SEACOR Marine Announces Second Quarter 2022 Results

August 3, 2022 at 4:20 PM EDT

HOUSTON, Aug. 03, 2022 (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, 2022.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2022 were $54.0 million, operating loss was $15.5 million, and direct vessel profit (“DVP”)⁽¹⁾ was $9.9 million. This compares to consolidated operating revenues of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021 and operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022.

Notable second quarter items include:

Average utilization rates of 77%, the highest since the second quarter of 2014.
26% improvement in revenues compared to the second quarter of 2021 and 18% improvement from the first quarter of 2022.
151% increase in dry docking and major repairs compared to the second quarter of 2021 and 44% increase from the first quarter of 2022.

For the second quarter of 2022, net loss from continuing operations was $19.1 million ($0.72 loss per basic and diluted share). This compares to a net income from continuing operations for the second quarter of 2021 of $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), which included gains realized in connection with the Falcon Global debt payoff transaction and asset dispositions in the second quarter of 2021. Excluding such gains and the related tax effect, net loss from continuing operations would have been $18.1 million in the second quarter of 2021. Sequentially, second quarter 2022 results compare to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022. For the first quarter of 2022, net loss from continuing operations was $14.8 million ($0.56 loss per basic and diluted share).

Chief Executive Officer John Gellert commented:

“Our results for the second quarter demonstrate the continued progress we have been making in increasing revenues, utilization and average dayrates, reflecting the continued buildup of demand for our services. The flat average dayrates and modest DVP result of $9.9 million were driven by the impact of having multiple vessels in drydock and/or repairs for extended periods of time. These ongoing efforts included three of our largest liftboats, which were a large portion of the 318 revenue days lost to repairs or drydocking in our liftboat fleet during the quarter.

Excluding major repairs and drydocking expenses in both periods, the fleet had a 32% improvement in DVP compared to the second quarter of 2021. We expect our overall financial performance to continue improving as repairs for these large liftboats and regulatory inspection cycle are completed, which should place us in a timely position to participate in attractive contracting opportunities.” ___________________

)

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 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,
	2022			2021			2022			2021
Operating Revenues	$	54,017		$	42,799		$	99,608		$	79,311
Costs and Expenses:
Operating		44,145			32,615			83,641			58,922
Administrative and general		10,210			9,152			20,134			17,763
Lease expense		1,008			1,234			2,068			2,312
Depreciation and amortization		14,208			14,093			28,579			28,891
		69,571			57,094			134,422			107,888
Gains on Asset Dispositions and Impairments, Net		25			22,653			2,164			20,380
Operating (Loss) Income		(15,529	)		8,358			(32,650	)		(8,197	)
Other Income (Expense):
Interest income		190			135			219			1,121
Interest expense		(6,989	)		(7,310	)		(13,616	)		(15,328	)
SEACOR Holdings guarantee fees		—			—			—			(7	)
Gain on debt extinguishment		—			61,994			—			61,994
Derivative gains (losses), net		33			30			(1	)		385
Foreign currency gains (losses), net		1,170			(657	)		1,991			(1,123	)
Other, net		(41	)		(1	)		(41	)		(1	)
		(5,637	)		54,191			(11,448	)		47,041
(Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(21,166	)		62,549			(44,098	)		38,844
Income Tax (Benefit) Expense		(1,634	)		15,915			(4,055	)		13,227
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(19,532	)		46,634			(40,043	)		25,617
Equity in Earnings Gains of 50% or Less Owned Companies		415			2,167			6,089			6,270
(Loss) Income from Continuing Operations		(19,117	)		48,801			(33,954	)		31,887
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		—			—			—			22,925
Net (Loss) Income		(19,117	)		48,801			(33,954	)		54,812
Net Income Attributable to Noncontrolling Interests in Subsidiaries		3			1			3			1
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.	$	(19,120	)	$	48,800		$	(33,957	)	$	54,811

Net (Loss) Income Per Common Share from Continuing Operations:
Basic	$	(0.72	)	$	1.92		$	(1.28	)	$	1.26
Diluted		(0.72	)		1.79			(1.28	)		1.26
Net Earnings Per Share from Discontinued Operations:
Basic	$	—		$	—		$	—		$	0.90
Diluted		—			—			—			0.90
Net (Loss) Earnings per Share:
Basic	$	(0.72	)	$	1.92		$	(1.28	)	$	2.16
Diluted	$	(0.72	)	$	1.79		$	(1.28	)	$	2.16
Weighted Average Common Stock and Warrants Outstanding:
Basic		26,664,745			25,435,362			26,522,808			25,370,372
Diluted		26,664,745			28,345,155			26,522,808			25,371,185

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

	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
Time Charter Statistics:
Average Rates Per Day	$	12,149		$	11,312		$	11,376		$	12,120		$	12,007
Fleet Utilization		77	%		70	%		73	%		68	%		67	%
Fleet Available Days		5,311			5,400			5,060			5,108			5,177
Operating Revenues:
Time charter	$	49,504		$	42,741		$	42,289		$	41,782		$	41,474
Bareboat charter		48			618			2,870			—			434
Other marine services		4,465			2,232			2,808			1,881			891
		54,017			45,591			47,967			43,663			42,799
Costs and Expenses:
Operating:
Personnel		18,346			18,435			17,098			15,051			14,353
Repairs and maintenance		8,380			6,791			6,782			6,536			6,959
Drydocking		6,474			4,973			567			771			2,792
Insurance and loss reserves		2,545			1,186			1,859			2,189			2,661
Fuel, lubes and supplies		4,350			3,729			3,254			3,684			2,893
Other		4,050			4,382			5,476			5,217			2,957
		44,145			39,496			35,036			33,448			32,615
Direct Vessel Profit⁽¹⁾		9,872			6,095			12,931			10,215			10,184
Other Costs and Expenses:
Lease expense		1,008			1,060			2,664			1,109			1,234
Administrative and general		10,210			9,924			10,742			9,134			9,152
Depreciation and amortization		14,208			14,371			14,198			14,306			14,093
		25,426			25,355			27,604			24,549			24,479
Gains on Asset Dispositions and Impairments, Net		25			2,139			—			56			22,653
Operating (Loss) Income		(15,529	)		(17,121	)		(14,673	)		(14,278	)		8,358
Other Income (Expense):
Interest income		190			29			57			124			135
Interest expense		(6,989	)		(6,627	)		(6,380	)		(6,403	)		(7,310	)
Derivative gains (losses), net		33			(34	)		4			2			30
Gain on debt extinguishment		—			—			—			—			61,994
Foreign currency gains (losses), net		1,170			821			(357	)		245			(657	)
(Loss) Gain from return of investments in 50% or less owned companies and other, net		(41	)		—			—			9,442			(1	)
		(5,637	)		(5,811	)		(6,676	)		3,410			54,191
(Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(21,166	)		(22,932	)		(21,349	)		(10,868	)		62,549
Income Tax (Benefit) Expense		(1,634	)		(2,421	)		(1,009	)		(725	)		15,915
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(19,532	)		(20,511	)		(20,340	)		(10,143	)		46,634
Equity in Earnings Gains of 50% or Less Owned Companies		415			5,674			4,494			4,314			2,167
(Loss) Income from Continuing Operations		(19,117	)		(14,837	)		(15,846	)		(5,829	)		48,801
Net (Loss) Income		(19,117	)		(14,837	)		(15,846	)		(5,829	)		48,801
Net Income Attributable to Noncontrolling Interests in Subsidiaries		3			—			—			—			1
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.	$	(19,120	)	$	(14,837	)	$	(15,846	)	$	(5,829	)	$	48,800

Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic	$	(0.72	)	$	(0.56	)	$	(0.62	)	$	(0.23	)	$	1.92
Diluted		(0.72	)		(0.56	)		(0.62	)		(0.23	)		1.79
Net (Loss) Earnings per Share:
Basic	$	(0.72	)	$	(0.56	)	$	(0.62	)	$	(0.23	)	$	1.92
Diluted	$	(0.72	)	$	(0.56	)	$	(0.62	)	$	(0.23	)	$	1.79
Weighted Average Common Stock and Warrants Outstanding:
Basic		26,665			26,379			25,520			25,516			25,435
Diluted		26,665			26,379			25,520			25,516			28,345
Common Shares and Warrants Outstanding at Period End		28,145			28,083			27,432			25,864			25,869

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

	Three Months Ended
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	17,792		$	15,595		$	15,496		$	18,702		$	17,058
Fleet utilization		43	%		38	%		33	%		27	%		18	%
Fleet available days		1,277			1,314			1,043			1,062			1,112
Out-of-service days for repairs, maintenance and drydockings		284			205			95			246			137
Out-of-service days for cold-stacked status		313			404			399			469			748
Operating Revenues:
Time charter	$	9,759		$	7,864		$	5,290		$	5,289		$	3,419
Bareboat charter		—			—			386			—			434
Other marine services		2,399			2,052			1,119			1,215			727
		12,158			9,916			6,795			6,504			4,580
Direct Costs and Expenses:
Operating:
Personnel	$	5,773		$	4,923		$	3,136		$	2,428		$	1,528
Repairs and maintenance		1,280			1,101			1,085			1,266			389
Drydocking		4,090			2,867			191			239			777
Insurance and loss reserves		1,198			229			720			462			923
Fuel, lubes and supplies		794			662			501			259			245
Other		281			224			200			147			224
		13,416			10,006			5,833			4,801			4,086
Direct Vessel (Loss) Profit⁽¹⁾	$	(1,258	)	$	(90	)	$	962		$	1,703		$	494
Other Costs and Expenses:
Lease expense	$	295		$	287		$	633		$	621		$	703
Depreciation and amortization		4,562			4,638			4,325			3,936			3,287

*Africa and Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked	$	11,279		$	10,006		$	9,530		$	9,551		$	11,231
Fleet utilization		85	%		82	%		88	%		77	%		75	%
Fleet available days		1,567			1,499			1,411			1,417			1,365
Out-of-service days for repairs, maintenance and drydockings		58			163			79			52			65
Out-of-service days for cold-stacked status		—			—			—			29			176
Operating Revenues:
Time charter	$	14,930		$	12,280		$	11,883		$	10,446		$	11,437
Other marine services		1,072			(616	)		(416	)		(429	)		(224	)
		16,002			11,664			11,467			10,017			11,213
Direct Costs and Expenses:
Operating:
Personnel	$	3,526		$	3,536		$	3,283		$	3,147		$	4,253
Repairs and maintenance		2,638			1,579			1,846			1,540			2,195
Drydocking		134			1,144			144			337			374
Insurance and loss reserves		329			124			245			323			352
Fuel, lubes and supplies		1,490			1,473			1,019			1,631			887
Other		1,871			1,828			1,740			1,424			2,072
		9,988			9,684			8,277			8,402			10,133
Direct Vessel Profit⁽¹⁾	$	6,014		$	1,980		$	3,190		$	1,615		$	1,080
Other Costs and Expenses:
Lease expense	$	456		$	402		$	371		$	284		$	270
Depreciation and amortization		3,306			3,258			2,948			3,296			3,305

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

	Three Months Ended
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,673		$	9,882		$	9,612		$	10,374		$	9,292
Fleet utilization		87	%		77	%		81	%		73	%		81	%
Fleet available days		1,651			1,800			1,717			1,780			1,820
Out-of-service days for repairs, maintenance and drydockings		160			153			38			134			105
Out-of-service days for cold-stacked status		—			90			178			214			116
Operating Revenues:
Time charter	$	13,906		$	13,660		$	13,402		$	13,417		$	13,752
Other marine services		460			49			50			85			31
		14,366			13,709			13,452			13,502			13,783
Direct Costs and Expenses:
Operating:
Personnel	$	5,691		$	6,031		$	5,756		$	5,849		$	5,378
Repairs and maintenance		2,545			1,832			1,382			1,610			2,806
Drydocking		2,250			962			232			156			1,185
Insurance and loss reserves		748			507			611			707			461
Fuel, lubes and supplies		1,318			1,010			1,042			777			1,081
Other		1,213			1,627			2,148			2,823			43
		13,765			11,969			11,171			11,922			10,954
Direct Vessel Profit⁽¹⁾	$	601		$	1,740		$	2,281		$	1,580		$	2,829
Other Costs and Expenses:
Lease expense	$	38		$	31		$	38		$	377		$	35
Depreciation and amortization		4,229			4,345			4,156			4,456			4,663

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	14,263		$	13,450		$	15,944		$	16,240		$	17,034
Fleet utilization		94	%		85	%		83	%		92	%		86	%
Fleet available days		816			787			889			849			880
Out-of-service days for repairs, maintenance and drydockings		6			59			113			58			117
Operating Revenues:
Time charter	$	10,909		$	8,937		$	11,714		$	12,630		$	12,866
Bareboat charter		48			618			2,484			—			—
Other marine services		534			747			2,055			1,010			357
		11,491			10,302			16,253			13,640			13,223
Direct Costs and Expenses:
Operating:
Personnel	$	3,356		$	3,945		$	4,923		$	3,627		$	3,194
Repairs and maintenance		1,917			2,279			2,469			2,120			1,569
Drydocking		—			—			—			39			456
Insurance and loss reserves		270			326			283			697			925
Fuel, lubes and supplies		748			584			692			1,017			680
Other		685			703			1,388			823			618
		6,976			7,837			9,755			8,323			7,442
Direct Vessel Profit⁽¹⁾	$	4,515		$	2,465		$	6,498		$	5,317		$	5,781
Other Costs and Expenses:
Lease expense	$	219		$	340		$	1,622		$	(173	)	$	226
'Depreciation and amortization		2,111			2,130			2,769			2,618			2,838

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

	Three Months Ended
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	8,887		$	8,908		$	8,069		$	14,346		$	11,268
Fleet utilization		66	%		66	%		66	%		66	%		59	%
Fleet available days		546			540			552			552			546
Out-of-service days for repairs, maintenance and drydockings		56			2			14			61			105
Out-of-service days for cold-stacked status		131			180			92			92			118
Operating Revenues:
Time charter	$	3,191		$	3,188		$	2,926		$	5,224		$	3,640
Other marine services		(143	)		(160	)		(129	)		(151	)		(157	)
		3,048			3,028			2,797			5,073			3,483
Direct Costs and Expenses:
Operating:
Personnel	$	1,050		$	1,136		$	1,389		$	1,584		$	1,513
Repairs and maintenance		566			293			608			1,044			471
Drydocking		(30	)		(7	)		1			(217	)		1,322
Insurance and loss reserves		146			(137	)		148			193			99
Fuel, lubes and supplies		215			144			321			388			344
Other		435			439			556			408			444
		2,382			1,868			3,023			3,400			4,193
Other Costs and Expenses:
Lease expense	$	450		$	449		$	353		$	354		$	362
Depreciation and amortization		495			494			495			494			495

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	9,201		$	8,621		$	8,464		$	8,455		$	7,962
Fleet utilization		85	%		80	%		79	%		70	%		71	%
Fleet available days		2,126			2,160			2,208			2,208			2,100
Out-of-service days for repairs, maintenance and drydockings		108			167			137			300			226
Out-of-service days for cold-stacked status		91			90			92			178			314
Operating Revenues:
Time charter	$	16,525		$	14,900		$	14,857		$	13,007		$	11,827
Bareboat charter		—			—			386			—			434
Other marine services		(174	)		(254	)		(380	)		(121	)		(249	)
		16,351			14,646			14,863			12,886			12,012
Direct Costs and Expenses:
Operating:
Personnel	$	4,880		$	5,070		$	5,581		$	4,588		$	4,802
Repairs and maintenance		2,458			1,800			2,151			2,313			3,618
Drydocking		(201	)		1,277			494			965			1,178
Insurance and loss reserves		372			260			390			328			507
Fuel, lubes and supplies		1,187			1,544			1,355			1,390			1,154
Other		1,311			1,941			2,156			2,021			1,640
		10,007			11,892			12,127			11,605			12,899
Other Costs and Expenses:
Lease expense	$	—		$	—		$	353		$	693		$	352
Depreciation and amortization		5,010			4,945			4,929			4,929			4,931

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

	Three Months Ended
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
*Supply*
Time Charter Statistics:
Average rates per day worked	$	13,422		$	12,188		$	11,586		$	11,631		$	11,921
Fleet utilization		86	%		72	%		79	%		77	%		80	%
Fleet available days		1,820			1,800			1,380			1,372			1,274
Out-of-service days for repairs, maintenance and drydockings		26			233			117			64			11
Out-of-service days for cold-stacked status		—			—			117			174			91
Operating Revenues:
Time charter	$	20,983		$	15,823		$	12,675		$	12,317		$	12,179
Bareboat charter		48			618			—			—			—
Other marine services		575			44			410			221			117
		21,606			16,485			13,085			12,538			12,296
Direct Costs and Expenses:
Operating:
Personnel	$	7,889		$	8,193		$	6,141		$	4,738		$	4,044
Repairs and maintenance		3,184			3,701			2,191			2,078			2,039
Drydocking		(32	)		1,302			—			23			180
Insurance and loss reserves		551			428			280			595			436
Fuel, lubes and supplies		1,701			1,434			998			1,221			1,034
Other		1,631			1,348			1,957			988			884
		14,924			16,406			11,567			9,643			8,617
Other Costs and Expenses:
Lease expense	$	154		$	291		$	—		$	—		$	—
Depreciation and amortization		3,785			3,786			3,155			3,149			2,936

*Specialty*
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	—		$	—		$	1,571
Fleet utilization		—	%		—	%		—	%		—	%		92	%
Fleet available days		—			90			92			92			91
Out-of-service days for repairs, maintenance and drydockings		—			—			—			65			8
Out-of-service days for cold-stacked status		—			90			92			—			—
Operating Revenues:
Time charter	$	—		$	—		$	—		$	—		$	131
Other marine services		—			—			—			—			23
		—			—			—			—			154
Direct Costs and Expenses:
Operating:
Personnel	$	—		$	1		$	6		$	35		$	99
Repairs and maintenance		—			—			(28	)		7			104
Insurance and loss reserves		—			2			1			3			5
Fuel, lubes and supplies		—			2			2			6			5
Other		—			11			18			28			33
		—			16			(1	)		79			246

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

	Three Months Ended
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	24,712		$	22,416		$	23,409		$	23,137		$	25,334
Fleet utilization		44	%		49	%		61	%		55	%		46	%
Fleet available days		819			810			828			884			1,167
Out-of-service days for repairs, maintenance and drydockings		318			179			58			65			75
Out-of-service days for cold-stacked status		91			134			184			202			517
Operating Revenues:
Time charter	$	8,805		$	8,830		$	11,831		$	11,234		$	13,697
Bareboat charter		—			—			2,484			—			—
Other marine services		3,283			1,463			1,121			997			688
		12,088			10,293			15,436			12,231			14,385
Direct Costs and Expenses:
Operating:
Personnel	$	4,515		$	4,035		$	4,068		$	4,033		$	3,916
Repairs and maintenance		2,132			1,012			1,859			1,104			716
Drydocking		6,737			2,401			72			—			112
Insurance and loss reserves		1,548			1,215			1,070			1,170			1,752
Fuel, lubes and supplies		1,230			605			589			668			353
Other		655			644			856			1,672			(58	)
		16,817			9,912			8,514			8,647			6,791
Other Costs and Expenses:
Lease expense	$	—		$	—		$	1,569		$	(200	)	$	205
Depreciation and amortization		4,870			4,964			5,171			5,170			5,171

*Other Activity*
Operating Revenues:
Other marine services	$	924		$	1,139		$	1,786		$	935		$	469
		924			1,139			1,786			935			469
Direct Costs and Expenses:
Operating:
Personnel	$	12		$	—		$	(87	)	$	73		$	(21	)
Repairs and maintenance		40			(15	)		1			(10	)		11
Insurance and loss reserves		(72	)		(582	)		(30	)		(100	)		(138	)
Fuel, lubes and supplies		17			—			(11	)		11			3
Other		18			(1	)		(67	)		100			14
		15			(598	)		(194	)		74			(131	)
Other Costs and Expenses:
Lease expense	$	404		$	320		$	389		$	262		$	315
Depreciation and amortization		48			182			448			564			560

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

	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
ASSETS
Current Assets:
Cash and cash equivalents	$	22,608		$	36,315		$	37,619		$	42,194		$	45,446
Restricted cash		3,296			3,596			3,601			4,160			5,855
Receivables:
Trade, net of allowance for credit loss accounts		55,276			49,238			55,544			50,343			47,082
Other		7,437			8,799			6,118			13,750			12,152
Tax receivable		79			1,238			1,238			101			1,497
Inventories		1,723			1,297			928			476			425
Prepaid expenses and other		5,391			3,724			3,730			3,851			4,527
Total current assets		95,810			104,207			108,778			114,875			116,984
Property and Equipment:
Historical cost		1,000,147			1,006,873			1,025,284			989,910			972,267
Accumulated depreciation		(325,091	)		(316,444	)		(317,297	)		(303,178	)		(288,882	)
		675,056			690,429			707,987			686,732			683,385
Construction in progress		15,576			15,550			15,531			15,577			32,903
Net property and equipment		690,632			705,979			723,518			702,309			716,288
Right-of-use asset - operating leases		5,686			6,238			6,608			4,670			5,469
Right-of-use asset - finance leases		7,131			7,290			100			108			116
Investments, at equity, and advances to 50% or less owned companies		75,923			76,860			71,727			77,426			77,539
Other assets		1,932			2,057			1,771			2,672			2,781
Total assets	$	877,114		$	902,631		$	912,502		$	902,060		$	919,177
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	2,010		$	2,073		$	1,986		$	1,269		$	2,885
Current portion of finance lease liabilities		282			190			33			32			32
Current portion of long-term debt		33,398			32,708			31,602			28,875			28,419
Accounts payable and accrued expenses		39,262			32,585			28,419			23,578			27,163
Due to SEACOR Holdings		264			264			274			276			277
Other current liabilities		22,171			23,723			22,351			21,109			26,886
Total current liabilities		97,387			91,543			84,665			75,139			85,662
Long-term operating lease liabilities		4,026			4,420			4,885			4,000			4,072
Long-term finance lease liabilities		7,050			7,183			76			84			92
Long-term debt		318,699			326,264			332,762			321,641			320,823
Conversion option liability on convertible senior notes		1			34			—			5			7
Deferred income taxes		33,743			37,153			40,682			43,463			46,169
Deferred gains and other liabilities		2,701			2,990			2,891			2,925			2,951
Total liabilities		463,607			469,587			465,961			447,257			459,776
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		272			269			262			245			245
Additional paid-in capital		464,222			463,138			461,931			455,373			454,079
Accumulated Deficit		(55,418	)		(37,744	)		(22,907	)		(7,059	)		(1,230	)
Shares held in treasury		(1,852	)		(1,792	)		(1,120	)		(1,120	)		(1,120	)
Accumulated other comprehensive loss, net of tax		5,960			8,853			8,055			7,044			7,107
		413,184			432,724			446,221			454,483			459,081
Noncontrolling interests in subsidiaries		323			320			320			320			320
Total equity		413,507			433,044			446,541			454,803			459,401
Total liabilities and equity	$	877,114		$	902,631		$	912,502		$	902,060		$	919,177

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

	Three Months Ended
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
Cash Flows from Continuing Operating Activities:
Net (Loss) Income	$	(19,117	)	$	(14,837	)	$	(15,846	)	$	(5,829	)	$	48,801
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		14,208			14,371			14,198			14,306			14,093
Deferred financing costs amortization		364			291			328			255		254
Stock-based compensation expense		1,013			395			1,243			1,294			1,779
Debt discount amortization		1,736			1,691			1,614			1,573			1,787
Allowance for credit losses		701			(170	)		585			122			132
(Gain) Loss from equipment sales, retirements or impairments		(25	)		(2,139	)		—			(56	)		(22,653	)
Gain on debt extinguishment, net		—			—			—			—			(62,749	)
Gain from return of investment		—			—			—			(9,442	)		—
Derivative (gains) losses		(33	)		34			(4	)		(2	)		(30	)
Interest on finance leases		73			25			1			1			—
Cash settlement payments on derivative transactions, net		(278	)		(373	)		(403	)		(414	)		(414	)
Currency (gains) losses		(1,170	)		(821	)		357			(245	)	657
Deferred income taxes		(3,410	)		(3,529	)		(2,781	)		(2,706	)		14,403
Equity earnings		(415	)		(5,674	)		(4,494	)		(4,314	)		(2,167	)
Dividends received from equity investees		1,162			725			817			4,515			—
Changes in Operating Assets and Liabilities:
Accounts receivables		(4,476	)		3,904			(1,157	)		(3,798	)		16,047
Other assets		(1,539	)		(164	)		1,656			1,561			(1,296	)
Accounts payable and accrued liabilities		4,925			6,707			7,915			(1,416	)		4,268
Net cash (used in) provided by operating activities		(6,281	)		436			4,029			(4,595	)		12,912
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(17	)		(20	)		(443	)		(2,910	)		(926	)
Proceeds from disposition of property and equipment		1,371			5,310			—			—			26,871
Net investing activities in property and equipment		1,354			5,290			(443	)		(2,910	)		25,945
Investments in and advances to 50% or less owned companies		—			—			(2,272	)		—			—
Excess distributions from equity investees		—			—			—			9,442			—
Principal payments on notes due from equity investees		175			176			(630	)		179			2,877
Cash received from acquisition of 50% or less owned company		—			—			172			—			—
Net cash provided by (used in) investing activities		1,529			5,466			(3,173	)		6,711			28,822
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(9,152	)		(7,348	)		(5,981	)		(7,054	)		(56,787	)
Payments on debt extinguishment cost		—			—			—			—			(755	)
Payments on finance leases		(114	)		(9	)		(9	)		(9	)		(12	)
Proceeds from exercise of stock options		11			140			—
Issuance of stock		3			7			—			—			2
Excerise of warrants		—			—			1			—			—
Net cash used in financing activities		(9,252	)		(7,210	)		(5,989	)		(7,063	)		(57,552	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(3	)		(1	)		(1	)		—			(4,642	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(14,007	)		(1,309	)		(5,134	)		(4,947	)		(20,460	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		39,911			41,220			46,354			51,301			71,761
Cash, Restricted Cash and Cash Equivalents, End of Period	$	25,904		$	39,911		$	41,220		$	46,354		$	51,301

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total
June 30, 2022
AHTS		4		—		2		—		6
FSV		22		5		1		2		30
Supply		20		15		—		—		35
Liftboats		9		—		—		—		9
		55		20		3		2		80
December 31, 2021
AHTS		4		—		2		—		6
FSV		23		5		1		1		30
Supply		20		15		—		—		35
Specialty ⁽¹⁾		1		—		—		—		1
Liftboats ⁽²⁾		9		—		—		—		9
		57		20		3		1		81

⁽¹⁾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.
⁽²⁾In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces Second Quarter 2022 Results