HOUSTON, March 04, 2020 (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 fourth quarter and twelve months ended December 31, 2019.

As a result of the announced sale of its North Sea Standby Safety business on November 1, 2019, the Company classified its standby safety assets as held for sale as of the end of the third quarter 2019.  All of the results presented exclude the standby safety operations which are classified as discontinued operations.

Fourth quarter highlights include:

• Average dayrates, excluding those for the CTV fleet, increased to $11,071 from $10,946 in the third quarter of 2019. This is the highest average dayrate the Company has realized for a quarter since the first quarter of 2016.
   
• Increase in net cash provided by operating activities to $9.7 million from $0.9 million in the third quarter of 2019.
   
• Completion of the sale of the North Sea Standby Safety business on December 2, 2019, which generated net proceeds of $27.4 million.
   
• Completion of the sale of eight additional vessels during the fourth quarter for total aggregate net proceeds of $38.9 million of which $32.6 million was cash.
   
• The fourth quarter results include one-time restructuring charges of $0.4 million resulting from the Company’s continuing cost reduction initiatives. During the fourth quarter of 2019, the Company implemented initiatives providing $2.9 million in annualized recurring administrative and general savings and maintained its target of projected annual savings of at least $8.0 million, of which it has already achieved $7.5 million. 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.

Overall, total operating revenues for the fourth quarter were $49.1 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)⁽¹⁾ was $23.1 million. This compares in the third quarter of 2019 to operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million. The decrease in DVP in the fourth quarter is primarily due to lower fleet wide utilization from increased out of service days for repairs and maintenance, especially in the European wind farm support business. This decrease was partially offset by lower operating costs.

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

“We ended 2019 with ample liquidity and continued improvement in our operating performance. During the fourth quarter, we completed two significant sale transactions that generated more than $50 million of cash and continued with our relentless efforts to adapt our fleet mix and overhead structure to the business cycle.

“Our operating metrics of average rates and utilization improved year on year, reflecting our efforts to hi-grade our fleet mix to meet customer demands. DVP for the fourth quarter was resilient, especially for a seasonally slower period of the year, and cash flows from operating activities remained positive for the third sequential quarter.

“DVP and cash flow numbers are net after expensing all drydocking and repair and maintenance costs. We do not capitalize any such expenses, unless they enhance the marketability of the vessel or are required for charter employment.

“Seven of the eight platform supply vessels (“PSVs”) in the SEACOSCO joint venture have now been delivered from China and mobilized to offshore markets worldwide. The delivery costs and mobilization charges have been expensed and reflected in equity earnings. The majority of these vessels are battery hybrid powered and continue to build our market leading track record of fuel-efficient operations with lower carbon emissions.

“We continue to closely monitor the impact of COVID-19 on the market. We have accelerated pandemic-related training drills across our fleet based upon the industry’s best practices and are ensuring active communication between our shore-based departments and seagoing mariners to best respond to challenges as they arise.”

For the fourth quarter of 2019, net loss attributable to SEACOR Marine’s continuing operations was $20.5 million ($0.74 loss per basic and diluted share) and operating loss was $10.5 million.  Net loss attributable to SEACOR Marine’s continuing operations for the fourth quarter of 2018 was $7.8 million ($0.34 loss per basic and diluted share) and operating loss was $11.3 million, which included $9.4 million of one-time miscellaneous revenues.

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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 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 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 December 31,								Twelve Months Ended December 31,
	2019				2018				2019				2018
Operating Revenues	$	49,070			$	58,897			$	201,492			$	203,567
Costs and Expenses:
Operating		25,978				32,435				123,725				132,274
Administrative and general		11,928				10,629				44,726				46,454
Lease expense		3,570				3,410				16,158				13,239
Depreciation and amortization		15,412				15,901				64,012				68,841
		56,888				62,375				248,621				260,808
Loss on Asset Dispositions and Impairments, Net		(2,679	)			(7,775	)			(5,397	)			(11,268	)
Operating Loss		(10,497	)			(11,253	)			(52,526	)			(68,509	)
Other Income (Expense):
Interest income	$	559				353				1,445				1,222
Interest expense		(7,397	)			(7,327	)			(30,056	)			(27,404	)
SEACOR Holdings guarantee fees		(21	)			(5	)			(108	)			(29	)
Loss on Debt Extinguishment		—				—				—				(638	)
Derivative (gains) losses, net		(663	)			12,651				71				2,854
Foreign currency losses, net		(1,037	)			(430	)			(1,661	)			(1,397	)
Other, net		(1	)			(1	)			(1	)			677
		(8,560	)			5,241				(30,310	)			(24,715	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(19,057	)			(6,012	)			(82,836	)			(93,224	)
Income Tax Benefit		(2,306	)			(50	)			(7,912	)			(13,354	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(16,751	)			(5,962	)			(74,924	)			(79,870	)
Equity in Losses of 50% or Less Owned Companies		(2,425	)			(1,818	)			(14,304	)			(3,552	)
Loss from Continuing Operations		(19,176	)			(7,780	)			(89,228	)			(83,422	)
(Loss) Income on Discontinued Operations, Net of Tax		(2,742	)			(189	)			(9,467	)			1,370
Net Loss		(21,918	)			(7,969	)			(98,695	)			(82,052	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		(1,463	)			(175	)			(5,858	)			(4,444	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(20,455	)		$	(7,794	)		$	(92,837	)		$	(77,608	)
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.74	)		$	(0.34	)		$	(3.55	)		$	(3.78	)
Discontinued operations	$	(0.12	)		$	(0.01	)		$	(0.40	)		$	0.07
	$	(0.86	)		$	(0.35	)		$	(3.95	)		$	(3.71	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		23,831,920				22,512,886				23,513,065				20,926,307

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

                                                                        

	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Time Charter Statistics:
Average Rates Per Day Worked (excluding crew transfer)	$	11,071			$	10,946			$	10,387			$	9,796			$	10,373
Average Rates Per Day	$	7,260			$	6,981			$	6,843			$	7,109			$	7,199
Fleet Utilization (excluding crew transfer)		62	%			64	%			59	%			57	%			56	%
Fleet Utilization		68	%			74	%			69	%			58	%			60	%
Fleet Available Days (excluding crew transfer)		5,542				6,048				6,491				6,496				6,578
Fleet Available Days		9,007				9,578				9,990				9,916				10,074
Operating Revenues:
Time charter	$	44,465			$	49,747			$	47,270			$	40,819			$	43,358
Bareboat charter		834				1,765				1,389				1,143				1,168
Other marine services		3,771				3,188				4,153				2,948				14,371
		49,070				54,700				52,812				44,910				58,897
Costs and Expenses:
Operating:
Personnel		15,096				15,879				17,914				16,623				16,824
Repairs and maintenance		3,983				5,495				7,607				7,584				6,327
Drydocking		766				515				1,997				2,570				1,123
Insurance and loss reserves		1,663				1,198				1,763				1,414				1,877
Fuel, lubes and supplies		2,409				2,910				3,202				2,806				3,961
Other		2,061				1,214				2,887				4,169				2,323
		25,978				27,211				35,370				35,166				32,435
Direct Vessel Profit (1)		23,092				27,489				17,442				9,744				26,462
Other Costs and Expenses:
Lease expense		3,570				4,153				4,298				4,137				3,410
Administrative and general		11,928				11,462				10,524				10,812				10,629
Depreciation and amortization		15,412				16,091				16,412				16,097				15,901
		30,910				31,706				31,234				31,046				29,940
Gains (Losses) on Asset Dispositions and Impairments, Net		(2,679	)			862				(3,848	)			268				(7,775	)
Operating Loss		(10,497	)			(3,355	)			(17,640	)			(21,034	)			(11,253	)
Other Income (Expense):
Interest income		559				317				215				354				353
Interest expense		(7,397	)			(7,362	)			(7,633	)			(7,664	)			(7,327	)
SEACOR Holdings guarantee fees		(21	)			(26	)			(32	)			(29	)			(5	)
Derivative losses (gains), net		(663	)			3,057				(1,398	)			(925	)			12,651
Foreign currency gains, net		(1,037	)			(370	)			(924	)			670				(430	)
Other, net		(1	)			—				—				—				(1	)
		(8,560	)			(4,384	)			(9,772	)			(7,594	)			5,241
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(19,057	)			(7,739	)			(27,412	)			(28,628	)			(6,012	)
Income Tax Expense (Benefit)		(2,306	)			1,277				(3,052	)			(3,831	)			(50	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(16,751	)			(9,016	)			(24,360	)			(24,797	)			(5,962	)
Equity in Losses of 50% or Less Owned Companies		(2,425	)			(1,325	)			(7,078	)			(3,476	)			(1,818	)
Loss from Continuing Operations		(19,176	)			(10,341	)			(31,438	)			(28,273	)			(7,780	)
(Loss) Income from Discontinued Operations, Net of Tax		(2,742	)			(7,899	)			1,174				-				(189	)
Net Loss		(21,918	)			(18,240	)			(30,264	)			(28,273	)			(7,969	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		(1,463	)			204				(1,875	)			(2,724	)			(175	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(20,455	)		$	(18,444	)		$	(28,389	)		$	(25,549	)		$	(7,794	)
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.74	)		$	(0.49	)		$	(1.31	)		$	(1.16	)		$	(0.34	)
Discontinued operations	$	(0.12	)		$	(0.29	)		$	0.10			$	0.05			$	(0.01	)
	$	(0.86	)		$	(0.78	)		$	(1.21	)		$	(1.11	)		$	(0.35	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		23,832				23,741				23,382				23,090				22,514
Common Shares and Warrants Outstanding at Period End		23,708				23,653				23,592				23,350				22,711

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

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked	$	19,285			$	17,851			$	14,058			$	10,588			$	12,656
Fleet utilization		20	%			26	%			34	%			28	%			29	%
Fleet available days		1,956				2,340				2,669				2,698				2,983
Out-of-service days for repairs, maintenance and drydockings	6				159				325				232				143
Out-of-service days for cold-stacked status		1,301				1,131				1,322				1,579				1,761
Operating Revenues:
Time charter	$	7,408			$	10,914			$	12,628			$	8,005			$	10,968
Bareboat charter		732				597				233				—				—
Other marine services		516				838				1,320				1,132				8,709
		8,656				12,349				14,181				9,137				19,677
Direct Costs and Expenses:
Operating:
Personnel		3,432				4,353				5,203				4,503				5,227
Repairs and maintenance		782				1,508				2,515				2,778				1,128
Drydocking		252				547				1,801				1,994				147
Insurance and loss reserves		566				371				841				592				974
Fuel, lubes and supplies		407				739				1,107				683				1,055
Other		102				88				113				90				185
		5,541				7,606				11,580				10,640				8,716
Direct Vessel Profit (Loss) (1)	$	3,115			$	4,743			$	2,601			$	(1,503	)		$	10,961
Other Costs and Expenses:
Lease expense	$	2,283			$	2,758			$	2,942			$	2,911			$	2,053
Depreciation and amortization		5,474				5,634				5,341				5,498				5,550
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked	$	9,435			$	9,316			$	9,365			$	9,461			$	9,411
Fleet utilization		88	%			91	%			81	%			87	%			87	%
Fleet available days		1,349				1,380				1,365				1,313				1,310
Out-of-service days for repairs, maintenance and drydockings		68				—			54				58					—
Operating Revenues:
Time charter	$	11,249			$	11,738			$	10,400			$	10,773			$	10,730
Other marine services		1,216				129				753				(637	)			4,247
		12,465				11,867				11,153				10,136				14,977
Direct Costs and Expenses:
Operating:
Personnel		3,230				3,308				3,428				3,867				3,665
Repairs and maintenance		1,242				1,323				952				1,184				873
Drydocking		253				(53	)			(48	)			338				(28	)
Insurance and loss reserves		369				230				239				213				307
Fuel, lubes and supplies		817				961				939				754				1,176
Other		976				499				773				2,106				772
		6,887				6,268				6,283				8,462				6,765
Direct Vessel Profit (1)	$	5,578			$	5,599			$	4,870			$	1,674			$	8,212
Other Costs and Expenses:
Lease expense	$	757			$	761			$	787			$	785			$	1,059
Depreciation and amortization		2,608				2,681				2,759				2,356				2,341

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

            

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Middle East and Asia
Time Charter Statistics:
Average rates per day worked	$	8,843			$	8,795			$	8,182			$	8,386			$	8,856
Fleet utilization		82	%			83	%			79	%			72	%			70	%
Fleet available days		1,901				2,020				2,026				2,061				2,009
Out-of-service days for repairs, maintenance and drydockings	15				129				73				95				178
Out-of-service days for cold-stacked status	153				184				115				90					92
Operating Revenues:
Time charter	$	13,840			$	14,798			$	13,175			$	12,499			$	12,517
Other marine services		678				414				349				228				118
		14,518				15,212				13,524				12,727				12,635
Direct Costs and Expenses:
Operating:
Personnel		4,129				4,023				4,292				4,254				4,354
Repairs and maintenance		973				1,387				2,629				2,193				3,077
Drydocking		146				20				275				159				949
Insurance and loss reserves		408				333				381				327				389
Fuel, lubes and supplies		769				701				725				709				1,179
Other		635				567				793				1,100				984
		7,060				7,031				9,095				8,742				10,932
Direct Vessel Profit (1)	$	7,458			$	8,181			$	4,429			$	3,985			$	1,703
Other Costs and Expenses:
Lease expense	$	42			$	43			$	42			$	46			$	49
Depreciation and amortization		3,963				3,914				4,274				4,249				4,154
Latin America
Time Charter Statistics:
Average rates per day worked	$	8,649			$	6,867			$	8,074			$	12,900			$	11,866
Fleet utilization		69	%			71	%			63	%			71	%			72	%
Fleet available days		429				399				400				541				460
Out-of-service days for repairs, maintenance and drydockings	35				5				3				5					—
Out-of-service days for cold-stacked status	65				92				91				90				92
Operating Revenues:
Time charter	$	2,541			$	1,951			$	2,046			$	4,922			$	3,934
Bareboat charter		102				1,168				1,156				1,143				1,168
Other marine services		261				221				273				635				183
		2,904				3,340				3,475				6,700				5,285
Direct Costs and Expenses:
Operating:
Personnel		1,081				846				976				1,556				1,142
Repairs and maintenance		234				298				481				335				362
Drydocking		114.0				—				(32	)			79				14
Insurance and loss reserves		79				31				66				135				96
Fuel, lubes and supplies		127				187				314				428				384
Other		188				(87	)			560				521				232
		1,823				1,275				2,365				3,054				2,230
Direct Vessel Profit (1)	$	1,081			$	2,065			$	1,110			$	3,646			$	3,055
Other Costs and Expenses:
Lease expense	$	9			$	—			$	—			$	1			$	1
Depreciation and amortization		1,037				1,573				1,659				1,936				1,888

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

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked		3,505				3,146				2,972				2,339				2,293
Fleet utilization		80	%			96	%			86	%			60	%			69	%
Fleet available days		3,373				3,439				3,530				3,303				3,312
Out-of-service days for repairs, maintenance and drydockings	107				3				159				53				47
Out-of-service days for cold-stacked status	0				92				91				90					92
Operating Revenues:
Time charter	$	9,427			$	10,346			$	9,021			$	4,620			$	5,209
Other marine services		1,100				1,586				1,458				1,590				1,114
		10,527				11,932				10,479				6,210				6,323
Direct Costs and Expenses:
Operating:
Personnel		3,224				3,349				4,015				2,443				2,436
Repairs and maintenance		752				979				1,030				1,094				887
Drydocking		1				1				1				—				41
Insurance and loss reserves		241				233				236				147				111
Fuel, lubes and supplies		289				322				117				232				167
Other		160				147				648				352				150
		4,667				5,031				6,047				4,268				3,792
Direct Vessel Profit for Continuing Operations (1)	$	5,860			$	6,901			$	4,432			$	1,942			$	2,531
Other Costs and Expenses:
Lease expense	$	479			$	609			$	546			$	405			$	267
Depreciation and amortization		2,330				2,289				2,379				2,058				1,968

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

                                                                                                                   

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked	$	8,095			$	7,790			$	7,597			$	8,502			$	8,506
Fleet utilization		48	%			53	%			49	%			38	%			26	%
Fleet available days		705				736				910				900				1,012
Out-of-service days for repairs, maintenance and drydockings	33				10				31				34				12
Out-of-service days for cold-stacked status	337				332				437				521					644
Operating Revenues:
Time charter	$	2,714			$	3,059			$	3,360			$	2,875			$	2,248
Other marine services		1,076				365				869				(658	)			2,426
		3,790				3,424				4,229				2,217				4,674
Direct Costs and Expenses:
Operating:
Personnel		1,212				1,418				2,001				1,390				1,279
Repairs and maintenance		330				524				632				630				386
Drydocking		-				8				96				75				(70	)
Insurance and loss reserves		208				179				266				122				219
Fuel, lubes and supplies		145				252				262				62				467
Other		366				404				411				592				568
		2,261				2,785				3,668				2,871				2,849
Direct Vessel Profit (Loss) (1)	$	1,529			$	639			$	561			$	(654	)		$	1,825
Other Costs and Expenses:
Lease expense	$	872			$	1,357			$	1,527			$	1,539			$	1,847
Depreciation and amortization		522				568				575				575				679
Fast support
Time Charter Statistics:
Average rates per day worked	$	8,257			$	8,133			$	7,624			$	7,609			$	7,749
Fleet utilization		78	%			78	%			71	%			68	%			67	%
Fleet available days		2,935				3,156				3,275				3,295				3,187
Out-of-service days for repairs, maintenance and drydockings	82				81				134				72					151
Out-of-service days for cold-stacked status	341				459				545				622				659
Operating Revenues:
Time charter	$	18,877			$	20,079			$	17,709			$	17,083			$	16,453
Bareboat charter		732				597				233				—				—
Other marine services		(40	)			(200	)			(179	)			(251	)			(952	)
		19,569				20,476				17,763				16,832				15,501
Direct Costs and Expenses:
Operating:
Personnel		5,071				5,486				5,796				5,511				5,328
Repairs and maintenance		1,873				2,204				2,682				2,337				2,595
Drydocking		357				(27	)			136				350				1
Insurance and loss reserves		541				347				385				326				534
Fuel, lubes and supplies		1,098				1,395				1,602				1,102				1,368
Other		1,346				959				1,713				2,464				1,062
		10,286				10,364				12,314				12,090				10,888
Direct Vessel Profit (1)	$	9,283			$	10,112			$	5,449			$	4,742			$	4,613
Other Costs and Expenses:
Lease expense	$	352			$	351			$	352			$	352			$	341
Depreciation and amortization		5,447				5,646				5,929				5,944				5,525

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

                                                                                                                    

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Supply
Time Charter Statistics:
Average rates per day worked	$	7,179			$	6,755			$	6,906			$	7,001			$	7,050
Fleet utilization		87	%			96	%			53	%			62	%			81	%
Fleet available days		338				398				486				501				460
Out-of-service days for repairs, maintenance and drydockings		—				—			118				60				27
Operating Revenues:
Time charter	$	2,114			$	2,589			$	1,787			$	2,182			$	2,631
Bareboat charter		102				1,168				1,156				1,143				1,168
Other marine services		582				863				799				781				619
		2,798				4,620				3,742				4,106				4,418
Direct Costs and Expenses:
Operating:
Personnel		1,369				1,266				1,617				1,678				1,487
Repairs and maintenance		159				276				1,085				619				403
Drydocking		142				1				82				162				1,023
Insurance and loss reserves		65				66				78				105				130
Fuel, lubes and supplies		377				205				98				399				445
Other		314				57				842				1,144				762
		2,426				1,871				3,802				4,107				4,250
Direct Vessel Profit (Loss) (1)	$	372			$	2,749			$	(60	)		$	(1	)		$	168
Other Costs and Expenses:
Lease expense	$	381			$	517			$	433			$	318			$	178
Depreciation and amortization		823				1,167				1,223				1,036				966
Specialty
Time Charter Statistics:
Fleet available days		92				92				91				90				92
Out-of-service days for cold-stacked status		92				92				91				90				92
Operating Revenues:
Other marine services	$	—			$	—			$	—			$	—			$	337
Direct Costs and Expenses:
Operating:
Personnel		6				13				23				65				64
Repairs and maintenance		5				1				3				4				12
Insurance and loss reserves		9				18				20				8				9
Fuel, lubes and supplies		-				2				(24	)			31				33
Other		64				75				77				95				70
		84				109				99				203				188
Direct Vessel Profit (Loss) (1)	$	(84	)		$	(109	)		$	(99	)		$	(203	)		$	149
Other Costs and Expenses:
Operating:
Depreciation and amortization		128				128				127				128				282

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

                                                                                                                    

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Liftboats
Time Charter Statistics:
Average rates per day worked	$	27,453			$	26,172			$	20,993			$	17,750			$	18,497
Fleet utilization		36	%			39	%			47	%			46	%			49	%
Fleet available days		1,472				1,665				1,729				1,710				1,827
Out-of-service days for repairs, maintenance and drydockings	6				153				292				224					132
Out-of-service days for cold-stacked status		657				432				455				526			550
Operating Revenues:
Time charter	$	14,375			$	16,830			$	16,932			$	13,877			$	16,631
Other marine services		732				795				1,481				2,080				1,926
		15,107				17,625				18,413				15,957				18,557
Direct Costs and Expenses:
Operating:
Personnel		4,588				4,824				5,360				5,097				5,546
Repairs and maintenance		776				1,656				2,189				2,828				1,971
Drydocking		267				532				1,683				1,983				167
Insurance and loss reserves		711				484				921				884				872
Fuel, lubes and supplies		550				899				1,076				1,005				1,485
Other		338				221				251				444				667
		7,230				8,616				11,480				12,241				10,708
Direct Vessel Profit (1)	$	7,877			$	9,009			$	6,933			$	3,716			$	7,849
Other Costs and Expenses:
Lease expense	$	1,497			$	1,498			$	1,497			$	1,498			$	638
Depreciation and amortization		6,136				6,247				6,055				6,053				6,098
Crew transfer
Time Charter Statistics:
Average rates per day worked	$	2,378			$	2,220			$	2,431			$	2,325			$	2,283
Fleet utilization		77	%			92	%			88	%			60	%			68	%
Fleet available days		3,465				3,531				3,499				3,420				3,496
Out-of-service days for repairs, maintenance and drydockings	111				52				39				53				47
Out-of-service days for cold-stacked status		92				184				91				90				92
Operating Revenues:
Time charter	$	6,385			$	7,190			$	7,482			$	4,802			$	5,395
Other marine services		389				577				499				322				460
		6,774				7,767				7,981				5,124				5,855
Direct Costs and Expenses:
Operating:
Personnel		2,435				2,432				2,665				2,309				2,274
Repairs and maintenance		693				775				933				1,096				814
Drydocking		—				—				—				—				2
Insurance and loss reserves		124				113				93				104				94
Fuel, lubes and supplies		220				152				167				189				145
Other		75				96				113				113				165
		3,547				3,568				3,971				3,811				3,494
Direct Vessel Profit (1)	$	3,227			$	4,199			$	4,010			$	1,313			$	2,361
Other Costs and Expenses:
Lease expense	$	—			$	—			$	—			$	—			$	—
Depreciation and amortization		1,837				1,819				1,920				2,031				2,155

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

                                                                                                                    

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Other Activity
Operating Revenues:
Other marine services	$	1,032			$	788			$	684			$	674			$	9,555
		1,032				788				684				674				9,555
Direct Costs and Expenses:
Operating:
Personnel		415				440				452				573				846
Repairs and maintenance		147				59				83				70				146
Insurance and loss reserves		5				(9	)			—				(135	)			19
Fuel, lubes and supplies		19				5				21				18				18
Other		(442	)			(598	)			(520	)			(683	)			(971	)
		144				(102	)			36				(157	)			58
Direct Vessel Profit (1)	$	888			$	890			$	648			$	831			$	9,497
Other Costs and Expenses:
Lease expense	$	468			$	448			$	508			$	224			$	425
Depreciation and amortization		519				516				583				330				196

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

                                                                                                                              

	Three Months Ended
	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
Cash Flows from Continuing Operating Activities:
DVP (1)		23,092				27,489				17,442				9,744				26,462
Operating, leased-in equipment (excluding amortization of deferred gains)		(4,648	)			(4,963	)			(4,886	)			(4,842	)			(5,437	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(10,773	)			(9,160	)			(9,696	)			(10,455	)			(10,697	)
SEACOR Holdings management and guarantee fees		(21	)			(26	)			(32	)			(29	)			(5	)
Dividends received from 50% or less owned companies		800				873				—				400				(4	)
Other, net (excluding non-cash losses)		(2	)			—				—				—				400
		8,448				14,213				2,828				(5,182	)			10,719
Changes in operating assets and liabilities before interest and income taxes		7,758				(7,236	)			4,921				2,924				(11,395	)
Director share awards		—				—				894				—				—
Restricted stock vested		(55	)			(240	)			—				(282	)			(5	)
Cash settlements on derivative transactions, net		(190	)			(546	)			275				(75	)			1,420
Interest paid, excluding capitalized interest (1)		(6,255	)			(5,633	)			(5,971	)			(4,593	)			(6,668	)
Interest received		560				316				215				354				353
Income taxes refunded, net		—				—				—				1,999				(304	)
Net cash provided by (used in) operating activities		10,266				874				3,162				(4,855	)			(5,880	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(5,890	)			(9,547	)			(19,386	)			(20,633	)			(14,115	)
Proceeds from disposition of property and equipment		36,418				10,119				9,268				378				17,383
Proceeds from the sale of ERRV fleet		27,390				—				—				—				—
Cash Impact of sale of ERRV fleet		(5,140	)			—				—				—				—
Net change in construction reserve fund		5,268				1,951				7,997				(48	)			7,535
Net investing activities in property and equipment		58,046				2,523				(2,121	)			(20,303	)			10,803
Investments in and advances to 50% or less owned companies		(6,062	)			(8,686	)			(718	)			(1,951	)			(13,472	)
Capital distributions from equity investees		48				413				—				—				9,800
Net investing activities in third party notes receivable		—				—				—				—				17
Principal payments on notes due from equity investees		—				22				—				—				—
Net cash (used in) provided by investing activities		52,032				(5,728	)			(2,839	)			(22,254	)			7,148
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(3,899	)			(11,976	)			(3,738	)			(4,361	)			(11,352	)
Proceeds from issuance of long-term debt, net of issue costs		—				—				—				—				(336	)
Purchase of subsidiary shares from noncontrolling interests		—				—				—				(3,392	)			—
Proceeds from exercise of stock options and Warrants		340				973				3				108				20
Net cash (used in) provided by financing activities		(3,559	)			(11,003	)			(3,735	)			(7,645	)			(11,668	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(19,238	)			(472	)			1,195				873				4,331
Net Change in Cash, Cash Equivalents and Restricted Cash		40,967				12,356				8,358				(9,165	)			16,750
Cash Flows from Discontinued Operations
Operating Activities		4,297				(446	)			(747	)			2,888				2,976
Investing Activities		(4,462	)			(116	)			(615	)			(376	)			(9	)
Effects of FX Rate Changes on Cash and Cash Equivalents		3,322				268				(1,504	)			612				(4,565	)
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:		3,157				(294	)			(2,866	)			3,124				(1,598	)
Net Change in Cash, Cash Equivalents and Restricted Cash		42,658				(16,623	)			(5,083	)			(30,757	)			(7,667	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		44,389				61,012				66,095				96,852				104,519
Cash, Restricted Cash and Cash Equivalents, End of Period	$	87,047			$	44,389			$	61,012			$	66,095			$	96,852

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

  

	Dec. 31, 2019				Sep. 30, 2019				Jun. 30, 2019				Mar. 31, 2019				Dec. 31, 2018
ASSETS
Current Assets:
Cash and cash equivalents	$	83,943			$	38,155			$	55,763			$	57,158			$	91,597
Restricted cash		3,104				4,016				2,240				2,240				1,657
Receivables:
Trade, net of allowance for doubtful accounts		49,128				58,954				60,711				61,586				55,048
Other		18,531				6,835				9,682				7,998				11,292
Inventories		1,228				1,408				1,660				2,779				1,977
Prepaid expenses and other		2,612				3,146				3,710				4,266				2,239
Discontinued operations		—				13,127				13,891				15,782				15,222
Total current assets		158,546				125,641				147,657				151,809				179,032
Property and Equipment:
Historical cost		976,978				1,063,290				1,099,221				1,168,104				1,116,583
Accumulated depreciation		(358,962	)			(400,628	)			(425,881	)			(478,239	)			(461,399	)
		618,016				662,662				673,340				689,865				655,184
Construction in progress		74,344				70,275				67,063				62,750				88,918
Net property and equipment		692,360				732,937				740,403				752,615				744,102
Right-of-Use Asset - Operating Leases		17,313				18,774				27,390				30,503				—
Investments, at Equity, and Advances to 50% or Less Owned Companies		124,680				118,222				112,418				119,520				121,773
Construction Reserve Funds		12,893				18,161				20,112				28,109				28,061
Other Assets		3,401				3,422				3,627				3,603				3,690
Discontinued operations		—				23,349				25,092				26,193				26,280
	$	1,009,193			$	1,040,506			$	1,076,699			$	1,112,352			$	1,102,938
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	15,099			$	15,182			$	16,552			$	17,918				—
Current portion of long-term debt		17,802				23,446				20,651				17,426				16,812
Accounts payable and accrued expenses		25,691				26,507				31,504				24,970				18,089
Due to SEACOR Holdings		74				77				74				535				452
Other current liabilities		36,151				42,372				47,185				45,967				45,738
Discontinued operations		—				3,813				3,813				3,893				2,526
Total current liabilities		94,817				111,397				119,779				110,709				83,617
Long-Term Operating Lease Liabilities		9,822				12,878				16,775				19,851				—
Long-Term Debt		380,251				375,772				379,075				384,344				387,854
Conversion Option Liability on Convertible Senior Notes		5,205				4,543				7,599				6,201				5,276
Deferred Income Taxes		33,905				36,921				37,066				41,834				44,685
Deferred Gains and Other Liabilities		6,269				4,848				5,165				7,290				26,571
Total liabilities		530,269				546,359				565,459				570,229				548,003
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		219				219				218				211				204
Additional paid-in capital		429,318				427,823				424,549				422,830				415,372
Retained earnings		27,076				64,929				83,312				111,701				126,834
Shares held in treasury		(669	)			(614	)			(374	)			(373	)			(91	)
Accumulated other comprehensive loss, net of tax		1,548				(21,105	)			(19,156	)			(16,812	)			(16,788	)
		457,492				471,252				488,549				517,557				525,531
Noncontrolling interests in subsidiaries		21,432				22,895				22,691				24,566				29,404
Total equity		478,924				494,147				511,240				542,123				554,935
	$	1,009,193			$	1,040,506			$	1,076,699			$	1,112,352			$	1,102,938

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

		Owned			Joint Ventured			Leased-in			Managed			Total (2)
December 31, 2019
AHTS			4			—			4			—			8
FSV			30			5			1			1		37
Supply			4			34			—			2		40
Specialty			1			3			—			1		5
Liftboats			14			—			2			—		16
Crew transfer			38			5			—			—		43
			91			47			7			4			149
December 31, 2018
AHTS			8			—			4			—			12
FSV			32			5			1			3			41
Supply			7			30			—			2			39
Specialty			1			4			—			2			7
Liftboats			17			—			2			—			19
Crew transfer			38			4			—			—			42
Discontinued Operations			18			1			—			—			19
			121			44			7			7			179

______________________

(2

)

Excludes four owned vessels that have been retired and removed from service.