UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On May 3, 2023, SEACOR Marine Holdings Inc. ("SEACOR Marine") issued a press release setting forth its earnings for the three months ended March 31, 2023 (the "Earnings Release").
A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
Description |
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99.1 |
Press Release of SEACOR Marine Holdings Inc. dated May 3, 2023 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SEACOR Marine Holdings Inc. |
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May 3, 2023 |
By: |
/s/ John Gellert |
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Name: John Gellert |
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Title: President and Chief Executive Officer |
Exhibit 99.1
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PRESS RELEASE |
SEACOR MARINE ANNOUNCES FIRST QUARTER 2023 RESULTS
Houston, Texas
May 3, 2023
FOR IMMEDIATE RELEASE - 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 first quarter ended March 31, 2023.
SEACOR Marine’s consolidated operating revenues for the first quarter of 2023 were $60.0 million, operating income was $0.2 million, and direct vessel profit (“DVP”)(1) was $22.7 million. This compares 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, and consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022.
Notable first quarter items include:
For the first quarter of 2023, net loss was $9.6 million ($0.36 loss per basic and diluted share). This compares to a net loss for the first quarter of 2022 of $14.8 million ($0.56 loss per basic and diluted share). Sequentially, first quarter 2023 results compare to a net loss of $13.3 million ($0.50 loss per basic and diluted share) in the fourth quarter of 2022.
Chief Executive Officer John Gellert commented:
“The Company’s first quarter demonstrated the building momentum in this cyclical recovery and was our fifth consecutive quarter of improved average day rates. Additionally, the first quarter produced higher revenues and DVP than each quarter of 2022, despite being the historically slowest quarterly period of activity.
The increase in DVP was primarily due to higher rates and utilization as well as lower operating expenses. This improvement demonstrates our ability to execute on the re-pricing opportunities in the market as contracts roll off from prior cycle commitments. All business segments and asset classes made positive contributions, despite the seasonally lower levels of activity in the first quarter and one of our premium liftboats in the US remaining offhire for previously reported extended repairs.
On April 21, 2023, the Company announced it was exploring a potential offering of new USD denominated 5-year senior secured bonds. The Company has determined not to pursue the bond offering at this time as the indicative terms and conditions were not sufficiently attractive for the Company. In the third and fourth quarter of 2022 the Company extended the maturity of its main senior secured and unsecured debt facilities to 2026, which has provided us with the flexibility needed to opportunistically pursue refinancing opportunities as the cycle evolves in order to ensure optimal terms and conditions for the Company.
I remain optimistic about 2023, as evidenced by the Company’s performance in the first quarter and the increased demand across all segments of our business.”
___________________
(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 |
1
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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
2
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
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Three Months Ended March 31, |
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2023 |
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2022 |
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Operating Revenues |
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$ |
59,973 |
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$ |
45,591 |
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Costs and Expenses: |
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Operating |
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37,273 |
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39,496 |
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Administrative and general |
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11,632 |
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9,924 |
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Lease expense |
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720 |
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1,060 |
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Depreciation and amortization |
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13,762 |
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14,371 |
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63,387 |
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64,851 |
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Gains on Asset Dispositions and Impairments, Net |
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3,599 |
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2,139 |
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Operating Income (Loss) |
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185 |
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(17,121 |
) |
Other Income (Expense): |
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Interest income |
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460 |
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29 |
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Interest expense |
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(8,788 |
) |
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(6,627 |
) |
Derivative losses, net |
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— |
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(34 |
) |
Foreign currency (losses) gains, net |
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(825 |
) |
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821 |
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(9,153 |
) |
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(5,811 |
) |
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies |
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(8,968 |
) |
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(22,932 |
) |
Income Tax Expense (Benefit) |
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1,157 |
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(2,421 |
) |
Loss Before Equity in Earnings of 50% or Less Owned Companies |
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|
(10,125 |
) |
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|
(20,511 |
) |
Equity in Earnings of 50% or Less Owned Companies |
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|
536 |
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5,674 |
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Net Loss Attributable to SEACOR Marine Holdings Inc. |
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$ |
(9,589 |
) |
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$ |
(14,837 |
) |
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Net Loss Per Share: |
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Basic |
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$ |
(0.36 |
) |
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$ |
(0.56 |
) |
Diluted |
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(0.36 |
) |
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(0.56 |
) |
Weighted Average Common Stock and Warrants Outstanding: |
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Basic |
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26,822,391 |
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26,379,293 |
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Diluted |
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|
26,822,391 |
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26,379,293 |
|
3
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
|
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Three Months Ended |
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|||||||||||||||||
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Mar. 31, 2023 |
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Dec. 31, 2022 |
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Sep. 30, 2022 |
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Jun. 30, 2022 |
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Mar. 31, 2022 |
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Time Charter Statistics: |
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Average Rates Per Day |
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$ |
14,314 |
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$ |
13,794 |
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$ |
13,340 |
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$ |
12,149 |
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$ |
11,312 |
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Fleet Utilization |
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76 |
% |
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76 |
% |
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79 |
% |
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77 |
% |
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70 |
% |
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Fleet Available Days |
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5,071 |
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|
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5,244 |
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|
|
5,336 |
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|
|
5,311 |
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|
|
5,400 |
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Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
55,415 |
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$ |
54,789 |
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|
$ |
56,500 |
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$ |
49,504 |
|
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$ |
42,741 |
|
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Bareboat charter |
|
|
360 |
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|
|
376 |
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|
|
332 |
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|
|
48 |
|
|
|
618 |
|
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Other marine services |
|
|
4,198 |
|
|
|
2,761 |
|
|
|
2,959 |
|
|
|
4,465 |
|
|
|
2,232 |
|
|
|
|
|
59,973 |
|
|
|
57,926 |
|
|
|
59,791 |
|
|
|
54,017 |
|
|
|
45,591 |
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
19,803 |
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|
|
20,849 |
|
|
|
20,152 |
|
|
|
18,346 |
|
|
|
18,435 |
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|
Repairs and maintenance |
|
|
6,011 |
|
|
|
8,948 |
|
|
|
7,377 |
|
|
|
8,380 |
|
|
|
6,791 |
|
|
Drydocking |
|
|
13 |
|
|
|
1,667 |
|
|
|
5,046 |
|
|
|
6,474 |
|
|
|
4,973 |
|
|
Insurance and loss reserves |
|
|
2,789 |
|
|
|
3,381 |
|
|
|
2,850 |
|
|
|
2,545 |
|
|
|
1,186 |
|
|
Fuel, lubes and supplies |
|
|
4,819 |
|
|
|
5,794 |
|
|
|
5,416 |
|
|
|
4,350 |
|
|
|
3,729 |
|
|
Other |
|
|
3,838 |
|
|
|
3,699 |
|
|
|
3,165 |
|
|
|
4,050 |
|
|
|
4,382 |
|
|
|
|
|
37,273 |
|
|
|
44,338 |
|
|
|
44,006 |
|
|
|
44,145 |
|
|
|
39,496 |
|
|
Direct Vessel Profit (1) |
|
|
22,700 |
|
|
|
13,588 |
|
|
|
15,785 |
|
|
|
9,872 |
|
|
|
6,095 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
|
720 |
|
|
|
633 |
|
|
|
1,168 |
|
|
|
1,008 |
|
|
|
1,060 |
|
|
Administrative and general |
|
|
11,632 |
|
|
|
10,799 |
|
|
|
9,978 |
|
|
|
10,210 |
|
|
|
9,924 |
|
|
Depreciation and amortization |
|
|
13,762 |
|
|
|
13,624 |
|
|
|
13,754 |
|
|
|
14,208 |
|
|
|
14,371 |
|
|
|
|
|
26,114 |
|
|
|
25,056 |
|
|
|
24,900 |
|
|
|
25,426 |
|
|
|
25,355 |
|
|
Gains (Losses) on Asset Dispositions and Impairments, Net |
|
|
3,599 |
|
|
|
1,017 |
|
|
|
(1,783 |
) |
|
|
25 |
|
|
|
2,139 |
|
|
Operating Income (Loss) |
|
|
185 |
|
|
|
(10,451 |
) |
|
|
(10,898 |
) |
|
|
(15,529 |
) |
|
|
(17,121 |
) |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income |
|
|
460 |
|
|
|
688 |
|
|
|
(123 |
) |
|
|
190 |
|
|
|
29 |
|
|
Interest expense |
|
|
(8,788 |
) |
|
|
(8,456 |
) |
|
|
(7,634 |
) |
|
|
(6,989 |
) |
|
|
(6,627 |
) |
|
Derivative gains (losses), net |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
33 |
|
|
|
(34 |
) |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
10,429 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Foreign currency (losses) gains, net |
|
|
(825 |
) |
|
|
(2,646 |
) |
|
|
2,314 |
|
|
|
1,170 |
|
|
|
821 |
|
|
Other, net |
|
|
— |
|
|
|
137 |
|
|
|
659 |
|
|
|
(41 |
) |
|
|
— |
|
|
|
|
|
(9,153 |
) |
|
|
152 |
|
|
|
(4,783 |
) |
|
|
(5,637 |
) |
|
|
(5,811 |
) |
|
Loss from Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
(8,968 |
) |
|
|
(10,299 |
) |
|
|
(15,681 |
) |
|
|
(21,166 |
) |
|
|
(22,932 |
) |
|
Income Tax Expense (Benefit) |
|
|
1,157 |
|
|
|
4,219 |
|
|
|
8,418 |
|
|
|
(1,634 |
) |
|
|
(2,421 |
) |
|
Loss from Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
(10,125 |
) |
|
|
(14,518 |
) |
|
|
(24,099 |
) |
|
|
(19,532 |
) |
|
|
(20,511 |
) |
|
Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
536 |
|
|
|
1,176 |
|
|
|
(254 |
) |
|
|
415 |
|
|
|
5,674 |
|
|
Net Loss |
|
|
(9,589 |
) |
|
|
(13,342 |
) |
|
|
(24,353 |
) |
|
|
(19,117 |
) |
|
|
(14,837 |
) |
|
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
3 |
|
|
|
— |
|
|
Net Loss Attributable to SEACOR Marine Holdings Inc. |
|
$ |
(9,589 |
) |
|
$ |
(13,342 |
) |
|
$ |
(24,351 |
) |
|
$ |
(19,120 |
) |
|
$ |
(14,837 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
(0.36 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.56 |
) |
|
Diluted |
|
$ |
(0.36 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.56 |
) |
|
Weighted Average Common Stock and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
26,822 |
|
|
|
26,728 |
|
|
|
26,728 |
|
|
|
26,665 |
|
|
|
26,379 |
|
|
Diluted |
|
|
26,822 |
|
|
|
26,728 |
|
|
|
26,728 |
|
|
|
26,665 |
|
|
|
26,379 |
|
|
Common Shares and Warrants Outstanding at Period End |
|
|
28,428 |
|
|
|
28,142 |
|
|
|
28,142 |
|
|
|
28,145 |
|
|
|
28,083 |
|
|
4
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
|
|
Three Months Ended |
|
|
|||||||||||||||||
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
|||||
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
18,359 |
|
|
$ |
22,563 |
|
|
$ |
21,551 |
|
|
$ |
17,792 |
|
|
$ |
15,595 |
|
|
Fleet utilization |
|
|
35 |
% |
|
|
57 |
% |
|
|
58 |
% |
|
|
43 |
% |
|
|
38 |
% |
|
Fleet available days |
|
|
1,015 |
|
|
|
1,288 |
|
|
|
1,363 |
|
|
|
1,277 |
|
|
|
1,314 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
112 |
|
|
|
108 |
|
|
|
199 |
|
|
|
284 |
|
|
|
205 |
|
|
Out-of-service days for cold-stacked status |
|
|
211 |
|
|
|
242 |
|
|
|
259 |
|
|
|
313 |
|
|
|
404 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
6,564 |
|
|
$ |
16,574 |
|
|
$ |
17,075 |
|
|
$ |
9,759 |
|
|
$ |
7,864 |
|
|
Other marine services |
|
|
3,842 |
|
|
|
2,916 |
|
|
|
2,161 |
|
|
|
2,399 |
|
|
|
2,052 |
|
|
|
|
|
10,406 |
|
|
|
19,490 |
|
|
|
19,236 |
|
|
|
12,158 |
|
|
|
9,916 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
6,535 |
|
|
|
7,262 |
|
|
|
7,243 |
|
|
|
5,773 |
|
|
|
4,923 |
|
|
Repairs and maintenance |
|
|
1,194 |
|
|
|
2,666 |
|
|
|
2,002 |
|
|
|
1,280 |
|
|
|
1,101 |
|
|
Drydocking |
|
|
43 |
|
|
|
472 |
|
|
|
1,549 |
|
|
|
4,090 |
|
|
|
2,867 |
|
|
Insurance and loss reserves |
|
|
1,041 |
|
|
|
2,022 |
|
|
|
1,382 |
|
|
|
1,198 |
|
|
|
229 |
|
|
Fuel, lubes and supplies |
|
|
783 |
|
|
|
746 |
|
|
|
1,143 |
|
|
|
794 |
|
|
|
662 |
|
|
Other |
|
|
223 |
|
|
|
416 |
|
|
|
314 |
|
|
|
281 |
|
|
|
224 |
|
|
|
|
|
9,819 |
|
|
|
13,584 |
|
|
|
13,633 |
|
|
|
13,416 |
|
|
|
10,006 |
|
|
Direct Vessel Profit (Loss) (1) |
|
$ |
587 |
|
|
$ |
5,906 |
|
|
$ |
5,603 |
|
|
$ |
(1,258 |
) |
|
$ |
(90 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
136 |
|
|
$ |
138 |
|
|
$ |
278 |
|
|
$ |
295 |
|
|
$ |
287 |
|
|
Depreciation and amortization |
|
|
3,535 |
|
|
|
3,912 |
|
|
|
4,332 |
|
|
|
4,562 |
|
|
|
4,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Africa and Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
12,835 |
|
|
$ |
11,241 |
|
|
$ |
11,813 |
|
|
$ |
11,279 |
|
|
$ |
10,006 |
|
|
Fleet utilization |
|
|
87 |
% |
|
|
82 |
% |
|
|
91 |
% |
|
|
85 |
% |
|
|
82 |
% |
|
Fleet available days |
|
|
1,710 |
|
|
|
1,656 |
|
|
|
1,629 |
|
|
|
1,567 |
|
|
|
1,499 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
118 |
|
|
|
125 |
|
|
|
37 |
|
|
|
58 |
|
|
|
163 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
18,996 |
|
|
$ |
15,299 |
|
|
$ |
17,551 |
|
|
$ |
14,930 |
|
|
$ |
12,280 |
|
|
Other marine services |
|
|
(834 |
) |
|
|
(679 |
) |
|
|
60 |
|
|
|
1,072 |
|
|
|
(616 |
) |
|
|
|
|
18,162 |
|
|
|
14,620 |
|
|
|
17,611 |
|
|
|
16,002 |
|
|
|
11,664 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
4,505 |
|
|
|
4,680 |
|
|
|
4,694 |
|
|
|
3,526 |
|
|
|
3,536 |
|
|
Repairs and maintenance |
|
|
2,553 |
|
|
|
2,902 |
|
|
|
2,110 |
|
|
|
2,638 |
|
|
|
1,579 |
|
|
Drydocking |
|
|
1,184 |
|
|
|
678 |
|
|
|
383 |
|
|
|
134 |
|
|
|
1,144 |
|
|
Insurance and loss reserves |
|
|
318 |
|
|
|
366 |
|
|
|
359 |
|
|
|
329 |
|
|
|
124 |
|
|