SEACOR Marine Holdings Inc. (NYSE:SMHI) announced today that Matthew R.
Cenac has stepped down as Executive Vice President and Chief Financial
Officer, effective as of April 1, 2018. Mr. Cenac joined SEACOR Marine
as Executive Vice President and Chief Financial Officer in June of 2017,
and has played a key role in the Company’s transition following its
spin-off from SEACOR Holdings Inc. Mr. Cenac will provide consulting
services to the Company for a period of six months following his
departure in order to assist the Company with the transition of his
duties.
With Mr. Cenac’s departure, the Company announced today the appointment
of Jesús Llorca as Executive Vice President and Chief Financial Officer,
effective as of April 2, 2018. Mr. Llorca has served as the Company’s
Executive Vice President of Corporate Development since June 1, 2017 and
served as a Vice President of SEACOR Holdings, Inc. from May 2007 to May
2017. Mr. Llorca has over 17 years of industry experience and possesses
critical knowledge of the Company’s operations, finances and strategies,
as well as a deep understanding of its business segments.
The Company also expects to announce the appointment of a new principal
accounting officer over the coming weeks. This individual is expected to
work closely with Mr. Llorca in overseeing the Company’s finance
operations.
Commenting on today’s announcement, Mr. John Gellert, Chief Executive
Officer, said, “On behalf of the entire organization, I thank Matt for
the significant time and effort he expended as the Company transitioned
following its spin-off from SEACOR Holdings, and for his many years of
service with the SEACOR organization. We appreciate the leadership and
dedication he exhibited during this time and wish him every success in
the future.
We are pleased to have Jesús transition to the Chief Financial Officer
position. Over the last 10 years, Jesús has been an integral part of all
aspects of our business. Most recently, Jesús led the successful closing
of the Falcon Global transaction and was a key member of the team
developing our plans for participating in the offshore windfarm industry
in the U.S., culminating in our announcement last week of a cooperation
agreement with Fred. Olsen Windcarrier. I look forward to actively
pursuing the Company’s long-term strategy with him and his team and
building upon the positive momentum of the Company.
We believe that our executive leadership team, which we expect to soon
be enhanced with the appointment of an experienced, highly qualified
principal accounting officer, is well-positioned for future success, and
I look forward to the continued evolution of our organization.”
Forward Looking Statements
Certain statements discussed in this release as well as in other
reports, materials and oral statements that SEACOR Marine releases from
time to time to the public constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of
1995. Generally, words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar
expressions are intended to identify forward-looking statements. Such
forward-looking statements concern management’s expectations, strategic
objectives, business prospects, anticipated economic performance and
financial condition and other similar matters. These statements
are not guarantees of future performance and actual events or results
may differ significantly from these statements. Actual events or
results are subject to significant known and unknown risks,
uncertainties and other important factors, including decreased demand
and loss of revenues as a result of a decline in the price of oil and
resulting decrease in capital spending by oil and gas companies, an
oversupply of newly built offshore support vessels, additional safety
and certification requirements for drilling activities in the U.S. Gulf
of Mexico and delayed approval of applications for such activities, the
possibility of U.S. government implemented moratoriums directing
operators to cease certain drilling activities in the U.S. Gulf of
Mexico and any extension of such moratoriums, weakening demand for
SEACOR Marine’s services as a result of unplanned customer suspensions,
cancellations, rate reductions or non-renewals of vessel charters or
failures to finalize commitments to charter vessels in response to a
decline in the price of oil, increased government legislation and
regulation of SEACOR Marine’s businesses could increase cost of
operations, increased competition if the Jones Act and related
regulations are repealed, liability, legal fees and costs in connection
with the provision of emergency response services, such as the response
to the oil spill as a result of the sinking of the Deepwater Horizon in
April 2010, decreased demand for SEACOR Marine’s services as a result of
declines in the global economy, declines in valuations in the global
financial markets and a lack of liquidity in the credit sectors,
including, interest rate fluctuations, availability of credit, inflation
rates, change in laws, trade barriers, commodity prices and currency
exchange fluctuations, the cyclical nature of the oil and gas industry,
activity in foreign countries and changes in foreign political, military
and economic conditions, changes to the status of applicable trade
treaties including as a result of the U.K.’s impending exit from the
European Union, changes in foreign and domestic oil and gas exploration
and production activity, safety record requirements, compliance with
U.S. and foreign government laws and regulations, including
environmental laws and regulations and economic sanctions, the
dependence on several key customers, consolidation of SEACOR Marine’s
customer base, the ongoing need to replace aging vessels, industry fleet
capacity, restrictions imposed by the Jones Act and related regulations
on the amount of foreign ownership of SEACOR Marine’s Common Stock,
operational risks, effects of adverse weather conditions and
seasonality, adequacy of insurance coverage, the ability of the Company
to achieve and maintain effective internal controls over financial
reporting in accordance with Section 404 of the Sarbanes-Oxley Act, the
attraction and retention of qualified personnel by SEACOR Marine, and
various other matters and factors, many of which are beyond SEACOR
Marines control as well as those discussed in Item 1A (Risk Factors) of
the Company’s Annual Report on Form 10-K and other reports filed by
SEACOR Marine with the SEC. It should be understood that it is
not possible to predict or identify all such factors. Consequently,
the preceding should not be considered to be a complete discussion of
all potential risks or uncertainties and investors and analysts should
not place undue reliance on forward-looking statements. Forward-looking
statements speak only as of the date of the document in which they are
made. SEACOR Marine disclaims any obligation or undertaking to provide
any updates or revisions to any forward-looking statement to reflect any
change in SEACOR Marine’s expectations or any change in events,
conditions or circumstances on which the forward-looking statement is
based, except as required by law. It is advisable, however, to
consult any further disclosures SEACOR Marine makes on related subjects
in its filings with the Securities and Exchange Commission, including
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K (if any). These statements constitute
SEACOR Marine’s cautionary statements under the Private Securities
Litigation Reform Act of 1995.
About SEACOR Marine
SEACOR Marine provides global marine and support transportation services
to offshore oil and gas exploration, development and production
facilities worldwide. SEACOR Marine currently operates a diverse fleet
of offshore support and specialty vessels that deliver cargo and
personnel to offshore installations; handle anchors and mooring
equipment required to tether rigs to the seabed; tow rigs and assist in
placing them on location and moving them between regions; provides
construction, well workover and decommissioning support; and carry and
launch equipment used underwater in drilling and well installation,
maintenance and repair. Additionally, SEACOR Marine’s vessels provide
accommodations for technicians and specialists, safety support and
emergency response services.
Please visit SEACOR Marine’s website at www.seacormarine.com for
additional information.
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