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Seacor Marine Announces Fourth Quarter 2020 Results
ソース: Nasdaq GlobeNewswire / 11 3 2021 17:38:11 America/New_York
HOUSTON, March 11, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter and full year ended December 31, 2020.
Notable fourth quarter items include:
- Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (“Windcat”) and its crew transfer business with the transaction closing on January 12, 2021. SEACOR Marine received net cash proceeds of approximately US$42.6 million. The buyer also assumed all of the approximately GBP£20.4 million of debt outstanding under Windcat’s existing revolving credit facility. SEACOR Marine recognized a gain on the sale of approximately US$22.8 million, which will be reflected in SEACOR Marine’s financial results for the first quarter of 2021.
- Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019.
- $9.7 million in equity in losses of 50% or less owned companies. These losses are mostly non-cash and non-recurring charges in our joint ventures in Latin America as a result of the recognition of losses originating in our investment in UP Offshore in Brazil. These charges will be offset by reduced income tax expense in current and future periods.
- Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system. This was the last vessel delivery of the eight modern platform supply vessels acquired in connection with our SEACOSCO transaction. The vessel commenced a long-term charter in December. The average age for the Company’s owned fleet is now seven years, one of the youngest in the industry.
- The COVID-19 pandemic has continued to impact revenues and costs for the fourth quarter of 2020. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.
As a result of the announced sale of Windcat, SEACOR Marine classified the Windcat crew transfer assets as held for sale as of December 31, 2020. All of the results presented for all periods exclude the Windcat operations, which are classified as discontinued operations.
SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (“DVP”)(1) was $10.5 million. This compares to consolidated operating revenues from continuing operations of $42.5 million, operating loss of $10.6 million, and DVP of $19.9 million in the fourth quarter of 2019. The reduction in DVP in the fourth quarter of 2020 was primarily driven by lower revenues in the United States. For the fourth quarter of 2020, net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2019 of $19.5 million ($0.76 loss per basic and diluted share).
Chief Executive Officer John Gellert provided the following comments on SEACOR Marine's fourth quarter results:
I am very pleased with SEACOR Marine’s response to the most challenging year in the current industry cycle and thank all of our employees for their dedication and hard work during extremely difficult conditions in 2020.
The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States, higher expenses in connection with COVID-19 operating protocols, and seasonality.
Utilization for our fleet in the Gulf of Mexico during the fourth quarter was 7%, a slight improvement from 5% in the prior two quarters, but enough to generate positive DVP in the region for the first time since COVID-19 hit. I see this as a good example that marginal improvements will have significant positive impact on our results.
Internationally, revenues and utilization were mostly flat, except for higher out-of-service time. Expenses were $4.9 million higher than in the fourth quarter of 2019, mostly due to increased expenses associated with COVID-19 operating protocols and higher expenses in the Middle East.
Additionally, our results reflect our share of the equity losses in our joint ventures in Latin America primarily in our UP Offshore investment in Brazil. However, I want to note that these are non-recurring and non-cash losses, and will be offset by increased tax savings. Although the investment in UP Offshore has not met our expectations, our joint ventures in Latin America continue to perform well and closed the year generating substantial cash flow.
More broadly, I am optimistic about the future for SEACOR Marine:
- Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021. We are already seeing a welcome increase in inquiries from our customers as they regain confidence to carry out previously deferred capital expenditure plans or consider incremental offshore activity.
- COVID-19 operating protocols are getting clearer and better every day. Although we continue to see high expenses in connection with COVID-19 operating conditions, we also see better coordination in the countries where we operate. These measures, together with the worldwide vaccination campaign underway are positive. Nonetheless, difficulties remain, and we recently joined the Neptune Declaration urging the implementation of certain actions in support of seafarer wellbeing and crew changes.
- Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale. Additionally, we expect to collect more than $30 million in tax refund claims under the CARES Act. We remain committed to managing our balance sheet prudently, including the use of non-recourse debt to efficiently allocate our capital.
- We have a diverse and technologically superior asset base with a dedicated and motivated team of employees. We have continued investing through the entire cycle and taken advantage of the opportunities to rejuvenate and enhance our fleet substantially.
SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy. Among other initiatives, we have established a formal ESG Program, which is complemented by our unique fleet mix that includes liftboat assets that are poised to assist in the development of the U.S. offshore wind market, and modern platform support vessels with hybrid power systems that improve fuel efficiency and reduce emissions. We have been an early adopter of hybrid power vessel technology, with nine systems currently deployed. Additionally, we expect the heightened ESG focus in the industry to increase activity on meeting plug and abandonment, and decommissioning obligations in the Gulf of Mexico, for which our U.S. flag assets are well suited.
Lastly, I would like to acknowledge the crews and shore-based SEACOR Marine employees for their professionalism and commitment to maintaining safe and reliable operations in a difficult environment. They have continued to drive the business forward by providing uninterrupted service to our clients during unprecedented and challenging times.
___________________(1 ) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 5 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data)Three Months Ended December 31, Year ended December 31, 2020 2019 2020 2019 Operating Revenues $ 36,044 $ 42,478 $ 141,837 $ 174,453 Costs and Expenses: Operating 25,562 22,567 91,145 109,523 Administrative and general 8,556 10,577 40,051 39,791 Lease expense 1,798 3,477 7,525 15,840 Depreciation and amortization 15,247 13,733 57,167 57,166 51,163 50,354 195,888 222,320 (Loss) Gain on Asset Dispositions and Impairments, Net (1,796 ) (2,679 ) (17,588 ) (6,461 ) Operating Loss (16,915 ) (10,555 ) (71,639 ) (54,328 ) Other Income (Expense): Interest income 61 546 1,273 1,389 Interest expense (8,288 ) (7,130 ) (30,691 ) (28,956 ) SEACOR Holdings guarantee fees (11 ) (21 ) (47 ) (108 ) Derivative gains (losses), net (894 ) (663 ) 4,310 71 Foreign currency gains, net (1,286 ) (1,657 ) (1,294 ) (2,541 ) Other, net (19 ) (1 ) (19 ) (1 ) (10,437 ) (8,926 ) (26,468 ) (30,146 ) Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies (27,352 ) (19,481 ) (98,107 ) (84,474 ) Income Tax Benefit 1,865 (2,319 ) (22,924 ) (7,969 ) Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies (29,217 ) (17,162 ) (75,183 ) (76,505 ) Equity in Losses of 50% or Less Owned Companies (9,681 ) (2,277 ) (8,163 ) (14,459 ) Loss from Continuing Operations (38,898 ) (19,439 ) (83,346 ) (90,964 ) (Loss) Income on Discontinued Operations, Net of Tax 51 (2,479 ) 364 (7,731 ) Net Loss (38,847 ) (21,918 ) (82,982 ) (98,695 ) Net Loss attributable to Noncontrolling Interests in Subsidiaries (31 ) (1,463 ) (4,067 ) (5,858 ) Net Loss attributable to SEACOR Marine Holdings Inc. $ (38,816 ) $ (20,455 ) $ (78,915 ) $ (92,837 ) Basic and Diluted Loss Per Common Share and Warrants of SEACOR Marine Holdings Inc. Continuing operations $ (1.54 ) $ (0.76 ) $ (3.20 ) $ (3.62 ) Discontinued operations - (0.10 ) 0.02 $ (0.33 ) $ (1.54 ) $ (0.86 ) $ (3.18 ) $ (3.95 ) Weighted Average Common Shares and Warrants Outstanding: Basic and diluted shares 25,265,812 23,831,920 24,785,744 23,513,925 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Mar. 31,
2020Dec. 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019United 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019Middle 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019Europe, 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019Anchor 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019Supply 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019Liftboats 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,
2020Sep. 30,
2020Jun. 30,
2020Mar. 31,
2020Dec. 31,
2019Other 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,
2020Dec. 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 COUNTSOwned 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 
- 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.