Seacor Marine Announces Fourth Quarter 2020 Results

March 11, 2021 5:39 PM EST

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HOUSTON, March 11, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter and full year ended December 31, 2020.

Notable fourth quarter items include:

  • Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (“Windcat”) and its crew transfer business with the transaction closing on January 12, 2021. SEACOR Marine received net cash proceeds of approximately US$42.6 million. The buyer also assumed all of the approximately GBP£20.4 million of debt outstanding under Windcat’s existing revolving credit facility.  SEACOR Marine recognized a gain on the sale of approximately US$22.8 million, which will be reflected in SEACOR Marine’s financial results for the first quarter of 2021.

  • Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019.

  • $9.7 million in equity in losses of 50% or less owned companies. These losses are mostly non-cash and non-recurring charges in our joint ventures in Latin America as a result of the recognition of losses originating in our investment in UP Offshore in Brazil. These charges will be offset by reduced income tax expense in current and future periods.

  • Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system. This was the last vessel delivery of the eight modern platform supply vessels acquired in connection with our SEACOSCO transaction. The vessel commenced a long-term charter in December. The average age for the Company’s owned fleet is now seven years, one of the youngest in the industry.

  • The COVID-19 pandemic has continued to impact revenues and costs for the fourth quarter of 2020. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

As a result of the announced sale of Windcat, SEACOR Marine classified the Windcat crew transfer assets as held for sale as of December 31, 2020. All of the results presented for all periods exclude the Windcat operations, which are classified as discontinued operations.

SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (“DVP”)(1) was $10.5 million. This compares to consolidated operating revenues from continuing operations of $42.5 million, operating loss of $10.6 million, and DVP of $19.9 million in the fourth quarter of 2019. The reduction in DVP in the fourth quarter of 2020 was primarily driven by lower revenues in the United States. For the fourth quarter of 2020, net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2019 of $19.5 million ($0.76 loss per basic and diluted share).

Chief Executive Officer John Gellert provided the following comments on SEACOR Marine's fourth quarter results:

I am very pleased with SEACOR Marine’s response to the most challenging year in the current industry cycle and thank all of our employees for their dedication and hard work during extremely difficult conditions in 2020.

The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States, higher expenses in connection with COVID-19 operating protocols, and seasonality.

Utilization for our fleet in the Gulf of Mexico during the fourth quarter was 7%, a slight improvement from 5% in the prior two quarters, but enough to generate positive DVP in the region for the first time since COVID-19 hit. I see this as a good example that marginal improvements will have significant positive impact on our results.

Internationally, revenues and utilization were mostly flat, except for higher out-of-service time. Expenses were $4.9 million higher than in the fourth quarter of 2019, mostly due to increased expenses associated with COVID-19 operating protocols and higher expenses in the Middle East.

Additionally, our results reflect our share of the equity losses in our joint ventures in Latin America primarily in our UP Offshore investment in Brazil. However, I want to note that these are non-recurring and non-cash losses, and will be offset by increased tax savings. Although the investment in UP Offshore has not met our expectations, our joint ventures in Latin America continue to perform well and closed the year generating substantial cash flow.

More broadly, I am optimistic about the future for SEACOR Marine:

  • Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021. We are already seeing a welcome increase in inquiries from our customers as they regain confidence to carry out previously deferred capital expenditure plans or consider incremental offshore activity.
  • COVID-19 operating protocols are getting clearer and better every day. Although we continue to see high expenses in connection with COVID-19 operating conditions, we also see better coordination in the countries where we operate. These measures, together with the worldwide vaccination campaign underway are positive. Nonetheless, difficulties remain, and we recently joined the Neptune Declaration urging the implementation of certain actions in support of seafarer wellbeing and crew changes.
  • Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale. Additionally, we expect to collect more than $30 million in tax refund claims under the CARES Act. We remain committed to managing our balance sheet prudently, including the use of non-recourse debt to efficiently allocate our capital.
  • We have a diverse and technologically superior asset base with a dedicated and motivated team of employees. We have continued investing through the entire cycle and taken advantage of the opportunities to rejuvenate and enhance our fleet substantially.

SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy. Among other initiatives, we have established a formal ESG Program, which is complemented by our unique fleet mix that includes liftboat assets that are poised to assist in the development of the U.S. offshore wind market, and modern platform support vessels with hybrid power systems that improve fuel efficiency and reduce emissions. We have been an early adopter of hybrid power vessel technology, with nine systems currently deployed. Additionally, we expect the heightened ESG focus in the industry to increase activity on meeting plug and abandonment, and decommissioning obligations in the Gulf of Mexico, for which our U.S. flag assets are well suited.

Lastly, I would like to acknowledge the crews and shore-based SEACOR Marine employees for their professionalism and commitment to maintaining safe and reliable operations in a difficult environment. They have continued to drive the business forward by providing uninterrupted service to our clients during unprecedented and challenging times.
___________________

(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 and interest expense 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 5 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 energy 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 and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. 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 InvestorRelations@seacormarine.com


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

  Three Months Ended December 31,  Year ended December 31, 
  2020  2019  2020  2019 
Operating Revenues $36,044  $42,478  $141,837  $174,453 
Costs and Expenses:                
Operating  25,562   22,567   91,145   109,523 
Administrative and general  8,556   10,577   40,051   39,791 
Lease expense  1,798   3,477   7,525   15,840 
Depreciation and amortization  15,247   13,733   57,167   57,166 
   51,163   50,354   195,888   222,320 
(Loss) Gain on Asset Dispositions and Impairments, Net  (1,796)  (2,679)  (17,588)  (6,461)
Operating Loss  (16,915)  (10,555)  (71,639)  (54,328)
Other Income (Expense):                
Interest income  61   546   1,273   1,389 
Interest expense  (8,288)  (7,130)  (30,691)  (28,956)
SEACOR Holdings guarantee fees  (11)  (21)  (47)  (108)
Derivative gains (losses), net  (894)  (663)  4,310   71 
Foreign currency gains, net  (1,286)  (1,657)  (1,294)  (2,541)
Other, net  (19)  (1)  (19)  (1)
   (10,437)  (8,926)  (26,468)  (30,146)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies  (27,352)  (19,481)  (98,107)  (84,474)
Income Tax Benefit  1,865   (2,319)  (22,924)  (7,969)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (29,217)  (17,162)  (75,183)  (76,505)
Equity in Losses of 50% or Less Owned Companies  (9,681)  (2,277)  (8,163)  (14,459)
Loss from Continuing Operations  (38,898)  (19,439)  (83,346)  (90,964)
(Loss) Income on Discontinued Operations, Net of Tax  51   (2,479)  364   (7,731)
Net Loss  (38,847)  (21,918)  (82,982)  (98,695)
Net Loss attributable to Noncontrolling Interests in Subsidiaries  (31)  (1,463)  (4,067)  (5,858)
Net Loss attributable to SEACOR Marine Holdings Inc. $(38,816) $(20,455) $(78,915) $(92,837)
                 
Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc.                
Continuing operations $(1.54) $(0.76) $(3.20) $(3.62)
Discontinued operations  -   (0.10)  0.02  $(0.33)
  $(1.54) $(0.86) $(3.18) $(3.95)
Weighted Average Common Shares and Warrants Outstanding:                
Basic and diluted shares  25,265,812   23,831,920   24,785,744   23,513,925 

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

  Dec. 31, 2020  Sep. 30, 2020  Jun. 30, 2020  Mar. 31,
2020
  Dec. 31, 2019 
Time Charter Statistics:                    
Average Rates Per Day $10,931  $11,052  $10,746  $10,886  $10,846 
Fleet Utilization  51%  54%  57%  57%  62%
Fleet Available Days  5,824   5,807   5,258   5,361   5,726 
Operating Revenues:                    
Time charter $32,693  $34,824  $32,389  $33,549  $38,259 
Bareboat charter  732   677   723   724   834 
Other marine services  2,619   700   813   1,394   3,385 
   36,044   36,201   33,925   35,667   42,478 
Costs and Expenses:                    
Operating:                    
Personnel  13,057   13,401   10,704   11,186   12,726 
Repairs and maintenance  3,445   3,764   3,612   3,840   3,318 
Drydocking  1,753   585   566   1,365   766 
Insurance and loss reserves  1,670   1,764   1,489   840   1,557 
Fuel, lubes and supplies  2,081   2,131   2,075   1,841   2,193 
Other  3,556   3,074   1,682   1,664   2,007 
   25,562   24,719   20,128   20,736   22,567 
Direct Vessel Profit (1)  10,482   11,482   13,797   14,931   19,911 
Other Costs and Expenses:                    
Lease expense  1,798   1,200   1,202   3,325   3,477 
Administrative and general  8,556   8,861   13,241   9,393   10,577 
Depreciation and amortization  15,247   14,833   13,725   13,362   13,733 
   25,601   24,894   28,168   26,080   27,787 
(Losses) Gains on Asset Dispositions and Impairments, Net  (1,796)  233   (3,453)  (12,572)  (2,679)
Operating Loss  (16,915)  (13,179)  (17,824)  (23,721)  (10,555)
Other Income (Expense):                    
Interest income  61   34   516   662   546 
Interest expense  (8,288)  (8,312)  (6,717)  (7,374)  (7,130)
SEACOR Holdings guarantee fees  (11)  (11)  (9)  (16)  (21)
Derivative losses (gains), net  (894)  5   85   5,114   (663)
Foreign currency gains, net  (1,286)  (911)  193   710   (1,657)
Other, net  (19)           (1)
   (10,437)  (9,195)  (5,932)  (904)  (8,926)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies  (27,352)  (22,374)  (23,756)  (24,625)  (19,481)
Income Tax (Benefit) Expense  1,865   (3,120)  (15,007)  (6,662)  (2,319)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (29,217)  (19,254)  (8,749)  (17,963)  (17,162)
Equity in Losses of 50% or Less Owned Companies  (9,681)  (588)  2,081   25   (2,277)
Loss from Continuing Operations  (38,898)  (19,842)  (6,668)  (17,938)  (19,439)
(Loss) Income from Discontinued Operations, Net of Tax  51   1,765   602   (2,054)  (2,479)
Net Loss  (38,847)  (18,077)  (6,066)  (19,992)  (21,918)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries  (31)  4   7   (4,047)  (1,463)
Net Loss attributable to SEACOR Marine Holdings Inc. $(38,816) $(18,081) $(6,073) $(15,945) $(20,455)
                     
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.                    
Continuing operations $(1.54) $(0.79) $(0.26) $(0.58) $(0.76)
Discontinued operations     0.07   0.02   (0.08)  (0.10)
  $(1.54) $(0.72) $(0.24) $(0.66) $(0.86)
Weighted Average Common Shares and Warrants Outstanding:                    
Basic and Diluted  25,265   24,989   24,851   23,989   23,832 
Common Shares and Warrants Outstanding at Period End  24,919   24,996   24,899   24,854   23,708 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
United States, primarily Gulf of Mexico                    
Time Charter Statistics:                    
Average rates per day worked $18,405  $19,397  $15,574  $20,988  $19,285 
Fleet utilization  7%  5%  5%  11%  20%
Fleet available days  1,797   1,871   1,842   1,864   1,956 
Out-of-service days for repairs, maintenance and drydockings 45.25  37  32  116  6 
Out-of-service days for cold-stacked status  1,472   1,576   1,465   1,301   1,301 
Operating Revenues:                    
Time charter $2,352  $1,668  $1,478  $4,375  $7,408 
Bareboat charter  732   731   723   724   732 
Other marine services  794   473   513   642   516 
   3,878   2,872   2,714   5,741   8,656 
Direct Costs and Expenses:                    
Operating:                    
Personnel  2,372   2,481   2,284   2,928   3,432 
Repairs and maintenance  386   338   314   617   782 
Drydocking  -   -   110   1,057   252 
Insurance and loss reserves  507   778   354   135   566 
Fuel, lubes and supplies  208   251   189   524   407 
Other  116   85   93   79   102 
   3,589   3,933   3,344   5,340   5,541 
Direct Vessel Profit (Loss) (1) $289  $(1,061) $(630) $401  $3,115 
Other Costs and Expenses:                    
Lease expense $677  $716  $741  $2,138  $2,283 
Depreciation and amortization  5,854   4,961   5,254   5,358   5,474 
                     
Africa, primarily West Africa                    
Time Charter Statistics:                    
Average rates per day worked $8,674  $8,364  $9,001  $9,249  $9,435 
Fleet utilization  64%  71%  85%  89%  88%
Fleet available days  1,288   1,288   1,304   1,346   1,349 
Out-of-service days for repairs, maintenance and drydockings  120   45   90   56   68 
Out-of-service days for cold-stacked status  276   124          
Operating Revenues:                    
Time charter $7,196  $7,641  $9,944  $11,095  $11,249 
Other marine services  233   (385)  (480)  167   1,216 
   7,429   7,256   9,464   11,262   12,465 
Direct Costs and Expenses:                    
Operating:                    
Personnel  2,714   2,597   2,546   2,695   3,230 
Repairs and maintenance  1,295   1,066   1,379   1,435   1,242 
Drydocking  1,269   481   256   8   253 
Insurance and loss reserves  378   267   188   193   369 
Fuel, lubes and supplies  747   994   727   472   817 
Other  (838)  686   565   571   976 
   5,565   6,091   5,661   5,374   6,887 
Direct Vessel Profit (1) $1,864  $1,165  $3,803  $5,888  $5,578 
Other Costs and Expenses:                    
Lease expense $1,056  $430  $417  $1,126  $757 
Depreciation and amortization  2,673   2,667   2,889   2,604   2,608 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
Middle East and Asia                    
Time Charter Statistics:                    
Average rates per day worked $9,455  $9,670  $10,245  $9,634  $8,843 
Fleet utilization  75%  78%  82%  73%  82%
Fleet available days  1,840   1,809   1,613   1,671   1,901 
Out-of-service days for repairs, maintenance and drydockings  68  89  113  200  15 
Out-of-service days for cold-stacked status  169  76  61  48  153 
Operating Revenues:                    
Time charter $13,008  $13,672  $13,605  $11,767  $13,840 
Other marine services  927   296   514   420   678 
   13,935   13,968   14,119   12,187   14,518 
Direct Costs and Expenses:                    
Operating:                    
Personnel  5,411   5,171   3,795   3,811   4,129 
Repairs and maintenance  842   1,564   1,580   1,246   973 
Drydocking  41   104   200   414   146 
Insurance and loss reserves  501   451   430   339   408 
Fuel, lubes and supplies  604   482   955   665   769 
Other  3,618   1,771   819   683   635 
   11,017   9,543   7,779   7,158   7,060 
Direct Vessel Profit (1) $2,918  $4,425  $6,340  $5,029  $7,458 
Other Costs and Expenses:                    
Lease expense $47  $46  $32  $45  $42 
Depreciation and amortization  4,505   4,379   3,921   3,790   3,963 
                     
Latin America                    
Time Charter Statistics:                    
Average rates per day worked $12,921  $13,355  $10,752  $9,397  $8,649 
Fleet utilization  82%  99%  97%  93%  69%
Fleet available days  716   655   408   389   429 
Out-of-service days for repairs, maintenance and drydockings  66   7     3  35 
Out-of-service days for cold-stacked status             65 
Operating Revenues:                    
Time charter $7,538  $8,621  $4,251  $3,396  $2,541 
Bareboat charter              102 
Other marine services  555   212   168   149   261 
   8,093   8,833   4,419   3,545   2,904 
Direct Costs and Expenses:                    
Operating:                    
Personnel  1,764   2,342   1,377   1,215   1,081 
Repairs and maintenance  780   704   255   392   234 
Drydocking  443         (114)  114 
Insurance and loss reserves  150   138   105   69   79 
Fuel, lubes and supplies  416   307   132   135   127 
Other  497   444   123   305   188 
   4,050   3,935   1,992   2,002   1,823 
Direct Vessel Profit (1) $4,043  $4,898  $2,427  $1,543  $1,081 
Other Costs and Expenses:                    
Lease expense $18  $9  $9  $9  $9 
Depreciation and amortization  1,924   1,708   950   899   1,037 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
Europe, Continuing Operations                    
Time Charter Statistics:                    
Average rates per day worked  34,999   35,000   34,192   32,038   35,000 
Fleet utilization  40%  50%  100%  100%  100%
Fleet available days  184   184   91   91   92 
Out-of-service days for repairs, maintenance and drydockings  18             
Out-of-service days for cold-stacked status  92   92          
Operating Revenues:                    
Time charter $2,600  $3,220  $3,111  $2,916  $3,221 
Bareboat charter     (54)         
Other marine services  110   106   98   16   714 
   2,710   3,272   3,209   2,932   3,935 
Direct Costs and Expenses:                    
Operating:                    
Personnel  796   810   702   537   854 
Repairs and maintenance  142   92   84   150   87 
Drydocking              1 
Insurance and loss reserves  134   130   412   104   135 
Fuel, lubes and supplies  106   97   72   45   73 
Other  164   88   82   26   106 
   1,342   1,217   1,352   862   1,256 
Direct Vessel Profit for Continuing Operations (1) $1,368  $2,055  $1,857  $2,070  $2,679 
Other Costs and Expenses:                    
Lease expense $-  $-  $3  $7  $386 
Depreciation and amortization  291   1,117   711   711   651 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
Anchor handling towing supply                    
Time Charter Statistics:                    
Average rates per day worked $7,967  $7,388  $8,383  $8,012  $8,095 
Fleet utilization  44%  54%  43%  39%  48%
Fleet available days  641   644   667   709   705 
Out-of-service days for repairs, maintenance and drydockings  133  21  76  74  33 
Out-of-service days for cold-stacked status  228  276  273  273  337 
Operating Revenues:                    
Time charter $2,236  $2,564  $2,413  $2,225  $2,714 
Other marine services  433   (147)  (137)  559   1,076 
   2,669   2,417   2,276   2,784   3,790 
Direct Costs and Expenses:                    
Operating:                    
Personnel  1,149   950   853   892   1,212 
Repairs and maintenance  542   432   679   408   330 
Drydocking  847   (2)  (19)  22   - 
Insurance and loss reserves  199   139   159   45   208 
Fuel, lubes and supplies  258   148   168   216   145 
Other  535   370   341   259   366 
   3,530   2,037   2,181   1,842   2,261 
Direct Vessel Profit (Loss) (1) $(861) $380  $95  $942  $1,529 
Other Costs and Expenses:                    
Lease expense $1,127  $505  $518  $1,216  $872 
Depreciation and amortization  494   495   500   561   522 
                     
Fast support                    
Time Charter Statistics:                    
Average rates per day worked $8,074  $8,421  $8,590  $8,472  $8,257 
Fleet utilization  60%  63%  72%  76%  78%
Fleet available days  2,300   2,300   2,426   2,521   2,935 
Out-of-service days for repairs, maintenance and drydockings  155  71  137  156  82 
Out-of-service days for cold-stacked status  549  421  285  273  341 
Operating Revenues:                    
Time charter $11,151  $12,212  $15,078  $16,284  $18,877 
Bareboat charter  732   731   723   724   732 
Other marine services  (283)  (256)  (372)  (355)  (40)
   11,600   12,687   15,429   16,653   19,569 
Direct Costs and Expenses:                    
Operating:                    
Personnel  4,409   4,180   4,166   4,659   5,071 
Repairs and maintenance  1,604   1,642   1,922   2,278   1,873 
Drydocking  912   587   274   36   357 
Insurance and loss reserves  471   353   304   332   541 
Fuel, lubes and supplies  836   976   1,180   904   1,098 
Other  2,085   1,489   1,203   1,000   1,346 
   10,317   9,227   9,049   9,209   10,286 
Direct Vessel Profit (1) $1,283  $3,460  $6,380  $7,444  $9,283 
Other Costs and Expenses:                    
Lease expense $352  $351  $352  $352  $352 
Depreciation and amortization  5,113   5,105   5,405   5,118   5,447 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
Supply                    
Time Charter Statistics:                    
Average rates per day worked $11,373  $11,355  $8,477  $7,360  $7,179 
Fleet utilization  63%  74%  83%  79%  87%
Fleet available days  1,360   1,257   527   2,521   338 
Out-of-service days for repairs, maintenance and drydockings  12   23   13   3    
Out-of-service days for cold-stacked status  353   229   61       
Operating Revenues:                    
Time charter $9,714  $10,541  $3,713  $2,520  $2,114 
Bareboat charter     (55)        102 
Other marine services  482   92   (53)  (69)  582 
   10,196   10,578   3,660   2,451   2,798 
Direct Costs and Expenses:                    
Operating:                    
Personnel  3,364   3,821   1,591   1,206   1,369 
Repairs and maintenance  735   968   375   348   159 
Drydocking  (2)     197      142 
Insurance and loss reserves  238   230   106   67   65 
Fuel, lubes and supplies  622   601   219   119   377 
Other  1,205   1,022   246   397   314 
   6,162   6,642   2,734   2,137   2,426 
Direct Vessel Profit (Loss) (1) $4,034  $3,936  $926  $314  $372 
Other Costs and Expenses:                    
Lease expense $  $  $  $  $381 
Depreciation and amortization  3,060   2,673   1,000   787   823 
                     
Specialty                    
Time Charter Statistics:                    
Fleet available days     42   91   91   92 
Out-of-service days for cold-stacked status     42   91   91   92 
Operating Revenues:                    
Other marine services $  $  $  $  $ 
                     
Direct Costs and Expenses:                    
Operating:                    
Personnel           13   6 
Repairs and maintenance     35   46   11   5 
Insurance and loss reserves  (7)  13   16   20   9 
Fuel, lubes and supplies     (8)  (2)  22    
Other     32   67   101   64 
   (7)  72   127   167   84 
Direct Vessel Loss (1) $7  $(72) $(127) $(167) $(84)
Other Costs and Expenses:                    
Operating:                    
Depreciation and amortization $  $27  $127  $128  $128 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
Liftboats                    
Time Charter Statistics:                    
Average rates per day worked $24,561  $27,947  $24,894  $27,513  $27,453 
Fleet utilization  27%  23%  30%  31%  36%
Fleet available days  1,432   1,472   1,456   1,456   1,472 
Out-of-service days for repairs, maintenance and drydockings  18  64  9  141  6 
Out-of-service days for cold-stacked status  880   899   816   664   657 
Operating Revenues:                    
Time charter $9,406  $9,319  $11,001  $12,339  $14,375 
Other marine services  395   316   306   250   732 
   9,801   9,635   11,307   12,589   15,107 
Direct Costs and Expenses:                    
Operating:                    
Personnel  3,742   3,963   3,545   4,097   4,588 
Repairs and maintenance  524   624   407   650   776 
Drydocking  (1)     111   1,307   267 
Insurance and loss reserves  690   1,055   893   679   711 
Fuel, lubes and supplies  349   370   343   490   550 
Other  1,642   538   219   147   338 
   6,946   6,550   5,518   7,370   7,230 
Direct Vessel Profit (1) $2,855  $3,085  $5,789  $5,219  $7,877 
Other Costs and Expenses:                    
Lease expense $19  $31  $44  $1,497  $1,497 
Depreciation and amortization  6,009   5,980   6,081   6,128   6,136 
                     
Crew transfer                    
Time Charter Statistics:                    
Average rates per day worked $2,025  $2,025  $2,025  $1,982  $2,023 
Fleet utilization  100%  100%  100%  60%  48%
Fleet available days  92   92   91   151   184 
Out-of-service days for repairs, maintenance and drydockings              4 
Out-of-service days for cold-stacked status           48   92 
Operating Revenues:                    
Time charter $187  $187  $184  $181  $179 
Other marine services  1   (9)  (10)  (12)  3 
   188   178   174   169   182 
Direct Costs and Expenses:                    
Operating:                    
Personnel  69   72   47   72   65 
Repairs and maintenance  34   16   56   92   28 
Drydocking  (3)            
Insurance and loss reserves  5   -         18 
Fuel, lubes and supplies  3   6   10   4   4 
Other  18   24   23   11   21 
   126   118   136   179   136 
Direct Vessel Profit (1) $62  $60  $38  $(10) $46 
Other Costs and Expenses:                    
Lease expense               
Depreciation and amortization  1,541   62.0   62   31   170 

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

  Three Months Ended 
  Dec. 31,
2020
  Sep. 30,
2020
  Jun. 30,
2020
  Mar. 31,
2020
  Dec. 31,
2019
 
Other Activity                    
Operating Revenues:                    
Other marine services $1,591  $720  $1,056  $1,029  $1,032 
   1,591   720   1,056   1,029   1,032 
Direct Costs and Expenses:                    
Operating:                    
Personnel  324   415   502   247   415 
Repairs and maintenance  6   47   128   53   147 
Insurance and loss reserves  74   (26)  11   (303)  5 
Fuel, lubes and supplies  13   38   157   86   19 
Other  (1,928)  (401)  (417)  (251)  (442)
   (1,511)  73   381   (168)  144 
Direct Vessel Profit (1) $3,102  $647  $675  $1,197  $888 
Other Costs and Expenses:                    
Lease expense $300  $335  $241  $285  $375 
Depreciation and amortization  (970)  545   553   552   507 

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

  Dec. 31, 2020  Sep. 30, 2020  Jun. 30, 2020  Mar. 31,
2020
  Dec. 31, 2019 
ASSETS                    
Current Assets:                    
Cash and cash equivalents $32,666  $42,314  $51,888  $67,441  $81,382 
Restricted cash  3,352   3,352   3,352   3,353   3,104 
Receivables:                    
Trade, net of allowance for doubtful accounts  45,325   48,294   52,169   43,602   43,050 
Other  10,924   18,365   13,814   27,249   18,239 
Receivables from SEACOR Holdings  18,832   18,814   14,394       
Tax Receivable  13,556   11,770          
Inventories  576   573   1,409   1,575   1,228 
Prepaid expenses and other  3,230   3,438   2,835   2,092   1,940 
Assets held for sale  50,235   46,768   44,616   54,182   45,718 
Total current assets  178,696   193,688   184,477   199,494   194,661 
Property and Equipment:                    
Historical cost  1,012,873   996,370   987,741   857,118   899,024 
Accumulated depreciation  (291,538)  (280,468)  (271,097)  (264,365)  (308,917)
   721,335   715,902   716,644   592,753   590,107 
Construction in progress  32,327   51,969   52,456   49,186   70,806 
Net property and equipment  753,662   767,871   769,100   641,939   660,913 
Right-of-Use Asset - Operating Leases  7,134   7,670   8,148   8,286   16,537 
Right-of-Use Asset - Finance Lease  129   137          
Investments, at Equity, and Advances to 50% or Less Owned Companies  75,308   84,701   87,177   109,844   120,831 
Construction Reserve Funds           3,745   12,893 
Other Assets  2,734   3,108   3,200   3,227   3,358 
  $1,017,663  $1,057,175  $1,052,102  $966,535  $1,009,193 
LIABILITIES AND EQUITY                    
Current Liabilities:                    
Current portion of operating lease liabilities $7,030  $9,446  $11,579  $13,167  $14,896 
Current lease liability - Finance  36   27   -       
Current portion of long-term debt  32,377   52,108   51,793   37,084   17,802 
Accounts payable and accrued expenses  29,967   28,888   21,323   30,064   24,598 
Due to SEACOR Holdings           66   74 
Other current liabilities  31,467   29,548   29,642   29,154   35,387 
Liabilities held for sale  30,927   28,555   28,882   27,392   27,540 
Total current liabilities  131,804   148,572   143,219   136,927   120,297 
Long-Term Operating Lease Liabilities  4,345   5,239   6,067   7,352   9,255 
Long-Term Finance Lease Liabilities  105   113          
Long-Term Debt  440,510   426,711   422,569   333,121   355,714 
Conversion Option Liability on Convertible Senior Notes  2   1   6   91   5,205 
Deferred Income Taxes  35,822   36,075   23,740   25,793   33,564 
Deferred Gains and Other Liabilities  3,239   3,810   5,137   7,940   6,234 
Total liabilities  615,827   620,521   600,738   511,224   530,269 
Equity:                    
SEACOR Marine Holdings Inc. stockholders’ equity:                    
Common stock  235   235   232   231   219 
Additional paid-in capital  451,179   450,320   449,116   447,425   429,318 
(Accumulated Deficit) Retained earnings  (51,839)  (13,023)  5,058   11,131   27,076 
Shares held in treasury  (848)  (848)  (847)  (844)  (669)
Accumulated other comprehensive loss, net of tax  2,790   (380)  (2,541)  (2,971)  1,548 
   401,517   436,304   451,018   454,972   457,492 
Noncontrolling interests in subsidiaries  319   350   346   339   21,432 
Total equity  401,836   436,654   451,364   455,311   478,924 
  $1,017,663  $1,057,175  $1,052,102  $966,535  $1,009,193 

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

  Owned  Joint Ventured  Leased-in  Managed  Total 
December 31, 2020                    
AHTS  4      2      6 
FSV  26   5   1   1   33 
Supply  15   27      1   43 
Specialty     3         3 
Liftboats  14      1      15 
Crew Transfer Assets Held for Sale  40   5         45 
Crew transfer Continuing Operations  1            1 
   100   40   4   2   146 
September 30, 2020                    
AHTS  4      3      7 
FSV  26   5   1   1   33 
Supply  14   27      2   43 
Specialty     3         3 
Liftboats  14      2      16 
Crew Transfer Assets Held for Sale  40   4         44 
Crew transfer Continuing Operations  1            1 
   99   39   6   3   147 

 




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