SEACOR Marine Announces Second Quarter 2021 Results

August 4, 2021 at 4:41 PM EDT

HOUSTON, Aug. 04, 2021 (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 second quarter ended June 30, 2021.

SEACOR Marine’s consolidated operating revenues from continuing operations for the second quarter of 2021 were $42.8 million, operating income was $8.4 million, and direct vessel profit (“DVP”)⁽¹⁾ was $10.2 million. This compares to consolidated operating revenues from continuing operations of $33.9 million, operating loss of $17.8 million, and DVP of $13.8 million in the second quarter of 2020.

Notable second quarter items include:

Operating results in the second quarter reflect increased levels of activity across all regions, especially in international markets. Increased utilization levels and moderate rate improvements were offset by higher expenses associated with reactivation and repositioning of 10 vessels in our fleet, COVID-19 related expenses including repairs and maintenance previously deferred due to COVID-19 and higher labor and rotation costs. The Company continues to monitor the impact of COVID-19 on its global operations, including the most recent Delta variant.
Entered into an agreement with Chase to extinguish $117.3 million of debt for a cash payment of $50.0 million, consisting of $25.0 million of cash on hand and $25.0 million of insurance proceeds from the SEACOR Power, resulting in a 25% decrease in Company’s long-term debt.
Gains on asset dispositions of $22.7 million, primarily due to the recovery of insurance proceeds relating to the SEACOR POWER incident.

For the second quarter of 2021, net income attributable to SEACOR Marine was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to a $22.7 million gain on asset dispositions and a $62.0 million gain on debt extinguishment described above. This compares to a net loss from continuing operations for the second quarter of 2020 of $6.7 million ($0.27 loss per basic and diluted share). Sequentially, the second quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.5 million, operating loss of $16.6 million, and DVP of $10.2 million in the first quarter of 2021. For the first quarter of 2021 the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share).

Chief Executive Officer John Gellert provided the following statement: “The second quarter of 2021 will be forever marked by the tragic loss of the SEACOR POWER. We continue to support our team members and their families, and cooperate with the NTSB and the U.S. Coast Guard throughout their ongoing investigations.”

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Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s 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 and its joint ventures operate 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; provide 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.

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 June 30,						Six months ended June 30,
	2021			2020			2021			2020
Operating Revenues	$	42,799		$	33,925		$	79,311		$	69,592
Costs and Expenses:
Operating		32,615			20,128			58,922			40,864
Administrative and general		9,152			13,241			17,763			22,634
Lease expense		1,234			1,202			2,312			4,527
Depreciation and amortization		14,093			13,725			28,891			27,087
		57,094			48,296			107,888			95,112
Gains (Losses) on Asset Dispositions and Impairments, Net		22,653			(3,453	)		20,380			(16,025	)
Operating Income (Loss)		8,358			(17,824	)		(8,197	)		(41,545	)
Other Income (Expense):
Interest income		135			516			1,121			1,178
Interest expense		(7,310	)		(6,717	)		(15,328	)		(14,091	)
SEACOR Holdings guarantee fees		—			(9	)		(7	)		(25	)
Gain on debt Extinguishment		61,994			—			61,994			—
Derivative gains, net		30			85			385			5,199
Foreign currency gains (losses), net		(657	)		193			(1,123	)		903
Other, net		(1	)		—			(1	)		—
		54,191			(5,932	)		47,041			(6,836	)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		62,549			(23,756	)		38,844			(48,381	)
Income Tax Expense (Benefit)		15,915			(15,007	)		13,227			(21,669	)
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		46,634			(8,749	)		25,617			(26,712	)
Equity in Earnings of 50% or Less Owned Companies		2,167			2,081			6,270			2,106
Income (Loss) from Continuing Operations		48,801			(6,668	)		31,887			(24,606	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		—			602			22,925			(1,452	)
Net Income (Loss)		48,801			(6,066	)		54,812			(26,058	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries		1			7			1			(4,040	)
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.	$	48,800		$	(6,073	)	$	54,811		$	(22,018	)

Net Earnings (Loss) Per Common Share from Continuing Operations:
Basic	$	1.92		$	(0.27	)	$	1.26		$	(0.84	)
Diluted	$	1.79		$	(0.27	)	$	1.26		$	(0.84	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic	$	—		$	0.03		$	0.90		$	(0.06	)
Diluted	$	—		$	0.03		$	0.90		$	(0.06	)
Net Earnings (Loss) per Share:
Basic	$	1.92		$	(0.24	)	$	2.16		$	(0.90	)
Diluted	$	1.79		$	(0.24	)	$	2.16		$	(0.90	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,435,362			24,851,834			25,370,372			24,420,432
Diluted		28,345,155			24,851,834			25,371,185			24,420,432

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

	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Time Charter Statistics:
Average Rates Per Day	$	12,007		$	11,323		$	10,931		$	11,052		$	10,746
Fleet Utilization		67	%		55	%		51	%		54	%		57	%
Fleet Available Days		5,177			5,505			5,824			5,807			5,258
Operating Revenues:
Time charter	$	41,474		$	34,290		$	32,693		$	34,824		$	32,389
Bareboat charter		434			729			732			677			723
Other marine services		891			1,493			2,619			700			813
		42,799			36,512			36,044			36,201			33,925
Costs and Expenses:
Operating:
Personnel		14,353			13,418			13,057			13,401			10,704
Repairs and maintenance		6,959			3,840			3,445			3,764			3,612
Drydocking		2,792			2,217			1,753			585			566
Insurance and loss reserves		2,661			1,958			1,670			1,764			1,489
Fuel, lubes and supplies		2,893			2,202			2,081			2,131			2,075
Other		2,957			2,672			3,556			3,074			1,682
		32,615			26,307			25,562			24,719			20,128
Direct Vessel Profit⁽¹⁾		10,184			10,205			10,482			11,482			13,797
Other Costs and Expenses:
Lease expense		1,234			1,078			1,798			1,200			1,202
Administrative and general		9,152			8,611			8,556			8,861			13,241
Depreciation and amortization		14,093			14,798			15,247			14,833			13,725
		24,479			24,487			25,601			24,894			28,168
Gains (Losses) on Asset Dispositions and Impairments, Net		22,653			(2,273	)		(1,796	)		233			(3,453	)
Operating Income (Loss)		8,358			(16,555	)		(16,915	)		(13,179	)		(17,824	)
Other Income (Expense):
Interest income		135			986			61			34			516
Interest expense		(7,310	)		(8,018	)		(8,288	)		(8,312	)		(6,717	)
SEACOR Holdings guarantee fees		—			(7	)		(11	)		(11	)		(9	)
Derivative gains (losses), net		30			355			(894	)		5			85
Gain on debt extinguishment		61,994			—			—			—			—
Foreign currency gains (losses), net		(657	)		(466	)		(1,286	)		(911	)		193
Other, net		(1	)		—			(19	)		—			—
		54,191			(7,150	)		(10,437	)		(9,195	)		(5,932	)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		62,549			(23,705	)		(27,352	)		(22,374	)		(23,756	)
Income Tax Expense (Benefit)		15,915			(2,688	)		1,865			(3,120	)		(15,007	)
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		46,634			(21,017	)		(29,217	)		(19,254	)		(8,749	)
Equity in Earnings (Loss) of 50% or Less Owned Companies		2,167			4,103			(9,681	)		(588	)		2,081
Income (Loss) from Continuing Operations		48,801			(16,914	)		(38,898	)		(19,842	)		(6,668	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		—			22,925			51			1,765			602
Net Income (Loss)		48,801			6,011			(38,847	)		(18,077	)		(6,066	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries		1			—			(31	)		4			7
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.	$	48,800		$	6,011		$	(38,816	)	$	(18,081	)	$	(6,073	)

Net Earnings (Loss) Per Common Share from Continuing Operations:
Basic	$	1.92		$	(0.67	)	$	(1.54	)	$	(0.79	)	$	(0.26	)
Diluted	$	1.79		$	(0.67	)	$	(1.54	)	$	(0.79	)	$	(0.26	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic	$	—		$	0.91		$	-		$	0.07		$	0.02
Diluted	$	—		$	0.91		$	-		$	0.07		$	0.02
Net Earnings (Loss) per Share:
Basic	$	1.92		$	0.24		$	(1.54	)	$	(0.72	)	$	(0.24	)
Diluted	$	1.79		$	0.24		$	(1.54	)	$	(0.72	)	$	(0.24	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,435			25,305			25,265			24,989			24,851
Diluted		28,345			25,305			25,265			24,989			24,851
Common Shares and Warrants Outstanding at Period End		25,869			25,683			24,919			24,996			24,899

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

	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	17,058		$	15,910		$	18,405		$	19,397		$	15,574
Fleet utilization		18	%		6	%		7	%		5	%		5	%
Fleet available days		1,112			1,518			1,797			1,871			1,842
Out-of-service days for repairs, maintenance and drydockings		137			67			45		37			32
Out-of-service days for cold-stacked status		748			1,270			1,472			1,576			1,465
Operating Revenues:
Time charter	$	3,419		$	1,489		$	2,352		$	1,668		$	1,478
Bareboat charter		434			729			732			731			723
Other marine services		727			546			794			473			513
		4,580			2,764			3,878			2,872			2,714
Direct Costs and Expenses:
Operating:
Personnel		1,528			1,744			2,372			2,481			2,284
Repairs and maintenance		389			654			386			338			314
Drydocking		777			875			—			—			110
Insurance and loss reserves		923			527			507			778			354
Fuel, lubes and supplies		245			199			208			251			189
Other		224			77			116			85			93
		4,086			4,076			3,589			3,933			3,344
Direct Vessel (Loss) Profit⁽¹⁾	$	494		$	(1,312	)	$	289		$	(1,061	)	$	(630	)
Other Costs and Expenses:
Lease expense	$	703		$	664		$	677		$	716		$	741
Depreciation and amortization		3,287			4,164			5,854			4,961			5,254

*Africa and Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked	$	11,231		$	11,356		$	10,837		$	10,801		$	10,918
Fleet utilization		75	%		68	%		61	%		68	%		86	%
Fleet available days		1,365			1,356			1,472			1,472			1,395
Out-of-service days for repairs, maintenance and drydockings		65			78			138			45			90
Out-of-service days for cold-stacked status		176			346			368			216			—
Operating Revenues:
Time charter	$	11,437		$	10,502		$	9,796		$	10,861		$	13,055
Bareboat charter		—			—			—			(54	)		—
Other marine services		(224	)		(269	)		343			(279	)		(382	)
		11,213			10,233			10,139			10,528			12,673
Direct Costs and Expenses:
Operating:
Personnel		4,253			3,220			3,510			3,407			3,248
Repairs and maintenance		2,195			1,191			1,437			1,158			1,463
Drydocking		374			304			1,269			481			256
Insurance and loss reserves		352			433			512			397			600
Fuel, lubes and supplies		887			572			853			1,091			799
Other		2,072			579			(674	)		774			647
		10,133			6,299			6,907			7,308			7,013
Direct Vessel Profit⁽¹⁾	$	1,080		$	3,934		$	3,232		$	3,220		$	5,660
Other Costs and Expenses:
Lease expense	$	270		$	356		$	1,056		$	430		$	420
Depreciation and amortization		3,305			3,307			2,964			3,784			3,600

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

	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,292		$	9,308		$	9,455		$	9,670		$	10,245
Fleet utilization		81	%		73	%		75	%		78	%		82	%
Fleet available days		1,820			1,852			1,840			1,809			1,613
Out-of-service days for repairs, maintenance and drydockings		105			115		68			89			113
Out-of-service days for cold-stacked status		116			239		169			76			61
Operating Revenues:
Time charter	$	13,752		$	12,575		$	13,008		$	13,672		$	13,605
Other marine services		31			360			927			296			514
		13,783			12,935			13,935			13,968			14,119
Direct Costs and Expenses:
Operating:
Personnel		5,378			5,208			5,411			5,171			3,795
Repairs and maintenance		2,806			903			842			1,564			1,580
Drydocking		1,185			1,066			41			104			200
Insurance and loss reserves		461			702			501			451			430
Fuel, lubes and supplies		1,081			559			604			482			955
Other		43			1,144			3,618			1,771			819
		10,954			9,582			11,017			9,543			7,779
Direct Vessel Profit⁽¹⁾	$	2,829		$	3,353		$	2,918		$	4,425		$	6,340
Other Costs and Expenses:
Lease expense	$	35		$	22		$	47		$	46		$	32
Depreciation and amortization		4,663			4,710			4,505			4,379			3,921

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	17,034		$	14,751		$	12,921		$	13,355		$	10,752
Fleet utilization		86	%		85	%		82	%		99	%		97	%
Fleet available days		880			779			716			655			408
Out-of-service days for repairs, maintenance and drydockings		117			94			66			7			—
Out-of-service days for cold-stacked status		—			—			—			—			—
Operating Revenues:
Time charter	$	12,866		$	9,724		$	7,538		$	8,621		$	4,251
Bareboat charter		—			—			—			—			—
Other marine services		357			856			555			212			168
		13,223			10,580			8,093			8,833			4,419
Direct Costs and Expenses:
Operating:
Personnel		3,194			3,246			1,764			2,342			1,377
Repairs and maintenance		1,569			1,092			780			704			255
Drydocking		456			(28	)		443			—			—
Insurance and loss reserves		925			296			150			138			105
Fuel, lubes and supplies		680			872			416			307			132
Other		618			872			497			444			123
		7,442			6,350			4,050			3,935			1,992
Direct Vessel Profit⁽¹⁾	$	5,781		$	4,230		$	4,043		$	4,898		$	2,427
Other Costs and Expenses:
Lease expense	$	226		$	36		$	18		$	9		$	9
Depreciation and amortization		2,838			2,617			1,924			1,708			950

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

	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	11,268		$	7,778		$	7,967		$	7,388		$	8,383
Fleet utilization		59	%		67	%		44	%		54	%		43	%
Fleet available days		546			540			641			644			667
Out-of-service days for repairs, maintenance and drydockings		105			—		133			21			76
Out-of-service days for cold-stacked status		118			180		228			276			273
Operating Revenues:
Time charter	$	3,640		$	2,801		$	2,236		$	2,564		$	2,413
Other marine services		(157	)		(130	)		433			(147	)		(137	)
		3,483			2,671			2,669			2,417			2,276
Direct Costs and Expenses:
Operating:
Personnel		1,513			984			1,149			950			853
Repairs and maintenance		471			241			542			432			679
Drydocking		1,322			54			847			(2	)		(19	)
Insurance and loss reserves		99			194			199			139			159
Fuel, lubes and supplies		344			139			258			148			168
Other		444			270			535			370			341
		4,193			1,882			3,530			2,037			2,181
Direct Vessel Profit (Loss)⁽¹⁾	$	(710	)	$	789		$	(861	)	$	380		$	95
Other Costs and Expenses:
Lease expense	$	362		$	400		$	1,127		$	505		$	518
Depreciation and amortization		495			494			494			495			500

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	7,962		$	7,888		$	8,074		$	8,421		$	8,590
Fleet utilization		71	%		61	%		60	%		63	%		72	%
Fleet available days		2,100			2,207			2,300			2,300			2,426
Out-of-service days for repairs, maintenance and drydockings		226			182		155			71			137
Out-of-service days for cold-stacked status		314			584		549			421			285
Operating Revenues:
Time charter	$	11,827		$	10,657		$	11,151		$	12,212		$	15,078
Bareboat charter		434			729			732			731			723
Other marine services		(249	)		(218	)		(283	)		(256	)		(372	)
		12,012			11,168			11,600			12,687			15,429
Direct Costs and Expenses:
Operating:
Personnel		4,802			4,041			4,409			4,180			4,166
Repairs and maintenance		3,618			1,535			1,604			1,642			1,922
Drydocking		1,178			1,178			912			587			274
Insurance and loss reserves		507			466			471			353			304
Fuel, lubes and supplies		1,154			726			836			976			1,180
Other		1,640			1,141			2,085			1,489			1,203
		12,899			9,087			10,317			9,227			9,049
Direct Vessel Profit (Loss)⁽¹⁾	$	(887	)	$	2,081		$	1,283		$	3,460		$	6,380
Other Costs and Expenses:
Lease expense	$	352		$	352		$	352		$	351		$	352
Depreciation and amortization		4,931			5,096			5,113			5,105			5,405

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

	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
*Supply*
Time Charter Statistics:
Average rates per day worked	$	11,921		$	12,110		$	11,373		$	11,355		$	8,477
Fleet utilization		80	%		63	%		63	%		74	%		83	%
Fleet available days		1,274			1,319			1,360			1,257			527
Out-of-service days for repairs, maintenance and drydockings		11			105			12			23			13
Out-of-service days for cold-stacked status		91			315			353			229			61
Operating Revenues:
Time charter	$	12,179		$	10,082		$	9,714		$	10,541		$	3,713
Bareboat charter		—			—			—			(55	)		—
Other marine services		117			346			482			92			(53	)
		12,296			10,428			10,196			10,578			3,660
Direct Costs and Expenses:
Operating:
Personnel		4,044			4,158			3,364			3,821			1,591
Repairs and maintenance		2,039			1,135			735			968			375
Drydocking		180			110			(2	)		—			197
Insurance and loss reserves		436			474			238			230			106
Fuel, lubes and supplies		1,034			1,003			622			601			219
Other		884			880			1,205			1,022			246
		8,617			7,760			6,162			6,642			2,734
Direct Vessel Profit⁽¹⁾	$	3,679		$	2,668		$	4,034		$	3,936		$	926
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	—
Depreciation and amortization		2,936			2,977			3,060			2,673			1,000

*Specialty*
Time Charter Statistics:
Average rates per day worked	$	1,571		$	1,890		$	2,025		$	2,025		$	2,025
Fleet utilization		92	%		100	%		100	%		69	%		50	%
Fleet available days		91			90			92			134			182
Out-of-service days for repairs, maintenance and drydockings		8			—			—			—			—
Out-of-service days for cold-stacked status		—			—			—			42			91
Operating Revenues:
Time charter	$	131		$	170			187			187			184
Other marine services		23			12			1			(9	)		(10	)
		154			182			188			178			174

Direct Costs and Expenses:
Operating:
Personnel		99			89			69			72			47
Repairs and maintenance		104			8			34			51			102
Drydocking		—			—			(3	)		—			—
Insurance and loss reserves		5			4			(2	)		13			16
Fuel, lubes and supplies		5			8			3			(2	)		8
Other		33			26			18			56			90
		246			135			119			190			263
Direct Vessel Profit (Loss)⁽¹⁾	$	(92	)	$	47		$	69		$	(12	)	$	(89	)
Other Costs and Expenses:
Depreciation and amortization	$	—		$	—		$	1,541		$	89		$	189

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

	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	25,334		$	26,792		$	24,561		$	27,947		$	24,894
Fleet utilization		46	%		29	%		27	%		23	%		30	%
Fleet available days		1,167			1,350			1,432			1,472			1,456
Out-of-service days for repairs, maintenance and drydockings		75			67		18			64			9
Out-of-service days for cold-stacked status		517			776			880			899			816
Operating Revenues:
Time charter	$	13,697		$	10,580		$	9,406		$	9,319		$	11,001
Other marine services		688			797			395			316			306
		14,385			11,377			9,801			9,635			11,307
Direct Costs and Expenses:
Operating:
Personnel		3,916			3,806			3,742			3,963			3,545
Repairs and maintenance		716			894			524			624			407
Drydocking		112			875			(1	)		—			111
Insurance and loss reserves		1,752			719			690			1,055			893
Fuel, lubes and supplies		353			320			349			370			343
Other		(58	)		677			1,642			538			219
		6,791			7,291			6,946			6,550			5,518
Direct Vessel Profit⁽¹⁾	$	7,594		$	4,086		$	2,855		$	3,085		$	5,789
Other Costs and Expenses:
Lease expense	$	205		$	12		$	19		$	31		$	44
Depreciation and amortization		5,171			5,659			6,009			5,980			6,081

*Other Activity*
Operating Revenues:
Other marine services	$	469		$	686		$	1,591		$	720		$	1,056
		469			686			1,591			720			1,056
Direct Costs and Expenses:
Operating:
Personnel		(21	)		340			324			415			502
Repairs and maintenance		11			27			6			47			128
Insurance and loss reserves		(138	)		101			74			(26	)		11
Fuel, lubes and supplies		3			6			13			38			157
Other		14			(322	)		(1,928	)		(401	)		(417	)
		(131	)		152			(1,511	)		73			381
Direct Vessel Profit⁽¹⁾	$	600		$	534		$	3,102		$	647		$	675
Other Costs and Expenses:
Lease expense	$	315		$	314		$	300		$	335		$	241
Depreciation and amortization		560			572			(970	)		545			553

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

	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	45,446		$	68,409		$	32,666		$	42,314		$	51,888
Restricted cash		5,855			3,352			3,352			3,352			3,352
Receivables:
Trade, net of allowance for doubtful accounts		47,082			42,680			45,325			48,294			52,169
Other		12,152			11,265			10,924			18,365			13,814
Receivables from SEACOR Holdings		—			19,332			18,832			18,814			14,394
Tax Receivable		1,497			1,498			13,556			11,770			—
Inventories		425			572			576			573			1,409
Prepaid expenses and other		4,527			2,326			3,230			3,438			2,835
Other Current Assets		—			423			—			—			—
Assets held for sale		—			—			50,235			46,768			44,616
Total current assets		116,984			149,857			178,696			193,688			184,477
Property and Equipment:
Historical cost		972,267			1,000,430			1,012,873			996,370			987,741
Accumulated depreciation		(288,882	)		(297,792	)		(291,538	)		(280,468	)		(271,097	)
		683,385			702,638			721,335			715,902			716,644
Construction in progress		32,903			32,530			32,327			51,969			52,456
Net property and equipment		716,288			735,168			753,662			767,871			769,100
Right-of-Use Asset - Operating Leases		5,469			7,046			7,134			7,670			8,148
Right-of-Use Asset - Finance Lease		116			121			129			137			—
Investments, at Equity, and Advances to 50% or Less Owned Companies		77,539			79,000			75,308			84,701			87,177
Other Assets		2,781			2,624			2,734			3,108			3,200
	$	919,177		$	973,816		$	1,017,663		$	1,057,175		$	1,052,102
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	2,885		$	5,139		$	7,030		$	9,446		$	11,579
Current lease liability - Finance		32			46			36			27			—
Current portion of long-term debt		28,419			34,888			32,377			52,108			51,793
Accounts payable and accrued expenses		27,163			21,428			29,967			28,888			21,323
Due to SEACOR Holdings		277			—			—			—			—
Other current liabilities		26,886			29,719			31,467			29,548			29,642
Discontinued operations		—			—			30,927			28,555			28,882
Total current liabilities		85,662			91,220			131,804			148,572			143,219
Long-Term Operating Lease Liabilities		4,072			4,778			4,345			5,239			6,067
Long-Term Finance Lease Liabilities		92			97			105			113			—
Long-Term Debt		320,823			431,849			440,510			426,711			422,569
Conversion Option Liability on Convertible Senior Notes		7			37			2			1			6
Deferred Income Taxes		46,169			31,766			35,822			36,075			23,740
Deferred Gains and Other Liabilities		2,951			4,910			3,239			3,810			5,137
Total liabilities		459,776			564,657			615,827			620,521			600,738
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		245			243			235			235			232
Additional paid-in capital		454,079			452,290			451,179			450,320			449,116
(Accumulated Deficit) Retained earnings		(1,230	)		(50,029	)		(51,839	)		(13,023	)		5,058
Shares held in treasury		(1,120	)		(1,110	)		(848	)		(848	)		(847	)
Accumulated other comprehensive loss, net of tax		7,107			7,446			2,790			(380	)		(2,541	)
		459,081			408,840			401,517			436,304			451,018
Noncontrolling interests in subsidiaries		320			319			319			350			346
Total equity		459,401			409,159			401,836			436,654			451,364
	$	919,177		$	973,816		$	1,017,663		$	1,057,175		$	1,052,102

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

	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Cash Flows from Continuing Operating Activities:
Net Income (Loss)	$	48,801		$	6,011		$	(38,922	)	$	(19,818	)	$	(6,668	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		14,093			14,798			15,247			14,833			13,725
Deferred financing costs amortization	254			260			266			278			284
Amortization of employee share awards		1,354			1,111			859			1,204			937
Restricted stock vesting		(10	)		(262	)		—			—			(3	)
Director share awards		435			—			—			—			755
Debt discount amortization		1,787			1,892			1,917			1,797			1,480
Bad debt recoveries		132			24			(146	)		185			271
Gain (Loss) from equipment sales, retirements or impairments		(22,653	)		2,273			1,796			(233	)		3,453
Gain on the Sale of Windcat Workboats		—			(22,756	)		—			—			—
Gain on debt extinguishment, net		(62,749	)		—			—			—			—
Derivative (gains) losses		(30	)		(355	)		894			(5	)		(85	)
Cash settlement payments on derivative transactions, net		(414	)		(919	)		(441	)		(426	)		(265	)
Currency (gains) losses	657			466				1,286		911				(193	)
Deferred income taxes		14,403			(4,056	)		(254	)		12,333			(2,053	)
Equity (Earnings) Losses		(2,167	)		(4,103	)		9,681			588			(2,081	)
Dividends received from equity investees		—			—			—			2,117			—
Changes in Operating Assets and Liabilities:
Accounts receivables		16,047			11,345			7,668			(17,737	)		(8,326	)
Other assets		(1,296	)		1,192			604			656			6,163
Accounts payable and accrued liabilities		4,268			(10,296	)		(2,806	)		886			(21,197	)
Net cash provided by (used in) used in operating activities		12,912			(3,375	)		(2,351	)		(2,431	)		(13,803	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(926	)		(2,724	)		(2,500	)		(2,833	)		(7,019	)
Proceeds from disposition of property and equipment		26,871			3,266			—			3,539			14,030
Proceeds from Sale of WWH, net cash sold		—			38,715			—			—			—
Construction reserve funds transferred to short-term cash		—			—			—			—			3,745
Purchase of subsidiary from joint venture		—			—			—			—			(8,445	)
Net investing activities in property and equipment		25,945			39,257			(2,500	)		706			2,311
Investments in and advances to 50% or less owned companies		—			(736	)		(1,248	)		(713	)		—
Principal payments on notes due from equity investees		2,877			919			1,225			490			—
Net cash provided by (used in) investing activities		28,822			39,440			(2,523	)		483			2,311
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(56,787	)		(8,302	)		(5,780	)		(8,246	)		(3,506	)
Payments on debt extinguishment cost		(755	)		—			—			—			—
Proceeds from issuance of debt, net of offering costs		—			—			1			(1	)		—
Payment on finance lease		(12	)		—			—			—			—
Interest on finance lease		—			2			1			—			—
Issuance of stock		2			8			—			2			—
Net cash used in financing activities		(57,552	)		(8,292	)		(5,778	)		(8,245	)		(3,506	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(4,642	)		4,621			1,004			619			(557	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(20,460	)		32,394			(9,648	)		(9,574	)		(15,554	)
Cash Flows from Discontinued Operations
Operating Activities		—			(171	)		1,895			1,518			2,255
Investing Activities		—			—			(1,436	)		(2,527	)		(1,567	)
Financing Activities		—			—			—			1,090		4
Effects of FX Rate Changes on Cash and Cash Equivalents		—			—			196			(26	)		339
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:		—			(171	)		655			55			1,031
Net Change in Cash, Cash Equivalents and Restricted Cash		(20,460	)		32,223			(8,993	)		(9,519	)		(14,523	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		71,761			39,538			48,531			58,050			72,573
Cash, Restricted Cash and Cash Equivalents, End of Period	$	51,301		$	71,761		$	39,538		$	48,531		$	58,050

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total
June 30, 2021
AHTS		4		—		2		—		6
FSV		23		5		1		1		30
Supply		14		21		—		—		35
Specialty ⁽¹⁾		1		—		—		—		1
Liftboats ⁽²⁾		9		—		1		—		10
		51		26		4		1		82
December 31, 2020
AHTS		4		—		2		—		6
FSV		26		5		1		1		33
Supply		15		27		—		1		43
Specialty		—		3		—		—		3
Liftboats		14		—		1		—		15
Crew Transfer Assets Held for Sale		40		5		—		—		45
Crew transfer Continuing Operations		1		—		—		—		1
		100		40		4		2		146

⁽¹⁾One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of June 30, 2021.
⁽²⁾As of June 30, 2021, the Company removed from service four vessels (four liftboats) in this class. Removed from service vessels are not counted in active fleet count.

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces Second Quarter 2021 Results