Press Release Details

SEACOR Marine Announces Second Quarter 2023 Results

August 2, 2023 at 4:20 PM EDT

HOUSTON, Aug. 02, 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 second quarter ended June 30, 2023.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2023 were $66.9 million, operating income was $2.9 million, and direct vessel profit (“DVP”)(1) was $30.6 million. This compares to consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022, and consolidated operating revenues of $60.0 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023.

Notable second quarter items include:

  • 23.8% improvement in revenues from the second quarter of 2022 and a 11.5% increase from the first quarter of 2023.
  • Average utilization rate of 78%, the highest for a second quarter since 2013, a 1.0% improvement from the second quarter of 2022, and a 2% increase from the first quarter of 2023.
  • Average day rates of $15,250, a 25.5% improvement from the second quarter of 2022, and a 6.5% increase from the first quarter of 2023, which was the highest day rate since the fourth quarter of 2015.
  • DVP margin increased 209.9% from the second quarter of 2022 and increased 34.8% from the first quarter of 2023.

For the second quarter of 2023, net loss was $4.6 million ($0.17 loss per basic and diluted share). This compares to a net loss for the second quarter of 2022 of $19.1 million ($0.72 loss per basic and diluted share). Sequentially, second quarter 2023 results compare to a net loss of $9.6 million ($0.36 loss per basic and diluted share) in the first quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s second quarter results as the cyclical recovery continued with another consecutive quarter of improved average day rates and utilization. More importantly, the second quarter produced meaningful cash flows from operations through a strong conversion rate with the highest DVP the Company has generated since 2014.

The increase in DVP was primarily due to higher day rates and utilization as well as lower operating expenses. This quarterly improvement was driven by our international business segments, most notably Africa and Europe, which have been virtually sold out during the quarter, and the Middle East. We also continued to make progress in Latin America, despite slightly lower utilization due to scheduled drydockings.

Further improvement in our U.S. business was hampered in the second quarter by low activity levels on the shelf of the Gulf of Mexico, driven in part by the bankruptcy of a significant operator, as well as delays in contract startups for several offshore wind contracts in the Northeast. Additionally, one of our premium liftboats in the U.S. remained offhire for previously reported extended repairs. We expect that this vessel will return to service once temporary repairs are completed during the second half of 2023.

On June 20, 2023, the Company announced the refinancing of the debt associated with three of our modern PSVs that we acquired with shipyard financing during the trough of the cycle. We will continue to address near-term maturities and opportunistically pursue refinancing opportunities that reflect the improved outlook for the business.

I am optimistic about our ability to continue to improve our profitability in the current cycle given the margin available to improve utilization and the fact that average day rates have yet to reflect full cycle dynamics.”
___________________

(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 June 30,     Six months ended June 30,  
    2023     2022     2023     2022  
Operating Revenues   $ 66,891     $ 54,017     $ 126,864     $ 99,608  
Costs and Expenses:                        
Operating     36,302       44,145       73,575       83,641  
Administrative and general     13,704       10,210       25,336       20,134  
Lease expense     698       1,008       1,418       2,068  
Depreciation and amortization     13,575       14,208       27,337       28,579  
      64,279       69,571       127,666       134,422  
Gains on Asset Dispositions and Impairments, Net     265       25       3,864       2,164  
Operating Income (Loss)     2,877       (15,529 )     3,062       (32,650 )
Other Income (Expense):                        
Interest income     422       190       882       219  
Interest expense     (8,736 )     (6,989 )     (17,524 )     (13,616 )
Derivative gains (losses), net           33             (1 )
Foreign currency (losses) gains, net     (603 )     1,170       (1,428 )     1,991  
Other, net           (41 )           (41 )
      (8,917 )     (5,637 )     (18,070 )     (11,448 )
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (6,040 )     (21,166 )     (15,008 )     (44,098 )
Income Tax (Benefit) Expense     (1,096 )     (1,634 )     61       (4,055 )
Loss Before Equity in Earnings of 50% or Less Owned Companies     (4,944 )     (19,532 )     (15,069 )     (40,043 )
Equity in Earnings of 50% or Less Owned Companies     373       415       909       6,089  
Net Loss     (4,571 )     (19,117 )     (14,160 )     (33,954 )
Net Income Attributable to Noncontrolling Interests in Subsidiaries           3             3  
Net Loss Attributable to SEACOR Marine Holdings Inc.   $ (4,571 )   $ (19,120 )   $ (14,160 )   $ (33,957 )
                         
Net Loss Per Share:                        
Basic   $ (0.17 )   $ (0.72 )   $ (0.52 )   $ (1.28 )
Diluted   $ (0.17 )     (0.72 )   $ (0.52 )     (1.28 )
Weighted Average Common Stock and Warrants Outstanding:                        
Basic     27,137,873       26,664,745       26,981,004       26,522,808  
Diluted     27,137,873       26,664,745       26,981,004       26,522,808  


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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
Time Charter Statistics:                                
Average Rates Per Day   $ 15,250     $ 14,314     $ 13,794     $ 13,340     $ 12,149    
Fleet Utilization     78 %     76 %     76 %     79 %     77 %  
Fleet Available Days     5,096       5,071       5,244       5,336       5,311    
Operating Revenues:                                
Time charter   $ 60,804     $ 55,415     $ 54,789     $ 56,500     $ 49,504    
Bareboat charter     364       360       376       332       48    
Other marine services     5,723       4,198       2,761       2,959       4,465    
      66,891       59,973       57,926       59,791       54,017    
Costs and Expenses:                                
Operating:                                
Personnel     19,944       19,803       20,849       20,152       18,346    
Repairs and maintenance     5,793       6,011       8,948       7,377       8,380    
Drydocking     2,256       13       1,667       5,046       6,474    
Insurance and loss reserves     2,390       2,789       3,381       2,850       2,545    
Fuel, lubes and supplies     3,638       4,819       5,794       5,416       4,350    
Other     2,281       3,838       3,699       3,165       4,050    
      36,302       37,273       44,338       44,006       44,145    
Direct Vessel Profit (1)     30,589       22,700       13,588       15,785       9,872    
Other Costs and Expenses:                                
Lease expense     698       720       633       1,168       1,008    
Administrative and general     13,704       11,632       10,799       9,978       10,210    
Depreciation and amortization     13,575       13,762       13,624       13,754       14,208    
      27,977       26,114       25,056       24,900       25,426    
Gains (Losses) on Asset Dispositions and Impairments, Net     265       3,599       1,017       (1,783 )     25    
Operating Income (Loss)     2,877       185       (10,451 )     (10,898 )     (15,529 )  
Other Income (Expense):                                
Interest income     422       460       688       (123 )     190    
Interest expense     (8,736 )     (8,788 )     (8,456 )     (7,634 )     (6,989 )  
Derivative gains, net                       1       33    
Gain on debt extinguishment                 10,429                
Foreign currency (losses) gains, net     (603 )     (825 )     (2,646 )     2,314       1,170    
Other, net                 137       659       (41 )  
      (8,917 )     (9,153 )     152       (4,783 )     (5,637 )  
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (6,040 )     (8,968 )     (10,299 )     (15,681 )     (21,166 )  
Income Tax (Benefit) Expense     (1,096 )     1,157       4,219       8,418       (1,634 )  
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (4,944 )     (10,125 )     (14,518 )     (24,099 )     (19,532 )  
Equity in Earnings (Losses) of 50% or Less Owned Companies     373       536       1,176       (254 )     415    
Net Loss     (4,571 )     (9,589 )     (13,342 )     (24,353 )     (19,117 )  
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries                       (2 )     3    
Net Loss Attributable to SEACOR Marine Holdings Inc.   $ (4,571 )   $ (9,589 )   $ (13,342 )   $ (24,351 )   $ (19,120 )  
                                 
Net Loss Per Share:                                
Basic   $ (0.17 )   $ (0.36 )   $ (0.50 )   $ (0.91 )   $ (0.72 )  
Diluted   $ (0.17 )   $ (0.36 )   $ (0.50 )   $ (0.91 )   $ (0.72 )  
Weighted Average Common Stock and Warrants Outstanding:                                
Basic     27,138       26,822       26,728       26,728       26,665    
Diluted     27,138       26,822       26,728       26,728       26,665    
Common Shares and Warrants Outstanding at Period End     28,481       28,428       28,142       28,142       28,145    

        

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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
United States, primarily Gulf of Mexico                                
Time Charter Statistics:                                
Average rates per day worked   $ 16,115     $ 18,359     $ 22,563     $ 21,551     $ 17,792    
Fleet utilization     35 %     35 %     57 %     58 %     43 %  
Fleet available days     1,080       1,015       1,288       1,363       1,277    
Out-of-service days for repairs, maintenance and drydockings     229       112       108       199       284    
Out-of-service days for cold-stacked status     173       211       242       259       313    
Operating Revenues:                                
Time charter   $ 6,121     $ 6,564     $ 16,574     $ 17,075     $ 9,759    
Other marine services     2,993       3,842       2,916       2,161       2,399    
      9,114       10,406       19,490       19,236       12,158    
Direct Costs and Expenses:                                
Operating:                                
Personnel     5,957       6,535       7,262       7,243       5,773    
Repairs and maintenance     1,573       1,194       2,666       2,002       1,280    
Drydocking     1,506       43       472       1,549       4,090    
Insurance and loss reserves     1,082       1,041       2,022       1,382       1,198    
Fuel, lubes and supplies     924       783       746       1,143       794    
Other     335       223       416       314       281    
      11,377       9,819       13,584       13,633       13,416    
Direct Vessel (Loss) Profit (1)   $ (2,263 )   $ 587     $ 5,906     $ 5,603     $ (1,258 )  
Other Costs and Expenses:                                
Lease expense   $ 143     $ 136     $ 138     $ 278     $ 295    
Depreciation and amortization     3,861       3,535       3,912       4,332       4,562    
                                 
Africa and Europe                                
Time Charter Statistics:                                
Average rates per day worked   $ 14,982     $ 12,835     $ 11,241     $ 11,813     $ 11,279    
Fleet utilization     94 %     87 %     82 %     91 %     85 %  
Fleet available days     1,729       1,710       1,656       1,629       1,567    
Out-of-service days for repairs, maintenance and drydockings     58       118       125       37       58    
Operating Revenues:                                
Time charter   $ 24,414     $ 18,996     $ 15,299     $ 17,551     $ 14,930    
Other marine services     (1,037 )     (834 )     (679 )     60       1,072    
      23,377       18,162       14,620       17,611       16,002    
Direct Costs and Expenses:                                
Operating:                                
Personnel     4,833       4,505       4,680       4,694       3,526    
Repairs and maintenance     2,050       2,553       2,902       2,110       2,638    
Drydocking     144       1,184       678       383       134    
Insurance and loss reserves     420       318       366       359       329    
Fuel, lubes and supplies     1,419       2,215       2,775       2,284       1,490    
Other     1,346       1,690       1,896       1,580       1,871    
      10,212       12,465       13,297       11,410       9,988    
Direct Vessel Profit (1)   $ 13,165     $ 5,697     $ 1,323     $ 6,201     $ 6,014    
Other Costs and Expenses:                                
Lease expense   $ 408     $ 429     $ 378     $ 455     $ 456    
Depreciation and amortization     3,853       3,925       3,683       3,461       3,306    


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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
Middle East and Asia                                
Time Charter Statistics:                                
Average rates per day worked   $ 13,245     $ 13,562     $ 11,090     $ 9,507     $ 9,673    
Fleet utilization     86 %     82 %     75 %     79 %     87 %  
Fleet available days     1,456       1,440       1,533       1,564       1,651    
Out-of-service days for repairs, maintenance and drydockings     58       76       132       252       160    
Operating Revenues:                                
Time charter   $ 16,563     $ 16,028     $ 12,802     $ 11,712     $ 13,906    
Other marine services     3,357       (142 )     (66 )     319       460    
      19,920       15,886       12,736       12,031       14,366    
Direct Costs and Expenses:                                
Operating:                                
Personnel     5,266       4,841       5,270       5,384       5,691    
Repairs and maintenance     1,219       677       1,958       1,776       2,545    
Drydocking     (684 )     (1,095 )     244       3,113       2,250    
Insurance and loss reserves     720       1,185       821       762       748    
Fuel, lubes and supplies     425       1,142       1,335       1,426       1,318    
Other     234       1,327       915       878       1,213    
      7,180       8,077       10,543       13,339       13,765    
Direct Vessel Profit (Loss) (1)   $ 12,740     $ 7,809     $ 2,193     $ (1,308 )   $ 601    
Other Costs and Expenses:                                
Lease expense   $ 67     $ 76     $ 52     $ 35     $ 38    
Depreciation and amortization     3,708       3,688       3,783       3,974       4,229    
                                 
Latin America                                
Time Charter Statistics:                                
Average rates per day worked   $ 18,846     $ 16,229     $ 14,009     $ 14,010     $ 14,263    
Fleet utilization     88 %     94 %     94 %     93 %     94 %  
Fleet available days     831       906       767       780       816    
Out-of-service days for repairs, maintenance and drydockings     79       22       14       12       6    
Operating Revenues:                                
Time charter   $ 13,706     $ 13,827     $ 10,114     $ 10,162     $ 10,909    
Bareboat charter     364       360       376       332       48    
Other marine services     410       1,332       590       419       534    
      14,480       15,519       11,080       10,913       11,491    
Direct Costs and Expenses:                                
Operating:                                
Personnel     3,888       3,922       3,637       2,831       3,356    
Repairs and maintenance     951       1,587       1,422       1,489       1,917    
Drydocking     1,290       (119 )     273       1          
Insurance and loss reserves     168       245       172       347       270    
Fuel, lubes and supplies     870       679       938       563       748    
Other     366       598       472       393       685    
      7,533       6,912       6,914       5,624       6,976    
Direct Vessel Profit (1)   $ 6,947     $ 8,607     $ 4,166     $ 5,289     $ 4,515    
Other Costs and Expenses:                                
Lease expense   $ 80     $ 79     $ 65     $ 400     $ 219    
Depreciation and amortization     2,153       2,614       2,246       1,987       2,111    


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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
AHTS                                
Time Charter Statistics:                                
Average rates per day worked   $ 8,916     $ 9,244     $ 9,254     $ 8,848     $ 8,887    
Fleet utilization     85 %     81 %     80 %     67 %     66 %  
Fleet available days     364       391       460       552       546    
Out-of-service days for repairs, maintenance and drydockings     13       45             92       56    
Out-of-service days for cold-stacked status           31       92       92       131    
Operating Revenues:                                
Time charter   $ 2,762     $ 2,915     $ 3,406     $ 3,256     $ 3,191    
Other marine services     (134 )     (152 )     (168 )     (183 )     (143 )  
      2,628       2,763       3,238       3,073       3,048    
Direct Costs and Expenses:                                
Operating:                                
Personnel   $ 1,069     $ 995     $ 1,220     $ 1,022     $ 1,050    
Repairs and maintenance     186       216       331       304       566    
Drydocking     131       420       6       28       (30 )  
Insurance and loss reserves     78       68       94       150       146    
Fuel, lubes and supplies     192       476       259       399       215    
Other     195       295       283       228       435    
      1,851       2,470       2,193       2,131       2,382    
Other Costs and Expenses:                                
Lease expense   $ 332     $ 331     $ 300     $ 450     $ 450    
Depreciation and amortization     298       298       300       494       495    
                                 
FSV                                
Time Charter Statistics:                                
Average rates per day worked   $ 11,314     $ 10,609     $ 9,905     $ 9,907     $ 9,201    
Fleet utilization     92 %     91 %     86 %     90 %     85 %  
Fleet available days     2,093       2,070       2,116       2,116       2,126    
Out-of-service days for repairs, maintenance and drydockings     86       66       146       103       108    
Out-of-service days for cold-stacked status     82       90       58       75       91    
Operating Revenues:                                
Time charter   $ 21,747     $ 19,988     $ 18,062     $ 18,837     $ 16,525    
Other marine services     (518 )     (377 )     (224 )     (15 )     (174 )  
      21,229       19,611       17,838       18,822       16,351    
Direct Costs and Expenses:                                
Operating:                                
Personnel   $ 5,083     $ 4,861     $ 5,140     $ 5,289     $ 4,880    
Repairs and maintenance     1,134       1,867       2,957       2,738       2,458    
Drydocking     1,342       128       1,434       656       (201 )  
Insurance and loss reserves     337       334       453       410       372    
Fuel, lubes and supplies     1,108       1,382       1,797       1,572       1,187    
Other     947       1,236       1,638       1,284       1,311    
      9,951       9,808       13,419       11,949       10,007    
Other Costs and Expenses:                                
Depreciation and amortization     4,952       4,946       4,972       4,972       5,010    


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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
PSV                                
Time Charter Statistics:                                
Average rates per day worked   $ 17,545     $ 14,827     $ 13,519     $ 13,772     $ 13,422    
Fleet utilization     80 %     70 %     69 %     78 %     86 %  
Fleet available days     1,820       1,800       1,840       1,840       1,820    
Out-of-service days for repairs, maintenance and drydockings     92       124       142       152       26    
Operating Revenues:                                
Time charter   $ 25,458     $ 18,800     $ 17,194     $ 19,687     $ 20,983    
Bareboat charter     364       360       376       332       48    
Other marine services     19       840       222       720       575    
      25,841       20,000       17,792       20,739       21,606    
Direct Costs and Expenses:                                
Operating:                                
Personnel   $ 8,738     $ 8,849     $ 8,961     $ 8,427     $ 7,889    
Repairs and maintenance     2,998       3,475       2,998       2,839       3,184    
Drydocking     12       609       770       1,025       (32 )  
Insurance and loss reserves     421       419       552       734       551    
Fuel, lubes and supplies     2,124       2,331       2,842       2,038       1,701    
Other     840       2,314       1,420       1,275       1,631    
      15,133       17,997       17,543       16,338       14,924    
Other Costs and Expenses:                                
Lease expense   $     $     $     $ 332     $ 154    
Depreciation and amortization     4,072       4,262       4,099       3,810       3,785    


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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
Liftboats                                
Time Charter Statistics:                                
Average rates per day worked   $ 35,623     $ 33,936     $ 31,717     $ 27,447     $ 24,712    
Fleet utilization     37 %     50 %     61 %     65 %     44 %  
Fleet available days     819       810       828       828       819    
Out-of-service days for repairs, maintenance and drydockings     233       94       90       154       318    
Out-of-service days for cold-stacked status     91       90       92       92       91    
Operating Revenues:                                
Time charter   $ 10,837     $ 13,712     $ 16,127     $ 14,720     $ 8,805    
Other marine services     5,355       2,776       1,842       1,421       3,283    
      16,192       16,488       17,969       16,141       12,088    
Direct Costs and Expenses:                                
Operating:                                
Personnel   $ 5,065     $ 5,068     $ 5,520     $ 5,419     $ 4,515    
Repairs and maintenance     1,472       499       2,674       1,560       2,132    
Drydocking     849       (1,141 )     (543 )     3,337       6,737    
Insurance and loss reserves     1,418       1,907       2,271       1,552       1,548    
Fuel, lubes and supplies     219       619       896       1,408       1,230    
Other     301       (28 )     359       387       655    
      9,324       6,924       11,177       13,663       16,817    
Other Costs and Expenses:                                
Depreciation and amortization     4,215       4,214       4,210       4,429       4,870    
                                 
Other Activity                                
Operating Revenues:                                
Other marine services   $ 1,001     $ 1,111     $ 1,089     $ 1,016     $ 924    
      1,001       1,111       1,089       1,016       924    
Direct Costs and Expenses:                                
Operating:                                
Personnel   $ (11 )   $ 30     $ 8     $ (5 )   $ 12    
Repairs and maintenance     3       (46 )     (12 )     (64 )     40    
Drydocking     (78 )     (3 )                    
Insurance and loss reserves     136       61       11       4       (72 )  
Fuel, lubes and supplies     (5 )     11             (1 )     17    
Other     (2 )     21       (1 )     (9 )     18    
      43       74       6       (75 )     15    
Other Costs and Expenses:                                
Lease expense   $ 366     $ 389     $ 333     $ 386     $ 404    
Depreciation and amortization     38       42       43       49       48    


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

    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
ASSETS                                
Current Assets:                                
Cash and cash equivalents   $ 40,750     $ 40,570     $ 39,963     $ 47,514     $ 22,608    
Restricted cash     2,796       3,082       3,082       3,296       3,296    
Receivables:                                
Trade, net of allowance for credit loss accounts     60,022       60,114       54,388       58,572       55,276    
Other     12,295       11,913       7,638       6,647       7,437    
Note receivable     5,000       10,000       15,000       20,000          
Tax receivable     445       445       578       79       79    
Inventories     1,653       2,207       2,123       2,059       1,723    
Prepaid expenses and other     3,112       3,233       3,054       4,700       5,391    
Assets held for sale                 6,750       6,000          
Total current assets     126,073       131,564       132,576       148,867       95,810    
Property and Equipment:                                
Historical cost     966,338       969,328       967,683       992,423       1,000,147    
Accumulated depreciation     (334,678 )     (324,197 )     (310,778 )     (321,898 )     (325,091 )  
      631,660       645,131       656,905       670,525       675,056    
Construction in progress     8,876       8,540       8,111       8,422       15,576    
Net property and equipment     640,536       653,671       665,016       678,947       690,632    
Right-of-use asset - operating leases     5,703       5,984       6,206       4,419       5,686    
Right-of-use asset - finance leases     6,495       6,654       6,813       6,972       7,131    
Investments, at equity, and advances to 50% or less owned companies     3,253       3,594       3,024       1,901       75,923    
Other assets     2,139       2,079       1,995       1,887       1,932    
Total assets   $ 784,199     $ 803,546     $ 815,630     $ 842,993     $ 877,114    
LIABILITIES AND EQUITY                                
Current Liabilities:                                
Current portion of operating lease liabilities   $ 1,792     $ 1,764     $ 2,358     $ 1,792     $ 2,010    
Current portion of finance lease liabilities     611       563       468       374       282    
Current portion of long-term debt     63,959       60,523       61,512       57,567       33,398    
Accounts payable and accrued expenses     39,012       44,255       37,954       36,248       39,262    
Due to SEACOR Holdings     264       264       264       264       264    
Other current liabilities     21,027       20,185       18,869       22,032       22,171    
Total current liabilities     126,665       127,554       121,425       118,277       97,387    
Long-term operating lease liabilities     4,030       4,474       4,739       3,759       4,026    
Long-term finance lease liabilities     6,462       6,644       6,781       6,916       7,050    
Long-term debt     243,960       254,450       260,119       282,556       318,699    
Conversion option liability on convertible senior notes                             1    
Deferred income taxes     34,038       39,120       40,779       39,823       33,743    
Deferred gains and other liabilities     2,189       2,264       2,641       2,692       2,701    
Total liabilities     417,344       434,506       436,484       454,023       463,607    
Equity:                                
SEACOR Marine Holdings Inc. stockholders’ equity:                                
Common stock     280       279       272       272       272    
Additional paid-in capital     469,618       467,896       466,669       465,449       464,222    
Accumulated deficit     (107,271 )     (102,700 )     (93,111 )     (79,769 )     (55,418 )  
Shares held in treasury     (4,221 )     (4,119 )     (1,852 )     (1,852 )     (1,852 )  
Accumulated other comprehensive income, net of tax     8,128       7,363       6,847       4,549       5,960    
      366,534       368,719       378,825       388,649       413,184    
Noncontrolling interests in subsidiaries     321       321       321       321       323    
Total equity     366,855       369,040       379,146       388,970       413,507    
Total liabilities and equity   $ 784,199     $ 803,546     $ 815,630     $ 842,993     $ 877,114    



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

    Three Months Ended    
    Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022     Sep. 30, 2022     Jun. 30, 2022    
Cash Flows from Operating Activities:                                
Net Loss   $ (4,571 )   $ (9,589 )   $ (13,342 )   $ (24,353 )   $ (19,117 )  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                                
Depreciation and amortization     13,575       13,762       13,624       13,754       14,208    
Deferred financing costs amortization     423       418       (997 )     350       364    
Stock-based compensation expense     1,723       1,227       1,220       1,227       1,076    
Debt discount amortization     1,627       1,558       1,449       1,817       1,736    
Allowance for credit losses     2,763       (104 )     11       (53 )     701    
(Gain) loss from equipment sales, retirements or impairments     (265 )     (3,599 )     (1,017 )     1,783       (25 )  
Gain on debt extinguishment                 (12,700 )              
Derivative gains                       (1 )     (33 )  
Interest on finance lease     70       72       73       73       73    
Settlements on derivative transactions, net     226       154       33       (131 )     (278 )  
Currency losses (gains)     603       825       2,646       (2,314 )     (1,170 )  
Deferred income taxes     (5,082 )     (1,659 )     957       6,079       (3,410 )  
Equity (earnings) losses     (373 )     (536 )     (1,176 )     254       (415 )  
Dividends received from equity investees     1,044             74       1,096       1,162    
Changes in Operating Assets and Liabilities:                                
Accounts receivables     (3,139 )     (9,857 )     2,304       (2,384 )     (4,476 )  
Other assets     1,017       45       3,296       966       (1,539 )  
Accounts payable and accrued liabilities     (5,758 )     6,731       769       (4,900 )     4,925    
Net cash provided by (used in) operating activities     3,883       (552 )     (2,776 )     (6,737 )     (6,218 )  
Cash Flows from Investing Activities:                                
Purchases of property and equipment     (35 )     (470 )     (185 )     (240 )     (17 )  
Proceeds from disposition of property and equipment     427       7,611       53             1,371    
Net investing activities in property and equipment     392       7,141       (132 )     (240 )     1,354    
Principal payments on notes due from equity investees                       177       175    
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       5,000       5,000       8,831          
Net cash provided by investing activities     5,392       12,141       4,868       45,937       1,529    
Cash Flows from Financing Activities:                                
Payments on long-term debt     (9,483 )     (8,608 )     (7,470 )     (14,182 )     (9,152 )  
Payments on debt extinguishment     (26,772 )           (2,271 )              
Proceeds from issuance of long-term debt, net of issuance costs     27,181                            
Payments on finance leases     (204 )     (114 )     (114 )     (114 )     (114 )  
Proceeds from exercise of stock options           6                   11    
Tax withholdings on restricted stock vesting and director share awards     (102 )     (2,266 )                 (60 )  
Net cash used in financing activities     (9,380 )     (10,982 )     (9,855 )     (14,296 )     (9,315 )  
Effects of Exchange Rate Changes on Cash and Cash Equivalents     (1 )           (2 )     2       (3 )  
Net Change in Cash, Cash Equivalents and Restricted Cash     (106 )     607       (7,765 )     24,906       (14,007 )  
Cash, Restricted Cash and Cash Equivalents, Beginning of Period     43,652       43,045       50,810       25,904       39,911    
Cash, Restricted Cash and Cash Equivalents, End of Period   $ 43,546     $ 43,652     $ 43,045     $ 50,810     $ 25,904    


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

    Owned     Leased-in     Managed     Total  
June 30, 2023                        
AHTS     3       1             4  
FSV     22       1       2       25  
PSV     21                   21  
Liftboats     9                   9  
      55       2       2       59  
December 31, 2022                        
AHTS     3       2             5  
FSV     22       1       2       25  
PSV     21                   21  
Liftboats     9                   9  
      55       3       2       60  

 


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Source: SEACOR Marine Holdings Inc.