reduced leverage and extended debt maturities. We added more than $100.0 million in net equity during the quarter, putting us in a stronger position. We enter the second half of the year with cautious optimism for continued market improvement as tendering activity and customer inquiries rise."
A comparison of results for the second quarter ended June 30, 2018 with the preceding quarter ended March 31, 2018 is included below.
Operating Revenues. Operating revenues increased 17.4% to $60.7 million from $51.7 million in first quarter 2018, and 43.5% from $42.3 million a year ago. These increases in revenues were primarily driven by higher utilization, as well as higher day rates.
Direct Vessel Profit (“DVP”)(1) by Region. Total DVP increased 10.1% to $14.7 million from $13.4 million in the preceding quarter, and grew from $1.5 million in second quarter 2017.
Compared to first quarter 2018, the $9.0 million increase in operating revenues was partly offset by a $7.6 million increase in direct operating expenses. Personnel costs were $3.1 million higher primarily due to increased utilization. Repairs and maintenance expenses were $2.0 million higher primarily due to costs to replace main engines in two fast support vessels. Results by region are as follows:
United States, primarily Gulf of Mexico. DVP rose to $1.8 million compared with $1.5 million in the preceding quarter, a $0.3 million improvement. Time charter revenues were $3.1 million higher compared with the preceding quarter, including $2.8 million from the liftboat fleet, primarily due to increased utilization. Including cold-stacked vessels, utilization increased to 23% from 17% in the first quarter 2018, and average rates per day worked increased to $10,503 from $8,775. Days available for charter decreased by 8% primarily due to the removal from service of four anchor handling towing supply vessels in the preceding quarter. Improvements in operating revenues of $3.1 million were offset by increased direct operating expenses of $2.7 million, primarily due to increased utilization and reactivation costs. As of June 30, 2018, the Company had 25 of 38 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply vessels, 12 fast support vessels, six liftboats and one specialty vessel) compared with 33 of 43 vessels as of March 31, 2018. As of June 30, 2018, the Company had five vessels retired and removed from service in this region.
Africa, primarily West Africa. DVP was $2.0 million compared with $4.7 million in the preceding quarter, a $2.7 million decline primarily due to first quarter 2018 benefitting from the recognition of previously deferred revenues. Time charter revenues were $0.3 million higher compared with the preceding quarter. Including cold-stacked vessels, utilization of this region's fleet decreased to 88% from 91% in the first quarter 2018, and average rates per day worked increased to $9,509 from $9,455 in first quarter 2018. Days available for charter increased by 6% primarily due to the repositioning of vessels between geographic regions. Operating expenses (excluding leased-in equipment) were $2.1 million higher compared with the preceding quarter primarily due to the repositioning of vessels between geographic regions that increased drydocking and other expenses. As of June 30, 2018, the Company had one specialty vessel retired and removed from service in this region.
Middle East and Asia. DVP increased to $3.0 million compared with $2.3 million in the preceding quarter, a $0.7 million improvement. Time charter revenues were $2.2 million higher compared with the preceding quarter, primarily as a result of improved utilization of the active fleet. Including cold-stacked vessels, utilization of this region's fleet increased to 82% from 66% in the first quarter 2018, and average rates per day worked increased to $8,226 from $8,072 in first quarter 2018. Days available for charter decreased by 6% primarily due to net fleet dispositions. Operating expenses (excluding leased-in equipment) were $0.9 million higher compared with the preceding quarter, primarily due to the replacement of main engines in two fast support vessels. As of June 30, 2018, the Company had one of 21 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel) compared with one of 23 vessels as of March 31, 2018. As of June 30, 2018, the Company had one specialty vessel retired and removed from service in this region.
Brazil, Mexico, Central and South America. DVP rose to $4.3 million compared with $1.8 million in the preceding quarter, an increase of $2.5 million primarily due to liftboat activity. Time charter revenues were $3.2 million higher compared with the preceding quarter, primarily due to higher utilization and day rates and net fleet additions from the repositioning of vessels between geographic regions. Including cold-stacked vessels, utilization increased to 57% from 41% in the first quarter 2018, and average rates per day worked increased from $15,272 to $19,127. Days available for charter increased by 90% primarily due to net fleet additions and the repositioning of vessels between geographic regions. Operating expenses (excluding leased-in equipment) were $1.4 million higher compared with the preceding quarter primarily due to higher utilization and fleet additions and mobilization costs. As of June 30, 2018, the Company had one of eight owned and leased-in vessels cold-stacked in Brazil, Mexico, Central and South America (one fast support vessel) compared with one of five vessels as of March 31, 2018
Europe, primarily North Sea. DVP increased to $3.6 million compared with $3.1 million in the preceding quarter, an increase of $0.5 million. Time charter revenues were $0.9 million higher, primarily due to a seasonal increase in utilization of the wind farm utility vessels. For the standby safety fleet, utilization increased from 78% in the first quarter 2018 to 80%, and average rates per day worked increased to $9,157 from $9,058 in first quarter 2018. For the windfarm utility vessels, utilization increased to 76% from 64% in the first quarter 2018, and average rates per day worked increased to $2,342 from $2,317 in the prior quarter. Operating expenses (excluding leased-in equipment) were $0.5 million higher compared with the preceding quarter due mostly to higher utilization.
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(1) |
Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. | |
Administrative and general. Second quarter 2018 administrative and general expenses were $2.7 million higher compared with the preceding quarter primarily due to termination costs, stock awards granted to both employees and non-employee directors, as well as director compensation.
Depreciation and amortization. Depreciation and amortization costs were $1.1 million lower compared with the preceding quarter primarily due to net asset dispositions.
Asset Dispositions and Impairments. During the second quarter, the Company recognized impairment charges of $0.1 million associated with two permanently deferred hull projects. In addition, the Company sold one offshore support vessel and two supply vessels previously retired and removed from service, one standby safety vessel and one fast support vessel, property and other equipment for net proceeds of $2.2 million and a gain of $1.2 million. During the preceding quarter, the Company recognized impairment charges of $2.9 million associated with the Company's anchor handling towing supply fleet. In addition, the Company sold one platform support vessel and other equipment for net proceeds of $0.4 million and a gain of $0.3 million.
Derivative gains (losses). Net derivative losses during second quarter 2018 of $2.7 million, and net derivative losses during the preceding quarter of $11.5 million, are principally due to changes in the fair value of the Company's conversion option liability on its convertible senior notes as a consequence of changes in the Company's share price and estimated credit spread.
Income tax benefit. The Company's year-to-date effective income tax rate of 20.1% was primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes and a reversal of an unrecognized benefit.
Equity in earnings (losses) of 50% or less owned companies. Equity losses in the second quarter 2018 were $0.7 million compared with equity earnings of $0.2 million in the preceding quarter. The increase in the equity losses was primarily due to the Company's 50% investment in SEACOSCO joint venture.
Capital Commitments. As of June 30, 2018, the Company had unfunded capital commitments of $43.3 million that included two fast support vessels, three supply vessels and three wind farm utility vessels. The Company’s capital commitments by year of expected payment are as follows (in thousands):
| 2018 | 12,706 | ||||||||
| 2019 | 21,620 | ||||||||
| 2020 | 8,970 | ||||||||
| $ | 43,296 |
In addition, the Company has indefinitely deferred an additional $20.8 million of orders with respect to two fast support vessels, which the Company had previously reported as unfunded capital commitments.
Liquidity and Debt. As of June 30, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $126.3 million and its total outstanding debt was $371.8 million (net of $39.9 million in discount and issuance costs). As of June 30, 2018, construction reserve funds of $38.2 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment. Additionally, the Company had $7.3 million available under subsidiary credit facilities for future capital commitments.
SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. 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, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums, weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act and related regulations are repealed, liability, legal fees and costs in connection with the provision of emergency response services, such as the response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes to the status of applicable trade treaties including as a result of the U.K.’s impending exit from the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Jones Act and related regulations on the amount of foreign ownership of the Company’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability of the Company to maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K and other reports filed by the Company with the SEC. 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 and 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.
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Please visit SEACOR Marine’s website at www.seacormarine.com for additional information. |
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For all other requests, contact Connie Morinello at (985) 858 – 6400 or InvestorRelations@seacormarine.com |
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SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data) |
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| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Operating Revenues | $ | 60,701 | $ | 42,323 | $ | 112,422 | $ | 76,627 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 48,820 | 44,482 | 89,993 | 77,861 | ||||||||||||
| Administrative and general | 15,532 | 21,705 | 28,339 | 33,531 | ||||||||||||
| Depreciation and amortization | 18,406 | 14,633 | 37,918 | 27,136 | ||||||||||||
| 82,758 | 80,820 | 156,250 | 138,528 | |||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 1,055 | (6,318 | ) | (1,588 ) | (1,499 | ) | ||||||||||
| Operating Loss | (21,002 | ) | (44,815 | ) | (45,416 | ) | (63,400 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 352 | 275 | 568 | 1,125 | ||||||||||||
| Interest expense | (6,489 | ) | (4,546 | ) | (12,622 | ) | (7,728 ) | |||||||||
| SEACOR Holdings management fees | — | (1,283 | ) | — | (3,208 ) | |||||||||||
| SEACOR Holdings guarantee fees | (7 | ) | (75 | ) | (19 | ) | (151 ) | |||||||||
| Marketable security (losses) gains, net | — | (109 | ) | — | 11,629 | |||||||||||
| Derivative losses, net | (2,668 | ) | (213 | ) | (14,184 | ) | (302 ) | |||||||||
| Foreign currency losses, net | (818 | ) | (1,094 | ) | (679 | ) | (1,283 ) | |||||||||
| Other, net | — | — | — | (1 ) | ||||||||||||
| (9,630 | ) | (7,045 | ) | (26,936 | ) | 81 | ||||||||||
| Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (30,632 | ) | (51,860 | ) | (72,352 | ) | (63,319 ) | |||||||||
| Income Tax Benefit | (4,724 | ) | (13,800 | ) | (14,548 | ) | (17,222 ) | |||||||||
| Loss Before Equity in Earnings of 50% or Less Owned Companies | (25,908 | ) | (38,060 | ) | (57,804 | ) | (46,097 ) | |||||||||
| Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax | (721 | ) | 1,571 | (513 | ) | 2,009 | ||||||||||
| Net Loss | (26,629 | ) | (36,489 | ) | (58,317 | ) | (44,088 ) | |||||||||
| Net Loss attributable to Noncontrolling Interests in Subsidiaries | (1,605 | ) | (2,497 | ) | (4,460 | ) | (2,701 ) | |||||||||
| Net Loss attributable to SEACOR Marine Holdings Inc. | $ | (25,024 | ) | $ | (33,992 | ) | $ | (53,857 | ) | $ | (41,387 | ) | ||||
| Basic and Diluted Loss Per Common Share of SEACOR Marine Holdings Inc. | $ | (1.25 | ) | $ | (1.93 | ) | $ | (3.00 | ) | $ | (2.34 | ) | ||||
| Basic and Diluted Weighted Average Common Shares Outstanding: | 19,978,516 | 17,631,567 | 17,967,242 | 17,651,352 | ||||||||||||
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SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS (in thousands, except share data) |
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| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||||||||||
| Average Rates Per Day Worked (excluding wind farm) | $ | 9,742 | $ | 8,431 | $ | 9,425 | $ | 8,359 | ||||||||||||||||||||||||
| Average Rates Per Day | $ | 7,324 | $ | 5,649 | $ | 7,174 | $ | 5,683 | ||||||||||||||||||||||||
| Fleet Utilization (excluding wind farm) | 58 | % | 43 | % | 54 | % | 40 | % | ||||||||||||||||||||||||
| Fleet Utilization | 62 | % | 56 | % | 58 | % | 51 | % | ||||||||||||||||||||||||
| Fleet Available Days (excluding wind farm) | 9,071 | 8,996 | 18,342 | 17,433 | ||||||||||||||||||||||||||||
| Fleet Available Days | 12,528 | 12,363 | 25,129 | 24,130 | ||||||||||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||||||||||
| Time charter | $ | 56,826 | 94 | % | $ | 38,803 | 92 | % | $ | 103,968 | 92 | % | $ | 69,533 | 91 | % | ||||||||||||||||
| Bareboat charter | 1,156 | 2 | % | 1,156 | 3 | % | 2,299 | 2 | % | 2,299 | 3 | % | ||||||||||||||||||||
| Other marine services | 2,719 | 4 | % | 2,364 | 5 | % | 6,155 | 6 | % | 4,795 | 6 | % | ||||||||||||||||||||
| 60,701 | 100 | % | 42,323 | 100 | % | 112,422 | 100 | % | 76,627 | 100 | % | |||||||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||||||||||
| Personnel | 24,733 | 41 | % | 20,577 | 49 | % | 46,409 | 41 | % | 37,368 | 49 | % | ||||||||||||||||||||
| Repairs and maintenance | 9,070 | 15 | % | 10,425 | 25 | % | 16,143 | 14 | % | 14,020 | 18 | % | ||||||||||||||||||||
| Drydocking | 3,112 | 5 | % | 2,251 | 5 | % | 5,369 | 4 | % | 5,318 | 7 | % | ||||||||||||||||||||
| Insurance and loss reserves | 1,934 | 3 | % | 2,126 | 5 | % | 3,124 | 3 | % | 3,685 | 5 | % | ||||||||||||||||||||
| Fuel, lubes and supplies | 4,122 | 7 | % | 3,190 | 7 | % | 7,667 | 7 | % | 5,532 | 7 | % | ||||||||||||||||||||
| Other | 3,009 | 5 | % | 2,223 | 5 | % | 5,616 | 5 | % | 4,657 | 6 | % | ||||||||||||||||||||
| Leased-in equipment | 2,840 | 4 | % | 3,690 | 9 | % | 5,665 | 5 | % | 7,281 | 10 | % | ||||||||||||||||||||
| 48,820 | 80 | % | 44,482 | 105 | % | 89,993 | 79 | % | 77,861 | 102 | % | |||||||||||||||||||||
| Administrative and general | 15,532 | 26 | % | 21,705 | 51 | % | 28,339 | 25 | % | 33,531 | 44 | % | ||||||||||||||||||||
| Depreciation and amortization | 18,406 | 30 | % | 14,633 | 35 | % | 37,918 | 34 | % | 27,136 | 35 | % | ||||||||||||||||||||
| 82,758 | 136 | % | 80,820 | 191 | % | 156,250 | 138 | % | 138,528 | 181 | % | |||||||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 1,055 | 2 | % | (6,318 | ) | (15 | )% | (1,588 | ) | (2 | )% | (1,499 | ) | (2 | )% | |||||||||||||||||
| Operating Loss | (21,002 | ) | (34 | )% | (44,815 | ) | (106 | )% | (45,416 | ) | (40 | )% | (63,400 | ) | (83 | )% | ||||||||||||||||
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SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) |
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| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average Rates Per Day Worked (excluding wind farm utility) | $ | 9,742 | $ | 9,071 | $ | 8,583 | $ | 8,565 | $ | 8,431 | ||||||||||
| Average Rates Per Day Worked | $ | 7,324 | $ | 7,001 | $ | 6,435 | $ | 6,006 | $ | 5,649 | ||||||||||
| Fleet Utilization (excluding wind farm utility) | 58 | % | 50 | % | 51 | % | 49 | % | 43 | % | ||||||||||
| Fleet Utilization | 62 | % | 53 | % | 56 | % | 60 | % | 56 | % | ||||||||||
| Fleet Available Days (excluding wind farm utility) | 9,071 | 9,271 | 9,224 | 9,176 | 8,996 | |||||||||||||||
| Fleet Available Days | 12,528 | 12,601 | 12,628 | 12,580 | 12,363 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 56,826 | $ | 47,142 | $ | 45,745 | $ | 45,267 | $ | 38,803 | ||||||||||
| Bareboat charter | 1,156 | 1,143 | 1,169 | 1,168 | 1,156 | |||||||||||||||
| Other marine services | 2,719 | 3,436 | 2,429 | 1,378 | 2,364 | |||||||||||||||
| 60,701 | 51,721 | 49,343 | 47,813 | 42,323 | ||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 24,733 | 21,676 | 21,953 | 22,179 | 20,577 | |||||||||||||||
| Repairs and maintenance | 9,070 | 7,073 | 6,225 | 7,410 | 10,425 | |||||||||||||||
| Drydocking | 3,112 | 2,257 | 1,438 | 2,279 | 2,251 | |||||||||||||||
| Insurance and loss reserves | 1,934 | 1,190 | 1,443 | 1,396 | 2,126 | |||||||||||||||
| Fuel, lubes and supplies | 4,122 | 3,545 | 3,620 | 2,880 | 3,190 | |||||||||||||||
| Other | 3,009 | 2,607 | 2,970 | 2,278 | 2,223 | |||||||||||||||
| 45,980 | 38,348 | 37,649 | 38,422 | 40,792 | ||||||||||||||||
| Direct Vessel Profit | 14,721 | 13,373 | 11,694 | 9,391 | 1,531 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Leased-in expense | 2,840 | 2,825 | 2,831 | 2,836 | 3,690 | |||||||||||||||
| Administrative and general | 15,532 | 12,807 | 12,368 | 10,318 | 21,705 | |||||||||||||||
| Depreciation and amortization | 18,406 | 19,512 | 20,021 | 15,622 | 14,633 | |||||||||||||||
| 36,778 | 35,144 | 35,220 | 28,776 | 40,028 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 1,055 | (2,643 | ) | (12,304 | ) | (9,744 | ) | (6,318 | ) | |||||||||||
| Operating Loss | (21,002 | ) | (24,414 | ) | (35,830 | ) | (29,129 | ) | (44,815 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 352 | 216 | 326 | 354 | 275 | |||||||||||||||
| Interest expense | (6,489 | ) | (6,133 | ) | (4,509 | ) | (4,295 | ) | (4,546 | ) | ||||||||||
| SEACOR Holdings management fees | — | — | — | — | (1,283 | ) | ||||||||||||||
| SEACOR Holdings guarantee fees | (7 | ) | (12 | ) | (29 | ) | (21 | ) | (75 | ) | ||||||||||
| Marketable security losses, net | — | — | — | (698 | ) | (109 | ) | |||||||||||||
| Derivative (losses) gains, net | (2,668 | ) | (11,516 | ) | 7,536 | 13,022 | (213 | ) | ||||||||||||
| Foreign currency (losses) gains, net | (818 | ) | 139 | (320 | ) | (106 | ) | (1,094 | ) | |||||||||||
| Other, net | — | — | (5 | ) | — | — | ||||||||||||||
| (9,630 | ) | (17,306 | ) | 2,999 | 8,256 | (7,045 | ) | |||||||||||||
| Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies | (30,632 | ) | (41,720 | ) | (32,831 | ) | (20,873 | ) | (51,860 | ) | ||||||||||
| Income Tax Benefit | (4,724 | ) | (9,824 | ) | (51,361 | ) | (5,823 | ) | (13,800 | ) | ||||||||||
| (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (25,908 | ) | (31,896 | ) | 18,530 | (15,050 | ) | (38,060 | ) | |||||||||||
| Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax | (721 | ) | 208 | 9,374 | (7,306 | ) | 1,571 | |||||||||||||
| Net (Loss) Income | (26,629 | ) | (31,688 | ) | 27,904 | (22,356 | ) | (36,489 | ) | |||||||||||
| Net Loss attributable to Noncontrolling Interests in Subsidiaries | (1,605 | ) | (2,855 | ) | (1,057 | ) | (1,881 | ) | (2,497 | ) | ||||||||||
| Net (Loss) Income attributable to SEACOR Marine Holdings Inc. | $ | (25,024 | ) | $ | (28,833 | ) | $ | 28,961 | $ | (20,475 | ) | $ | (33,992 | ) | ||||||
| (Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.: | ||||||||||||||||||||
| Basic | $ | (1.25 | ) | $ | (1.64 | ) | $ | 1.65 | $ | (1.17 | ) | $ | (1.93 | ) | ||||||
| Diluted | $ | (1.25 | ) | $ | (1.64 | ) | $ | 1.20 | $ | (1.25 | ) | $ | (1.93 | ) | ||||||
| Weighted Average Common Shares and Warrants Outstanding: | ||||||||||||||||||||
| Basic | 19,979 | 17,571 | 17,552 | 17,551 | 17,632 | |||||||||||||||
| Diluted | 19,979 | 17,571 | 21,629 | 21,621 | 17,632 | |||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 20,442 | 17,787 | 17,675 | 17,671 | 17,671 | |||||||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except share data) |
||||||||||||||||||||||||
|
United States |
Africa |
Middle East |
Brazil, Mexico, |
Europe |
Total | |||||||||||||||||||
| For the Three Months Ended June 30, 2018 | ||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||
| Average Rates Per Day | $ | 10,503 | $ | 9,509 | $ | 8,226 | $ | 19,127 | $ | 4,823 | $ | 7,324 | ||||||||||||
| Fleet Utilization | 23 | % | 88 | % | 82 | % | 57 | % | 76 | % | 62 | % | ||||||||||||
| Fleet Available Days | 3,710 | 1,331 | 2,005 | 416 | 5,066 | 12,528 | ||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||
| Time charter | $ | 9,052 | $ | 11,122 | $ | 13,591 | $ | 4,556 | $ | 18,505 | $ | 56,826 | ||||||||||||
| Bareboat charter | — | — | — | 1,156 | — | 1,156 | ||||||||||||||||||
| Other marine services | 1,676 | 350 | (792 | ) | 845 | 640 | 2,719 | |||||||||||||||||
| 10,728 | 11,472 | 12,799 | 6,557 | 19,145 | 60,701 | |||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||
| Personnel | 4,636 | 4,314 | 4,069 | 1,219 | 10,495 | 24,733 | ||||||||||||||||||
| Repairs and maintenance | 1,529 | 1,663 | 3,576 | 32 | 2,270 | 9,070 | ||||||||||||||||||
| Drydocking | 910 | 910 | 72 | 11 | 1,209 | 3,112 | ||||||||||||||||||
| Insurance and loss reserves | 902 | 248 | 361 | 169 | 254 | 1,934 | ||||||||||||||||||
| Fuel, lubes and supplies | 900 | 900 | 922 | 349 | 1,051 | 4,122 | ||||||||||||||||||
| Other | 29 | 1,402 | 836 | 488 | 254 | 3,009 | ||||||||||||||||||
| 8,906 | 9,437 | 9,836 | 2,268 | 15,533 | 45,980 | |||||||||||||||||||
| Direct Vessel Profit | $ | 1,822 | $ | 2,035 | $ | 2,963 | $ | 4,289 | $ | 3,612 | 14,721 | |||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||
| Leased-in equipment | $ | 1,856 | $ | 962 | $ | — | $ | — | $ | 22 | 2,840 | |||||||||||||
| Administrative and general | 15,532 | |||||||||||||||||||||||
| Depreciation and amortization | $ | 5,915 | $ | 2,924 | $ | 4,311 | $ | 2,280 | $ | 2,976 | 18,406 | |||||||||||||
| 36,778 | ||||||||||||||||||||||||
| Gains on Asset Dispositions and Impairments | 1,055 | |||||||||||||||||||||||
| Operating Loss | $ | (21,002 | ) | |||||||||||||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except share data) |
||||||||||||||||||||||||
|
United States |
Africa |
Middle East |
Brazil, Mexico, |
Europe |
Total | |||||||||||||||||||
| For the Six Months Ended June 30, 2018 | ||||||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||||||
| Average Rates Per Day | $ | 9,740 | $ | 9,482 | $ | 8,155 | $ | 18,069 | $ | 4,984 | $ | 7,174 | ||||||||||||
| Fleet Utilization | 20 | % | 89 | % | 74 | % | 52 | % | 72 | % | 58 | % | ||||||||||||
| Fleet Available Days | 7,760 | 2,591 | 4,137 | 635 | 10,006 | 25,129 | ||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||||||
| Time charter | $ | 15,034 | $ | 21,916 | $ | 24,965 | $ | 5,930 | $ | 36,123 | $ | 103,968 | ||||||||||||
| Bareboat charter | — | — | — | 2,229 | — | 2,299 | ||||||||||||||||||
| Other marine services | 3,331 | 1,637 | (922 | ) | 955 | 1,154 | 6,155 | |||||||||||||||||
| 18,365 | 23,553 | 24,043 | 9,184 | 37,277 | 112,422 | |||||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||
| Personnel | 8,628 | 8,387 | 8,091 | 1,595 | 19,708 | 46,409 | ||||||||||||||||||
| Repairs and maintenance | 2,223 | 3,019 | 6,004 | 337 | 4,560 | 16,143 | ||||||||||||||||||
| Drydocking | 1,435 | 912 | 61 | 11 | 2,950 | 5,369 | ||||||||||||||||||
| Insurance and loss reserves | 1,336 | 466 | 597 | 236 | 489 | 3,124 | ||||||||||||||||||
| Fuel, lubes and supplies | 1,393 | 1,569 | 1,956 | 414 | 2,335 | 7,667 | ||||||||||||||||||
| Other | 54 | 2,438 | 2,044 | 548 | 532 | 5,616 | ||||||||||||||||||
| 15,069 | 16,791 | 18,753 | 3,141 | 30,574 | 84,328 | |||||||||||||||||||
| Direct Vessel Profit | $ | 3,296 | $ | 6,762 | $ | 5,290 | $ | 6,043 | $ | 6,703 | 28,094 | |||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||||||
| Operating: | ||||||||||||||||||||||||
| Leased-in equipment | $ | 3,718 | $ | 1,925 | $ | — | $ | — | $ | 22 | 5,665 | |||||||||||||
| Administrative and general | 28,339 | |||||||||||||||||||||||
| Depreciation and amortization | $ | 12,450 | $ | 5,731 | $ | 10,401 | $ | 3,499 | $ | 5,837 | 37,918 | |||||||||||||
| 71,922 | ||||||||||||||||||||||||
| Losses on Asset Dispositions and Impairments | (1,588 | ) | ||||||||||||||||||||||
| Operating Loss | $ | (45,416 | ) | |||||||||||||||||||||
| As of June 30, 2018 | ||||||||||||||||||||||||
| Property and Equipment: | ||||||||||||||||||||||||
| Historical cost | $ | 439,026 | $ | 184,037 | $ | 317,536 | $ | 165,145 | $ | 182,111 | $ | 1,287,855 | ||||||||||||
| Accumulated depreciation | (225,116 | ) | (57,909 | ) | (86,239 | ) | (58,078 | ) | (137,135 | ) | (564,477 | ) | ||||||||||||
| $ | 213,910 | $ | 126,128 | $ | 231,297 | $ | 107,067 | $ | 44,976 | $ | 723,378 | |||||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| United States, primarily Gulf of Mexico | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 10,503 | $ | 8,775 | $ | 8,027 | $ | 7,212 | $ | 9,619 | ||||||||||
| Fleet utilization | 23 | % | 17 | % | 18 | % | 16 | % | 13 | % | ||||||||||
| Fleet available days | 3,710 | 4,050 | 3,864 | 3,859 | 4,063 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 292 | 219 | 139 | 338 | 221 | |||||||||||||||
| Out-of-service days for cold-stacked status | 2,435 | 3,111 | 3,010 | 2,746 | 3,070 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 9,052 | $ | 5,982 | $ | 5,608 | $ | 4,587 | $ | 4,889 | ||||||||||
| Other marine services | 1,676 | 1,655 | 1,077 | 1,116 | 1,198 | |||||||||||||||
| 10,728 | 7,637 | 6,685 | 5,703 | 6,087 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 4,636 | 3,992 | 3,853 | 4,455 | 4,183 | |||||||||||||||
| Repairs and maintenance | 1,529 | 694 | 631 | 1,289 | 937 | |||||||||||||||
| Drydocking | 910 | 525 | (164 | ) | 1,109 | 310 | ||||||||||||||
| Insurance and loss reserves | 902 | 434 | 678 | 598 | 1,205 | |||||||||||||||
| Fuel, lubes and supplies | 900 | 493 | 381 | 249 | 545 | |||||||||||||||
| Other | 29 | 25 | 3 | 123 | 51 | |||||||||||||||
| 8,906 | 6,163 | 5,382 | 7,823 | 7,231 | ||||||||||||||||
| Direct Vessel Profit (Loss) | $ | 1,822 | $ | 1,474 | $ | 1,303 | $ | (2,120 | ) | $ | (1,144 | ) | ||||||||
| Leased-in equipment (included in operating costs and expenses) | 1,856 | $ | 1,862 | $ | 1,866 | $ | 1,870 | $ | 2,205 | |||||||||||
| Depreciation and amortization | 5,915 | $ | 6,535 | $ | 5,487 | $ | 5,224 | $ | 5,749 | |||||||||||
| Africa, primarily West Africa | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,509 | $ | 9,455 | $ | 10,517 | $ | 10,611 | $ | 10,348 | ||||||||||
| Fleet utilization | 88 | % | 91 | % | 75 | % | 71 | % | 67 | % | ||||||||||
| Fleet available days | 1,331 | 1,260 | 1,207 | 1,283 | 1,123 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 46 | 31 | 34 | 79 | 125 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 92 | 184 | 91 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 11,122 | $ | 10,794 | $ | 9,533 | $ | 9,700 | $ | 7,786 | ||||||||||
| Other marine services | 350 | 1,287 | 983 | (310 | ) | 215 | ||||||||||||||
| 11,472 | 12,081 | 10,516 | 9,390 | 8,001 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 4,314 | 4,073 | 3,795 | 3,588 | 3,428 | |||||||||||||||
| Repairs and maintenance | 1,663 | 1,356 | 855 | 1,324 | 3,234 | |||||||||||||||
| Drydocking | 910 | 2 | 129 | 311 | 683 | |||||||||||||||
| Insurance and loss reserves | 248 | 218 | (19 | ) | 157 | 357 | ||||||||||||||
| Fuel, lubes and supplies | 900 | 669 | 859 | 693 | 704 | |||||||||||||||
| Other | 1,402 | 1,036 | 1,098 | 704 | 871 | |||||||||||||||
| 9,437 | 7,354 | 6,717 | 6,777 | 9,277 | ||||||||||||||||
| Direct Vessel Profit (Loss) | $ | 2,035 | $ | 4,727 | $ | 3,799 | $ | 2,613 | $ | (1,276 | ) | |||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | 962 | $ | 963 | $ | 965 | $ | 966 | $ | 969 | ||||||||||
| Depreciation and amortization | $ | 2,924 | $ | 2,807 | $ | 3,175 | $ | 2,456 | $ | 2,059 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 8,226 | $ | 8,072 | $ | 6,784 | $ | 7,138 | $ | 6,580 | ||||||||||
| Fleet utilization | 82 | % | 66 | % | 68 | % | 61 | % | 55 | % | ||||||||||
| Fleet available days | 2,005 | 2,132 | 2,331 | 2,194 | 2,067 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 4 | 151 | 104 | 95 | 122 | |||||||||||||||
| Out-of-service days for cold-stacked status | 91 | 130 | 119 | 184 | 304 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 13,591 | $ | 11,374 | $ | 10,682 | $ | 9,490 | $ | 7,415 | ||||||||||
| Other marine services | (792 | ) | (130 | ) | (171 | ) | (341 | ) | 109 | |||||||||||
| 12,799 | 11,244 | 10,511 | 9,149 | 7,524 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 4,069 | 4,022 | 4,882 | 4,731 | 4,147 | |||||||||||||||
| Repairs and maintenance | 3,576 | 2,428 | 2,205 | 2,309 | 3,947 | |||||||||||||||
| Drydocking | 72 | (11 | ) | 554 | (102 | ) | 358 | |||||||||||||
| Insurance and loss reserves | 361 | 236 | 382 | 363 | 353 | |||||||||||||||
| Fuel, lubes and supplies | 922 | 1,034 | 1,180 | 1,115 | 908 | |||||||||||||||
| Other | 836 | 1,208 | 1,522 | 1,192 | 1,061 | |||||||||||||||
| 9,836 | 8,917 | 10,725 | 9,608 | 10,774 | ||||||||||||||||
| Direct Vessel Profit (Loss) | $ | 2,963 | $ | 2,327 | $ | (214 | ) | $ | (459 | ) | $ | (3,250 | ) | |||||||
| Leased-in equipment (included in operating costs and expenses) | $ | — | $ | — | $ | — | $ | — | $ | 516 | ||||||||||
| Depreciation and amortization | $ | 4,311 | $ | 6,090 | $ | 6,898 | $ | 4,320 | $ | 3,979 | ||||||||||
| Brazil, Mexico, Central and South America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 19,127 | $ | 15,272 | $ | 16,718 | $ | 16,060 | $ | — | ||||||||||
| Fleet utilization | 57 | % | 41 | % | 50 | % | 49 | % | — | % | ||||||||||
| Fleet available days | 416 | 219 | 184 | 184 | 105 | |||||||||||||||
| Out-of-service days for cold-stacked status | 91 | 90 | 92 | 92 | 91 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 4,556 | $ | 1,374 | $ | 1,538 | $ | 1,439 | $ | — | ||||||||||
| Bareboat charter | 1,156 | 1,143 | 1,169 | 1,168 | 1,156 | |||||||||||||||
| Other marine services | 845 | 110 | 156 | 159 | 162 | |||||||||||||||
| 6,557 | 2,627 | 2,863 | 2,766 | 1,318 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 1,219 | 376 | 322 | 326 | 148 | |||||||||||||||
| Repairs and maintenance | 32 | 305 | 44 | 110 | 116 | |||||||||||||||
| Drydocking | 11 | — | — | — | — | |||||||||||||||
| Insurance and loss reserves | 169 | 67 | 230 | 75 | 4 | |||||||||||||||
| Fuel, lubes and supplies | 349 | 65 | 163 | 33 | 27 | |||||||||||||||
| Other | 488 | 60 | 44 | 69 | 3 | |||||||||||||||
| 2,268 | 873 | 803 | 613 | 298 | ||||||||||||||||
| Direct Vessel Profit | $ | 4,289 | $ | 1,754 | $ | 2,060 | $ | 2,153 | $ | 1,020 | ||||||||||
| Depreciation and amortization | $ | 2,280 | $ | 1,219 | $ | 1,134 | $ | 1,025 | $ | 784 | ||||||||||
|
|
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued) (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Europe, primarily North Sea | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked - Standby safety | $ | 9,157 | $ | 9,058 | $ | 8,660 | $ | 8,650 | $ | 8,457 | ||||||||||
| Fleet utilization - Standby safety | 80 | % | 78 | % | 82 | % | 84 | % | 80 | % | ||||||||||
| Fleet available days - Standby safety | 1,746 | 1,849 | 1,822 | 1,840 | 1,820 | |||||||||||||||
| Average rates per day worked - Wind farm utility | 2,342 | 2,317 | 2,330 | 2,221 | 2,124 | |||||||||||||||
| Fleet utilization - Wind farm utility | 76 | % | 64 | % | 73 | % | 94 | % | 95 | % | ||||||||||
| Fleet available days - Wind farm utility | 3,228 | 3,091 | 3,220 | 3,220 | 3,185 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 77 | 137 | 249 | 110 | 124 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 18,505 | $ | 17,618 | $ | 18,384 | $ | 20,051 | $ | 18,713 | ||||||||||
| Other marine services | 640 | 514 | 384 | 754 | 680 | |||||||||||||||
| 19,145 | 18,132 | 18,768 | 20,805 | 19,393 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 10,495 | 9,213 | 9,101 | 9,079 | 8,671 | |||||||||||||||
| Repairs and maintenance | 2,270 | 2,290 | 2,490 | 2,378 | 2,191 | |||||||||||||||
| Drydocking | 1,209 | 1,741 | 919 | 961 | 900 | |||||||||||||||
| Insurance and loss reserves | 254 | 235 | 172 | 203 | 207 | |||||||||||||||
| Fuel, lubes and supplies | 1,051 | 1,284 | 1,037 | 790 | 1,006 | |||||||||||||||
| Other | 254 | 278 | 303 | 190 | 237 | |||||||||||||||
| 15,533 | 15,041 | 14,022 | 13,601 | 13,212 | ||||||||||||||||
| Direct Vessel Profit | $ | 3,612 | $ | 3,091 | $ | 4,746 | $ | 7,204 | $ | 6,181 | ||||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | 22 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Depreciation and amortization | $ | 2,976 | $ | 2,861 | $ | 3,327 | $ | 2,597 | $ | 2,062 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Anchor handling towing supply | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 13,381 | $ | 10,322 | $ | 10,322 | $ | 9,766 | $ | 10,774 | ||||||||||
| Fleet utilization | 23 | % | 21 | % | 21 | % | 25 | % | 24 | % | ||||||||||
| Fleet available days | 866 | 1,260 | 1,288 | 1,288 | 1,274 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 23 | 36 | 5 | 69 | 43 | |||||||||||||||
| Out-of-service days for cold-stacked status | 608 | 947 | 943 | 851 | 856 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 2,712 | $ | 2,787 | $ | 2,849 | $ | 3,199 | $ | 3,299 | ||||||||||
| Other marine services | (91 | ) | 1,438 | 698 | (88 | ) | (50 | ) | ||||||||||||
| 2,621 | 4,225 | 3,547 | 3,111 | 3,249 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 1,593 | 1,397 | 2,381 | 2,388 | 2,745 | |||||||||||||||
| Repairs and maintenance | 1,281 | 394 | 498 | 565 | 990 | |||||||||||||||
| Drydocking | 945 | 480 | (30 | ) | 125 | 62 | ||||||||||||||
| Insurance and loss reserves | 265 | 91 | 195 | 176 | 307 | |||||||||||||||
| Fuel, lubes and supplies | 586 | 153 | 446 | 158 | 317 | |||||||||||||||
| Other | 689 | 452 | (499 | ) | (170 | ) | (425 | ) | ||||||||||||
| 5,359 | 2,967 | 2,991 | 3,242 | 3,996 | ||||||||||||||||
| Direct Vessel (Loss) Profit | $ | (2,738 | ) | $ | 1,258 | $ | 556 | $ | (131 | ) | $ | (747 | ) | |||||||
| Leased-in equipment (included in operating costs and expenses) | $ | 1,855 | $ | 1,858 | $ | 1,862 | $ | 1,866 | $ | 1,869 | ||||||||||
| Depreciation and amortization | $ | 532 | $ | 1,490 | $ | 2,430 | $ | 2,419 | $ | 2,418 | ||||||||||
| Fast support | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 6,963 | $ | 7,746 | $ | 7,414 | $ | 7,999 | $ | 8,086 | ||||||||||
| Fleet utilization | 62 | % | 53 | % | 52 | % | 49 | % | 43 | % | ||||||||||
| Fleet available days | 3,820 | 3,780 | 3,864 | 3,885 | 3,684 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 53 | 109 | 155 | 208 | 242 | |||||||||||||||
| Out-of-service days for cold-stacked status | 1,191 | 1,253 | 1,324 | 1,447 | 1,580 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 16,488 | $ | 15,427 | $ | 14,845 | $ | 15,271 | $ | 12,712 | ||||||||||
| Other marine services | (505 | ) | (656 | ) | (399 | ) | (410 | ) | 152 | |||||||||||
| 15,983 | 14,771 | 14,446 | 14,861 | 12,864 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 5,258 | 4,756 | 5,717 | 5,405 | 4,815 | |||||||||||||||
| Repairs and maintenance | 3,406 | 2,544 | 1,853 | 2,680 | 5,893 | |||||||||||||||
| Drydocking | 115 | (9 | ) | 684 | 247 | 979 | ||||||||||||||
| Insurance and loss reserves | 314 | 324 | 129 | 297 | 381 | |||||||||||||||
| Fuel, lubes and supplies | 1,015 | 795 | 849 | 975 | 990 | |||||||||||||||
| Other | 1,466 | 1,460 | 2,356 | 1,610 | 1,527 | |||||||||||||||
| 11,574 | 9,870 | 11,588 | 11,214 | 14,585 | ||||||||||||||||
| Direct Vessel Profit (Loss) | $ | 4,409 | $ | 4,901 | $ | 2,858 | $ | 3,647 | $ | (1,721 | ) | |||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | 342 | $ | 342 | $ | 343 | $ | 343 | $ | 860 | ||||||||||
| Depreciation and amortization | $ | 6,585 | $ | 6,585 | $ | 6,521 | $ | 5,000 | $ | 4,403 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Supply | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 7,174 | $ | 6,454 | $ | 5,222 | $ | 6,279 | $ | 6,028 | ||||||||||
| Fleet utilization | 69 | % | 73 | % | 81 | % | 65 | % | 48 | % | ||||||||||
| Fleet available days | 637 | 633 | 594 | 507 | 580 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | 16 | 2 | 36 | 3 | |||||||||||||||
| Out-of-service days for cold-stacked status | 19 | 68 | 25 | 99 | 182 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 3,149 | $ | 3,002 | $ | 2,527 | $ | 2,062 | $ | 1,679 | ||||||||||
| Other marine services | 1,195 | 1,125 | 1,122 | 1,079 | 1,069 | |||||||||||||||
| 4,344 | 4,127 | 3,649 | 3,141 | 2,748 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 1,999 | 1,956 | 1,604 | 1,321 | 1,198 | |||||||||||||||
| Repairs and maintenance | 259 | 445 | 266 | 321 | 362 | |||||||||||||||
| Drydocking | 585 | — | — | — | — | |||||||||||||||
| Insurance and loss reserves | 134 | 102 | 210 | 26 | 34 | |||||||||||||||
| Fuel, lubes and supplies | 317 | 694 | 632 | 194 | 156 | |||||||||||||||
| Other | 1,048 | 719 | 348 | 158 | 252 | |||||||||||||||
| 4,342 | 3,916 | 3,060 | 2,020 | 2,002 | ||||||||||||||||
| Direct Vessel Profit | $ | 2 | $ | 211 | $ | 589 | $ | 1,121 | $ | 746 | ||||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | — | $ | — | $ | — | $ | — | $ | 331 | ||||||||||
| Depreciation and amortization | $ | 1,394 | $ | 2,743 | $ | 3,566 | $ | 1,226 | $ | 1,278 | ||||||||||
| Standby safety | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,157 | $ | 9,058 | $ | 8,660 | $ | 8,650 | $ | 8,457 | ||||||||||
| Fleet utilization | 80 | % | 78 | % | 82 | % | 84 | % | 80 | % | ||||||||||
| Fleet available days | 1,746 | 1,849 | 1,822 | 1,840 | 1,820 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 46 | 87 | 78 | 96 | 108 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 12,791 | $ | 13,051 | $ | 12,921 | $ | 13,328 | $ | 12,279 | ||||||||||
| Other marine services | 39 | 40 | 38 | 32 | 36 | |||||||||||||||
| 12,830 | 13,091 | 12,959 | 13,360 | 12,315 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 8,148 | 6,938 | 6,901 | 6,955 | 6,698 | |||||||||||||||
| Repairs and maintenance | 1,464 | 1,554 | 1,570 | 1,943 | 1,610 | |||||||||||||||
| Drydocking | 624 | 1,741 | 919 | 960 | 900 | |||||||||||||||
| Insurance and loss reserves | 143 | 138 | 106 | 116 | 137 | |||||||||||||||
| Fuel, lubes and supplies | 843 | 991 | 894 | 723 | 844 | |||||||||||||||
| Other | 144 | 161 | 220 | 156 | 199 | |||||||||||||||
| 11,366 | 11,523 | 10,610 | 10,853 | 10,388 | ||||||||||||||||
| Direct Vessel Profit | $ | 1,464 | $ | 1,568 | $ | 2,349 | $ | 2,507 | $ | 1,927 | ||||||||||
| Depreciation and amortization | $ | 681 | $ | 694 | $ | 769 | $ | 578 | $ | 566 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Specialty | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | — | $ | — | $ | — | $ | — | $ | 12,000 | ||||||||||
| Fleet utilization | — | % | — | % | — | % | — | % | 5 | % | ||||||||||
| Fleet available days | 91 | 90 | 276 | 276 | 273 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | — | 24 | 25 | 7 | |||||||||||||||
| Out-of-service days for cold-stacked status | 91 | 90 | 160 | 159 | 182 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | — | $ | — | $ | (1 | ) | $ | — | $ | 149 | |||||||||
| Other marine services | — | — | 1 | 268 | 278 | |||||||||||||||
| — | — | — | 268 | 427 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 79 | 164 | 472 | 413 | 316 | |||||||||||||||
| Repairs and maintenance | 13 | 37 | 77 | 40 | 56 | |||||||||||||||
| Drydocking | — | (6 | ) | (136 | ) | 736 | — | |||||||||||||
| Insurance and loss reserves | 25 | 10 | 102 | 21 | 35 | |||||||||||||||
| Fuel, lubes and supplies | (29 | ) | 83 | 20 | 92 | 59 | ||||||||||||||
| Other | 93 | 104 | 85 | 84 | 98 | |||||||||||||||
| 181 | 392 | 620 | 1,386 | 564 | ||||||||||||||||
| Direct Vessel Loss | $ | (181 | ) | $ | (392 | ) | $ | (620 | ) | $ | (1,118 | ) | $ | (137 | ) | |||||
| Depreciation and amortization | $ | 283 | $ | 282 | $ | 283 | $ | 579 | $ | 579 | ||||||||||
| Liftboats | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 19,225 | $ | 16,068 | $ | 16,662 | $ | 11,899 | $ | 10,315 | ||||||||||
| Fleet utilization | 43 | % | 30 | % | 30 | % | 28 | % | 16 | % | ||||||||||
| Fleet available days | 1,911 | 1,659 | 1,380 | 1,380 | 1,365 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 266 | 116 | 92 | 174 | 173 | |||||||||||||||
| Out-of-service days for cold-stacked status | 708 | 933 | 771 | 551 | 605 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 15,788 | $ | 8,126 | $ | 6,954 | $ | 4,659 | $ | 2,251 | ||||||||||
| Other marine services | 1,569 | 756 | 393 | 447 | 384 | |||||||||||||||
| 17,357 | 8,882 | 7,347 | 5,106 | 2,635 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 4,671 | 3,461 | 2,577 | 3,394 | 2,748 | |||||||||||||||
| Repairs and maintenance | 1,553 | 1,134 | 990 | 1,288 | 915 | |||||||||||||||
| Drydocking | 842 | 51 | 1 | 211 | 310 | |||||||||||||||
| Insurance and loss reserves | 889 | 651 | 722 | 684 | 1,167 | |||||||||||||||
| Fuel, lubes and supplies | 1,153 | 668 | 632 | 646 | 667 | |||||||||||||||
| Other | 336 | 417 | 333 | 352 | 488 | |||||||||||||||
| 9,444 | 6,382 | 5,255 | 6,575 | 6,295 | ||||||||||||||||
| Direct Vessel Profit (Loss) | $ | 7,913 | $ | 2,500 | $ | 2,092 | $ | (1,469 | ) | $ | (3,660 | ) | ||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | 644 | $ | 638 | $ | 626 | $ | 627 | $ | 630 | ||||||||||
| Depreciation and amortization | $ | 6,333 | $ | 5,025 | $ | 3,160 | $ | 3,045 | $ | 3,045 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued) (in thousands, except statistics) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Wind farm utility | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 2,330 | $ | 2,305 | $ | 2,318 | $ | 2,220 | $ | 2,124 | ||||||||||
| Fleet utilization | 73 | % | 62 | % | 72 | % | 89 | % | 90 | % | ||||||||||
| Fleet available days | 3,457 | 3,330 | 3,404 | 3,404 | 3,367 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 31 | 113 | 171 | 14 | 16 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | 40 | 92 | 99 | 152 | |||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Time charter | $ | 5,898 | $ | 4,749 | $ | 5,650 | $ | 6,748 | $ | 6,434 | ||||||||||
| Other marine services | 563 | 429 | 295 | 688 | 583 | |||||||||||||||
| 6,461 | 5,178 | 5,945 | 7,436 | 7,017 | ||||||||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 2,295 | 2,222 | 2,295 | 2,265 | 2,036 | |||||||||||||||
| Repairs and maintenance | 987 | 825 | 969 | 575 | 599 | |||||||||||||||
| Drydocking | 1 | — | — | — | — | |||||||||||||||
| Insurance and loss reserves | 93 | 103 | 74 | 89 | 83 | |||||||||||||||
| Fuel, lubes and supplies | 219 | 144 | 146 | 93 | 162 | |||||||||||||||
| Other | 173 | 96 | 121 | 87 | 80 | |||||||||||||||
| 3,768 | 3,390 | 3,605 | 3,109 | 2,960 | ||||||||||||||||
| Direct Vessel Profit | $ | 2,693 | $ | 1,788 | $ | 2,340 | $ | 4,327 | $ | 4,057 | ||||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | 22 | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Depreciation and amortization | $ | 2,380 | $ | 2,428 | $ | 2,903 | $ | 2,293 | $ | 1,768 | ||||||||||
| Other Activity | ||||||||||||||||||||
| Operating revenues: | ||||||||||||||||||||
| Other marine services | $ | 1,105 | $ | 1,447 | $ | 1,450 | $ | 530 | $ | 1,068 | ||||||||||
| Direct operating expenses: | ||||||||||||||||||||
| Personnel | 690 | 782 | 6 | 38 | 21 | |||||||||||||||
| Repairs and maintenance | 107 | 140 | 2 | (2 | ) | — | ||||||||||||||
| Insurance and loss reserves | 71 | (229 | ) | (95 | ) | (13 | ) | (18 | ) | |||||||||||
| Fuel, lubes and supplies | 18 | 17 | 1 | (1 | ) | (5 | ) | |||||||||||||
| Other | (940 | ) | (802 | ) | 6 | 1 | 4 | |||||||||||||
| (54 | ) | (92 | ) | (80 | ) | 23 | 2 | |||||||||||||
| Direct Vessel Profit | $ | 1,159 | $ | 1,539 | $ | 1,530 | $ | 507 | $ | 1,066 | ||||||||||
| Leased-in equipment (included in operating costs and expenses) | $ | (23 | ) | (13 | ) | — | — | — | ||||||||||||
| Depreciation and amortization | $ | 218 | $ | 265 | $ | 389 | $ | 482 | $ | 576 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION) (in thousands) |
||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| Cash Flows from Operating Activities:` | ||||||||||||||||||||
| DVP | $ | 14,721 | $ | 13,373 | $ | 11,694 | $ | 9,391 | $ | 1,531 | ||||||||||
| Operating, leased-in equipment (excluding amortization of deferred gains) | (4,850 | ) | (4,834 | ) | (4,840 | ) | (4,845 | ) | (5,740 | ) | ||||||||||
| Administrative and general (excluding provisions for bad debts and amortization of share awards) | (14,076 | ) | (12,357 | ) | (12,091 | ) | (11,139 | ) | (22,596 | ) | ||||||||||
| SEACOR Holdings management and guarantee fees | (7 | ) | (12 | ) | (29 | ) | (21 | ) | (1,358 | ) | ||||||||||
| Other, net (excluding non-cash losses) | — | — | (5 | ) | — | — | ||||||||||||||
| Dividends received from 50% or less owned companies | 1,324 | — | 200 | 800 | 1,642 | |||||||||||||||
| (2,888 | ) | (3,830 | ) | (5,071 | ) | (5,814 | ) | (26,521 | ) | |||||||||||
| Changes in operating assets and liabilities before interest and income taxes | (14,575 | ) | (4,938 | ) | 9,003 | (14,428 | ) | 8,300 | ||||||||||||
| Director share awards | 893 | — | — | — | — | |||||||||||||||
| Restricted stock vesting | (51 | ) | — | — | — | — | ||||||||||||||
| Cash settlements on derivative transactions, net | (21 | ) | (129 | ) | (140 | ) | (184 | ) | (166 | ) | ||||||||||
| Interest paid, excluding capitalized interest | (5,875 | ) | (2,828 | ) | (4,471 | ) | (1,119 | ) | (3,626 | ) | ||||||||||
| Interest received | 352 | 216 | 326 | 354 | 275 | |||||||||||||||
| Income taxes (paid) refunded, net | (12 | ) | — | (52 | ) | 2,599 | 10,178 | |||||||||||||
| Net cash (used in) operating activities (GAAP Measure) | (22,177 | ) | (11,509 | ) | (405 | ) | (18,592 | ) | (11,560 | ) | ||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||
| Purchases of property and equipment, excluding capitalized interest | (5,983 | ) | (8,557 | ) | (16,105 | ) | (22,796 | ) | (17,006 | ) | ||||||||||
| Capitalized interest paid | (1,008 | ) | — | (563 | ) | (754 | ) | (1,654 | ) | |||||||||||
| Cash settlements on derivative transactions, net | — | — | — | (45 | ) | — | ||||||||||||||
| Proceeds from disposition of property and equipment | 3,244 | 282 | 1,046 | 248 | 1,252 | |||||||||||||||
| Construction reserve funds withdrawals, net | 7,209 | — | 94 | 22,344 | 15,678 | |||||||||||||||
| Net investing activities in property and equipment | 3,462 | (8,275 | ) | (15,528 | ) | (1,003 | ) | (1,730 | ) | |||||||||||
| Net investing activities in 50% or less owned companies | (5,610 | ) | (19,950 | ) | (366 | ) | (773 | ) | (1,733 | ) | ||||||||||
| Net investing activities in third party notes receivable | — | 99 | — | — | — | |||||||||||||||
| Business acquisitions, net of cash acquired | — | — | — | — | (9,751 | ) | ||||||||||||||
| Net cash used in investing activities (GAAP Measure) | (2,148 | ) | (28,126 | ) | (15,894 | ) | (1,776 | ) | (13,214 | ) | ||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||
| Payments on long-term debt | (6,395 | ) | (28,807 | ) | (3,354 | ) | (4,599 | ) | (2,800 | ) | ||||||||||
| Proceeds from issuance of debt, net of issue costs | — | 18,471 | (300 | ) | 3,622 | (173 | ) | |||||||||||||
| Proceeds from exercise of stock options and warrants | 813 | — | — | — | — | |||||||||||||||
| Proceeds from issuance of stock | 54,012 | 1,793 | — | — | — | |||||||||||||||
| Distribution of SEACOR Marine restricted stock to Company personnel by SEACOR Holdings | — | — | — | — | (2,656 | ) | ||||||||||||||
| Purchase of subsidiary shares from noncontrolling interests | — | — | — | — | (3,693 | ) | ||||||||||||||
| Net cash provided by (used in) financing activities (GAAP Measure) | 48,430 | (8,543 | ) | (3,654 | ) | (977 | ) | (9,322 | ) | |||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | (970 | ) | 682 | 528 | 539 | 858 | ||||||||||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 23,135 | (47,496 | ) | (19,425 | ) | (20,806 | ) | (33,238 | ) | |||||||||||
| Cash, Cash Equivalents and Restricted Cash, Beginning of Period | 65,055 | 112,551 | 131,976 | 152,782 | 186,020 | |||||||||||||||
| Cash, Cash Equivalents and Restricted Cash, End of Period | $ | 88,190 | $ | 65,055 | $ | 112,551 | $ | 131,976 | $ | 152,782 | ||||||||||
|
SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||||||||||||||||
| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | ||||||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 86,239 | $ | 62,738 | $ | 110,234 | $ | 130,357 | $ | 150,958 | ||||||||||
| Restricted cash | 1,951 | 2,316 | 2,317 | 1,619 | 1,824 | |||||||||||||||
| Marketable securities | — | — | — | — | 688 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 57,658 | 45,664 | 45,616 | 54,124 | 43,475 | |||||||||||||||
| Other | 16,039 | 17,039 | 12,341 | 8,942 | 11,957 | |||||||||||||||
| Inventories | 3,666 | 3,975 | 3,756 | 3,786 | 3,376 | |||||||||||||||
| Prepaid expenses and other | 4,090 | 3,613 | 3,026 | 3,364 | 3,719 | |||||||||||||||
| Total current assets | 169,643 | 135,345 | 177,290 | 202,192 | 215,997 | |||||||||||||||
| Property and Equipment: | ||||||||||||||||||||
| Historical cost | 1,287,855 | 1,320,496 | 1,179,836 | 1,204,409 | 1,155,155 | |||||||||||||||
| Accumulated depreciation | (564,477 | ) | (580,461 | ) | (560,160 | ) | (558,919 | ) | (543,822 | ) | ||||||||||
| 723,378 | 740,035 | 619,676 | 645,490 | 611,333 | ||||||||||||||||
| Construction in progress | 82,274 | 80,682 | 70,157 | 60,597 | 90,335 | |||||||||||||||
| Net property and equipment | 805,652 | 820,717 | 689,833 | 706,087 | 701,668 | |||||||||||||||
| Investments, at Equity, and Advances to 50% or Less Owned Companies | 115,424 | 112,219 | 92,169 | 89,984 | 100,719 | |||||||||||||||
| Construction Reserve Funds | 38,152 | 45,361 | 45,361 | 45,455 | 67,799 | |||||||||||||||
| Other Assets | 3,667 | 3,736 | 3,851 | 6,213 | 6,072 | |||||||||||||||
| $ | 1,132,538 | $ | 1,117,378 | $ | 1,008,504 | $ | 1,049,931 | $ | 1,092,255 | |||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Current portion of long-term debt | $ | 22,858 | $ | 22,858 | $ | 22,858 | 30,858 | $ | 81,593 | |||||||||||
| Accounts payable and accrued expenses | 23,774 | 25,551 | 24,024 | 23,487 | 23,436 | |||||||||||||||
| Due to SEACOR Holdings | 746 | 1,583 | 1,358 | 663 | 3,519 | |||||||||||||||
| Other current liabilities | 56,469 | 55,365 | 50,978 | 54,210 | 47,014 | |||||||||||||||
| Total current liabilities | 103,847 | 105,357 | 99,218 | 109,218 | 155,562 | |||||||||||||||
| Long-Term Debt | 348,912 | 405,234 | 292,041 | 285,869 | 233,904 | |||||||||||||||
| Conversion Option Liability on Convertible Senior Notes | 21,886 | 18,991 | 6,832 | 14,135 | 27,109 | |||||||||||||||
| Deferred Income Taxes | 49,789 | 56,024 | 55,506 | 106,389 | 117,332 | |||||||||||||||
| Deferred Gains and Other Liabilities | 27,289 | 28,600 | 31,741 | 36,314 | 39,324 | |||||||||||||||
| Total liabilities | $ | 551,723 | $ | 614,206 | $ | 485,338 | $ | 551,925 | $ | 573,231 | ||||||||||
| Equity: | ||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
| Common stock | $ | 204 | $ | 178 | $ | 177 | $ | 177 | $ | 177 | ||||||||||
| Additional paid-in capital | 413,754 | 306,639 | 303,996 | 302,952 | 302,678 | |||||||||||||||
| Retained earnings | 150,585 | 175,609 | 216,511 | 187,550 | 208,025 | |||||||||||||||
| Shares held in treasury | (54 | ) | — | — | — | — | ||||||||||||||
| Accumulated other comprehensive loss, net of tax | (13,129 | ) | (10,424 | ) | (12,493 | ) | (8,685 | ) | (9,690 | ) | ||||||||||
| 551,360 | 472,002 | 508,191 | 481,994 | 501,190 | ||||||||||||||||
| Noncontrolling interests in subsidiaries | 29,455 | 31,170 | 14,975 | 16,012 | 17,834 | |||||||||||||||
| Total equity | 580,815 | 503,172 | 523,166 | 498,006 | 519,024 | |||||||||||||||
| $ | 1,132,538 | $ | 1,117,378 | $ | 1,008,504 | $ | 1,049,931 | $ | 1,092,255 | |||||||||||
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SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS |
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| Jun. 30, | Mar. 31, | Dec. 31, | Sep. 30, | Jun. 30, | |||||||||||||||
| 2018((1)) | 2018 | 2017 | 2017 | 2017 | |||||||||||||||
| Anchor handling towing supply | 13 | 19 | 23 | 23 | 25 | ||||||||||||||
| Fast support | 49 | 50 | 50 | 50 | 49 | ||||||||||||||
| Supply | 29 | 29 | 31 | 27 | 26 | ||||||||||||||
| Standby safety | 21 | 22 | 20 | 21 | 21 | ||||||||||||||
| Specialty | 4 | 4 | 4 | 6 | 6 | ||||||||||||||
| Liftboats | 21 | 21 | 15 | 15 | 15 | ||||||||||||||
| Wind farm utility | 42 | 41 | 41 | 41 | 40 | ||||||||||||||
| 179 | 186 | 184 | 183 | 182 | |||||||||||||||
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______________________ |
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| (1) | Excludes six owned and one leased-in offshore support vessels that have been retired and removed from service. | |
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SEACOR MARINE HOLDINGS INC. UNAUDITED EXPECTED FLEET DELIVERIES |
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| 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Deferred | Total | |||||||||||||||||||||||||||
| Fast support | — | — | 1 | — | — | — | 1 | 2 | 4 | ||||||||||||||||||||||||||
| Supply | — | 1 | — | — | 1 | — | 1 | — | 3 | ||||||||||||||||||||||||||
| Wind farm utility | 1 | 1 | — | 1 | — | — | — | — | 3 | ||||||||||||||||||||||||||