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SEACOR Marine Announces Second Quarter 2021 Results
来源: Nasdaq GlobeNewswire / 04 8月 2021 16:41:56 America/New_York
HOUSTON, Aug. 04, 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 second quarter ended June 30, 2021.
SEACOR Marine’s consolidated operating revenues from continuing operations for the second quarter of 2021 were $42.8 million, operating income was $8.4 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $33.9 million, operating loss of $17.8 million, and DVP of $13.8 million in the second quarter of 2020.
Notable second quarter items include:
- Operating results in the second quarter reflect increased levels of activity across all regions, especially in international markets. Increased utilization levels and moderate rate improvements were offset by higher expenses associated with reactivation and repositioning of 10 vessels in our fleet, COVID-19 related expenses including repairs and maintenance previously deferred due to COVID-19 and higher labor and rotation costs. The Company continues to monitor the impact of COVID-19 on its global operations, including the most recent Delta variant.
- Entered into an agreement with Chase to extinguish $117.3 million of debt for a cash payment of $50.0 million, consisting of $25.0 million of cash on hand and $25.0 million of insurance proceeds from the SEACOR Power, resulting in a 25% decrease in Company’s long-term debt.
- Gains on asset dispositions of $22.7 million, primarily due to the recovery of insurance proceeds relating to the SEACOR POWER incident.
For the second quarter of 2021, net income attributable to SEACOR Marine was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to a $22.7 million gain on asset dispositions and a $62.0 million gain on debt extinguishment described above. This compares to a net loss from continuing operations for the second quarter of 2020 of $6.7 million ($0.27 loss per basic and diluted share). Sequentially, the second quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.5 million, operating loss of $16.6 million, and DVP of $10.2 million in the first quarter of 2021. 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).
Chief Executive Officer John Gellert provided the following statement: “The second quarter of 2021 will be forever marked by the tragic loss of the SEACOR POWER. We continue to support our team members and their families, and cooperate with the NTSB and the U.S. Coast Guard throughout their ongoing investigations.”
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(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.comSEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)Three Months Ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating Revenues $ 42,799 $ 33,925 $ 79,311 $ 69,592 Costs and Expenses: Operating 32,615 20,128 58,922 40,864 Administrative and general 9,152 13,241 17,763 22,634 Lease expense 1,234 1,202 2,312 4,527 Depreciation and amortization 14,093 13,725 28,891 27,087 57,094 48,296 107,888 95,112 Gains (Losses) on Asset Dispositions and Impairments, Net 22,653 (3,453 ) 20,380 (16,025 ) Operating Income (Loss) 8,358 (17,824 ) (8,197 ) (41,545 ) Other Income (Expense): Interest income 135 516 1,121 1,178 Interest expense (7,310 ) (6,717 ) (15,328 ) (14,091 ) SEACOR Holdings guarantee fees — (9 ) (7 ) (25 ) Gain on debt Extinguishment 61,994 — 61,994 — Derivative gains, net 30 85 385 5,199 Foreign currency gains (losses), net (657 ) 193 (1,123 ) 903 Other, net (1 ) — (1 ) — 54,191 (5,932 ) 47,041 (6,836 ) Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies 62,549 (23,756 ) 38,844 (48,381 ) Income Tax Expense (Benefit) 15,915 (15,007 ) 13,227 (21,669 ) Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 46,634 (8,749 ) 25,617 (26,712 ) Equity in Earnings of 50% or Less Owned Companies 2,167 2,081 6,270 2,106 Income (Loss) from Continuing Operations 48,801 (6,668 ) 31,887 (24,606 ) Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — 602 22,925 (1,452 ) Net Income (Loss) 48,801 (6,066 ) 54,812 (26,058 ) Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries 1 7 1 (4,040 ) Net Income (Loss) Attributable to SEACOR Marine Holdings Inc. $ 48,800 $ (6,073 ) $ 54,811 $ (22,018 ) Net Earnings (Loss) Per Common Share from Continuing Operations: Basic $ 1.92 $ (0.27 ) $ 1.26 $ (0.84 ) Diluted $ 1.79 $ (0.27 ) $ 1.26 $ (0.84 ) Net Earnings (Loss) Per Share from Discontinued Operations: Basic $ — $ 0.03 $ 0.90 $ (0.06 ) Diluted $ — $ 0.03 $ 0.90 $ (0.06 ) Net Earnings (Loss) per Share: Basic $ 1.92 $ (0.24 ) $ 2.16 $ (0.90 ) Diluted $ 1.79 $ (0.24 ) $ 2.16 $ (0.90 ) Weighted Average Common Stock and Warrants Outstanding: Basic 25,435,362 24,851,834 25,370,372 24,420,432 Diluted 28,345,155 24,851,834 25,371,185 24,420,432 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Time Charter Statistics: Average Rates Per Day $ 12,007 $ 11,323 $ 10,931 $ 11,052 $ 10,746 Fleet Utilization 67 % 55 % 51 % 54 % 57 % Fleet Available Days 5,177 5,505 5,824 5,807 5,258 Operating Revenues: Time charter $ 41,474 $ 34,290 $ 32,693 $ 34,824 $ 32,389 Bareboat charter 434 729 732 677 723 Other marine services 891 1,493 2,619 700 813 42,799 36,512 36,044 36,201 33,925 Costs and Expenses: Operating: Personnel 14,353 13,418 13,057 13,401 10,704 Repairs and maintenance 6,959 3,840 3,445 3,764 3,612 Drydocking 2,792 2,217 1,753 585 566 Insurance and loss reserves 2,661 1,958 1,670 1,764 1,489 Fuel, lubes and supplies 2,893 2,202 2,081 2,131 2,075 Other 2,957 2,672 3,556 3,074 1,682 32,615 26,307 25,562 24,719 20,128 Direct Vessel Profit (1) 10,184 10,205 10,482 11,482 13,797 Other Costs and Expenses: Lease expense 1,234 1,078 1,798 1,200 1,202 Administrative and general 9,152 8,611 8,556 8,861 13,241 Depreciation and amortization 14,093 14,798 15,247 14,833 13,725 24,479 24,487 25,601 24,894 28,168 Gains (Losses) on Asset Dispositions and Impairments, Net 22,653 (2,273 ) (1,796 ) 233 (3,453 ) Operating Income (Loss) 8,358 (16,555 ) (16,915 ) (13,179 ) (17,824 ) Other Income (Expense): Interest income 135 986 61 34 516 Interest expense (7,310 ) (8,018 ) (8,288 ) (8,312 ) (6,717 ) SEACOR Holdings guarantee fees — (7 ) (11 ) (11 ) (9 ) Derivative gains (losses), net 30 355 (894 ) 5 85 Gain on debt extinguishment 61,994 — — — — Foreign currency gains (losses), net (657 ) (466 ) (1,286 ) (911 ) 193 Other, net (1 ) — (19 ) — — 54,191 (7,150 ) (10,437 ) (9,195 ) (5,932 ) Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies 62,549 (23,705 ) (27,352 ) (22,374 ) (23,756 ) Income Tax Expense (Benefit) 15,915 (2,688 ) 1,865 (3,120 ) (15,007 ) Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies 46,634 (21,017 ) (29,217 ) (19,254 ) (8,749 ) Equity in Earnings (Loss) of 50% or Less Owned Companies 2,167 4,103 (9,681 ) (588 ) 2,081 Income (Loss) from Continuing Operations 48,801 (16,914 ) (38,898 ) (19,842 ) (6,668 ) Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) — 22,925 51 1,765 602 Net Income (Loss) 48,801 6,011 (38,847 ) (18,077 ) (6,066 ) Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries 1 — (31 ) 4 7 Net Income (Loss) Attributable to SEACOR Marine Holdings Inc. $ 48,800 $ 6,011 $ (38,816 ) $ (18,081 ) $ (6,073 ) Net Earnings (Loss) Per Common Share from Continuing Operations: Basic $ 1.92 $ (0.67 ) $ (1.54 ) $ (0.79 ) $ (0.26 ) Diluted $ 1.79 $ (0.67 ) $ (1.54 ) $ (0.79 ) $ (0.26 ) Net Earnings (Loss) Per Share from Discontinued Operations: Basic $ — $ 0.91 $ - $ 0.07 $ 0.02 Diluted $ — $ 0.91 $ - $ 0.07 $ 0.02 Net Earnings (Loss) per Share: Basic $ 1.92 $ 0.24 $ (1.54 ) $ (0.72 ) $ (0.24 ) Diluted $ 1.79 $ 0.24 $ (1.54 ) $ (0.72 ) $ (0.24 ) Weighted Average Common Stock and Warrants Outstanding: Basic 25,435 25,305 25,265 24,989 24,851 Diluted 28,345 25,305 25,265 24,989 24,851 Common Shares and Warrants Outstanding at Period End 25,869 25,683 24,919 24,996 24,899 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 United States, primarily Gulf of Mexico Time Charter Statistics: Average rates per day worked $ 17,058 $ 15,910 $ 18,405 $ 19,397 $ 15,574 Fleet utilization 18 % 6 % 7 % 5 % 5 % Fleet available days 1,112 1,518 1,797 1,871 1,842 Out-of-service days for repairs, maintenance and drydockings 137 67 45 37 32 Out-of-service days for cold-stacked status 748 1,270 1,472 1,576 1,465 Operating Revenues: Time charter $ 3,419 $ 1,489 $ 2,352 $ 1,668 $ 1,478 Bareboat charter 434 729 732 731 723 Other marine services 727 546 794 473 513 4,580 2,764 3,878 2,872 2,714 Direct Costs and Expenses: Operating: Personnel 1,528 1,744 2,372 2,481 2,284 Repairs and maintenance 389 654 386 338 314 Drydocking 777 875 — — 110 Insurance and loss reserves 923 527 507 778 354 Fuel, lubes and supplies 245 199 208 251 189 Other 224 77 116 85 93 4,086 4,076 3,589 3,933 3,344 Direct Vessel (Loss) Profit (1) $ 494 $ (1,312 ) $ 289 $ (1,061 ) $ (630 ) Other Costs and Expenses: Lease expense $ 703 $ 664 $ 677 $ 716 $ 741 Depreciation and amortization 3,287 4,164 5,854 4,961 5,254 Africa and Europe, Continuing Operations Time Charter Statistics: Average rates per day worked $ 11,231 $ 11,356 $ 10,837 $ 10,801 $ 10,918 Fleet utilization 75 % 68 % 61 % 68 % 86 % Fleet available days 1,365 1,356 1,472 1,472 1,395 Out-of-service days for repairs, maintenance and drydockings 65 78 138 45 90 Out-of-service days for cold-stacked status 176 346 368 216 — Operating Revenues: Time charter $ 11,437 $ 10,502 $ 9,796 $ 10,861 $ 13,055 Bareboat charter — — — (54 ) — Other marine services (224 ) (269 ) 343 (279 ) (382 ) 11,213 10,233 10,139 10,528 12,673 Direct Costs and Expenses: Operating: Personnel 4,253 3,220 3,510 3,407 3,248 Repairs and maintenance 2,195 1,191 1,437 1,158 1,463 Drydocking 374 304 1,269 481 256 Insurance and loss reserves 352 433 512 397 600 Fuel, lubes and supplies 887 572 853 1,091 799 Other 2,072 579 (674 ) 774 647 10,133 6,299 6,907 7,308 7,013 Direct Vessel Profit (1) $ 1,080 $ 3,934 $ 3,232 $ 3,220 $ 5,660 Other Costs and Expenses: Lease expense $ 270 $ 356 $ 1,056 $ 430 $ 420 Depreciation and amortization 3,305 3,307 2,964 3,784 3,600 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Middle East and Asia Time Charter Statistics: Average rates per day worked $ 9,292 $ 9,308 $ 9,455 $ 9,670 $ 10,245 Fleet utilization 81 % 73 % 75 % 78 % 82 % Fleet available days 1,820 1,852 1,840 1,809 1,613 Out-of-service days for repairs, maintenance and drydockings 105 115 68 89 113 Out-of-service days for cold-stacked status 116 239 169 76 61 Operating Revenues: Time charter $ 13,752 $ 12,575 $ 13,008 $ 13,672 $ 13,605 Other marine services 31 360 927 296 514 13,783 12,935 13,935 13,968 14,119 Direct Costs and Expenses: Operating: Personnel 5,378 5,208 5,411 5,171 3,795 Repairs and maintenance 2,806 903 842 1,564 1,580 Drydocking 1,185 1,066 41 104 200 Insurance and loss reserves 461 702 501 451 430 Fuel, lubes and supplies 1,081 559 604 482 955 Other 43 1,144 3,618 1,771 819 10,954 9,582 11,017 9,543 7,779 Direct Vessel Profit (1) $ 2,829 $ 3,353 $ 2,918 $ 4,425 $ 6,340 Other Costs and Expenses: Lease expense $ 35 $ 22 $ 47 $ 46 $ 32 Depreciation and amortization 4,663 4,710 4,505 4,379 3,921 Latin America Time Charter Statistics: Average rates per day worked $ 17,034 $ 14,751 $ 12,921 $ 13,355 $ 10,752 Fleet utilization 86 % 85 % 82 % 99 % 97 % Fleet available days 880 779 716 655 408 Out-of-service days for repairs, maintenance and drydockings 117 94 66 7 — Out-of-service days for cold-stacked status — — — — — Operating Revenues: Time charter $ 12,866 $ 9,724 $ 7,538 $ 8,621 $ 4,251 Bareboat charter — — — — — Other marine services 357 856 555 212 168 13,223 10,580 8,093 8,833 4,419 Direct Costs and Expenses: Operating: Personnel 3,194 3,246 1,764 2,342 1,377 Repairs and maintenance 1,569 1,092 780 704 255 Drydocking 456 (28 ) 443 — — Insurance and loss reserves 925 296 150 138 105 Fuel, lubes and supplies 680 872 416 307 132 Other 618 872 497 444 123 7,442 6,350 4,050 3,935 1,992 Direct Vessel Profit (1) $ 5,781 $ 4,230 $ 4,043 $ 4,898 $ 2,427 Other Costs and Expenses: Lease expense $ 226 $ 36 $ 18 $ 9 $ 9 Depreciation and amortization 2,838 2,617 1,924 1,708 950 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Anchor handling towing supply Time Charter Statistics: Average rates per day worked $ 11,268 $ 7,778 $ 7,967 $ 7,388 $ 8,383 Fleet utilization 59 % 67 % 44 % 54 % 43 % Fleet available days 546 540 641 644 667 Out-of-service days for repairs, maintenance and drydockings 105 — 133 21 76 Out-of-service days for cold-stacked status 118 180 228 276 273 Operating Revenues: Time charter $ 3,640 $ 2,801 $ 2,236 $ 2,564 $ 2,413 Other marine services (157 ) (130 ) 433 (147 ) (137 ) 3,483 2,671 2,669 2,417 2,276 Direct Costs and Expenses: Operating: Personnel 1,513 984 1,149 950 853 Repairs and maintenance 471 241 542 432 679 Drydocking 1,322 54 847 (2 ) (19 ) Insurance and loss reserves 99 194 199 139 159 Fuel, lubes and supplies 344 139 258 148 168 Other 444 270 535 370 341 4,193 1,882 3,530 2,037 2,181 Direct Vessel Profit (Loss) (1) $ (710 ) $ 789 $ (861 ) $ 380 $ 95 Other Costs and Expenses: Lease expense $ 362 $ 400 $ 1,127 $ 505 $ 518 Depreciation and amortization 495 494 494 495 500 Fast support Time Charter Statistics: Average rates per day worked $ 7,962 $ 7,888 $ 8,074 $ 8,421 $ 8,590 Fleet utilization 71 % 61 % 60 % 63 % 72 % Fleet available days 2,100 2,207 2,300 2,300 2,426 Out-of-service days for repairs, maintenance and drydockings 226 182 155 71 137 Out-of-service days for cold-stacked status 314 584 549 421 285 Operating Revenues: Time charter $ 11,827 $ 10,657 $ 11,151 $ 12,212 $ 15,078 Bareboat charter 434 729 732 731 723 Other marine services (249 ) (218 ) (283 ) (256 ) (372 ) 12,012 11,168 11,600 12,687 15,429 Direct Costs and Expenses: Operating: Personnel 4,802 4,041 4,409 4,180 4,166 Repairs and maintenance 3,618 1,535 1,604 1,642 1,922 Drydocking 1,178 1,178 912 587 274 Insurance and loss reserves 507 466 471 353 304 Fuel, lubes and supplies 1,154 726 836 976 1,180 Other 1,640 1,141 2,085 1,489 1,203 12,899 9,087 10,317 9,227 9,049 Direct Vessel Profit (Loss) (1) $ (887 ) $ 2,081 $ 1,283 $ 3,460 $ 6,380 Other Costs and Expenses: Lease expense $ 352 $ 352 $ 352 $ 351 $ 352 Depreciation and amortization 4,931 5,096 5,113 5,105 5,405 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Supply Time Charter Statistics: Average rates per day worked $ 11,921 $ 12,110 $ 11,373 $ 11,355 $ 8,477 Fleet utilization 80 % 63 % 63 % 74 % 83 % Fleet available days 1,274 1,319 1,360 1,257 527 Out-of-service days for repairs, maintenance and drydockings 11 105 12 23 13 Out-of-service days for cold-stacked status 91 315 353 229 61 Operating Revenues: Time charter $ 12,179 $ 10,082 $ 9,714 $ 10,541 $ 3,713 Bareboat charter — — — (55 ) — Other marine services 117 346 482 92 (53 ) 12,296 10,428 10,196 10,578 3,660 Direct Costs and Expenses: Operating: Personnel 4,044 4,158 3,364 3,821 1,591 Repairs and maintenance 2,039 1,135 735 968 375 Drydocking 180 110 (2 ) — 197 Insurance and loss reserves 436 474 238 230 106 Fuel, lubes and supplies 1,034 1,003 622 601 219 Other 884 880 1,205 1,022 246 8,617 7,760 6,162 6,642 2,734 Direct Vessel Profit (1) $ 3,679 $ 2,668 $ 4,034 $ 3,936 $ 926 Other Costs and Expenses: Lease expense $ — $ — $ — $ — $ — Depreciation and amortization 2,936 2,977 3,060 2,673 1,000 Specialty Time Charter Statistics: Average rates per day worked $ 1,571 $ 1,890 $ 2,025 $ 2,025 $ 2,025 Fleet utilization 92 % 100 % 100 % 69 % 50 % Fleet available days 91 90 92 134 182 Out-of-service days for repairs, maintenance and drydockings 8 — — — — Out-of-service days for cold-stacked status — — — 42 91 Operating Revenues: Time charter $ 131 $ 170 187 187 184 Other marine services 23 12 1 (9 ) (10 ) 154 182 188 178 174 Direct Costs and Expenses: Operating: Personnel 99 89 69 72 47 Repairs and maintenance 104 8 34 51 102 Drydocking — — (3 ) — — Insurance and loss reserves 5 4 (2 ) 13 16 Fuel, lubes and supplies 5 8 3 (2 ) 8 Other 33 26 18 56 90 246 135 119 190 263 Direct Vessel Profit (Loss) (1) $ (92 ) $ 47 $ 69 $ (12 ) $ (89 ) Other Costs and Expenses: Depreciation and amortization $ — $ — $ 1,541 $ 89 $ 189 SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Liftboats Time Charter Statistics: Average rates per day worked $ 25,334 $ 26,792 $ 24,561 $ 27,947 $ 24,894 Fleet utilization 46 % 29 % 27 % 23 % 30 % Fleet available days 1,167 1,350 1,432 1,472 1,456 Out-of-service days for repairs, maintenance and drydockings 75 67 18 64 9 Out-of-service days for cold-stacked status 517 776 880 899 816 Operating Revenues: Time charter $ 13,697 $ 10,580 $ 9,406 $ 9,319 $ 11,001 Other marine services 688 797 395 316 306 14,385 11,377 9,801 9,635 11,307 Direct Costs and Expenses: Operating: Personnel 3,916 3,806 3,742 3,963 3,545 Repairs and maintenance 716 894 524 624 407 Drydocking 112 875 (1 ) — 111 Insurance and loss reserves 1,752 719 690 1,055 893 Fuel, lubes and supplies 353 320 349 370 343 Other (58 ) 677 1,642 538 219 6,791 7,291 6,946 6,550 5,518 Direct Vessel Profit (1) $ 7,594 $ 4,086 $ 2,855 $ 3,085 $ 5,789 Other Costs and Expenses: Lease expense $ 205 $ 12 $ 19 $ 31 $ 44 Depreciation and amortization 5,171 5,659 6,009 5,980 6,081 Other Activity Operating Revenues: Other marine services $ 469 $ 686 $ 1,591 $ 720 $ 1,056 469 686 1,591 720 1,056 Direct Costs and Expenses: Operating: Personnel (21 ) 340 324 415 502 Repairs and maintenance 11 27 6 47 128 Insurance and loss reserves (138 ) 101 74 (26 ) 11 Fuel, lubes and supplies 3 6 13 38 157 Other 14 (322 ) (1,928 ) (401 ) (417 ) (131 ) 152 (1,511 ) 73 381 Direct Vessel Profit (1) $ 600 $ 534 $ 3,102 $ 647 $ 675 Other Costs and Expenses: Lease expense $ 315 $ 314 $ 300 $ 335 $ 241 Depreciation and amortization 560 572 (970 ) 545 553 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 ASSETS Current Assets: Cash and cash equivalents $ 45,446 $ 68,409 $ 32,666 $ 42,314 $ 51,888 Restricted cash 5,855 3,352 3,352 3,352 3,352 Receivables: Trade, net of allowance for doubtful accounts 47,082 42,680 45,325 48,294 52,169 Other 12,152 11,265 10,924 18,365 13,814 Receivables from SEACOR Holdings — 19,332 18,832 18,814 14,394 Tax Receivable 1,497 1,498 13,556 11,770 — Inventories 425 572 576 573 1,409 Prepaid expenses and other 4,527 2,326 3,230 3,438 2,835 Other Current Assets — 423 — — — Assets held for sale — — 50,235 46,768 44,616 Total current assets 116,984 149,857 178,696 193,688 184,477 Property and Equipment: Historical cost 972,267 1,000,430 1,012,873 996,370 987,741 Accumulated depreciation (288,882 ) (297,792 ) (291,538 ) (280,468 ) (271,097 ) 683,385 702,638 721,335 715,902 716,644 Construction in progress 32,903 32,530 32,327 51,969 52,456 Net property and equipment 716,288 735,168 753,662 767,871 769,100 Right-of-Use Asset - Operating Leases 5,469 7,046 7,134 7,670 8,148 Right-of-Use Asset - Finance Lease 116 121 129 137 — Investments, at Equity, and Advances to 50% or Less Owned Companies 77,539 79,000 75,308 84,701 87,177 Other Assets 2,781 2,624 2,734 3,108 3,200 $ 919,177 $ 973,816 $ 1,017,663 $ 1,057,175 $ 1,052,102 LIABILITIES AND EQUITY Current Liabilities: Current portion of operating lease liabilities $ 2,885 $ 5,139 $ 7,030 $ 9,446 $ 11,579 Current lease liability - Finance 32 46 36 27 — Current portion of long-term debt 28,419 34,888 32,377 52,108 51,793 Accounts payable and accrued expenses 27,163 21,428 29,967 28,888 21,323 Due to SEACOR Holdings 277 — — — — Other current liabilities 26,886 29,719 31,467 29,548 29,642 Discontinued operations — — 30,927 28,555 28,882 Total current liabilities 85,662 91,220 131,804 148,572 143,219 Long-Term Operating Lease Liabilities 4,072 4,778 4,345 5,239 6,067 Long-Term Finance Lease Liabilities 92 97 105 113 — Long-Term Debt 320,823 431,849 440,510 426,711 422,569 Conversion Option Liability on Convertible Senior Notes 7 37 2 1 6 Deferred Income Taxes 46,169 31,766 35,822 36,075 23,740 Deferred Gains and Other Liabilities 2,951 4,910 3,239 3,810 5,137 Total liabilities 459,776 564,657 615,827 620,521 600,738 Equity: SEACOR Marine Holdings Inc. stockholders’ equity: Common stock 245 243 235 235 232 Additional paid-in capital 454,079 452,290 451,179 450,320 449,116 (Accumulated Deficit) Retained earnings (1,230 ) (50,029 ) (51,839 ) (13,023 ) 5,058 Shares held in treasury (1,120 ) (1,110 ) (848 ) (848 ) (847 ) Accumulated other comprehensive loss, net of tax 7,107 7,446 2,790 (380 ) (2,541 ) 459,081 408,840 401,517 436,304 451,018 Noncontrolling interests in subsidiaries 320 319 319 350 346 Total equity 459,401 409,159 401,836 436,654 451,364 $ 919,177 $ 973,816 $ 1,017,663 $ 1,057,175 $ 1,052,102 SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)Three Months Ended Jun. 30, 2021 Mar. 31, 2021 Dec. 31, 2020 Sep. 30, 2020 Jun. 30, 2020 Cash Flows from Continuing Operating Activities: Net Income (Loss) $ 48,801 $ 6,011 $ (38,922 ) $ (19,818 ) $ (6,668 ) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation and amortization 14,093 14,798 15,247 14,833 13,725 Deferred financing costs amortization 254 260 266 278 284 Amortization of employee share awards 1,354 1,111 859 1,204 937 Restricted stock vesting (10 ) (262 ) — — (3 ) Director share awards 435 — — — 755 Debt discount amortization 1,787 1,892 1,917 1,797 1,480 Bad debt recoveries 132 24 (146 ) 185 271 Gain (Loss) from equipment sales, retirements or impairments (22,653 ) 2,273 1,796 (233 ) 3,453 Gain on the Sale of Windcat Workboats — (22,756 ) — — — Gain on debt extinguishment, net (62,749 ) — — — — Derivative (gains) losses (30 ) (355 ) 894 (5 ) (85 ) Cash settlement payments on derivative transactions, net (414 ) (919 ) (441 ) (426 ) (265 ) Currency (gains) losses 657 466 1,286 911 (193 ) Deferred income taxes 14,403 (4,056 ) (254 ) 12,333 (2,053 ) Equity (Earnings) Losses (2,167 ) (4,103 ) 9,681 588 (2,081 ) Dividends received from equity investees — — — 2,117 — Changes in Operating Assets and Liabilities: Accounts receivables 16,047 11,345 7,668 (17,737 ) (8,326 ) Other assets (1,296 ) 1,192 604 656 6,163 Accounts payable and accrued liabilities 4,268 (10,296 ) (2,806 ) 886 (21,197 ) Net cash provided by (used in) used in operating activities 12,912 (3,375 ) (2,351 ) (2,431 ) (13,803 ) Cash Flows from Continuing Investing Activities: Purchases of property and equipment (926 ) (2,724 ) (2,500 ) (2,833 ) (7,019 ) Proceeds from disposition of property and equipment 26,871 3,266 — 3,539 14,030 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 ) Net investing activities in property and equipment 25,945 39,257 (2,500 ) 706 2,311 Investments in and advances to 50% or less owned companies — (736 ) (1,248 ) (713 ) — Principal payments on notes due from equity investees 2,877 919 1,225 490 — Net cash provided by (used in) investing activities 28,822 39,440 (2,523 ) 483 2,311 Cash Flows from Continuing Financing Activities: Payments on long-term debt (56,787 ) (8,302 ) (5,780 ) (8,246 ) (3,506 ) Payments on debt extinguishment cost (755 ) — — — — Proceeds from issuance of debt, net of offering costs — — 1 (1 ) — Payment on finance lease (12 ) — — — — Interest on finance lease — 2 1 — — Issuance of stock 2 8 — 2 — Net cash used in financing activities (57,552 ) (8,292 ) (5,778 ) (8,245 ) (3,506 ) Effects of Exchange Rate Changes on Cash and Cash Equivalents (4,642 ) 4,621 1,004 619 (557 ) Net Change in Cash, Cash Equivalents and Restricted Cash (20,460 ) 32,394 (9,648 ) (9,574 ) (15,554 ) Cash Flows from Discontinued Operations Operating Activities — (171 ) 1,895 1,518 2,255 Investing Activities — — (1,436 ) (2,527 ) (1,567 ) Financing Activities — — — 1,090 4 Effects of FX Rate Changes on Cash and Cash Equivalents — — 196 (26 ) 339 Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations: — (171 ) 655 55 1,031 Net Change in Cash, Cash Equivalents and Restricted Cash (20,460 ) 32,223 (8,993 ) (9,519 ) (14,523 ) Cash, Restricted Cash and Cash Equivalents, Beginning of Period 71,761 39,538 48,531 58,050 72,573 Cash, Restricted Cash and Cash Equivalents, End of Period $ 51,301 $ 71,761 $ 39,538 $ 48,531 $ 58,050 SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTSOwned Joint Ventured Leased-in Managed Total June 30, 2021 AHTS 4 — 2 — 6 FSV 23 5 1 1 30 Supply 14 21 — — 35 Specialty (1) 1 — — — 1 Liftboats (2) 9 — 1 — 10 51 26 4 1 82 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 June 30, 2021.
(2) As of June 30, 2021, the Company removed from service four vessels (four liftboats) in this class. Removed from service vessels are not counted in active fleet count.