SEACOR Marine Announces Third Quarter 2019 Results 

HOUSTON, Nov. 08, 2019 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the a??Companya?? or a??SEACOR Marinea??), 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 ended September 30, 2019.As a result of the announcement of the pending sale of its North Sea Standby Safety business on November 1, 2019, the Company has classified its standby safety assets as held for sale as of the end of the third quarter 2019.A  The highlights included below represent the results from continuing operations, which exclude the standby safety operations because they are classified as discontinued operations.Third quarter highlights from continuing operations include:

Total operating revenues from continuing operation increased 4% to $54.7 million from $52.8 million in the second quarter of 2019, primarily due to lower drydocking days in the U.S. and higher contributions from the Companya??s international liftboats. Utilization increased 5% from the second quarter 2019 primarily due to a decrease in the number of available days as a result of asset sales during the last twelve months.A  Operating loss decreased to $6.0 million from $18.8 million in the second quarter of 2019.

Consolidated direct vessel profit (a??DVPa??)(1) for the third quarter of 2019 increased by $10.1 million, or 58%, to $27.5 million from $17.4 million in the second quarter of 2019. All regions experienced DVP improvement.

Average dayrates, excluding the CTV fleet, increased to $10,946 from $10,387 in the second quarter of 2019. This is the highest average dayrate the Company has experienced since the first quarter of 2016.

Wind energy support revenues for the third quarter of 2019 increased by $1.4 million to $11.9 million from $10.5 million in the second quarter of 2019, a 14% increase, and DVP for this activity increased by $2.5 million to $6.9 million from $4.4 million in the second quarter of 2019, a 56% increase.A  This growth included both organic improvement in utilization and average dayrates for the CTV fleet and the full quarter contribution of a multi-year contract in Europe for one liftboat.

The third quarter results include one-time restructuring charges of $3.3 million arising from the Companya??s continuing cost reduction initiatives. During the third quarter of 2019, the Company implemented initiatives providing $4.6 million in annualized recurring administrative and general savings and maintained its target of projected annual savings of at least $8.0 million. The Company anticipates that the initiatives will impact all of its reportable segments and expects the bulk of the initiatives to be completed by the second quarter of 2020.

Chief Executive Officer John Gellert commented on SEACOR Marine's third quarter results:a??I am pleased with our performance during the third quarter of 2019, which saw the highest direct vessel profit (a??DVPa??) and utilization from continuing operations since the fourth quarter of 2014. This improved margin reflects the strategic positioning and high grading of our fleet worldwide. We continued to implement our aggressive cost-cutting initiative and have already achieved more than 50% of our annualized target savings, and expect full implementation by mid 2020.
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