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CST: 22/11/2019 15:42:37   

SEACOR Marine Announces Second Quarter 2019 Results

106 Days ago

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 InvestorRelations@seacormarine.com
 

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