Press Release Details

SEACOR Marine Announces Fourth Quarter 2022 Results

March 6, 2023 at 4:20 PM EST
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HOUSTON, March 06, 2023 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2022.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.

Notable fourth quarter items include:

  • Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
  • Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
  • 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
  • DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.

For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.

The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.

The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.

I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”
___________________

(1) Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company 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. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. 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, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, 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. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’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 the Company 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 the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)

    Three Months Ended December 31,     Year ended December 31,  
    2022     2021     2022     2021  
Operating Revenues   $ 57,926     $ 47,967     $ 217,325     $ 170,941  
Costs and Expenses:                        
Operating     44,338       35,036       171,985       127,406  
Administrative and general     10,799       10,742       40,911       37,639  
Lease expense     633       2,664       3,869       6,085  
Depreciation and amortization     13,624       14,198       55,957       57,395  
      69,394       62,640       272,722       228,525  
Gains on Asset Dispositions and Impairments, Net     1,017       —       1,398       20,436  
Operating Loss     (10,451 )     (14,673 )     (53,999 )     (37,148 )
Other Income (Expense):                        
Interest income     688       57       784       1,302  
Interest expense     (8,456 )     (6,380 )     (29,706 )     (28,111 )
SEACOR Holdings guarantee fees     —       —       —       (7 )
Gain on debt extinguishment     10,429       —       10,429       61,994  
Derivative gains, net     —       4       —       391  
Foreign currency (losses) gains, net     (2,646 )     (357 )     1,659       (1,235 )
Gain from return of investments in 50% or less owned companies and other, net     137       —       755       9,441  
      152       (6,676 )     (16,079 )     43,775  
(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies     (10,299 )     (21,349 )     (70,078 )     6,627  
Income Tax Expense (Benefit)     4,219       (1,009 )     8,582       11,493  
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     (14,518 )     (20,340 )     (78,660 )     (4,866 )
Equity in Earnings of 50% or Less Owned Companies     1,176       4,494       7,011       15,078  
(Loss) Income from Continuing Operations     (13,342 )     (15,846 )     (71,649 )     10,212  
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)     —       —       —       22,925  
Net (Loss) Income     (13,342 )     (15,846 )     (71,649 )     33,137  
Net Income Attributable to Noncontrolling Interests in Subsidiaries     —       —       1       1  
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.   $ (13,342 )   $ (15,846 )   $ (71,650 )   $ 33,136  
                         
Net (Loss) Income Per Share from Continuing Operations:                        
Basic   $ (0.50 )   $ (0.62 )   $ (2.69 )   $ 0.40  
Diluted     (0.50 )     (0.62 )     (2.69 )     0.40  
Net Earnings Per Share from Discontinued Operations:                        
Basic   $ —     $ —     $ —     $ 0.90  
Diluted     —       —       —       0.90  
Net (Loss) Earnings Per Share:                        
Basic   $ (0.50 )   $ (0.62 )   $ (2.69 )   $ 1.30  
Diluted   $ (0.50 )   $ (0.62 )   $ (2.69 )   $ 1.30  
Weighted Average Common Stock and Warrants Outstanding:                        
Basic     26,727,864       25,520,034       26,626,179       25,444,693  
Diluted     26,727,864       25,520,034       26,626,179       25,495,527  

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
Time Charter Statistics:                              
Average Rates Per Day   $ 13,794     $ 13,340     $ 12,149     $ 11,312     $ 11,376  
Fleet Utilization     76 %     79 %     77 %     70 %     73 %
Fleet Available Days     5,244       5,336       5,311       5,400       5,060  
Operating Revenues:                              
Time charter   $ 54,789     $ 56,500     $ 49,504     $ 42,741     $ 42,289  
Bareboat charter     376       332       48       618       2,870  
Other marine services     2,761       2,959       4,465       2,232       2,808  
      57,926       59,791       54,017       45,591       47,967  
Costs and Expenses:                              
Operating:                              
Personnel     20,849       20,152       18,346       18,435       17,098  
Repairs and maintenance     8,948       7,377       8,380       6,791       6,782  
Drydocking     1,667       5,046       6,474       4,973       567  
Insurance and loss reserves     3,381       2,850       2,545       1,186       1,859  
Fuel, lubes and supplies     5,794       5,416       4,350       3,729       3,254  
Other     3,699       3,165       4,050       4,382       5,476  
      44,338       44,006       44,145       39,496       35,036  
Direct Vessel Profit(1)     13,588       15,785       9,872       6,095       12,931  
Other Costs and Expenses:                              
Lease expense     633       1,168       1,008       1,060       2,664  
Administrative and general     10,799       9,978       10,210       9,924       10,742  
Depreciation and amortization     13,624       13,754       14,208       14,371       14,198  
      25,056       24,900       25,426       25,355       27,604  
Gains (Losses) on Asset Dispositions and Impairments, Net     1,017       (1,783 )     25       2,139       —  
Operating Loss     (10,451 )     (10,898 )     (15,529 )     (17,121 )     (14,673 )
Other Income (Expense):                              
Interest income     688       (123 )     190       29       57  
Interest expense     (8,456 )     (7,634 )     (6,989 )     (6,627 )     (6,380 )
Derivative gains (losses), net     —       1       33       (34 )     4  
Gain on debt extinguishment     10,429       —       —       —       —  
Foreign currency (losses) gains, net     (2,646 )     2,314       1,170       821       (357 )
Gain (Loss) from return of investments in 50% or less owned companies and other, net     137       659       (41 )     —       —  
      152       (4,783 )     (5,637 )     (5,811 )     (6,676 )
Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies     (10,299 )     (15,681 )     (21,166 )     (22,932 )     (21,349 )
Income Tax Expense (Benefit)     4,219       8,418       (1,634 )     (2,421 )     (1,009 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     (14,518 )     (24,099 )     (19,532 )     (20,511 )     (20,340 )
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies     1,176       (254 )     415       5,674       4,494  
Loss from Continuing Operations     (13,342 )     (24,353 )     (19,117 )     (14,837 )     (15,846 )
Net Loss     (13,342 )     (24,353 )     (19,117 )     (14,837 )     (15,846 )
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries     —       (2 )     3       —       —  
Net Loss Attributable to SEACOR Marine Holdings Inc.   $ (13,342 )   $ (24,351 )   $ (19,120 )   $ (14,837 )   $ (15,846 )
                               
Net Loss Per Share from Continuing Operations:                              
Basic   $ (0.50 )   $ (0.91 )   $ (0.72 )   $ (0.56 )   $ (0.62 )
Diluted     (0.50 )     (0.91 )     (0.72 )     (0.56 )     (0.62 )
Net Loss Per Share:                              
Basic   $ (0.50 )   $ (0.91 )   $ (0.72 )   $ (0.56 )   $ (0.62 )
Diluted   $ (0.50 )   $ (0.91 )   $ (0.72 )   $ (0.56 )   $ (0.62 )
Weighted Average Common Stock and Warrants Outstanding:                              
Basic     26,728       26,728       26,665       26,379       25,520  
Diluted     26,728       26,728       26,665       26,379       25,520  
Common Shares and Warrants Outstanding at Period End     28,142       28,142       28,145       28,083       27,432  

        

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
United States, primarily Gulf of Mexico                              
Time Charter Statistics:                              
Average rates per day worked   $ 22,563     $ 21,551     $ 17,792     $ 15,595     $ 15,496  
Fleet utilization     57 %     58 %     43 %     38 %     33 %
Fleet available days     1,288       1,363       1,277       1,314       1,043  
Out-of-service days for repairs, maintenance and drydockings     108       199       284       205       95  
Out-of-service days for cold-stacked status     242       259       313       404       399  
Operating Revenues:                              
Time charter   $ 16,574     $ 17,075     $ 9,759     $ 7,864     $ 5,290  
Bareboat charter     —       —       —       —       386  
Other marine services     2,916       2,161       2,399       2,052       1,119  
      19,490       19,236       12,158       9,916       6,795  
Direct Costs and Expenses:                              
Operating:                              
Personnel     7,262       7,243       5,773       4,923       3,136  
Repairs and maintenance     2,666       2,002       1,280       1,101       1,085  
Drydocking     472       1,549       4,090       2,867       191  
Insurance and loss reserves     2,022       1,382       1,198       229       720  
Fuel, lubes and supplies     746       1,143       794       662       501  
Other     416       314       281       224       200  
      13,584       13,633       13,416       10,006       5,833  
Direct Vessel Profit (Loss)(1)   $ 5,906     $ 5,603     $ (1,258 )   $ (90 )   $ 962  
Other Costs and Expenses:                              
Lease expense   $ 138     $ 278     $ 295     $ 287     $ 633  
Depreciation and amortization     3,912       4,332       4,562       4,638       4,325  
                               
Africa and Europe, Continuing Operations                              
Time Charter Statistics:                              
Average rates per day worked   $ 11,241     $ 11,813     $ 11,279     $ 10,006     $ 9,530  
Fleet utilization     82 %     91 %     85 %     82 %     88 %
Fleet available days     1,656       1,629       1,567       1,499       1,411  
Out-of-service days for repairs, maintenance and drydockings     125       37       58       163       79  
Operating Revenues:                              
Time charter   $ 15,299     $ 17,551     $ 14,930     $ 12,280     $ 11,883  
Other marine services     (679 )     60       1,072       (616 )     (416 )
      14,620       17,611       16,002       11,664       11,467  
Direct Costs and Expenses:                              
Operating:                              
Personnel     4,680       4,694       3,526       3,536       3,283  
Repairs and maintenance     2,902       2,110       2,638       1,579       1,846  
Drydocking     678       383       134       1,144       144  
Insurance and loss reserves     366       359       329       124       245  
Fuel, lubes and supplies     2,775       2,284       1,490       1,473       1,019  
Other     1,896       1,580       1,871       1,828       1,740  
      13,297       11,410       9,988       9,684       8,277  
Direct Vessel Profit(1)   $ 1,323     $ 6,201     $ 6,014     $ 1,980     $ 3,190  
Other Costs and Expenses:                              
Lease expense   $ 378     $ 455     $ 456     $ 402     $ 371  
Depreciation and amortization     3,683       3,461       3,306       3,258       2,948  

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
Middle East and Asia                              
Time Charter Statistics:                              
Average rates per day worked   $ 11,090     $ 9,507     $ 9,673     $ 9,882     $ 9,612  
Fleet utilization     75 %     79 %     87 %     77 %     81 %
Fleet available days     1,533       1,564       1,651       1,800       1,717  
Out-of-service days for repairs, maintenance and drydockings     132       252       160       153       38  
Out-of-service days for cold-stacked status     —       —       —       90       178  
Operating Revenues:                              
Time charter   $ 12,802     $ 11,712     $ 13,906     $ 13,660     $ 13,402  
Other marine services     (66 )     319       460       49       50  
      12,736       12,031       14,366       13,709       13,452  
Direct Costs and Expenses:                              
Operating:                              
Personnel     5,270       5,384       5,691       6,031       5,756  
Repairs and maintenance     1,958       1,776       2,545       1,832       1,382  
Drydocking     244       3,113       2,250       962       232  
Insurance and loss reserves     821       762       748       507       611  
Fuel, lubes and supplies     1,335       1,426       1,318       1,010       1,042  
Other     915       878       1,213       1,627       2,148  
      10,543       13,339       13,765       11,969       11,171  
Direct Vessel (Loss) Profit(1)   $ 2,193     $ (1,308 )   $ 601     $ 1,740     $ 2,281  
Other Costs and Expenses:                              
Lease expense   $ 52     $ 35     $ 38     $ 31     $ 38  
Depreciation and amortization     3,783       3,974       4,229       4,345       4,156  
                               
Latin America                              
Time Charter Statistics:                              
Average rates per day worked   $ 14,009     $ 14,010     $ 14,263     $ 13,450     $ 15,944  
Fleet utilization     94 %     93 %     94 %     85 %     83 %
Fleet available days     767       780       816       787       889  
Out-of-service days for repairs, maintenance and drydockings     14       12       6       59       113  
Operating Revenues:                              
Time charter   $ 10,114     $ 10,162     $ 10,909     $ 8,937     $ 11,714  
Bareboat charter     376       332       48       618       2,484  
Other marine services     590       419       534       747       2,055  
      11,080       10,913       11,491       10,302       16,253  
Direct Costs and Expenses:                              
Operating:                              
Personnel     3,637       2,831       3,356       3,945       4,923  
Repairs and maintenance     1,422       1,489       1,917       2,279       2,469  
Drydocking     273       1       —       —       —  
Insurance and loss reserves     172       347       270       326       283  
Fuel, lubes and supplies     938       563       748       584       692  
Other     472       393       685       703       1,388  
      6,914       5,624       6,976       7,837       9,755  
Direct Vessel Profit(1)   $ 4,166     $ 5,289     $ 4,515     $ 2,465     $ 6,498  
Other Costs and Expenses:                              
Lease expense   $ 65     $ 400     $ 219     $ 340     $ 1,622  
'Depreciation and amortization     2,246       1,987       2,111       2,130       2,769  
                                         

SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
Anchor handling towing supply                              
Time Charter Statistics:                              
Average rates per day worked   $ 9,254     $ 8,848     $ 8,887     $ 8,908     $ 8,069  
Fleet utilization     80 %     67 %     66 %     66 %     66 %
Fleet available days     460       552       546       540       552  
Out-of-service days for repairs, maintenance and drydockings     —       92       56       2       14  
Out-of-service days for cold-stacked status     92       92       131       180       92  
Operating Revenues:                              
Time charter   $ 3,406     $ 3,256     $ 3,191     $ 3,188     $ 2,926  
Other marine services     (168 )     (183 )     (143 )     (160 )     (129 )
      3,238       3,073       3,048       3,028       2,797  
Direct Costs and Expenses:                              
Operating:                              
Personnel   $ 1,220     $ 1,022     $ 1,050     $ 1,136     $ 1,389  
Repairs and maintenance     331       304       566       293       608  
Drydocking     6       28       (30 )     (7 )     1  
Insurance and loss reserves     94       150       146       (137 )     148  
Fuel, lubes and supplies     259       399       215       144       321  
Other     283       228       435       439       556  
      2,193       2,131       2,382       1,868       3,023  
Other Costs and Expenses:                              
Lease expense   $ 300     $ 450     $ 450     $ 449     $ 353  
Depreciation and amortization     300       494       495       494       495  
                               
Fast support                              
Time Charter Statistics:                              
Average rates per day worked   $ 9,905     $ 9,907     $ 9,201     $ 8,621     $ 8,464  
Fleet utilization     86 %     90 %     85 %     80 %     79 %
Fleet available days     2,116       2,116       2,126       2,160       2,208  
Out-of-service days for repairs, maintenance and drydockings     146       103       108       167       137  
Out-of-service days for cold-stacked status     58       75       91       90       92  
Operating Revenues:                              
Time charter   $ 18,062     $ 18,837     $ 16,525     $ 14,900     $ 14,857  
Bareboat charter     —       —       —       —       386  
Other marine services     (224 )     (15 )     (174 )     (254 )     (380 )
      17,838       18,822       16,351       14,646       14,863  
Direct Costs and Expenses:                              
Operating:                              
Personnel   $ 5,140     $ 5,289     $ 4,880     $ 5,070     $ 5,581  
Repairs and maintenance     2,957       2,738       2,458       1,800       2,151  
Drydocking     1,434       656       (201 )     1,277       494  
Insurance and loss reserves     453       410       372       260       390  
Fuel, lubes and supplies     1,797       1,572       1,187       1,544       1,355  
Other     1,638       1,284       1,311       1,941       2,156  
      13,419       11,949       10,007       11,892       12,127  
Other Costs and Expenses:                              
Lease expense   $ —     $ —     $ —     $ —     $ 353  
Depreciation and amortization     4,972       4,972       5,010       4,945       4,929  
                                         

SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
PSV                              
Time Charter Statistics:                              
Average rates per day worked   $ 13,519     $ 13,772     $ 13,422     $ 12,188     $ 11,586  
Fleet utilization     69 %     78 %     86 %     72 %     79 %
Fleet available days     1,840       1,840       1,820       1,800       1,380  
Out-of-service days for repairs, maintenance and drydockings     142       152       26       233       117  
Out-of-service days for cold-stacked status     —       —       —       —       117  
Operating Revenues:                              
Time charter   $ 17,194     $ 19,687     $ 20,983     $ 15,823     $ 12,675  
Bareboat charter     376       332       48       618       —  
Other marine services     222       720       575       44       410  
      17,792       20,739       21,606       16,485       13,085  
Direct Costs and Expenses:                              
Operating:                              
Personnel   $ 8,961     $ 8,427     $ 7,889     $ 8,193     $ 6,141  
Repairs and maintenance     2,998       2,839       3,184       3,701       2,191  
Drydocking     770       1,025       (32 )     1,302       —  
Insurance and loss reserves     552       734       551       428       280  
Fuel, lubes and supplies     2,842       2,038       1,701       1,434       998  
Other     1,420       1,275       1,631       1,348       1,957  
      17,543       16,338       14,924       16,406       11,567  
Other Costs and Expenses:                              
Lease expense   $ —     $ 332     $ 154     $ 291     $ —  
Depreciation and amortization     4,099       3,810       3,785       3,786       3,155  
                               
Specialty                              
Time Charter Statistics:                              
Fleet available days     —       —       —       90       92  
Out-of-service days for cold-stacked status     —       —       —       90       92  
Direct Costs and Expenses:                              
Operating:                              
Personnel   $ —     $ —     $ —     $ 1     $ 6  
Repairs and maintenance     —       —       —       —       (28 )
Insurance and loss reserves     —       —       —       2       1  
Fuel, lubes and supplies     —       —       —       2       2  
Other     —       —       —       11       18  
      —       —       —       16       (1 )

SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
Liftboats                              
Time Charter Statistics:                              
Average rates per day worked   $ 31,717     $ 27,447     $ 24,712     $ 22,416     $ 23,409  
Fleet utilization     61 %     65 %     44 %     49 %     61 %
Fleet available days     828       828       819       810       828  
Out-of-service days for repairs, maintenance and drydockings     90       154       318       179       58  
Out-of-service days for cold-stacked status     92       92       91       134       184  
Operating Revenues:                              
Time charter   $ 16,127     $ 14,720     $ 8,805     $ 8,830     $ 11,831  
Bareboat charter     —       —       —       —       2,484  
Other marine services     1,842       1,421       3,283       1,463       1,121  
      17,969       16,141       12,088       10,293       15,436  
Direct Costs and Expenses:                              
Operating:                              
Personnel   $ 5,520     $ 5,419     $ 4,515     $ 4,035     $ 4,068  
Repairs and maintenance     2,674       1,560       2,132       1,012       1,859  
Drydocking     (543 )     3,337       6,737       2,401       72  
Insurance and loss reserves     2,271       1,552       1,548       1,215       1,070  
Fuel, lubes and supplies     896       1,408       1,230       605       589  
Other     359       387       655       644       856  
      11,177       13,663       16,817       9,912       8,514  
Other Costs and Expenses:                              
Lease expense   $ —     $ —     $ —     $ —     $ 1,569  
Depreciation and amortization     4,210       4,429       4,870       4,964       5,171  
                               
Other Activity                              
Operating Revenues:                              
Other marine services   $ 1,089     $ 1,016     $ 924     $ 1,139     $ 1,786  
      1,089       1,016       924       1,139       1,786  
Direct Costs and Expenses:                              
Operating:                              
Personnel   $ 8     $ (5 )   $ 12     $ —     $ (87 )
Repairs and maintenance     (12 )     (64 )     40       (15 )     1  
Insurance and loss reserves     11       4       (72 )     (582 )     (30 )
Fuel, lubes and supplies     —       (1 )     17       —       (11 )
Other     (1 )     (9 )     18       (1 )     (67 )
      6       (75 )     15       (598 )     (194 )
Other Costs and Expenses:                              
Lease expense   $ 333     $ 386     $ 404     $ 320     $ 389  
Depreciation and amortization     43       49       48       182       448  

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
ASSETS                              
Current Assets:                              
Cash and cash equivalents   $ 39,963     $ 47,514     $ 22,608     $ 36,315     $ 37,619  
Restricted cash     3,082       3,296       3,296       3,596       3,601  
Receivables:                              
Trade, net of allowance for credit loss accounts     54,388       58,572       55,276       49,238       55,544  
Other     7,638       6,647       7,437       8,799       6,118  
Note receivable     15,000       20,000       —       —       —  
Tax receivable     578       79       79       1,238       1,238  
Inventories     2,123       2,059       1,723       1,297       928  
Prepaid expenses and other     3,054       4,700       5,391       3,724       3,730  
Assets held for sale     6,750       6,000       —       —       2,235  
Total current assets     132,576       148,867       95,810       104,207       111,013  
Property and Equipment:                              
Historical cost     967,683       992,423       1,000,147       1,006,873       1,008,080  
Accumulated depreciation     (310,778 )     (321,898 )     (325,091 )     (316,444 )     (302,328 )
      656,905       670,525       675,056       690,429       705,752  
Construction in progress     8,111       8,422       15,576       15,550       15,531  
Net property and equipment     665,016       678,947       690,632       705,979       721,283  
Right-of-use asset - operating leases     6,206       4,419       5,686       6,238       6,608  
Right-of-use asset - finance leases     6,813       6,972       7,131       7,290       100  
Investments, at equity, and advances to 50% or less owned companies     3,024       1,901       75,923       76,860       71,727  
Other assets     1,995       1,887       1,932       2,057       1,771  
Total assets   $ 815,630     $ 842,993     $ 877,114     $ 902,631     $ 912,502  
LIABILITIES AND EQUITY                              
Current Liabilities:                              
Current portion of operating lease liabilities   $ 2,358     $ 1,792     $ 2,010     $ 2,073     $ 1,986  
Current portion of finance lease liabilities     468       374       282       190       33  
Current portion of long-term debt     61,512       57,567       33,398       32,708       31,602  
Accounts payable and accrued expenses     37,954       36,248       39,262       32,585       28,419  
Due to SEACOR Holdings     264       264       264       264       274  
Other current liabilities     18,869       22,032       22,171       23,723       22,351  
Total current liabilities     121,425       118,277       97,387       91,543       84,665  
Long-term operating lease liabilities     4,739       3,759       4,026       4,420       4,885  
Long-term finance lease liabilities     6,781       6,916       7,050       7,183       76  
Long-term debt     260,119       282,556       318,699       326,264       332,762  
Conversion option liability on convertible senior notes     —       —       1       34       —  
Deferred income taxes     40,779       39,823       33,743       37,153       40,682  
Deferred gains and other liabilities     2,641       2,692       2,701       2,990       2,891  
Total liabilities     436,484       454,023       463,607       469,587       465,961  
Equity:                              
SEACOR Marine Holdings Inc. stockholders’ equity:                              
Common stock     272       272       272       269       262  
Additional paid-in capital     466,669       465,449       464,222       463,138       461,931  
Accumulated deficit     (93,111 )     (79,769 )     (55,418 )     (37,744 )     (22,907 )
Shares held in treasury     (1,852 )     (1,852 )     (1,852 )     (1,792 )     (1,120 )
Accumulated other comprehensive income, net of tax     6,847       4,549       5,960       8,853       8,055  
      378,825       388,649       413,184       432,724       446,221  
Noncontrolling interests in subsidiaries     321       321       323       320       320  
Total equity     379,146       388,970       413,507       433,044       446,541  
Total liabilities and equity   $ 815,630     $ 842,993     $ 877,114     $ 902,631     $ 912,502  



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

    Three Months Ended  
    Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022     Mar. 31, 2022     Dec. 31, 2021  
Cash Flows from Continuing Operating Activities:                              
Net (Loss) Income   $ (13,342 )   $ (24,353 )   $ (19,117 )   $ (14,837 )   $ (15,846 )
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
Depreciation and amortization     13,624       13,754       14,208       14,371       14,198  
Deferred financing costs amortization     (997 )     350       364       291       328  
Stock-based compensation expense     1,220       1,227       1,076       1,074       1,243  
Debt discount amortization     1,449       1,817       1,736       1,691       1,614  
Allowance for credit losses     11       (53 )     701       (170 )     585  
(Gain) loss from equipment sales, retirements or impairments     (1,017 )     1,783       (25 )     (2,139 )     —  
Gain on debt extinguishment     (12,700 )     —       —       —       —  
Derivative (gains) losses     —       (1 )     (33 )     34       (4 )
Interest on finance lease     73       73       73       25       1  
Cash settlement payments on derivative transactions, net     33       (131 )     (278 )     (373 )     (403 )
Currency losses (gains)     2,646       (2,314 )     (1,170 )     (821 )     357  
Deferred income taxes     957       6,079       (3,410 )     (3,529 )     (2,781 )
Equity (earnings) losses     (1,176 )     254       (415 )     (5,674 )     (4,494 )
Dividends received from equity investees     74       1,096       1,162       725       817  
Changes in Operating Assets and Liabilities:                              
Accounts receivables     2,304       (2,384 )     (4,476 )     3,904       (1,157 )
Other assets     3,296       966       (1,539 )     (164 )     1,656  
Accounts payable and accrued liabilities     769       (4,900 )     4,925       6,707       7,915  
Net cash (used in) provided by operating activities     (2,776 )     (6,737 )     (6,218 )     1,115       4,029  
Cash Flows from Continuing Investing Activities:                              
Purchases of property and equipment     (185 )     (240 )     (17 )     (20 )     (443 )
Proceeds from disposition of property and equipment     53       —       1,371       5,310       —  
Net investing activities in property and equipment     (132 )     (240 )     1,354       5,290       (443 )
Investments in and advances to 50% or less owned companies     —       —       —       —       (2,272 )
Principal payments on notes due from equity investees     —       177       175       176       (630 )
Cash received from acquisition of 50% or less owned company     —       —       —       —       172  
Proceeds from sale of investment in equity investees     —       66,000       —       —       —  
Notes due from others     —       (28,831 )     —       —       —  
Principal payments on notes due from others     5,000       8,831       —       —       —  
Net cash provided by (used in) investing activities     4,868       45,937       1,529       5,466       (3,173 )
Cash Flows from Continuing Financing Activities:                              
Payments on long-term debt     (7,470 )     (14,182 )     (9,152 )     (7,348 )     (5,981 )
Payments on debt extinguishment cost     (2,271 )     —       —       —       —  
Payments on finance leases     (114 )     (114 )     (114 )     (9 )     (9 )
Proceeds from exercise of stock options     —       —       11       140       —  
Acquisition of common shares for tax withholding obligations     —       —       (60 )     (672 )     —  
Exercise of warrants     —       —       —       —       1  
Net cash used in financing activities     (9,855 )     (14,296 )     (9,315 )     (7,889 )     (5,989 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents     (2 )     2       (3 )     (1 )     (1 )
Net Change in Cash, Cash Equivalents and Restricted Cash     (7,765 )     24,906       (14,007 )     (1,309 )     (5,134 )
Cash, Restricted Cash and Cash Equivalents, Beginning of Period     50,810       25,904       39,911       41,220       46,354  
Cash, Restricted Cash and Cash Equivalents, End of Period   $ 43,045     $ 50,810     $ 25,904     $ 39,911     $ 41,220  

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

    Owned     Joint Ventured(1)     Leased-in     Managed     Total  
December 31, 2022                              
AHTS     3       —       2       —       5  
FSV     22       —       1       2       25  
PSV     21       —       —       —       21  
Liftboats     9       —       —       —       9  
      55       —       3       2       60  
December 31, 2021                              
AHTS     4       —       2       —       6  
FSV     23       5       1       1       30  
PSV     20       15       —       —       35  
Specialty(2)     1       —       —       —       1  
Liftboats(3)     9       —       —       —       9  
      57       20       3       1       81  

(1) On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
(3) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.


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Source: SEACOR Marine Holdings Inc.