SEACOR Marine Announces Second Quarter 2018 Results

Continued Improvement in Operating Performance

Strengthened Balance Sheet

HOUMA, La.--()--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.
  • 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.

___________________

(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.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact Connie Morinello at (985) 858 – 6400 or InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

   
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
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS

(in thousands, except share data)

   
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 )%
 

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 
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
(primarily
Gulf of Mexico)

Africa
(primarily
West Africa)

Middle East
and Asia

Brazil, Mexico,
Central and
South America

Europe
(primarily
North Sea)

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
(primarily
Gulf of Mexico)

Africa
(primarily
West Africa)

Middle East
and Asia

Brazil, Mexico,
Central and
South America

Europe
(primarily
North Sea)

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