Seacor Marine Announces Fourth Quarter 2020 Results

Rhea-AI Summary

SEACOR Marine Holdings Inc. (NYSE:SMHI) reported its fourth quarter and full year results for 2020, highlighting a net cash gain of approximately US$42.6 million from the sale of Windcat Workboat Holdings Ltd. The average dayrates increased to $10,931, but the company faced a net loss of $38.9 million for continuing operations. Operational challenges remained due to COVID-19, impacting utilization rates and increasing expenses. However, SEACOR Marine is optimistic about future recovery as commodity prices rise and customer inquiries increase, supported by strong liquidity and an investment in sustainable practices.

Positive

• Net cash proceeds of approximately US$42.6 million from the sale of Windcat.
• Gain on sale recognized of approximately US$22.8 million expected in Q1 2021.
• Average dayrates improved slightly to $10,931.
• Strong liquidity with expected tax refund claims of over $30 million.
• New hybrid battery-powered platform supply vessel delivered, enhancing fleet sustainability.

Negative

• Net loss of $38.9 million for continuing operations, compared to a $19.5 million loss in Q4 2019.
• Operating loss of $16.9 million for Q4 2020.
• Increased expenses of $4.9 million due to COVID-19 protocols.
• Continued low fleet utilization, especially in the Gulf of Mexico, at 7%.

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.
___________________

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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 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

 

FAQ

What were SEACOR Marine's Q4 2020 results?

In Q4 2020, SEACOR Marine reported a net loss of $38.9 million on revenues of $36 million.

How did the sale of Windcat impact SEACOR Marine's finances?

The sale of Windcat provided approximately US$42.6 million in net cash, with a recognized gain of about US$22.8 million.

What factors affected SEACOR Marine's performance in Q4 2020?

The ongoing COVID-19 pandemic resulted in low utilization rates and increased operational expenses.

What is the average dayrate for SEACOR Marine's vessels in Q4 2020?

The average dayrate was $10,931, a slight increase from $10,846 in Q4 2019.

What is SEACOR Marine's strategy moving forward?

The company is focusing on recovery as commodity prices rise and is enhancing its fleet sustainability with hybrid technology.