ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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47-2564547
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(State or Other Jurisdiction of
Incorporation or Organization)
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(IRS Employer
Identification No.)
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7910 Main Street, 2nd Floor
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Houma, LA
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70360
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
¨
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Accelerated filer
¨
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Non-accelerated filer
x
(Do not check if a smaller
reporting company)
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Smaller reporting company
¨
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Emerging growth company
x
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Part I.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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Part II.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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ITEM 1.
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FINANCIAL STATEMENTS
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SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data, unaudited)
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|||||||
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June 30,
2017 |
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December 31,
2016 |
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$
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150,958
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$
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117,309
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Restricted cash
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1,824
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1,462
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Marketable securities
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688
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40,139
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Receivables:
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Trade, net of allowance for doubtful accounts of $5,901 and $5,359 in 2017 and 2016, respectively
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43,475
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44,830
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Due from SEACOR Holdings
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—
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19,102
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Other
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11,957
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21,316
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Inventories
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3,376
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3,058
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Prepaid expenses and other
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3,719
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3,349
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Total current assets
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215,997
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250,565
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Property and Equipment:
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Historical cost
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1,155,155
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958,759
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Accumulated depreciation
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(543,822
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)
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(540,619
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)
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611,333
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418,140
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Construction in progress
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90,335
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123,801
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Net property and equipment
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701,668
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541,941
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Investments, at Equity, and Advances to 50% or Less Owned Companies
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100,719
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138,311
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Construction Reserve Funds
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67,799
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78,209
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Other Assets
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6,072
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6,093
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$
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1,092,255
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$
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1,015,119
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LIABILITIES AND EQUITY
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Current Liabilities:
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Current portion of long-term debt
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$
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81,593
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$
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20,400
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Accounts payable and accrued expenses
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23,436
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25,969
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Due to SEACOR Holdings
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3,519
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—
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Other current liabilities
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47,014
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34,647
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Total current liabilities
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155,562
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81,016
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Long-Term Debt
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233,904
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217,805
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Conversion Option Liability on 3.75% Convertible Senior Notes
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27,109
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—
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Deferred Income Taxes
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117,332
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124,945
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Deferred Gains and Other Liabilities
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39,324
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41,198
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Total liabilities
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573,231
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464,964
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Equity:
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SEACOR Marine Holdings Inc. stockholders’ equity:
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Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued nor outstanding
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—
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—
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Common stock, $.01 par value, 60,000,000 shares authorized; 17,671,356 shares issued in 2017 and 2016
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177
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177
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Additional paid-in capital
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302,678
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306,359
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Retained earnings
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208,025
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249,412
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Accumulated other comprehensive loss, net of tax
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(9,690
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)
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(11,337
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)
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501,190
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544,611
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Noncontrolling interests in subsidiaries
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17,834
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5,544
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Total equity
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519,024
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550,155
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$
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1,092,255
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$
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1,015,119
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SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except share data, unaudited)
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|||||||||||||||
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Three Months Ended June 30,
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Six Months Ended June 30,
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2017
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2016
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2017
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2016
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Operating Revenues
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$
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42,323
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$
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57,271
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$
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76,627
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$
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117,150
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Costs and Expenses:
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Operating
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44,482
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44,245
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77,861
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93,095
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Administrative and general
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21,705
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11,929
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33,531
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24,327
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Depreciation and amortization
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14,633
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15,254
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27,136
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30,092
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80,820
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71,428
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138,528
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147,514
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Losses on Asset Dispositions and Impairments, Net
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(6,318
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)
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(20,357
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)
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(1,499
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)
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(20,737
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)
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Operating Loss
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(44,815
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)
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(34,514
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)
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(63,400
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)
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(51,101
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)
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Other Income (Expense):
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Interest income
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275
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987
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1,125
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2,398
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Interest expense
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(4,546
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)
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(2,585
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)
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(7,728
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)
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(4,943
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)
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SEACOR Holdings management fees
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(1,283
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)
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(1,925
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)
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(3,208
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)
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(3,850
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)
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SEACOR Holdings guarantee fees
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(75
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)
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(31
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)
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(151
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)
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(157
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)
|
||||
Marketable security gains (losses), net
|
(109
|
)
|
|
(2,492
|
)
|
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11,629
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(6,077
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)
|
||||
Derivative gains (losses), net
|
(213
|
)
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|
163
|
|
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(302
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)
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3,061
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|
||||
Foreign currency losses, net
|
(1,094
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)
|
|
(819
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)
|
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(1,283
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)
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(2,379
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)
|
||||
Other, net
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—
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—
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|
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(1
|
)
|
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265
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|
||||
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(7,045
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)
|
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(6,702
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)
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81
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|
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(11,682
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)
|
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Loss Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies
|
(51,860
|
)
|
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(41,216
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)
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(63,319
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)
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(62,783
|
)
|
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Income Tax Benefit
|
(13,800
|
)
|
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(13,742
|
)
|
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(17,222
|
)
|
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(20,568
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)
|
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Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies
|
(38,060
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)
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(27,474
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)
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(46,097
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)
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(42,215
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)
|
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Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
|
1,571
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|
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(3,315
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)
|
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2,009
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|
|
(1,154
|
)
|
||||
Net Loss
|
(36,489
|
)
|
|
(30,789
|
)
|
|
(44,088
|
)
|
|
(43,369
|
)
|
||||
Net Loss attributable to Noncontrolling Interests in Subsidiaries
|
(2,497
|
)
|
|
(209
|
)
|
|
(2,701
|
)
|
|
(830
|
)
|
||||
Net Loss attributable to SEACOR Marine Holdings Inc.
|
$
|
(33,992
|
)
|
|
$
|
(30,580
|
)
|
|
$
|
(41,387
|
)
|
|
$
|
(42,539
|
)
|
|
|
|
|
|
|
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|
||||||||
Basic and Diluted Loss Per Common Share of SEACOR Marine Holdings Inc.
|
$
|
(1.93
|
)
|
|
$
|
(1.73
|
)
|
|
$
|
(2.34
|
)
|
|
$
|
(2.41
|
)
|
|
|
|
|
|
|
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|
||||||||
Basic and Diluted Weighted Average Common Shares Outstanding
|
17,631,567
|
|
|
17,671,356
|
|
|
17,651,352
|
|
|
17,671,356
|
|
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(in thousands, unaudited)
|
|||||||||||||||
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Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Loss
|
$
|
(36,489
|
)
|
|
$
|
(30,789
|
)
|
|
$
|
(44,088
|
)
|
|
$
|
(43,369
|
)
|
Other Comprehensive Income (Loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation gains (losses)
|
1,865
|
|
|
(4,069
|
)
|
|
2,784
|
|
|
(5,425
|
)
|
||||
Derivative losses on cash flow hedges
|
(429
|
)
|
|
(1,820
|
)
|
|
(438
|
)
|
|
(3,605
|
)
|
||||
Reclassification of derivative losses on cash flow hedges to interest expense
|
37
|
|
|
—
|
|
|
49
|
|
|
—
|
|
||||
Reclassification of derivative losses on cash flow hedges to equity in earnings of 50% or less owned companies
|
147
|
|
|
1,087
|
|
|
335
|
|
|
1,295
|
|
||||
|
1,620
|
|
|
(4,802
|
)
|
|
2,730
|
|
|
(7,735
|
)
|
||||
Income tax (expense) benefit
|
(533
|
)
|
|
1,498
|
|
|
(887
|
)
|
|
2,462
|
|
||||
|
1,087
|
|
|
(3,304
|
)
|
|
1,843
|
|
|
(5,273
|
)
|
||||
Comprehensive Loss
|
(35,402
|
)
|
|
(34,093
|
)
|
|
(42,245
|
)
|
|
(48,642
|
)
|
||||
Comprehensive Loss attributable to Noncontrolling Interests in Subsidiaries
|
(2,399
|
)
|
|
(730
|
)
|
|
(2,505
|
)
|
|
(1,530
|
)
|
||||
Comprehensive Loss attributable to SEACOR Marine Holdings Inc.
|
$
|
(33,003
|
)
|
|
$
|
(33,363
|
)
|
|
$
|
(39,740
|
)
|
|
$
|
(47,112
|
)
|
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in thousands, unaudited)
|
|||||||||||||||||||||||
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SEACOR Marine Holdings Inc. Stockholders’ Equity
|
|
Non-
Controlling
Interests In
Subsidiaries
|
|
Total
Equity
|
||||||||||||||||||
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
|||||||||||||||
December 31, 2016
|
$
|
177
|
|
|
$
|
306,359
|
|
|
$
|
249,412
|
|
|
$
|
(11,337
|
)
|
|
$
|
5,544
|
|
|
$
|
550,155
|
|
Distribution of SEACOR Marine restricted stock to Company personnel by SEACOR Holdings
|
—
|
|
|
(2,656
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,656
|
)
|
||||||
Amortization of share awards
|
—
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
89
|
|
||||||
Purchase of subsidiary shares from noncontrolling interests
|
—
|
|
|
(1,114
|
)
|
|
—
|
|
|
—
|
|
|
(2,579
|
)
|
|
(3,693
|
)
|
||||||
Consolidation of 50% or less owned companies
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,374
|
|
|
17,374
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
(41,387
|
)
|
|
—
|
|
|
(2,701
|
)
|
|
(44,088
|
)
|
||||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,647
|
|
|
196
|
|
|
1,843
|
|
||||||
Six Months Ended June 30, 2017
|
$
|
177
|
|
|
$
|
302,678
|
|
|
$
|
208,025
|
|
|
$
|
(9,690
|
)
|
|
$
|
17,834
|
|
|
$
|
519,024
|
|
SEACOR MARINE HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)
|
|||||||
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
Net Cash Provided By (Used In) Operating Activities
|
$
|
53,736
|
|
|
$
|
(8,940
|
)
|
Cash Flows from Investing Activities:
|
|
|
|
||||
Purchases of property and equipment
|
(28,803
|
)
|
|
(45,840
|
)
|
||
Cash settlements on derivative transactions, net
|
(324
|
)
|
|
—
|
|
||
Proceeds from disposition of property and equipment
|
9,549
|
|
|
3,139
|
|
||
Investments in and advances to 50% or less owned companies
|
(4,216
|
)
|
|
(6,194
|
)
|
||
Return of investments and advances from 50% or less owned companies
|
7,439
|
|
|
—
|
|
||
Payments received on third party notes receivable, net
|
—
|
|
|
504
|
|
||
Net increase in restricted cash
|
(362
|
)
|
|
—
|
|
||
Net decrease in construction reserve funds
|
10,410
|
|
|
76,710
|
|
||
Cash assumed on consolidation of 50% or less owned companies
|
1,943
|
|
|
—
|
|
||
Business acquisitions, net of cash acquired
|
(9,751
|
)
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
(14,115
|
)
|
|
28,319
|
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Payments on long-term debt
|
(3,973
|
)
|
|
(24,638
|
)
|
||
Proceeds from issuance of long-term debt, net of issue costs
|
3,223
|
|
|
22,463
|
|
||
Distribution of SEACOR Marine restricted stock to Company personnel by SEACOR Holdings
|
(2,656
|
)
|
|
—
|
|
||
Purchase of subsidiary shares from noncontrolling interests
|
(3,693
|
)
|
|
—
|
|
||
Distributions to noncontrolling interests
|
—
|
|
|
(205
|
)
|
||
Net cash used in financing activities
|
(7,099
|
)
|
|
(2,380
|
)
|
||
Effects of Exchange Rate Changes on Cash and Cash Equivalents
|
1,127
|
|
|
(1,115
|
)
|
||
Net Increase in Cash and Cash Equivalents
|
33,649
|
|
|
15,884
|
|
||
Cash and Cash Equivalents, Beginning of Period
|
117,309
|
|
|
150,242
|
|
||
Cash and Cash Equivalents, End of Period
|
$
|
150,958
|
|
|
$
|
166,126
|
|
1.
|
BASIS OF PRESENTATION AND ACCOUNTING POLICIES
|
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
6,953
|
|
|
$
|
6,953
|
|
Revenues deferred during the period
|
2,337
|
|
|
—
|
|
||
Balance at end of period
|
$
|
9,290
|
|
|
$
|
6,953
|
|
Offshore Support Vessels:
|
|
Wind farm utility vessels
|
10
|
All other offshore support vessels (excluding wind farm utility)
|
20
|
|
2017
|
|
2016
|
||||
Balance at beginning of period
|
$
|
33,910
|
|
|
$
|
43,298
|
|
Amortization of deferred gains included in operating expenses as a reduction to leased-in equipment expense
|
(4,099
|
)
|
|
(4,099
|
)
|
||
Amortization of deferred gains included in gains (losses) on asset dispositions and impairments, net
|
—
|
|
|
(36
|
)
|
||
Other
|
(364
|
)
|
|
(1,153
|
)
|
||
Balance at end of period
|
$
|
29,447
|
|
|
$
|
38,010
|
|
|
SEACOR Marine Holdings Inc. Stockholders’ Equity
|
|
Noncontrolling Interests
|
|
|||||||||||||||||||
|
Foreign
Currency
Translation
Adjustments
|
|
Derivative
Losses on
Cash Flow
Hedges, net
|
|
Total
|
|
Foreign
Currency
Translation
Adjustments
|
|
Derivative
Gains on
Cash Flow
Hedges, net
|
|
Other
Comprehensive
Income
|
||||||||||||
December 31, 2016
|
$
|
(11,413
|
)
|
|
$
|
76
|
|
|
$
|
(11,337
|
)
|
|
$
|
(1,614
|
)
|
|
$
|
(17
|
)
|
|
|
||
Other comprehensive income
|
2,608
|
|
|
(74
|
)
|
|
2,534
|
|
|
176
|
|
|
20
|
|
|
$
|
2,730
|
|
|||||
Income tax expense
|
(913
|
)
|
|
26
|
|
|
(887
|
)
|
|
—
|
|
|
—
|
|
|
(887
|
)
|
||||||
Six Months Ended June 30, 2017
|
$
|
(9,718
|
)
|
|
$
|
28
|
|
|
$
|
(9,690
|
)
|
|
$
|
(1,438
|
)
|
|
$
|
3
|
|
|
$
|
1,843
|
|
2.
|
BUSINESS ACQUISITIONS
|
Trade and other receivables
|
235
|
|
|
Other current assets
|
4,148
|
|
|
Investments, at Equity, and Advances to 50% or Less Owned Companies
|
(15,700
|
)
|
|
Property and Equipment
|
61,626
|
|
|
Accounts payable
|
747
|
|
|
Other current liabilities
|
(76
|
)
|
|
Long-Term Debt
|
(41,186
|
)
|
|
Other
|
(43
|
)
|
|
Purchase price
(1)
|
$
|
9,751
|
|
(1)
|
Purchase price is net of cash acquired totaling
$5.9 million
.
|
3.
|
EQUIPMENT ACQUISITIONS AND DISPOSITIONS
|
4.
|
INVESTMENTS, AT EQUITY, AND ADVANCES TO 50% OR LESS OWNED COMPANIES
|
Cash
|
$
|
1,943
|
|
Marketable securities
|
785
|
|
|
Trade and other receivables
|
(291
|
)
|
|
Investments, at Equity, and Advances to 50% or Less Owned Companies
|
(19,374
|
)
|
|
Property and Equipment
|
96,000
|
|
|
Accounts payable
|
3,201
|
|
|
Other current liabilities
|
1,153
|
|
|
Long-Term Debt
|
58,335
|
|
|
Other Liabilities
|
(1,000
|
)
|
|
Noncontrolling interests in subsidiaries
|
17,374
|
|
5.
|
LONG-TERM DEBT
|
6.
|
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
|
|
Derivative
Asset
(1)
|
|
Derivative
Liability
(2)
|
||||
Derivatives designated as hedging instruments:
|
|
|
|
||||
Forward currency exchange contracts (fair value hedges)
|
$
|
—
|
|
|
$
|
27
|
|
Interest rate swap agreements (cash flow hedges)
|
74
|
|
|
30
|
|
||
|
|
|
|
||||
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Conversion option liability on 3.75% Convertible Senior Notes
|
—
|
|
|
27,109
|
|
||
Forward currency exchange, option and future contracts
|
151
|
|
|
—
|
|
||
Interest rate swap agreements
|
—
|
|
|
566
|
|
||
|
$
|
225
|
|
|
$
|
27,732
|
|
(1)
|
Included in other receivables in the accompanying condensed consolidated balance sheets.
|
(2)
|
Included in other current liabilities in the accompanying condensed consolidated balance sheets, except for the conversion option liability on the
3.75%
Convertible Senior Notes.
|
•
|
Windcat Workboats had two interest rate swap agreements maturing in
2021
that call for the Company to pay a fixed rate of interest of
(0.03)%
on the aggregate notional value of
€15.0 million
(
$17.1 million
) and receive a variable interest rate based on EURIBOR on the aggregate notional value.
|
•
|
MexMar had five interest rate swap agreements with maturities in
2023
that call for MexMar to pay a fixed rate of interest ranging from
1.71%
to
2.10%
on the aggregate amortized notional value of
$117.2 million
and receive a variable interest rate based on LIBOR on the aggregate amortized notional value.
|
•
|
Sea-Cat Crewzer II had an interest rate swap agreement maturing in
2019
that calls for the Company to pay a fixed rate of interest of
1.52%
on the amortized notional value of
$22.1 million
and receive a variable interest rate based on LIBOR on the amortized notional value.
|
•
|
Sea-Cat Crewzer had an interest rate swap agreement maturing in
2019
that calls for the Company to pay a fixed rate of interest of
1.52%
on the amortized notional value of
$19.6 million
and receive a variable interest rate based on LIBOR on the amortized notional value.
|
|
2017
|
|
2016
|
||||
Conversion option liability on 3.75% Convertible Senior Notes
|
$
|
145
|
|
|
$
|
—
|
|
Options on equities and equity indices
|
—
|
|
|
3,079
|
|
||
Forward currency exchange, option and future contracts
|
(56
|
)
|
|
—
|
|
||
Interest rate swap agreements
|
(391
|
)
|
|
(18
|
)
|
||
|
$
|
(302
|
)
|
|
$
|
3,061
|
|
•
|
Falcon Global had an interest rate swap agreement maturing in
2022
that calls for the Company to pay a fixed interest rate of
2.06%
on the amortized notional value of
$59.4 million
and receive a variable interest rate based on LIBOR on the amortized notional value.
|
•
|
OSV Partners had two interest rate swap agreements with maturities in
2020
that call for OSV Partners to pay a fixed rate of interest ranging from
1.89%
to
2.27%
on the aggregate amortized notional value of
$35.5 million
and receive a variable interest rate based on LIBOR on the aggregate amortized notional value.
|
•
|
Dynamic Offshore had an interest rate swap agreement maturing in
2018
that calls for Dynamic Offshore to pay a fixed interest rate of
1.30%
on the amortized notional value of
$69.1 million
and receive a variable interest rate based on LIBOR on the amortized notional value.
|
7.
|
FAIR VALUE MEASUREMENTS
|
(1)
|
Marketable security gains (losses), net include unrealized losses of
$0.1 million
for the
six months ended
June 30, 2017
related to marketable security positions held by the Company as of
June 30, 2017
.
|
|
|
|
Estimated Fair Value
|
||||||||||||
|
Carrying
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Cash, cash equivalents and restricted cash
|
$
|
152,782
|
|
|
$
|
152,782
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Investments, at cost, in 50% or less owned companies (included in other assets)
|
132
|
|
|
see below
|
|
|
|
|
|
||||||
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Long-term debt, including current portion
|
$
|
315,497
|
|
|
$
|
—
|
|
|
$
|
283,893
|
|
|
$
|
—
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Investments, at equity, and advances to 50% or less owned companies
|
$
|
15,700
|
|
|
$
|
—
|
|
|
$
|
19,374
|
|
8.
|
NONCONTROLLING INTERESTS IN SUBSIDIARIES
|
|
Noncontrolling Interests
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||
Falcon Global
|
50%
|
|
$
|
14,855
|
|
|
$
|
—
|
|
||
Windcat Workboats
|
12.5%
|
|
2,695
|
|
|
5,266
|
|
||||
Other
|
1.8%
|
|
284
|
|
|
278
|
|
||||
|
|
|
|
|
$
|
17,834
|
|
|
$
|
5,544
|
|
10.
|
COMMITMENTS AND CONTINGENCIES
|
Remainder of 2017
|
$
|
10,457
|
|
2018
|
50,960
|
|
|
2019
|
13,219
|
|
|
2020
|
1,800
|
|
|
|
$
|
76,436
|
|
|
United States (primarily Gulf of Mexico)
$’000
|
|
Africa (primarily West Africa)
$’000
|
|
Middle East and Asia
$’000
|
|
Brazil, Mexico, Central and South America
$’000
|
|
Europe (primarily North Sea)
$’000
|
|
Total
$’000
|
||||||
For the three months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter
|
4,889
|
|
|
7,786
|
|
|
7,415
|
|
|
—
|
|
|
18,713
|
|
|
38,803
|
|
Bareboat charter
|
—
|
|
|
—
|
|
|
—
|
|
|
1,156
|
|
|
—
|
|
|
1,156
|
|
Other marine services
|
1,198
|
|
|
215
|
|
|
109
|
|
|
162
|
|
|
680
|
|
|
2,364
|
|
|
6,087
|
|
|
8,001
|
|
|
7,524
|
|
|
1,318
|
|
|
19,393
|
|
|
42,323
|
|
Direct Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel
|
4,183
|
|
|
3,428
|
|
|
4,147
|
|
|
148
|
|
|
8,671
|
|
|
20,577
|
|
Repairs and maintenance
|
937
|
|
|
3,234
|
|
|
3,947
|
|
|
116
|
|
|
2,191
|
|
|
10,425
|
|
Drydocking
|
310
|
|
|
683
|
|
|
358
|
|
|
—
|
|
|
900
|
|
|
2,251
|
|
Insurance and loss reserves
|
1,205
|
|
|
357
|
|
|
353
|
|
|
4
|
|
|
207
|
|
|
2,126
|
|
Fuel, lubes and supplies
|
545
|
|
|
704
|
|
|
908
|
|
|
27
|
|
|
1,006
|
|
|
3,190
|
|
Other
|
51
|
|
|
871
|
|
|
1,061
|
|
|
3
|
|
|
237
|
|
|
2,223
|
|
|
7,231
|
|
|
9,277
|
|
|
10,774
|
|
|
298
|
|
|
13,212
|
|
|
40,792
|
|
Direct Vessel Profit (Loss)
|
(1,144
|
)
|
|
(1,276
|
)
|
|
(3,250
|
)
|
|
1,020
|
|
|
6,181
|
|
|
1,531
|
|
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Leased-in equipment
|
2,205
|
|
|
969
|
|
|
516
|
|
|
—
|
|
|
—
|
|
|
3,690
|
|
Administrative and general
|
|
|
|
|
|
|
|
|
|
|
21,705
|
|
|||||
Depreciation and amortization
|
5,749
|
|
|
2,059
|
|
|
3,979
|
|
|
784
|
|
|
2,062
|
|
|
14,633
|
|
|
|
|
|
|
|
|
|
|
|
|
40,028
|
|
|||||
Losses on Asset Dispositions and Impairments, Net
|
|
|
|
|
|
|
|
|
|
(6,318
|
)
|
||||||
Operating Loss
|
|
|
|
|
|
|
|
|
|
|
(44,815
|
)
|
|
United States (primarily Gulf of Mexico)
$’000
|
|
Africa (primarily West Africa)
$’000
|
|
Middle East and Asia
$’000
|
|
Brazil, Mexico, Central and South America
$’000
|
|
Europe (primarily North Sea)
$’000
|
|
Total
$’000
|
||||||
For the six months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter
|
7,884
|
|
|
13,633
|
|
|
13,238
|
|
|
—
|
|
|
34,778
|
|
|
69,533
|
|
Bareboat charter
|
—
|
|
|
—
|
|
|
—
|
|
|
2,299
|
|
|
—
|
|
|
2,299
|
|
Other marine services
|
2,024
|
|
|
407
|
|
|
986
|
|
|
237
|
|
|
1,141
|
|
|
4,795
|
|
|
9,908
|
|
|
14,040
|
|
|
14,224
|
|
|
2,536
|
|
|
35,919
|
|
|
76,627
|
|
Direct Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel
|
7,313
|
|
|
6,036
|
|
|
7,270
|
|
|
161
|
|
|
16,588
|
|
|
37,368
|
|
Repairs and maintenance
|
1,674
|
|
|
3,778
|
|
|
4,523
|
|
|
120
|
|
|
3,925
|
|
|
14,020
|
|
Drydocking
|
883
|
|
|
1,740
|
|
|
516
|
|
|
—
|
|
|
2,179
|
|
|
5,318
|
|
Insurance and loss reserves
|
2,010
|
|
|
539
|
|
|
699
|
|
|
11
|
|
|
426
|
|
|
3,685
|
|
Fuel, lubes and supplies
|
855
|
|
|
1,263
|
|
|
1,432
|
|
|
27
|
|
|
1,955
|
|
|
5,532
|
|
Other
|
123
|
|
|
1,517
|
|
|
2,526
|
|
|
4
|
|
|
487
|
|
|
4,657
|
|
|
12,858
|
|
|
14,873
|
|
|
16,966
|
|
|
323
|
|
|
25,560
|
|
|
70,580
|
|
Direct Vessel Profit (Loss)
|
(2,950
|
)
|
|
(833
|
)
|
|
(2,742
|
)
|
|
2,213
|
|
|
10,359
|
|
|
6,047
|
|
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Leased-in equipment
|
4,416
|
|
|
1,939
|
|
|
862
|
|
|
—
|
|
|
64
|
|
|
7,281
|
|
Administrative and general
|
|
|
|
|
|
|
|
|
|
|
33,531
|
|
|||||
Depreciation and amortization
|
11,349
|
|
|
3,649
|
|
|
6,506
|
|
|
1,449
|
|
|
4,183
|
|
|
27,136
|
|
|
|
|
|
|
|
|
|
|
|
|
67,948
|
|
|||||
Losses on Asset Dispositions and Impairments, Net
|
|
|
|
|
|
|
|
|
|
(1,499
|
)
|
||||||
Operating Loss
|
|
|
|
|
|
|
|
|
|
|
(63,400
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Property and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Historical cost
|
417,675
|
|
|
183,661
|
|
|
302,892
|
|
|
78,976
|
|
|
171,951
|
|
|
1,155,155
|
|
Accumulated depreciation
|
(233,758
|
)
|
|
(59,300
|
)
|
|
(83,880
|
)
|
|
(41,565
|
)
|
|
(125,319
|
)
|
|
(543,822
|
)
|
|
183,917
|
|
|
124,361
|
|
|
219,012
|
|
|
37,411
|
|
|
46,632
|
|
|
611,333
|
|
|
United States (primarily Gulf of Mexico)
$’000
|
|
Africa (primarily West Africa)
$’000
|
|
Middle East and Asia
$’000
|
|
Brazil, Mexico, Central and South America
$’000
|
|
Europe (primarily North Sea)
$’000
|
|
Total
$’000
|
||||||
For the three months ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter
|
8,726
|
|
|
8,902
|
|
|
10,554
|
|
|
—
|
|
|
21,052
|
|
|
49,234
|
|
Bareboat charter
|
—
|
|
|
—
|
|
|
—
|
|
|
3,045
|
|
|
—
|
|
|
3,045
|
|
Other marine services
|
1,054
|
|
|
131
|
|
|
2,641
|
|
|
498
|
|
|
668
|
|
|
4,992
|
|
|
9,780
|
|
|
9,033
|
|
|
13,195
|
|
|
3,543
|
|
|
21,720
|
|
|
57,271
|
|
Direct Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel
|
6,368
|
|
|
3,324
|
|
|
5,058
|
|
|
367
|
|
|
10,724
|
|
|
25,841
|
|
Repairs and maintenance
|
643
|
|
|
522
|
|
|
1,659
|
|
|
59
|
|
|
2,544
|
|
|
5,427
|
|
Drydocking
|
175
|
|
|
426
|
|
|
(284
|
)
|
|
—
|
|
|
1,646
|
|
|
1,963
|
|
Insurance and loss reserves
|
680
|
|
|
36
|
|
|
151
|
|
|
(12
|
)
|
|
248
|
|
|
1,103
|
|
Fuel, lubes and supplies
|
234
|
|
|
598
|
|
|
1,498
|
|
|
112
|
|
|
911
|
|
|
3,353
|
|
Other
|
28
|
|
|
883
|
|
|
827
|
|
|
75
|
|
|
293
|
|
|
2,106
|
|
|
8,128
|
|
|
5,789
|
|
|
8,909
|
|
|
601
|
|
|
16,366
|
|
|
39,793
|
|
Direct Vessel Profit
|
1,652
|
|
|
3,244
|
|
|
4,286
|
|
|
2,942
|
|
|
5,354
|
|
|
17,478
|
|
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Leased-in equipment
|
1,858
|
|
|
975
|
|
|
1,123
|
|
|
367
|
|
|
129
|
|
|
4,452
|
|
Administrative and general
|
|
|
|
|
|
|
|
|
|
|
11,929
|
|
|||||
Depreciation and amortization
|
7,157
|
|
|
1,615
|
|
|
3,059
|
|
|
1,200
|
|
|
2,223
|
|
|
15,254
|
|
|
|
|
|
|
|
|
|
|
|
|
31,635
|
|
|||||
Losses on Asset Dispositions and Impairments, Net
|
|
|
|
|
|
|
|
|
|
(20,357
|
)
|
||||||
Operating Loss
|
|
|
|
|
|
|
|
|
|
|
(34,514
|
)
|
|
United States (primarily Gulf of Mexico)
$’000
|
|
Africa (primarily West Africa)
$’000
|
|
Middle East and Asia
$’000
|
|
Brazil, Mexico, Central and South America
$’000
|
|
Europe (primarily North Sea)
$’000
|
|
Total
$’000
|
||||||
For the six months ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter
|
19,768
|
|
|
20,041
|
|
|
18,707
|
|
|
196
|
|
|
42,095
|
|
|
100,807
|
|
Bareboat charter
|
—
|
|
|
—
|
|
|
—
|
|
|
5,697
|
|
|
—
|
|
|
5,697
|
|
Other marine services
|
1,965
|
|
|
36
|
|
|
6,729
|
|
|
884
|
|
|
1,032
|
|
|
10,646
|
|
|
21,733
|
|
|
20,077
|
|
|
25,436
|
|
|
6,777
|
|
|
43,127
|
|
|
117,150
|
|
Direct Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel
|
14,130
|
|
|
6,409
|
|
|
9,236
|
|
|
1,895
|
|
|
21,729
|
|
|
53,399
|
|
Repairs and maintenance
|
1,402
|
|
|
1,493
|
|
|
3,493
|
|
|
207
|
|
|
5,126
|
|
|
11,721
|
|
Drydocking
|
217
|
|
|
584
|
|
|
1,393
|
|
|
—
|
|
|
3,472
|
|
|
5,666
|
|
Insurance and loss reserves
|
1,679
|
|
|
248
|
|
|
414
|
|
|
37
|
|
|
603
|
|
|
2,981
|
|
Fuel, lubes and supplies
|
747
|
|
|
974
|
|
|
2,452
|
|
|
193
|
|
|
2,084
|
|
|
6,450
|
|
Other
|
189
|
|
|
1,408
|
|
|
1,606
|
|
|
170
|
|
|
671
|
|
|
4,044
|
|
|
18,364
|
|
|
11,116
|
|
|
18,594
|
|
|
2,502
|
|
|
33,685
|
|
|
84,261
|
|
Direct Vessel Profit
|
3,369
|
|
|
8,961
|
|
|
6,842
|
|
|
4,275
|
|
|
9,442
|
|
|
32,889
|
|
Other Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Leased-in equipment
|
3,720
|
|
|
1,952
|
|
|
2,299
|
|
|
734
|
|
|
129
|
|
|
8,834
|
|
Administrative and general
|
|
|
|
|
|
|
|
|
|
|
24,327
|
|
|||||
Depreciation and amortization
|
14,034
|
|
|
3,193
|
|
|
5,977
|
|
|
2,399
|
|
|
4,489
|
|
|
30,092
|
|
|
|
|
|
|
|
|
|
|
|
|
63,253
|
|
|||||
Losses on Asset Dispositions and Impairments, Net
|
|
|
|
|
|
|
|
|
|
(20,737
|
)
|
||||||
Operating Loss
|
|
|
|
|
|
|
|
|
|
|
(51,101
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of June 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Property and Equipment:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Historical cost
|
446,819
|
|
|
162,040
|
|
|
224,060
|
|
|
87,632
|
|
|
178,363
|
|
|
1,098,914
|
|
Accumulated depreciation
|
(211,585
|
)
|
|
(75,267
|
)
|
|
(95,133
|
)
|
|
(50,701
|
)
|
|
(124,223
|
)
|
|
(556,909
|
)
|
|
235,234
|
|
|
86,773
|
|
|
128,927
|
|
|
36,931
|
|
|
54,140
|
|
|
542,005
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
MexMar
|
$
|
1,222
|
|
|
$
|
846
|
|
|
$
|
2,589
|
|
|
$
|
3,431
|
|
Other
|
349
|
|
|
(4,161
|
)
|
|
(580
|
)
|
|
(4,585
|
)
|
||||
|
$
|
1,571
|
|
|
$
|
(3,315
|
)
|
|
$
|
2,009
|
|
|
$
|
(1,154
|
)
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||||
|
$’000
|
|
%
|
|
$’000
|
|
%
|
|
$’000
|
|
%
|
|
$’000
|
|
%
|
||||||||
Operating Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time charter
|
38,803
|
|
|
92
|
|
|
49,234
|
|
|
86
|
|
|
69,533
|
|
|
91
|
|
|
100,807
|
|
|
86
|
|
Bareboat charter
|
1,156
|
|
|
3
|
|
|
3,045
|
|
|
5
|
|
|
2,299
|
|
|
3
|
|
|
5,697
|
|
|
5
|
|
Other marine services
|
2,364
|
|
|
5
|
|
|
4,992
|
|
|
9
|
|
|
4,795
|
|
|
6
|
|
|
10,646
|
|
|
9
|
|
|
42,323
|
|
|
100
|
|
|
57,271
|
|
|
100
|
|
|
76,627
|
|
|
100
|
|
|
117,150
|
|
|
100
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personnel
|
20,577
|
|
|
49
|
|
|
25,841
|
|
|
45
|
|
|
37,368
|
|
|
49
|
|
|
53,399
|
|
|
46
|
|
Repairs and maintenance
|
10,425
|
|
|
25
|
|
|
5,427
|
|
|
9
|
|
|
14,020
|
|
|
18
|
|
|
11,721
|
|
|
10
|
|
Drydocking
|
2,251
|
|
|
5
|
|
|
1,963
|
|
|
3
|
|
|
5,318
|
|
|
7
|
|
|
5,666
|
|
|
5
|
|
Insurance and loss reserves
|
2,126
|
|
|
5
|
|
|
1,103
|
|
|
2
|
|
|
3,685
|
|
|
5
|
|
|
2,981
|
|
|
2
|
|
Fuel, lubes and supplies
|
3,190
|
|
|
7
|
|
|
3,353
|
|
|
6
|
|
|
5,532
|
|
|
7
|
|
|
6,450
|
|
|
5
|
|
Other
|
2,223
|
|
|
5
|
|
|
2,106
|
|
|
4
|
|
|
4,657
|
|
|
6
|
|
|
4,044
|
|
|
3
|
|
Leased-in equipment
|
3,690
|
|
|
9
|
|
|
4,452
|
|
|
8
|
|
|
7,281
|
|
|
10
|
|
|
8,834
|
|
|
8
|
|
|
44,482
|
|
|
105
|
|
|
44,245
|
|
|
77
|
|
|
77,861
|
|
|
102
|
|
|
93,095
|
|
|
79
|
|
Administrative and general
|
21,705
|
|
|
51
|
|
|
11,929
|
|
|
21
|
|
|
33,531
|
|
|
44
|
|
|
24,327
|
|
|
21
|
|
Depreciation and amortization
|
14,633
|
|
|
35
|
|
|
15,254
|
|
|
27
|
|
|
27,136
|
|
|
35
|
|
|
30,092
|
|
|
26
|
|
|
80,820
|
|
|
191
|
|
|
71,428
|
|
|
125
|
|
|
138,528
|
|
|
181
|
|
|
147,514
|
|
|
126
|
|
Losses on Asset Dispositions and Impairments, Net
|
(6,318
|
)
|
|
(15
|
)
|
|
(20,357
|
)
|
|
(35
|
)
|
|
(1,499
|
)
|
|
(2
|
)
|
|
(20,737
|
)
|
|
(18
|
)
|
Operating Loss
|
(44,815
|
)
|
|
(106
|
)
|
|
(34,514
|
)
|
|
(60
|
)
|
|
(63,400
|
)
|
|
(83
|
)
|
|
(51,101
|
)
|
|
(44
|
)
|
Other Income (Expense), Net
|
(7,045
|
)
|
|
(17
|
)
|
|
(6,702
|
)
|
|
(12
|
)
|
|
81
|
|
|
—
|
|
|
(11,682
|
)
|
|
(10
|
)
|
Loss Before Income Tax Benefit and Equity in Earnings (Losses) of 50% or Less Owned Companies
|
(51,860
|
)
|
|
(123
|
)
|
|
(41,216
|
)
|
|
(72
|
)
|
|
(63,319
|
)
|
|
(83
|
)
|
|
(62,783
|
)
|
|
(54
|
)
|
Income Tax Benefit
|
(13,800
|
)
|
|
(33
|
)
|
|
(13,742
|
)
|
|
(24
|
)
|
|
(17,222
|
)
|
|
(22
|
)
|
|
(20,568
|
)
|
|
(18
|
)
|
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies
|
(38,060
|
)
|
|
(90
|
)
|
|
(27,474
|
)
|
|
(48
|
)
|
|
(46,097
|
)
|
|
(61
|
)
|
|
(42,215
|
)
|
|
(36
|
)
|
Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax
|
1,571
|
|
|
4
|
|
|
(3,315
|
)
|
|
(6
|
)
|
|
2,009
|
|
|
3
|
|
|
(1,154
|
)
|
|
(1
|
)
|
Net Loss
|
(36,489
|
)
|
|
(86
|
)
|
|
(30,789
|
)
|
|
(54
|
)
|
|
(44,088
|
)
|
|
(58
|
)
|
|
(43,369
|
)
|
|
(37
|
)
|
Net Loss attributable to Noncontrolling Interests in Subsidiaries
|
(2,497
|
)
|
|
(6
|
)
|
|
(209
|
)
|
|
(1
|
)
|
|
(2,701
|
)
|
|
(4
|
)
|
|
(830
|
)
|
|
(1
|
)
|
Net Loss attributable to SEACOR Marine Holdings Inc.
|
(33,992
|
)
|
|
(80
|
)
|
|
(30,580
|
)
|
|
(53
|
)
|
|
(41,387
|
)
|
|
(54
|
)
|
|
(42,539
|
)
|
|
(36
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Rates Per Day Worked:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
$
|
10,774
|
|
|
$
|
20,828
|
|
|
$
|
11,765
|
|
|
$
|
21,351
|
|
Fast support
|
8,086
|
|
|
7,636
|
|
|
7,768
|
|
|
7,612
|
|
||||
Supply
|
6,028
|
|
|
5,709
|
|
|
7,782
|
|
|
6,163
|
|
||||
Standby safety
|
8,457
|
|
|
9,632
|
|
|
8,295
|
|
|
9,597
|
|
||||
Specialty
|
12,000
|
|
|
18,642
|
|
|
12,000
|
|
|
16,427
|
|
||||
Liftboats
|
10,315
|
|
|
11,852
|
|
|
10,293
|
|
|
13,325
|
|
||||
Overall Average Rates Per Day Worked (excluding wind farm utility)
|
8,431
|
|
|
10,354
|
|
|
8,359
|
|
|
10,452
|
|
||||
Wind farm utility
|
2,124
|
|
|
2,394
|
|
|
2,074
|
|
|
2,405
|
|
||||
Overall Average Rates Per Day Worked
|
5,649
|
|
|
7,352
|
|
|
5,683
|
|
|
7,629
|
|
||||
Utilization:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
24
|
%
|
|
33
|
%
|
|
20
|
%
|
|
40
|
%
|
||||
Fast support
|
43
|
%
|
|
69
|
%
|
|
43
|
%
|
|
68
|
%
|
||||
Supply
|
48
|
%
|
|
27
|
%
|
|
33
|
%
|
|
32
|
%
|
||||
Standby safety
|
80
|
%
|
|
77
|
%
|
|
80
|
%
|
|
78
|
%
|
||||
Specialty
|
5
|
%
|
|
81
|
%
|
|
2
|
%
|
|
63
|
%
|
||||
Liftboats
|
16
|
%
|
|
6
|
%
|
|
9
|
%
|
|
5
|
%
|
||||
Overall Fleet Utilization
(excluding wind farm utility)
|
43
|
%
|
|
50
|
%
|
|
40
|
%
|
|
51
|
%
|
||||
Wind farm utility
|
90
|
%
|
|
77
|
%
|
|
78
|
%
|
|
71
|
%
|
||||
Overall Fleet Utilization
|
56
|
%
|
|
57
|
%
|
|
51
|
%
|
|
56
|
%
|
||||
Available Days:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
1,274
|
|
|
1,365
|
|
|
2,534
|
|
|
2,730
|
|
||||
Fast support
|
3,684
|
|
|
2,174
|
|
|
6,896
|
|
|
4,267
|
|
||||
Supply
|
580
|
|
|
1,140
|
|
|
1,210
|
|
|
2,319
|
|
||||
Standby safety
|
1,820
|
|
|
2,104
|
|
|
3,620
|
|
|
4,288
|
|
||||
Specialty
|
273
|
|
|
273
|
|
|
543
|
|
|
546
|
|
||||
Liftboats
|
1,365
|
|
|
1,365
|
|
|
2,630
|
|
|
2,730
|
|
||||
Overall Fleet Available Days
(excluding wind farm utility)
|
8,996
|
|
|
8,421
|
|
|
17,433
|
|
|
16,880
|
|
||||
Wind farm utility
|
3,367
|
|
|
3,276
|
|
|
6,697
|
|
|
6,521
|
|
||||
Overall Fleet Available Days
|
12,363
|
|
|
11,697
|
|
|
24,130
|
|
|
23,401
|
|
(1)
|
Excludes six offshore support vessels as of June 30, 2017 that had been retired and removed from service.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter
|
4,889
|
|
|
80
|
|
|
8,726
|
|
|
89
|
|
7,884
|
|
|
80
|
|
|
19,768
|
|
|
91
|
Other marine services
|
1,198
|
|
|
20
|
|
|
1,054
|
|
|
11
|
|
2,024
|
|
|
20
|
|
|
1,965
|
|
|
9
|
|
6,087
|
|
|
100
|
|
|
9,780
|
|
|
100
|
|
9,908
|
|
|
100
|
|
|
21,733
|
|
|
100
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel
|
4,183
|
|
|
69
|
|
|
6,368
|
|
|
65
|
|
7,313
|
|
|
74
|
|
|
14,130
|
|
|
65
|
Repairs and maintenance
|
937
|
|
|
15
|
|
|
643
|
|
|
7
|
|
1,674
|
|
|
17
|
|
|
1,402
|
|
|
6
|
Drydocking
|
310
|
|
|
5
|
|
|
175
|
|
|
2
|
|
883
|
|
|
9
|
|
|
217
|
|
|
1
|
Insurance and loss reserves
|
1,205
|
|
|
20
|
|
|
680
|
|
|
7
|
|
2,010
|
|
|
20
|
|
|
1,679
|
|
|
8
|
Fuel, lubes and supplies
|
545
|
|
|
9
|
|
|
234
|
|
|
2
|
|
855
|
|
|
9
|
|
|
747
|
|
|
3
|
Other
|
51
|
|
|
1
|
|
|
28
|
|
|
—
|
|
123
|
|
|
1
|
|
|
189
|
|
|
1
|
|
7,231
|
|
|
119
|
|
|
8,128
|
|
|
83
|
|
12,858
|
|
|
130
|
|
|
18,364
|
|
|
84
|
Direct Vessel Profit (Loss)
|
(1,144
|
)
|
|
(19
|
)
|
|
1,652
|
|
|
17
|
|
(2,950
|
)
|
|
(30
|
)
|
|
3,369
|
|
|
16
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Rates Per Day Worked:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
$
|
35,000
|
|
|
$
|
34,046
|
|
|
$
|
35,496
|
|
|
$
|
35,606
|
|
Fast support
|
8,454
|
|
|
8,561
|
|
|
8,550
|
|
|
8,863
|
|
||||
Supply
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Liftboats
|
10,315
|
|
|
11,852
|
|
|
10,293
|
|
|
13,325
|
|
||||
Overall Average Rates Per Day Worked
|
9,619
|
|
|
17,109
|
|
|
9,808
|
|
|
19,240
|
|
||||
Utilization:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
1
|
%
|
|
20
|
%
|
|
1
|
%
|
|
23
|
%
|
||||
Fast support
|
16
|
%
|
|
43
|
%
|
|
16
|
%
|
|
43
|
%
|
||||
Supply
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Liftboats
|
19
|
%
|
|
6
|
%
|
|
9
|
%
|
|
5
|
%
|
||||
Overall Fleet Utilization
|
13
|
%
|
|
17
|
%
|
|
10
|
%
|
|
17
|
%
|
||||
Available Days:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
910
|
|
|
819
|
|
|
1,810
|
|
|
1,638
|
|
||||
Fast support
|
1,802
|
|
|
627
|
|
|
3,455
|
|
|
1,173
|
|
||||
Supply
|
91
|
|
|
230
|
|
|
181
|
|
|
499
|
|
||||
Specialty
|
91
|
|
|
—
|
|
|
181
|
|
|
—
|
|
||||
Liftboats
|
1,169
|
|
|
1,365
|
|
|
2,434
|
|
|
2,730
|
|
||||
Overall Fleet Available Days
|
4,063
|
|
|
3,041
|
|
|
8,061
|
|
|
6,040
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||||
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter
|
7,786
|
|
|
97
|
|
|
8,902
|
|
|
99
|
|
13,633
|
|
|
97
|
|
|
20,041
|
|
|
100
|
Other marine services
|
215
|
|
|
3
|
|
|
131
|
|
|
1
|
|
407
|
|
|
3
|
|
|
36
|
|
|
—
|
|
8,001
|
|
|
100
|
|
|
9,033
|
|
|
100
|
|
14,040
|
|
|
100
|
|
|
20,077
|
|
|
100
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel
|
3,428
|
|
|
43
|
|
|
3,324
|
|
|
37
|
|
6,036
|
|
|
43
|
|
|
6,409
|
|
|
32
|
Repairs and maintenance
|
3,234
|
|
|
40
|
|
|
522
|
|
|
6
|
|
3,778
|
|
|
27
|
|
|
1,493
|
|
|
7
|
Drydocking
|
683
|
|
|
9
|
|
|
426
|
|
|
5
|
|
1,740
|
|
|
12
|
|
|
584
|
|
|
3
|
Insurance and loss reserves
|
357
|
|
|
4
|
|
|
36
|
|
|
—
|
|
539
|
|
|
4
|
|
|
248
|
|
|
1
|
Fuel, lubes and supplies
|
704
|
|
|
9
|
|
|
598
|
|
|
6
|
|
1,263
|
|
|
9
|
|
|
974
|
|
|
5
|
Other
|
871
|
|
|
11
|
|
|
883
|
|
|
10
|
|
1,517
|
|
|
11
|
|
|
1,408
|
|
|
7
|
|
9,277
|
|
|
116
|
|
|
5,789
|
|
|
64
|
|
14,873
|
|
|
106
|
|
|
11,116
|
|
|
55
|
Direct Vessel Profit (Loss)
|
(1,276
|
)
|
|
(16
|
)
|
|
3,244
|
|
|
36
|
|
(833
|
)
|
|
(6
|
)
|
|
8,961
|
|
|
45
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Rates Per Day Worked:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
$
|
11,699
|
|
|
$
|
16,217
|
|
|
$
|
12,550
|
|
|
$
|
15,721
|
|
Fast support
|
9,556
|
|
|
8,681
|
|
|
8,587
|
|
|
8,754
|
|
||||
Supply
|
12,495
|
|
|
5,750
|
|
|
13,334
|
|
|
5,750
|
|
||||
Specialty
|
—
|
|
|
10,549
|
|
|
—
|
|
|
10,708
|
|
||||
Overall Average Rates Per Day Worked
|
10,348
|
|
|
9,938
|
|
|
9,913
|
|
|
10,271
|
|
||||
Utilization:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
99
|
%
|
|
54
|
%
|
|
59
|
%
|
|
73
|
%
|
||||
Fast support
|
66
|
%
|
|
67
|
%
|
|
71
|
%
|
|
69
|
%
|
||||
Supply
|
78
|
%
|
|
65
|
%
|
|
89
|
%
|
|
66
|
%
|
||||
Specialty
|
—
|
%
|
|
100
|
%
|
|
—
|
%
|
|
100
|
%
|
||||
Overall Fleet Utilization
|
67
|
%
|
|
65
|
%
|
|
64
|
%
|
|
71
|
%
|
||||
Available Days:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
182
|
|
|
364
|
|
|
452
|
|
|
728
|
|
||||
Fast support
|
759
|
|
|
637
|
|
|
1,328
|
|
|
1,274
|
|
||||
Supply
|
91
|
|
|
281
|
|
|
181
|
|
|
554
|
|
||||
Specialty
|
91
|
|
|
91
|
|
|
181
|
|
|
182
|
|
||||
Overall Fleet Available Days
|
1,123
|
|
|
1,373
|
|
|
2,142
|
|
|
2,738
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||||||||
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|||||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Time charter
|
7,415
|
|
|
99
|
|
|
10,554
|
|
|
80
|
|
|
13,238
|
|
|
93
|
|
|
18,707
|
|
|
74
|
Other marine services
|
109
|
|
|
1
|
|
|
2,641
|
|
|
20
|
|
|
986
|
|
|
7
|
|
|
6,729
|
|
|
26
|
|
7,524
|
|
|
100
|
|
|
13,195
|
|
|
100
|
|
|
14,224
|
|
|
100
|
|
|
25,436
|
|
|
100
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Personnel
|
4,147
|
|
|
55
|
|
|
5,058
|
|
|
38
|
|
|
7,270
|
|
|
51
|
|
|
9,236
|
|
|
36
|
Repairs and maintenance
|
3,947
|
|
|
52
|
|
|
1,659
|
|
|
13
|
|
|
4,523
|
|
|
32
|
|
|
3,493
|
|
|
14
|
Drydocking
|
358
|
|
|
5
|
|
|
(284
|
)
|
|
(2
|
)
|
|
516
|
|
|
3
|
|
|
1,393
|
|
|
5
|
Insurance and loss reserves
|
353
|
|
|
5
|
|
|
151
|
|
|
1
|
|
|
699
|
|
|
5
|
|
|
414
|
|
|
2
|
Fuel, lubes and supplies
|
908
|
|
|
12
|
|
|
1,498
|
|
|
12
|
|
|
1,432
|
|
|
10
|
|
|
2,452
|
|
|
10
|
Other
|
1,061
|
|
|
14
|
|
|
827
|
|
|
6
|
|
|
2,526
|
|
|
18
|
|
|
1,606
|
|
|
6
|
|
10,774
|
|
|
143
|
|
|
8,909
|
|
|
68
|
|
|
16,966
|
|
|
119
|
|
|
18,594
|
|
|
73
|
Direct Vessel Profit (Loss)
|
(3,250
|
)
|
|
(43
|
)
|
|
4,286
|
|
|
32
|
|
|
(2,742
|
)
|
|
(19
|
)
|
|
6,842
|
|
|
27
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Rates Per Day Worked:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
$
|
7,956
|
|
|
$
|
7,535
|
|
|
$
|
8,180
|
|
|
$
|
8,477
|
|
Fast support
|
7,018
|
|
|
6,771
|
|
|
6,959
|
|
|
6,544
|
|
||||
Supply
|
3,800
|
|
|
5,649
|
|
|
4,074
|
|
|
6,210
|
|
||||
Specialty
|
12,000
|
|
|
24,284
|
|
|
12,000
|
|
|
22,870
|
|
||||
Liftboats
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Overall Average Rates Per Day Worked
(excluding wind farm utility)
|
6,580
|
|
|
8,697
|
|
|
6,765
|
|
|
7,821
|
|
||||
Wind farm utility
|
—
|
|
|
7,881
|
|
|
—
|
|
|
7,192
|
|
||||
Overall Average Rates Per Day Worked
|
6,580
|
|
|
8,649
|
|
|
6,765
|
|
|
7,779
|
|
||||
Utilization:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
66
|
%
|
|
50
|
%
|
|
77
|
%
|
|
50
|
%
|
||||
Fast support
|
76
|
%
|
|
88
|
%
|
|
77
|
%
|
|
84
|
%
|
||||
Supply
|
52
|
%
|
|
23
|
%
|
|
29
|
%
|
|
34
|
%
|
||||
Specialty
|
14
|
%
|
|
72
|
%
|
|
7
|
%
|
|
44
|
%
|
||||
Liftboats
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Overall Fleet Utilization (excluding wind farm utility)
|
60
|
%
|
|
63
|
%
|
|
57
|
%
|
|
62
|
%
|
||||
Wind farm utility
|
—
|
%
|
|
39
|
%
|
|
—
|
%
|
|
59
|
%
|
||||
Overall Fleet Utilization
|
55
|
%
|
|
61
|
%
|
|
52
|
%
|
|
61
|
%
|
||||
Available Days:
|
|
|
|
|
|
|
|
||||||||
Anchor handling towing supply
|
182
|
|
|
182
|
|
|
272
|
|
|
364
|
|
||||
Fast support
|
1,032
|
|
|
910
|
|
|
1,932
|
|
|
1,820
|
|
||||
Supply
|
398
|
|
|
546
|
|
|
848
|
|
|
1,092
|
|
||||
Specialty
|
91
|
|
|
182
|
|
|
181
|
|
|
364
|
|
||||
Liftboats
|
182
|
|
|
—
|
|
|
182
|
|
|
—
|
|
||||
Overall Fleet Available Days (excluding wind farm utility)
|
1,885
|
|
|
1,820
|
|
|
3,415
|
|
|
3,640
|
|
||||
Wind farm utility
|
182
|
|
|
182
|
|
|
362
|
|
|
273
|
|
||||
Overall Fleet Available Days
|
2,067
|
|
|
2,002
|
|
|
3,777
|
|
|
3,913
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|||||||||||||
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter
|
—
|
|
|
—
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
196
|
|
|
3
|
Bareboat charter
|
1,156
|
|
|
88
|
|
3,045
|
|
|
86
|
|
|
2,299
|
|
|
91
|
|
5,697
|
|
|
84
|
Other marine services
|
162
|
|
|
12
|
|
498
|
|
|
14
|
|
|
237
|
|
|
9
|
|
884
|
|
|
13
|
|
1,318
|
|
|
100
|
|
3,543
|
|
|
100
|
|
|
2,536
|
|
|
100
|
|
6,777
|
|
|
100
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel
|
148
|
|
|
11
|
|
367
|
|
|
10
|
|
|
161
|
|
|
6
|
|
1,895
|
|
|
28
|
Repairs and maintenance
|
116
|
|
|
9
|
|
59
|
|
|
2
|
|
|
120
|
|
|
5
|
|
207
|
|
|
3
|
Insurance and loss reserves
|
4
|
|
|
1
|
|
(12
|
)
|
|
—
|
|
|
11
|
|
|
1
|
|
37
|
|
|
1
|
Fuel, lubes and supplies
|
27
|
|
|
2
|
|
112
|
|
|
3
|
|
|
27
|
|
|
1
|
|
193
|
|
|
3
|
Other
|
3
|
|
|
—
|
|
75
|
|
|
2
|
|
|
4
|
|
|
—
|
|
170
|
|
|
2
|
|
298
|
|
|
23
|
|
601
|
|
|
17
|
|
|
323
|
|
|
13
|
|
2,502
|
|
|
37
|
Direct Vessel Profit
|
1,020
|
|
|
77
|
|
2,942
|
|
|
83
|
|
|
2,213
|
|
|
87
|
|
4,275
|
|
|
63
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Rates Per Day Worked:
|
|
|
|
|
|
|
|
||||||||
Fast support
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Supply
|
—
|
|
|
—
|
|
|
—
|
|
|
18,986
|
|
||||
Liftboats
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Overall Average Rates Per Day Worked
|
—
|
|
|
—
|
|
|
—
|
|
|
18,986
|
|
||||
Utilization:
|
|
|
|
|
|
|
|
||||||||
Fast support
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Supply
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
6
|
%
|
||||
Liftboats
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Overall Fleet Utilization
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
6
|
%
|
||||
Available Days:
|
|
|
|
|
|
|
|
||||||||
Fast support
|
91
|
|
|
—
|
|
|
181
|
|
|
—
|
|
||||
Supply
|
—
|
|
|
83
|
|
|
—
|
|
|
174
|
|
||||
Liftboats
|
14
|
|
|
—
|
|
|
14
|
|
|
—
|
|
||||
Overall Fleet Available Days
|
105
|
|
|
83
|
|
|
195
|
|
|
174
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
|
$’000’s
|
|
%
|
||||
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Time charter
|
18,713
|
|
|
96
|
|
21,052
|
|
|
97
|
|
34,778
|
|
|
97
|
|
42,095
|
|
|
98
|
Other marine services
|
680
|
|
|
4
|
|
668
|
|
|
3
|
|
1,141
|
|
|
3
|
|
1,032
|
|
|
2
|
|
19,393
|
|
|
100
|
|
21,720
|
|
|
100
|
|
35,919
|
|
|
100
|
|
43,127
|
|
|
100
|
Direct operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Personnel
|
8,671
|
|
|
45
|
|
10,724
|
|
|
49
|
|
16,588
|
|
|
46
|
|
21,729
|
|
|
50
|
Repairs and maintenance
|
2,191
|
|
|
11
|
|
2,544
|
|
|
12
|
|
3,925
|
|
|
11
|
|
5,126
|
|
|
12
|
Drydocking
|
900
|
|
|
5
|
|
1,646
|
|
|
8
|
|
2,179
|
|
|
6
|
|
3,472
|
|
|
8
|
Insurance and loss reserves
|
207
|
|
|
1
|
|
248
|
|
|
1
|
|
426
|
|
|
1
|
|
603
|
|
|
1
|
Fuel, lubes and supplies
|
1,006
|
|
|
5
|
|
911
|
|
|
4
|
|
1,955
|
|
|
6
|
|
2,084
|
|
|
5
|
Other
|
237
|
|
|
1
|
|
293
|
|
|
1
|
|
487
|
|
|
1
|
|
671
|
|
|
2
|
|
13,212
|
|
|
68
|
|
16,366
|
|
|
75
|
|
25,560
|
|
|
71
|
|
33,685
|
|
|
78
|
Direct Vessel Profit
|
6,181
|
|
|
32
|
|
5,354
|
|
|
25
|
|
10,359
|
|
|
29
|
|
9,442
|
|
|
22
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||
Rates Per Day Worked:
|
|
|
|
|
|
|
|
||||||
Standby safety
|
$
|
8,457
|
|
|
$
|
9,632
|
|
|
8,295
|
|
|
9,597
|
|
Wind farm utility
|
2,124
|
|
|
2,235
|
|
|
2,074
|
|
|
2,232
|
|
||
Overall Average Rates Per Day Worked
|
4,176
|
|
|
5,171
|
|
|
4,294
|
|
|
5,384
|
|
||
Utilization:
|
|
|
|
|
|
|
|
||||||
Standby safety
|
80
|
%
|
|
77
|
%
|
|
80
|
%
|
|
78
|
%
|
||
Wind farm utility
|
95
|
%
|
|
79
|
%
|
|
82
|
%
|
|
72
|
%
|
||
Overall Fleet Utilization
|
90
|
%
|
|
78
|
%
|
|
81
|
%
|
|
74
|
%
|
||
Available Days:
|
|
|
|
|
|
|
|
||||||
Standby Safety
|
1,820
|
|
|
2,104
|
|
|
3,620
|
|
|
4,288
|
|
||
Wind farm utility
|
3,185
|
|
|
3,094
|
|
|
6,335
|
|
|
6,248
|
|
||
Overall Fleet Available Days
|
5,005
|
|
|
5,198
|
|
|
9,955
|
|
|
10,536
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
$’000
|
|
$’000
|
|
$’000
|
|
$’000
|
||||
Other Income (Expense):
|
|
|
|
|
|
|
|
||||
Interest income
|
275
|
|
|
987
|
|
|
1,125
|
|
|
2,398
|
|
Interest expense
|
(4,546
|
)
|
|
(2,585
|
)
|
|
(7,728
|
)
|
|
(4,943
|
)
|
SEACOR Holdings management fees
|
(1,283
|
)
|
|
(1,925
|
)
|
|
(3,208
|
)
|
|
(3,850
|
)
|
SEACOR Holdings guarantee fees
|
(75
|
)
|
|
(31
|
)
|
|
(151
|
)
|
|
(157
|
)
|
Marketable security gains (losses), net
|
(109
|
)
|
|
(2,492
|
)
|
|
11,629
|
|
|
(6,077
|
)
|
Derivative gains (losses), net
|
(213
|
)
|
|
163
|
|
|
(302
|
)
|
|
3,061
|
|
Foreign currency losses, net
|
(1,094
|
)
|
|
(819
|
)
|
|
(1,283
|
)
|
|
(2,379
|
)
|
Other, net
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
265
|
|
|
(7,045
|
)
|
|
(6,702
|
)
|
|
81
|
|
|
(11,682
|
)
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
|
$’000
|
|
$’000
|
|
$’000
|
|
$’000
|
||||
MexMar
|
1,222
|
|
|
846
|
|
|
2,589
|
|
|
3,431
|
|
Sea-Cat Crewzer
|
248
|
|
|
171
|
|
|
234
|
|
|
503
|
|
Sea-Cat Crewzer II
|
(25
|
)
|
|
(469
|
)
|
|
99
|
|
|
(663
|
)
|
Dynamic Offshore
|
93
|
|
|
256
|
|
|
617
|
|
|
560
|
|
OSV Partners
|
(228
|
)
|
|
(1,292
|
)
|
|
(420
|
)
|
|
(1,683
|
)
|
SEACOR Grant DIS
|
(42
|
)
|
|
(1,720
|
)
|
|
(35
|
)
|
|
(1,669
|
)
|
Falcon Global
|
—
|
|
|
(446
|
)
|
|
(1,559
|
)
|
|
(1,327
|
)
|
Other
|
303
|
|
|
(661
|
)
|
|
484
|
|
|
(306
|
)
|
|
1,571
|
|
|
(3,315
|
)
|
|
2,009
|
|
|
(1,154
|
)
|
Remainder of 2017
|
$
|
10,457
|
|
2018
|
50,960
|
|
|
2019
|
13,219
|
|
|
2020
|
1,800
|
|
|
|
$
|
76,436
|
|
Remainder of 2017
|
$
|
25,263
|
|
2018
|
62,015
|
|
|
2019
|
40,940
|
|
|
2020
|
4,128
|
|
|
2021
|
27,548
|
|
|
Years subsequent to 2021
|
191,325
|
|
|
|
$
|
351,219
|
|
Summary of Cash Flows
|
|||||
|
Six Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
|
$’000
|
|
$’000
|
||
Cash flows provided by or (used in):
|
|
|
|
||
Operating Activities
|
53,736
|
|
|
(8,940
|
)
|
Investing Activities
|
(14,115
|
)
|
|
28,319
|
|
Financing Activities
|
(7,099
|
)
|
|
(2,380
|
)
|
Effects of Exchange Rate Changes on Cash and Cash Equivalents
|
1,127
|
|
|
(1,115
|
)
|
Increase in Cash and Cash Equivalents
|
33,649
|
|
|
15,884
|
|
|
Six Months Ended June 30,
|
||||
|
2017
|
|
2016
|
||
|
$’000
|
|
$’000
|
||
Regional DVP:
|
|
|
|
||
United States, primarily Gulf of Mexico
|
(2,950
|
)
|
|
3,369
|
|
Africa, primarily West Africa
|
(833
|
)
|
|
8,961
|
|
Middle East and Asia
|
(2,742
|
)
|
|
6,842
|
|
Brazil, Mexico, Central and South America
|
2,213
|
|
|
4,275
|
|
Europe, primarily North Sea
|
10,359
|
|
|
9,442
|
|
Operating, leased-in equipment (excluding amortization of deferred gains)
|
(11,381
|
)
|
|
(12,934
|
)
|
Administrative and general (excluding provisions for bad debts and amortization of restricted stock)
|
(32,863
|
)
|
|
(24,327
|
)
|
SEACOR Holdings management and guarantee fees
|
(3,359
|
)
|
|
(4,007
|
)
|
Other, net
|
(1
|
)
|
|
265
|
|
Dividends received from 50% or less owned companies
|
1,642
|
|
|
371
|
|
|
(39,915
|
)
|
|
(7,743
|
)
|
Changes in operating assets and liabilities before interest and income taxes
|
43,538
|
|
|
(3,900
|
)
|
Purchases of marketable securities
|
—
|
|
|
(8,390
|
)
|
Proceeds from sale of marketable securities
|
51,877
|
|
|
9,169
|
|
Cash settlements on derivative transactions, net
|
(188
|
)
|
|
(1,067
|
)
|
Interest paid, excluding capitalized interest
(1)
|
(3,626
|
)
|
|
(1,656
|
)
|
Interest received
|
2,647
|
|
|
2,332
|
|
Income taxes (paid) refunded, net
|
(597
|
)
|
|
2,315
|
|
Total cash flows provided by (used in) operating activities
|
53,736
|
|
|
(8,940
|
)
|
(1)
|
During the
Current Six Months
and
Prior Six Months
, capitalized interest paid and included in purchases of property and equipment was $2.3 million and $3.3 million, respectively.
|
•
|
Capital expenditures and payments on fair value hedges were
$29.1 million
.
Four
fast support vessels were delivered during the period.
|
•
|
The Company sold
two
liftboats,
one
supply vessel,
four
offshore support vessels previously retired and removed from service and other equipment for net proceeds of
$10.0 million
(
$9.5 million
in cash and
$0.5 million
of previously received deposits).
|
•
|
Construction reserve funds account transactions included deposits of
$6.3 million
and withdrawals of
$16.7 million
.
|
•
|
The Company made investments in, and advances to, its 50% or less owned companies of
$4.2 million
, comprised of $2.4 million to Falcon Global and $1.8 million to OSV Partners.
|
•
|
The Company received capital distributions of
$7.4 million
from MexMar.
|
•
|
Effective March 31, 2017, the Company consolidated Falcon Global and assumed cash of $1.9 million.
|
•
|
Effective April 28, 2017, the Company acquired a 100% controlling interest in Sea-Cat Crewzer II LLC through the acquisition of its partners’ 50% ownership interest for in $9.6 million, net of cash acquired.
|
•
|
Effective April 28, 2017, the Company acquired a 100% controlling interest in Sea-Cat Crewzer LLC through the acquisition of its partners’ 50% ownership interest for $0.1 million, net of cash acquired.
|
•
|
Capital expenditures were $45.8 million. Equipment deliveries during the period included one fast support vessel, one supply vessel and one wind farm utility vessels.
|
•
|
The Company sold two offshore support vessels and other property and equipment for net proceeds of $1.9 million and received $1.2 million of deposits on future equipment sales.
|
•
|
The Company made investments in and advances of $6.0 million to Falcon Global.
|
•
|
Construction reserve funds account transactions included withdrawals of $76.7 million.
|
•
|
The Company received $0.5 million of net payments on third party notes receivable.
|
•
|
borrowed
$3.4 million
under the Sea-Cat Crewzer III Term Loan Facility;
|
•
|
made other scheduled payments on long-term debt and capital lease obligations of $4.0 million;
|
•
|
incurred issue costs on various facilities of $0.2 million;
|
•
|
purchased subsidiary shares from noncontrolling interests for $3.7 million; and
|
•
|
paid SEACOR Holdings $2.7 million for the distribution of SEACOR Marine restricted stock to Company personnel.
|
•
|
made scheduled payments on long-term debt of $1.7 million;
|
•
|
borrowed $23.5 million (€21.0 million) under the Windcat Credit Facility and repaid all of the subsidiary’s then outstanding debt totaling $22.9 million;
|
•
|
incurred issuance costs on various debt facilities of $1.0 million; and
|
•
|
made distributions to non-controlling interests of $0.2 million.
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
ITEM 3.
|
DEFAULT UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY DISCLOSURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
10.1
|
|
Waiver Letter Agreement by and between DNB Bank ASA, as Facility Agent, Security Trustee and Swap Bank, DNB Capital LLC, as lender, Clifford Capital PTE. LTD., as lender, NIBC Bank N.V., as lender and swap bank, Falcon Global LLC, as a borrower, Falcon Pearl LLC, as a borrower, Falcon Diamond, as a borrower, SEACOR Marine Holdings Inc., as a guarantor and SEACOR LB Offshore (MI) LLC, as a pledgor.
|
31.1
|
|
Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
|
31.2
|
|
Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
|
32
|
|
Certification by the Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS**
|
|
XBRL Instance Document
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema
|
101.CAL**
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF**
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB**
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE**
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
**
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.
|
|
|
|
|
SEACOR Marine Holdings Inc. (Registrant)
|
|
|
|
|
|
DATE:
|
August 10, 2017
|
By:
|
|
/s/
JOHN GELLERT
|
|
|
|
|
John Gellert,
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
DATE:
|
August 10, 2017
|
By:
|
|
/
S
/
MATTHEW CENAC
|
|
|
|
|
Matthew Cenac,
Executive Vice President
and Chief Financial Officer
(Principal Financial Officer)
|
10.1
|
|
Waiver Letter Agreement by and between DNB Bank ASA, as Facility Agent, Security Trustee and Swap Bank, DNB Capital LLC, as lender, Clifford Capital PTE. LTD., as lender, NIBC Bank N.V., as lender and swap bank, Falcon Global LLC, as a borrower, Falcon Pearl LLC, as a borrower, Falcon Diamond, as a borrower, SEACOR Marine Holdings Inc., as a guarantor and SEACOR LB Offshore (MI) LLC, as a pledgor.
|
31.1
|
|
Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
|
31.2
|
|
Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.
|
32
|
|
Certification by the Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS**
|
|
XBRL Instance Document
|
101.SCH**
|
|
XBRL Taxonomy Extension Schema
|
101.CAL**
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
101.DEF**
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB**
|
|
XBRL Taxonomy Extension Label Linkbase
|
101.PRE**
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
**
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.
|
1.
|
Falcon Global and Seacor LB Offshore (MI) LLC shall enter into an amendment agreement in a manner satisfactory to the Lenders which shall amend that certain subordinated loan agreement dated April 28, 2017 in order to increase the amount available to Falcon Global under such working capital loan to $14,500,000 from $7,000,000 (the “
Amended Working Capital Loan
”);
|
2.
|
Falcon Global shall covenant (the “
Working Capital Drawdown Covenants
”), and by its signature to this letter agreement it hereby covenants, that it shall fully draw down the Amended Working Capital Loan prior to December 31, 2017, with such drawdowns to be made, subject to condition no. 4 below, at such times and in such amounts for Falcon Global to continue as a going concern and comply with the Section 9.3 (b) minimum liquidity covenant;
|
3.
|
Seacor LB Offshore (MI) LLC shall amend that certain subordination agreement dated April 28, 2017 pursuant to an amendment agreement, entered into on such terms and conditions as approved by the Lenders in their sole and absolute discretion, in order for the Amended Working Capital Loan to be fully and unconditionally subordinated to the Lenders;
|
4.
|
a drawdown on the Amended Working Capital Loan shall have been made by Falcon Global in an amount of $4,000,000; and
|
5.
|
a work fee in the amount of $231,345.84.
|
|
DNB BANK ASA, as Facility Agent, Security Trustee and Swap Bank
|
|
By:
|
/s/ PHILIPPE WULFERS
|
|
Name:
|
Philippe Wulfers
|
|
Title:
|
Vice President
|
|
|
|
|
By:
|
/s/ ANDREW J. SHOHET
|
|
Name:
|
Andrew J. Shohet
|
|
Title:
|
Vice President
|
|
DNB CAPITAL LLC, as lender
|
|
By:
|
/s/ PHILIPPE WULFERS
|
|
Name:
|
Philippe Wulfers
|
|
Title:
|
Vice President
|
|
|
|
|
By:
|
/s/ ANDREW J. SHOHET
|
|
Name:
|
Andrew J. Shohet
|
|
Title:
|
Vice President
|
|
CLIFFORD CAPITAL PTE. LYD., as lender
|
|
By:
|
/s/ PREMOD THOMAS
|
|
Name:
|
Premod Thomas
|
|
Title:
|
Head of Corporate Strategy
|
|
|
|
|
By:
|
|
|
Name:
|
|
|
Title:
|
|
|
NIBC BANK N.V., as lender and swap bank
|
|
By:
|
/s/ Y. MENNEN
|
|
Name:
|
Y. Mennen
|
|
Title:
|
Director - Oil & Gas
|
|
|
|
|
By:
|
/s/ SVEN DE VEIJ
|
|
Name:
|
Sven de Veij
|
|
Title:
|
Head of Oil & Gas Services
|
|
FALCON GLOBAL LLC, as borrower
|
|
By:
|
/s/ JESUS LLORCA
|
|
Name:
|
Jesus Llorca
|
|
Title:
|
Vice President
|
|
FALCON PEARL LLC, as borrower
|
|
By:
|
/s/ JESUS LLORCA
|
|
Name:
|
Jesus Llorca
|
|
Title:
|
Vice President
|
|
FALCON DIAMOND LLC, as borrower
|
|
By:
|
/s/ JESUS LLORCA
|
|
Name:
|
Jesus Llorca
|
|
Title:
|
Vice President
|
|
SEACOR MARINE HOLDINGS INC., as a guarantor
|
|
By:
|
/s/ JESUS LLORCA
|
|
Name:
|
Jesus Llorca
|
|
Title:
|
Vice President
|
|
SEACOR LB OFFSHORE (MI) LLC, as a pledgor
|
|
By:
|
/s/ JESUS LLORCA
|
|
Name:
|
Jesus Llorca
|
|
Title:
|
Vice President
|
1.
|
I have reviewed this
quarterly
report on Form
10-Q
of SEACOR Marine Holdings Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
c)
|
Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
|
5.
|
The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
|
Date:
|
August 10, 2017
|
|
|
||
/s/
JOHN GELLERT
|
||
Name:
|
John Gellert
|
|
Title:
|
Chief Executive Officer
(Principal Executive Officer)
|
1.
|
I have reviewed this
quarterly
report on Form
10-Q
of SEACOR Marine Holdings Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and
|
c)
|
Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and
|
5.
|
The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.
|
Date:
|
August 10, 2017
|
|
|
||
/s/
MATTHEW CENAC
|
||
Name:
|
Matthew Cenac
|
|
Title:
|
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
Date:
|
August 10, 2017
|
|
|
||
/s/
JOHN GELLERT
|
||
Name:
|
John Gellert
|
|
Title:
|
Chief Executive Officer
(Principal Executive Officer)
|
Date:
|
August 10, 2017
|
|
|
||
/s/
MATTHEW CENAC
|
||
Name:
|
Matthew Cenac
|
|
Title:
|
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
|