August 7, 2019 - 4:54 PM EDT
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SEACOR Marine Announces Second Quarter 2019 Results

HOUSTON, Aug. 07, 2019 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its second quarter ended June 30, 2019.

Second quarter highlights include:

  • A 6% increase in total operating revenues as compared with the second quarter of 2018, primarily due to a 10% increase in utilization. The improved utilization reflects a 7% increase in on hire days despite an 8% decrease in the number of available days as a result of asset sales during the last twelve months, compared with the second quarter of 2018  Operating loss decreased by $4.5 million to $16.5 million compared with $21.0 million in the second quarter of 2018.

  • Consolidated direct vessel profit (“DVP”)(1) for the second quarter of 2019 increased by $6.1 million, or 41%, to $20.8 million from $14.7 million in the second quarter of 2018. Primary drivers of the increase were current quarter increases in revenues, along with a decrease in labor costs compared to the second quarter of 2018 due to a $1.2 million foreign pension adjustment in 2018, $1.0 million reduction in drydockings and a $1.7 million reduction in other major repairs.

  • Wind energy support revenues for the second quarter of 2019 increased by $3.3 million to $9.8 million from $6.5 million in the second quarter of 2018, a 52% increase, and DVP for this activity increased by $2.0 million to $4.7 million from $2.7 million in the second quarter of 2018, a 76% increase.  This growth included both organic improvement in utilization and average dayrates for our crew transfer vessel (“CTV”) fleet and the commencement of a multi-year contract in Europe for one liftboat.

  • Start-up expenses incurred by both our Brazilian focused joint venture and our Chinese new construction platform supply vessel (“PSV”) joint venture, resulted in $5.6 million in losses from 50% or less owned companies. These joint ventures incurred drydocking and/or mobilization expenses for a total of eight vessels, all of which are expected to begin work and contribute positively to the Company’s results in the third quarter.

Following the end of the quarter, the Company initiated cost reduction initiatives aimed at better aligning its operating expenses with its view of current and prospective market conditions. Cost reduction measures include a reduction of workforce, reorganization of the management structure, and closure and/or consolidation of certain facilities in the U.S. Gulf of Mexico, Middle East, and Europe. The Company expects that upon completion of these initiatives, it will realize annualized recurring administrative and general savings of at least $8.0 million, representing approximately 17% of the Company’s total administrative and general expense over the last twelve months. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020. These initiatives will result in a one-time restructuring charge in the third quarter of 2019. 

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

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

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

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

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

___________________

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

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

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

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact Connie Morinello at (346) 980-1700 or [email protected]
 

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


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


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


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


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


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


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

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


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

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


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


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


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


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


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

                                                                                                                    

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


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


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


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

                                                                                                                    

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


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

                                                                                                                    

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


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

                                                                                                                    

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


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

                                                                                                                              

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


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

  

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


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS


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

______________________

(1)Excludes five owned and one leased-in offshore support vessels that have been retired and removed from service.


SEACOR MARINE HOLDINGS INC.
UNAUDITED EXPECTED FLEET DELIVERIES


 2019  2020         
 Q3  Q4  Q1  Q2  Q3  Q4  Deferred  Total 
Fast support          1         2   3 
Crew transfer    1   1               2 
Platform supply 1     2   1      1      5 

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Source: GlobeNewswire (August 7, 2019 - 4:54 PM EDT)

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