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SEACOR Marine Announces Results for Its Third Quarter and Nine Months Ended September 30, 2017 HOUMA, La.
SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company”), a leading
provider of global marine and support transportation services to
offshore oil and gas exploration, development and production facilities
worldwide, today announced results for its third quarter and nine months
ended September 30, 2017.
For the third quarter and nine months ended September 30, 2017, net loss
attributable to SEACOR Marine Holdings Inc. was $20.5 million ($1.25 per
diluted share) and $61.9 million ($3.51 per diluted share), respectively.
For the third quarter and nine months ended September 30, 2016, net loss
attributable to SEACOR Marine Holdings Inc. was $27.9 million ($1.58 per
diluted share) and $70.5 million ($3.99 per diluted share),
respectively. Net loss attributable to SEACOR Marine Holdings Inc. for
the preceding quarter ended June 30, 2017 was $34.0 million ($1.93 per
diluted share).
Results for the third quarter ended September 30, 2017 included the
following:
-
Improved direct vessel profit (“DVP”) generated by operating regions
of $9.4 million compared with $1.5 million in the preceding quarter
primarily due to higher operating revenues.
-
A reduction in administrative and general expenses to $10.3 million
compared with $21.7 million in the preceding quarter primarily due to
$10.1 million of one-time costs incurred in the preceding quarter
associated with the Company’s spin-off from SEACOR Holdings Inc. (the
Company’s former parent company, “SEACOR Holdings”) on June 1, 2017.
-
Impairment charges of $9.9 million primarily associated with fully
writing down two in-service specialty vessels to scrap value.
-
An impairment charge of $8.3 million, net of tax, related to the
Company’s investment in a jack-up drilling rig owned by Dynamic
Offshore Drilling.
John Gellert, the Company’s Chief Executive Officer, commented:
“Results for the quarter improved and we remain optimistic for our
future prospects. Higher oil and gas prices are generating positive cash
flow for our customers and should build a foundation for an eventual
recovery in offshore activity.
Our fleet is focused on passenger transport via high speed, aluminum
hull fast support vessels and on platform and well maintenance services
utilizing liftboats. On a fleet-wide basis, we are currently
transporting over 30,000 passengers per month in offshore markets
worldwide. Our customers’ focus on cost control continues to drive
demand for our vessels as a cost effective alternative to helicopters.
Our liftboat results reflect an improved summer season in the U.S. Gulf
of Mexico and include the commencement of long-term charters for two
liftboats, one in Mexico and one in the Middle East. The long-term
charters should buffer our results as we enter the winter months in the
U.S. Gulf of Mexico, a period of seasonally lower activity, especially
for liftboats.
The quarter included costs to mobilize and re-activate vessels to
position our fleet to capture opportunities. Consistent with our
financial discipline, we fully expense these costs as incurred instead
of amortizing them.
We continue to actively manage our assets by pruning our fleet of
vessels which we do not believe will be competitive in our markets.
Optimizing the size and mix of our fleet, operating expenses and shore
side support infrastructure within a highly variable market is a balance
we continue to manage.
The market for offshore vessel services remains challenging. Because of
the diversity and versatility of our fleet, our active fleet management,
our financial discipline and our strong liquidity position, we believe
that we are well positioned.”
A comparison of results for the third quarter ended September 30, 2017
with the preceding quarter ended June 30, 2017 is included below.
Operating Revenues. Time charter revenues were $6.5
million higher compared with the preceding quarter. On a total fleet
basis, time charter revenues increased by $2.8 million from improved
utilization, $2.7 million from net fleet additions, $0.9 million due to
the repositioning of vessels between geographic regions, and $0.5
million due to favorable changes in currency exchange rates. Time
charter revenues decreased by $0.4 million due to a reduction in average
rates per day worked. Other marine services revenues were $1.0 million
lower compared with the preceding quarter.
During the six months ended September 30, 2017 (the period over which
the comparisons in this release are presented), the Company acquired
seven fast support vessels (including Sea-Cat Crewzers’ four high speed
catamarans resulting from the Company’s acquisition in the preceding
quarter of its partners’ 50% interests), acquired one supply vessel and
sold one supply vessel. In addition, the Company reactivated nine
vessels from cold-stacked status, cold-stacked six previously active
vessels and removed from service two previously cold-stacked vessels.
On a total fleet basis, excluding wind farm utility vessels but
including cold-stacked vessels (those that are not currently available
for active service), utilization of the fleet increased from 43% to 49%,
and average rates per day worked increased by 2% from $8,431 to $8,565.
Days available for charter were 2% higher primarily due to net fleet
additions and more operating days during the quarter. This release
includes a table presenting time charter statistics by vessel class.
Direct Vessel Profit (“DVP”) by Region. DVP generated by
the Company’s operating regions was $9.4 million compared with $1.5
million in the preceding quarter, an improvement of $7.9 million. In
addition to improved operating revenues of $5.5 million, operating
expenses (excluding leased-in equipment) were $2.4 million lower
compared with the preceding quarter. As compared with the preceding
quarter, third quarter results included higher personnel costs of $0.6
million associated with net fleet additions, higher repairs, maintenance
and drydocking costs of $1.3 million associated with the net
reactivation of cold-stacked vessels and lower insurance and loss
reserve costs of $0.7 million. In addition, the preceding quarter
results included the replacement of main engines in two fast support
vessels for $4.0 million. Results by region were as follows:
United States, primarily Gulf of Mexico. Direct vessel loss was
$2.1 million compared with $1.1 million in the preceding quarter, a $1.0
million decline. On a total fleet basis, including cold-stacked vessels,
utilization of the fleet increased from 13% to 16%, and average rates
per day worked decreased by 25% from $9,619 to $7,212. Days available
for charter decreased by 5% primarily due to the repositioning of
vessels between geographic regions. Operating expenses (excluding
leased-in equipment) were $0.6 million higher compared with the
preceding quarter primarily due to higher personnel costs of $0.4
million associated with fleet additions, higher repairs, maintenance and
drydocking costs of $1.1 million associated with the net reactivation of
cold-stacked vessels and $0.3 million associated with the active fleet,
lower insurance and loss reserve costs of $0.6 million and lower running
costs of $0.7 million associated with the repositioning of vessels
between geographic regions. As of September 30, 2017, the Company had 31
of 42 owned and leased-in vessels cold-stacked in the U.S. (nine anchor
handling towing supply vessels, 12 fast support vessels, nine liftboats
and one specialty vessel) compared with 32 of 42 vessels as of June 30,
2017. As of September 30, 2017, the Company had one anchor handling
towing supply vessel, one fast support vessel and one supply vessel
retired and removed from service in this region.
Africa, primarily West Africa. DVP was $2.6 million compared with
a direct vessel loss of $1.3 million in the preceding quarter, a $3.9
million improvement. Time charter revenues were $1.9 million higher
primarily due to fleet additions of $1.6 million. On a total fleet
basis, including cold-stacked vessels, utilization of the fleet
increased from 67% to 71%, and average rates per day worked increased by
3% from $10,348 to $10,611. Days available for charter increased by 14%
primarily due to fleet additions. Operating expenses (excluding
leased-in equipment) were $2.5 million lower compared with the preceding
quarter primarily due to the replacement of main engines in one fast
support vessel during the preceding quarter for $2.0 million. As of
September 30, 2017, the Company had one of 14 owned and leased-in
vessels cold-stacked in Africa (one specialty vessel) compared with one
of 14 vessels as of June 30, 2017. As of September 30, 2017, the Company
had one fast support vessel retired and removed from service in this
region.
Middle East and Asia. Direct vessel loss was $0.5 million
compared with $3.3 million in the preceding quarter, a $2.8 million
improvement. Time charter revenues were $2.1 million higher primarily
due to increased utilization of $1.6 million. On a total fleet basis,
including cold-stacked vessels, utilization of the fleet increased from
55% to 61%, and average rates per day worked increased by 8% from $6,580
to $7,138. Days available for charter increased by 6% primarily due to
fleet additions and the repositioning of vessels between geographic
regions. Operating expenses (excluding leased-in equipment) were $1.2
million lower compared with the preceding quarter primarily due to the
replacement of main engines in one fast support vessel during the
preceding quarter for $2.0 million. As of September 30, 2017, the
Company had one of 25 owned and leased-in vessels cold-stacked in the
Middle East and Asia (one windfarm utility vessel) compared with three
of 23 vessels as of June 30, 2017.
Brazil, Mexico, Central and South America. DVP was $2.2 million
compared with $1.0 million in the preceding quarter, a $1.2 million
improvement. Time charter revenues were $1.4 million higher due to the
repositioning of vessels between geographic regions. On a total fleet
basis, including cold-stacked vessels, utilization of the fleet
increased from 0% to 49%, and average rates per day worked increased
from $0 to $16,060. Days available for charter increased by 75%
primarily due to the repositioning of vessels between geographic
regions. Operating expenses (excluding leased-in equipment) were $0.3
million higher compared with the preceding quarter due to the
repositioning of vessels between geographic regions. As of September 30,
2017, the Company had one of four owned and leased-in vessels
cold-stacked in Brazil, Mexico, Central and South America (one fast
support vessel) compared with one of four vessels as of June 30, 2017.
As of September 30, 2017, the Company had one supply vessel retired and
removed from service in this region.
Europe, primarily North Sea. DVP was $7.2 million compared with
$6.2 million in the preceding quarter, a $1.0 million improvement. Time
charter revenues were $1.3 million higher primarily as a result of
improved utilization of $0.7 million and favorable changes in currency
exchange rates of $0.5 million. For the standby safety fleet,
utilization increased from 80% to 84%, and average rates per day worked
increased from $8,457 to $8,650. For the windfarm utility vessels,
utilization decreased from 95% to 94%, and average rates per day worked
increased from $2,124 to $2,221.
Administrative and general. Administrative and general
expenses were $11.4 million lower compared with the preceding quarter
primarily due to one-time costs associated with the Company’s spin-off
from SEACOR Holdings on June 1, 2017. During the preceding quarter, the
Company incurred additional expenses of $6.7 million on the accelerated
vesting of share awards previously granted to Company personnel by
SEACOR Holdings and an additional expense of $3.4 million resulting from
non-deductible spin-off related expenses reimbursed to SEACOR Holdings.
Asset Dispositions and Impairments. During the third
quarter, the Company recognized impairment charges of $9.9 million
associated with one fast support vessel removed from service and two
specialty vessels. In addition, the Company sold two offshore support
vessels previously retired and removed from service and other equipment
for net proceeds of $0.2 million and gains of $0.2 million.
During the preceding quarter, the Company recognized impairment charges
of $5.7 million primarily associated with one leased-in supply vessel
removed from service as it is not expected to be marketed prior to the
expiration of its lease. In addition, the Company sold one supply
vessel, two offshore support vessels previously retired and removed from
service and other equipment for net proceeds of $1.3 million and losses
of $0.6 million.
Derivative gains (losses). Net derivative gains during the
third quarter were due to a $13.0 million reduction in the fair value of
the Company’s conversion option liability on its 3.75% Convertible
Senior Notes. The reduction in the conversion option liability was
primarily the result of declines in the Company’s share price and
estimated credit spread.
Income tax benefit. The Company’s effective income tax
rate was 27.9% in the third quarter and 26.6% in the preceding quarter
primarily due to losses of foreign subsidiaries not benefited and
non-deductible expenses associated with the Company’s participation in
SEACOR Holdings’ share award plans. In addition, the preceding quarter
included non-deductible spin-off related expenses reimbursed to SEACOR
Holdings.
Equity in earnings (losses) of 50% or less owned companies. Equity
losses were $7.3 million compared with equity earnings of $1.6 million
in the preceding quarter primarily due to an impairment charge of $8.3
million, net of tax, related to the Company’s investment in Dynamic
Offshore Drilling. The Company recognized an other than temporary
decline in the fair value of its equity investment upon Dynamic
Offshore’s unsuccessful bid on a charter renewal for its jack-up
drilling rig with a customer during the third quarter. Its existing
charter terminates in February 2018.
Capital Commitments. As of September 30, 2017, the Company
had unfunded capital commitments of $68.9 million that included four
fast support vessels, three supply vessels and two wind farm utility
vessels. The Company’s capital commitments by year of expected payment
are as follows (in thousands):
|
|
|
|
|
|
|
|
Remainder of 2017
|
|
|
|
|
5,195
|
|
2018
|
|
|
|
|
40,932
|
|
2019
|
|
|
|
|
21,106
|
|
2020
|
|
|
|
|
1,645
|
|
|
|
|
|
|
$
|
68,878
|
|
|
|
|
|
|
|
|
Liquidity and Debt. As of September 30, 2017, the
Company’s balances of cash, cash equivalents, restricted cash, and
construction reserve funds totaled $177.4 million and its total
outstanding debt was $316.7 million (net of $34.4 million in discount
and issue costs).
SEACOR Marine provides global marine and support transportation services
to offshore oil and gas exploration, development and production
facilities worldwide. SEACOR Marine currently operates 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; provides
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, including as a result of the recent vote in the
U.K. to leave 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 to remediate
the material weaknesses the Company has identified in its internal
controls over financial reporting, 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 “Risk Factors” included in the Information Statement filed
as Exhibit 99.1 to Amendment No. 3 to the Company’s Registration
Statement on Form 10 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. 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 Erica Bartsch at (212) 446-1875 or ebartsch@seacormarine.com.
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SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF LOSS
(in thousands, except share data,
unaudited)
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|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
Operating Revenues
|
|
|
$
|
47,813
|
|
|
$
|
54,125
|
|
|
$
|
124,440
|
|
|
$
|
171,275
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
Operating
|
|
|
41,258
|
|
|
41,159
|
|
|
119,119
|
|
|
134,254
|
|
|
Administrative and general
|
|
|
10,318
|
|
|
10,588
|
|
|
43,849
|
|
|
34,915
|
|
|
Depreciation and amortization
|
|
|
15,622
|
|
|
14,213
|
|
|
42,758
|
|
|
44,305
|
|
|
|
|
|
67,198
|
|
|
65,960
|
|
|
205,726
|
|
|
213,474
|
|
|
Losses on Asset Dispositions and Impairments, Net
|
|
|
(9,744
|
)
|
|
(29,233
|
)
|
|
(11,243
|
)
|
|
(49,970
|
)
|
|
Operating Loss
|
|
|
(29,129
|
)
|
|
(41,068
|
)
|
|
(92,529
|
)
|
|
(92,169
|
)
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
354
|
|
|
973
|
|
|
1,479
|
|
|
3,371
|
|
|
Interest expense
|
|
|
(4,295
|
)
|
|
(2,512
|
)
|
|
(12,023
|
)
|
|
(7,455
|
)
|
|
SEACOR Holdings management fees
|
|
|
—
|
|
|
(1,925
|
)
|
|
(3,208
|
)
|
|
(5,775
|
)
|
|
SEACOR Holdings guarantee fees
|
|
|
(21
|
)
|
|
(80
|
)
|
|
(172
|
)
|
|
(237
|
)
|
|
Marketable security gains (losses), net
|
|
|
(698
|
)
|
|
1,619
|
|
|
10,931
|
|
|
(4,458
|
)
|
|
Derivative gains, net
|
|
|
13,022
|
|
|
16
|
|
|
12,720
|
|
|
3,077
|
|
|
Foreign currency losses, net
|
|
|
(106
|
)
|
|
(1,084
|
)
|
|
(1,389
|
)
|
|
(3,463
|
)
|
|
Other, net
|
|
|
—
|
|
|
1
|
|
|
(1
|
)
|
|
266
|
|
|
|
|
|
8,256
|
|
|
(2,992
|
)
|
|
8,337
|
|
|
(14,674
|
)
|
|
Loss Before Income Tax Benefit and Equity in Earnings (Losses) of
50% or Less Owned Companies
|
|
|
(20,873
|
)
|
|
(44,060
|
)
|
|
(84,192
|
)
|
|
(106,843
|
)
|
|
Income Tax Benefit
|
|
|
(5,823
|
)
|
|
(15,263
|
)
|
|
(23,045
|
)
|
|
(35,831
|
)
|
|
Loss Before Equity in Earnings (Losses) of 50% or Less Owned
Companies
|
|
|
(15,050
|
)
|
|
(28,797
|
)
|
|
(61,147
|
)
|
|
(71,012
|
)
|
|
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of
Tax
|
|
|
(7,306
|
)
|
|
790
|
|
|
(5,297
|
)
|
|
(364
|
)
|
|
Net Loss
|
|
|
(22,356
|
)
|
|
(28,007
|
)
|
|
(66,444
|
)
|
|
(71,376
|
)
|
|
Net Loss attributable to Noncontrolling Interests in Subsidiaries
|
|
|
(1,881
|
)
|
|
(74
|
)
|
|
(4,582
|
)
|
|
(904
|
)
|
|
Net Loss attributable to SEACOR Marine Holdings Inc.
|
|
|
$
|
(20,475
|
)
|
|
$
|
(27,933
|
)
|
|
$
|
(61,862
|
)
|
|
$
|
(70,472
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Loss Per Common Share of SEACOR Marine Holdings Inc.
|
|
|
$
|
(1.17
|
)
|
|
$
|
(1.58
|
)
|
|
$
|
(3.51
|
)
|
|
$
|
(3.99
|
)
|
|
Diluted Loss Per Common Share of SEACOR Marine Holdings Inc.
|
|
|
$
|
(1.25
|
)
|
|
$
|
(1.58
|
)
|
|
$
|
(3.51
|
)
|
|
$
|
(3.99
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
17,550,663
|
|
|
17,671,356
|
|
|
17,617,420
|
|
|
17,671,356
|
|
|
Diluted
|
|
|
21,621,163
|
|
|
17,671,356
|
|
|
17,617,420
|
|
|
17,671,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF LOSS
(in thousands, except per share
data, unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
|
|
$
|
45,267
|
|
|
$
|
38,803
|
|
|
$
|
30,730
|
|
|
$
|
38,047
|
|
|
$
|
47,473
|
|
|
Bareboat charter
|
|
1,168
|
|
|
1,156
|
|
|
1,143
|
|
|
1,169
|
|
|
1,967
|
|
|
Other marine services
|
|
1,378
|
|
|
2,364
|
|
|
2,431
|
|
|
5,145
|
|
|
4,685
|
|
|
|
|
47,813
|
|
|
42,323
|
|
|
34,304
|
|
|
44,361
|
|
|
54,125
|
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Operating, excluding leased-in equipment
|
|
38,422
|
|
|
40,792
|
|
|
29,788
|
|
|
28,459
|
|
|
36,628
|
|
|
Operating, leased-in equipment
|
|
2,836
|
|
|
3,690
|
|
|
3,591
|
|
|
4,212
|
|
|
4,531
|
|
|
Administrative and general
|
|
10,318
|
|
|
21,705
|
|
|
11,826
|
|
|
14,393
|
|
|
10,588
|
|
|
Depreciation and amortization
|
|
15,622
|
|
|
14,633
|
|
|
12,503
|
|
|
13,764
|
|
|
14,213
|
|
|
|
|
67,198
|
|
|
80,820
|
|
|
57,708
|
|
|
60,828
|
|
|
65,960
|
|
|
Gains (Losses) on Asset Dispositions and Impairments, Net
|
|
(9,744
|
)
|
|
(6,318
|
)
|
|
4,819
|
|
|
(66,252
|
)
|
|
(29,233
|
)
|
|
Operating Loss
|
|
(29,129
|
)
|
|
(44,815
|
)
|
|
(18,585
|
)
|
|
(82,719
|
)
|
|
(41,068
|
)
|
|
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
354
|
|
|
275
|
|
|
850
|
|
|
1,087
|
|
|
973
|
|
|
Interest expense
|
|
(4,295
|
)
|
|
(4,546
|
)
|
|
(3,182
|
)
|
|
(2,553
|
)
|
|
(2,512
|
)
|
|
SEACOR Holdings management fees
|
|
—
|
|
|
(1,283
|
)
|
|
(1,925
|
)
|
|
(1,925
|
)
|
|
(1,925
|
)
|
|
SEACOR Holdings guarantee fees
|
|
(21
|
)
|
|
(75
|
)
|
|
(76
|
)
|
|
(78
|
)
|
|
(80
|
)
|
|
Marketable security gains (losses), net
|
|
(698
|
)
|
|
(109
|
)
|
|
11,738
|
|
|
4,413
|
|
|
1,619
|
|
|
Derivative gains (losses), net
|
|
13,022
|
|
|
(213
|
)
|
|
(89
|
)
|
|
(82
|
)
|
|
16
|
|
|
Foreign currency gains (losses), net
|
|
(106
|
)
|
|
(1,094
|
)
|
|
(189
|
)
|
|
151
|
|
|
(1,084
|
)
|
|
Other, net
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1,756
|
)
|
|
1
|
|
|
|
|
8,256
|
|
|
(7,045
|
)
|
|
7,126
|
|
|
(743
|
)
|
|
(2,992
|
)
|
|
Loss Before Income Tax Benefit and Equity in Earnings (Losses) of
50% or Less Owned Companies
|
|
(20,873
|
)
|
|
(51,860
|
)
|
|
(11,459
|
)
|
|
(83,462
|
)
|
|
(44,060
|
)
|
|
Income Tax Benefit
|
|
(5,823
|
)
|
|
(13,800
|
)
|
|
(3,422
|
)
|
|
(27,638
|
)
|
|
(15,263
|
)
|
|
Loss Before Equity in Earnings (Losses) of 50% or Less Owned
Companies
|
|
(15,050
|
)
|
|
(38,060
|
)
|
|
(8,037
|
)
|
|
(55,824
|
)
|
|
(28,797
|
)
|
|
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of
Tax
|
|
(7,306
|
)
|
|
1,571
|
|
|
438
|
|
|
(5,950
|
)
|
|
790
|
|
|
Net Loss
|
|
(22,356
|
)
|
|
(36,489
|
)
|
|
(7,599
|
)
|
|
(61,774
|
)
|
|
(28,007
|
)
|
|
Net Loss attributable to Noncontrolling Interests in Subsidiaries
|
|
(1,881
|
)
|
|
(2,497
|
)
|
|
(204
|
)
|
|
(199
|
)
|
|
(74
|
)
|
|
Net Loss attributable to SEACOR Marine Holdings Inc.
|
|
$
|
(20,475
|
)
|
|
$
|
(33,992
|
)
|
|
$
|
(7,395
|
)
|
|
$
|
(61,575
|
)
|
|
$
|
(27,933
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic Loss Per Common Share of SEACOR Marine Holdings Inc.
|
|
$
|
(1.17
|
)
|
|
$
|
(1.93
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(3.48
|
)
|
|
$
|
(1.58
|
)
|
|
Diluted Loss Per Common Share of SEACOR Marine Holdings Inc.
|
|
$
|
(1.25
|
)
|
|
$
|
(1.93
|
)
|
|
$
|
(0.42
|
)
|
|
$
|
(3.48
|
)
|
|
$
|
(1.58
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares of Outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
17,551
|
|
|
17,632
|
|
|
17,671
|
|
|
17,671
|
|
|
17,671
|
|
|
Diluted
|
|
21,621
|
|
|
17,632
|
|
|
17,671
|
|
|
17,671
|
|
|
17,671
|
|
|
Common Shares Outstanding at Period End
|
|
17,671
|
|
|
17,671
|
|
|
17,671
|
|
|
17,671
|
|
|
17,671
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
TIME CHARTER STATISTICS
(unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
Rates Per Day Worked:
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor handling towing supply
|
|
|
$
|
9,766
|
|
|
$
|
10,774
|
|
|
$
|
13,341
|
|
|
$
|
13,686
|
|
|
$
|
16,469
|
|
|
Fast support
|
|
|
7,999
|
|
|
8,086
|
|
|
7,417
|
|
|
7,875
|
|
|
7,848
|
|
|
Supply
|
|
|
6,279
|
|
|
6,028
|
|
|
11,707
|
|
|
6,298
|
|
|
5,935
|
|
|
Standby safety
|
|
|
8,650
|
|
|
8,457
|
|
|
8,131
|
|
|
8,284
|
|
|
8,904
|
|
|
Specialty
|
|
|
—
|
|
|
12,000
|
|
|
—
|
|
|
37,024
|
|
|
30,593
|
|
|
Liftboats
|
|
|
11,899
|
|
|
10,315
|
|
|
9,782
|
|
|
13,486
|
|
|
16,822
|
|
|
Overall Average Rates Per Day Worked
(excluding wind farm utility)
|
|
|
8,565
|
|
|
8,431
|
|
|
8,272
|
|
|
9,093
|
|
|
10,089
|
|
|
Wind farm utility
|
|
|
2,220
|
|
|
2,124
|
|
|
2,005
|
|
|
2,104
|
|
|
2,260
|
|
|
Overall Average Rates Per Day Worked
|
|
|
6,006
|
|
|
5,649
|
|
|
5,726
|
|
|
6,308
|
|
|
6,834
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilization:
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor handling towing supply
|
|
|
25
|
%
|
|
24
|
%
|
|
15
|
%
|
|
20
|
%
|
|
27
|
%
|
|
Fast support
|
|
|
49
|
%
|
|
43
|
%
|
|
44
|
%
|
|
47
|
%
|
|
62
|
%
|
|
Supply
|
|
|
65
|
%
|
|
48
|
%
|
|
20
|
%
|
|
19
|
%
|
|
31
|
%
|
|
Standby safety
|
|
|
84
|
%
|
|
80
|
%
|
|
80
|
%
|
|
81
|
%
|
|
78
|
%
|
|
Specialty
|
|
|
—
|
%
|
|
5
|
%
|
|
—
|
%
|
|
23
|
%
|
|
58
|
%
|
|
Liftboats
|
|
|
28
|
%
|
|
16
|
%
|
|
1
|
%
|
|
1
|
%
|
|
8
|
%
|
|
Overall Fleet Utilization (excluding wind farm utility)
|
|
|
49
|
%
|
|
43
|
%
|
|
38
|
%
|
|
39
|
%
|
|
47
|
%
|
|
Wind farm utility
|
|
|
89
|
%
|
|
90
|
%
|
|
65
|
%
|
|
71
|
%
|
|
86
|
%
|
|
Overall Fleet Utilization
|
|
|
60
|
%
|
|
56
|
%
|
|
46
|
%
|
|
47
|
%
|
|
58
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Available Days:
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor handling towing supply
|
|
|
1,288
|
|
|
1,274
|
|
|
1,260
|
|
|
1,564
|
|
|
1,483
|
|
|
Fast support
|
|
|
3,885
|
|
|
3,684
|
|
|
3,212
|
|
|
3,312
|
|
|
2,389
|
|
|
Supply
|
|
|
507
|
|
|
580
|
|
|
630
|
|
|
953
|
|
|
1,109
|
|
|
Standby safety
|
|
|
1,840
|
|
|
1,820
|
|
|
1,800
|
|
|
1,840
|
|
|
1,989
|
|
|
Specialty
|
|
|
276
|
|
|
273
|
|
|
270
|
|
|
337
|
|
|
276
|
|
|
Liftboats
|
|
|
1,380
|
|
|
1,365
|
|
|
1,265
|
|
|
1,380
|
|
|
1,380
|
|
|
Overall Fleet Available Days
(excluding wind farm utility)
|
|
|
9,176
|
|
|
8,996
|
|
|
8,437
|
|
|
9,386
|
|
|
8,626
|
|
|
Wind farm utility
|
|
|
3,404
|
|
|
3,367
|
|
|
3,330
|
|
|
3,404
|
|
|
3,345
|
|
|
Overall Fleet Available Days
|
|
|
12,580
|
|
|
12,363
|
|
|
11,767
|
|
|
12,790
|
|
|
11,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT
(“DVP”) BY REGION
(in thousands, except for
statistics, unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
United States, primarily Gulf of Mexico
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
|
|
|
$
|
4,587
|
|
|
$
|
4,889
|
|
|
$
|
2,995
|
|
|
$
|
2,694
|
|
|
$
|
6,440
|
|
|
Other marine services
|
|
|
1,116
|
|
|
1,198
|
|
|
826
|
|
|
906
|
|
|
1,083
|
|
|
|
|
|
5,703
|
|
|
6,087
|
|
|
3,821
|
|
|
3,600
|
|
|
7,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
4,455
|
|
|
4,183
|
|
|
3,130
|
|
|
3,310
|
|
|
4,865
|
|
|
Repairs and maintenance
|
|
|
1,289
|
|
|
937
|
|
|
737
|
|
|
551
|
|
|
768
|
|
|
Drydocking
|
|
|
1,109
|
|
|
310
|
|
|
573
|
|
|
19
|
|
|
(8
|
)
|
|
Insurance and loss reserves
|
|
|
598
|
|
|
1,205
|
|
|
805
|
|
|
484
|
|
|
1,200
|
|
|
Fuel, lubes and supplies
|
|
|
249
|
|
|
545
|
|
|
310
|
|
|
112
|
|
|
533
|
|
|
Other
|
|
|
123
|
|
|
51
|
|
|
72
|
|
|
(36
|
)
|
|
118
|
|
|
|
|
|
7,823
|
|
|
7,231
|
|
|
5,627
|
|
|
4,440
|
|
|
7,476
|
|
|
Direct Vessel Profit (Loss)
|
|
|
$
|
(2,120
|
)
|
|
$
|
(1,144
|
)
|
|
$
|
(1,806
|
)
|
|
$
|
(840
|
)
|
|
$
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment (included in operating costs and expenses)
|
|
|
$
|
1,870
|
|
|
$
|
2,205
|
|
|
$
|
2,211
|
|
|
$
|
2,215
|
|
|
$
|
2,040
|
|
|
Time Charter Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall average rates per day worked
|
|
|
$
|
7,212
|
|
|
$
|
9,619
|
|
|
$
|
10,133
|
|
|
$
|
9,316
|
|
|
$
|
13,810
|
|
|
Overall fleet utilization
|
|
|
16
|
%
|
|
13
|
%
|
|
7
|
%
|
|
7
|
%
|
|
14
|
%
|
|
Overall fleet available days
|
|
|
3,859
|
|
|
4,063
|
|
|
3,998
|
|
|
4,169
|
|
|
3,264
|
|
|
Out-of-service days for repairs, maintenance and drydockings
|
|
|
338
|
|
|
221
|
|
|
159
|
|
|
32
|
|
|
8
|
|
|
Out-of-service days for cold-stacked status
|
|
|
2,746
|
|
|
3,070
|
|
|
3,456
|
|
|
3,794
|
|
|
2,466
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa, primarily West Africa
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
|
|
|
$
|
9,700
|
|
|
$
|
7,786
|
|
|
$
|
5,847
|
|
|
$
|
8,072
|
|
|
$
|
8,593
|
|
|
Other marine services
|
|
|
(310
|
)
|
|
215
|
|
|
192
|
|
|
582
|
|
|
238
|
|
|
|
|
|
9,390
|
|
|
8,001
|
|
|
6,039
|
|
|
8,654
|
|
|
8,831
|
|
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
3,588
|
|
|
3,428
|
|
|
2,608
|
|
|
3,024
|
|
|
3,195
|
|
|
Repairs and maintenance
|
|
|
1,324
|
|
|
3,234
|
|
|
544
|
|
|
694
|
|
|
441
|
|
|
Drydocking
|
|
|
311
|
|
|
683
|
|
|
1,057
|
|
|
(103
|
)
|
|
617
|
|
|
Insurance and loss reserves
|
|
|
157
|
|
|
357
|
|
|
182
|
|
|
144
|
|
|
147
|
|
|
Fuel, lubes and supplies
|
|
|
693
|
|
|
704
|
|
|
559
|
|
|
790
|
|
|
748
|
|
|
Other
|
|
|
704
|
|
|
871
|
|
|
646
|
|
|
221
|
|
|
890
|
|
|
|
|
|
6,777
|
|
|
9,277
|
|
|
5,596
|
|
|
4,770
|
|
|
6,038
|
|
|
Direct Vessel Profit (Loss)
|
|
|
$
|
2,613
|
|
|
$
|
(1,276
|
)
|
|
$
|
443
|
|
|
$
|
3,884
|
|
|
$
|
2,793
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment (included in operating costs and expenses)
|
|
|
$
|
966
|
|
|
$
|
969
|
|
|
$
|
970
|
|
|
$
|
972
|
|
|
$
|
974
|
|
|
Time Charter Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall average rates per day worked
|
|
|
$
|
10,611
|
|
|
$
|
10,348
|
|
|
$
|
9,388
|
|
|
$
|
10,511
|
|
|
$
|
9,858
|
|
|
Overall fleet utilization
|
|
|
71
|
%
|
|
67
|
%
|
|
61
|
%
|
|
53
|
%
|
|
62
|
%
|
|
Overall fleet available days
|
|
|
1,283
|
|
|
1,123
|
|
|
1,019
|
|
|
1,445
|
|
|
1,401
|
|
|
Out-of-service days for repairs, maintenance and drydockings
|
|
|
79
|
|
|
125
|
|
|
19
|
|
|
56
|
|
|
58
|
|
|
Out-of-service days for cold-stacked status
|
|
|
184
|
|
|
91
|
|
|
180
|
|
|
507
|
|
|
289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except for statistics, unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
Middle East and Asia
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
|
|
|
$
|
9,490
|
|
|
$
|
7,415
|
|
|
$
|
5,823
|
|
|
$
|
10,187
|
|
|
$
|
12,763
|
|
|
Other marine services
|
|
|
(341
|
)
|
|
109
|
|
|
877
|
|
|
2,935
|
|
|
2,566
|
|
|
|
|
|
9,149
|
|
|
7,524
|
|
|
6,700
|
|
|
13,122
|
|
|
15,329
|
|
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
4,731
|
|
|
4,147
|
|
|
3,123
|
|
|
4,367
|
|
|
4,778
|
|
|
Repairs and maintenance
|
|
|
2,309
|
|
|
3,947
|
|
|
576
|
|
|
1,539
|
|
|
1,394
|
|
|
Drydocking
|
|
|
(102
|
)
|
|
358
|
|
|
158
|
|
|
5
|
|
|
719
|
|
|
Insurance and loss reserves
|
|
|
363
|
|
|
353
|
|
|
346
|
|
|
118
|
|
|
199
|
|
|
Fuel, lubes and supplies
|
|
|
1,115
|
|
|
908
|
|
|
524
|
|
|
802
|
|
|
961
|
|
|
Other
|
|
|
1,192
|
|
|
1,061
|
|
|
1,465
|
|
|
851
|
|
|
790
|
|
|
|
|
|
9,608
|
|
|
10,774
|
|
|
6,192
|
|
|
7,682
|
|
|
8,841
|
|
|
Direct Vessel Profit (Loss)
|
|
|
$
|
(459
|
)
|
|
$
|
(3,250
|
)
|
|
$
|
508
|
|
|
$
|
5,440
|
|
|
$
|
6,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment (included in operating costs and expenses)
|
|
|
$
|
—
|
|
|
$
|
516
|
|
|
$
|
346
|
|
|
$
|
836
|
|
|
$
|
1,254
|
|
|
Time Charter Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall average rates per day worked
|
|
|
$
|
7,138
|
|
|
$
|
6,580
|
|
|
$
|
7,017
|
|
|
$
|
9,083
|
|
|
$
|
10,179
|
|
|
Overall fleet utilization
|
|
|
61
|
%
|
|
55
|
%
|
|
49
|
%
|
|
58
|
%
|
|
63
|
%
|
|
Overall fleet available days
|
|
|
2,194
|
|
|
2,067
|
|
|
1,710
|
|
|
1,932
|
|
|
1,988
|
|
|
Out-of-service days for repairs, maintenance and drydockings
|
|
|
95
|
|
|
122
|
|
|
50
|
|
|
3
|
|
|
24
|
|
|
Out-of-service days for cold-stacked status
|
|
|
184
|
|
|
304
|
|
|
320
|
|
|
186
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brazil, Mexico, Central and South America
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
|
|
|
$
|
1,439
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Bareboat charter
|
|
|
1,168
|
|
|
1,156
|
|
|
1,143
|
|
|
1,169
|
|
|
1,967
|
|
|
Other marine services
|
|
|
159
|
|
|
162
|
|
|
75
|
|
|
76
|
|
|
220
|
|
|
|
|
|
2,766
|
|
|
1,318
|
|
|
1,218
|
|
|
1,245
|
|
|
2,187
|
|
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
326
|
|
|
148
|
|
|
13
|
|
|
24
|
|
|
198
|
|
|
Repairs and maintenance
|
|
|
110
|
|
|
116
|
|
|
4
|
|
|
5
|
|
|
20
|
|
|
Insurance and loss reserves
|
|
|
75
|
|
|
4
|
|
|
7
|
|
|
6
|
|
|
—
|
|
|
Fuel, lubes and supplies
|
|
|
33
|
|
|
27
|
|
|
—
|
|
|
(172
|
)
|
|
—
|
|
|
Other
|
|
|
69
|
|
|
3
|
|
|
1
|
|
|
—
|
|
|
(56
|
)
|
|
|
|
|
613
|
|
|
298
|
|
|
25
|
|
|
(137
|
)
|
|
162
|
|
|
Direct Vessel Profit
|
|
|
$
|
2,153
|
|
|
$
|
1,020
|
|
|
$
|
1,193
|
|
|
$
|
1,382
|
|
|
$
|
2,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment (included in operating costs and expenses)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
180
|
|
|
Time Charter Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Overall average rates per day worked
|
|
|
$
|
16,060
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Overall fleet utilization
|
|
|
49
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
Overall fleet available days
|
|
|
184
|
|
|
105
|
|
|
90
|
|
|
184
|
|
|
170
|
|
|
Out-of-service days for cold-stacked status
|
|
|
92
|
|
|
91
|
|
|
90
|
|
|
184
|
|
|
170
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except for statistics, unaudited)
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
Europe, primarily North Sea
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
|
|
|
$
|
20,051
|
|
|
$
|
18,713
|
|
|
$
|
16,065
|
|
|
$
|
17,094
|
|
|
$
|
19,677
|
|
|
Other marine services
|
|
|
754
|
|
|
680
|
|
|
461
|
|
|
646
|
|
|
578
|
|
|
|
|
|
20,805
|
|
|
19,393
|
|
|
16,526
|
|
|
17,740
|
|
|
20,255
|
|
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
9,079
|
|
|
8,671
|
|
|
7,917
|
|
|
8,157
|
|
|
9,827
|
|
|
Repairs and maintenance
|
|
|
2,378
|
|
|
2,191
|
|
|
1,734
|
|
|
1,955
|
|
|
2,194
|
|
|
Drydocking
|
|
|
961
|
|
|
900
|
|
|
1,279
|
|
|
210
|
|
|
696
|
|
|
Insurance and loss reserves
|
|
|
203
|
|
|
207
|
|
|
219
|
|
|
240
|
|
|
163
|
|
|
Fuel, lubes and supplies
|
|
|
790
|
|
|
1,006
|
|
|
949
|
|
|
907
|
|
|
957
|
|
|
Other
|
|
|
190
|
|
|
237
|
|
|
250
|
|
|
235
|
|
|
274
|
|
|
|
|
|
13,601
|
|
|
13,212
|
|
|
12,348
|
|
|
11,704
|
|
|
14,111
|
|
|
Direct Vessel Profit
|
|
|
$
|
7,204
|
|
|
$
|
6,181
|
|
|
$
|
4,178
|
|
|
$
|
6,036
|
|
|
$
|
6,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leased-in equipment (included in operating costs and expenses)
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
64
|
|
|
$
|
190
|
|
|
$
|
83
|
|
|
Time Charter Statistics:
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked - Standby safety
|
|
|
$
|
8,650
|
|
|
$
|
8,457
|
|
|
$
|
8,131
|
|
|
$
|
8,284
|
|
|
$
|
8,904
|
|
|
Fleet utilization - Standby safety
|
|
|
84
|
%
|
|
80
|
%
|
|
80
|
%
|
|
81
|
%
|
|
78
|
%
|
|
Fleet available days - Standby safety
|
|
|
1,840
|
|
|
1,820
|
|
|
1,800
|
|
|
1,840
|
|
|
1,989
|
|
|
Average rates per day worked - Wind farm utility
|
|
|
$
|
2,221
|
|
|
$
|
2,124
|
|
|
$
|
2,005
|
|
|
$
|
1,991
|
|
|
$
|
2,083
|
|
|
Fleet utilization - Wind farm utility
|
|
|
94
|
%
|
|
95
|
%
|
|
69
|
%
|
|
73
|
%
|
|
89
|
%
|
|
Fleet available days - Wind farm utility
|
|
|
3,220
|
|
|
3,185
|
|
|
3,150
|
|
|
3,220
|
|
|
3,161
|
|
|
Out-of-service days for repairs, maintenance and drydockings
|
|
|
110
|
|
|
124
|
|
|
173
|
|
|
130
|
|
|
136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in
thousands, unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Regional DVP(1)
|
|
$
|
9,391
|
|
|
$
|
1,531
|
|
|
$
|
4,516
|
|
|
$
|
15,902
|
|
|
$
|
17,497
|
|
|
Operating, leased-in equipment (excluding amortization of deferred
gains)
|
|
(4,845
|
)
|
|
(5,740
|
)
|
|
(5,641
|
)
|
|
(6,262
|
)
|
|
(6,580
|
)
|
|
Administrative and general (excluding provisions for bad debts and
amortization of restricted stock)
|
|
(11,139
|
)
|
|
(22,596
|
)
|
|
(10,267
|
)
|
|
(10,113
|
)
|
|
(10,588
|
)
|
|
SEACOR Holdings management and guarantee fees
|
|
(21
|
)
|
|
(1,358
|
)
|
|
(2,001
|
)
|
|
(2,003
|
)
|
|
(2,005
|
)
|
|
Other, net (excluding non-cash losses)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(272
|
)
|
|
1
|
|
|
Dividends received from 50% or less owned companies
|
|
800
|
|
|
1,642
|
|
|
—
|
|
|
406
|
|
|
—
|
|
|
|
|
(5,814
|
)
|
|
(26,521
|
)
|
|
(13,394
|
)
|
|
(2,342
|
)
|
|
(1,675
|
)
|
|
Changes in operating assets and liabilities before interest and
income taxes
|
|
(14,428
|
)
|
|
18,635
|
|
|
24,903
|
|
|
(14,377
|
)
|
|
(8,383
|
)
|
|
Purchases of marketable securities
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,321
|
)
|
|
(286
|
)
|
|
Proceeds from sale of marketable securities
|
|
—
|
|
|
—
|
|
|
51,877
|
|
|
—
|
|
|
—
|
|
|
Cash settlements on derivative transactions, net
|
|
(184
|
)
|
|
(166
|
)
|
|
(22
|
)
|
|
(285
|
)
|
|
(80
|
)
|
|
Interest paid, excluding capitalized interest
|
|
(1,119
|
)
|
|
(3,626
|
)
|
|
—
|
|
|
(2,280
|
)
|
|
1,238
|
|
|
Interest received
|
|
354
|
|
|
275
|
|
|
2,372
|
|
|
(291
|
)
|
|
1,832
|
|
|
Income taxes (paid) refunded, net
|
|
2,599
|
|
|
(157
|
)
|
|
(440
|
)
|
|
21,208
|
|
|
(204
|
)
|
|
Net cash provided by (used in) operating activities (GAAP Measure)
|
|
(18,592
|
)
|
|
(11,560
|
)
|
|
65,296
|
|
|
(12,688
|
)
|
|
(7,558
|
)
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment, excluding capitalized interest
|
|
(22,796
|
)
|
|
(17,006
|
)
|
|
(9,484
|
)
|
|
(16,153
|
)
|
|
(35,202
|
)
|
|
Capitalized interest paid
|
|
(754
|
)
|
|
(1,654
|
)
|
|
(659
|
)
|
|
(1,925
|
)
|
|
(1,764
|
)
|
|
Cash settlements on derivative transactions, net
|
|
(45
|
)
|
|
—
|
|
|
(324
|
)
|
|
(342
|
)
|
|
(31
|
)
|
|
Proceeds from disposition of property and equipment
|
|
248
|
|
|
1,252
|
|
|
8,297
|
|
|
37,800
|
|
|
980
|
|
|
Construction reserve funds (deposits) withdrawals, net
|
|
22,344
|
|
|
15,678
|
|
|
(5,268
|
)
|
|
(16,310
|
)
|
|
6
|
|
|
Net investing activities in property and equipment
|
|
(1,003
|
)
|
|
(1,730
|
)
|
|
(7,438
|
)
|
|
3,070
|
|
|
(36,011
|
)
|
|
Net investing activities in 50% or less owned companies
|
|
(773
|
)
|
|
(1,733
|
)
|
|
4,956
|
|
|
(8,661
|
)
|
|
(2,008
|
)
|
|
Net investing activities in third party notes receivable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(380
|
)
|
|
—
|
|
|
Net decrease (increase) in restricted cash
|
|
205
|
|
|
(13
|
)
|
|
(349
|
)
|
|
(67
|
)
|
|
(1,120
|
)
|
|
Cash assumed on consolidation of 50% or less owned companies
|
|
—
|
|
|
—
|
|
|
1,943
|
|
|
—
|
|
|
—
|
|
|
Business acquisitions, net of cash acquired
|
|
—
|
|
|
(9,751
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Net cash used in investing activities (GAAP Measure)
|
|
(1,571
|
)
|
|
(13,227
|
)
|
|
(888
|
)
|
|
(6,038
|
)
|
|
(39,139
|
)
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt
|
|
(4,599
|
)
|
|
(2,800
|
)
|
|
(1,173
|
)
|
|
(2,027
|
)
|
|
(487
|
)
|
|
Proceeds from issuance of debt, net of issue costs
|
|
3,622
|
|
|
(173
|
)
|
|
3,396
|
|
|
6,564
|
|
|
13,920
|
|
|
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)
|
|
(977
|
)
|
|
(9,322
|
)
|
|
2,223
|
|
|
4,537
|
|
|
13,433
|
|
|
Effects of Exchange Rate Changes on Cash and Cash Equivalents
|
|
539
|
|
|
858
|
|
|
269
|
|
|
(979
|
)
|
|
(385
|
)
|
|
Net Increase (Decrease) in Cash and Cash Equivalents
|
|
(20,601
|
)
|
|
(33,251
|
)
|
|
66,900
|
|
|
(15,168
|
)
|
|
(33,649
|
)
|
|
Cash and Cash Equivalents, Beginning of Period
|
|
150,958
|
|
|
184,209
|
|
|
117,309
|
|
|
132,477
|
|
|
166,126
|
|
|
Cash and Cash Equivalents, End of Period
|
|
$
|
130,357
|
|
|
$
|
150,958
|
|
|
$
|
184,209
|
|
|
$
|
117,309
|
|
|
$
|
132,477
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
______________________
|
|
(1)
|
|
Direct vessel profit (defined as operating revenues less operating
expenses excluding leased-in equipment and as presented in the
preceding table, “DVP”) is our measure of segment profitability when
applied to individual segments and a non-GAAP measure when applied
on a consolidated basis for the combined fleet. We believe that DVP
is a critical financial measure to analyze and compare the operating
performance of our individual vessels, fleet categories 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 our fleet’s 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 operation of our fleet,
and it should not be considered in isolation or used as a substitute
for our results as reported under GAAP.
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
|
|
|
|
|
|
|
Sep. 30,
2017
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
130,357
|
|
|
$
|
150,958
|
|
|
$
|
184,209
|
|
|
$
|
117,309
|
|
|
$
|
132,477
|
|
|
Restricted cash
|
|
|
1,619
|
|
|
1,824
|
|
|
1,811
|
|
|
1,462
|
|
|
1,120
|
|
|
Marketable securities
|
|
|
—
|
|
|
688
|
|
|
785
|
|
|
40,139
|
|
|
22,894
|
|
|
Receivables:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for doubtful accounts
|
|
|
54,124
|
|
|
43,475
|
|
|
48,044
|
|
|
44,830
|
|
|
62,326
|
|
|
Due from SEACOR Holdings
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,102
|
|
|
—
|
|
|
Other
|
|
|
8,942
|
|
|
11,957
|
|
|
11,701
|
|
|
21,316
|
|
|
18,864
|
|
|
Inventories
|
|
|
3,786
|
|
|
3,376
|
|
|
3,421
|
|
|
3,058
|
|
|
3,165
|
|
|
Prepaid expenses and other
|
|
|
3,364
|
|
|
3,719
|
|
|
3,068
|
|
|
3,349
|
|
|
2,460
|
|
|
Total current assets
|
|
|
202,192
|
|
|
215,997
|
|
|
253,039
|
|
|
250,565
|
|
|
243,306
|
|
|
Property and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost
|
|
|
1,204,409
|
|
|
1,155,155
|
|
|
1,089,176
|
|
|
958,759
|
|
|
1,058,048
|
|
|
Accumulated depreciation
|
|
|
(558,919
|
)
|
|
(543,822
|
)
|
|
(534,522
|
)
|
|
(540,619
|
)
|
|
(552,018
|
)
|
|
|
|
|
645,490
|
|
|
611,333
|
|
|
554,654
|
|
|
418,140
|
|
|
506,030
|
|
|
Construction in progress
|
|
|
60,597
|
|
|
90,335
|
|
|
83,710
|
|
|
123,801
|
|
|
122,633
|
|
|
Net property and equipment
|
|
|
706,087
|
|
|
701,668
|
|
|
638,364
|
|
|
541,941
|
|
|
628,663
|
|
|
Investments, at Equity, and Advances to 50% or Less Owned Companies
|
|
|
89,984
|
|
|
100,719
|
|
|
114,767
|
|
|
138,311
|
|
|
133,011
|
|
|
Construction Reserve Funds
|
|
|
45,455
|
|
|
67,799
|
|
|
83,477
|
|
|
78,209
|
|
|
61,899
|
|
|
Other Assets
|
|
|
6,213
|
|
|
6,072
|
|
|
6,176
|
|
|
6,093
|
|
|
20,048
|
|
|
|
|
|
$
|
1,049,931
|
|
|
$
|
1,092,255
|
|
|
$
|
1,095,823
|
|
|
$
|
1,015,119
|
|
|
$
|
1,086,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
30,858
|
|
|
81,593
|
|
|
$
|
26,600
|
|
|
$
|
20,400
|
|
|
$
|
20,351
|
|
|
Accounts payable and accrued expenses
|
|
|
23,487
|
|
|
23,436
|
|
|
26,399
|
|
|
25,969
|
|
|
27,029
|
|
|
Due to SEACOR Holdings
|
|
|
663
|
|
|
3,519
|
|
|
1,827
|
|
|
—
|
|
|
2,497
|
|
|
Other current liabilities
|
|
|
54,210
|
|
|
47,014
|
|
|
46,055
|
|
|
34,647
|
|
|
39,233
|
|
|
Total current liabilities
|
|
|
109,218
|
|
|
155,562
|
|
|
100,881
|
|
|
81,016
|
|
|
89,110
|
|
|
Long-Term Debt
|
|
|
285,869
|
|
|
233,904
|
|
|
274,408
|
|
|
217,805
|
|
|
209,724
|
|
|
Conversion Option Liability on 3.75% Convertible Senior Notes
|
|
|
14,135
|
|
|
27,109
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Deferred Income Taxes
|
|
|
106,389
|
|
|
117,332
|
|
|
121,028
|
|
|
124,945
|
|
|
131,225
|
|
|
Deferred Gains and Other Liabilities
|
|
|
36,314
|
|
|
39,324
|
|
|
38,820
|
|
|
41,198
|
|
|
44,374
|
|
|
Total liabilities
|
|
|
551,925
|
|
|
573,231
|
|
|
535,137
|
|
|
464,964
|
|
|
474,433
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Common stock
|
|
|
177
|
|
|
177
|
|
|
177
|
|
|
177
|
|
|
177
|
|
|
Additional paid-in capital
|
|
|
302,952
|
|
|
302,678
|
|
|
306,359
|
|
|
306,359
|
|
|
306,359
|
|
|
Retained earnings
|
|
|
187,550
|
|
|
208,025
|
|
|
242,017
|
|
|
249,412
|
|
|
310,987
|
|
|
Accumulated other comprehensive loss, net of tax
|
|
|
(8,685
|
)
|
|
(9,690
|
)
|
|
(10,679
|
)
|
|
(11,337
|
)
|
|
(11,024
|
)
|
|
|
|
|
481,994
|
|
|
501,190
|
|
|
537,874
|
|
|
544,611
|
|
|
606,499
|
|
|
Noncontrolling interests in subsidiaries
|
|
|
16,012
|
|
|
17,834
|
|
|
22,812
|
|
|
5,544
|
|
|
5,995
|
|
|
Total equity
|
|
|
498,006
|
|
|
519,024
|
|
|
560,686
|
|
|
550,155
|
|
|
612,494
|
|
|
|
|
|
$
|
1,049,931
|
|
|
$
|
1,092,255
|
|
|
$
|
1,095,823
|
|
|
$
|
1,015,119
|
|
|
$
|
1,086,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
FLEET COUNTS
(unaudited)
|
|
|
|
|
|
|
Sep. 30,
2017(1)
|
|
Jun. 30,
2017
|
|
Mar. 31,
2017
|
|
Dec. 31,
2016
|
|
Sep. 30,
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anchor handling towing supply
|
|
|
23
|
|
|
25
|
|
|
25
|
|
|
25
|
|
|
27
|
|
Fast support
|
|
|
50
|
|
|
49
|
|
|
51
|
|
|
48
|
|
|
50
|
|
Supply
|
|
|
27
|
|
|
26
|
|
|
28
|
|
|
28
|
|
|
31
|
|
Standby safety
|
|
|
21
|
|
|
21
|
|
|
21
|
|
|
21
|
|
|
21
|
|
Specialty
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
6
|
|
|
7
|
|
Liftboats
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
15
|
|
Wind farm utility
|
|
|
41
|
|
|
40
|
|
|
40
|
|
|
40
|
|
|
40
|
|
|
|
|
183
|
|
|
182
|
|
|
186
|
|
|
183
|
|
|
191
|
|
______________________
|
|
(1)
|
|
Excludes four owned and one leased-in offshore support vessels that
have been retired and removed from service.
|
|
|
|
|
|
|
|
SEACOR MARINE HOLDINGS INC.
EXPECTED FLEET
DELIVERIES
AS OF SEPTEMBER 30, 2017
(unaudited)
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2018
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2019
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2020
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Q1
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Q2
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Q3
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Q4
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Q1
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Q2
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Q3
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Q4
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Q1
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Q2
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Total
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Fast support
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—
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—
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|
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—
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1
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—
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|
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1
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|
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—
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|
|
1
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|
|
—
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|
|
1
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4
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Supply
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1
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—
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|
|
1
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|
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—
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|
|
1
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|
|
—
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|
|
—
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|
|
—
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|
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—
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|
|
—
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|
3
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Wind farm utility
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|
|
1
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—
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|
1
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|
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—
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—
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—
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—
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—
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—
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—
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2
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View source version on businesswire.com: http://www.businesswire.com/news/home/20171109006558/en/ Copyright Business Wire 2017
Source: Business Wire
(November 9, 2017 - 4:05 PM EST)
News by QuoteMedia
www.quotemedia.com
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