Mar 22, 2018   SOURCE: BusinessWire

SEACOR Marine Announces Results for Its Fourth Quarter and Year Ended December 31, 2017

SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company”), a leading provider of global marine and support transportation services to offshore oil and natural gas exploration, development and production facilities worldwide, today announced results for its fourth quarter and year ended December 31, 2017.

Net income attributable to SEACOR Marine Holdings Inc. was $29.0 million ($1.20 per diluted share) for the fourth quarter ended December 31, 2017. Net loss attributable to SEACOR Marine Holdings Inc. was $32.9 million ($1.87 per diluted share) for the year ended December 31, 2017.

Results for the fourth quarter ended December 31, 2017 included the following:

  • Improved direct vessel profit (“DVP”) of $11.7 million compared with $9.4 million in the preceding quarter.
  • Impairment charges of $11.8 million primarily associated with the Company’s anchor handling towing supply fleet.
  • Income tax benefits of $50.7 million recognized as a result of new U.S. tax legislation, commonly referred to as the Tax Cuts and Jobs Act, signed into law on December 22, 2017.

John Gellert, the Company’s Chief Executive Officer, commented:

“Operating results continued to improve in the fourth quarter.

We continue to see strengthened demand for platform and well services performed by our liftboat fleet both domestically and internationally, which helped to drive our improved results. With the consolidation of the SEACOR and Montco liftboat fleets in February, we enter the 2018 maintenance and construction season in the Gulf of Mexico with a larger, more capable liftboat fleet that is well positioned to meet growing demand.

The four PSVs we acquired in December are generating positive operating results and have already benefited from a tightening market for active vessels. We are closely evaluating opportunities for the newbuild SEACOSCO joint venture PSVs and are confident of securing charters for some of these vessels as the year progresses.

Our results reflect increasing seasonality in some of our asset classes, especially liftboats in the Gulf of Mexico and wind farm utility vessels in the North Sea. However, we remain optimistic that higher oil and natural gas prices are helping build a foundation for an eventual recovery in offshore activity worldwide. By leveraging our diverse fleet, which has been buttressed by recent acquisitions, we believe we are well positioned to service a wide variety of offshore activities as they develop in the coming year.”

For the fourth quarter and year ended December 31, 2016, net loss attributable to SEACOR Marine Holdings Inc. was $61.6 million ($3.48 per diluted share) and $132.0 million ($7.47 per diluted share), respectively. Net loss attributable to SEACOR Marine Holdings Inc. for the preceding quarter ended September 30, 2017 was $20.5 million ($1.25 per diluted share).

A comparison of results for the fourth quarter ended December 31, 2017 with the preceding quarter ended September 30, 2017 is included below.

Operating Revenues. Time charter revenues were $0.5 million higher compared with the preceding quarter. On a total fleet basis, time charter revenues increased by $0.8 million from improved utilization, $0.7 million from net fleet additions and $0.3 million due to favorable changes in currency exchange rates. Time charter revenues decreased by $1.0 million due to a reduction in average rates per day worked and $0.3 million due to the repositioning of vessels between geographic regions. Other marine services revenues were $1.0 million higher compared with the preceding quarter primarily due to the collection in the fourth quarter of previously deferred revenues.

On a total fleet basis, excluding wind farm utility vessels but including cold-stacked vessels, utilization of the fleet increased from 49% to 51%, and average rates per day worked increased from $8,565 to $8,583. Days available for charter were 1% higher in the fourth quarter primarily due to net fleet additions.

Direct Vessel Profit (“DVP”)(1) by Region. DVP was $11.7 million compared with $9.4 million in the preceding quarter, an increase of $2.3 million. In addition to improved operating revenues of $1.5 million, operating expenses (excluding leased-in equipment) were $0.8 million lower compared with the preceding quarter. Results by region are as follows:

United States, primarily Gulf of Mexico. Direct vessel profit was $1.3 million compared with direct vessel loss of $2.1 million in the preceding quarter, a $3.4 million improvement of which $1.7 million was associated with the liftboat fleet. Time charter revenues were $1.0 million higher compared with the preceding quarter. On a total fleet basis, time charter revenues increased by $0.7 million from improved utilization and $0.3 million from fleet additions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 16% to 18%, and average rates per day worked improved by 11% from $7,212 to $8,027. Days available for charter were materially unchanged. Operating expenses (excluding leased-in equipment) were $2.4 million lower compared with the preceding quarter. Personnel costs were $0.6 million lower primarily due to the cold-stacking of additional vessels. Repairs and maintenance and drydocking expenses were $1.9 million lower primarily due to costs associated with the reactivating of previously cold-stacked vessels during the preceding quarter. As of December 31, 2017, the Company had 34 of 42 owned and leased-in vessels cold-stacked in the U.S. (ten anchor handling towing supply vessels, 13 fast support vessels, nine liftboats, one supply vessel and one specialty vessel) compared with 31 of 42 vessels as of September 30, 2017. As of December 31, 2017, the Company had one supply vessel retired and removed from service in this region.

Africa, primarily West Africa. DVP was $3.8 million compared with $2.6 million in the preceding quarter, a $1.2 million improvement. Time charter revenues were $0.2 million lower compared with the preceding quarter. On a total fleet basis, time charter revenues decreased by $0.2 million due to reduced utilization, $0.1 million due to a reduction in average day rates and $0.4 million due to the repositioning of vessels between geographic regions. Time charter revenues were $0.5 million higher due to fleet additions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 71% to 75%, and average rates per day worked decreased by 1% from $10,611 to $10,517. Days available for charter decreased by 5% in the fourth quarter primarily due to the retirement and removal from service of one vessel. Other marine services revenues were $1.3 million higher compared with the preceding quarter primarily due to the collection in the fourth quarter of previously deferred revenues. As of December 31, 2017, the Company did not have any of its 16 owned and leased-in vessels cold-stacked in Africa compared with one of 14 vessels as of September 30, 2017. As of December 31, 2017, the Company had one fast support vessel and one specialty vessel retired and removed from service in this region.

Middle East and Asia. Direct vessel loss was $0.2 million compared with $0.5 million in the preceding quarter, including an improvement of $1.7 million on the liftboat fleet and a decline of $1.9 million on the fast support fleet. Time charter revenues were $1.2 million higher compared with the preceding quarter. Time charter revenues were $2.1 million higher due to increased utilization, $0.1 million higher due to the repositioning of vessels between geographic regions and $1.0 million lower due to a decrease in average rates per day worked. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 61% to 68%, and average rates per day worked decreased by 5% from $7,138 to $6,784. Days available for charter increased by 6% primarily due to the repositioning of vessels between geographic regions. Operating expenses (excluding leased-in equipment) were $1.1 million higher compared with the preceding quarter primarily due to increased drydocking activity on the fast support fleet and the repositioning of vessels between geographic regions. As of December 31, 2017, the Company had two of 25 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel and one wind farm utility vessel) compared with one of 25 vessels as of September 30, 2017. As of December 31, 2017, the Company had one specialty vessel retired and removed from service in this region.

Brazil, Mexico, Central and South America. DVP was $2.1 million compared with $2.2 million in the preceding quarter. Time charter revenues were $0.1 million higher compared with the preceding quarter. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 49% to 50%, average rates per day worked increased from $16,060 to $16,718 and days available for charter were unchanged. Operating expenses (excluding leased-in equipment) were $0.2 million higher compared with the preceding quarter. As of December 31, 2017 and September 30, 2017, the Company had one of four owned and leased-in vessels cold-stacked in Brazil, Mexico, Central and South America (one fast support vessel).

Europe, primarily North Sea. DVP was $4.7 million compared with $7.2 million in the preceding quarter, a decrease of $2.5 million. Time charter revenues were $1.7 million lower primarily due to a seasonal reduction in utilization of the wind farm utility vessels. For the standby safety fleet, utilization decreased from 84% to 82%, and average rates per day worked increased from $8,650 to $8,660. For the wind farm utility vessels, utilization decreased from 94% to 73%, and average rates per day worked increased from $2,221 to $2,330. As of December 31, 2017, the Company had 19 owned standby safety vessels and 35 owned wind farm utility vessels in Europe.

___________________
(1)     Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.
 

Administrative and general. Administrative and general expenses were $2.0 million higher compared with the preceding quarter primarily due to higher director compensation costs and higher legal and professional fees.

Depreciation and amortization. Depreciation and amortization costs were $4.4 million higher compared with the preceding quarter, of which $2.8 million was associated with the fourth quarter reduction in the depreciable lives of three offshore support vessels to their next regulatory survey dates in 2018.

Asset Dispositions and Impairments. During the fourth quarter, the Company recognized impairment charges of $11.8 million associated with the Company’s anchor handling towing supply fleet. In addition, the Company sold three offshore support vessels previously retired and removed from service and one other offshore support vessel for net proceeds of $0.7 million and losses of $0.5 million. During the preceding quarter, the Company recognized impairment charges of $9.9 million associated with one fast support vessel removed from service and two specialty vessels. In addition, the Company sold two offshore support vessels previously retired and removed from service and other equipment for net proceeds of $0.2 million and gains of $0.2 million.

Derivative gains (losses). Net derivative gains during the fourth quarter and preceding quarter of $7.5 million and $13.0 million, respectively, were primarily due to reductions in the fair value of the Company’s conversion option liability on its 3.75% Convertible Senior Notes. The reductions in the conversion option liability were primarily the result of declines in the Company’s share price and estimated credit spread.

Income tax benefit. The Company’s effective income tax rate of 156% in the fourth quarter was higher than the Company’s statutory rate of 35% primarily due to income tax benefits of $43.7 million recognized as a result of new U.S. tax legislation signed into law on December 22, 2017. The majority of the income tax benefits recognized were due to a reduction in U.S. tax rates from 35% to 21% applied to the Company’s domestic basis differences and the elimination of previously accrued deferred taxes on the unremitted earnings of the Company’s foreign subsidiaries.

Equity in earnings (losses) of 50% or less owned companies. Equity earnings of $9.4 million in the fourth quarter included income tax benefits of $7.1 million recognized as a result of new U.S. tax legislation. The majority of the income tax benefits recognized were due to a reduction in U.S. tax rates from 35% to 21% applied to the Company’s basis differences in its domestic joint ventures and the elimination of previously accrued deferred taxes on the unremitted earnings of the Company’s foreign joint ventures. Equity losses of $7.3 million in the preceding quarter included an impairment charge of $8.3 million, net of tax, related to the Company’s investment in Dynamic Offshore Drilling Ltd.

Capital Commitments. As of December 31, 2017, the Company had capital commitments of $66.7 million that included four fast support vessels, three supply vessels and two wind farm utility vessels. The delivery dates and payment of certain costs (originally scheduled for payment in 2018, 2019 and 2020) for two of the fast support vessels are uncertain as the Company, at its option, may defer their construction for an indefinite period of time. The Company’s capital commitments by year of expected payment are as follows (in thousands):

2018

 

  13,435

2019

 

21,919

2020

 

10,696
Deferred (estimated based on current construction pricing) 20,697
$ 66,747
 

Subsequent to December 31, 2017, the Company committed an additional $11.0 million ($10.1 million to be paid in 2018 and $0.9 million to be paid in 2019) to acquire two additional wind farm utility vessels and convert two of its existing supply vessels to a standby safety configuration.

On January 17, 2018, the Company announced the formation of SEACOSCO Offshore LLC (“SEACOSCO”), a Marshall Islands entity jointly owned by the Company and affiliates of COSCO SHIPPING GROUP, the world’s largest ship owner. SEACOSCO entered into contracts for the purchase of eight Rolls-Royce designed, new construction platform supply vessels. The Company’s total committed investment for construction and working capital requirements is approximately $27.5 million, with approximately $20.0 million payable in the first quarter of 2018 and the remaining balance due over the next 14 months.

Liquidity and Debt. As of December 31, 2017, the Company’s balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $157.9 million and its total outstanding debt was $314.9 million (net of $33.2 million in discount and issue costs).

On February 9, 2018, the Company announced the formation and capitalization of a joint venture between a wholly owned subsidiary of the Company and Montco Offshore, LLC (“MOI”). The transaction consolidates the fifteen liftboat vessels operated by the Company and six liftboat vessels previously operated by MOI. The consolidated joint venture paid $15.0 million of MOI’s debtor-in-possession obligations and entered into a $131.1 million credit agreement on a non-recourse basis with SEACOR Marine, comprised of a $116.1 million term loan and a $15.0 million revolving loan facility.

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas exploration, development and production 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. 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, including decreased demand and loss of revenues as a result of a decline in the price of oil and resulting decrease in capital spending by oil and gas companies, an oversupply of newly built offshore support vessels, additional safety and certification requirements for drilling activities in the U.S. Gulf of Mexico and delayed approval of applications for such activities, the possibility of U.S. government implemented moratoriums directing operators to cease certain drilling activities in the U.S. Gulf of Mexico and any extension of such moratoriums, weakening demand for the Company’s services as a result of unplanned customer suspensions, cancellations, rate reductions or non-renewals of vessel charters or failures to finalize commitments to charter vessels in response to a decline in the price of oil, increased government legislation and regulation of the Company’s businesses could increase cost of operations, increased competition if the Jones Act and related regulations are repealed, liability, legal fees and costs in connection with the provision of emergency response services, such as the response to the oil spill as a result of the sinking of the Deepwater Horizon in April 2010, decreased demand for the Company’s services as a result of declines in the global economy, declines in valuations in the global financial markets and a lack of liquidity in the credit sectors, including, interest rate fluctuations, availability of credit, inflation rates, change in laws, trade barriers, commodity prices and currency exchange fluctuations, the cyclical nature of the oil and gas industry, activity in foreign countries and changes in foreign political, military and economic conditions, changes to the status of applicable trade treaties including as a result of the U.K.’s impending exit from the European Union, changes in foreign and domestic oil and gas exploration and production activity, safety record requirements, compliance with U.S. and foreign government laws and regulations, including environmental laws and regulations and economic sanctions, the dependence on several key customers, consolidation of the Company’s customer base, the ongoing need to replace aging vessels, industry fleet capacity, restrictions imposed by the Jones Act and related regulations on the amount of foreign ownership of the Company’s Common Stock, operational risks, effects of adverse weather conditions and seasonality, adequacy of insurance coverage, the ability of the Company to achieve and maintain effective internal controls over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the attraction and retention of qualified personnel by the Company, and various other matters and factors, many of which are beyond the Company’s control as well as those discussed in Item 1A (Risk Factors) of the Company’s Annual Report on Form 10-K and other reports filed by the Company with the SEC. It should be understood that it is not possible to predict or identify all such factors. Consequently, the preceding should not be considered to be a complete discussion of all potential risks or uncertainties and 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 Erica Bartsch at (212) 446-1875 or ebartsch@seacormarine.com.

 
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data, unaudited)
       
Three Months Ended Years Ended
December 31, December 31,
2017 2016 2017 2016
Operating Revenues $ 49,343   $ 44,361   $ 173,783   $ 215,636  
Costs and Expenses:
Operating 40,480 32,671 159,599 166,925
Administrative and general 12,368 14,393 56,217 49,308
Depreciation and amortization 20,021   13,764   62,779   58,069  
72,869   60,828   278,595   274,302  
Losses on Asset Dispositions and Impairments, Net (12,304 ) (66,252 ) (23,547 ) (116,222 )
Operating Loss (35,830 ) (82,719 ) (128,359 ) (174,888 )
Other Income (Expense):
Interest income 326 1,087 1,805 4,458
Interest expense (4,509 ) (2,553 ) (16,532 ) (10,008 )
SEACOR Holdings management fees — (1,925 ) (3,208 ) (7,700 )
SEACOR Holdings guarantee fees (29 ) (78 ) (201 ) (315 )
Marketable security gains (losses), net — 4,413 10,931 (45 )
Derivative gains (losses), net 7,536 (82 ) 20,256 2,995
Foreign currency gains (losses), net (320 ) 151 (1,709 ) (3,312 )
Other, net (5 ) (1,756 ) (6 ) (1,490 )
2,999   (743 ) 11,336   (15,417 )
Loss Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies (32,831 ) (83,462 ) (117,023 ) (190,305 )
Income Tax Benefit (51,361 ) (27,638 ) (74,406 ) (63,469 )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies 18,530 (55,824 ) (42,617 ) (126,836 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 9,374   (5,950 ) 4,077   (6,314 )
Net Income (Loss) 27,904 (61,774 ) (38,540 ) (133,150 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries (1,057 ) (199 ) (5,639 ) (1,103 )
Net Income (Loss) attributable to SEACOR Marine Holdings Inc. $ 28,961   $ (61,575 ) $ (32,901 ) $ (132,047 )
 
Income (Loss) Per Common Share of SEACOR Marine Holdings Inc.:
Basic $ 1.65 $ (3.48 ) $ (1.87 ) $ (7.47 )
Diluted $ 1.20 $ (3.48 ) $ (1.87 ) $ (7.47 )
Weighted Average Common Shares Outstanding:
Basic 17,551,935 17,671,356 17,601,244 17,671,356
Diluted 21,628,850 17,671,356 17,601,244 17,671,356
 
 
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data, unaudited)
 
  Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm utility) $ 8,583 $ 8,565 $ 8,431 $ 8,272 $ 9,093
Average Rates Per Day Worked $ 6,435 $ 6,006 $ 5,649 $ 5,726 $ 6,308
Fleet Utilization (excluding wind farm utility) 51 % 49 % 43 % 38 % 39 %
Fleet Utilization 56 % 60 % 56 % 46 % 47 %
Fleet Available Days (excluding wind farm utility) 9,224 9,176 8,996 8,437 9,386
Fleet Available Days 12,628 12,580 12,363 11,767 12,790
Operating Revenues:
Time charter $ 45,745 $ 45,267 $ 38,803

$

30,730

$

38,047

Bareboat charter 1,169 1,168 1,156 1,143 1,169
Other marine services   2,429     1,378     2,364     2,431     5,145  
  49,343     47,813     42,323     34,304     44,361  
Costs and Expenses:
Operating, excluding leased-in equipment 37,649 38,422 40,792 29,788 28,459
Operating, leased-in equipment 2,831 2,836 3,690 3,591 4,212
Administrative and general 12,368 10,318 21,705 11,826 14,393
Depreciation and amortization   20,021     15,622     14,633     12,503     13,764  
  72,869     67,198     80,820     57,708     60,828  
Gains (Losses) on Asset Dispositions and Impairments, Net   (12,304 )   (9,744 )   (6,318 )  

4,819

   

(66,252

)

Operating Loss   (35,830 )   (29,129 )   (44,815 )   (18,585 )   (82,719 )
Other Income (Expense):
Interest income 326 354 275 850 1,087
Interest expense (4,509 ) (4,295 ) (4,546 ) (3,182 ) (2,553 )
SEACOR Holdings management fees — —

(1,283

)

(1,925

)

(1,925 )
SEACOR Holdings guarantee fees (29 ) (21 ) (75 ) (76 ) (78 )
Marketable security gains (losses), net — (698 ) (109 ) 11,738 4,413
Derivative gains (losses), net 7,536 13,022 (213 ) (89 ) (82 )
Foreign currency gains (losses), net (320 ) (106 ) (1,094 ) (189 ) 151
Other, net   (5 )   —     —    

(1

)

  (1,756 )
  2,999     8,256    

(7,045

)

  7,126     (743 )
Loss Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies (32,831 ) (20,873 )

(51,860

)

(11,459

)

(83,462 )
Income Tax Benefit   (51,361 )   (5,823 )  

(13,800

)

  (3,422 )   (27,638 )
Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies 18,530 (15,050 ) (38,060 ) (8,037 ) (55,824 )
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax   9,374     (7,306 )   1,571     438     (5,950 )
Net Income (Loss) 27,904 (22,356 ) (36,489 ) (7,599 ) (61,774 )
Net Loss attributable to Noncontrolling Interests in Subsidiaries   (1,057 )   (1,881 )   (2,497 )   (204 )   (199 )
Net Income (Loss) attributable to SEACOR Marine Holdings Inc. $ 28,961   $ (20,475 ) $ (33,992 ) $ (7,395 ) $ (61,575 )
 
Income (Loss) Per Common Share of SEACOR Marine Holdings Inc.:
Basic $ 1.65 $ (1.17 ) $ (1.93 ) $ (0.42 ) $ (3.48 )
Diluted $ 1.20 $ (1.25 ) $ (1.93 ) $ (0.42 ) $ (3.48 )
Weighted Average Common Shares of Outstanding:
Basic 17,552 17,551 17,632 17,671 17,671
Diluted 21,629 21,621 17,632 17,671 17,671
Common Shares Outstanding at Period End 17,675 17,671 17,671 17,671 17,671
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics, unaudited)
 
  Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked $ 8,027 $ 7,212 $ 9,619 $ 10,133 $ 9,316
Fleet utilization 18 % 16 % 13 % 7 % 7 %
Fleet available days 3,864 3,859 4,063 3,998 4,169
Out-of-service days for repairs, maintenance and drydockings 139 338 221 159 32
Out-of-service days for cold-stacked status 3,010 2,746 3,070 3,456 3,794
Operating revenues:
Time charter $ 5,608 $ 4,587 $ 4,889 $ 2,995 $ 2,694
Other marine services 1,077   1,116   1,198   826   906  
6,685   5,703   6,087   3,821   3,600  
Direct operating expenses:
Personnel 3,853 4,455 4,183 3,130 3,310
Repairs and maintenance 631 1,289 937 737 551
Drydocking (164 ) 1,109 310 573 19
Insurance and loss reserves 678 598 1,205 805 484
Fuel, lubes and supplies 381 249 545 310 112
Other 3   123   51   72   (36 )
5,382   7,823   7,231   5,627   4,440  
Direct Vessel Profit (Loss) $ 1,303   $ (2,120 ) $ (1,144 ) $ (1,806 ) $ (840 )
 
Leased-in equipment (included in operating costs and expenses) $ 1,866   $ 1,870   $ 2,205   $ 2,211   $ 2,215  
Depreciation and amortization $ 5,487   $ 5,224   $ 5,749   $ 5,600   $ 6,529  
 
Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked $ 10,517 $ 10,611 $ 10,348 $ 9,388 $ 10,511
Fleet utilization 75 % 71 % 67 % 61 % 53 %
Fleet available days 1,207 1,283 1,123 1,019 1,445
Out-of-service days for repairs, maintenance and drydockings 34 79 125 19 56
Out-of-service days for cold-stacked status 92 184 91 180 507
Operating revenues:
Time charter $ 9,533 $ 9,700 $ 7,786 $ 5,847 $ 8,072
Other marine services 983   (310 ) 215   192   582  
10,516   9,390   8,001   6,039   8,654  
Direct operating expenses:
Personnel 3,795 3,588 3,428 2,608 3,024
Repairs and maintenance 855 1,324 3,234 544 694
Drydocking 129 311 683 1,057 (103 )
Insurance and loss reserves (19 ) 157 357 182 144
Fuel, lubes and supplies 859 693 704 559 790
Other 1,098   704   871   646   221  
6,717   6,777   9,277   5,596   4,770  
Direct Vessel Profit (Loss) $ 3,799   $ 2,613   $ (1,276 ) $ 443   $ 3,884  
 
Leased-in equipment (included in operating costs and expenses) $ 965   $ 966   $ 969   $ 970   $ 972  
Depreciation and amortization $ 3,175   $ 2,456   $ 2,059   $ 1,590   $ 1,849  
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics, unaudited)
 
Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Middle East and Asia
Time Charter Statistics:
Average rates per day worked $ 6,784 $ 7,138 $ 6,580 $ 7,017 $ 9,083
Fleet utilization 68 % 61 % 55 % 49 % 58 %
Fleet available days 2,331 2,194 2,067 1,710 1,932
Out-of-service days for repairs, maintenance and drydockings 104 95 122 50 3
Out-of-service days for cold-stacked status 119 184 304 320 186
Operating revenues:
Time charter $ 10,682 $ 9,490 $ 7,415 $ 5,823 $ 10,187
Other marine services (171 ) (341 ) 109   877   2,935  
10,511   9,149   7,524   6,700   13,122  
Direct operating expenses:
Personnel 4,882 4,731 4,147 3,123 4,367
Repairs and maintenance 2,205 2,309 3,947 576 1,539
Drydocking 554 (102 ) 358 158 5
Insurance and loss reserves 382 363 353 346 118
Fuel, lubes and supplies 1,180 1,115 908 524 802
Other 1,522   1,192   1,061   1,465   851  
10,725   9,608   10,774   6,192   7,682  
Direct Vessel Profit (Loss) $ (214 ) $ (459 ) $ (3,250 ) $ 508   $ 5,440  
 
Leased-in equipment (included in operating costs and expenses) $ —   $ —   $ 516   $ 346   $ 836  
Depreciation and amortization $ 6,898   $ 4,320   $ 3,979   $ 2,527   $ 2,510  
 
Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked $ 16,718 $ 16,060 $ — $ — $ —
Fleet utilization 50 % 49 % — % — % — %
Fleet available days 184 184 105 90 184
Out-of-service days for cold-stacked status 92 92 91 90 184
Operating revenues:
Time charter $ 1,538 $ 1,439 $ — $ — $ —
Bareboat charter 1,169 1,168 1,156 1,143 1,169
Other marine services 156   159   162   75   76  
2,863   2,766   1,318   1,218   1,245  
Direct operating expenses:
Personnel 322 326 148 13 24
Repairs and maintenance 44 110 116 4 5
Insurance and loss reserves 230 75 4 7 6
Fuel, lubes and supplies 163 33 27 — (172 )
Other 44   69   3   1   —  
803   613   298   25   (137 )
Direct Vessel Profit $ 2,060   $ 2,153   $ 1,020   $ 1,193   $ 1,382  
 
Leased-in equipment (included in operating costs and expenses) $ —   $ —   $ —   $ —   $ (1 )
Depreciation and amortization $ 1,134   $ 1,025   $ 784   $ 665   $ 755  
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics, unaudited)
 
  Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety $ 8,660 $ 8,650 $ 8,457 $ 8,131 $ 8,284
Fleet utilization - Standby safety 82 % 84 % 80 % 80 % 81 %
Fleet available days - Standby safety 1,822 1,840 1,820 1,800 1,840
Average rates per day worked - Wind farm utility 2,330 2,221 2,124 2,005 1,991
Fleet utilization - Wind farm utility 73 % 94 % 95 % 69 % 73 %
Fleet available days - Wind farm utility 3,220 3,220 3,185 3,150 3,220
Out-of-service days for repairs, maintenance and drydockings 249 110 124 173 130
Operating revenues:
Time charter $ 18,384 $ 20,051 $ 18,713 $ 16,065 $ 17,094
Other marine services 384   754   680   461   646  
18,768   20,805   19,393   16,526   17,740  
Direct operating expenses:
Personnel 9,101 9,079 8,671 7,917 8,157
Repairs and maintenance 2,490 2,378 2,191 1,734 1,955
Drydocking 919 961 900 1,279 210
Insurance and loss reserves 172 203 207 219 240
Fuel, lubes and supplies 1,037 790 1,006 949 907
Other 303   190   237   250   235  
14,022   13,601   13,212   12,348   11,704  
Direct Vessel Profit $ 4,746   $ 7,204   $ 6,181   $ 4,178   $ 6,036  
 
Leased-in equipment (included in operating costs and expenses) $ —   $ —   $ —   $ 64   $ 190  
Depreciation and amortization $ 3,327   $ 2,597   $ 2,062   $ 2,121   $ 2,122  
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics, unaudited)
 
Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked $ 10,322 $ 9,766 $ 10,774 $ 13,341 $ 13,686
Fleet utilization 21 % 25 % 24 % 15 % 20 %
Fleet available days 1,288 1,288 1,274 1,260 1,564
Out-of-service days for repairs, maintenance and drydockings 5 69 43 15 16
Out-of-service days for cold-stacked status 943 851 856 958 1,143
Operating revenues:
Time charter $ 2,849 $ 3,199 $ 3,299 $ 2,570 $ 4,178
Other marine services 698   (88 ) (50 ) (163 ) (200 )
3,547   3,111   3,249   2,407   3,978  
Direct operating expenses:
Personnel 2,381 2,388 2,745 2,494 3,134
Repairs and maintenance 498 565 990 497 471
Drydocking (30 ) 125 62 348 (104 )
Insurance and loss reserves 195 176 307 357 282
Fuel, lubes and supplies 446 158 317 416 281
Other (499 ) (170 ) (425 ) (284 ) (629 )
2,991   3,242   3,996   3,828   3,435  
Direct Vessel Profit (Loss) $ 556   $ (131 ) $ (747 ) $ (1,421 ) $ 543  
 
Leased-in equipment (included in operating costs and expenses) $ 1,862   $ 1,866   $ 1,869   $ 1,873   $ 1,876  
Depreciation and amortization $ 2,430   $ 2,419   $ 2,418   $ 2,419   $ 3,600  
 
Fast support
Time Charter Statistics:
Average rates per day worked $ 7,414 $ 7,999 $ 8,086 $ 7,417 $ 7,875
Fleet utilization 52 % 49 % 43 % 44 % 47 %
Fleet available days 3,864 3,885 3,684 3,212 3,312
Out-of-service days for repairs, maintenance and drydockings 155 208 242 83 46
Out-of-service days for cold-stacked status 1,324 1,447 1,580 1,439 1,560
Operating revenues:
Time charter $ 14,845 $ 15,271 $ 12,712 $ 10,542 $ 12,280
Other marine services (399 ) (410 ) 152   853   1,266  
14,446   14,861   12,864   11,395   13,546  
Direct operating expenses:
Personnel 5,717 5,405 4,815 4,010 4,424
Repairs and maintenance 1,853 2,680 5,893 709 1,748
Drydocking 684 247 979 1,010 29
Insurance and loss reserves 129 297 381 462 213
Fuel, lubes and supplies 849 975 990 612 515
Other 2,356   1,610   1,527   1,324   1,007  
11,588   11,214   14,585   8,127   7,936  
Direct Vessel Profit (Loss) $ 2,858   $ 3,647   $ (1,721 ) $ 3,268   $ 5,610  
 
Leased-in equipment (included in operating costs and expenses) $ 343   $ 343   $ 860   $ 690   $ 1,161  
Depreciation and amortization $ 6,521   $ 5,000   $ 4,403   $ 3,418   $ 3,108  
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics, unaudited)
 
Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Supply
Time Charter Statistics:
Average rates per day worked $ 5,222 $ 6,279 $ 6,028 $ 11,707 $ 6,298
Fleet utilization 81 % 65 % 48 % 20 % 19 %
Fleet available days 594 507 580 630 953
Out-of-service days for repairs, maintenance and drydockings 2 36 3 — 29
Out-of-service days for cold-stacked status 25 99 182 194 446
Operating revenues:
Time charter $ 2,527 $ 2,062 $ 1,679 $ 1,457 $ 1,140
Other marine services 1,122   1,079   1,069   1,077   1,222  
3,649   3,141   2,748   2,534   2,362  
Direct operating expenses:
Personnel 1,604 1,321 1,198 1,055 1,219
Repairs and maintenance 266 321 362 200 186
Drydocking — — — — (2 )
Insurance and loss reserves 210 26 34 74 66
Fuel, lubes and supplies 632 194 156 171 260
Other 348   158   252   954   297  
3,060   2,020   2,002   2,454   2,026  
Direct Vessel Profit $ 589   $ 1,121   $ 746   $ 80   $ 336  
 
Leased-in equipment (included in operating costs and expenses) $ —   $ —   $ 331   $ 332   $ 332  
Depreciation and amortization $ 3,566   $ 1,226   $ 1,278   $ 1,295   $ 1,637  
 
Standby safety
Time Charter Statistics:
Average rates per day worked $ 8,660 $ 8,650 $ 8,457 $ 8,131 $ 8,284
Fleet utilization 82 % 84 % 80 % 80 % 81 %
Fleet available days 1,822 1,840 1,820 1,800 1,840
Out-of-service days for repairs, maintenance and drydockings 78 96 108 87 27
Operating revenues:
Time charter $ 12,921 $ 13,328 $ 12,279 $ 11,695 $ 12,403
Other marine services 38   32   36   33   33  
12,959   13,360   12,315   11,728   12,436  
Direct operating expenses:
Personnel 6,901 6,955 6,698 6,334 6,477
Repairs and maintenance 1,570 1,943 1,610 1,208 1,388
Drydocking 919 960 900 1,280 209
Insurance and loss reserves 106 116 137 136 96
Fuel, lubes and supplies 894 723 844 825 789
Other 220   156   199   197   184  
10,610   10,853   10,388   9,980   9,143  
Direct Vessel Profit $ 2,349   $ 2,507   $ 1,927   $ 1,748   $ 3,293  
 
Depreciation and amortization $ 769   $ 578   $ 566   $ 559   $ 590  
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics, unaudited)
 
Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Specialty
Time Charter Statistics:
Average rates per day worked $ — $ — $ 12,000 $ — $ 37,024
Fleet utilization — % — % 5 % — % 23 %
Fleet available days 276 276 273 270 337
Out-of-service days for repairs, maintenance and drydockings 24 25 7 — —
Out-of-service days for cold-stacked status 160 159 182 239 123
Operating revenues:
Time charter $ (1 ) $ — $ 149 $ — $ 2,891
Other marine services 1   268   278   —   1,464  
—   268   427   —   4,355  
Direct operating expenses:
Personnel 472 413 316 265 989
Repairs and maintenance 77 40 56 40 246
Drydocking (136 ) 736 — — —
Insurance and loss reserves 102 21 35 61 73
Fuel, lubes and supplies 20 92 59 70 377
Other 85   84   98   149   303  
620   1,386   564   585   1,988  
Direct Vessel Profit (Loss) $ (620 ) $ (1,118 ) $ (137 ) $ (585 ) $ 2,367  
 
Leased-in equipment (included in operating costs and expenses) $ —   $ —   $ —   $ —   $ 20  
Depreciation and amortization $ 283   $ 579   $ 579   $ 581   $ 488  
 
Liftboats
Time Charter Statistics:
Average rates per day worked 16,662 11,899 10,315 9,782 13,486
Fleet utilization 30 % 28 % 16 % 1 % 1 %
Fleet available days 1,380 1,380 1,365 1,265 1,380
Out-of-service days for repairs, maintenance and drydockings $ 92 $ 174 $ 173 $ 130 $ —
Out-of-service days for cold-stacked status 771 551 605 1,059 1,336
Operating revenues:
Time charter $ 6,954 $ 4,659 $ 2,251 $ 95 $ 96
Other marine services 393   447   384   41   7  
7,347   5,106   2,635   136   103  
Direct operating expenses:
Personnel 2,577 3,394 2,748 1,006 781
Repairs and maintenance 990 1,288 915 405 104
Drydocking 1 211 310 429 —
Insurance and loss reserves 722 684 1,167 375 231
Fuel, lubes and supplies 632 646 667 122 79
Other 333   352   488   14   —  
5,255   6,575   6,295   2,351   1,195  
Direct Vessel Profit (Loss) $ 2,092   $ (1,469 ) $ (3,660 ) $ (2,215 ) $ (1,092 )
 
Leased-in equipment (included in operating costs and expenses) $ 626   $ 627   $ 630   $ 632   $ 633  
Depreciation and amortization $ 3,160   $ 3,045   $ 3,045   $ 1,923   $ 1,965  
 
 
SEACOR MARINE HOLDINGS INC.
DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics, unaudited)
 
  Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Wind farm utility
Time Charter Statistics:
Average rates per day worked $ 2,318 $ 2,220 $ 2,124 $ 2,005 $ 2,104
Fleet utilization 72 % 89 % 90 % 65 % 71 %
Fleet available days $ 3,404 $ 3,404 $ 3,367 $ 3,330 $ 3,404
Out-of-service days for repairs, maintenance and drydockings $ 171 $ 14 $ 16 $ 86 $ 103
Out-of-service days for cold-stacked status $ 92 $ 99 $ 152 $ 157 $ 62
Operating revenues:
Time charter $ 5,650 $ 6,748 $ 6,434 $ 4,371 $ 5,059
Other marine services 295   688   583   362   553  
5,945   7,436   7,017   4,733   5,612  
Direct operating expenses:
Personnel 2,295 2,265 2,036 1,642 1,839
Repairs and maintenance 969 575 599 536 601
Drydocking — — — — (1 )
Insurance and loss reserves 74 89 83 89 147
Fuel, lubes and supplies 146 93 162 126 130
Other 121   87   80   88   102  
3,605   3,109   2,960   2,481   2,818  
Direct Vessel Profit $ 2,340   $ 4,327   $ 4,057   $ 2,252   $ 2,794  
 
Leased-in equipment (included in operating costs and expenses) $ —   $ —   $ —   $ 64   $ 190  
Depreciation and amortization $ 2,903   $ 2,293   $ 1,768   $ 1,829   $ 1,700  
 
Other Activity
Operating revenues:
Other marine services $ 1,450   $ 530   $ 1,068   $ 1,371   $ 1,969  
 
Direct operating expenses:
Personnel 6 38 21 (15 ) 19
Repairs and maintenance 2 (2 ) — — —
Drydocking — — — — —
Insurance and loss reserves (95 ) (13 ) (18 ) 5 (116 )
Fuel, lubes and supplies 1 (1 ) (5 ) — 8
Other 6   1   4   (8 ) 7  
(80 ) 23   2   (18 ) (82 )
Direct Vessel Profit $ 1,530   $ 507   $ 1,066   $ 1,389   $ 2,051  
 
Depreciation and amortization $ 389   $ 482   $ 576   $ 479   $ 677  
 
 
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)
(in thousands, unaudited)
 
  Three Months Ended
Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
Cash Flows from Operating Activities:
DVP $ 11,694 $ 9,391 $ 1,531 $ 4,516 $ 15,902
Operating, leased-in equipment (excluding amortization of deferred gains) (4,840 ) (4,845 ) (5,740 ) (5,641 ) (6,262 )
Administrative and general (excluding provisions for bad debts and amortization of share awards) (12,091 ) (11,139 ) (22,596 ) (10,267 ) (10,113 )
SEACOR Holdings management and guarantee fees (29 ) (21 ) (1,358 ) (2,001 ) (2,003 )
Other, net (excluding non-cash losses) (5 ) — — (1 ) (272 )
Dividends received from 50% or less owned companies 200   800   1,642   —   406  
(5,071 ) (5,814 ) (26,521 ) (13,394 ) (2,342 )
Changes in operating assets and liabilities before interest and income taxes 9,003 (14,428 ) 8,300 3,415 7,111
Purchases of marketable securities — — — — (14,321 )
Proceeds from sale of marketable securities — — — 51,877 —
Cash settlements on derivative transactions, net (140 ) (184 ) (166 ) (22 ) (285 )
Interest paid, excluding capitalized interest (4,471 ) (1,119 ) (3,626 ) — (2,280 )
Interest received 326 354 275 2,372 (291 )
Income taxes (paid) refunded, net (52 ) 2,599   10,178   21,048   (280 )
Net cash provided by (used in) operating activities (GAAP Measure) (405 ) (18,592 ) (11,560 ) 65,296   (12,688 )
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest (16,105 ) (22,796 ) (17,006 ) (9,484 ) (16,153 )
Capitalized interest paid (563 ) (754 ) (1,654 ) (659 ) (1,925 )
Cash settlements on derivative transactions, net — (45 ) — (324 ) (342 )
Proceeds from disposition of property and equipment 1,046 248 1,252 8,297 37,800
Construction reserve funds (deposits) withdrawals, net 94   22,344   15,678   (5,268 ) (16,310 )
Net investing activities in property and equipment (15,528 ) (1,003 ) (1,730 ) (7,438 ) 3,070
Net investing activities in 50% or less owned companies (366 ) (773 ) (1,733 ) 4,956 (8,661 )
Net investing activities in third party notes receivable — — — — (380 )
Net decrease (increase) in restricted cash (682 ) 205 (13 ) (349 ) (67 )
Cash assumed on consolidation of 50% or less owned companies — — — 1,943 —
Business acquisitions, net of cash acquired —   —   (9,751 ) —   —  
Net cash used in investing activities (GAAP Measure) (16,576 ) (1,571 ) (13,227 ) (888 ) (6,038 )
Cash Flows from Financing Activities:
Payments on long-term debt (3,354 ) (4,599 ) (2,800 ) (1,173 ) (2,027 )
Proceeds from issuance of debt, net of issue costs (300 ) 3,622 (173 ) 3,396 6,564
Distribution of SEACOR Marine restricted stock to Company personnel by SEACOR Holdings — — (2,656 ) — —
Purchase of subsidiary shares from noncontrolling interests —   —   (3,693 ) —   —  
Net cash provided by (used in) financing activities (GAAP Measure) (3,654 ) (977 ) (9,322 ) 2,223   4,537  
Effects of Exchange Rate Changes on Cash and Cash Equivalents 512   539   858   269   (979 )
Net Increase (Decrease) in Cash and Cash Equivalents (20,123 ) (20,601 ) (33,251 ) 66,900   (15,168 )
Cash and Cash Equivalents, Beginning of Period 130,357   150,958   184,209   117,309   132,477  
Cash and Cash Equivalents, End of Period $ 110,234   $ 130,357   $ 150,958   $ 184,209   $ 117,309  
 
 
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
  Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,
2017 2017 2017 2017 2016
ASSETS
Current Assets:
Cash and cash equivalents $ 110,234 $ 130,357 $ 150,958 $ 184,209 $ 117,309
Restricted cash 2,317 1,619 1,824 1,811 1,462
Marketable securities — — 688 785 40,139
Receivables:
Trade, net of allowance for doubtful accounts 45,616 54,124 43,475 48,044 44,830
Due from SEACOR Holdings — — — — 19,102
Other 12,341 8,942 11,957 11,701 21,316
Inventories 3,756 3,786 3,376 3,421 3,058
Prepaid expenses and other 3,026   3,364   3,719   3,068   3,349  
Total current assets 177,290   202,192   215,997   253,039   250,565  
Property and Equipment:
Historical cost 1,179,836 1,204,409 1,155,155 1,089,176 958,759
Accumulated depreciation (560,160 ) (558,919 ) (543,822 ) (534,522 ) (540,619 )
619,676 645,490 611,333 554,654 418,140
Construction in progress 70,157   60,597   90,335   83,710   123,801  
Net property and equipment 689,833   706,087   701,668   638,364   541,941  
Investments, at Equity, and Advances to 50% or Less Owned Companies 92,169 89,984 100,719 114,767 138,311
Construction Reserve Funds 45,361 45,455 67,799 83,477 78,209
Other Assets 3,851   6,213   6,072   6,176   6,093  
$ 1,008,504   $ 1,049,931   $ 1,092,255   $ 1,095,823   $ 1,015,119  
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt $ 22,858 30,858 $ 81,593 $ 26,600 $ 20,400
Accounts payable and accrued expenses 24,024 23,487 23,436 26,399 25,969
Due to SEACOR Holdings 1,358 663 3,519 1,827 —
Other current liabilities 50,978   54,210   47,014   46,055   34,647  
Total current liabilities 99,218   109,218   155,562   100,881   81,016  
Long-Term Debt 292,041 285,869 233,904 274,408 217,805
Conversion Option Liability on 3.75% Convertible Senior Notes 6,832 14,135 27,109 — —
Deferred Income Taxes 55,506 106,389 117,332 121,028 124,945
Deferred Gains and Other Liabilities 31,741   36,314   39,324   38,820   41,198  
Total liabilities 485,338   551,925   573,231   535,137   464,964  
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Preferred stock — — — — —
Common stock 177 177 177 177 177
Additional paid-in capital 303,996 302,952 302,678 306,359 306,359
Retained earnings 216,511 187,550 208,025 242,017 249,412
Accumulated other comprehensive loss, net of tax (12,493 ) (8,685 ) (9,690 ) (10,679 ) (11,337 )
508,191 481,994 501,190 537,874 544,611
Noncontrolling interests in subsidiaries 14,975   16,012   17,834   22,812   5,544  
Total equity 523,166   498,006   519,024   560,686   550,155  
$ 1,008,504   $ 1,049,931   $ 1,092,255   $ 1,095,823   $ 1,015,119  
 
 
SEACOR MARINE HOLDINGS INC.
FLEET COUNTS
(unaudited)
 
  Dec. 31,   Sep. 30,   Jun. 30,   Mar. 31,   Dec. 31,

2017(1)

2017 2017 2017 2016
Anchor handling towing supply 23 23 25 25 25
Fast support 50 50 49 51 48
Supply 31 27 26 28 28
Standby safety 20 21 21 21 21
Specialty 4 6 6 6 6
Liftboats 15 15 15 15 15
Wind farm utility 41 41 40 40 40
184 183 182 186 183
______________________
(1)     Excludes three owned and one leased-in offshore support vessels that have been retired and removed from service.
 
 
SEACOR MARINE HOLDINGS INC.
EXPECTED FLEET DELIVERIES
(unaudited)
 
  2018   2019   2020    
Q1   Q2   Q3   Q4 Q1   Q2   Q3   Q4 Q1 Deferred Total
Fast support — — — — 1 — — — 1 2 4
Supply — — 1 — 1 — 1 — — — 3
Wind farm utility(1) 1 1 1 — 1 — — — — — 4
______________________
(1)     The wind farm utility vessel scheduled for delivery in Q2 2018 is expected to be sold, at cost, to one of the Company’s joint ventures.