Yahoo Finance SEACOR Marine Announces First Quarter 2021 Results
HOUSTON, May 06, 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 first quarter ended March 31, 2021.
Chief Executive Officer John Gellert provided the following statement: “SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.”
SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the first quarter of 2021, the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, the first quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020. For the fourth quarter of 2020 the net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).
Notable first quarter items include:
Operating results in the first quarter reflect continued improvement in market conditions across all international regions.
Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses.
Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.
After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by £20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).
___________________
(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 4 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 March 31, | |||||||
2021 | 2020 | ||||||
Operating Revenues | $ | 36,512 | $ | 35,667 | |||
Costs and Expenses: | |||||||
Operating | 26,307 | 20,735 | |||||
Administrative and general | 8,611 | 9,394 | |||||
Lease expense | 1,078 | 3,325 | |||||
Depreciation and amortization | 14,798 | 13,362 | |||||
50,794 | 46,816 | ||||||
Loss on Asset Dispositions and Impairments, Net | (2,273 | ) | (12,572 | ) | |||
Operating Loss | (16,555 | ) | (23,721 | ) | |||
Other Income (Expense): | |||||||
Interest income | 986 | 662 | |||||
Interest expense | (8,018 | ) | (7,374 | ) | |||
SEACOR Holdings guarantee fees | (7 | ) | (16 | ) | |||
Derivative gains, net | 355 | 5,114 | |||||
Foreign currency (losses) gains, net | (466 | ) | 710 | ||||
(7,150 | ) | (904 | ) | ||||
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (23,705 | ) | (24,625 | ) | |||
Income Tax Benefit | (2,688 | ) | (6,662 | ) | |||
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (21,017 | ) | (17,963 | ) | |||
Equity in Earnings of 50% or Less Owned Companies | 4,103 | 25 | |||||
Loss from Continuing Operations | (16,914 | ) | (17,938 | ) | |||
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) | 22,925 | (2,054 | ) | ||||
Net Income (Loss) | 6,011 | (19,992 | ) | ||||
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries | — | (4,047 | ) | ||||
Net Income (Loss) attributable to SEACOR Marine Holdings Inc. | $ | 6,011 | $ | (15,945 | ) | ||
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. | |||||||
Continuing operations | $ | (0.67 | ) | $ | (0.58 | ) | |
Discontinued operations | 0.91 | (0.08 | ) | ||||
$ | 0.24 | $ | (0.66 | ) | |||
Weighted Average Common Shares and Warrants Outstanding: | |||||||
Basic and diluted shares | 25,304,661 | 23,989,029 | |||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average Rates Per Day | $ | 11,323 | $ | 10,931 | $ | 11,052 | $ | 10,746 | $ | 10,886 | ||||||||||
Fleet Utilization | 55 | % | 51 | % | 54 | % | 57 | % | 57 | % | ||||||||||
Fleet Available Days | 5,505 | 5,824 | 5,807 | 5,258 | 5,361 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 34,290 | $ | 32,693 | $ | 34,824 | $ | 32,389 | $ | 33,549 | ||||||||||
Bareboat charter | 729 | 732 | 677 | 723 | 724 | |||||||||||||||
Other marine services | 1,493 | 2,619 | 700 | 813 | 1,394 | |||||||||||||||
36,512 | 36,044 | 36,201 | 33,925 | 35,667 | ||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 13,418 | 13,057 | 13,401 | 10,704 | 11,186 | |||||||||||||||
Repairs and maintenance | 3,840 | 3,445 | 3,764 | 3,612 | 3,840 | |||||||||||||||
Drydocking | 2,217 | 1,753 | 585 | 566 | 1,365 | |||||||||||||||
Insurance and loss reserves | 1,958 | 1,670 | 1,764 | 1,489 | 840 | |||||||||||||||
Fuel, lubes and supplies | 2,202 | 2,081 | 2,131 | 2,075 | 1,841 | |||||||||||||||
Other | 2,672 | 3,556 | 3,074 | 1,682 | 1,664 | |||||||||||||||
26,307 | 25,562 | 24,719 | 20,128 | 20,736 | ||||||||||||||||
Direct Vessel Profit (1) | 10,205 | 10,482 | 11,482 | 13,797 | 14,931 | |||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | 1,078 | 1,798 | 1,200 | 1,202 | 3,325 | |||||||||||||||
Administrative and general | 8,611 | 8,556 | 8,861 | 13,241 | 9,393 | |||||||||||||||
Depreciation and amortization | 14,798 | 15,247 | 14,833 | 13,725 | 13,362 | |||||||||||||||
24,487 | 25,601 | 24,894 | 28,168 | 26,080 | ||||||||||||||||
(Losses) Gains on Asset Dispositions and Impairments, Net | (2,273 | ) | (1,796 | ) | 233 | (3,453 | ) | (12,572 | ) | |||||||||||
Operating Loss | (16,555 | ) | (16,915 | ) | (13,179 | ) | (17,824 | ) | (23,721 | ) | ||||||||||
Other Income (Expense): | ||||||||||||||||||||
Interest income | 986 | 61 | 34 | 516 | 662 | |||||||||||||||
Interest expense | (8,018 | ) | (8,288 | ) | (8,312 | ) | (6,717 | ) | (7,374 | ) | ||||||||||
SEACOR Holdings guarantee fees | (7 | ) | (11 | ) | (11 | ) | (9 | ) | (16 | ) | ||||||||||
Derivative losses (gains), net | 355 | (894 | ) | 5 | 85 | 5,114 | ||||||||||||||
Foreign currency gains, net | (466 | ) | (1,286 | ) | (911 | ) | 193 | 710 | ||||||||||||
Other, net | — | (19 | ) | — | — | — | ||||||||||||||
(7,150 | ) | (10,437 | ) | (9,195 | ) | (5,932 | ) | (904 | ) | |||||||||||
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies | (23,705 | ) | (27,352 | ) | (22,374 | ) | (23,756 | ) | (24,625 | ) | ||||||||||
Income Tax (Benefit) Expense | (2,688 | ) | 1,865 | (3,120 | ) | (15,007 | ) | (6,662 | ) | |||||||||||
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (21,017 | ) | (29,217 | ) | (19,254 | ) | (8,749 | ) | (17,963 | ) | ||||||||||
Equity in Earnings (Losses) of 50% or Less Owned Companies | 4,103 | (9,681 | ) | (588 | ) | 2,081 | 25 | |||||||||||||
Loss from Continuing Operations | (16,914 | ) | (38,898 | ) | (19,842 | ) | (6,668 | ) | (17,938 | ) | ||||||||||
Income (Loss) from Discontinued Operations, Net of Tax | 22,925 | 51 | 1,765 | 602 | (2,054 | ) | ||||||||||||||
Net Income (Loss) | 6,011 | (38,847 | ) | (18,077 | ) | (6,066 | ) | (19,992 | ) | |||||||||||
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries | — | (31 | ) | 4 | 7 | (4,047 | ) | |||||||||||||
Net Income (Loss) attributable to SEACOR Marine Holdings Inc. | $ | 6,011 | $ | (38,816 | ) | $ | (18,081 | ) | $ | (6,073 | ) | $ | (15,945 | ) | ||||||
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc. | ||||||||||||||||||||
Continuing operations | $ | (0.67 | ) | $ | (1.54 | ) | $ | (0.79 | ) | $ | (0.26 | ) | $ | (0.58 | ) | |||||
Discontinued operations | 0.91 | — | 0.07 | 0.02 | (0.08 | ) | ||||||||||||||
$ | 0.24 | $ | (1.54 | ) | $ | (0.72 | ) | $ | (0.24 | ) | $ | (0.66 | ) | |||||||
Weighted Average Common Shares and Warrants Outstanding: | ||||||||||||||||||||
Basic and Diluted | 25,305 | 25,265 | 24,989 | 24,851 | 23,989 | |||||||||||||||
Common Shares and Warrants Outstanding at Period End | 25,683 | 24,919 | 24,996 | 24,899 | 24,854 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)
Three Months Ended | ||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
United States, primarily Gulf of Mexico | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 15,910 | $ | 18,405 | $ | 19,397 | $ | 15,574 | $ | 20,988 | ||||||||||
Fleet utilization | 6 | % | 7 | % | 5 | % | 5 | % | 11 | % | ||||||||||
Fleet available days | 1,518 | 1,797 | 1,871 | 1,842 | 1,864 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 67 | 45 | 37 | 32 | 116 | |||||||||||||||
Out-of-service days for cold-stacked status | 1,270 | 1,472 | 1,576 | 1,465 | 1,301 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 1,489 | $ | 2,352 | $ | 1,668 | $ | 1,478 | $ | 4,375 | ||||||||||
Bareboat charter | 729 | 732 | 731 | 723 | 724 | |||||||||||||||
Other marine services | 546 | 794 | 473 | 513 | 642 | |||||||||||||||
2,764 | 3,878 | 2,872 | 2,714 | 5,741 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 1,744 | 2,372 | 2,481 | 2,284 | 2,928 | |||||||||||||||
Repairs and maintenance | 654 | 386 | 338 | 314 | 617 | |||||||||||||||
Drydocking | 875 | — | — | 110 | 1,057 | |||||||||||||||
Insurance and loss reserves | 527 | 507 | 778 | 354 | 135 | |||||||||||||||
Fuel, lubes and supplies | 199 | 208 | 251 | 189 | 524 | |||||||||||||||
Other | 77 | 116 | 85 | 93 | 79 | |||||||||||||||
4,076 | 3,589 | 3,933 | 3,344 | 5,340 | ||||||||||||||||
Direct Vessel (Loss) Profit (1) | $ | (1,312 | ) | $ | 289 | $ | (1,061 | ) | $ | (630 | ) | $ | 401 | |||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 664 | $ | 677 | $ | 716 | $ | 741 | $ | 2,138 | ||||||||||
Depreciation and amortization | 4,164 | 5,854 | 4,961 | 5,254 | 5,358 | |||||||||||||||
Africa and Europe, Continuing Operations | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 11,356 | $ | 10,837 | $ | 10,801 | $ | 10,918 | $ | 10,856 | ||||||||||
Fleet utilization | 68 | % | 61 | % | 68 | % | 86 | % | 90 | % | ||||||||||
Fleet available days | 1,356 | 1,472 | 1,472 | 1,395 | 1,437 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 78 | 138 | 45 | 90 | 56 | |||||||||||||||
Out-of-service days for cold-stacked status | 346 | 368 | 216 | — | — | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 10,502 | $ | 9,796 | $ | 10,861 | $ | 13,055 | $ | 14,010 | ||||||||||
Bareboat charter | — | — | (54 | ) | — | — | ||||||||||||||
Other marine services | (269 | ) | 343 | (279 | ) | (382 | ) | 184 | ||||||||||||
10,233 | 10,139 | 10,528 | 12,673 | 14,194 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 3,220 | 3,510 | 3,407 | 3,248 | 3,232 | |||||||||||||||
Repairs and maintenance | 1,191 | 1,437 | 1,158 | 1,463 | 1,585 | |||||||||||||||
Drydocking | 304 | 1,269 | 481 | 256 | 8 | |||||||||||||||
Insurance and loss reserves | 433 | 512 | 397 | 600 | 297 | |||||||||||||||
Fuel, lubes and supplies | 572 | 853 | 1,091 | 799 | 517 | |||||||||||||||
Other | 579 | (674 | ) | 774 | 647 | 596 | ||||||||||||||
6,299 | 6,907 | 7,308 | 7,013 | 6,235 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 3,934 | $ | 3,232 | $ | 3,220 | $ | 5,660 | $ | 7,959 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 356 | $ | 1,056 | $ | 430 | $ | 420 | $ | 1,133 | ||||||||||
Depreciation and amortization | 3,307 | 2,964 | 3,784 | 3,600 | 3,315 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
Three Months Ended | ||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
Middle East and Asia | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 9,308 | $ | 9,455 | $ | 9,670 | $ | 10,245 | $ | 9,634 | ||||||||||
Fleet utilization | 73 | % | 75 | % | 78 | % | 82 | % | 73 | % | ||||||||||
Fleet available days | 1,852 | 1,840 | 1,809 | 1,613 | 1,671 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 115 | 68 | 89 | 113 | 200 | |||||||||||||||
Out-of-service days for cold-stacked status | 239 | 169 | 76 | 61 | 48 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 12,575 | $ | 13,008 | $ | 13,672 | $ | 13,605 | $ | 11,767 | ||||||||||
Other marine services | 360 | 927 | 296 | 514 | 420 | |||||||||||||||
12,935 | 13,935 | 13,968 | 14,119 | 12,187 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 5,208 | 5,411 | 5,171 | 3,795 | 3,811 | |||||||||||||||
Repairs and maintenance | 903 | 842 | 1,564 | 1,580 | 1,246 | |||||||||||||||
Drydocking | 1,066 | 41 | 104 | 200 | 414 | |||||||||||||||
Insurance and loss reserves | 702 | 501 | 451 | 430 | 339 | |||||||||||||||
Fuel, lubes and supplies | 559 | 604 | 482 | 955 | 665 | |||||||||||||||
Other | 1,144 | 3,618 | 1,771 | 819 | 683 | |||||||||||||||
9,582 | 11,017 | 9,543 | 7,779 | 7,158 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 3,353 | $ | 2,918 | $ | 4,425 | $ | 6,340 | $ | 5,029 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 22 | $ | 47 | $ | 46 | $ | 32 | $ | 45 | ||||||||||
Depreciation and amortization | 4,710 | 4,505 | 4,379 | 3,921 | 3,790 | |||||||||||||||
Latin America | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 14,751 | $ | 12,921 | $ | 13,355 | $ | 10,752 | $ | 9,397 | ||||||||||
Fleet utilization | 85 | % | 82 | % | 99 | % | 97 | % | 93 | % | ||||||||||
Fleet available days | 779 | 716 | 655 | 408 | 389 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 94 | 66 | 7 | — | 3 | |||||||||||||||
Out-of-service days for cold-stacked status | — | — | — | — | — | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 9,724 | $ | 7,538 | $ | 8,621 | $ | 4,251 | $ | 3,396 | ||||||||||
Bareboat charter | — | — | — | — | — | |||||||||||||||
Other marine services | 856 | 555 | 212 | 168 | 149 | |||||||||||||||
10,580 | 8,093 | 8,833 | 4,419 | 3,545 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 3,246 | 1,764 | 2,342 | 1,377 | 1,215 | |||||||||||||||
Repairs and maintenance | 1,092 | 780 | 704 | 255 | 392 | |||||||||||||||
Drydocking | (28 | ) | 443 | — | — | (114 | ) | |||||||||||||
Insurance and loss reserves | 296 | 150 | 138 | 105 | 69 | |||||||||||||||
Fuel, lubes and supplies | 872 | 416 | 307 | 132 | 135 | |||||||||||||||
Other | 872 | 497 | 444 | 123 | 305 | |||||||||||||||
6,350 | 4,050 | 3,935 | 1,992 | 2,002 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 4,230 | $ | 4,043 | $ | 4,898 | $ | 2,427 | $ | 1,543 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 36 | $ | 18 | $ | 9 | $ | 9 | $ | 9 | ||||||||||
Depreciation and amortization | 2,617 | 1,924 | 1,708 | 950 | 899 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)
Three Months Ended | ||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
Anchor handling towing supply | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 7,778 | $ | 7,967 | $ | 7,388 | $ | 8,383 | $ | 8,012 | ||||||||||
Fleet utilization | 67 | % | 44 | % | 54 | % | 43 | % | 39 | % | ||||||||||
Fleet available days | 540 | 641 | 644 | 667 | 709 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | — | 133 | 21 | 76 | 74 | |||||||||||||||
Out-of-service days for cold-stacked status | 180 | 228 | 276 | 273 | 273 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 2,801 | $ | 2,236 | $ | 2,564 | $ | 2,413 | $ | 2,225 | ||||||||||
Other marine services | (130 | ) | 433 | (147 | ) | (137 | ) | 559 | ||||||||||||
2,671 | 2,669 | 2,417 | 2,276 | 2,784 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 984 | 1,149 | 950 | 853 | 892 | |||||||||||||||
Repairs and maintenance | 241 | 542 | 432 | 679 | 408 | |||||||||||||||
Drydocking | 54 | 847 | (2 | ) | (19 | ) | 22 | |||||||||||||
Insurance and loss reserves | 194 | 199 | 139 | 159 | 45 | |||||||||||||||
Fuel, lubes and supplies | 139 | 258 | 148 | 168 | 216 | |||||||||||||||
Other | 270 | 535 | 370 | 341 | 259 | |||||||||||||||
1,882 | 3,530 | 2,037 | 2,181 | 1,842 | ||||||||||||||||
Direct Vessel Profit (Loss) (1) | $ | 789 | $ | (861 | ) | $ | 380 | $ | 95 | $ | 942 | |||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 400 | $ | 1,127 | $ | 505 | $ | 518 | $ | 1,216 | ||||||||||
Depreciation and amortization | 494 | 494 | 495 | 500 | 561 | |||||||||||||||
Fast support | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 7,888 | $ | 8,074 | $ | 8,421 | $ | 8,590 | $ | 8,472 | ||||||||||
Fleet utilization | 61 | % | 60 | % | 63 | % | 72 | % | 76 | % | ||||||||||
Fleet available days | 2,207 | 2,300 | 2,300 | 2,426 | 2,521 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 182 | 155 | 71 | 137 | 156 | |||||||||||||||
Out-of-service days for cold-stacked status | 584 | 549 | 421 | 285 | 273 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 10,657 | $ | 11,151 | $ | 12,212 | $ | 15,078 | $ | 16,284 | ||||||||||
Bareboat charter | 729 | 732 | 731 | 723 | 724 | |||||||||||||||
Other marine services | (218 | ) | (283 | ) | (256 | ) | (372 | ) | (355 | ) | ||||||||||
11,168 | 11,600 | 12,687 | 15,429 | 16,653 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 4,041 | 4,409 | 4,180 | 4,166 | 4,659 | |||||||||||||||
Repairs and maintenance | 1,535 | 1,604 | 1,642 | 1,922 | 2,278 | |||||||||||||||
Drydocking | 1,178 | 912 | 587 | 274 | 36 | |||||||||||||||
Insurance and loss reserves | 466 | 471 | 353 | 304 | 332 | |||||||||||||||
Fuel, lubes and supplies | 726 | 836 | 1,180 | 904 | ||||||||||||||||
Other | 1,141 | 2,085 | 1,489 | 1,203 | 1,000 | |||||||||||||||
9,087 | 10,317 | 9,227 | 9,049 | 9,209 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 2,081 | $ | 1,283 | $ | 3,460 | $ | 6,380 | $ | 7,444 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 352 | $ | 352 | $ | 351 | $ | 352 | $ | 352 | ||||||||||
Depreciation and amortization | 5,096 | 5,113 | 5,105 | 5,405 | 5,118 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended | ||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
Supply | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 12,110 | $ | 11,373 | $ | 11,355 | $ | 8,477 | $ | 7,360 | ||||||||||
Fleet utilization | 63 | % | 63 | % | 74 | % | 83 | % | 79 | % | ||||||||||
Fleet available days | 1,319 | 1,360 | 1,257 | 527 | 433 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 105 | 12 | 23 | 13 | 3 | |||||||||||||||
Out-of-service days for cold-stacked status | 315 | 353 | 229 | 61 | — | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 10,082 | $ | 9,714 | $ | 10,541 | $ | 3,713 | $ | 2,520 | ||||||||||
Bareboat charter | — | — | (55 | ) | — | — | ||||||||||||||
Other marine services | 346 | 482 | 92 | (53 | ) | (69 | ) | |||||||||||||
10,428 | 10,196 | 10,578 | 3,660 | 2,451 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 4,158 | 3,364 | 3,821 | 1,591 | 1,206 | |||||||||||||||
Repairs and maintenance | 1,135 | 735 | 968 | 375 | 348 | |||||||||||||||
Drydocking | 110 | (2 | ) | — | 197 | — | ||||||||||||||
Insurance and loss reserves | 474 | 238 | 230 | 106 | 67 | |||||||||||||||
Fuel, lubes and supplies | 1,003 | 622 | 601 | 219 | 119 | |||||||||||||||
Other | 880 | 1,205 | 1,022 | 246 | 397 | |||||||||||||||
7,760 | 6,162 | 6,642 | 2,734 | 2,137 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 2,668 | $ | 4,034 | $ | 3,936 | $ | 926 | $ | 314 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Depreciation and amortization | 2,977 | 3,060 | 2,673 | 1,000 | 787 | |||||||||||||||
Specialty | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 1,890 | $ | 2,025 | $ | 2,025 | $ | 2,025 | $ | 1,982 | ||||||||||
Fleet utilization | 100 | % | 100 | % | 69 | % | 50 | % | 38 | % | ||||||||||
Fleet available days | 90 | 92 | 134 | 182 | 242 | |||||||||||||||
Out-of-service days for cold-stacked status | — | — | 42 | 91 | 139 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 170 | 187 | 187 | 184 | 180 | ||||||||||||||
Other marine services | 12 | 1 | (9 | ) | (10 | ) | (19 | ) | ||||||||||||
182 | 188 | 178 | 174 | 161 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 89 | 69 | 72 | 47 | 85 | |||||||||||||||
Repairs and maintenance | 8 | 34 | 51 | 102 | 103 | |||||||||||||||
Drydocking | — | (3 | ) | - | - | - | ||||||||||||||
Insurance and loss reserves | 4 | (2 | ) | 13 | 16 | 20 | ||||||||||||||
Fuel, lubes and supplies | 8 | 3 | (2 | ) | 8 | 26 | ||||||||||||||
Other | 26 | 18 | 56 | 90 | 111 | |||||||||||||||
135 | 119 | 190 | 263 | 345 | ||||||||||||||||
Direct Vessel Profit (Loss) (1) | $ | 47 | $ | 69 | $ | (12 | ) | $ | (89 | ) | $ | (184 | ) | |||||||
Other Costs and Expenses: | ||||||||||||||||||||
Depreciation and amortization | $ | — | $ | 1,541 | $ | 89 | $ | 189 | $ | 206 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended | ||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
Liftboats | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 26,792 | $ | 24,561 | $ | 27,947 | $ | 24,894 | $ | 27,513 | ||||||||||
Fleet utilization | 29 | % | 27 | % | 23 | % | 30 | % | 31 | % | ||||||||||
Fleet available days | 1,350 | 1,432 | 1,472 | 1,456 | 1,456 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 67 | 18 | 64 | 9 | 141 | |||||||||||||||
Out-of-service days for cold-stacked status | 776 | 880 | 899 | 816 | 664 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 10,580 | $ | 9,406 | $ | 9,319 | $ | 11,001 | $ | 12,339 | ||||||||||
Other marine services | 797 | 395 | 316 | 306 | 250 | |||||||||||||||
11,377 | 9,801 | 9,635 | 11,307 | 12,589 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 3,806 | 3,742 | 3,963 | 3,545 | 4,097 | |||||||||||||||
Repairs and maintenance | 894 | 524 | 624 | 407 | 650 | |||||||||||||||
Drydocking | 875 | (1 | ) | — | 111 | 1,307 | ||||||||||||||
Insurance and loss reserves | 719 | 690 | 1,055 | 893 | 679 | |||||||||||||||
Fuel, lubes and supplies | 320 | 349 | 370 | 343 | 490 | |||||||||||||||
Other | 677 | 1,642 | 538 | 219 | 147 | |||||||||||||||
7,291 | 6,946 | 6,550 | 5,518 | 7,370 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 4,086 | $ | 2,855 | $ | 3,085 | $ | 5,789 | $ | 5,219 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 12 | $ | 19 | $ | 31 | $ | 44 | $ | 1,497 | ||||||||||
Depreciation and amortization | 5,659 | 6,009 | 5,980 | 6,081 | 6,128 | |||||||||||||||
Other Activity | ||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Other marine services | $ | 686 | $ | 1,591 | $ | 720 | $ | 1,056 | $ | 1,029 | ||||||||||
686 | 1,591 | 720 | 1,056 | 1,029 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 340 | 324 | 415 | 502 | 247 | |||||||||||||||
Repairs and maintenance | 27 | 6 | 47 | 128 | 53 | |||||||||||||||
Insurance and loss reserves | 101 | 74 | (26 | ) | 11 | (303 | ) | |||||||||||||
Fuel, lubes and supplies | 6 | 13 | 38 | 157 | 86 | |||||||||||||||
Other | (322 | ) | (1,928 | ) | (401 | ) | (417 | ) | (251 | ) | ||||||||||
152 | (1,511 | ) | 73 | 381 | (168 | ) | ||||||||||||||
Direct Vessel Profit (1) | $ | 534 | $ | 3,102 | $ | 647 | $ | 675 | $ | 1,197 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 314 | $ | 300 | $ | 335 | $ | 241 | $ | 260 | ||||||||||
Depreciation and amortization | 572 | (970 | ) | 545 | 553 | 562 | ||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Current Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 68,409 | $ | 32,666 | $ | 42,314 | $ | 51,888 | $ | 67,441 | ||||||||||
Restricted cash | 3,352 | 3,352 | 3,352 | 3,352 | 3,353 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Trade, net of allowance for doubtful accounts | 42,680 | 45,325 | 48,294 | 52,169 | 43,602 | |||||||||||||||
Other | 11,265 | 10,924 | 18,365 | 13,814 | 27,249 | |||||||||||||||
Receivables from SEACOR Holdings | 19,332 | 18,832 | 18,814 | 14,394 | — | |||||||||||||||
Tax Receivable | 1,498 | 13,556 | 11,770 | — | — | |||||||||||||||
Inventories | 572 | 576 | 573 | 1,409 | 1,575 | |||||||||||||||
Prepaid expenses and other | 2,326 | 3,230 | 3,438 | 2,835 | 2,092 | |||||||||||||||
Other Current Assets | 423 | — | — | — | — | |||||||||||||||
Discontinued operations | — | 50,235 | 46,768 | 44,616 | 54,182 | |||||||||||||||
Total current assets | 149,857 | 178,696 | 193,688 | 184,477 | 199,494 | |||||||||||||||
Property and Equipment: | ||||||||||||||||||||
Historical cost | 1,000,430 | 1,012,873 | 996,370 | 987,741 | 857,118 | |||||||||||||||
Accumulated depreciation | (297,792 | ) | (291,538 | ) | (280,468 | ) | (271,097 | ) | (264,365 | ) | ||||||||||
702,638 | 721,335 | 715,902 | 716,644 | 592,753 | ||||||||||||||||
Construction in progress | 32,530 | 32,327 | 51,969 | 52,456 | 49,186 | |||||||||||||||
Net property and equipment | 735,168 | 753,662 | 767,871 | 769,100 | 641,939 | |||||||||||||||
Right-of-Use Asset - Operating Leases | 7,046 | 7,134 | 7,670 | 8,148 | 8,286 | |||||||||||||||
Right-of-Use Asset - Finance Lease | 121 | 129 | 137 | — | — | |||||||||||||||
Investments, at Equity, and Advances to 50% or Less Owned Companies | 79,000 | 75,308 | 84,701 | 87,177 | 109,844 | |||||||||||||||
Construction Reserve Funds | — | — | — | — | 3,745 | |||||||||||||||
Other Assets | 2,624 | 2,734 | 3,108 | 3,200 | 3,227 | |||||||||||||||
$ | 973,816 | $ | 1,017,663 | $ | 1,057,175 | $ | 1,052,102 | $ | 966,535 | |||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||
Current Liabilities: | ||||||||||||||||||||
Current portion of operating lease liabilities | $ | 5,139 | $ | 7,030 | $ | 9,446 | $ | 11,579 | $ | 13,167 | ||||||||||
Current lease liability - Finance | 46 | 36 | 27 | - | — | |||||||||||||||
Current portion of long-term debt | 34,888 | 32,377 | 52,108 | 51,793 | 37,084 | |||||||||||||||
Accounts payable and accrued expenses | 21,428 | 29,967 | 28,888 | 21,323 | 30,064 | |||||||||||||||
Due to SEACOR Holdings | — | — | — | — | 66 | |||||||||||||||
Other current liabilities | 29,719 | 31,467 | 29,548 | 29,642 | 29,154 | |||||||||||||||
Discontinued operations | — | 30,927 | 28,555 | 28,882 | 27,392 | |||||||||||||||
Total current liabilities | 91,220 | 131,804 | 148,572 | 143,219 | 136,927 | |||||||||||||||
Long-Term Operating Lease Liabilities | 4,778 | 4,345 | 5,239 | 6,067 | 7,352 | |||||||||||||||
Long-Term Finance Lease Liabilities | 97 | 105 | 113 | — | — | |||||||||||||||
Long-Term Debt | 431,849 | 440,510 | 426,711 | 422,569 | 333,121 | |||||||||||||||
Conversion Option Liability on Convertible Senior Notes | 37 | 2 | 1 | 6 | 91 | |||||||||||||||
Deferred Income Taxes | 31,766 | 35,822 | 36,075 | 23,740 | 25,793 | |||||||||||||||
Deferred Gains and Other Liabilities | 4,910 | 3,239 | 3,810 | 5,137 | 7,940 | |||||||||||||||
Total liabilities | 564,657 | 615,827 | 620,521 | 600,738 | 511,224 | |||||||||||||||
Equity: | ||||||||||||||||||||
SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
Common stock | 243 | 235 | 235 | 232 | 231 | |||||||||||||||
Additional paid-in capital | 452,290 | 451,179 | 450,320 | 449,116 | 447,425 | |||||||||||||||
(Accumulated Deficit) Retained earnings | (50,029 | ) | (51,839 | ) | (13,023 | ) | 5,058 | 11,131 | ||||||||||||
Shares held in treasury | (1,110 | ) | (848 | ) | (848 | ) | (847 | ) | (844 | ) | ||||||||||
Accumulated other comprehensive loss, net of tax | 7,446 | 2,790 | (380 | ) | (2,541 | ) | (2,971 | ) | ||||||||||||
408,840 | 401,517 | 436,304 | 451,018 | 454,972 | ||||||||||||||||
Noncontrolling interests in subsidiaries | 319 | 319 | 350 | 346 | 339 | |||||||||||||||
Total equity | 409,159 | 401,836 | 436,654 | 451,364 | 455,311 | |||||||||||||||
$ | 973,816 | $ | 1,017,663 | $ | 1,057,175 | $ | 1,052,102 | $ | 966,535 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended | ||||||||||||||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | ||||||||||||||||
Cash Flows from Continuing Operating Activities: | ||||||||||||||||||||
Net Income (Loss) | $ | 6,011 | $ | (38,922 | ) | $ | (19,818 | ) | $ | (6,668 | ) | $ | (17,938 | ) | ||||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||||||||||||
Depreciation and amortization | 14,798 | 15,247 | 14,833 | 13,725 | 13,362 | |||||||||||||||
Deferred financing costs amortization | 260 | 266 | 278 | 284 | 279 | |||||||||||||||
Amortization of employee share awards | 1,111 | 859 | 1,204 | 937 | 1,069 | |||||||||||||||
Restricted stock vesting | (262 | ) | — | — | (3 | ) | (175 | ) | ||||||||||||
Director share awards | — | — | — | 755 | — | |||||||||||||||
Debt discount amortization | 1,892 | 1,917 | 1,797 | 1,480 | 1,478 | |||||||||||||||
Bad debt recoveries (expense) | 24 | (146 | ) | 185 | 271 | (80 | ) | |||||||||||||
Loss from equipment sales, retirements or impairments | 2,273 | 1,796 | (233 | ) | 3,453 | 12,572 | ||||||||||||||
Gain on the Sale of Windcat Workboats | (22,756 | ) | — | — | — | — | ||||||||||||||
Derivative (gains) losses | (355 | ) | 894 | (5 | ) | (85 | ) | (5,114 | ) | |||||||||||
Cash settlement payments on derivative transactions, net | (919 | ) | (441 | ) | (426 | ) | (265 | ) | (199 | ) | ||||||||||
Currency losses (gains) | 466 | 1,286 | 911 | (193 | ) | (710 | ) | |||||||||||||
Deferred income taxes | (4,056 | ) | (254 | ) | 12,333 | (2,053 | ) | (7,768 | ) | |||||||||||
Equity (Earnings) Losses | (4,103 | ) | 9,681 | 588 | (2,081 | ) | (25 | ) | ||||||||||||
Dividends received from equity investees | — | — | 2,117 | — | — | |||||||||||||||
Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
Accounts receivables | 11,345 | 7,668 | (17,737 | ) | (8,326 | ) | (11,770 | ) | ||||||||||||
Other assets | 1,192 | 604 | 656 | 6,163 | (893 | ) | ||||||||||||||
Accounts payable and accrued liabilities | (10,296 | ) | (2,806 | ) | 886 | (21,197 | ) | 4,774 | ||||||||||||
Net cash used in operating activities | (3,375 | ) | (2,351 | ) | (2,431 | ) | (13,803 | ) | (11,138 | ) | ||||||||||
Cash Flows from Continuing Investing Activities: | ||||||||||||||||||||
Purchases of property and equipment | (2,724 | ) | (2,500 | ) | (2,833 | ) | (7,019 | ) | (8,456 | ) | ||||||||||
Proceeds from disposition of property and equipment | 3,266 | — | 3,539 | 14,030 | 3,105 | |||||||||||||||
Proceeds from Sale of WWH, net cash sold | 38,715 | — | — | — | — | |||||||||||||||
Construction reserve funds transferred to short-term cash | — | — | — | 3,745 | — | |||||||||||||||
Purchase of subsidiary from joint venture | — | — | — | (8,445 | ) | — | ||||||||||||||
Construction reserve funds used | — | — | — | — | 9,148 | |||||||||||||||
Net investing activities in property and equipment | 39,257 | (2,500 | ) | 706 | 2,311 | 3,797 | ||||||||||||||
Investments in and advances to 50% or less owned companies | (736 | ) | (1,248 | ) | (713 | ) | — | (245 | ) | |||||||||||
Principal payments on notes due from equity investees | 919 | 1,225 | 490 | — | — | |||||||||||||||
Net cash provided by (used in) investing activities | 39,440 | (2,523 | ) | 483 | 2,311 | 3,552 | ||||||||||||||
Cash Flows from Continuing Financing Activities: | ||||||||||||||||||||
Payments on long-term debt | (8,302 | ) | (5,780 | ) | (8,246 | ) | (3,506 | ) | (5,069 | ) | ||||||||||
Proceeds from issuance of debt, net of offering costs | — | 1 | (1 | ) | — | — | ||||||||||||||
Interest on Finance Lease | 2 | 1 | — | — | — | |||||||||||||||
Proceeds from exercise of stock options and Warrants | 8 | — | 2 | — | — | |||||||||||||||
Net cash used in financing activities | (8,292 | ) | (5,778 | ) | (8,245 | ) | (3,506 | ) | (5,069 | ) | ||||||||||
Effects of Exchange Rate Changes on Cash and Cash Equivalents | 4,621 | 1,004 | 619 | (557 | ) | (1,037 | ) | |||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | 32,394 | (9,648 | ) | (9,574 | ) | (15,554 | ) | (13,692 | ) | |||||||||||
Cash Flows from Discontinued Operations | ||||||||||||||||||||
Operating Activities | (171 | ) | 1,895 | 1,518 | 2,255 | 2,549 | ||||||||||||||
Investing Activities | — | (1,436 | ) | (2,527 | ) | (1,567 | ) | (2,788 | ) | |||||||||||
Financing Activities | — | — | 1,090 | 4 | (153 | ) | ||||||||||||||
Effects of FX Rate Changes on Cash and Cash Equivalents | — | 196 | (26 | ) | 339 | (390 | ) | |||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations: | (171 | ) | 655 | 55 | 1,031 | (782 | ) | |||||||||||||
Net Change in Cash, Cash Equivalents and Restricted Cash | 32,223 | (8,993 | ) | (9,519 | ) | (14,523 | ) | (14,474 | ) | |||||||||||
Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 39,538 | 48,531 | 58,050 | 72,573 | 87,047 | |||||||||||||||
Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 71,761 | $ | 39,538 | $ | 48,531 | $ | 58,050 | $ | 72,573 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
Owned | Joint Ventured | Leased-in | Managed | Total | ||||||
March 31, 2021 | ||||||||||
AHTS | 4 | — | 2 | — | 6 | |||||
FSV | 24 | 5 | 1 | 1 | 31 | |||||
Supply | 14 | 26 | — | — | 40 | |||||
Specialty (1) | 1 | 3 | — | — | 4 | |||||
Liftboats | 14 | — | 1 | — | 15 | |||||
57 | 34 | 4 | 1 | 96 | ||||||
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 | ||||||
(1) One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of March 31, 2021.
