SEACOR Marine reported Q4 2019 results, with total operating revenues of $49.1 million and an operating loss of $10.5 million. The company completed the sale of the North Sea Standby Safety business and eight additional vessels, generating significant cash proceeds. Cost reduction initiatives resulted in $2.9 million in annualized recurring administrative and general savings.
Average dayrates, excluding those for the CTV fleet, increased to $11,071 from $10,946 in the third quarter of 2019.
Net cash provided by operating activities increased to $9.7 million from $0.9 million in the third quarter of 2019.
The sale of the North Sea Standby Safety business was completed on December 2, 2019, generating net proceeds of $27.4 million.
The sale of eight additional vessels was completed during the fourth quarter for total aggregate net proceeds of $38.9 million, of which $32.6 million was cash.
SEACOR Marine continues to closely monitor the impact of COVID-19 on the market, accelerating pandemic-related training drills and ensuring active communication to respond to challenges.
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