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