8-K
false000169033400016903342023-11-012023-11-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 1, 2023

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

001-37966

47-2564547

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

12121 Wickchester Lane, Suite 500, Houston, TX

77079

(Address of Principal Executive Offices)

(Zip Code)

 

 

 

 

Registrant's telephone number, including area code

(346) 980-1700

 

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

SMHI

New York Stock Exchange (“NYSE”)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


Item 2.02 Results of Operations and Financial Condition

The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act") or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On November 1, 2023, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three and nine months ended September 30, 2023 (the "Earnings Release").

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.

Description

99.1

Press Release of SEACOR Marine Holdings Inc. dated November 1, 2023

 

 

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

SEACOR Marine Holdings Inc.

November 1, 2023

By:

/s/ John Gellert

Name: John Gellert

Title: President and Chief Executive Officer

 


EX-99.1

Exhibit 99.1

https://cdn.kscope.io/bfec313b507612da3c8a720ec7f4f089-img10727850_0.jpg 

PRESS RELEASE

SEACOR MARINE ANNOUNCES THIRD QUARTER 2023 RESULTS

Houston, Texas

November 1, 2023

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2023.

 

SEACOR Marine’s consolidated operating revenues for the third quarter of 2023 were $75.6 million, operating income was $9.8 million, and direct vessel profit (“DVP”)(1) was $36.8 million. This compares to consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022, and consolidated operating revenues of $66.9 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023.

 

Notable third quarter items include:

26.4% improvement in revenues from the third quarter of 2022 and a 13.0% improvement from the second quarter of 2023.
Average day rates of $18,046, a 35.3% improvement from the third quarter of 2022, and a 18.3% improvement from the second quarter of 2023.
DVP margin increased 132.9% from the third quarter of 2022 and increased 20.2% from the second quarter of 2023.
Comprehensive refinancing of our debt capital structure by refinancing $104.8 million of indebtedness maturing in the 2023-2026 period with a new $122.0 million senior secured term loan facility maturing in 2028. The remaining proceeds were used to, among other things, acquire 100% ownership of a 2014-built FSV previously under lease.

 

For the third quarter of 2023, net loss was $0.9 million ($0.03 loss per basic and diluted share). This compares to a net loss for the third quarter of 2022 of $24.4 million ($0.91 loss per basic and diluted share). Sequentially, third quarter 2023 results compare to a net loss of $4.6 million ($0.17 loss per basic and diluted share) in the second quarter of 2023.

 

Chief Executive Officer John Gellert commented:

 

“The Company’s third quarter results reflect continued progress in the cyclical recovery with a meaningful improvement in average day rates. The third quarter also illustrates the strong recovery in cash flows from operations with another consecutive quarter of meaningful increase in DVP, reaching levels not seen since 2014.

 

All our business segments contributed positively to the quarterly improvement in revenues and DVP. Our U.S. business segment showed very strong growth, driven by higher levels of activity and improved average day rates, especially in windfarm support. We have a differentiated and high-quality fleet in the U.S that serves both the offshore oil and gas and wind markets, which we believe will yield improved returns for this business segment if customer demand in both markets continues to improve over the next year. Our international segments also generated improved DVP compared to the third quarter of 2022, despite lower utilization driven mostly by downtime for repairs and scheduled drydockings. Tendering activity in all our international segments remains strong, and recent fixtures reflect improved terms and pricing. The third quarter is our seasonally busy time of year and we do expect some slow down both domestically and internationally as we enter the winter months for scheduled maintenance and vessel repositioning.

 

On September 11, 2023, the Company announced a new $122.0 million credit facility with EnTrust Global that matures in 2028 and, among other things, refinanced five separate debt facilities maturing in the 2023-2026 period. This transaction strengthened our capital structure and provides us with the financial flexibility to take advantage of the favorable market conditions we have been experiencing over the past several quarters. Absent a $2.0 million one-time charge in connection with our recently completed refinancing efforts, we would have reported positive net income for the third quarter.”

 

 

1


Today the Company also announced that it has entered into an at-the-market sales agreement with B. Riley Securities, Inc. (“B. Riley”), as sales agent, under which the Company may from time to time offer and sell shares of its common stock (the “Shares”) having an aggregate offering price of up to $25.0 million through an “at-the-market” equity offering program (the “ATM Program”), and the Company will file a prospectus supplement with the Securities and Exchange Commission with respect thereto. The Company currently intends to use the net proceeds from any sales of Shares under the ATM Program for general corporate purposes, which may include additions to working capital, capital expenditures, repayment of debt, or the financing of possible acquisitions and investments. The timing and amount of any sales will depend on a variety of factors to be determined by the Company.

 

The Shares will be offered through B. Riley. B. Riley may sell Shares by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the Shares, to or through a market maker or in negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.

 

The public offering of Shares in the at-the-market program is being made pursuant to Company’s effective shelf registration statement on Form S-3 (Registration No. 333-268175), including a base prospectus, filed with the Securities and Exchange Commission (the "SEC"). The offering is being made only by means of a prospectus supplement and the accompanying base prospectus. Prospective investors should read the prospectus supplement and the accompanying base prospectus in that registration statement and other documents that the Company has filed or will file with the SEC for information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement and the base prospectus may be obtained by contacting B. Riley Securities, Inc. at 299 Park Avenue, New York, New York 10171, by telephone at (800) 846-5050 or by email at prospectuses@brileyfin.com.

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

 

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

 

2


For all other requests, contact InvestorRelations@seacormarine.com

 

 

3


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

 

 

Three Months Ended September 30,

 

 

Nine months ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating Revenues

 

$

75,574

 

 

$

59,791

 

 

$

202,438

 

 

$

159,399

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

38,816

 

 

 

44,006

 

 

 

112,391

 

 

 

127,647

 

Administrative and general

 

 

12,300

 

 

 

9,978

 

 

 

37,636

 

 

 

30,112

 

Lease expense

 

 

651

 

 

 

1,168

 

 

 

2,069

 

 

 

3,236

 

Depreciation and amortization

 

 

13,462

 

 

 

13,754

 

 

 

40,799

 

 

 

42,333

 

 

 

65,229

 

 

 

68,906

 

 

 

192,895

 

 

 

203,328

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(512

)

 

 

(1,783

)

 

 

3,352

 

 

 

381

 

Operating Income (Loss)

 

 

9,833

 

 

 

(10,898

)

 

 

12,895

 

 

 

(43,548

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

340

 

 

 

(123

)

 

 

1,222

 

 

 

96

 

Interest expense

 

 

(9,536

)

 

 

(7,634

)

 

 

(27,060

)

 

 

(21,250

)

Loss on debt extinguishment

 

 

(2,004

)

 

 

 

 

 

(2,004

)

 

 

 

Derivative gains, net

 

 

 

 

 

1

 

 

 

 

 

 

 

Foreign currency gains (losses), net

 

 

571

 

 

 

2,314

 

 

 

(857

)

 

 

4,305

 

Other, net

 

 

 

 

 

659

 

 

 

 

 

 

618

 

 

 

(10,629

)

 

 

(4,783

)

 

 

(28,699

)

 

 

(16,231

)

Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

(796

)

 

 

(15,681

)

 

 

(15,804

)

 

 

(59,779

)

Income Tax Expense

 

 

2,360

 

 

 

8,418

 

 

 

2,421

 

 

 

4,363

 

Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

(3,156

)

 

 

(24,099

)

 

 

(18,225

)

 

 

(64,142

)

Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

2,273

 

 

 

(254

)

 

 

3,182

 

 

 

5,835

 

Net Loss

 

 

(883

)

 

 

(24,353

)

 

 

(15,043

)

 

 

(58,307

)

Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(2

)

 

 

 

 

 

1

 

Net Loss Attributable to SEACOR Marine Holdings Inc.

 

$

(883

)

 

$

(24,351

)

 

$

(15,043

)

 

$

(58,308

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.03

)

 

$

(0.91

)

 

$

(0.56

)

 

$

(2.19

)

Diluted

 

$

(0.03

)

 

$

(0.91

)

 

$

(0.56

)

 

$

(2.19

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,181,754

 

 

 

26,727,864

 

 

 

27,048,656

 

 

 

26,591,911

 

Diluted

 

 

27,181,754

 

 

 

26,727,864

 

 

 

27,048,656

 

 

 

26,591,911

 

 

 

4


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

18,046

 

 

$

15,250

 

 

$

14,314

 

 

$

13,794

 

 

$

13,340

 

Fleet Utilization

 

 

73

%

 

 

78

%

 

 

76

%

 

 

76

%

 

 

79

%

Fleet Available Days

 

 

5,182

 

 

 

5,096

 

 

 

5,071

 

 

 

5,244

 

 

 

5,336

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

68,668

 

 

$

60,804

 

 

$

55,415

 

 

$

54,789

 

 

$

56,500

 

Bareboat charter

 

 

368

 

 

 

364

 

 

 

360

 

 

 

376

 

 

 

332

 

Other marine services

 

 

6,538

 

 

 

5,723

 

 

 

4,198

 

 

 

2,761

 

 

 

2,959

 

 

 

75,574

 

 

 

66,891

 

 

 

59,973

 

 

 

57,926

 

 

 

59,791

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

19,943

 

 

 

19,944

 

 

 

19,803

 

 

 

20,849

 

 

 

20,152

 

Repairs and maintenance

 

 

7,418

 

 

 

5,793

 

 

 

6,011

 

 

 

8,948

 

 

 

7,377

 

Drydocking

 

 

1,768

 

 

 

2,256

 

 

 

13

 

 

 

1,667

 

 

 

5,046

 

Insurance and loss reserves

 

 

1,833

 

 

 

2,390

 

 

 

2,789

 

 

 

3,381

 

 

 

2,850

 

Fuel, lubes and supplies

 

 

5,047

 

 

 

3,638

 

 

 

4,819

 

 

 

5,794

 

 

 

5,416

 

Other

 

 

2,807

 

 

 

2,281

 

 

 

3,838

 

 

 

3,699

 

 

 

3,165

 

 

 

38,816

 

 

 

36,302

 

 

 

37,273

 

 

 

44,338

 

 

 

44,006

 

Direct Vessel Profit (1)

 

 

36,758

 

 

 

30,589

 

 

 

22,700

 

 

 

13,588

 

 

 

15,785

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

651

 

 

 

698

 

 

 

720

 

 

 

633

 

 

 

1,168

 

Administrative and general

 

 

12,300

 

 

 

13,704

 

 

 

11,632

 

 

 

10,799

 

 

 

9,978

 

Depreciation and amortization

 

 

13,462

 

 

 

13,575

 

 

 

13,762

 

 

 

13,624

 

 

 

13,754

 

 

 

26,413

 

 

 

27,977

 

 

 

26,114

 

 

 

25,056

 

 

 

24,900

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(512

)

 

 

265

 

 

 

3,599

 

 

 

1,017

 

 

 

(1,783

)

Operating Income (Loss)

 

 

9,833

 

 

 

2,877

 

 

 

185

 

 

 

(10,451

)

 

 

(10,898

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

340

 

 

 

422

 

 

 

460

 

 

 

688

 

 

 

(123

)

Interest expense

 

 

(9,536

)

 

 

(8,736

)

 

 

(8,788

)

 

 

(8,456

)

 

 

(7,634

)

Derivative gains, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

(Loss) gain on debt extinguishment

 

 

(2,004

)

 

 

 

 

 

 

 

 

10,429

 

 

 

 

Foreign currency gains (losses), net

 

 

571

 

 

 

(603

)

 

 

(825

)

 

 

(2,646

)

 

 

2,314

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

137

 

 

 

659

 

 

 

(10,629

)

 

 

(8,917

)

 

 

(9,153

)

 

 

152

 

 

 

(4,783

)

Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

(796

)

 

 

(6,040

)

 

 

(8,968

)

 

 

(10,299

)

 

 

(15,681

)

Income Tax Expense (Benefit)

 

 

2,360

 

 

 

(1,096

)

 

 

1,157

 

 

 

4,219

 

 

 

8,418

 

Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

(3,156

)

 

 

(4,944

)

 

 

(10,125

)

 

 

(14,518

)

 

 

(24,099

)

Equity in Earnings (Losses) of 50% or Less Owned Companies

 

 

2,273

 

 

 

373

 

 

 

536

 

 

 

1,176

 

 

 

(254

)

Net Loss

 

 

(883

)

 

 

(4,571

)

 

 

(9,589

)

 

 

(13,342

)

 

 

(24,353

)

Net Loss Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2

)

Net Loss Attributable to SEACOR Marine Holdings Inc.

 

$

(883

)

 

$

(4,571

)

 

$

(9,589

)

 

$

(13,342

)

 

$

(24,351

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.03

)

 

$

(0.17

)

 

$

(0.36

)

 

$

(0.50

)

 

$

(0.91

)

Diluted

 

$

(0.03

)

 

$

(0.17

)

 

$

(0.36

)

 

$

(0.50

)

 

$

(0.91

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,182

 

 

 

27,138

 

 

 

26,822

 

 

 

26,728

 

 

 

26,728

 

Diluted

 

 

27,182

 

 

 

27,138

 

 

 

26,822

 

 

 

26,728

 

 

 

26,728

 

Common Shares and Warrants Outstanding at Period End

 

 

28,481

 

 

 

28,481

 

 

 

28,428

 

 

 

28,142

 

 

 

28,142

 

 

 

5


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

23,663

 

 

$

16,115

 

 

$

18,359

 

 

$

22,563

 

 

$

21,551

 

Fleet utilization

 

 

57

%

 

 

35

%

 

 

35

%

 

 

57

%

 

 

58

%

Fleet available days

 

 

1,196

 

 

 

1,080

 

 

 

1,015

 

 

 

1,288

 

 

 

1,363

 

Out-of-service days for repairs, maintenance and drydockings

 

 

151

 

 

 

229

 

 

 

112

 

 

 

108

 

 

 

199

 

Out-of-service days for cold-stacked status

 

 

206

 

 

 

173

 

 

 

211

 

 

 

242

 

 

 

259

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

16,236

 

 

$

6,121

 

 

$

6,564

 

 

$

16,574

 

 

$

17,075

 

Other marine services

 

 

5,444

 

 

 

2,993

 

 

 

3,842

 

 

 

2,916

 

 

 

2,161

 

 

 

21,680

 

 

 

9,114

 

 

 

10,406

 

 

 

19,490

 

 

 

19,236

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

6,712

 

 

 

5,957

 

 

 

6,535

 

 

 

7,262

 

 

 

7,243

 

Repairs and maintenance

 

 

1,560

 

 

 

1,573

 

 

 

1,194

 

 

 

2,666

 

 

 

2,002

 

Drydocking

 

 

462

 

 

 

1,506

 

 

 

43

 

 

 

472

 

 

 

1,549

 

Insurance and loss reserves

 

 

332

 

 

 

1,082

 

 

 

1,041

 

 

 

2,022

 

 

 

1,382

 

Fuel, lubes and supplies

 

 

958

 

 

 

924

 

 

 

783

 

 

 

746

 

 

 

1,143

 

Other

 

 

341

 

 

 

335

 

 

 

223

 

 

 

416

 

 

 

314

 

 

 

10,365

 

 

 

11,377

 

 

 

9,819

 

 

 

13,584

 

 

 

13,633

 

Direct Vessel Profit (Loss) (1)

 

$

11,315

 

 

$

(2,263

)

 

$

587

 

 

$

5,906

 

 

$

5,603

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

116

 

 

$

143

 

 

$

136

 

 

$

138

 

 

$

278

 

Depreciation and amortization

 

 

3,810

 

 

 

3,861

 

 

 

3,535

 

 

 

3,912

 

 

 

4,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,388

 

 

$

14,982

 

 

$

12,835

 

 

$

11,241

 

 

$

11,813

 

Fleet utilization

 

 

84

%

 

 

94

%

 

 

87

%

 

 

82

%

 

 

91

%

Fleet available days

 

 

1,748

 

 

 

1,729

 

 

 

1,710

 

 

 

1,656

 

 

 

1,629

 

Out-of-service days for repairs, maintenance and drydockings

 

 

111

 

 

 

58

 

 

 

118

 

 

 

125

 

 

 

37

 

Out-of-service days for cold-stacked status

 

 

54

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

22,528

 

 

$

24,414

 

 

$

18,996

 

 

$

15,299

 

 

$

17,551

 

Other marine services

 

 

815

 

 

 

(1,037

)

 

 

(834

)

 

 

(679

)

 

 

60

 

 

 

23,343

 

 

 

23,377

 

 

 

18,162

 

 

 

14,620

 

 

 

17,611

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,089

 

 

 

4,833

 

 

 

4,505

 

 

 

4,680

 

 

 

4,694

 

Repairs and maintenance

 

 

2,214

 

 

 

2,050

 

 

 

2,553

 

 

 

2,902

 

 

 

2,110

 

Drydocking

 

 

320

 

 

 

144

 

 

 

1,184

 

 

 

678

 

 

 

383

 

Insurance and loss reserves

 

 

573

 

 

 

420

 

 

 

318

 

 

 

366

 

 

 

359

 

Fuel, lubes and supplies

 

 

2,573

 

 

 

1,419

 

 

 

2,215

 

 

 

2,775

 

 

 

2,284

 

Other

 

 

1,320

 

 

 

1,346

 

 

 

1,690

 

 

 

1,896

 

 

 

1,580

 

 

 

12,089

 

 

 

10,212

 

 

 

12,465

 

 

 

13,297

 

 

 

11,410

 

Direct Vessel Profit (1)

 

$

11,254

 

 

$

13,165

 

 

$

5,697

 

 

$

1,323

 

 

$

6,201

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

372

 

 

$

408

 

 

$

429

 

 

$

378

 

 

$

455

 

Depreciation and amortization

 

 

3,821

 

 

 

3,853

 

 

 

3,925

 

 

 

3,683

 

 

 

3,461

 

 

 

 

6


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

Middle East and Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

16,313

 

 

$

13,245

 

 

$

13,562

 

 

$

11,090

 

 

$

9,507

 

Fleet utilization

 

 

67

%

 

 

86

%

 

 

82

%

 

 

75

%

 

 

79

%

Fleet available days

 

 

1,472

 

 

 

1,456

 

 

 

1,440

 

 

 

1,533

 

 

 

1,564

 

Out-of-service days for repairs, maintenance and drydockings

 

 

297

 

 

 

58

 

 

 

76

 

 

 

132

 

 

 

252

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

16,087

 

 

$

16,563

 

 

$

16,028

 

 

$

12,802

 

 

$

11,712

 

Other marine services

 

 

103

 

 

 

3,357

 

 

 

(142

)

 

 

(66

)

 

 

319

 

 

 

16,190

 

 

 

19,920

 

 

 

15,886

 

 

 

12,736

 

 

 

12,031

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,157

 

 

 

5,266

 

 

 

4,841

 

 

 

5,270

 

 

 

5,384

 

Repairs and maintenance

 

 

2,623

 

 

 

1,219

 

 

 

677

 

 

 

1,958

 

 

 

1,776

 

Drydocking

 

 

1,056

 

 

 

(684

)

 

 

(1,095

)

 

 

244

 

 

 

3,113

 

Insurance and loss reserves

 

 

711

 

 

 

720

 

 

 

1,185

 

 

 

821

 

 

 

762

 

Fuel, lubes and supplies

 

 

743

 

 

 

425

 

 

 

1,142

 

 

 

1,335

 

 

 

1,426

 

Other

 

 

779

 

 

 

234

 

 

 

1,327

 

 

 

915

 

 

 

878

 

 

 

11,069

 

 

 

7,180

 

 

 

8,077

 

 

 

10,543

 

 

 

13,339

 

Direct Vessel Profit (Loss) (1)

 

$

5,121

 

 

$

12,740

 

 

$

7,809

 

 

$

2,193

 

 

$

(1,308

)

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

59

 

 

$

67

 

 

$

76

 

 

$

52

 

 

$

35

 

Depreciation and amortization

 

 

3,721

 

 

 

3,708

 

 

 

3,688

 

 

 

3,783

 

 

 

3,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

20,656

 

 

$

18,846

 

 

$

16,229

 

 

$

14,009

 

 

$

14,010

 

Fleet utilization

 

 

87

%

 

 

88

%

 

 

94

%

 

 

94

%

 

 

93

%

Fleet available days

 

 

766

 

 

 

831

 

 

 

906

 

 

 

767

 

 

 

780

 

Out-of-service days for repairs, maintenance and drydockings

 

 

67

 

 

 

79

 

 

 

22

 

 

 

14

 

 

 

12

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

13,817

 

 

$

13,706

 

 

$

13,827

 

 

$

10,114

 

 

$

10,162

 

Bareboat charter

 

 

368

 

 

 

364

 

 

 

360

 

 

 

376

 

 

 

332

 

Other marine services

 

 

176

 

 

 

410

 

 

 

1,332

 

 

 

590

 

 

 

419

 

 

 

14,361

 

 

 

14,480

 

 

 

15,519

 

 

 

11,080

 

 

 

10,913

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,985

 

 

 

3,888

 

 

 

3,922

 

 

 

3,637

 

 

 

2,831

 

Repairs and maintenance

 

 

1,021

 

 

 

951

 

 

 

1,587

 

 

 

1,422

 

 

 

1,489

 

Drydocking

 

 

(70

)

 

 

1,290

 

 

 

(119

)

 

 

273

 

 

 

1

 

Insurance and loss reserves

 

 

217

 

 

 

168

 

 

 

245

 

 

 

172

 

 

 

347

 

Fuel, lubes and supplies

 

 

773

 

 

 

870

 

 

 

679

 

 

 

938

 

 

 

563

 

Other

 

 

367

 

 

 

366

 

 

 

598

 

 

 

472

 

 

 

393

 

 

 

5,293

 

 

 

7,533

 

 

 

6,912

 

 

 

6,914

 

 

 

5,624

 

Direct Vessel Profit (1)

 

$

9,068

 

 

$

6,947

 

 

$

8,607

 

 

$

4,166

 

 

$

5,289

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

104

 

 

$

80

 

 

$

79

 

 

$

65

 

 

$

400

 

Depreciation and amortization

 

 

2,110

 

 

 

2,153

 

 

 

2,614

 

 

 

2,246

 

 

 

1,987

 

 

 

 

 

 

7


SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

AHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,947

 

 

$

8,916

 

 

$

9,244

 

 

$

9,254

 

 

$

8,848

 

Fleet utilization

 

 

50

%

 

 

85

%

 

 

81

%

 

 

80

%

 

 

67

%

Fleet available days

 

 

368

 

 

 

364

 

 

 

391

 

 

 

460

 

 

 

552

 

Out-of-service days for repairs, maintenance and drydockings

 

 

111

 

 

 

13

 

 

 

45

 

 

 

 

 

 

92

 

Out-of-service days for cold-stacked status

 

 

54

 

 

 

 

 

 

31

 

 

 

92

 

 

 

92

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

1,831

 

 

$

2,762

 

 

$

2,915

 

 

$

3,406

 

 

$

3,256

 

Other marine services

 

 

818

 

 

 

(134

)

 

 

(152

)

 

 

(168

)

 

 

(183

)

 

 

2,649

 

 

 

2,628

 

 

 

2,763

 

 

 

3,238

 

 

 

3,073

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

1,019

 

 

$

1,069

 

 

$

995

 

 

$

1,220

 

 

$

1,022

 

Repairs and maintenance

 

 

484

 

 

 

186

 

 

 

216

 

 

 

331

 

 

 

304

 

Drydocking

 

 

747

 

 

 

131

 

 

 

420

 

 

 

6

 

 

 

28

 

Insurance and loss reserves

 

 

88

 

 

 

78

 

 

 

68

 

 

 

94

 

 

 

150

 

Fuel, lubes and supplies

 

 

428

 

 

 

192

 

 

 

476

 

 

 

259

 

 

 

399

 

Other

 

 

266

 

 

 

195

 

 

 

295

 

 

 

283

 

 

 

228

 

 

 

3,032

 

 

 

1,851

 

 

 

2,470

 

 

 

2,193

 

 

 

2,131

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

331

 

 

$

332

 

 

$

331

 

 

$

300

 

 

$

450

 

Depreciation and amortization

 

 

249

 

 

 

298

 

 

 

298

 

 

 

300

 

 

 

494

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,441

 

 

$

11,314

 

 

$

10,609

 

 

$

9,905

 

 

$

9,907

 

Fleet utilization

 

 

79

%

 

 

92

%

 

 

91

%

 

 

86

%

 

 

90

%

Fleet available days

 

 

2,116

 

 

 

2,093

 

 

 

2,070

 

 

 

2,116

 

 

 

2,116

 

Out-of-service days for repairs, maintenance and drydockings

 

 

227

 

 

 

86

 

 

 

66

 

 

 

146

 

 

 

103

 

Out-of-service days for cold-stacked status

 

 

69

 

 

 

82

 

 

 

90

 

 

 

58

 

 

 

75

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

19,135

 

 

$

21,747

 

 

$

19,988

 

 

$

18,062

 

 

$

18,837

 

Other marine services

 

 

157

 

 

 

(518

)

 

 

(377

)

 

 

(224

)

 

 

(15

)

 

 

19,292

 

 

 

21,229

 

 

 

19,611

 

 

 

17,838

 

 

 

18,822

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

5,144

 

 

$

5,083

 

 

$

4,861

 

 

$

5,140

 

 

$

5,289

 

Repairs and maintenance

 

 

2,787

 

 

 

1,134

 

 

 

1,867

 

 

 

2,957

 

 

 

2,738

 

Drydocking

 

 

870

 

 

 

1,342

 

 

 

128

 

 

 

1,434

 

 

 

656

 

Insurance and loss reserves

 

 

185

 

 

 

337

 

 

 

334

 

 

 

453

 

 

 

410

 

Fuel, lubes and supplies

 

 

1,501

 

 

 

1,108

 

 

 

1,382

 

 

 

1,797

 

 

 

1,572

 

Other

 

 

1,057

 

 

 

947

 

 

 

1,236

 

 

 

1,638

 

 

 

1,284

 

 

 

11,544

 

 

 

9,951

 

 

 

9,808

 

 

 

13,419

 

 

 

11,949

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

5,002

 

 

 

4,952

 

 

 

4,946

 

 

 

4,972

 

 

 

4,972

 

 

8


SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

PSV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

19,528

 

 

$

17,545

 

 

$

14,827

 

 

$

13,519

 

 

$

13,772

 

Fleet utilization

 

 

78

%

 

 

80

%

 

 

70

%

 

 

69

%

 

 

78

%

Fleet available days

 

 

1,870

 

 

 

1,820

 

 

 

1,800

 

 

 

1,840

 

 

 

1,840

 

Out-of-service days for repairs, maintenance and drydockings

 

 

110

 

 

 

92

 

 

 

124

 

 

 

142

 

 

 

152

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

28,580

 

 

$

25,458

 

 

$

18,800

 

 

$

17,194

 

 

$

19,687

 

Bareboat charter

 

 

368

 

 

 

364

 

 

 

360

 

 

 

376

 

 

 

332

 

Other marine services

 

 

149

 

 

 

19

 

 

 

840

 

 

 

222

 

 

 

720

 

 

 

29,097

 

 

 

25,841

 

 

 

20,000

 

 

 

17,792

 

 

 

20,739

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

8,793

 

 

$

8,738

 

 

$

8,849

 

 

$

8,961

 

 

$

8,427

 

Repairs and maintenance

 

 

2,504

 

 

 

2,998

 

 

 

3,475

 

 

 

2,998

 

 

 

2,839

 

Drydocking

 

 

232

 

 

 

12

 

 

 

609

 

 

 

770

 

 

 

1,025

 

Insurance and loss reserves

 

 

682

 

 

 

421

 

 

 

419

 

 

 

552

 

 

 

734

 

Fuel, lubes and supplies

 

 

2,352

 

 

 

2,124

 

 

 

2,331

 

 

 

2,842

 

 

 

2,038

 

Other

 

 

1,214

 

 

 

840

 

 

 

2,314

 

 

 

1,420

 

 

 

1,275

 

 

 

15,777

 

 

 

15,133

 

 

 

17,997

 

 

 

17,543

 

 

 

16,338

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

 

 

$

 

 

$

 

 

$

 

 

$

332

 

Depreciation and amortization

 

 

4,073

 

 

 

4,072

 

 

 

4,262

 

 

 

4,099

 

 

 

3,810

 

 

 

 

9


SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

Liftboats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

39,419

 

 

$

35,623

 

 

$

33,936

 

 

$

31,717

 

 

$

27,447

 

Fleet utilization

 

 

59

%

 

 

37

%

 

 

50

%

 

 

61

%

 

 

65

%

Fleet available days

 

 

828

 

 

 

819

 

 

 

810

 

 

 

828

 

 

 

828

 

Out-of-service days for repairs, maintenance and drydockings

 

 

111

 

 

 

233

 

 

 

94

 

 

 

90

 

 

 

154

 

Out-of-service days for cold-stacked status

 

 

137

 

 

 

91

 

 

 

90

 

 

 

92

 

 

 

92

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

19,122

 

 

$

10,837

 

 

$

13,712

 

 

$

16,127

 

 

$

14,720

 

Other marine services

 

 

4,538

 

 

 

5,355

 

 

 

2,776

 

 

 

1,842

 

 

 

1,421

 

 

 

23,660

 

 

 

16,192

 

 

 

16,488

 

 

 

17,969

 

 

 

16,141

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

4,983

 

 

$

5,065

 

 

$

5,068

 

 

$

5,520

 

 

$

5,419

 

Repairs and maintenance

 

 

1,643

 

 

 

1,472

 

 

 

499

 

 

 

2,674

 

 

 

1,560

 

Drydocking

 

 

(81

)

 

 

849

 

 

 

(1,141

)

 

 

(543

)

 

 

3,337

 

Insurance and loss reserves

 

 

1,148

 

 

 

1,418

 

 

 

1,907

 

 

 

2,271

 

 

 

1,552

 

Fuel, lubes and supplies

 

 

766

 

 

 

219

 

 

 

619

 

 

 

896

 

 

 

1,408

 

Other

 

 

273

 

 

 

301

 

 

 

(28

)

 

 

359

 

 

 

387

 

 

 

8,732

 

 

 

9,324

 

 

 

6,924

 

 

 

11,177

 

 

 

13,663

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

4,099

 

 

 

4,215

 

 

 

4,214

 

 

 

4,210

 

 

 

4,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other marine services

 

$

876

 

 

$

1,001

 

 

$

1,111

 

 

$

1,089

 

 

$

1,016

 

 

 

876

 

 

 

1,001

 

 

 

1,111

 

 

 

1,089

 

 

 

1,016

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

4

 

 

$

(11

)

 

$

30

 

 

$

8

 

 

$

(5

)

Repairs and maintenance

 

 

 

 

 

3

 

 

 

(46

)

 

 

(12

)

 

 

(64

)

Drydocking

 

 

 

 

 

(78

)

 

 

(3

)

 

 

 

 

 

 

Insurance and loss reserves

 

 

(270

)

 

 

136

 

 

 

61

 

 

 

11

 

 

 

4

 

Fuel, lubes and supplies

 

 

 

 

 

(5

)

 

 

11

 

 

 

 

 

 

(1

)

Other

 

 

(3

)

 

 

(2

)

 

 

21

 

 

 

(1

)

 

 

(9

)

 

 

(269

)

 

 

43

 

 

 

74

 

 

 

6

 

 

 

(75

)

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

320

 

 

$

366

 

 

$

389

 

 

$

333

 

 

$

386

 

Depreciation and amortization

 

 

39

 

 

 

38

 

 

 

42

 

 

 

43

 

 

 

49

 

 

 

 

10


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

55,840

 

 

$

40,750

 

 

$

40,570

 

 

$

39,963

 

 

$

47,514

 

 

Restricted cash

 

 

2,796

 

 

 

2,796

 

 

 

3,082

 

 

 

3,082

 

 

 

3,296

 

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade, net of allowance for credit loss accounts

 

 

63,246

 

 

 

60,022

 

 

 

60,114

 

 

 

54,388

 

 

 

58,572

 

 

Other

 

 

8,924

 

 

 

12,295

 

 

 

11,913

 

 

 

7,638

 

 

 

6,647

 

 

Note receivable

 

 

 

 

 

5,000

 

 

 

10,000

 

 

 

15,000

 

 

 

20,000

 

 

Tax receivable

 

 

445

 

 

 

445

 

 

 

445

 

 

 

578

 

 

 

79

 

 

Inventories

 

 

1,738

 

 

 

1,653

 

 

 

2,207

 

 

 

2,123

 

 

 

2,059

 

 

Prepaid expenses and other

 

 

2,957

 

 

 

3,112

 

 

 

3,233

 

 

 

3,054

 

 

 

4,700

 

 

Assets held for sale

 

 

6,093

 

 

 

 

 

 

 

 

 

6,750

 

 

 

6,000

 

 

Total current assets

 

 

142,039

 

 

 

126,073

 

 

 

131,564

 

 

 

132,576

 

 

 

148,867

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

 

936,520

 

 

 

966,338

 

 

 

969,328

 

 

 

967,683

 

 

 

992,423

 

 

Accumulated depreciation

 

 

(318,549

)

 

 

(334,678

)

 

 

(324,197

)

 

 

(310,778

)

 

 

(321,898

)

 

 

 

617,971

 

 

 

631,660

 

 

 

645,131

 

 

 

656,905

 

 

 

670,525

 

 

Construction in progress

 

 

9,413

 

 

 

8,876

 

 

 

8,540

 

 

 

8,111

 

 

 

8,422

 

 

Net property and equipment

 

 

627,384

 

 

 

640,536

 

 

 

653,671

 

 

 

665,016

 

 

 

678,947

 

 

Right-of-use asset - operating leases

 

 

4,907

 

 

 

5,703

 

 

 

5,984

 

 

 

6,206

 

 

 

4,419

 

 

Right-of-use asset - finance leases

 

 

45

 

 

 

6,495

 

 

 

6,654

 

 

 

6,813

 

 

 

6,972

 

 

Investments, at equity, and advances to 50% or less owned companies

 

 

3,857

 

 

 

3,253

 

 

 

3,594

 

 

 

3,024

 

 

 

1,901

 

 

Other assets

 

 

2,095

 

 

 

2,139

 

 

 

2,079

 

 

 

1,995

 

 

 

1,887

 

 

Total assets

 

$

780,327

 

 

$

784,199

 

 

$

803,546

 

 

$

815,630

 

 

$

842,993

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

1,856

 

 

$

1,792

 

 

$

1,764

 

 

$

2,358

 

 

$

1,792

 

 

Current portion of finance lease liabilities

 

 

35

 

 

 

611

 

 

 

563

 

 

 

468

 

 

 

374

 

 

Current portion of long-term debt

 

 

28,005

 

 

 

63,959

 

 

 

60,523

 

 

 

61,512

 

 

 

57,567

 

 

Accounts payable and accrued expenses

 

 

32,466

 

 

 

39,012

 

 

 

44,255

 

 

 

37,954

 

 

 

36,248

 

 

Due to SEACOR Holdings

 

 

264

 

 

 

264

 

 

 

264

 

 

 

264

 

 

 

264

 

 

Other current liabilities

 

 

21,340

 

 

 

21,027

 

 

 

20,185

 

 

 

18,869

 

 

 

22,032

 

 

Total current liabilities

 

 

83,966

 

 

 

126,665

 

 

 

127,554

 

 

 

121,425

 

 

 

118,277

 

 

Long-term operating lease liabilities

 

 

3,571

 

 

 

4,030

 

 

 

4,474

 

 

 

4,739

 

 

 

3,759

 

 

Long-term finance lease liabilities

 

 

15

 

 

 

6,462

 

 

 

6,644

 

 

 

6,781

 

 

 

6,916

 

 

Long-term debt

 

 

291,843

 

 

 

243,960

 

 

 

254,450

 

 

 

260,119

 

 

 

282,556

 

 

Deferred income taxes

 

 

33,078

 

 

 

34,038

 

 

 

39,120

 

 

 

40,779

 

 

 

39,823

 

 

Deferred gains and other liabilities

 

 

2,217

 

 

 

2,189

 

 

 

2,264

 

 

 

2,641

 

 

 

2,692

 

 

Total liabilities

 

 

414,690

 

 

 

417,344

 

 

 

434,506

 

 

 

436,484

 

 

 

454,023

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

280

 

 

 

280

 

 

 

279

 

 

 

272

 

 

 

272

 

 

Additional paid-in capital

 

 

471,158

 

 

 

469,618

 

 

 

467,896

 

 

 

466,669

 

 

 

465,449

 

 

Accumulated deficit

 

 

(108,154

)

 

 

(107,271

)

 

 

(102,700

)

 

 

(93,111

)

 

 

(79,769

)

 

Shares held in treasury

 

 

(4,221

)

 

 

(4,221

)

 

 

(4,119

)

 

 

(1,852

)

 

 

(1,852

)

 

Accumulated other comprehensive income, net of tax

 

 

6,253

 

 

 

8,128

 

 

 

7,363

 

 

 

6,847

 

 

 

4,549

 

 

 

 

365,316

 

 

 

366,534

 

 

 

368,719

 

 

 

378,825

 

 

 

388,649

 

 

Noncontrolling interests in subsidiaries

 

 

321

 

 

 

321

 

 

 

321

 

 

 

321

 

 

 

321

 

 

Total equity

 

 

365,637

 

 

 

366,855

 

 

 

369,040

 

 

 

379,146

 

 

 

388,970

 

 

Total liabilities and equity

 

$

780,327

 

 

$

784,199

 

 

$

803,546

 

 

$

815,630

 

 

$

842,993

 

 

 

 

 

11


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Three Months Ended

 

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(883

)

 

$

(4,571

)

 

$

(9,589

)

 

$

(13,342

)

 

$

(24,353

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

13,462

 

 

 

13,575

 

 

 

13,762

 

 

 

13,624

 

 

 

13,754

 

Deferred financing costs amortization

 

 

459

 

 

 

423

 

 

 

418

 

 

 

(997

)

 

 

350

 

Stock-based compensation expense

 

 

1,540

 

 

 

1,723

 

 

 

1,227

 

 

 

1,220

 

 

 

1,227

 

Debt discount amortization

 

 

1,714

 

 

 

1,627

 

 

 

1,558

 

 

 

1,449

 

 

 

1,817

 

Allowance for credit losses

 

 

594

 

 

 

2,763

 

 

 

(104

)

 

 

11

 

 

 

(53

)

Loss (gain) from equipment sales, retirements or impairments

 

 

512

 

 

 

(265

)

 

 

(3,599

)

 

 

(1,017

)

 

 

1,783

 

Loss (gain) on debt extinguishment

 

 

177

 

 

 

 

 

 

 

 

 

(12,700

)

 

 

 

Derivative gains

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1

)

Interest on finance lease

 

 

59

 

 

 

70

 

 

 

72

 

 

 

73

 

 

 

73

 

Settlements on derivative transactions, net

 

 

197

 

 

 

226

 

 

 

154

 

 

 

33

 

 

 

(131

)

Currency (gains) losses

 

 

(571

)

 

 

603

 

 

 

825

 

 

 

2,646

 

 

 

(2,314

)

Deferred income taxes

 

 

(960

)

 

 

(5,082

)

 

 

(1,659

)

 

 

957

 

 

 

6,079

 

Equity (earnings) losses

 

 

(2,273

)

 

 

(373

)

 

 

(536

)

 

 

(1,176

)

 

 

254

 

Dividends received from equity investees

 

 

1,031

 

 

 

1,044

 

 

 

 

 

 

74

 

 

 

1,096

 

Changes in Operating Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables

 

 

(747

)

 

 

(3,139

)

 

 

(9,857

)

 

 

2,304

 

 

 

(2,384

)

Other assets

 

 

493

 

 

 

1,017

 

 

 

45

 

 

 

3,296

 

 

 

966

 

Accounts payable and accrued liabilities

 

 

(7,705

)

 

 

(5,758

)

 

 

6,731

 

 

 

769

 

 

 

(4,900

)

Net cash provided by (used in) operating activities

 

 

7,099

 

 

 

3,883

 

 

 

(552

)

 

 

(2,776

)

 

 

(6,737

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(6,455

)

 

 

(35

)

 

 

(470

)

 

 

(185

)

 

 

(240

)

Proceeds from disposition of property and equipment

 

 

 

 

 

427

 

 

 

7,611

 

 

 

53

 

 

 

 

Net investing activities in property and equipment

 

 

(6,455

)

 

 

392

 

 

 

7,141

 

 

 

(132

)

 

 

(240

)

Principal payments on notes due from equity investees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

177

 

Proceeds from sale of investment in equity investees

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66,000

 

Notes due from others

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,831

)

Principal payments on notes due from others

 

 

5,000

 

 

 

5,000

 

 

 

5,000

 

 

 

5,000

 

 

 

8,831

 

Net cash (used in) provided by investing activities

 

 

(1,455

)

 

 

5,392

 

 

 

12,141

 

 

 

4,868

 

 

 

45,937

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on long-term debt

 

 

(4,901

)

 

 

(9,483

)

 

 

(8,608

)

 

 

(7,470

)

 

 

(14,182

)

Payments on debt extinguishment

 

 

(104,832

)

 

 

(26,772

)

 

 

 

 

 

(2,271

)

 

 

 

Payments on debt extinguishment cost

 

 

(1,827

)

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt, net of issuance costs

 

 

121,207

 

 

 

27,181

 

 

 

 

 

 

 

 

 

 

Payments on finance leases

 

 

(204

)

 

 

(204

)

 

 

(114

)

 

 

(114

)

 

 

(114

)

Proceeds from exercise of stock options

 

 

 

 

 

 

 

 

6

 

 

 

 

 

 

 

Tax withholdings on restricted stock vesting and director share awards

 

 

 

 

 

(102

)

 

 

(2,266

)

 

 

 

 

 

 

Net cash provided by (used in) financing activities

 

 

9,443

 

 

 

(9,380

)

 

 

(10,982

)

 

 

(9,855

)

 

 

(14,296

)

Effects of Exchange Rate Changes on Cash and Cash Equivalents

 

 

3

 

 

 

(1

)

 

 

 

 

 

(2

)

 

 

2

 

Net Change in Cash, Cash Equivalents and Restricted Cash

 

 

15,090

 

 

 

(106

)

 

 

607

 

 

 

(7,765

)

 

 

24,906

 

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

 

 

43,546

 

 

 

43,652

 

 

 

43,045

 

 

 

50,810

 

 

 

25,904

 

Cash, Restricted Cash and Cash Equivalents, End of Period

 

$

58,636

 

 

$

43,546

 

 

$

43,652

 

 

$

43,045

 

 

$

50,810

 

 

 

 

12


SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

 

 

Owned

 

 

Leased-in

 

 

Managed

 

 

Total

 

September 30, 2023

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

3

 

 

 

1

 

 

 

 

 

 

4

 

FSV

 

 

23

 

 

 

 

 

 

2

 

 

 

25

 

PSV

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Liftboats

 

 

9

 

 

 

 

 

 

 

 

 

9

 

 

 

56

 

 

 

1

 

 

 

2

 

 

 

59

 

December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

3

 

 

 

2

 

 

 

 

 

 

5

 

FSV

 

 

22

 

 

 

1

 

 

 

2

 

 

 

25

 

PSV

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Liftboats

 

 

9

 

 

 

 

 

 

 

 

 

9

 

 

 

55

 

 

 

3

 

 

 

2

 

 

 

60

 

 

 

13