ex_111237.htm

EX-99.1 2 ex_123536.htm EXHIBIT 99.1 ex_111237.htm

Exhibit 99.1

PRESS RELEASE

SEACOR MARINE ANNOUNCES THIRD QUARTER 2018 RESULTS

CONTINUED IMPROVEMENT IN OPERATING PERFORMANCE

STRENGTHENED BALANCE SHEET

Houma, Louisiana

November 12, 2018

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its third quarter and nine months ended September 30, 2018.

For the third quarter and nine months ended September 30, 2018, net loss attributable to SEACOR Marine was $16.0 million ($0.71 per diluted share) and $69.8 million ($3.42 per diluted share), respectively, and operating loss was $10.2 million and $55.6 million, respectively.

For the third quarter and nine months ended September 30, 2017, net loss attributable to SEACOR Marine was $20.5 million ($1.25 per diluted share) and $61.9 million ($3.51 per diluted share), respectively, and operating loss was $29.1 million and $92.5 million, respectively. Net Loss attributable to SEACOR Marine Holdings Inc. for the preceding quarter ended June 30, 2018 was $25.0 million ($1.19 per diluted share).

Chief Executive Officer John Gellert commented on third quarter results:

“The improved performance of our business continued as the Company delivered its third consecutive quarter of higher direct vessel profit (“DVP”). The standout performer was liftboats, generating approximately two-thirds of our DVP for the quarter. Windfarm utility boats also had a strong quarter, contributing approximately 18% of quarterly DVP. The Gulf of Mexico region achieved a $4.8 million improvement in DVP from the preceding quarter, due primarily to improved utilization.

Further, we increased our financial capacity with the completion of a $130 million corporate loan facility, which extended maturities, reduced debt service and provided additional liquidity.

As part of our commitment to actively managing our fleet, we sold five vessels in the third quarter, sold a 51% interest in one of our 15 PSVs and added two AHTS vessels to our fleet. As of September 30, 2018, the net book value of our property and equipment was approximately $793.2 million, a growth of approximately $104 million this year.

Collectively, the sale transactions in the third quarter generated a net gain of approximately $0.6 million. Subsequent to quarter end, we concluded additional sales which, as of today, generated an additional net gain of approximately $5.1 million.

Successfully raising both equity and debt in 2018 demonstrates broad support for our platform and this quarter began to demonstrate the value of that platform. We ended the quarter with more than $100 million in cash, which provides a strong base to both prepare our fleet for 2019 and selectively pursue opportunities for growth.”

Third quarter highlights include:

•

47.6% increase in consolidated direct vessel profit (“DVP”)⁽¹⁾ to $21.7 million from $14.7 million in second quarter 2018, and an increase of 130.6% from $9.4 million in third quarter 2017. DVP measures operational performance (operating revenues less direct operating costs, excluding leased-in equipment). DVP has increased steadily over the past five quarters, with increases experienced across most of the Company's regions.

•

Continued improvement in fleet utilization to 68% from 62% in second quarter 2018 and 60% in third quarter 2017; average day rates were flat at $7,323 compared to the prior quarter and up 21.9% from $6,006 in third quarter 2017.

•

Completed a refinancing transaction with a new $130.0 million loan facility, consolidating multiple facilities into a more efficient single credit facility, improving the Company's capital structure and addressing near-term maturities.

•

The Company used $101.3 million of gross proceeds from the credit facility to pay in full three credit agreements and the remaining $28.7 million is available for general corporate purposes, including acquisitions.

•

The refinanced debt reduced required principal payments through 2019 by $37.2 million and extended the final balloon payment until 2023.

A comparison of results for the third quarter ended September 30, 2018 with the preceding quarter ended June 30, 2018 is included below.

Operating Revenues. Time charter revenues were $6.1 million higher compared with the preceding quarter. On a total fleet basis, time charter revenues increased by $3.1 million from improved utilization, $0.9 million from net fleet additions and $4.2 million due to the repositioning of vessels between geographic regions. This increase was partially offset by $1.3 million due to a reduction in average rates per day worked and $0.8 million due to unfavorable changes in currency exchange rates. Other marine services revenues were $3.5 million higher compared with the preceding quarter.

On a total fleet basis, excluding wind farm utility vessels, but including cold-stacked vessels (those that are not currently available for active service), utilization of the fleet increased from 58% to 60%, and average rates per day worked increased from $9,742 to $10,186. Days available for charter were 1% higher in the third quarter primarily due to net fleet additions. This release includes a table presenting time charter operating data by vessel class.

Direct Vessel Profit (“DVP”)⁽¹⁾ by Region. DVP generated by the Company’s operating regions was $21.7 million compared with $14.7 million in the preceding quarter, an increase of $7.0 million. Improvements in operating revenues of $9.6 million were partly offset by increased direct operating expenses of $2.6 million. Drydocking expenses were $1.7 million higher due to timing of dockings. Results by region are as follows:

United States, primarily Gulf of Mexico. DVP was $6.6 million compared with $1.8 million in the preceding quarter, a $4.8 million improvement. Time charter revenues were $3.7 million higher compared with the preceding quarter, including $4.4 million from the liftboat fleet, primarily due to improved utilization. Other marine services revenues were $1.1 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 23% to 30%, and average rates per day worked increased from $10,503 to $12,476. Days available for charter decreased by 7% primarily due to net fleet dispositions and the repositioning of vessels between geographic regions. Operating expenses were flat. As of September 30, 2018, the Company had 22 of 38 owned and leased-in vessels cold-stacked in the U.S. (six anchor handling towing supply vessels, nine fast support vessels, six liftboats and one specialty vessel) compared with 25 of 38 vessels as of June 30, 2018. As of September 30, 2018, the Company had five vessels retired and removed from service in this region (four anchor handling towing supply vessels and one supply).

Africa, primarily West Africa. DVP was $2.3 million compared with $2.0 million in the preceding quarter, a $0.3 million increase. 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 decreased from 88% to 82%, and average rates per day worked decreased from $9,509 to $9,315. Days available for charter increased by 11% primarily due to net fleet additions and the repositioning of vessels between geographic regions. Other marine services revenues were $1.4 million higher compared with the preceding quarter, primarily due to the collection and recognition of revenue previously deferred because of collection concerns. Operating expenses (excluding leased-in equipment) were $1.2 million higher compared with the preceding quarter primarily due to repositioning of vessels between geographic regions, and an increase in repair costs of $0.8 million. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

Middle East and Asia. DVP was $3.5 million compared with $3.0 million in the preceding quarter, a $0.5 million improvement. Time charter revenues were $1.0 million lower compared with the preceding quarter, primarily as a result of reduced utilization and a reduction in average rates per day worked by the active fleet. Other marine services revenues were $0.7 million higher. On a total fleet basis, including cold-stacked vessels, utilization of the fleet decreased from 82% to 76%, and average rates per day worked decreased from $8,226 to $8,156. Days available for charter increased by 1% primarily due to net fleet additions. Operating expenses (excluding leased-in equipment) were $0.8 million lower compared with the preceding quarter, primarily due to the replacement, in the preceding quarter, of main engines in two fast support vessels. As of September 30, 2018, the Company had one of 22 owned and leased-in vessels cold-stacked in the Middle East and Asia (one anchor handling towing supply vessel) compared with one of 21 vessels as of June 30, 2018. As of September 30, 2018, the Company had one specialty vessel retired and removed from service in this region.

Brazil, Mexico, Central and South America. DVP was $6.1 million compared with $4.3 million in the preceding quarter, an increase of $1.8 million. Time charter revenues were $2.9 million higher compared with the preceding quarter, primarily due to the repositioning of vessels between geographic regions. On a total fleet basis, including cold-stacked vessels, utilization of the fleet increased from 57% to 80% and average rates per day worked decreased from $19,127 to $17,604. Days available for charter increased by 28% driven by repositioning of vessels between geographic regions, primarily liftboats. Operating expenses (excluding leased-in equipment) were $0.7 million higher compared with the preceding quarter. As of September 30, 2018, the Company had one of six owned and leased-in vessels cold-stacked.

Europe, primarily North Sea. DVP was $3.2 million compared with $3.6 million in the preceding quarter, a decrease of $0.4 million. Time charter revenues were $0.3 million higher, primarily due to a seasonal increase in utilization of the wind farm utility vessels. For the standby safety fleet, utilization decreased from 80% to 77%, and average rates per day worked decreased from $9,157 to $8,692. For the windfarm utility vessels, utilization increased from 76% to 91%, and average rates per day worked decreased from $2,342 to $2,260, primarily due to a lower exchange ratio of the Pound Sterling. Operating expenses (excluding leased-in equipment) were $1.4 million lower compared with the preceding quarter primarily due to drydockings. As of September 30, 2018, the Company had one of 55 owned and leased-in vessels cold-stacked in Europe (one windfarm utility vessel).

___________________

(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 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 8 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

Administrative and general. Third quarter 2018 administrative and general expenses were $3.3 million lower compared with the preceding quarter primarily due to lower legal and professional fees, stock awards granted to both employees and non-employee directors, and director compensation.

Depreciation and amortization. Depreciation and amortization costs were $1.1 million lower compared with the preceding quarter primarily due to net asset dispositions.

Asset Dispositions and Impairments. During the third quarter, the Company sold two fast support vessels, two windfarm utility vessels, one platform supply vessel, one safety standby vessel and other equipment for net proceeds of $1.1 million and a gain of $0.6 million, all of which was recognized currently. During the preceding quarter, the Company recognized impairment charges of $0.1 million associated with two permanently deferred hull projects. In addition, the Company sold one offshore support vessel and two supply vessels previously retired and removed from service, one standby safety vessel and one fast support vessel, property and other equipment for net proceeds of $2.2 million and a gain of $1.2 million, all of which was recognized during the preceding quarter.

Derivative gains (losses). Net derivative gains during third quarter 2018 of $4.4 million, and net derivative losses during the preceding quarter of $2.7 million, are primarily due to a decrease in the fair value of the Company's conversion option derivative liability embedded in its Convertible Senior Notes.

Income tax benefit. The Company's year-to-date effective income tax rate of 15.5% was primarily due to taxes not provided for income attributable to non-controlling interest, foreign source income not subject to U.S. income taxes, a return-to-provision adjustment and a reversal of an unrecognized benefit.

Equity in earnings (losses) of 50% or less owned companies. Equity losses in the third quarter 2018 were $1.0 million compared with equity losses of $0.7 million in the preceding quarter. The increase in the equity losses was primarily due to decreased utilization in the MexMar fleet.

Capital Commitments. As of September 30, 2018, the Company had unfunded capital commitments of $34.5 million that included two fast support vessels, three supply vessels and two wind farm utility vessels. The Company’s capital commitments by year of expected payment are as follows (in thousands):

2018		2,734
2019		17,243
2020		14,552
	$	34,529

In addition, the Company has indefinitely deferred an additional $20.8 million of orders with respect to two fast support vessels, which the Company had previously reported as unfunded capital commitments.

Liquidity and Debt. As of September 30, 2018, the Company's balances of cash, cash equivalents, restricted cash, and construction reserve funds totaled $140.1 million and its total outstanding debt was $415.2 million (net of $39.5 million in discount and issuance costs). As of September 30, 2018, construction reserve funds of $35.6 million were classified as non-current assets in the accompanying condensed consolidated balance sheets as the Company has the intent and ability to use the funds to acquire equipment. Additionally, the Company had $2.5 million available under subsidiary credit facilities for future capital commitments.

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore oil and natural gas and windfarm 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 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 Connie Morinello at (985) 858 – 6400 or InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Operating Revenues	$	70,255		$	47,813		$	182,677		$	124,440
Costs and Expenses:
Operating		51,423			41,258			141,416			119,119
Administrative and general		12,234			10,318			40,573			43,849
Depreciation and amortization		17,342			15,622			55,260			42,758
		80,999			67,198			237,249			205,726
Gains (Losses) on Asset Dispositions and Impairments, Net		586			(9,744	)		(1,002	)		(11,243	)
Operating Loss		(10,158	)		(29,129	)		(55,574	)		(92,529	)
Other Income (Expense):
Interest income		309			354			877			1,479
Interest expense		(7,761	)		(4,295	)		(20,383	)		(12,023	)
SEACOR Holdings management fees		—			—			—			(3,208	)
SEACOR Holdings guarantee fees		(5	)		(21	)		(24	)		(172	)
Loss on debt extinguishment		(638	)		—			(638	)		—
Marketable security (losses) gains, net		—			(698	)		—			10,931
Derivative gains (losses), net		4,387			13,022			(9,797	)		12,720
Foreign currency losses, net		(302	)		(106	)		(981	)		(1,389	)
Other, net		678			—			678			(1	)
		(3,332	)		8,256			(30,268	)		8,337
Loss Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(13,490	)		(20,873	)		(85,842	)		(84,192	)
Income Tax Expense (Benefit)		1,249			(5,823	)		(13,299	)		(23,045	)
Loss Before Equity in Earnings of 50% or Less Owned Companies		(14,739	)		(15,050	)		(72,543	)		(61,147	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax		(1,027	)		(7,306	)		(1,540	)		(5,297	)
Net Loss		(15,766	)		(22,356	)		(74,083	)		(66,444	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		191			(1,881	)		(4,269	)		(4,582	)
Net Loss attributable to SEACOR Marine Holdings Inc.	$	(15,957	)	$	(20,475	)	$	(69,814	)	$	(61,862	)

Loss Per Common Share of SEACOR Marine Holdings Inc.
Basic	$	(0.71	)	$	(1.17	)	$	(3.42	)	$	(3.51	)
Diluted	$	(0.71	)	$	(1.25	)	$	(3.42	)	$	(3.51	)

Weighted Average Common Shares Outstanding:
Basic		22,512,886			17,550,663			20,391,297			17,617,420
Diluted		22,512,886			21,621,163			20,391,297			17,617,420

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED RESULTS OF OPERATIONS

(in thousands, except share data)

	Three Months Ended September 30,										Nine Months Ended September 30,
	2018					2017					2018					2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm)	$	10,186				$	8,565				$	9,697				$	8,439
Average Rates Per Day	$	7,323				$	6,006				$	7,229				$	5,806
Fleet Utilization (excluding wind farm)				60	%				49	%				56	%				43	%
Fleet Utilization				68	%				60	%				61	%				54	%
Fleet Available Days (excluding wind farm)		9,119					9,176					27,461					26,608
Fleet Available Days		12,617					12,580					37,746					36,709
Operating Revenues:
Time charter	$	62,902		90	%	$	45,267		95	%	$	166,870		92	%	$	114,800		92	%
Bareboat charter		1,168		1	%		1,168		2	%		3,467		2	%		3,467		3	%
Other marine services		6,185		9	%		1,378		3	%		12,340		6	%		6,173		5	%
		70,255		100	%		47,813		100	%		182,677		100	%		124,440		100	%
Costs and Expenses:
Operating:
Personnel		25,021		35	%		22,178		46	%		71,430		39	%		59,546		48	%
Repairs and maintenance		9,208		13	%		7,411		15	%		25,351		14	%		21,431		17	%
Drydocking		4,822		7	%		2,278		5	%		10,191		5	%		7,597		6	%
Insurance and loss reserves		1,857		3	%		1,396		3	%		4,981		3	%		5,081		4	%
Fuel, lubes and supplies		4,690		7	%		2,880		6	%		12,357		7	%		8,412		7	%
Other		3,000		4	%		2,278		5	%		8,616		5	%		6,935		6	%
Leased-in equipment		2,825		4	%		2,837		6	%		8,490		5	%		10,117		8	%
		51,423		73	%		41,258		86	%		141,416		78	%		119,119		96	%
Administrative and general		12,234		17	%		10,318		22	%		40,573		22	%		43,849		35	%
Depreciation and amortization		17,342		25	%		15,622		33	%		55,260		30	%		42,758		34	%
		80,999		115	%		67,198		141	%		237,249		130	%		205,726		165	%
Gains (Losses) on Asset Dispositions and Impairments, Net		586		1	%		(9,744	)	(20	)%		(1,002	)	—	%		(11,243	)	(9	)%
Operating Loss		(10,158	)	(14	)%		(29,129	)	(61	)%		(55,574	)	(30)	%		(92,529	)	(74	)%

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Time Charter Statistics:
Average Rates Per Day Worked (excluding wind farm utility)	$	10,186		$	9,742		$	9,071		$	8,583		$	8,565
Average Rates Per Day Worked	$	7,323		$	7,324		$	7,001		$	6,435		$	6,006
Fleet Utilization (excluding wind farm utility)		60	%		58	%		50	%		51	%		49	%
Fleet Utilization		68	%		62	%		53	%		56	%		60	%
Fleet Available Days (excluding wind farm utility)		9,119			9,071			9,271			9,224			9,176
Fleet Available Days		12,617			12,528			12,601			12,628			12,580
Operating Revenues:
Time charter	$	62,902		$	56,826		$	47,142		$	45,745		$	45,267
Bareboat charter		1,168			1,156			1,143			1,169			1,168
Other marine services		6,185			2,719			3,436			2,429			1,378
		70,255			60,701			51,721			49,343			47,813
Costs and Expenses:
Operating:
Personnel		25,021			24,733			21,676			21,953			22,179
Repairs and maintenance		9,208			9,070			7,073			6,225			7,410
Drydocking		4,822			3,112			2,257			1,438			2,279
Insurance and loss reserves		1,857			1,934			1,190			1,443			1,396
Fuel, lubes and supplies		4,690			4,122			3,545			3,620			2,880
Other		3,000			3,009			2,607			2,970			2,278
		48,598			45,980			38,348			37,649			38,422
Direct Vessel Profit		21,657			14,721			13,373			11,694			9,391
Other Costs and Expenses:
Operating:
Leased-in expense		2,825			2,840			2,825			2,831			2,836
Administrative and general		12,234			15,532			12,807			12,368			10,318
Depreciation and amortization		17,342			18,406			19,512			20,021			15,622
		32,401			36,778			35,144			35,220			28,776
Gains (Losses) on Asset Dispositions and Impairments, Net		586			1,055			(2,643	)		(12,304	)		(9,744	)
Operating Loss		(10,158	)		(21,002	)		(24,414	)		(35,830	)		(29,129	)
Other Income (Expense):
Interest income		309			352			216			326			354
Interest expense		(7,761	)		(6,489	)		(6,133	)		(4,509	)		(4,295	)
SEACOR Holdings management fees		—			—			—			—			—
SEACOR Holdings guarantee fees		(5	)		(7	)		(12	)		(29	)		(21	)
Debt extinguishment loss		(638	)
Marketable security losses, net		—			—			—			—			(698	)
Derivative gains (losses), net		4,387			(2,668	)		(11,516	)		7,536			13,022
Foreign currency (losses) gains, net		(302	)		(818	)		139			(320	)		(106	)
Other, net		678			—			—			(5	)		—
		(3,332	)		(9,630	)		(17,306	)		2,999			8,256
Loss Before Income Tax Benefit and Equity in (Losses) Earnings of 50% or Less Owned Companies		(13,490	)		(30,632	)		(41,720	)		(32,831	)		(20,873	)
Income Tax Expense (Benefit)		1,249			(4,724	)		(9,824	)		(51,361	)		(5,823	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(14,739	)		(25,908	)		(31,896	)		18,530			(15,050	)
Equity in (Losses) Earnings of 50% or Less Owned Companies, Net of Tax		(1,027	)		(721	)		208			9,374			(7,306	)
Net (Loss) Income		(15,766	)		(26,629	)		(31,688	)		27,904			(22,356	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		191			(1,605	)		(2,855	)		(1,057	)		(1,881	)
Net (Loss) Income attributable to SEACOR Marine Holdings Inc.	$	(15,957	)	$	(25,024	)	$	(28,833	)	$	28,961		$	(20,475	)

(Loss) Income Per Common Share and Warrants of SEACOR Marine Holdings Inc.:
Basic	$	(0.71	)	$	(1.19	)	$	(1.64	)	$	1.65		$	(1.17	)
Diluted	$	(0.71	)	$	(1.19	)	$	(1.64	)	$	1.20		$	(1.25	)
Weighted Average Common Shares and Warrants Outstanding:
Basic		22,513			21,035			17,571			17,552			17,551
Diluted		22,513			21,035			17,571			21,629			21,621
Common Shares and Warrants Outstanding at Period End		22,709			22,709			17,787			17,675			17,671

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

	United States (primarily Gulf of Mexico)			Africa (primarily West Africa)			Middle East and Asia			Brazil, Mexico, Central and South America			Europe (primarily North Sea)			Total
For the Three Months Ended September 30, 2018
Time Charter Statistics:
Average Rates Per Day	$	12,476		$	9,315		$	8,156		$	17,60		$	4,287		$	7,323
Fleet Utilization		30	%		82	%		76	%		80	%		85	%		68	%
Fleet Available Days		3,433			1,475			2,024			531			5,154			12,617
Operating Revenues:
Time charter	$	12,800		$	11,201		$	12,590		$	7,479		$	18,832		$	62,902
Bareboat charter		—			—			—			1,168			—			1,168
Other marine services		2,722			1,777			(83	)		416			1,353			6,185
		15,522			12,978			12,507			9,063			20,185			70,255
Direct Costs and Expenses:
Operating:
Personnel		4,853			4,486			4,361			1,662			9,659			25,021
Repairs and maintenance		1,801			2,438			2,091			312			2,566			9,208
Drydocking		375			1,201			352			103			2,791			4,822
Insurance and loss reserves		612			323			385			163			374			1,857
Fuel, lubes and supplies		1,120			1,081			892			427			1,170			4,690
Other		154			1,103			952			350			441			3,000
		8,915			10,632			9,033			3,017			17,001			48,598
Direct Vessel Profit	$	6,607		$	2,346		$	3,474		$	6,046		$	3,184			21,657
Other Costs and Expenses:
Operating:
Leased-in equipment	$	1,853		$	960		$	—		$	—		$	12			2,825
Administrative and general																	12,234
Depreciation and amortization	$	5,227		$	2,381		$	4,207		$	2,521		$	3,006			17,342
																	32,401
Gains on Asset Dispositions and Impairments																	586
Operating Loss																$	(10,158	)

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except share data)

	United States (primarily Gulf of Mexico)			Africa (primarily West Africa)			Middle East and Asia			Brazil, Mexico, Central and South America			Europe (primarily North Sea)			Total
For the Nine Months Ended September 30, 2018
Time Charter Statistics:
Average Rates Per Day	$	10,832		$	11,614		$	8,156		$	17,807		$	4,721		$	7,229
Fleet Utilization		23	%		86	%		75	%		65	%		77	%		61	%
Fleet Available Days		11,193			4,066			6,161			1,166			15,159			37,746
Operating Revenues:
Time charter	$	27,834		$	33,117		$	37,555		$	13,409		$	54,955		$	166,870
Bareboat charter		—			—			—			3,467			—			3,467
Other marine services		6,053			3,414			(1,005	)		1,371			2,507			12,340
		33,887			36,531			36,550			18,247			57,462			182,677
Direct Costs and Expenses:
Operating:
Personnel		13,481			12,873			12,452			3,257			29,367			71,430
Repairs and maintenance		4,024			5,457			8,095			649			7,126			25,351
Drydocking		1,810			2,113			413			114			5,741			10,191
Insurance and loss reserves		1,948			789			982			399			863			4,981
Fuel, lubes and supplies		2,513			2,650			2,848			841			3,505			12,357
Other		208			3,541			2,996			898			973			8,616
		23,984			27,423			27,786			6,158			47,575			132,926
Direct Vessel Profit	$	9,903		$	9,108		$	8,764		$	12,089		$	9,887			49,751
Other Costs and Expenses:
Operating:
Leased-in equipment	$	5,571		$	2,885		$	—		$	—		$	34			8,490
Administrative and general																	40,573
Depreciation and amortization	$	17,677		$	8,112		$	14,608		$	6,020		$	8,843			55,260
																	104,323
Losses on Asset Dispositions and Impairments																	(1,002	)
Operating Loss																$	(55,574	)

As of September 30, 2018
Property and Equipment:
Historical cost	$	479,303		$	186,729		$	310,110		$	102,776		$	200,082		$	1,279,000
Accumulated depreciation		(242,364	)		(53,498	)		(81,121	)		(47,374	)		(144,395	)		(568,752	)
	$	236,939		$	133,231		$	228,989		$	55,402		$	55,687		$	710,248

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked	$	12,476		$	10,503		$	8,775		$	8,027		$	7,212
Fleet utilization		30	%		23	%		17	%		18	%		16	%
Fleet available days		3,433			3,710			4,050			3,864			3,859
Out-of-service days for repairs, maintenance and drydockings		147			292			219			139			338
Out-of-service days for cold-stacked status		2,101			2,435			3,111			3,010			2,746
Operating revenues:
Time charter	$	12,800		$	9,052		$	5,982		$	5,608		$	4,587
Other marine services		2,722			1,676			1,655			1,077			1,116
		15,522			10,728			7,637			6,685			5,703
Direct operating expenses:
Personnel		4,853			4,636			3,992			3,853			4,455
Repairs and maintenance		1,801			1,529			694			631			1,289
Drydocking		375			910			525			(164	)		1,109
Insurance and loss reserves		612			902			434			678			598
Fuel, lubes and supplies		1,120			900			493			381			249
Other		154			29			25			3			123
		8,915			8,906			6,163			5,382			7,823
Direct Vessel Profit (Loss)	$	6,607		$	1,822		$	1,474		$	1,303		$	(2,120	)

Leased-in equipment (included in operating costs and expenses)		1,853			1,856		$	1,862		$	1,866		$	1,870
Depreciation and amortization		5,227			5,915		$	6,535		$	5,487		$	5,224

Africa, primarily West Africa
Time Charter Statistics:
Average rates per day worked	$	9,315		$	9,509		$	9,455		$	10,517		$	10,611
Fleet utilization		82	%		88	%		91	%		75	%		71	%
Fleet available days		1,475			1,331			1,260			1,207			1,283
Out-of-service days for repairs, maintenance and drydockings		92			46			31			34			79
Out-of-service days for cold-stacked status		—			—			—			92			184
Operating revenues:
Time charter	$	11,201		$	11,122		$	10,794		$	9,533		$	9,700
Other marine services		1,777			350			1,287			983			(310	)
		12,978			11,472			12,081			10,516			9,390
Direct operating expenses:
Personnel		4,486			4,314			4,073			3,795			3,588
Repairs and maintenance		2,438			1,663			1,356			855			1,324
Drydocking		1,201			910			2			129			311
Insurance and loss reserves		323			248			218			(19	)		157
Fuel, lubes and supplies		1,081			900			669			859			693
Other		1,103			1,402			1,036			1,098			704
		10,632			9,437			7,354			6,717			6,777
Direct Vessel Profit	$	2,346		$	2,035		$	4,727		$	3,799		$	2,613

Leased-in equipment (included in operating costs and expenses)	$	960		$	962		$	963		$	965		$	966
Depreciation and amortization	$	2,381		$	2,924		$	2,807		$	3,175		$	2,456

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Middle East and Asia
Time Charter Statistics:
Average rates per day worked	$	8,156		$	8,226		$	8,072		$	6,784		$	7,138
Fleet utilization		76	%		82	%		66	%		68	%		61	%
Fleet available days		2,024			2,005			2,132			2,331			2,194
Out-of-service days for repairs, maintenance and drydockings		76			4			151			104			95
Out-of-service days for cold-stacked status		92			91			130			119			184
Operating revenues:
Time charter	$	12,590		$	13,591		$	11,374		$	10,682		$	9,490
Other marine services		(83	)		(792	)		(130	)		(171	)		(341	)
		12,507			12,799			11,244			10,511			9,149
Direct operating expenses:
Personnel		4,361			4,069			4,022			4,882			4,731
Repairs and maintenance		2,091			3,576			2,428			2,205			2,309
Drydocking		352			72			(11	)		554			(102	)
Insurance and loss reserves		385			361			236			382			363
Fuel, lubes and supplies		892			922			1,034			1,180			1,115
Other		952			836			1,208			1,522			1,192
		9,033			9,836			8,917			10,725			9,608
Direct Vessel Profit (Loss)	$	3,474		$	2,963		$	2,327		$	(214	)	$	(459	)

Leased-in equipment (included in operating costs and expenses)	$	—		$	—		$	—		$	—		$	—
Depreciation and amortization	$	4,207		$	4,311		$	6,090		$	6,898		$	4,320

Brazil, Mexico, Central and South America
Time Charter Statistics:
Average rates per day worked	$	17,604		$	19,127		$	15,272		$	16,718		$	16,060
Fleet utilization		80	%		57	%		41	%		50	%		49	%
Fleet available days		531			416			219			184			184
Out-of-service days for cold-stacked status		92			91			90			92			92
Operating revenues:
Time charter	$	7,479		$	4,556		$	1,374		$	1,538		$	1,439
Bareboat charter		1,168			1,156			1,143			1,169			1,168
Other marine services		416			845			110			156			159
		9,063			6,557			2,627			2,863			2,766
Direct operating expenses:
Personnel		1,662			1,219			376			322			326
Repairs and maintenance		312			32			305			44			110
Drydocking		103			11			—			—			—
Insurance and loss reserves		163			169			67			230			75
Fuel, lubes and supplies		427			349			65			163			33
Other		350			488			60			44			69
		3,017			2,268			873			803			613
Direct Vessel Profit	$	6,046		$	4,289		$	1,754		$	2,060		$	2,153

Depreciation and amortization	$	2,521		$	2,280		$	1,219		$	1,134		$	1,025

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Europe, primarily North Sea
Time Charter Statistics:
Average rates per day worked - Standby safety	$	8,692		$	9,157		$	9,058		$	8,660		$	8,650
Fleet utilization - Standby safety		77	%		80	%		78	%		82	%		84	%
Fleet available days - Standby safety		1,809			1,746			1,849			1,822			1,840
Average rates per day worked - Wind farm utility		2,260			2,342			2,317			2,330			2,221
Fleet utilization - Wind farm utility		91	%		76	%		64	%		73	%		94	%
Fleet available days - Wind farm utility		3,314			3,228			3,091			3,220			3,220
Out-of-service days for repairs, maintenance and drydockings		240			77			137			249			110
Out-of-service days for cold-stacked status		61			—			—			—			—
Operating revenues:
Time charter	$	18,832		$	18,505		$	17,618		$	18,384		$	20,051
Other marine services		1,353			640			514			384			754
		20,185			19,145			18,132			18,768			20,805
Direct operating expenses:
Personnel		9,659			10,495			9,213			9,101			9,079
Repairs and maintenance		2,566			2,270			2,290			2,490			2,378
Drydocking		2,791			1,209			1,741			919			961
Insurance and loss reserves		374			254			235			172			203
Fuel, lubes and supplies		1,170			1,051			1,284			1,037			790
Other		441			254			278			303			190
		17,001			15,533			15,041			14,022			13,601
Direct Vessel Profit	$	3,184		$	3,612		$	3,091		$	4,746		$	7,204

Leased-in equipment (included in operating costs and expenses)	$	12		$	22		$	—		$	—		$	—
Depreciation and amortization	$	3,006		$	2,976		$	2,861		$	3,327		$	2,597

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked	$	9,269		$	13,381		$	10,322		$	10,322		$	9,766
Fleet utilization		28	%		23	%		21	%		21	%		25	%
Fleet available days		1,012			866			1,260			1,288			1,288
Out-of-service days for repairs, maintenance and drydockings		100			23			36			5			69
Out-of-service days for cold-stacked status		602			608			947			943			851
Operating revenues:
Time charter	$	2,592		$	2,712		$	2,787		$	2,849		$	3,199
Other marine services		1,244			(91	)		1,438			698			(88	)
		3,836			2,621			4,225			3,547			3,111
Direct operating expenses:
Personnel		1,667			1,593			1,397			2,381			2,388
Repairs and maintenance		1,625			1,281			394			498			565
Drydocking		1,168			945			480			(30	)		125
Insurance and loss reserves		282			265			91			195			176
Fuel, lubes and supplies		582			586			153			446			158
Other		530			689			452			(499	)		(170	)
		5,854			5,359			2,967			2,991			3,242
Direct Vessel (Loss) Profit	$	(2,018	)	$	(2,738	)	$	1,258		$	556		$	(131	)

Leased-in equipment (included in operating costs and expenses)	$	1,851		$	1,855		$	1,858		$	1,862		$	1,866
Depreciation and amortization	$	689		$	532		$	1,490		$	2,430		$	2,419

Fast support
Time Charter Statistics:
Average rates per day worked	$	7,148		$	6,963		$	7,746		$	7,414		$	7,999
Fleet utilization		59	%		62	%		53	%		52	%		49	%
Fleet available days		3,709			3,820			3,780			3,864			3,885
Out-of-service days for repairs, maintenance and drydockings		131			53			109			155			208
Out-of-service days for cold-stacked status		1,037			1,191			1,253			1,324			1,447
Operating revenues:
Time charter	$	15,678		$	16,488		$	15,427		$	14,845		$	15,271
Other marine services		(834	)		(505	)		(656	)		(399	)		(410	)
		14,844			15,983			14,771			14,446			14,861
Direct operating expenses:
Personnel		5,826			5,258			4,756			5,717			5,405
Repairs and maintenance		2,641			3,406			2,544			1,853			2,680
Drydocking		432			115			(9	)		684			247
Insurance and loss reserves		407			314			324			129			297
Fuel, lubes and supplies		1,016			1,015			795			849			975
Other		1,718			1,466			1,460			2,356			1,610
		12,040			11,574			9,870			11,588			11,214
Direct Vessel Profit	$	2,804		$	4,409		$	4,901		$	2,858		$	3,647

Leased-in equipment (included in operating costs and expenses)	$	342		$	342		$	342		$	343		$	343
Depreciation and amortization	$	5,780		$	6,585		$	6,585		$	6,521		$	5,000

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Supply
Time Charter Statistics:
Average rates per day worked	$	7,410		$	7,174		$	6,454		$	5,222		$	6,279
Fleet utilization		82	%		69	%		73	%		81	%		65	%
Fleet available days		565			637			633			594			507
Out-of-service days for repairs, maintenance and drydockings		—			—			16			2			36
Out-of-service days for cold-stacked status		—			19			68			25			99
Operating revenues:
Time charter	$	3,442		$	3,149		$	3,002		$	2,527		$	2,062
Other marine services		2,234			1,195			1,125			1,122			1,079
		5,676			4,344			4,127			3,649			3,141
Direct operating expenses:
Personnel		1,976			1,999			1,956			1,604			1,321
Repairs and maintenance		549			259			445			266			321
Drydocking		1,624			585			—			—			—
Insurance and loss reserves		145			134			102			210			26
Fuel, lubes and supplies		391			317			694			632			194
Other		254			1,048			719			348			158
		4,939			4,342			3,916			3,060			2,020
Direct Vessel Profit	$	737		$	2		$	211		$	589		$	1,121

Leased-in equipment (included in operating costs and expenses)	$	34		$	—		$	—		$	—		$	—
Depreciation and amortization	$	1,173		$	1,394		$	2,743		$	3,566		$	1,226

Standby safety
Time Charter Statistics:
Average rates per day worked	$	8,692		$	9,157		$	9,058		$	8,660		$	8,650
Fleet utilization		77	%		80	%		78	%		82	%		84	%
Fleet available days		1,809			1,746			1,849			1,822			1,840
Out-of-service days for repairs, maintenance and drydockings		117			46			87			78			96
Operating revenues:
Time charter	$	12,036		$	12,791		$	13,051		$	12,921		$	13,328
Other marine services		50			39			40			38			32
		12,086			12,830			13,091			12,959			13,360
Direct operating expenses:
Personnel		5,855			8,148			6,938			6,901			6,955
Repairs and maintenance		1,627			1,464			1,554			1,570			1,943
Drydocking		1,156			624			1,741			919			960
Insurance and loss reserves		234			143			138			106			116
Fuel, lubes and supplies		975			843			991			894			723
Other		351			144			161			220			156
		10,198			11,366			11,523			10,610			10,853
Direct Vessel Profit	$	1,888		$	1,464		$	1,568		$	2,349		$	2,507

Depreciation and amortization	$	945		$	681		$	694		$	769		$	578

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Specialty
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	—		$	—		$	—
Fleet utilization		—	%		—	%		—	%		—	%		—	%
Fleet available days		92			91			90			276			276
Out-of-service days for repairs, maintenance and drydockings		—			—			—			24			25
Out-of-service days for cold-stacked status		92			91			90			160			159
Operating revenues:
Time charter	$	—		$	—		$	—		$	(1	)	$	—
Other marine services		—			—			—			1			268
		—			—			—			—			268
Direct operating expenses:
Personnel		64			79			164			472			413
Repairs and maintenance		31			13			37			77			40
Drydocking		—			—			(6	)		(136	)		736
Insurance and loss reserves		41			25			10			102			21
Fuel, lubes and supplies		65			(29	)		83			20			92
Other		67			93			104			85			84
		268			181			392			620			1,386
Direct Vessel Loss	$	(268	)	$	(181	)	$	(392	)	$	(620	)	$	(1,118	)

Depreciation and amortization	$	282		$	283		$	282		$	283		$	579

Liftboats
Time Charter Statistics:
Average rates per day worked	$	18,993		$	19,225		$	16,068		$	16,662		$	11,899
Fleet utilization		60	%		43	%		30	%		30	%		28	%
Fleet available days		1,932			1,911			1,659			1,380			1,380
Out-of-service days for repairs, maintenance and drydockings		86			266			116			92			174
Out-of-service days for cold-stacked status		554			708			933			771			551
Operating revenues:
Time charter	$	22,171		$	15,788		$	8,126		$	6,954		$	4,659
Other marine services		2,922			1,569			756			393			447
		25,093			17,357			8,882			7,347			5,106
Direct operating expenses:
Personnel		5,621			4,671			3,461			2,577			3,394
Repairs and maintenance		1,827			1,553			1,134			990			1,288
Drydocking		433			842			51			1			211
Insurance and loss reserves		630			889			651			722			684
Fuel, lubes and supplies		1,482			1,153			668			632			646
Other		620			336			417			333			352
		10,613			9,444			6,382			5,255			6,575
Direct Vessel Profit (Loss)	$	14,480		$	7,913		$	2,500		$	2,092		$	(1,469	)

Leased-in equipment (included in operating costs and expenses)	$	641		$	644		$	638		$	626		$	627
Depreciation and amortization	$	6,188		$	6,333		$	5,025		$	3,160		$	3,045

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)

(in thousands, except statistics)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Wind farm utility
Time Charter Statistics:
Average rates per day worked	$	2,253		$	2,330		$	2,305		$	2,318		$	2,220
Fleet utilization		89	%		73	%		62	%		72	%		89	%
Fleet available days		3,498			3,457			3,330			3,404			3,404
Out-of-service days for repairs, maintenance and drydockings		123			31			113			171			14
Out-of-service days for cold-stacked status		61			—			40			92			99
Operating revenues:
Time charter	$	6,983		$	5,898		$	4,749		$	5,650		$	6,748
Other marine services		657			563			429			295			688
		7,640			6,461			5,178			5,945			7,436
Direct operating expenses:
Personnel		2,471			2,295			2,222			2,295			2,265
Repairs and maintenance		806			987			825			969			575
Drydocking		9			1			—			—			—
Insurance and loss reserves		130			93			103			74			89
Fuel, lubes and supplies		163			219			144			146			93
Other		104			173			96			121			87
		3,683			3,768			3,390			3,605			3,109
Direct Vessel Profit	$	3,957		$	2,693		$	1,788		$	2,340		$	4,327

Leased-in equipment (included in operating costs and expenses)	$	(22	)	$	22		$	—		$	—		$	—
Depreciation and amortization	$	2,093		$	2,380		$	2,428		$	2,903		$	2,293

Other Activity
Operating revenues:
Other marine services	$	1,080		$	1,105		$	1,447		$	1,450		$	530

Direct operating expenses:
Personnel		1,541			690			782			6			38
Repairs and maintenance		102			107			140			2			(2	)
Insurance and loss reserves		(12	)		71			(229	)		(95	)		(13	)
Fuel, lubes and supplies		16			18			17			1			(1	)
Other		(644	)		(940	)		(802	)		6			1
		1,003			(54	)		(92	)		(80	)		23
Direct Vessel Profit	$	77		$	1,159		$	1,539		$	1,530		$	507

Leased-in equipment (included in operating costs and expenses)	$	(21	)	$	(23	)		(13	)		—			—
Depreciation and amortization	$	192		$	218		$	265		$	389		$	482

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)

(in thousands)

	Three Months Ended
	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
Cash Flows from Operating Activities:
DVP	$	21,657		$	14,721		$	13,373		$	11,694		$	9,391
Operating, leased-in equipment (excluding amortization of deferred gains)		(4,834	)		(4,850	)		(4,834	)		(4,840	)		(4,845	)
Administrative and general (excluding provisions for bad debts and amortization of share awards)		(11,452	)		(14,076	)		(12,357	)		(12,091	)		(11,139	)
SEACOR Holdings management and guarantee fees		(5	)		(7	)		(12	)		(29	)		(21	)
Other, net (excluding non-cash losses)		249			—			—			(5	)		—
Dividends received from 50% or less owned companies		—			1,324			—			200			800
		5,615			(2,888	)		(3,830	)		(5,071	)		(5,814	)
Changes in operating assets and liabilities before interest and income taxes		(16,587	)		(14,575	)		(4,938	)		9,003			(14,428	)
Director share awards		—			893			—			—			—
Restricted stock vesting		(32	)		(51	)		—			—			—
Cash settlements on derivative transactions, net		102			(21	)		(129	)		(140	)		(184	)
Interest paid, excluding capitalized interest		(5,498	)		(5,875	)		(2,828	)		(4,471	)		(1,119	)
Interest received		309			352			216			326			354
Income taxes (paid) refunded, net		(344	)		(12	)		—			(52	)		2,599
Net cash used in operating activities (GAAP Measure)		(16,435	)		(22,177	)		(11,509	)		(405	)		(18,592	)
Cash Flows from Investing Activities:
Purchases of property and equipment, excluding capitalized interest		(21,601	)		(5,983	)		(8,557	)		(16,105	)		(22,796	)
Capitalized interest paid		(614	)		(1,008	)		—			(563	)		(754	)
Cash settlements on derivative transactions, net		—			—			—			—			(45	)
Proceeds from disposition of property and equipment		1,858			3,244			282			1,046			248
Construction reserve funds withdrawals, net		2,556			7,209			—			94			22,344
Net investing activities in property and equipment		(17,801	)		3,462			(8,275	)		(15,528	)		(1,003	)
Net investing activities in 50% or less owned companies		1,770			(5,610	)		(19,950	)		(366	)		(773	)
Sale of subsidiary to joint venture		8,017			—			—			—			—
Net investing activities in third party notes receivable		—			—			99			—			—
Net cash used in investing activities (GAAP Measure)		(8,014	)		(2,148	)		(28,126	)		(15,894	)		(1,776	)
Cash Flows from Financing Activities:
Payments on long-term debt		(2,851	)		(6,395	)		(28,807	)		(3,354	)		(4,599	)
Proceeds from issuance of debt, net of issue costs		43,882			—			18,471			(300	)		3,622
Proceeds from exercise of stock options and warrants		—			813			—			—			—
Proceeds from issuance of stock		—			54,012			1,793			—			—
Net cash provided by (used in) financing activities (GAAP Measure)		41,031			48,430			(8,543	)		(3,654	)		(977	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(253	)		(970	)		682			528			539
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash		16,329			23,135			(47,496	)		(19,425	)		(20,806	)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period		88,190			65,055			112,551			131,976			152,782
Cash, Cash Equivalents and Restricted Cash, End of Period	$	104,519		$	88,190		$	65,055		$	112,551		$	131,976

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	Sep. 30, 2018			Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017
ASSETS
Current Assets:
Cash and cash equivalents	$	102,864		$	86,239		$	62,738		$	110,234		$	130,357
Restricted cash		1,655			1,951			2,316			2,317			1,619
Receivables:
Trade, net of allowance for doubtful accounts		75,349			57,658			45,664			45,616			54,124
Other		16,552			16,039			17,039			12,341			8,942
Inventories		3,646			3,666			3,975			3,756			3,786
Prepaid expenses and other		2,692			4,090			3,613			3,026			3,364
Total current assets		202,758			169,643			135,345			177,290			202,192
Property and Equipment:
Historical cost		1,279,000			1,287,855			1,320,496			1,179,836			1,204,409
Accumulated depreciation		(568,752	)		(564,477	)		(580,461	)		(560,160	)		(558,919	)
		710,248			723,378			740,035			619,676			645,490
Construction in progress		82,953			82,274			80,682			70,157			60,597
Net property and equipment		793,201			805,652			820,717			689,833			706,087
Investments, at Equity, and Advances to 50% or Less Owned Companies		120,340			115,424			112,219			92,169			89,984
Construction Reserve Funds		35,596			38,152			45,361			45,361			45,455
Other Assets		3,582			3,667			3,736			3,851			6,213
	$	1,155,477		$	1,132,538		$	1,117,378		$	1,008,504		$	1,049,931
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of long-term debt	$	17,426		$	22,858		$	22,858		$	22,858			30,858
Accounts payable and accrued expenses		20,480			23,774			25,551			24,024			23,487
Due to SEACOR Holdings		463			746			1,583			1,358			663
Other current liabilities		63,772			56,469			55,365			50,978			54,210
Total current liabilities		102,141			103,847			105,357			99,218			109,218
Long-Term Debt		397,738			348,912			405,234			292,041			285,869
Conversion Option Liability on Convertible Senior Notes		17,928			21,886			18,991			6,832			14,135
Deferred Income Taxes		46,120			49,789			56,024			55,506			106,389
Deferred Gains and Other Liabilities		26,662			27,289			28,600			31,741			36,314
Total liabilities	$	590,589		$	551,723		$	614,206		$	485,338		$	551,925
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock	$	204		$	204		$	178		$	177		$	177
Additional paid-in capital		414,460			413,754			306,639			303,996			302,952
Retained earnings		134,628			150,585			175,609			216,511			187,550
Shares held in treasury		(86	)		(54	)		—			—			—
Accumulated other comprehensive loss, net of tax		(13,945	)		(13,129	)		(10,424	)		(12,493	)		(8,685	)
		535,261			551,360			472,002			508,191			481,994
Noncontrolling interests in subsidiaries		29,627			29,455			31,170			14,975			16,012
Total equity		564,888			580,815			503,172			523,166			498,006
	$	1,155,477		$	1,132,538		$	1,117,378		$	1,008,504		$	1,049,931

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

	Sep. 30, 2018		Jun. 30, 2018⁽¹⁾		Mar. 31, 2018		Dec. 31, 2017		Sep. 30, 2017
Anchor handling towing supply		13		13		19		23		23
Fast support		47		49		50		50		50
Supply		29		29		29		31		27
Standby safety		20		21		22		20		21
Specialty		4		4		4		4		6
Liftboats		21		21		21		15		15
Wind farm utility		42		42		41		41		41
		176		179		186		184		183

______________________

(1)	Excludes six owned and one leased-in offshore support vessels that have been retired and removed from service.

SEACOR MARINE HOLDINGS INC.

UNAUDITED EXPECTED FLEET DELIVERIES

	2018		2019								2020
	Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4	Deferred		Total
Fast support		—		1		—		—		—		—	—	—	1		2		4
Supply		—		1		—		1		—		1	—	—	—		—		3
Wind farm utility		1		—		1		—		—		—	—	—	—		—		2