0000950170-23-017231 | 10-Q | XBRL Viewer | Seacor Marine Holdings INC

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 40,570	$ 39,963
Restricted cash	3,082	3,082
Receivables:
Trade, net of allowance for credit loss accounts of $1,546 and $1,650 as of March 31, 2023 and December 31, 2022, respectively	60,114	54,388
Other	11,913	7,638
Note receivable	10,000	15,000
Tax receivable	445	578
Inventories	2,207	2,123
Prepaid expenses and other	3,233	3,054
Assets held for sale	0	6,750
Total current assets	131,564	132,576
Property and Equipment:
Historical cost	969,328	967,683
Accumulated depreciation	(324,197)	(310,778)
Property and equipment	645,131	656,905
Construction in progress	8,540	8,111
Net property and equipment	653,671	665,016
Right-of-use asset - operating leases	5,984	6,206
Right-of-use asset - finance leases	6,654	6,813
Investments, at equity, and advances to 50% or less owned companies	3,594	3,024
Other assets	2,079	1,995
Total assets	803,546	815,630
Current Liabilities:
Current portion of operating lease liabilities	1,764	2,358
Current portion of finance lease liabilities	563	468
Current portion of long-term debt:
Recourse	60,523	61,512
Accounts payable and accrued expenses	44,255	37,954
Due to SEACOR Holdings	264	264
Accrued wages and benefits	5,025	4,361
Accrued interest	4,675	2,305
Deferred revenue and unearned revenue	1,487	2,333
Accrued capital, repair, and maintenance expenditures	1,327	2,748
Accrued insurance deductibles and premiums	2,837	2,428
Accrued professional fees	873	1,114
Other current liabilities	3,961	3,580
Total current liabilities	127,554	121,425
Long-term operating lease liabilities	4,474	4,739
Long-term finance lease liabilities	6,644	6,781
Long-term Debt:
Recourse	248,974	254,653
Non-recourse	5,476	5,466
Deferred income taxes	39,120	40,779
Deferred gains and other liabilities	2,264	2,641
Total liabilities	434,506	436,484
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock, $.01 par value, 60,000,000 shares authorized; 27,574,544 and 26,950,799 shares issued as of March 31, 2023 and December 31, 2022, respectively	279	272
Additional paid-in capital	467,896	466,669
Accumulated deficit	(102,700)	(93,111)
Shares held in treasury of 468,966 and 248,638 as of March 31, 2023 and December 31, 2022, respectively, at cost	(4,119)	(1,852)
Accumulated other comprehensive income, net of tax	7,363	6,847
Total stockholders equity	368,719	378,825
Noncontrolling interests in subsidiaries	321	321
Total equity	369,040	379,146
Total liabilities and equity	$ 803,546	$ 815,630

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the three months ended March 31, 2023:


Statutory rate	(21.00	)%
Exclusion of foreign subsidiaries with current year losses and withholding tax	31.80	%
Other	2.09	%
Effective income tax rate	12.89	%

Note Receivable - Additional Information (Details) - USD ($)	Sep. 29, 2022	Mar. 31, 2023
MexMar Original Facility Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan balance due		$ 10,000,000.0
MexMar Original Facility Agreement \| Term Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal of loan	$ 28,800,000
MexMar Third A&R Facility Agreement \| Term Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Outstanding principal of loan	20,000,000.0
Prepayment of outstanding loan	$ 8,800,000
Maturity date	Sep. 30, 2023
Frequency of principal repayment	four quarterly installments
Principal repayment of loan	$ 5,000,000.0

Leases - Summary of Components of Leases Expense (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Leases [Abstract]

Operating lease cost

$ 546

$ 908

Finance lease cost:

Amortization of finance lease assets

^[1]

160

Interest on lease liabilities

^[2]

Short-term lease costs

174

152

Total lease expense

$ 952

$ 1,144

[1]	Included in amortization costs in the consolidated statements of income (loss)
[2]	Included in interest expense in the consolidated statements of income (loss)

Leases - Summary of Future Minimum Payments For Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
Remainder of 2023	$ 1,597
2024	1,721
2025	645
2026	459
2027	400
Years subsequent to 2027	3,214
Operating lease payments due	8,036
Interest component	(1,798)
Total operating leases	6,238
Current portion of operating lease liabilities	1,764	$ 2,358
Long-term operating lease liabilities	4,474	4,739
Finance Leases
Remainder of 2023	612
2024	946
2025	959
2026	953
2027	4,659
Years subsequent to 2027	0
Total finance leases	8,129
Interest component	(922)
Finance Leases	7,207
Current portion of finance lease liabilities	563	468
Long-term finance lease liabilities	$ 6,644	$ 6,781

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	SMHI
Entity Registrant Name	SEACOR Marine Holdings Inc.
Entity Central Index Key	0001690334
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		27,096,812
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-37966
Entity Tax Identification Number	47-2564547
Entity Address, Address Line One	12121 Wickchester Lane
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	346
Local Phone Number	980-1700
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Operating Revenues	$ 59,973	$ 45,591
Costs and Expenses:
Operating	37,273	39,496
Administrative and general	11,632	9,924
Lease expense	720	1,060
Depreciation and amortization	13,762	14,371
Costs and expenses	63,387	64,851
Gains on asset dispositions and impairments, net	3,599	2,139
Operating Income (Loss)	185	(17,121)
Other Income (Expense):
Interest income	460	29
Interest expense	(8,788)	(6,627)
Derivative losses, net	0	(34)
Foreign currency (losses) gains, net	(825)	821
Nonoperating income expense	(9,153)	(5,811)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies	(8,968)	(22,932)
Income Tax Expense (Benefit)	1,157	(2,421)
Loss Before Equity in Earnings of 50% or Less Owned Companies	(10,125)	(20,511)
Equity in Earnings of 50% or Less Owned Companies	536	5,674
Net Loss attributable to SEACOR Marine Holdings Inc.	$ (9,589)	$ (14,837)
Net Earnings (Loss) Per Share:
Basic	$ (0.36)	$ (0.56)
Diluted	$ (0.36)	$ (0.56)
Weighted Average Common Stock and Warrants Outstanding:
Basic	26,822,391	26,379,293
Diluted	26,822,391	26,379,293

Warrants - Additional Information (Details) - $ / shares	Jan. 17, 2023	Mar. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Class of warrant or right, exercise price of warrants or rights		$ 0.01
Class of Warrant or Right, Outstanding		1,321,968
Number of shares withheld in an exercise to purchase warrants as payment for the exercise	121
Warrants Transactions
Class of Warrant or Right [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			2,560,456
Class of warrant or right, exercise price of warrants or rights		$ 0.01
Class of warrant or right, exercised during period	117,515

Derivative Instruments and Hedging Strategies (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Assets and Liabilities

The fair values of the Company’s derivative instruments were as follows (in thousands):


	March 31, 2023				December 31, 2022
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Interest rate swap agreements (cash flow hedges)	$	387	$	—	$	526	$	—

Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments

The Company had no derivative instruments not designated as hedging instruments for the three months ended March 31, 2023 and recognized losses on derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Conversion option liability on Old Convertible Notes	$	—	$	(34	)

Fair Value Measurements - Schedule of Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	$ 43,652	$ 43,045
Long-term debt, including current portion	314,973	321,631
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 1
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Cash, cash equivalents and restricted cash	43,652	43,045
Estimate of Fair Value Measurement \| Fair Value, Inputs, Level 2
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 310,090	$ 314,979

Long Term Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 355,186	$ 363,794
Current portion due within one year	(60,523)	(61,512)
Unamortized debt discount	(35,950)	(37,511)
Deferred financing costs	(4,263)	(4,652)
Long-term debt, less current portion	254,450	260,119
Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	349,686	358,294
Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,500	5,500
Guaranteed Notes \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	90,000	90,000
New Convertible Notes \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	35,000	35,000
SEACOR Marine Foreign Holdings Credit Facility \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	64,507	67,910
Sea-Cat Crewzer III Term Loan Facility \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	15,465	16,703
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	16,205	16,205
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	75,314	77,537
SEACOR Alpine Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	27,087	27,790
SEACOR 88/888 Term Loan \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,500	5,500
SEACOR 88/888 Term Loan \| Non-Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	5,500	5,500
SEACOR Offshore OSV \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	15,552	16,052
Tarahumara Shipyard Financing \| Recourse Long-Term Debt
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 5,056	$ 5,597

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the three months ended March 31, 2023:


Statutory rate	(21.00	)%
Exclusion of foreign subsidiaries with current year losses and withholding tax	31.80	%
Other	2.09	%
Effective income tax rate	12.89	%

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Segment Information - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Dec. 31, 2022

Segment Reporting Information [Line Items]

Operating Revenues

$ 59,973

$ 45,591

Direct Costs and Expenses

37,273

39,496

Direct Vessel Profit (Loss)

22,700

6,095

Lease expense

720

1,060

Administrative and general

11,632

9,924

Depreciation and amortization

13,762

14,371

Other Costs and Expenses

26,114

25,355

Gains on asset dispositions and impairments, net

3,599

2,139

Operating Loss

185

(17,121)

Historical cost

969,328

1,006,873

$ 967,683

Accumulated depreciation

(324,197)

(316,444)

(310,778)

Property and equipment

645,131

690,429

$ 656,905

Total Assets

749,144

^[1]

818,255

^[2]

Time Charter

Segment Reporting Information [Line Items]

Operating Revenues

55,415

42,741

Bareboat Charter

Segment Reporting Information [Line Items]

Operating Revenues

360

618

Other Marine Services

Segment Reporting Information [Line Items]

Operating Revenues

4,198

2,232

Personnel

Segment Reporting Information [Line Items]

Direct Costs and Expenses

19,803

18,435

Repairs and Maintenance

Segment Reporting Information [Line Items]

Direct Costs and Expenses

6,011

6,791

Drydocking

Segment Reporting Information [Line Items]

Direct Costs and Expenses

4,973

Insurance and Loss Reserves

Segment Reporting Information [Line Items]

Direct Costs and Expenses

2,789

1,186

Fuel, Lubes and Supplies

Segment Reporting Information [Line Items]

Direct Costs and Expenses

4,819

3,729

Other Direct Costs and Expenses

Segment Reporting Information [Line Items]

Direct Costs and Expenses

3,838

4,382

UNITED STATES

Segment Reporting Information [Line Items]

Operating Revenues

10,406

9,916

Direct Costs and Expenses

9,819

10,006

Direct Vessel Profit (Loss)

587

(90)

Lease expense

136

287

Depreciation and amortization

3,535

4,638

Historical cost

208,241

280,472

Accumulated depreciation

(99,165)

(130,455)

Property and equipment

109,076

150,017

Total Assets

146,209

^[1]

173,269

^[2]

UNITED STATES | Time Charter

Segment Reporting Information [Line Items]

Operating Revenues

6,564

7,864

UNITED STATES | Bareboat Charter

Segment Reporting Information [Line Items]

Operating Revenues

UNITED STATES | Other Marine Services

Segment Reporting Information [Line Items]

Operating Revenues

3,842

2,052

UNITED STATES | Personnel

Segment Reporting Information [Line Items]

Direct Costs and Expenses

6,535

4,923

UNITED STATES | Repairs and Maintenance

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,194

1,101

UNITED STATES | Drydocking

Segment Reporting Information [Line Items]

Direct Costs and Expenses

2,867

UNITED STATES | Insurance and Loss Reserves

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,041

229

UNITED STATES | Fuel, Lubes and Supplies

Segment Reporting Information [Line Items]

Direct Costs and Expenses

783

662

UNITED STATES | Other Direct Costs and Expenses

Segment Reporting Information [Line Items]

Direct Costs and Expenses

223

224

Africa and Europe, Continuing Operations

Segment Reporting Information [Line Items]

Operating Revenues

18,162

11,664

Direct Costs and Expenses

12,465

9,684

Direct Vessel Profit (Loss)

5,697

1,980

Lease expense

429

402

Depreciation and amortization

3,925

3,258

Historical cost

287,168

241,607

Accumulated depreciation

(96,086)

(77,502)

Property and equipment

191,082

164,105

Total Assets

216,899

^[1]

181,526

^[2]

Africa and Europe, Continuing Operations | Time Charter

Segment Reporting Information [Line Items]

Operating Revenues

18,996

12,280

Africa and Europe, Continuing Operations | Bareboat Charter

Segment Reporting Information [Line Items]

Operating Revenues

Africa and Europe, Continuing Operations | Other Marine Services

Segment Reporting Information [Line Items]

Operating Revenues

(834)

(616)

Africa and Europe, Continuing Operations | Personnel

Segment Reporting Information [Line Items]

Direct Costs and Expenses

4,505

3,536

Africa and Europe, Continuing Operations | Repairs and Maintenance

Segment Reporting Information [Line Items]

Direct Costs and Expenses

2,553

1,579

Africa and Europe, Continuing Operations | Drydocking

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,184

1,144

Africa and Europe, Continuing Operations | Insurance and Loss Reserves

Segment Reporting Information [Line Items]

Direct Costs and Expenses

318

124

Africa and Europe, Continuing Operations | Fuel, Lubes and Supplies

Segment Reporting Information [Line Items]

Direct Costs and Expenses

2,215

1,473

Africa and Europe, Continuing Operations | Other Direct Costs and Expenses

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,690

1,828

Middle East and Asia

Segment Reporting Information [Line Items]

Operating Revenues

15,886

13,709

Direct Costs and Expenses

8,077

11,969

Direct Vessel Profit (Loss)

7,809

1,740

Lease expense

Depreciation and amortization

3,688

4,345

Historical cost

286,795

335,121

Accumulated depreciation

(93,132)

(86,682)

Property and equipment

193,663

248,439

Total Assets

213,461

^[1]

254,749

^[2]

Middle East and Asia | Time Charter

Segment Reporting Information [Line Items]

Operating Revenues

16,028

13,660

Middle East and Asia | Bareboat Charter

Segment Reporting Information [Line Items]

Operating Revenues

Middle East and Asia | Other Marine Services

Segment Reporting Information [Line Items]

Operating Revenues

(142)

Middle East and Asia | Personnel

Segment Reporting Information [Line Items]

Direct Costs and Expenses

4,841

6,031

Middle East and Asia | Repairs and Maintenance

Segment Reporting Information [Line Items]

Direct Costs and Expenses

677

1,832

Middle East and Asia | Drydocking

Segment Reporting Information [Line Items]

Direct Costs and Expenses

(1,095)

962

Middle East and Asia | Insurance and Loss Reserves

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,185

507

Middle East and Asia | Fuel, Lubes and Supplies

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,142

1,010

Middle East and Asia | Other Direct Costs and Expenses

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,327

1,627

Latin America

Segment Reporting Information [Line Items]

Operating Revenues

15,519

10,302

Direct Costs and Expenses

6,912

7,837

Direct Vessel Profit (Loss)

8,607

2,465

Lease expense

340

Depreciation and amortization

2,614

2,130

Historical cost

187,124

149,673

Accumulated depreciation

(35,814)

(21,805)

Property and equipment

151,310

127,868

Total Assets

172,575

^[1]

208,711

^[2]

Latin America | Time Charter

Segment Reporting Information [Line Items]

Operating Revenues

13,827

8,937

Latin America | Bareboat Charter

Segment Reporting Information [Line Items]

Operating Revenues

360

618

Latin America | Other Marine Services

Segment Reporting Information [Line Items]

Operating Revenues

1,332

747

Latin America | Personnel

Segment Reporting Information [Line Items]

Direct Costs and Expenses

3,922

3,945

Latin America | Repairs and Maintenance

Segment Reporting Information [Line Items]

Direct Costs and Expenses

1,587

2,279

Latin America | Drydocking

Segment Reporting Information [Line Items]

Direct Costs and Expenses

(119)

Latin America | Insurance and Loss Reserves

Segment Reporting Information [Line Items]

Direct Costs and Expenses

245

326

Latin America | Fuel, Lubes and Supplies

Segment Reporting Information [Line Items]

Direct Costs and Expenses

679

584

Latin America | Other Direct Costs and Expenses

Segment Reporting Information [Line Items]

Direct Costs and Expenses

$ 598

$ 703

[1]	Total assets by region does not include corporate assets of $54.4 million as of March 31, 2023.
[2]	Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022.

Basis of Presentation and Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Basis Of Presentation And Accounting Policies [Abstract]

Schedule of Deferred Revenues

Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in deferred revenue and unearned revenue in the accompanying consolidated balance sheets, as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	2023			2022
Balance at beginning of period	$	2,333		$	1,606
Revenues deferred during the period		740			4,288
Revenues recognized and reclassifications during the period		(1,586	)		(3,561	)
Balance at end of period	$	1,487		$	2,333

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income were as follows (in thousands):


	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Gains (Losses) on Cash Flow Hedges, net			Total Other Comprehensive Income
December 31, 2022	$	6,332	$	515		$	6,847
Other comprehensive (loss) income		668		(152	)		516
Balance as of March 31, 2023	$	7,000	$	363		$	7,363

Basis of Presentation and Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Recently Adopted Accounting Standards

Recently Adopted Accounting Standards.

On October 29, 2020, the FASB issued ASU 2020-10, Codification Improvements: Amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate disclosure section. The guidance was effective for annual periods beginning after December 15, 2020, and interim periods within the annual periods beginning after December 15, 2022. The adoption of the standard did not have a material effect on the disclosures included herein.

On August 5, 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. The Company adopted the new standard on January 1, 2022. The adoption of the standard by the Company did not have a material impact on its consolidated financial position or on its results of operations, cash flows and disclosures.

Basis of Consolidation

Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation.

Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled

equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.

The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.

Use of Estimates

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates include those related to deferred revenues, allowance for credit loss accounts, useful lives of property and equipment, impairments, income tax provisions and certain accrued liabilities. Actual results could differ from estimates and those differences may be material.

Revenue Recognition

Revenue Recognition. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue, net of sales taxes, based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.

The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.

In the Company’s operating areas, contract or charters vary in length from several days to multi-year periods. Many of the Company’s contracts and charters include cancellation clauses without early termination penalties. As a result of options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.

The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three

years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.


	2023			2022
Balance at beginning of period	$	2,333		$	1,606
Revenues deferred during the period		740			4,288
Revenues recognized and reclassifications during the period		(1,586	)		(3,561	)
Balance at end of period	$	1,487		$	2,333

As of March 31, 2023, the Company had $1.5 million of unearned revenue primarily related to mobilization of vessels and had no deferred revenues.

Cash and Cash Equivalents

Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.

Restricted Cash

Restricted Cash. Restricted cash primarily relates to banking facility requirements.

Trade and Other Receivables

Trade and Other Receivables. Customers are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables, but excludes our short-term note receivable. During the three months ended March 31, 2023, the Company recorded $2.2 million of insurance receivables that offset operating expenses. These insurance receivables related to costs that were recorded as operating expenses in 2022 and were previously disclosed as a gain contingency.

The Company routinely reviews its receivables and makes provisions for the credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. Trade receivables are deemed uncollectible and are removed from accounts receivable and the allowance for credit losses when collection efforts have been exhausted.

Property and Equipment

Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of remaining useful life, typically the next survey or certification date. As of March 31, 2023, the estimated useful life of the Company’s new offshore support vessels was 20 years.

Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.

Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. There was no capitalized interest recognized during the three months ended March 31, 2023 and 2022.

Impairment of Long-Lived Assets and Impairment of 50% or Less Owned Companies

Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.

For the three months ended March 31, 2023, the Company did not record an impairment on any owned or leased-in vessels. For the three months ended March 31, 2022, the Company recorded impairment charges of $0.9 million for one fast support vessel (“FSV”) classified as held for sale during the first quarter of 2022 and sold during the second quarter of 2022. Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data.

For vessel classes and individual vessels with indicators of impairment as of March 31, 2023, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.

Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the three months ended March 31, 2023 and 2022, the Company did not recognize any impairment charges related to its 50% or less owned companies.

Income Taxes

Income Taxes. During the three months ended March 31, 2023, the Company’s effective income tax rate of 12.89% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S.

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive income were as follows (in thousands):


	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Gains (Losses) on Cash Flow Hedges, net			Total Other Comprehensive Income
December 31, 2022	$	6,332	$	515		$	6,847
Other comprehensive (loss) income		668		(152	)		516
Balance as of March 31, 2023	$	7,000	$	363		$	7,363

Earnings (Loss) Per Share

Earnings (Loss) Per Share. Basic earnings/loss per share of Common Stock of the Company is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the Old Convertible Notes and the New Convertible Notes unless anti-dilutive.

For the three months ended March 31, 2023, diluted loss per share of Common Stock excluded 2,978,274 shares of Common Stock issuable upon conversion of the New Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive.

For the three months ended March 31, 2022, diluted loss per share of Common Stock excluded 2,907,500 shares of Common Stock issuable upon conversion of the Old Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive.

In addition, for the three months ended March 31, 2023 and 2022 diluted loss per share of Common Stock excluded 1,672,932 and 1,469,647 shares of restricted stock, respectively, and 1,026,031 and 1,029,365 shares of Common Stock, respectively, issuable upon exercise of outstanding stock options as the effect of their inclusion in the computation would be anti-dilutive.

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2023 Vessel
Anchor Handling Towing Supply Vessels
Lessee Lease Description [Line Items]
Number of operating leases on equipment	1
Fast Support Vessel
Lessee Lease Description [Line Items]
Number of financing leases on equipment	1
Vessels \| Minimum
Lessee Lease Description [Line Items]
Operating and finance lease, lease terms (in duration)	18 months
Vessels \| Maximum
Lessee Lease Description [Line Items]
Operating and finance lease, lease terms (in duration)	48 months
Other Equipment \| Minimum
Lessee Lease Description [Line Items]
Operating lease, lease terms (in duration)	3 months
Other Equipment \| Maximum
Lessee Lease Description [Line Items]
Operating lease, lease terms (in duration)	285 months

Stock Based Compensation - Schedule of Equity Incentive Plan Transactions (Details)

3 Months Ended

Mar. 31, 2023

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Outstanding as of the beginning of year (in shares)

1,026,865

Granted (in shares)

Exercised (in shares)

(834)

Forfeited (in shares)

Outstanding as of the end of year (in shares)

1,026,031

Restricted Stock

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Outstanding as of the beginning of year (in shares)

1,682,193

Granted (in shares)

594,368

Vested (in shares)

(588,629)

Forfeited (in shares)

(15,000)

Outstanding as of the end of year (in shares)

1,672,932

^[1]

[1]	Excludes 156,620 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

The Company’s financial assets and liabilities as of March 31, 2023 and December 31, 2022 that are measured at fair value on a recurring basis were as follows (in thousands):


March 31, 2023	Level 1		Level 2		Level 3
ASSETS
Derivative instruments	$	—	$	387	$	—
December 31, 2022
ASSETS
Derivative instruments	$	—	$	526	$	—

The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


			Estimated Fair Value
March 31, 2023	Carrying Amount		Level 1		Level 2		Level 3
ASSETS
Cash, cash equivalents and restricted cash	$	43,652	$	43,652	$	—	$	—
LIABILITIES
Long-term debt, including current portion		314,973		—		310,090		—
December 31, 2022
ASSETS
Cash, cash equivalents and restricted cash	$	43,045	$	43,045	$	—	$	—
LIABILITIES
Long-term debt, including current portion		321,631		—		314,979		—

The carrying value of cash, cash equivalents and restricted cash approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Property and equipment. During the three months ended March 31, 2023, the Company recognized no impairment charges. During the year ended December 31, 2022, the Company recognized impairment charges totaling $2.9 million. The Company recorded impairment charges of $0.9 million for one FSV classified as held for sale and sold during 2022. In addition, the Company recorded impairment charges of $0.7 million for one leased-in AHTS as it is not expected to return to active service during its remaining lease term. Additionally, the Company recorded impairment charges of $1.3 million for other equipment and classified such equipment as assets held for sale, which was subsequently sold in the first quarter of 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Instruments and Hedging Strategies

3 Months Ended

Mar. 31, 2023

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Strategies

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES

Derivative instruments are classified as either assets, which are included in other receivables in the accompanying consolidated balance sheets, or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments were as follows (in thousands):


	March 31, 2023				December 31, 2022
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives designated as hedging instruments:
Interest rate swap agreements (cash flow hedges)	$	387	$	—	$	526	$	—

Economic Hedges. The Company enters and settles forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond 12 to 18 months. As of March 31, 2023, the Company had no open forward currency exchange contracts.

Cash Flow Hedges. The Company has interest rate swap agreements designated as cash flow hedges. By entering into these interest rate swap agreements, the Company has converted the variable LIBOR component of certain of their outstanding borrowings to a fixed interest rate. The Company recognized losses on derivative instruments designated as cash flow hedges of $0.2 million for the three months ended March 31, 2023 and gains of $1.2 million for the three months ended March 31, 2022, respectively, as a component of other comprehensive income (loss). As of March 31, 2023, the interest rate swaps held by the Company were as follows:

•

SMFH has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.32% per annum on the amortized notional value of $5.6 million and receive a variable interest rate based on LIBOR on the amortized notional value;

•

SMFH has an interest rate swap agreement maturing in 2023 that calls for SMFH to pay a fixed rate of interest of 3.195% per annum on the amortized notional value of $30.5 million and receive a variable interest rate based on LIBOR on the amortized notional value; and

•

SEACOR 88 LLC and SEACOR 888 LLC, both indirect wholly-owned subsidiaries of SEACOR Marine (collectively, “SEACOR 88/888”), have an interest rate swap agreement maturing in 2023 that calls for SEACOR 88/888 to pay a fixed rate of interest of 3.175% per annum on the amortized notional value of $5.5 million and receive a variable interest rate based on LIBOR on the amortized notional value.

Other Derivative Instruments. The Company had no derivative instruments not designated as hedging instruments for the three months ended March 31, 2023 and recognized losses on derivative instruments not designated as hedging instruments for the three months ended March 31, 2022 as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Conversion option liability on Old Convertible Notes	$	—	$	(34	)

The conversion option liability related to the bifurcated embedded conversion option in the Old Convertible Notes, issued to investment funds managed and controlled by The Carlyle Group, were exchanged for the New Convertible Notes during the fourth quarter of 2022.

Unaudited Condensed Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Non-Controlling Interests In Subsidiaries [Member]
Balance at Dec. 31, 2021	$ 446,541	$ 262	$ 461,931	$ (1,120)	$ (22,907)	$ 8,055	$ 320
Balance (in shares) at Dec. 31, 2021		25,992,237		127,887
Restricted stock grants	7	$ 7
Restricted stock grants (in shares)		733,895
Amortization of share awards	1,067		1,067
Exercise of options	140		140
Exercise of options (in shares)		31,992
Restricted stock vesting	(672)			$ (672)
Restricted stock vesting (in shares)		(114,251)		114,251
Net Loss	(14,837)				(14,837)
Other comprehensive income	798					798
Balance at Mar. 31, 2022	433,044	$ 269	463,138	$ (1,792)	(37,744)	8,853	320
Balance (in shares) at Mar. 31, 2022		26,643,873		242,138
Balance at Dec. 31, 2022	$ 379,146	$ 272	466,669	$ (1,852)	(93,111)	6,847	321
Balance (in shares) at Dec. 31, 2022	26,950,799	26,702,161		248,638
Restricted stock grants	$ 6	$ 6
Restricted stock grants (in shares)		520,396
Amortization of share awards	1,221		1,221
Exercise of options	$ 6		6
Exercise of options (in shares)	834	834
Exercise of warrants		$ 1		$ (1)
Exercise of Warrants (in shares)		117,394		121
Restricted stock vesting	$ (2,266)			$ (2,266)
Restricted stock vesting (in shares)	(220,207)	(220,207)		220,207
Forfeiture of employee share awards (in shares)		(15,000)
Net Loss	$ (9,589)				(9,589)
Other comprehensive income	516					516
Balance at Mar. 31, 2023	$ 369,040	$ 279	$ 467,896	$ (4,119)	$ (102,700)	$ 7,363	$ 321
Balance (in shares) at Mar. 31, 2023	27,574,544	27,105,578		468,966

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities as of March 31, 2023 and December 31, 2022 that are measured at fair value on a recurring basis were as follows (in thousands):


March 31, 2023	Level 1		Level 2		Level 3
ASSETS
Derivative instruments	$	—	$	387	$	—
December 31, 2022
ASSETS
Derivative instruments	$	—	$	526	$	—

Schedule of Estimated Fair Values of Financial Assets and Liabilities

The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


			Estimated Fair Value
March 31, 2023	Carrying Amount		Level 1		Level 2		Level 3
ASSETS
Cash, cash equivalents and restricted cash	$	43,652	$	43,652	$	—	$	—
LIABILITIES
Long-term debt, including current portion		314,973		—		310,090		—
December 31, 2022
ASSETS
Cash, cash equivalents and restricted cash	$	43,045	$	43,045	$	—	$	—
LIABILITIES
Long-term debt, including current portion		321,631		—		314,979		—

Segment Information - Schedule of Segment Reporting Information, by Segment (Parenthetical) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Segment Reporting Information [Line Items]
Assets, Total	$ 803,546	$ 815,630
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Assets, Total	$ 54,400		$ 84,400

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI https://asc.fasb.org/extlink&oid=126734703&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
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+ Details

Basis of Presentation and Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Basis Of Presentation And Accounting Policies [Line Items]
Deferred revenue	$ 0
Unearned revenue	1,487,000		$ 2,333,000	$ 1,606,000
Insurance receivables related to costs that were recorded as operating expenses	2,200,000
Capitalized interest costs, including allowance for funds used during construction, total	$ 0	$ 0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gains on asset dispositions and impairments, net
Impairment of long-lived assets owned or leased in vessels	$ 0
Equity method investment, other than temporary impairment	$ 0	$ 0
Effective income tax rate reconciliation, percent, total	12.89%
Class of warrant or right, exercise price of warrants or rights	$ 0.01
Convertible Debt Securities
Basis Of Presentation And Accounting Policies [Line Items]
Antidilutive securities excluded from computation of loss per share, amount	2,978,274	2,907,500
Restricted Stock
Basis Of Presentation And Accounting Policies [Line Items]
Antidilutive securities excluded from computation of loss per share, amount	1,672,932	1,469,647
Employee Stock Option
Basis Of Presentation And Accounting Policies [Line Items]
Antidilutive securities excluded from computation of loss per share, amount	1,026,031	1,029,365
Fast Support Vessel
Basis Of Presentation And Accounting Policies [Line Items]
Impairment charges		$ 900,000	900,000
Anchor Handling Towing Supply Vessel
Basis Of Presentation And Accounting Policies [Line Items]
Impairment of long-lived assets owned or leased in vessels			700,000
Tower and Gangway
Basis Of Presentation And Accounting Policies [Line Items]
Impairment charges			$ 1,300,000
Offshore Support Vessels
Basis Of Presentation And Accounting Policies [Line Items]
Estimated useful life (Year)	20 years
Equity Investments in 50% or Less Owned Companies \| Minimum
Basis Of Presentation And Accounting Policies [Line Items]
Equity method investment, ownership percentage	20.00%
Equity Investments in 50% or Less Owned Companies \| Maximum
Basis Of Presentation And Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Equity Investments in 50% or Less Owned Companies \| SEACOR Marine Foreign Holdings \| Minimum
Basis Of Presentation And Accounting Policies [Line Items]
Equity method investment, ownership percentage	50.00%
Accounting Standards Update 2020-10
Basis Of Presentation And Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, immaterial effect [true false]	true
Accounting Standards Update 2020-06
Basis Of Presentation And Accounting Policies [Line Items]
Change in accounting principle, accounting standards update, adopted [true false]	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
Change in accounting principle, accounting standards update, immaterial effect [true false]	true

Basis of Presentation and Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 379,146	$ 446,541
Other comprehensive (loss) income	516	798
Balance	369,040	433,044
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	6,332
Other comprehensive (loss) income	668
Balance	7,000
Derivative Gains (Losses) on Cash Flow Hedges, net Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	515
Other comprehensive (loss) income	(152)
Balance	363
AOCI Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	6,847	8,055
Other comprehensive (loss) income	516
Balance	$ 7,363	$ 8,853

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Note Receivable	3 Months Ended
Note Receivable	Mar. 31, 2023
Receivables [Abstract]
Note Receivable	2. NOTE RECEIVABLE In connection with the closing of the framework agreement transactions (the “Framework Agreement Transactions”), on September 29, 2022, SEACOR Marine Capital Inc., a wholly-owned subsidiary of SEACOR Marine (“SEACOR Marine Capital”) purchased all of the outstanding loans under the MexMar Original Facility Agreement for an aggregate amount of $28.8 million, representing par value of the loan using proceeds received from the Framework Agreement Transactions. On the same date, the MexMar Original Facility Agreement was amended and restated in the MexMar Third A&R Facility Agreement pursuant to which, among other things, Mantenimiento Express Marítimo, S.A.P.I. de C.V. (“MexMar”) repaid approximately $8.8 million of the outstanding loan amount and agreed to repay the $20.0 million of the loan that remained outstanding by September 30, 2023 through four quarterly installments of $5.0 million. As of March 31, 2023, the loan balance due from MexMar was $10.0 million.

Derivative Instruments and Hedging Strategies - Schedule of Gains (Losses) on Derivative Instruments not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Embedded Derivative Financial Instruments
Derivative [Line Items]
Gains (losses) on derivative instruments	$ 0	$ 34

Commitments and Contingencies - Additional Information (Details) R$ in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023 BRL (R$)	Mar. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Unrecorded unconditional purchase obligation, total		$ 1.7
Unrecorded unconditional purchase obligation indefinitely deferred		9.3
Deficiency Notice
Commitments And Contingencies [Line Items]
Cost allocation percentage	70.00%
Deficiency Notice \| Seabulk Overseas
Commitments And Contingencies [Line Items]
Cost allocation percentage	30.00%
Minimum \| Deficiency Notice
Commitments And Contingencies [Line Items]
Potential range of levies	R$ 21,300	4.2
Maximum \| Deficiency Notice
Commitments And Contingencies [Line Items]
Potential range of levies	R$ 12,870	$ 2.5
FSV Offshore Support Vessels
Commitments And Contingencies [Line Items]
Unrecorded unconditional purchase obligation, maximum quantity	1	1

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	3 Months Ended
	Mar. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory rate	21.00%
Exclusion of foreign subsidiaries with current year losses and withholding tax	31.80%
Other	2.09%
Effective income tax rate	12.89%

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Loss	$ (9,589)	$ (14,837)
Other Comprehensive Income:
Foreign currency translation gains (losses), net	668	(714)
Derivative gains on cash flow hedges	14	805
Other comprehensive income	516	798
Income Tax Benefit	0	0
Other comprehensive income, net	516	798
Comprehensive Loss Attributable to SEACOR Marine Holdings Inc.	(9,073)	(14,039)
Interest Expense
Other Comprehensive Income:
Reclassification of derivative gains on cash flow hedges	$ (166)	370
Equity Method Investments
Other Comprehensive Income:
Reclassification of derivative gains on cash flow hedges		$ 337

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

13.

SEGMENT INFORMATION

The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2022 Annual Report. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):


	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2023
Operating Revenues:
Time charter	$	6,564		$	18,996		$	16,028		$	13,827		$	55,415
Bareboat charter		—			—			—			360			360
Other marine services		3,842			(834	)		(142	)		1,332			4,198
		10,406			18,162			15,886			15,519			59,973
Direct Costs and Expenses:
Operating:
Personnel		6,535			4,505			4,841			3,922			19,803
Repairs and maintenance		1,194			2,553			677			1,587			6,011
Drydocking		43			1,184			(1,095	)		(119	)		13
Insurance and loss reserves		1,041			318			1,185			245			2,789
Fuel, lubes and supplies		783			2,215			1,142			679			4,819
Other		223			1,690			1,327			598			3,838
		9,819			12,465			8,077			6,912			37,273
Direct Vessel Profit	$	587		$	5,697		$	7,809		$	8,607			22,700
Other Costs and Expenses:
Lease expense	$	136		$	429		$	76		$	79			720
Administrative and general														11,632
Depreciation and amortization		3,535			3,925			3,688			2,614			13,762
														26,114
Gains on asset dispositions and impairments, net														3,599
Operating income													$	185
As of March 31, 2023
Property and Equipment:
Historical Cost	$	208,241		$	287,168		$	286,795		$	187,124		$	969,328
Accumulated Depreciation		(99,165	)		(96,086	)		(93,132	)		(35,814	)		(324,197	)
	$	109,076		$	191,082		$	193,663		$	151,310		$	645,131
Total Assets (1)	$	146,209		$	216,899		$	213,461		$	172,575		$	749,144

(1)

Total assets by region does not include corporate assets of $54.4 million as of March 31, 2023.


	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2022
Operating Revenues:
Time charter	$	7,864		$	12,280		$	13,660		$	8,937		$	42,741
Bareboat charter		—			—			—			618			618
Other		2,052			(616	)		49			747			2,232
		9,916			11,664			13,709			10,302			45,591
Direct Costs and Expenses:
Operating:
Personnel		4,923			3,536			6,031			3,945			18,435
Repairs and maintenance		1,101			1,579			1,832			2,279			6,791
Drydocking		2,867			1,144			962			—			4,973
Insurance and loss reserves		229			124			507			326			1,186
Fuel, lubes and supplies		662			1,473			1,010			584			3,729
Other		224			1,828			1,627			703			4,382
		10,006			9,684			11,969			7,837			39,496
Direct Vessel (Loss) Profit	$	(90	)	$	1,980		$	1,740		$	2,465			6,095
Other Costs and Expenses:
Lease expense	$	287		$	402		$	31		$	340			1,060
Administrative and general														9,924
Depreciation and amortization		4,638			3,258			4,345			2,130			14,371
														25,355
Gains on asset dispositions and impairments, net														2,139
Operating loss													$	(17,121	)
As of March 31, 2022
Property and Equipment:
Historical Cost	$	280,472		$	241,607		$	335,121		$	149,673		$	1,006,873
Accumulated Depreciation		(130,455	)		(77,502	)		(86,682	)		(21,805	)		(316,444	)
	$	150,017		$	164,105		$	248,439		$	127,868		$	690,429
Total Assets (1)	$	173,269		$	181,526		$	254,749		$	208,711		$	818,255

(1)

Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022.

The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of March 31, 2023, and 2022, the Company’s investments, at equity and advances to 50% or less owned companies in its other 50% or less owned companies were $3.6 million and $76.9 million, respectively. The significant decrease is the result of the sale of the Company’s interests in MexMar and Offshore Vessels Holding, S.A.P.I. de C.V. (“OVH”). Equity in earnings of 50% or less owned companies for the three months ended March 31, 2023 and 2022 were $0.5 million and $5.7 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Long Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long Term Debt

LONG-TERM DEBT

The Company’s long-term debt obligations as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023			December 31, 2022
Recourse long-term debt(1):
Guaranteed Notes	$	90,000		$	90,000
New Convertible Notes		35,000			35,000
SEACOR Marine Foreign Holdings Credit Facility		64,507			67,910
Sea-Cat Crewzer III Term Loan Facility		15,465			16,703
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		16,205			16,205
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing		75,314			77,537
SEACOR Alpine Shipyard Financing		27,087			27,790
SEACOR 88/888 Term Loan		5,500			5,500
Tarahumara Shipyard Financing		5,056			5,597
SEACOR Offshore OSV		15,552			16,052
Total recourse long-term debt		349,686			358,294
Non-recourse long-term debt(2):
SEACOR 88/888 Term Loan		5,500			5,500
Total non-recourse long-term debt		5,500			5,500
Total principal due for long-term debt		355,186			363,794
Current portion due within one year		(60,523	)		(61,512	)
Unamortized debt discount		(35,950	)		(37,511	)
Deferred financing costs		(4,263	)		(4,652	)
Long-term debt, less current portion	$	254,450		$	260,119

(1)

Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements.

(2)

Non-recourse debt represents debt issued by one of the Company’s consolidated subsidiaries with no recourse to SEACOR Marine or its other non-debtor operating subsidiaries with respect to the applicable instrument, other than certain limited support obligations as provided in the respective debt agreements, which in aggregate are not considered to be material to the Company’s business and financial condition.

As of March 31, 2023, the Company was in compliance with all debt covenants and lender requirements.

SEACOR Marine Foreign Holdings Credit Facility. On March 2, 2023, the Company and SEACOR Marine Foreign Holdings Inc., a wholly-owned subsidiary of SEACOR Marine (“SMFH”) entered into Amendment No. 7 (“SMFH Amendment No. 7”) to that certain Second Amended and Restated Guaranty, dated as of September 29, 2022, issued by the Company in favor of DNB Bank ASA, New York Branch, as security trustee (the “Second A&R SMFH Credit Facility Guaranty”) in connection with that certain senior secured loan facility with a syndicate of lenders administered by DNB Bank ASA, New York Branch, dated as of September 26, 2018 and as amended from time to time (the “SMFH Credit Facility”). SMFH Amendment No. 7 extends the date through which the Company is required to maintain an interest coverage ratio of 1.50:1.00 (as calculated in accordance with the Second A&R SMFH Credit Facility Guaranty) from December 31, 2022 to June 30, 2023. As of the last day of each fiscal quarter thereafter, the interest coverage ratio is required to be at least 2.00:1.00.

Letters of Credit. As of March 31, 2023, the Company had outstanding letters of credit of $1.1 million securing lease obligations, labor and performance guaranties.

Investments, at Equity, and Advances to 50% or Less Owned Companies (Tables)

3 Months Ended

Mar. 31, 2023

Schedule Of Investments [Abstract]

Equity Method Investments

Investments, at equity, and advances to 50% or less owned companies as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	Ownership			2023		2022
Seabulk Angola		49.0	%		2,017		1,683
SEACOR Arabia		45.0	%		1,501		1,265
Other	20.0% - 50.0%				76		76
				$	3,594	$	3,024

Derivative Instruments and Hedging Strategies - Schedule of Fair Value of Derivative Assets and Liabilities (Details) - Designated as Hedging Instrument - Interest Rate Swap - Cash Flow Hedging - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative Assets	$ 387	$ 526
Derivative Liability	$ 0	$ 0

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Income [Abstract]
Reclassification of derivative losses on cash flow hedges to equity in earnings	50.00%	50.00%

Derivative Instruments and Hedging Strategies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Derivative gains (loss) on cash flow hedges	$ 14	$ 805
Equity Investments in 50% or Less Owned Companies \| Maximum
Derivative [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Cash Flow Hedging
Derivative [Line Items]
Derivative gains (loss) on cash flow hedges	$ (200)	$ 1,200
Cash Flow Hedging \| 3.32% Interest Rate Swap Agreement \| Designated as Hedging Instrument \| SEACOR Marine Foreign Holdings
Derivative [Line Items]
Derivative, fixed interest rate	3.32%
Derivative, notional amount	$ 5,600
Cash Flow Hedging \| 3.195% Interest Rate Swap Agreement \| Designated as Hedging Instrument \| SEACOR Marine Foreign Holdings
Derivative [Line Items]
Derivative, fixed interest rate	3.195%
Derivative, notional amount	$ 30,500
Cash Flow Hedging \| Interest Rate Swap \| Designated as Hedging Instrument \| SEACOR 88/888
Derivative [Line Items]
Derivative, fixed interest rate	3.175%
Derivative, notional amount	$ 5,500

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows from Operating Activities:
Net Loss	$ (9,589)	$ (14,837)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	13,762	14,371
Deferred financing costs amortization	418	291
Stock-based compensation expense	1,227	1,074
Debt discount amortization	1,558	1,691
Allowance for credit losses	(104)	(170)
Gain from equipment sales, retirements or impairments	(3,599)	(2,139)
Derivative losses	0	34
Interest on finance leases	72	25
Settlement on derivative transactions, net	154	(373)
Currency losses (gains)	825	(821)
Deferred income taxes	(1,659)	(3,529)
Equity earnings	(536)	(5,674)
Dividends received from equity investees	0	725
Changes in Operating Assets and Liabilities:
Accounts receivables	(9,857)	3,904
Other assets	45	(164)
Accounts payable and accrued liabilities	6,731	6,707
Net cash (used in) provided by operating activities	(552)	1,115
Cash Flows from Investing Activities:
Purchases of property and equipment	(470)	(20)
Proceeds from disposition of property and equipment	7,611	5,310
Principal payments on notes due from equity investees	0	176
Principal payments on notes due from others	5,000	0
Net cash provided by investing activities	12,141	5,466
Cash Flows from Financing Activities:
Payments on long-term debt	(8,608)	(7,348)
Payments on finance leases	(114)	(9)
Proceeds from exercise of stock options	6	140
Tax withholdings on restricted stock vesting	(2,266)	(672)
Net cash used in financing activities	(10,982)	(7,889)
Effects of Exchange Rate Changes on Cash and Cash Equivalents	0	(1)
Net Change in Cash, Restricted Cash and Cash Equivalents	607	(1,309)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period	43,045	41,220
Cash, Restricted Cash and Cash Equivalents, End of Period	43,652	39,911
Supplemental disclosures:
Cash paid for interest, excluding capitalized interest	(5,955)	(3,099)
Income taxes paid, net	446	0
Noncash Investing and Financing Activities:
Increase in capital expenditures in accounts payable and accrued liabilities	51	0
Recognition of a new right-of-use asset - operating leases	196	163
Recognition of a new right-of-use asset - financing leases	$ 0	$ 7,248

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

LEASES

As of March 31, 2023, the Company leased-in one anchor handling towing supply vessel (“AHTS”), one FSV, and certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of March 31, 2023, the remaining lease terms of the vessels had a duration ranging from 18 to 48 months. The lease terms of certain facilities and other equipment had a duration ranging from three to 285 months.

As of March 31, 2023, future minimum payments for leases for the remainder of 2023 and the years ended December 31, noted below, were as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2023	$	1,597		$	612
2024		1,721			946
2025		645			959
2026		459			953
2027		400			4,659
Years subsequent to 2027		3,214			—
		8,036			8,129
Interest component		(1,798	)		(922	)
		6,238			7,207
Current portion of long-term lease liabilities		1,764			563
Long-term lease liabilities	$	4,474		$	6,644

For the three months ended March 31, 2023 and 2022 the components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	546	$	908
Finance lease cost:
Amortization of finance lease assets (1)		160		59
Interest on finance lease liabilities (2)		72		25
Short-term lease costs		174		152
	$	952	$	1,144

(1)

Included in amortization costs in the consolidated statements of income (loss).

(2)

Included in interest expense in the consolidated statements of income (loss).

For the three months ended March 31, 2023 supplemental cash flow information related to leases was as follows (in thousands):


	2023
Operating cash outflows from operating leases	$	641
Financing cash outflows from finance leases		114
Right-of-use assets obtained for operating lease liabilities		196
Right-of-use assets obtained for finance lease liabilities		—

For the three months ended March 31, 2023 other information related to leases was as follows:


	2023
Weighted average remaining lease term, in years - operating leases		9.8
Weighted average remaining lease term, in years - finance leases		4.0
Weighted average discount rate - operating leases		6.8	%
Weighted average discount rate - finance leases		4.0	%

Warrants	3 Months Ended
Warrants	Mar. 31, 2023
Warrants and Rights Note Disclosure [Abstract]
Warrants	10. WARRANTS In connection with various transactions, the Company issued 2,560,456 warrants to purchase shares of Common Stock at an exercise price of $0.01 per share (“Warrants”). On January 17, 2023, 117,515 Warrants were exercised, resulting in 1,321,968 Warrants outstanding as of March 31, 2023, which are comprised entirely of the remaining Carlyle Warrants. In connection with the exercise of Warrants on January 17, 2023, 121 shares of Common Stock were withheld as payment for the exercise price of the exercised Warrants.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Trade receivables, allowance for credit loss	$ 1,546	$ 1,650
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	27,574,544	26,950,799
Shares held in treasury (in shares)	468,966	248,638

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):


	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2023
Operating Revenues:
Time charter	$	6,564		$	18,996		$	16,028		$	13,827		$	55,415
Bareboat charter		—			—			—			360			360
Other marine services		3,842			(834	)		(142	)		1,332			4,198
		10,406			18,162			15,886			15,519			59,973
Direct Costs and Expenses:
Operating:
Personnel		6,535			4,505			4,841			3,922			19,803
Repairs and maintenance		1,194			2,553			677			1,587			6,011
Drydocking		43			1,184			(1,095	)		(119	)		13
Insurance and loss reserves		1,041			318			1,185			245			2,789
Fuel, lubes and supplies		783			2,215			1,142			679			4,819
Other		223			1,690			1,327			598			3,838
		9,819			12,465			8,077			6,912			37,273
Direct Vessel Profit	$	587		$	5,697		$	7,809		$	8,607			22,700
Other Costs and Expenses:
Lease expense	$	136		$	429		$	76		$	79			720
Administrative and general														11,632
Depreciation and amortization		3,535			3,925			3,688			2,614			13,762
														26,114
Gains on asset dispositions and impairments, net														3,599
Operating income													$	185
As of March 31, 2023
Property and Equipment:
Historical Cost	$	208,241		$	287,168		$	286,795		$	187,124		$	969,328
Accumulated Depreciation		(99,165	)		(96,086	)		(93,132	)		(35,814	)		(324,197	)
	$	109,076		$	191,082		$	193,663		$	151,310		$	645,131
Total Assets (1)	$	146,209		$	216,899		$	213,461		$	172,575		$	749,144

(1)

Total assets by region does not include corporate assets of $54.4 million as of March 31, 2023.


	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2022
Operating Revenues:
Time charter	$	7,864		$	12,280		$	13,660		$	8,937		$	42,741
Bareboat charter		—			—			—			618			618
Other		2,052			(616	)		49			747			2,232
		9,916			11,664			13,709			10,302			45,591
Direct Costs and Expenses:
Operating:
Personnel		4,923			3,536			6,031			3,945			18,435
Repairs and maintenance		1,101			1,579			1,832			2,279			6,791
Drydocking		2,867			1,144			962			—			4,973
Insurance and loss reserves		229			124			507			326			1,186
Fuel, lubes and supplies		662			1,473			1,010			584			3,729
Other		224			1,828			1,627			703			4,382
		10,006			9,684			11,969			7,837			39,496
Direct Vessel (Loss) Profit	$	(90	)	$	1,980		$	1,740		$	2,465			6,095
Other Costs and Expenses:
Lease expense	$	287		$	402		$	31		$	340			1,060
Administrative and general														9,924
Depreciation and amortization		4,638			3,258			4,345			2,130			14,371
														25,355
Gains on asset dispositions and impairments, net														2,139
Operating loss													$	(17,121	)
As of March 31, 2022
Property and Equipment:
Historical Cost	$	280,472		$	241,607		$	335,121		$	149,673		$	1,006,873
Accumulated Depreciation		(130,455	)		(77,502	)		(86,682	)		(21,805	)		(316,444	)
	$	150,017		$	164,105		$	248,439		$	127,868		$	690,429
Total Assets (1)	$	173,269		$	181,526		$	254,749		$	208,711		$	818,255

(1)

Total assets by region does not include corporate assets of $84.4 million as of March 31, 2022.

Long Term Debt - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023 USD ($) $ / shares	Jun. 30, 2023
Debt Instrument [Line Items]
Class of warrant or right, exercise price of warrants or rights \| $ / shares	$ 0.01
Long-term Debt Obligation
Debt Instrument [Line Items]
Letters of credit outstanding, amount \| $	$ 1.1
SEACOR Marine Foreign Holdings Credit Facility
Debt Instrument [Line Items]
Interest coverage ratio	2.00
SEACOR Marine Foreign Holdings Credit Facility \| Forecast
Debt Instrument [Line Items]
Interest coverage ratio		1.50

Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating cash outflows from operating leases	$ 641
Financing cash outflows from finance leases	114	$ 9
Right-of-use assets obtained for operating lease liabilities	196
Right-of-use assets obtained for finance lease liabilities	$ 0

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Obligations

The Company’s long-term debt obligations as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	March 31, 2023			December 31, 2022
Recourse long-term debt(1):
Guaranteed Notes	$	90,000		$	90,000
New Convertible Notes		35,000			35,000
SEACOR Marine Foreign Holdings Credit Facility		64,507			67,910
Sea-Cat Crewzer III Term Loan Facility		15,465			16,703
SEACOR Offshore Delta (f/k/a SEACOSCO) Acquisition Debt		16,205			16,205
SEACOR Delta (f/k/a SEACOSCO) Shipyard Financing		75,314			77,537
SEACOR Alpine Shipyard Financing		27,087			27,790
SEACOR 88/888 Term Loan		5,500			5,500
Tarahumara Shipyard Financing		5,056			5,597
SEACOR Offshore OSV		15,552			16,052
Total recourse long-term debt		349,686			358,294
Non-recourse long-term debt(2):
SEACOR 88/888 Term Loan		5,500			5,500
Total non-recourse long-term debt		5,500			5,500
Total principal due for long-term debt		355,186			363,794
Current portion due within one year		(60,523	)		(61,512	)
Unamortized debt discount		(35,950	)		(37,511	)
Deferred financing costs		(4,263	)		(4,652	)
Long-term debt, less current portion	$	254,450		$	260,119

(1)

Recourse debt represents debt issued by SEACOR Marine and/or its subsidiaries and guaranteed by SEACOR Marine or one of its operating subsidiaries as provided in the relevant debt agreements.

(2)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Paragraph 3
-Subparagraph (SX 210.12-04(a))
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+ Details

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Treasury stock, shares acquired	220,207
Treasury stock, value acquired cost method	$ 2,266	$ 672

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

11.

COMMITMENTS AND CONTINGENCIES

As of March 31, 2023, the Company had unfunded capital commitments of $1.7 million for miscellaneous vessel equipment payable during the remainder of 2023. The Company has indefinitely deferred an additional $9.3 million of orders with respect to one FSV that the Company had previously reported as unfunded capital commitments.

In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda, an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a 70%/30% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. A local Brazilian law has been enacted that supports the Company’s position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$21.3 million based on a historical potential levy of R$12.87 million (USD $4.2 million and USD $2.5 million, respectively, based on the exchange rate as of March 31, 2023).

On April 13, 2021, the SEACOR Power, a liftboat owned by a subsidiary of the Company with nineteen individuals on board, capsized off the coast of Port Fourchon, Louisiana. The incident resulted in the death of several crew members, including the captain of the vessel and five other employees of the Company. The incident also resulted in the constructive total loss of the SEACOR Power. The Company is responsible for the salvage operations related to the vessel in coordination with the U.S. Coast Guard (“USCG”). The salvage operations are substantially complete and the Company expects salvage costs to be covered by insurance proceeds.

The capsizing of the SEACOR Power garnered significant attention from the media as well as local, state and federal stakeholders. The National Transportation Safety Board (“NTSB”) and the USCG have each conducted an investigation to determine the cause of the incident. The Company has and will continue to fully cooperate with the investigations in all respects. On November 3, 2022, the NTSB publicly released its final report, as adopted on October 18, 2022, which determined that the probable cause of the capsizing of the SEACOR Power was a loss of stability that occurred when the vessel was struck by severe thunderstorm winds, which

exceeded the vessel’s operation wind speed limits. The NTSB further determined that contributing to the loss of life on the vessel were the speed at which the vessel capsized and the angle at which it came to rest, which made egress difficult, and the high winds and seas in the aftermath of the capsizing, which hampered rescue efforts. The USCG is also expected to release a report on its investigation although the timing of such release is uncertain.

Numerous civil lawsuits have been filed against the Company and other third parties by the family members of deceased crew members and the surviving crew members employed by the Company or by third parties. On June 2, 2021, the Company filed a Limitation of Liability Act complaint in federal court in the Eastern District of Louisiana (“Limitation Action”), which had the effect of enjoining all existing civil lawsuits and requiring the plaintiffs to file their claims relating to the capsizing of the SEACOR Power in the Limitation Action. Nearly all injury and death claims in the Limitation Action for which the Company has financial exposure have been resolved, and the remaining claims are those for which the Company is owed contractual defense and indemnity or will be covered by insurance. There is significant uncertainty regarding the impact the incident will have on the Company’s reputation and the resulting possible impact on the Company’s business.

In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect that such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of March 31, 2023, all invoices related to MNOPF and MNRPF have been settled in full.

On October 19, 2021, the Company was informed by the MNRPF that two issues had been identified during a review of the MNRPF by the applicable trustee that would potentially give rise to material additional liabilities for the MNRPF. The MNRPF has indicated that the investigations into these issues remain ongoing, and that further updates will be provided as significant developments arise. Should such additional liabilities require the MNRPF to collect additional funds from participating employers, it is possible that the Company will be invoiced for a portion of such funds and recognize payroll related operating expenses in the periods invoices are received.

Equipment Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment [Abstract]

Equipment Acquisitions and Dispositions

EQUIPMENT ACQUISITIONS AND DISPOSITIONS

During the three months ended March 31, 2023, capital expenditures were $0.5 million and there were no equipment deliveries. During the three months ended March 31, 2023, the Company sold three liftboats and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for

net cash proceeds of $7.6 million, after transaction costs, and a gain of $2.6 million. During the three months ended March 31, 2022, the Company sold one liftboat, previously removed from service, and office space for net cash proceeds of $5.3 million, after transaction costs, and a gain of $3.1 million.

Stock Based Compensation - Schedule of Equity Incentive Plan Transactions (Details) (Parenthetical)	Mar. 31, 2023 shares
Performance Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares outstanding	156,620

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	14. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements.

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Equity Incentive Plan Transactions

Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2023 were as follows:


Restricted Stock Activity:
Outstanding as of December 31, 2022	1,682,193
Granted	594,368
Vested	(588,629	)
Forfeited	(15,000	)
Outstanding as of March 31, 2023 (1)	1,672,932

Stock Option Activity:
Outstanding as of December 31, 2022	1,026,865
Granted	—
Exercised	(834	)
Forfeited	—
Outstanding as of March 31, 2023	1,026,031

(1)

Excludes 156,620 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

Basis of Presentation and Accounting Policies - Schedule of Deferred Revenues (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Basis Of Presentation And Accounting Policies [Abstract]
Balance at beginning of period	$ 2,333	$ 1,606
Revenues deferred during the period	740	4,288
Revenues recognized and reclassifications during the period	(1,586)	(3,561)
Balance at end of period	$ 1,487	$ 2,333

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Assets	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Receivables Net Current	Other Receivables Net Current
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Assets	$ 387	$ 526
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Receivables Net Current	Other Receivables Net Current
Fair Value, Inputs, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative Assets	$ 0	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Receivables Net Current	Other Receivables Net Current

Equipment Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($) Vessel
Property Plant And Equipment [Line Items]
Equipment deliveries	$ 0
Proceeds from disposition of property and equipment	7,611	$ 5,310
Gain (loss) on disposition of property, plant and equipment		$ 3,100
Platform Supply Vessels
Property Plant And Equipment [Line Items]
Payments to acquire property, plant, and equipment, including fair value hedges	500
Liftboat
Property Plant And Equipment [Line Items]
Number of equipment sold \| Vessel		1
Proceeds from disposition of property and equipment		$ 5,300
Platform Supply Vessels And Fast Support Vessels
Property Plant And Equipment [Line Items]
Proceeds from disposition of property and equipment	7,600
Gain (loss) on disposition of property, plant and equipment	$ 2,600

Investments, at Equity, and Advances to 50% or Less Owned Companies

3 Months Ended

Mar. 31, 2023

Schedule Of Investments [Abstract]

Investments, at Equity, and Advances to 50% or Less Owned Companies

INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED COMPANIES

Investments, at equity, and advances to 50% or less owned companies as of March 31, 2023 and December 31, 2022 were as follows (in thousands):


	Ownership			2023		2022
Seabulk Angola		49.0	%		2,017		1,683
SEACOR Arabia		45.0	%		1,501		1,265
Other	20.0% - 50.0%				76		76
				$	3,594	$	3,024

Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Schedule Of Investments [Line Items]
Investments at equity	$ 3,594	$ 3,024
Seabulk Angola
Schedule Of Investments [Line Items]
Ownership percentage	49.00%
Investments at equity	$ 2,017	1,683
SEACOR Arabia
Schedule Of Investments [Line Items]
Ownership percentage	45.00%
Investments at equity	$ 1,501	1,265
Other Offshore Marine Services Joint Ventures
Schedule Of Investments [Line Items]
Investments at equity	$ 76	$ 76	$ 76,900
Other Offshore Marine Services Joint Ventures \| Minimum
Schedule Of Investments [Line Items]
Ownership percentage	20.00%
Other Offshore Marine Services Joint Ventures \| Maximum
Schedule Of Investments [Line Items]
Ownership percentage	50.00%		50.00%

Basis of Presentation and Accounting Policies

3 Months Ended

Mar. 31, 2023

Basis Of Presentation And Accounting Policies [Abstract]

Basis of Presentation and Accounting Policies

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”).

Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.

Recently Adopted Accounting Standards.

Critical Accounting Policies.

equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.


	2023			2022
Balance at beginning of period	$	2,333		$	1,606
Revenues deferred during the period		740			4,288
Revenues recognized and reclassifications during the period		(1,586	)		(3,561	)
Balance at end of period	$	1,487		$	2,333

As of March 31, 2023, the Company had $1.5 million of unearned revenue primarily related to mobilization of vessels and had no deferred revenues.

Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.

Restricted Cash. Restricted cash primarily relates to banking facility requirements.

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive income were as follows (in thousands):


	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments		Derivative Gains (Losses) on Cash Flow Hedges, net			Total Other Comprehensive Income
December 31, 2022	$	6,332	$	515		$	6,847
Other comprehensive (loss) income		668		(152	)		516
Balance as of March 31, 2023	$	7,000	$	363		$	7,363

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Summary of Future Minimum Payments for Leases

As of March 31, 2023, future minimum payments for leases for the remainder of 2023 and the years ended December 31, noted below, were as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2023	$	1,597		$	612
2024		1,721			946
2025		645			959
2026		459			953
2027		400			4,659
Years subsequent to 2027		3,214			—
		8,036			8,129
Interest component		(1,798	)		(922	)
		6,238			7,207
Current portion of long-term lease liabilities		1,764			563
Long-term lease liabilities	$	4,474		$	6,644

Summary of Components of Leases Expense

For the three months ended March 31, 2023 and 2022 the components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	546	$	908
Finance lease cost:
Amortization of finance lease assets (1)		160		59
Interest on finance lease liabilities (2)		72		25
Short-term lease costs		174		152
	$	952	$	1,144

(1)

Included in amortization costs in the consolidated statements of income (loss).

(2)

Included in interest expense in the consolidated statements of income (loss).

Summary of Supplemental Cash Flow Information Related to Leases

For the three months ended March 31, 2023 supplemental cash flow information related to leases was as follows (in thousands):


	2023
Operating cash outflows from operating leases	$	641
Financing cash outflows from finance leases		114
Right-of-use assets obtained for operating lease liabilities		196
Right-of-use assets obtained for finance lease liabilities		—

Summary of Other Information Related to Leases

For the three months ended March 31, 2023 other information related to leases was as follows:


	2023
Weighted average remaining lease term, in years - operating leases		9.8
Weighted average remaining lease term, in years - finance leases		4.0
Weighted average discount rate - operating leases		6.8	%
Weighted average discount rate - finance leases		4.0	%

Leases - Summary of Other Information Related to Leases (Details)	Mar. 31, 2023
Leases [Abstract]
Weighted average remaining lease term, in years - operating leases	9 years 9 months 18 days
Weighted average remaining lease term, in years - finance leases	4 years
Weighted average discount rate - operating leases	6.80%
Weighted average discount rate - finance leases	4.00%

Stock Based Compensation

3 Months Ended

Mar. 31, 2023

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

12.

STOCK BASED COMPENSATION

Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2023 were as follows:


Restricted Stock Activity:
Outstanding as of December 31, 2022	1,682,193
Granted	594,368
Vested	(588,629	)
Forfeited	(15,000	)
Outstanding as of March 31, 2023 (1)	1,672,932

Stock Option Activity:
Outstanding as of December 31, 2022	1,026,865
Granted	—
Exercised	(834	)
Forfeited	—
Outstanding as of March 31, 2023	1,026,031

(1)

Excludes 156,620 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

For the three months ended March 31, 2023, the Company acquired for treasury 220,207 shares of Common Stock from its directors and/or employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $2.3 million. These shares were purchased in accordance with the terms of the Company’s 2017 Equity Incentive Plan, 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.

Segment Information - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Information [Line Items]
Equity method investments	$ 3,594		$ 3,024
Equity in Gains (Losses) Earnings of 50% or Less Owned Companies	$ 500	$ 5,700
Equity Investments in 50% or Less Owned Companies \| Maximum
Segment Information [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Other Offshore Marine Services Joint Ventures
Segment Information [Line Items]
Equity method investments	$ 76	$ 76,900	$ 76
Other Offshore Marine Services Joint Ventures \| Maximum
Segment Information [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment charges	$ 0		$ 2,900,000
Impairment of long-lived assets owned or leased in vessels	$ 0
Fast Support Vessel
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets held for sale		$ 900,000	900,000
Anchor Handling Towing Supply Vessel
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets owned or leased in vessels			700,000
Tower and Gangway
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Impairment of long-lived assets held for sale			$ 1,300,000