SEACOR Marine Holdings Inc.
Common Stock - When Issued
Commission file number 1-37966 SEACOR Marine Holdings Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 47-2564547 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 12121 Wickchester Suite 500, Houston, TX 77079 (Address of Principal Executive Offices) (Zip Code) Registrant’s Telephone Number, Including Area Code: (346) 980-1700
The total number of shares of common stock, par value $.01 per share (“Common Stock”), outstanding as of May 4, 2020 was 23,027,225. The Registrant has no other class of common stock outstanding FROM MOST RECENT QUARTERLY
INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED COMPANIES SEACOSCO. The Company, through SEACOR Offshore Asia LLC, an indirect wholly-owned subsidiary of SEACOR Marine (“SEACOR Offshore Asia”), owns an unconsolidated 50% interest in SEACOSCO Offshore LLC (“SEACOSCO”). China Shipping Fan Tai Limited (“CSFT”) and China Shipping Industry (Hong Kong) Co., Limited (“CSIHK”) own the other 50% interest in SEACOSCO. Effective May 31, 2019, SEACOR Offshore Asia, CSFT, CSIHK and COSCO Shipping Heavy Industry (Guangdong) Co., Ltd. (the “Shipyard”), the shipbuilder and lender under deferred payment agreements (“DPAs”) that are secured by the PSVs acquired by SEACOSCO, entered into a Memorandum of Understanding (“MOU”) pursuant to which (i) the Shipyard agreed to not take any action with respect to any existing defaults 11 under the DPAs until August 31, 2019, (ii) SEACOR Offshore Asia was authorized to provide, in its sole discretion, shareholder loans to SEACOSCO and/or its subsidiaries, in an aggregate amount of $13.0 million, in respect of working capital or other payment obligations at an interest rate of 15% per annum and, subject to the priority of the indebtedness under the DPAs, the shareholder loans will have senior priority to any and all other debts of SEACOSCO and/or its subsidiaries, (“SEACOR Shareholder Loans”), (iii) the parties set out the non-binding principal terms and conditions for SEACOR Offshore Asia’s potential acquisition of the 50% interest in SEACOSCO owned by CSFT and CSIHK and (iv) in connection with such acquisition, SEACOR Offshore Asia or its nominee may acquire from the Shipyard two additional PSVs that had been under options held by SEACOSCO. Management remains in discussions with the Shipyard, CSFT and CSIHK with respect to the other transactions contemplated by the MOU and the ongoing funding requirements of SEACOSCO. Subject to these ongoing discussions, effective January 2020, SEACOSCO ceased all principal and interest payments in connection with DPAs and has approximately $3.7 million in outstanding payments as of May 1, 2020. As of March 31, 2020, the balance on the SEACOR Shareholder Loans was $13.0 million, which is the aggregate amount of SEACOR Shareholder Loans provided, and SEACOR Marine recognized interest income of $1.0 million. As of March 31, 2020, an additional $5.6 million was due from SEACOSCO to the Company related to a Ship Management Agreement.
Platform Supply (PSV) Vessels
Used primarily for transporting essential equipment and additional manpower to reinforce deepwater drilling and production operations, our Platform Supply Vessels (PSV) range in length from 190 feet to over 250 feet. Versatile and reliable, these PSVs can also handle typical construction and maintenance tasks of standard offshore supply vessels. By offering one of the industry’s largest fleet of PSVs, SEACOR Marine has the flexibility to address any special requirements customers might have, including Dynamic Positioning, methanol capability, high volume liquid mud, and dry bulk capacities. Or, customers can simply choose a single vessel to solve their complete needs.
Fast Support (FSV) Vessels
Fast Support Vessels (FSV) have become an integral component of the logistics chain for offshore drilling and production operations due to their speed and versatility. These advanced vessels reach speeds over 31 knots and range in length from 145 to 200 feet and deliver over 13,500 BHP (brake horsepower).
Our FSVs advance the traditional offshore support vessel model and offer a more cost-efficient, comfortable, flexible, and safe option to helicopter transportation. Able to accommodate up to 150 passengers in true comfort, vessels in our FSV fleet feature reclining business-class seats, a range of entertainment packages such as satellite television and wireless internet, a well-equipped snack bar area and LED lighting.
To provide customers with the ability to choose the right vessel for their specific needs, our FSVs offer industry-leading features such as DP1 & DP2, Dynamic Ride Control, Controllable Speed Propellers, Water Jet Propulsion and Engine Monitoring System. Cargo options can include 1,000 barrels of liquid mud and 1,000 to 3,000 cubic feet of dry bulk material. Cargo options from 140 long tons to 425 long tons include deck cargo, fuel, potable water, and drill water.
Our high-speed catamarans introduced a new era of very fast crew boats, larger and faster, and offering increased levels of technology, capability, and comfort. Capable of carrying up to 150 passengers at maximum speeds up to 40 knots, these vessels elevate comfort with reclining business class seats and a range of entertainment options that include satellite television and wireless Internet service. Our catamarans are also available with a range of options to suit your particular needs, including DP2 and or DP3, Dynamic Ride Control, Controllable Speed Propellers, Water Jet Propulsion and Engine Monitoring System.
SEACOR Marine operates the industry’s largest fleet of modern liftboats with lengths of 200 feet or greater, and a total range of 150 feet to 265 feet in length. Our liftboats are outfitted to support projects that range from construction and maintenance to production enhancement and decommissioning as well as support for offshore wind farms.
As a part of SEACOR Marine, Windcat Workboats offers customers a variety of Crew Transfer Vessels whose layout and propulsion is optimized to transfer personnel offshore in a safe and comfortable environment. Windcat Workboats’ vessel design, together with a unique bow-fender, creates a highly effective, safe and simple access system.
These vessels take into account the specific operational requirements for the offshore wind industry and provide a practical and comfortable environment in which offshore technicians can work more productively. Smart and sensible, they also feature ample storage space for stowing away working gear, tools and equipment.
Designed to be a comfortable environment for transit voyages, the onboard accommodations are spacious, feature ample daylight and offer passengers a good view. To supply the vessel best suited for the specific project, we offer a variety of vessels in our Crew Transfer fleet.
Anchor Handling Towing Supply (AHTS) Vessels
Anchor Handling Towing Supply (AHTS) vessels have been an intrinsic part of the offshore oil industry since drilling oil from oceans first began. These essential vessels perform many key functions and are built to deploy and recover mooring systems for deepwater drilling rigs, undertake traditional supply duties in support of drilling operations, and support subsea construction activities.
AHTS vessels range from 8,000 to 15,000 BHP (brake horsepower). In addition, these vessels can also act as rescue vessels for other ships in times of emergency and can be used as effective tools to prevent oil rig capsizing and other mishaps that might occur in the high sea waters.
Our Specialty Vessels provide exceptional support for a variety of specialized offshore applications. These vessels include Anchor Handling Tugs as well as other vessels that address specific marine applications including offshore maintenance and construction services such as cable laying, freight hauling services, and accommodations for emergency response services.