UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Registrant's telephone number, including area code |
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(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On February 29, 2024, SEACOR Marine Holdings Inc. (the “Company”) issued a press release setting forth its earnings for the three and twelve months ended December 31, 2023 (the “Earnings Release”).
A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 7.01 Regulation FD Disclosure
The information set forth in (and incorporated by reference into) this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that Section. The information set forth in (and incorporated by reference into) this Item 7.01 shall not be incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On February 29, 2024, the Company posted an investor presentation to its website at https://ir.seacormarine.com/events-and-presentations. A copy of the investor presentation is attached hereto as Exhibit 99.2 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
Description |
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99.1 |
Press Release of SEACOR Marine Holdings Inc. dated February 29, 2024 |
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99.2 |
SEACOR Marine Holdings Inc. Investor Presentation dated February 29, 2024 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SEACOR Marine Holdings Inc. |
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February 29, 2024 |
By: |
/s/ John Gellert |
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Name: John Gellert |
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Title: President and Chief Executive Officer |
Exhibit 99.1
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PRESS RELEASE |
SEACOR MARINE ANNOUNCES FOURTH QUARTER 2023 RESULTS
Houston, Texas
February 29, 2024
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 fourth quarter ended December 31, 2023.
SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)(1) was $29.8 million. This compares to consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.
Notable fourth quarter items include:
For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.
Chief Executive Officer John Gellert commented:
“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.
All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.
We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.
Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.
1
Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________
(1) |
Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
* * * * *
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
2
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
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Three Months Ended December 31, |
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Year ended December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Operating Revenues |
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$ |
73,083 |
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$ |
57,926 |
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$ |
279,511 |
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$ |
217,325 |
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Costs and Expenses: |
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Operating |
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43,269 |
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44,338 |
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159,650 |
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171,985 |
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Administrative and general |
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11,547 |
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10,799 |
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49,183 |
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40,911 |
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Lease expense |
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679 |
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633 |
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2,748 |
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3,869 |
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Depreciation and amortization |
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13,022 |
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13,624 |
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|
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53,821 |
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|
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55,957 |
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|
|
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68,517 |
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|
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69,394 |
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|
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265,402 |
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272,722 |
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Gains on Asset Dispositions and Impairments, Net |
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18,057 |
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|
1,017 |
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21,409 |
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|
|
1,398 |
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Operating Income (Loss) |
|
|
22,623 |
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|
(10,451 |
) |
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|
35,518 |
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|
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(53,999 |
) |
Other Income (Expense): |
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|
|
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|
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|
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||||
Interest income |
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222 |
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|
|
688 |
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|
1,444 |
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|
784 |
|
Interest expense |
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(10,444 |
) |
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(8,456 |
) |
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(37,504 |
) |
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(29,706 |
) |
Gain (loss) on debt extinguishment |
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— |
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10,429 |
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(2,004 |
) |
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10,429 |
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Derivative gains, net |
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608 |
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— |
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|
608 |
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— |
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Foreign currency (losses) gains, net |
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(1,276 |
) |
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(2,646 |
) |
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(2,133 |
) |
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1,659 |
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Other, net |
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— |
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137 |
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— |
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|
755 |
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(10,890 |
) |
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152 |
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(39,589 |
) |
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(16,079 |
) |
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies |
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11,733 |
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(10,299 |
) |
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(4,071 |
) |
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(70,078 |
) |
Income Tax Expense |
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6,378 |
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4,219 |
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|
|
8,799 |
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|
|
8,582 |
|
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies |
|
|
5,355 |
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(14,518 |
) |
|
|
(12,870 |
) |
|
|
(78,660 |
) |
Equity in Earnings of 50% or Less Owned Companies |
|
|
374 |
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|
|
1,176 |
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|
|
3,556 |
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|
|
7,011 |
|
Net Income (Loss) |
|
|
5,729 |
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|
|
(13,342 |
) |
|
|
(9,314 |
) |
|
|
(71,649 |
) |
Net Income Attributable to Noncontrolling Interests in Subsidiaries |
|
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— |
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|
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— |
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|
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— |
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|
1 |
|
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc. |
|
$ |
5,729 |
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|
$ |
(13,342 |
) |
|
$ |
(9,314 |
) |
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$ |
(71,650 |
) |
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|
|
|
|
|
|
|
|
|
|
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|
||||
Net Earnings (Loss) Per Share: |
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|
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||||
Basic |
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$ |
0.21 |
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$ |
(0.50 |
) |
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$ |
(0.34 |
) |
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$ |
(2.69 |
) |
Diluted |
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$ |
0.20 |
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$ |
(0.50 |
) |
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$ |
(0.34 |
) |
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$ |
(2.69 |
) |
Weighted Average Common Stock and Warrants Outstanding: |
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|
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|
|
|
|
|
||||
Basic |
|
|
27,182,496 |
|
|
|
26,727,864 |
|
|
|
27,082,391 |
|
|
|
26,626,179 |
|
Diluted |
|
|
28,400,684 |
|
|
|
26,727,864 |
|
|
|
27,082,391 |
|
|
|
26,626,179 |
|
3
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
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Jun. 30, 2023 |
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Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
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|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Rates Per Day |
|
$ |
18,031 |
|
|
$ |
18,046 |
|
|
$ |
15,250 |
|
|
$ |
14,314 |
|
|
$ |
13,794 |
|
Fleet Utilization |
|
|
71 |
% |
|
|
73 |
% |
|
|
78 |
% |
|
|
76 |
% |
|
|
76 |
% |
Fleet Available Days |
|
|
5,170 |
|
|
|
5,182 |
|
|
|
5,096 |
|
|
|
5,071 |
|
|
|
5,244 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
66,498 |
|
|
$ |
68,668 |
|
|
$ |
60,804 |
|
|
$ |
55,415 |
|
|
$ |
54,789 |
|
Bareboat charter |
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
360 |
|
|
|
376 |
|
Other marine services |
|
|
6,217 |
|
|
|
7,864 |
|
|
|
7,151 |
|
|
|
5,434 |
|
|
|
2,761 |
|
|
|
|
73,083 |
|
|
|
76,900 |
|
|
|
68,319 |
|
|
|
61,209 |
|
|
|
57,926 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
22,080 |
|
|
|
19,943 |
|
|
|
19,944 |
|
|
|
19,803 |
|
|
|
20,849 |
|
Repairs and maintenance |
|
|
7,604 |
|
|
|
7,418 |
|
|
|
5,793 |
|
|
|
6,011 |
|
|
|
8,948 |
|
Drydocking |
|
|
2,561 |
|
|
|
1,768 |
|
|
|
2,256 |
|
|
|
13 |
|
|
|
1,667 |
|
Insurance and loss reserves |
|
|
2,944 |
|
|
|
1,833 |
|
|
|
2,390 |
|
|
|
2,789 |
|
|
|
3,381 |
|
Fuel, lubes and supplies |
|
|
3,683 |
|
|
|
5,047 |
|
|
|
3,638 |
|
|
|
4,819 |
|
|
|
5,794 |
|
Other |
|
|
4,397 |
|
|
|
4,133 |
|
|
|
3,709 |
|
|
|
5,074 |
|
|
|
3,699 |
|
|
|
|
43,269 |
|
|
|
40,142 |
|
|
|
37,730 |
|
|
|
38,509 |
|
|
|
44,338 |
|
Direct Vessel Profit (1) |
|
|
29,814 |
|
|
|
36,758 |
|
|
|
30,589 |
|
|
|
22,700 |
|
|
|
13,588 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
|
679 |
|
|
|
651 |
|
|
|
698 |
|
|
|
720 |
|
|
|
633 |
|
Administrative and general |
|
|
11,547 |
|
|
|
12,300 |
|
|
|
13,704 |
|
|
|
11,632 |
|
|
|
10,799 |
|
Depreciation and amortization |
|
|
13,022 |
|
|
|
13,462 |
|
|
|
13,575 |
|
|
|
13,762 |
|
|
|
13,624 |
|
|
|
|
25,248 |
|
|
|
26,413 |
|
|
|
27,977 |
|
|
|
26,114 |
|
|
|
25,056 |
|
Gains (Losses) on Asset Dispositions and Impairments, Net |
|
|
18,057 |
|
|
|
(512 |
) |
|
|
265 |
|
|
|
3,599 |
|
|
|
1,017 |
|
Operating Income (Loss) |
|
|
22,623 |
|
|
|
9,833 |
|
|
|
2,877 |
|
|
|
185 |
|
|
|
(10,451 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest income |
|
|
222 |
|
|
|
340 |
|
|
|
422 |
|
|
|
460 |
|
|
|
688 |
|
Interest expense |
|
|
(10,444 |
) |
|
|
(9,536 |
) |
|
|
(8,736 |
) |
|
|
(8,788 |
) |
|
|
(8,456 |
) |
Derivative gains, net |
|
|
608 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
(Loss) gain on debt extinguishment |
|
|
— |
|
|
|
(2,004 |
) |
|
|
— |
|
|
|
— |
|
|
|
10,429 |
|
Foreign currency (losses) gains, net |
|
|
(1,276 |
) |
|
|
571 |
|
|
|
(603 |
) |
|
|
(825 |
) |
|
|
(2,646 |
) |
Other, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
137 |
|
|
|
|
(10,890 |
) |
|
|
(10,629 |
) |
|
|
(8,917 |
) |
|
|
(9,153 |
) |
|
|
152 |
|
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies |
|
|
11,733 |
|
|
|
(796 |
) |
|
|
(6,040 |
) |
|
|
(8,968 |
) |
|
|
(10,299 |
) |
Income Tax Expense (Benefit) |
|
|
6,378 |
|
|
|
2,360 |
|
|
|
(1,096 |
) |
|
|
1,157 |
|
|
|
4,219 |
|
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies |
|
|
5,355 |
|
|
|
(3,156 |
) |
|
|
(4,944 |
) |
|
|
(10,125 |
) |
|
|
(14,518 |
) |
Equity in Earnings of 50% or Less Owned Companies |
|
|
374 |
|
|
|
2,273 |
|
|
|
373 |
|
|
|
536 |
|
|
|
1,176 |
|
Net Income (Loss) |
|
$ |
5,729 |
|
|
$ |
(883 |
) |
|
$ |
(4,571 |
) |
|
$ |
(9,589 |
) |
|
$ |
(13,342 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Earnings (Loss) Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
0.21 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.50 |
) |
Diluted |
|
$ |
0.20 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.50 |
) |
Weighted Average Common Stock and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
27,182 |
|
|
|
27,182 |
|
|
|
27,138 |
|
|
|
26,822 |
|
|
|
26,728 |
|
Diluted |
|
|
28,401 |
|
|
|
27,182 |
|
|
|
27,138 |
|
|
|
26,822 |
|
|
|
26,728 |
|
Common Shares and Warrants Outstanding at Period End |
|
|
28,489 |
|
|
|
28,481 |
|
|
|
28,481 |
|
|
|
28,428 |
|
|
|
28,142 |
|
4
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
22,584 |
|
|
$ |
23,663 |
|
|
$ |
16,115 |
|
|
$ |
18,359 |
|
|
$ |
22,563 |
|
Fleet utilization |
|
|
50 |
% |
|
|
57 |
% |
|
|
35 |
% |
|
|
35 |
% |
|
|
57 |
% |
Fleet available days |
|
|
1,152 |
|
|
|
1,196 |
|
|
|
1,080 |
|
|
|
1,015 |
|
|
|
1,288 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
61 |
|
|
|
151 |
|
|
|
229 |
|
|
|
112 |
|
|
|
108 |
|
Out-of-service days for cold-stacked status (2) |
|
|
254 |
|
|
|
206 |
|
|
|
173 |
|
|
|
211 |
|
|
|
242 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
12,929 |
|
|
$ |
16,236 |
|
|
$ |
6,121 |
|
|
$ |
6,564 |
|
|
$ |
16,574 |
|
Other marine services |
|
|
5,346 |
|
|
|
5,478 |
|
|
|
3,004 |
|
|
|
3,850 |
|
|
|
2,916 |
|
|
|
|
18,275 |
|
|
|
21,714 |
|
|
|
9,125 |
|
|
|
10,414 |
|
|
|
19,490 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
6,906 |
|
|
|
6,712 |
|
|
|
5,957 |
|
|
|
6,535 |
|
|
|
7,262 |
|
Repairs and maintenance |
|
|
819 |
|
|
|
1,560 |
|
|
|
1,573 |
|
|
|
1,194 |
|
|
|
2,666 |
|
Drydocking |
|
|
303 |
|
|
|
462 |
|
|
|
1,506 |
|
|
|
43 |
|
|
|
472 |
|
Insurance and loss reserves |
|
|
1,297 |
|
|
|
332 |
|
|
|
1,082 |
|
|
|
1,041 |
|
|
|
2,022 |
|
Fuel, lubes and supplies |
|
|
1,032 |
|
|
|
958 |
|
|
|
924 |
|
|
|
783 |
|
|
|
746 |
|
Other |
|
|
475 |
|
|
|
375 |
|
|
|
346 |
|
|
|
231 |
|
|
|
416 |
|
|
|
|
10,832 |
|
|
|
10,399 |
|
|
|
11,388 |
|
|
|
9,827 |
|
|
|
13,584 |
|
Direct Vessel Profit (Loss) (1) |
|
$ |
7,443 |
|
|
$ |
11,315 |
|
|
$ |
(2,263 |
) |
|
$ |
587 |
|
|
$ |
5,906 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
141 |
|
|
$ |
116 |
|
|
$ |
143 |
|
|
$ |
136 |
|
|
$ |
138 |
|
Depreciation and amortization |
|
|
3,479 |
|
|
|
3,810 |
|
|
|
3,861 |
|
|
|
3,535 |
|
|
|
3,912 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Africa and Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
15,233 |
|
|
$ |
15,388 |
|
|
$ |
14,982 |
|
|
$ |
12,835 |
|
|
$ |
11,241 |
|
Fleet utilization |
|
|
82 |
% |
|
|
84 |
% |
|
|
94 |
% |
|
|
87 |
% |
|
|
82 |
% |
Fleet available days |
|
|
1,748 |
|
|
|
1,748 |
|
|
|
1,729 |
|
|
|
1,710 |
|
|
|
1,656 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
124 |
|
|
|
111 |
|
|
|
58 |
|
|
|
118 |
|
|
|
125 |
|
Out-of-service days for cold-stacked status (3) |
|
|
92 |
|
|
|
54 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
21,791 |
|
|
$ |
22,528 |
|
|
$ |
24,414 |
|
|
$ |
18,996 |
|
|
$ |
15,299 |
|
Other marine services |
|
|
189 |
|
|
|
1,943 |
|
|
|
225 |
|
|
|
225 |
|
|
|
(679 |
) |
|
|
|
21,980 |
|
|
|
24,471 |
|
|
|
24,639 |
|
|
|
19,221 |
|
|
|
14,620 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
6,007 |
|
|
|
5,089 |
|
|
|
4,833 |
|
|
|
4,505 |
|
|
|
4,680 |
|
Repairs and maintenance |
|
|
2,807 |
|
|
|
2,214 |
|
|
|
2,050 |
|
|
|
2,553 |
|
|
|
2,902 |
|
Drydocking |
|
|
1,298 |
|
|
|
320 |
|
|
|
144 |
|
|
|
1,184 |
|
|
|
678 |
|
Insurance and loss reserves |
|
|
416 |
|
|
|
573 |
|
|
|
420 |
|
|
|
318 |
|
|
|
366 |
|
Fuel, lubes and supplies |
|
|
623 |
|
|
|
2,573 |
|
|
|
1,419 |
|
|
|
2,215 |
|
|
|
2,775 |
|
Other |
|
|
2,267 |
|
|
|
2,448 |
|
|
|
2,608 |
|
|
|
2,749 |
|
|
|
1,896 |
|
|
|
|
13,418 |
|
|
|
13,217 |
|
|
|
11,474 |
|
|
|
13,524 |
|
|
|
13,297 |
|
Direct Vessel Profit (1) |
|
$ |
8,562 |
|
|
$ |
11,254 |
|
|
$ |
13,165 |
|
|
$ |
5,697 |
|
|
$ |
1,323 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
289 |
|
|
$ |
372 |
|
|
$ |
408 |
|
|
$ |
429 |
|
|
$ |
378 |
|
Depreciation and amortization |
|
|
3,747 |
|
|
|
3,821 |
|
|
|
3,853 |
|
|
|
3,925 |
|
|
|
3,683 |
|
5
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
17,590 |
|
|
$ |
16,313 |
|
|
$ |
13,245 |
|
|
$ |
13,562 |
|
|
$ |
11,090 |
|
Fleet utilization |
|
|
69 |
% |
|
|
67 |
% |
|
|
86 |
% |
|
|
82 |
% |
|
|
75 |
% |
Fleet available days |
|
|
1,461 |
|
|
|
1,472 |
|
|
|
1,456 |
|
|
|
1,440 |
|
|
|
1,533 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
360 |
|
|
|
297 |
|
|
|
58 |
|
|
|
76 |
|
|
|
132 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
17,729 |
|
|
$ |
16,087 |
|
|
$ |
16,563 |
|
|
$ |
16,028 |
|
|
$ |
12,802 |
|
Other marine services |
|
|
539 |
|
|
|
267 |
|
|
|
3,512 |
|
|
|
27 |
|
|
|
(66 |
) |
|
|
|
18,268 |
|
|
|
16,354 |
|
|
|
20,075 |
|
|
|
16,055 |
|
|
|
12,736 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
5,522 |
|
|
|
5,157 |
|
|
|
5,266 |
|
|
|
4,841 |
|
|
|
5,270 |
|
Repairs and maintenance |
|
|
2,590 |
|
|
|
2,623 |
|
|
|
1,219 |
|
|
|
677 |
|
|
|
1,958 |
|
Drydocking |
|
|
624 |
|
|
|
1,056 |
|
|
|
(684 |
) |
|
|
(1,095 |
) |
|
|
244 |
|
Insurance and loss reserves |
|
|
1,022 |
|
|
|
711 |
|
|
|
720 |
|
|
|
1,185 |
|
|
|
821 |
|
Fuel, lubes and supplies |
|
|
1,242 |
|
|
|
743 |
|
|
|
425 |
|
|
|
1,142 |
|
|
|
1,335 |
|
Other |
|
|
1,133 |
|
|
|
943 |
|
|
|
389 |
|
|
|
1,496 |
|
|
|
915 |
|
|
|
|
12,133 |
|
|
|
11,233 |
|
|
|
7,335 |
|
|
|
8,246 |
|
|
|
10,543 |
|
Direct Vessel Profit (1) |
|
$ |
6,135 |
|
|
$ |
5,121 |
|
|
$ |
12,740 |
|
|
$ |
7,809 |
|
|
$ |
2,193 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
158 |
|
|
$ |
59 |
|
|
$ |
67 |
|
|
$ |
76 |
|
|
$ |
52 |
|
Depreciation and amortization |
|
|
3,643 |
|
|
|
3,721 |
|
|
|
3,708 |
|
|
|
3,688 |
|
|
|
3,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
20,745 |
|
|
$ |
20,656 |
|
|
$ |
18,846 |
|
|
$ |
16,229 |
|
|
$ |
14,009 |
|
Fleet utilization |
|
|
84 |
% |
|
|
87 |
% |
|
|
88 |
% |
|
|
94 |
% |
|
|
94 |
% |
Fleet available days |
|
|
809 |
|
|
|
766 |
|
|
|
831 |
|
|
|
906 |
|
|
|
767 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
— |
|
|
|
67 |
|
|
|
79 |
|
|
|
22 |
|
|
|
14 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
14,049 |
|
|
$ |
13,817 |
|
|
$ |
13,706 |
|
|
$ |
13,827 |
|
|
$ |
10,114 |
|
Bareboat charter |
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
360 |
|
|
|
376 |
|
Other marine services |
|
|
143 |
|
|
|
176 |
|
|
|
410 |
|
|
|
1,332 |
|
|
|
590 |
|
|
|
|
14,560 |
|
|
|
14,361 |
|
|
|
14,480 |
|
|
|
15,519 |
|
|
|
11,080 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
3,645 |
|
|
|
2,985 |
|
|
|
3,888 |
|
|
|
3,922 |
|
|
|
3,637 |
|
Repairs and maintenance |
|
|
1,388 |
|
|
|
1,021 |
|
|
|
951 |
|
|
|
1,587 |
|
|
|
1,422 |
|
Drydocking |
|
|
336 |
|
|
|
(70 |
) |
|
|
1,290 |
|
|
|
(119 |
) |
|
|
273 |
|
Insurance and loss reserves |
|
|
209 |
|
|
|
217 |
|
|
|
168 |
|
|
|
245 |
|
|
|
172 |
|
Fuel, lubes and supplies |
|
|
786 |
|
|
|
773 |
|
|
|
870 |
|
|
|
679 |
|
|
|
938 |
|
Other |
|
|
522 |
|
|
|
367 |
|
|
|
366 |
|
|
|
598 |
|
|
|
472 |
|
|
|
|
6,886 |
|
|
|
5,293 |
|
|
|
7,533 |
|
|
|
6,912 |
|
|
|
6,914 |
|
Direct Vessel Profit (1) |
|
$ |
7,674 |
|
|
$ |
9,068 |
|
|
$ |
6,947 |
|
|
$ |
8,607 |
|
|
$ |
4,166 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
91 |
|
|
$ |
104 |
|
|
$ |
80 |
|
|
$ |
79 |
|
|
$ |
65 |
|
Depreciation and amortization |
|
|
2,153 |
|
|
|
2,110 |
|
|
|
2,153 |
|
|
|
2,614 |
|
|
|
2,246 |
|
6
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
AHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
8,937 |
|
|
$ |
9,947 |
|
|
$ |
8,916 |
|
|
$ |
9,244 |
|
|
$ |
9,254 |
|
Fleet utilization |
|
|
64 |
% |
|
|
50 |
% |
|
|
85 |
% |
|
|
81 |
% |
|
|
80 |
% |
Fleet available days |
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
391 |
|
|
|
460 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
41 |
|
|
|
111 |
|
|
|
13 |
|
|
|
45 |
|
|
|
— |
|
Out-of-service days for cold-stacked status |
|
|
92 |
|
|
|
54 |
|
|
|
— |
|
|
|
31 |
|
|
|
92 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
2,102 |
|
|
$ |
1,831 |
|
|
$ |
2,762 |
|
|
$ |
2,915 |
|
|
$ |
3,406 |
|
Other marine services |
|
|
6 |
|
|
|
930 |
|
|
|
— |
|
|
|
— |
|
|
|
(168 |
) |
|
|
|
2,108 |
|
|
|
2,761 |
|
|
|
2,762 |
|
|
|
2,915 |
|
|
|
3,238 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
944 |
|
|
$ |
1,019 |
|
|
$ |
1,069 |
|
|
$ |
995 |
|
|
$ |
1,220 |
|
Repairs and maintenance |
|
|
612 |
|
|
|
484 |
|
|
|
186 |
|
|
|
216 |
|
|
|
331 |
|
Drydocking |
|
|
58 |
|
|
|
747 |
|
|
|
131 |
|
|
|
420 |
|
|
|
6 |
|
Insurance and loss reserves |
|
|
73 |
|
|
|
88 |
|
|
|
78 |
|
|
|
68 |
|
|
|
94 |
|
Fuel, lubes and supplies |
|
|
375 |
|
|
|
428 |
|
|
|
192 |
|
|
|
476 |
|
|
|
259 |
|
Other |
|
|
295 |
|
|
|
378 |
|
|
|
329 |
|
|
|
448 |
|
|
|
283 |
|
|
|
|
2,357 |
|
|
|
3,144 |
|
|
|
1,985 |
|
|
|
2,623 |
|
|
|
2,193 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
253 |
|
|
$ |
331 |
|
|
$ |
332 |
|
|
$ |
331 |
|
|
$ |
300 |
|
Depreciation and amortization |
|
|
175 |
|
|
|
249 |
|
|
|
298 |
|
|
|
298 |
|
|
|
300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
11,841 |
|
|
$ |
11,441 |
|
|
$ |
11,314 |
|
|
$ |
10,609 |
|
|
$ |
9,905 |
|
Fleet utilization |
|
|
74 |
% |
|
|
79 |
% |
|
|
92 |
% |
|
|
91 |
% |
|
|
86 |
% |
Fleet available days |
|
|
2,105 |
|
|
|
2,116 |
|
|
|
2,093 |
|
|
|
2,070 |
|
|
|
2,116 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
337 |
|
|
|
227 |
|
|
|
86 |
|
|
|
66 |
|
|
|
146 |
|
Out-of-service days for cold-stacked status |
|
|
92 |
|
|
|
69 |
|
|
|
82 |
|
|
|
90 |
|
|
|
58 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
18,502 |
|
|
$ |
19,135 |
|
|
$ |
21,747 |
|
|
$ |
19,988 |
|
|
$ |
18,062 |
|
Other marine services |
|
|
163 |
|
|
|
652 |
|
|
|
71 |
|
|
|
190 |
|
|
|
(224 |
) |
|
|
|
18,665 |
|
|
|
19,787 |
|
|
|
21,818 |
|
|
|
20,178 |
|
|
|
17,838 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
5,320 |
|
|
$ |
5,144 |
|
|
$ |
5,083 |
|
|
$ |
4,861 |
|
|
$ |
5,140 |
|
Repairs and maintenance |
|
|
2,691 |
|
|
|
2,787 |
|
|
|
1,134 |
|
|
|
1,867 |
|
|
|
2,957 |
|
Drydocking |
|
|
1,710 |
|
|
|
870 |
|
|
|
1,342 |
|
|
|
128 |
|
|
|
1,434 |
|
Insurance and loss reserves |
|
|
507 |
|
|
|
185 |
|
|
|
337 |
|
|
|
334 |
|
|
|
453 |
|
Fuel, lubes and supplies |
|
|
1,441 |
|
|
|
1,501 |
|
|
|
1,108 |
|
|
|
1,382 |
|
|
|
1,797 |
|
Other |
|
|
1,632 |
|
|
|
1,552 |
|
|
|
1,536 |
|
|
|
1,803 |
|
|
|
1,638 |
|
|
|
|
13,301 |
|
|
|
12,039 |
|
|
|
10,540 |
|
|
|
10,375 |
|
|
|
13,419 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
4,879 |
|
|
|
5,002 |
|
|
|
4,952 |
|
|
|
4,946 |
|
|
|
4,972 |
|
7
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
PSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
19,778 |
|
|
$ |
19,528 |
|
|
$ |
17,545 |
|
|
$ |
14,827 |
|
|
$ |
13,519 |
|
Fleet utilization |
|
|
77 |
% |
|
|
78 |
% |
|
|
80 |
% |
|
|
70 |
% |
|
|
69 |
% |
Fleet available days |
|
|
1,902 |
|
|
|
1,870 |
|
|
|
1,820 |
|
|
|
1,800 |
|
|
|
1,840 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
109 |
|
|
|
110 |
|
|
|
92 |
|
|
|
124 |
|
|
|
142 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
29,140 |
|
|
$ |
28,580 |
|
|
$ |
25,458 |
|
|
$ |
18,800 |
|
|
$ |
17,194 |
|
Bareboat charter |
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
360 |
|
|
|
376 |
|
Other marine services |
|
|
595 |
|
|
|
696 |
|
|
|
584 |
|
|
|
1,203 |
|
|
|
222 |
|
|
|
|
30,103 |
|
|
|
29,644 |
|
|
|
26,406 |
|
|
|
20,363 |
|
|
|
17,792 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
9,017 |
|
|
$ |
8,793 |
|
|
$ |
8,738 |
|
|
$ |
8,849 |
|
|
$ |
8,961 |
|
Repairs and maintenance |
|
|
3,520 |
|
|
|
2,504 |
|
|
|
2,998 |
|
|
|
3,475 |
|
|
|
2,998 |
|
Drydocking |
|
|
472 |
|
|
|
232 |
|
|
|
12 |
|
|
|
609 |
|
|
|
770 |
|
Insurance and loss reserves |
|
|
690 |
|
|
|
682 |
|
|
|
421 |
|
|
|
419 |
|
|
|
552 |
|
Fuel, lubes and supplies |
|
|
1,027 |
|
|
|
2,352 |
|
|
|
2,124 |
|
|
|
2,331 |
|
|
|
2,842 |
|
Other |
|
|
1,922 |
|
|
|
1,761 |
|
|
|
1,405 |
|
|
|
2,677 |
|
|
|
1,420 |
|
|
|
|
16,648 |
|
|
|
16,324 |
|
|
|
15,698 |
|
|
|
18,360 |
|
|
|
17,543 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
4,073 |
|
|
|
4,073 |
|
|
|
4,072 |
|
|
|
4,262 |
|
|
|
4,099 |
|
8
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
40,181 |
|
|
$ |
39,419 |
|
|
$ |
35,623 |
|
|
$ |
33,936 |
|
|
$ |
31,717 |
|
Fleet utilization |
|
|
52 |
% |
|
|
59 |
% |
|
|
37 |
% |
|
|
50 |
% |
|
|
61 |
% |
Fleet available days |
|
|
795 |
|
|
|
828 |
|
|
|
819 |
|
|
|
810 |
|
|
|
828 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
60 |
|
|
|
111 |
|
|
|
233 |
|
|
|
94 |
|
|
|
90 |
|
Out-of-service days for cold-stacked status |
|
|
162 |
|
|
|
137 |
|
|
|
91 |
|
|
|
90 |
|
|
|
92 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
16,754 |
|
|
$ |
19,122 |
|
|
$ |
10,837 |
|
|
$ |
13,712 |
|
|
$ |
16,127 |
|
Other marine services |
|
|
4,666 |
|
|
|
4,710 |
|
|
|
5,495 |
|
|
|
2,930 |
|
|
|
1,842 |
|
|
|
|
21,420 |
|
|
|
23,832 |
|
|
|
16,332 |
|
|
|
16,642 |
|
|
|
17,969 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
5,316 |
|
|
$ |
4,983 |
|
|
$ |
5,065 |
|
|
$ |
5,068 |
|
|
$ |
5,520 |
|
Repairs and maintenance |
|
|
769 |
|
|
|
1,643 |
|
|
|
1,472 |
|
|
|
499 |
|
|
|
2,674 |
|
Drydocking |
|
|
321 |
|
|
|
(81 |
) |
|
|
849 |
|
|
|
(1,141 |
) |
|
|
(543 |
) |
Insurance and loss reserves |
|
|
1,554 |
|
|
|
1,148 |
|
|
|
1,418 |
|
|
|
1,907 |
|
|
|
2,271 |
|
Fuel, lubes and supplies |
|
|
838 |
|
|
|
766 |
|
|
|
219 |
|
|
|
619 |
|
|
|
896 |
|
Other |
|
|
531 |
|
|
|
445 |
|
|
|
441 |
|
|
|
125 |
|
|
|
359 |
|
|
|
|
9,329 |
|
|
|
8,904 |
|
|
|
9,464 |
|
|
|
7,077 |
|
|
|
11,177 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
3,867 |
|
|
|
4,099 |
|
|
|
4,215 |
|
|
|
4,214 |
|
|
|
4,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other marine services |
|
$ |
787 |
|
|
$ |
876 |
|
|
$ |
1,001 |
|
|
$ |
1,111 |
|
|
$ |
1,089 |
|
|
|
|
787 |
|
|
|
876 |
|
|
|
1,001 |
|
|
|
1,111 |
|
|
|
1,089 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
1,483 |
|
|
$ |
4 |
|
|
$ |
(11 |
) |
|
$ |
30 |
|
|
$ |
8 |
|
Repairs and maintenance |
|
|
12 |
|
|
|
— |
|
|
|
3 |
|
|
|
(46 |
) |
|
|
(12 |
) |
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
(78 |
) |
|
|
(3 |
) |
|
|
— |
|
Insurance and loss reserves |
|
|
120 |
|
|
|
(270 |
) |
|
|
136 |
|
|
|
61 |
|
|
|
11 |
|
Fuel, lubes and supplies |
|
|
2 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
11 |
|
|
|
— |
|
Other |
|
|
17 |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
|
21 |
|
|
|
(1 |
) |
|
|
|
1,634 |
|
|
|
(269 |
) |
|
|
43 |
|
|
|
74 |
|
|
|
6 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
426 |
|
|
$ |
320 |
|
|
$ |
366 |
|
|
$ |
389 |
|
|
$ |
333 |
|
Depreciation and amortization |
|
|
28 |
|
|
|
39 |
|
|
|
38 |
|
|
|
42 |
|
|
|
43 |
|
9
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
67,455 |
|
|
$ |
55,840 |
|
|
$ |
40,750 |
|
|
$ |
40,570 |
|
|
$ |
39,963 |
|
Restricted cash |
|
|
16,676 |
|
|
|
2,796 |
|
|
|
2,796 |
|
|
|
3,082 |
|
|
|
3,082 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Trade, net of allowance for credit loss accounts |
|
|
63,728 |
|
|
|
63,246 |
|
|
|
60,022 |
|
|
|
60,114 |
|
|
|
54,388 |
|
Other |
|
|
11,049 |
|
|
|
8,662 |
|
|
|
12,032 |
|
|
|
11,650 |
|
|
|
7,375 |
|
Note receivable |
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
10,000 |
|
|
|
15,000 |
|
Tax receivable |
|
|
983 |
|
|
|
445 |
|
|
|
445 |
|
|
|
445 |
|
|
|
578 |
|
Inventories |
|
|
1,609 |
|
|
|
1,738 |
|
|
|
1,653 |
|
|
|
2,207 |
|
|
|
2,123 |
|
Prepaid expenses and other |
|
|
2,686 |
|
|
|
2,957 |
|
|
|
3,112 |
|
|
|
3,233 |
|
|
|
3,054 |
|
Assets held for sale |
|
|
500 |
|
|
|
6,093 |
|
|
|
— |
|
|
|
— |
|
|
|
6,750 |
|
Total current assets |
|
|
164,686 |
|
|
|
141,777 |
|
|
|
125,810 |
|
|
|
131,301 |
|
|
|
132,313 |
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
|
918,823 |
|
|
|
936,520 |
|
|
|
966,338 |
|
|
|
969,328 |
|
|
|
967,683 |
|
Accumulated depreciation |
|
|
(324,141 |
) |
|
|
(318,549 |
) |
|
|
(334,678 |
) |
|
|
(324,197 |
) |
|
|
(310,778 |
) |
|
|
|
594,682 |
|
|
|
617,971 |
|
|
|
631,660 |
|
|
|
645,131 |
|
|
|
656,905 |
|
Construction in progress |
|
|
10,362 |
|
|
|
9,413 |
|
|
|
8,876 |
|
|
|
8,540 |
|
|
|
8,111 |
|
Net property and equipment |
|
|
605,044 |
|
|
|
627,384 |
|
|
|
640,536 |
|
|
|
653,671 |
|
|
|
665,016 |
|
Right-of-use asset - operating leases |
|
|
4,291 |
|
|
|
4,907 |
|
|
|
5,703 |
|
|
|
5,984 |
|
|
|
6,206 |
|
Right-of-use asset - finance leases |
|
|
37 |
|
|
|
45 |
|
|
|
6,495 |
|
|
|
6,654 |
|
|
|
6,813 |
|
Investments, at equity, and advances to 50% or less owned companies |
|
|
4,125 |
|
|
|
3,857 |
|
|
|
3,253 |
|
|
|
3,594 |
|
|
|
3,024 |
|
Other assets |
|
|
2,153 |
|
|
|
2,095 |
|
|
|
2,139 |
|
|
|
2,079 |
|
|
|
1,995 |
|
Total assets |
|
$ |
780,336 |
|
|
$ |
780,065 |
|
|
$ |
783,936 |
|
|
$ |
803,283 |
|
|
$ |
815,367 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current portion of operating lease liabilities |
|
$ |
1,591 |
|
|
$ |
1,856 |
|
|
$ |
1,792 |
|
|
$ |
1,764 |
|
|
$ |
2,358 |
|
Current portion of finance lease liabilities |
|
|
35 |
|
|
|
35 |
|
|
|
611 |
|
|
|
563 |
|
|
|
468 |
|
Current portion of long-term debt |
|
|
28,365 |
|
|
|
28,005 |
|
|
|
63,959 |
|
|
|
60,523 |
|
|
|
61,512 |
|
Accounts payable and accrued expenses |
|
|
27,562 |
|
|
|
32,468 |
|
|
|
39,013 |
|
|
|
44,256 |
|
|
|
37,955 |
|
Other current liabilities |
|
|
19,533 |
|
|
|
21,340 |
|
|
|
21,027 |
|
|
|
20,185 |
|
|
|
18,869 |
|
Total current liabilities |
|
|
77,086 |
|
|
|
83,704 |
|
|
|
126,402 |
|
|
|
127,291 |
|
|
|
121,162 |
|
Long-term operating lease liabilities |
|
|
3,529 |
|
|
|
3,571 |
|
|
|
4,030 |
|
|
|
4,474 |
|
|
|
4,739 |
|
Long-term finance lease liabilities |
|
|
6 |
|
|
|
15 |
|
|
|
6,462 |
|
|
|
6,644 |
|
|
|
6,781 |
|
Long-term debt |
|
|
287,544 |
|
|
|
291,843 |
|
|
|
243,960 |
|
|
|
254,450 |
|
|
|
260,119 |
|
Deferred income taxes |
|
|
35,718 |
|
|
|
33,078 |
|
|
|
34,038 |
|
|
|
39,120 |
|
|
|
40,779 |
|
Deferred gains and other liabilities |
|
|
2,229 |
|
|
|
2,217 |
|
|
|
2,189 |
|
|
|
2,264 |
|
|
|
2,641 |
|
Total liabilities |
|
|
406,112 |
|
|
|
414,428 |
|
|
|
417,081 |
|
|
|
434,243 |
|
|
|
436,221 |
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
|
280 |
|
|
|
280 |
|
|
|
280 |
|
|
|
279 |
|
|
|
272 |
|
Additional paid-in capital |
|
|
472,692 |
|
|
|
471,158 |
|
|
|
469,618 |
|
|
|
467,896 |
|
|
|
466,669 |
|
Accumulated deficit |
|
|
(102,425 |
) |
|
|
(108,154 |
) |
|
|
(107,271 |
) |
|
|
(102,700 |
) |
|
|
(93,111 |
) |
Shares held in treasury |
|
|
(4,221 |
) |
|
|
(4,221 |
) |
|
|
(4,221 |
) |
|
|
(4,119 |
) |
|
|
(1,852 |
) |
Accumulated other comprehensive income, net of tax |
|
|
7,577 |
|
|
|
6,253 |
|
|
|
8,128 |
|
|
|
7,363 |
|
|
|
6,847 |
|
|
|
|
373,903 |
|
|
|
365,316 |
|
|
|
366,534 |
|
|
|
368,719 |
|
|
|
378,825 |
|
Noncontrolling interests in subsidiaries |
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
Total equity |
|
|
374,224 |
|
|
|
365,637 |
|
|
|
366,855 |
|
|
|
369,040 |
|
|
|
379,146 |
|
Total liabilities and equity |
|
$ |
780,336 |
|
|
$ |
780,065 |
|
|
$ |
783,936 |
|
|
$ |
803,283 |
|
|
$ |
815,367 |
|
10
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net Income (Loss) |
|
$ |
5,729 |
|
|
$ |
(883 |
) |
|
$ |
(4,571 |
) |
|
$ |
(9,589 |
) |
|
$ |
(13,342 |
) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
13,022 |
|
|
|
13,462 |
|
|
|
13,575 |
|
|
|
13,762 |
|
|
|
13,624 |
|
Deferred financing costs amortization |
|
|
279 |
|
|
|
459 |
|
|
|
423 |
|
|
|
418 |
|
|
|
(997 |
) |
Stock-based compensation expense |
|
|
1,510 |
|
|
|
1,540 |
|
|
|
1,723 |
|
|
|
1,227 |
|
|
|
1,220 |
|
Debt discount amortization |
|
|
1,862 |
|
|
|
1,714 |
|
|
|
1,627 |
|
|
|
1,558 |
|
|
|
1,449 |
|
Allowance for credit losses |
|
|
266 |
|
|
|
594 |
|
|
|
2,763 |
|
|
|
(104 |
) |
|
|
11 |
|
(Gain) loss from equipment sales, retirements or impairments |
|
|
(18,057 |
) |
|
|
512 |
|
|
|
(265 |
) |
|
|
(3,599 |
) |
|
|
(1,017 |
) |
(Gains) losses on debt extinguishment |
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
|
— |
|
|
|
(12,700 |
) |
Derivative gains |
|
|
(608 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Interest on finance lease |
|
|
1 |
|
|
|
59 |
|
|
|
70 |
|
|
|
72 |
|
|
|
73 |
|
Settlements on derivative transactions, net |
|
|
— |
|
|
|
197 |
|
|
|
226 |
|
|
|
154 |
|
|
|
33 |
|
Currency losses (gains) |
|
|
1,276 |
|
|
|
(571 |
) |
|
|
603 |
|
|
|
825 |
|
|
|
2,646 |
|
Deferred income taxes |
|
|
2,640 |
|
|
|
(960 |
) |
|
|
(5,082 |
) |
|
|
(1,659 |
) |
|
|
957 |
|
Equity earnings |
|
|
(374 |
) |
|
|
(2,273 |
) |
|
|
(373 |
) |
|
|
(536 |
) |
|
|
(1,176 |
) |
Dividends received from equity investees |
|
|
166 |
|
|
|
1,031 |
|
|
|
1,044 |
|
|
|
— |
|
|
|
74 |
|
Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts receivables |
|
|
(3,472 |
) |
|
|
(747 |
) |
|
|
(3,139 |
) |
|
|
(9,857 |
) |
|
|
2,304 |
|
Other assets |
|
|
733 |
|
|
|
493 |
|
|
|
1,017 |
|
|
|
45 |
|
|
|
3,296 |
|
Accounts payable and accrued liabilities |
|
|
(6,456 |
) |
|
|
(7,705 |
) |
|
|
(5,758 |
) |
|
|
6,731 |
|
|
|
769 |
|
Net cash (used in) provided by operating activities |
|
|
(1,483 |
) |
|
|
7,099 |
|
|
|
3,883 |
|
|
|
(552 |
) |
|
|
(2,776 |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchases of property and equipment |
|
|
(3,644 |
) |
|
|
(6,455 |
) |
|
|
(35 |
) |
|
|
(470 |
) |
|
|
(185 |
) |
Proceeds from disposition of property and equipment |
|
|
36,692 |
|
|
|
— |
|
|
|
427 |
|
|
|
7,611 |
|
|
|
53 |
|
Net investing activities in property and equipment |
|
|
33,048 |
|
|
|
(6,455 |
) |
|
|
392 |
|
|
|
7,141 |
|
|
|
(132 |
) |
Principal payments on notes due from others |
|
|
— |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
Net cash provided by (used in) investing activities |
|
|
33,048 |
|
|
|
(1,455 |
) |
|
|
5,392 |
|
|
|
12,141 |
|
|
|
4,868 |
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Payments on long-term debt |
|
|
(6,173 |
) |
|
|
(4,901 |
) |
|
|
(9,483 |
) |
|
|
(8,608 |
) |
|
|
(7,470 |
) |
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 issue costs |
|
|
87 |
|
|
|
121,207 |
|
|
|
27,181 |
|
|
|
— |
|
|
|
— |
|
Payments on finance leases |
|
|
(9 |
) |
|
|
(204 |
) |
|
|
(204 |
) |
|
|
(114 |
) |
|
|
(114 |
) |
Proceeds from issuance of common stock, net of issue costs |
|
|
24 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Proceeds from exercise of stock options |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6 |
|
|
|
— |
|
Tax withholdings on restricted stock vesting and director share awards |
|
|
— |
|
|
|
— |
|
|
|
(102 |
) |
|
|
(2,266 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
|
(6,071 |
) |
|
|
9,443 |
|
|
|
(9,380 |
) |
|
|
(10,982 |
) |
|
|
(9,855 |
) |
Effects of Exchange Rate Changes on Cash and Cash Equivalents |
|
|
1 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(2 |
) |
Net Change in Cash, Cash Equivalents and Restricted Cash |
|
|
25,495 |
|
|
|
15,090 |
|
|
|
(106 |
) |
|
|
607 |
|
|
|
(7,765 |
) |
Cash, Restricted Cash and Cash Equivalents, Beginning of Period |
|
|
58,636 |
|
|
|
43,546 |
|
|
|
43,652 |
|
|
|
43,045 |
|
|
|
50,810 |
|
Cash, Restricted Cash and Cash Equivalents, End of Period |
|
$ |
84,131 |
|
|
$ |
58,636 |
|
|
$ |
43,546 |
|
|
$ |
43,652 |
|
|
$ |
43,045 |
|
11
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
|
|
Owned |
|
|
Leased-in |
|
|
Managed |
|
|
Total |
|
||||
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
AHTS |
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
4 |
|
FSV |
|
|
22 |
|
|
|
— |
|
|
|
3 |
|
|
|
25 |
|
PSV |
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
Liftboats |
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
|
54 |
|
|
|
1 |
|
|
|
3 |
|
|
|
58 |
|
December 31, 2022 |
|
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AHTS |
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3 |
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2 |
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— |
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5 |
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FSV |
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22 |
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1 |
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2 |
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25 |
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PSV |
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21 |
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21 |
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Liftboats |
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9 |
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9 |
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55 |
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60 |
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12
SEACOR Marine Holdings Inc. Investor Presentation February 29, 2024 SMHI LISTED NYSE Exhibit 99.2
Forward-Looking Statements seacormarine.com Forward-Looking Statements discussed in this release as well as in other reports, materials and oral statements that SEACOR Marine Holdings Inc. (“SEACOR Marine” or 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 and includes the information on Slide 26. 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 such as the completion of our financial close process for the quarter, 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. It should be understood that it is not possible to predict or identify all such 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 U.S. 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. Non-GAAP Financial Measures This presentation includes certain non-GAAP financial measures. Direct Vessel Profit (defined as operating revenues less operating costs and expenses, “DVP”), when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s 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. EBITDA is defined as DVP less general and administrative expenses and lease expenses. We believe that the presentation of EBITDA provides useful information to investors and management uses it to assess our on-going operations. Our use of EBITDA should not be viewed as an alternative to measures calculated in accordance with GAAP. EBITDA has limitations as analytical tool such as: (i) EBITDA does not reflect the impact of earnings or charges that we consider not to be indicative of our on-going operations, (ii) EBITDA does not reflect interest and income tax expense; and (iii) other companies, including other companies in our industry, may calculate EBITDA differently than we do. We do not provide a forward-looking reconciliation of EBITDA as the amount and significance of special items required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts. These special items could be meaningful. Net Debt is defined as total debt (the most comparable GAAP measure, calculated as long-term debt plus current portion of long-term debt excluding discount and issuance costs) less cash and cash equivalents (including restricted cash). We believe that the presentation of Net Debt provides useful information to investors and management uses it to compare total debt less cash and cash equivalents across periods on a consistent basis.
seacormarine.com 1. Company Overview Photo Credit: Uavpic.com
seacormarine.com SEACOR Marine – Global OSV Owner with Modern Fleet Bloomberg, as of market close on February 28, 2024. Net Debt is a non-GAAP financial measure. See Slide 2 for a discussion of Net Debt. Company Highlights and Fleet Composition as of December 31, 2023. Fleet count includes 3 managed vessels and 1 leased-in vessel in 2023. Company Overview Global Presence Company Highlights (3) Fleet Composition (3) SEACOR Marine Contract Backlog > $450M (incl. options) Cash & Cash Equivalents $84.1M Net Debt (2) $268.9M Stewards of Capital and Operational Excellence Disciplined capital Continued deleveraging Safety first culture 58 Vessels – Average Age of 9.4 Years Leading provider of marine and support transportation services to offshore energy facilities worldwide with one of the youngest fleets in the industry Listed on the NYSE (ticker: SMHI) with a market capitalization of $284M (1) Operates and manages a diverse fleet of 58 offshore support vessels (“OSVs”) that provides crew transportation, supply, accommodation and maintenance support Global footprint with presence in all major offshore basins, serving a diverse range of customers in the oil and gas and offshore wind sectors Adopter of leading-edge technology (hybrid power, walk-to-work, etc.) to enhance sustainable operations Region / Asset Type PSV FSV Liftboat AHTS United States 2 5 6 - Latin America 8 2 - - Africa & Europe 6 10 - 3 Middle East & Asia 5 8 2 1 Total 21 25 8 4 16 vessels 10 vessels 13 vessels 19 vessels Middle East & Asia West Africa & Europe Latin America United States Energy Efficiency and CO2 Emission Reduction 7 hybrid PSVs 4 hybrid systems ordered Offshore wind support
seacormarine.com Financial Highlights FY 2022 FY 2023 Fleet Count and Average Age includes 2 managed vessels and 3 leased-in vessels in 2022, and 3 managed vessels and 1 leased-in vessel in 2023. Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit. EBITDA is a non-GAAP financial measure. See Slide 2 for a discussion of EBITDA. Fleet Average Utilization Fleet Average Day Rate Revenues Direct Vessel Profit (2) 75% 75% $12,673 $16,375 $217.3M $279.5M $45.3M $119.9M Change - +29% +29% +164% 2023 was a year of growth marked by an acceleration in day rates, improved profitability and fleet high-grading Fleet Count / Average Age (1) 60 / 8.6 years 58 / 9.4 years -2 EBITDA (3) $0.6M $67.9M +67.4M
High-Quality and Youngest Fleet of any Peer Competitor seacormarine.com Platform Supply Vessels (PSV) Fast Support Vessels (FSV) Liftboats Anchor Handling Tug & Supply (AHTS) 25 vessels (3 managed) Average age of 10.0 years Aluminum monohulls or catamarans, up to 150 passengers DP-2 or DP-3, speed up to 40+ knots 8 vessels Average age of 12.8 years (9.0 years for premium liftboats) Working water depth up to 275 feet Accommodation up to 150 berths 4 vessels (1 leased-in) Average age of 14.8 years 7,000 to 11,000 BHP, 120t + Bollard Pull DP-2 21 vessels Average age of 6.5 years 11 vessels with deck space > 800m2 7 with hybrid power, 4 additional hybrid systems on order Shallow water and deepwater activities Delivery of cargo, drilling fluids, methanol, fuel and water to rigs Construction and maintenance support, standby, accommodation Offshore wind support Work Scope High-speed cargo transport to offshore facilities Transport of personnel at high-speed and comfort Support drilling and production operations Emergency response services Self-elevating, self-propelled work platforms Well workover, maintenance and well production enhancement Decommissioning, plug and abandonment Offshore wind support in the U.S. (Jones Act) Offshore drilling support by towing, positioning and mooring rigs Carry and launch equipment such as remote operated vehicles Transportation of drilling fluids and bulk products Emergency response services
Africa & Europe Latin America United States (primarily Gulf of Mexico) Middle East & Asia seacormarine.com Revenue Diversification With a Reputable Customer Base Africa & Europe Latin America United States (primarily Gulf of Mexico) Middle East & Asia 2023 Total Revenue (1) Main Customers (2) High-Quality Customers Customer Name % of FY 2023 Total Revenue ExxonMobil 17% Saudi Aramco 15% Azule Energy (BP / ENI Joint Venture) 15% Ørsted 6% Chevron 6% QatarEnergy 4% MexMar 3% APA Corporation 3% Fugro 2% Van Oord 2% Top 10 customers account for 73% of FY 2023 Revenues Total Revenue (3) by Type For the twelve months ended December 31, 2023. For continuing operations. Numbers in percentage of Total Revenue per respective geography. Main Customers may be direct or indirect end-users. For FY 2023. $60M $53M $44M $61M
seacormarine.com 2. Market Outlook Photo Credit: Uavpic.com
Strong Industry Fundamentals – Increased Demand Drivers seacormarine.com Source: Rystad Energy. 9 Growing Global Offshore Upstream Capital Expenditures Robust Global Offshore Project Sanctioning Pipeline
Sustained Growth in OSV Demand – Tight Supply / Demand Balance seacormarine.com Source: Clarksons Research. Active > PSV 1,000+ DWT & AHTS 4,000+ BHP Growing OSV Demand Comments OSV demand progress was evident on a global basis in 2023, with tangible improvement in all regional markets PSV demand has improved at a faster rate than other asset classes against the backdrop of higher activity in the Gulf of Mexico, Brazil and West Africa (the “Golden Triangle”) Development of new areas requiring more vessels (e.g. Guyana, Suriname, Namibia, Mozambique) Total OSV demand is expected to continue its growth in the coming years with limited additional supply, further tightening the chartering market From 2023 to 2026, OSV demand is expected to increase by ~13% ~13%
Supply Side Constraints Remain seacormarine.com Limited orderbook, constrained financing and continued development of local cabotage leads to a favorable supply and demand balance Source: Clarksons Research. Aging Stacked Fleet Limited Supply 571 stacked OSVs per FYE 2023 Total OSV Fleet of 3,431 vessels per FYE 2023
Tight Supply / Demand Balance Leads to Improved Pricing and Utilization seacormarine.com Source: Clarksons Research. PSV Average Day Rates PSV Average Utilization Contracting terms and duration improve in addition to PSV average day rates and utilization
seacormarine.com 3. Financials Photo Credit: Uavpic.com
Sustained Growth in Total Revenue and Direct Vessel Profit seacormarine.com Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit. Improving day rates and utilization leading to sustained revenue growth over the last four years DVP growth exceeding 150% year-on-year from 2022 to 2023 Improving DVP margin, highlighting operating leverage driven by increasing day rates and utilization Continued deleveraging of the balance sheet, coupled with a strengthening Cash & Cash Equivalents position Maintaining adequate capitalization with an equity ratio of 48% in FY 2023 Total Revenue, DVP (1) & DVP Margin Total Debt, Cash & Cash Equivalents & Equity Ratio Comments Total Revenue 4-year CAGR = 18%
Illustrative Operating Leverage – EBITDA Sensitivity seacormarine.com Note: Based on an average fleet of 56 vessels and 75% Average Fleet Utilization per FY 2023. Average Fleet Day Rate in FY 2023. Net Debt and EBITDA are non-GAAP financial measures. See Slide 2 for a discussion of Net Debt and EBITDA. Annual Revenue (in $M) 280 289 297 304 312 320 327 335 343 351 Net Debt / EBITDA (2) 4.0x 3.5x 3.2x 2.9x 2.7x 2.5x 2.3x 2.2x 2.0x 1.9x (1) The following information represents potential Annual Revenue and EBITDA outcomes under different average fleet day rate and/or utilization environments, calculated assuming for these purposes: (i) our FY 2023 Average Fleet Utilization of 75% and illustrative utilization of 80%; (ii) our FY 2023 Bareboat Charter and Other Marine Services of $28.1M; (iii) our FY 2023 General & Administrative and Lease Expenses of $51.9M; and (iv) our FY 2023 Operating Expenses (incl. Repairs and Drydocking) of $159.7M. The following does not represent SEACOR Marine’s guidance or projections for potential 2024 results for 2024 or any other period and should not be relied on as such. Actual FY 2024 financial results may materially differ from prior periods and the information set forth below. High operating leverage for any incremental percentage in fleet utilization and/or growth in day rates ~10% increase in Day Rates from FY 2023 EBITDA (FY 2023) 75% Fleet Utilization (FY 2023) 80% Fleet Utilization (Illustrative) Q4 2023 Average Fleet Day Rate $18,031
Acceleration in Day Rates and Utilization Across Asset Classes FY 2022 FY 2023 Change PSV Day Rate $13,246 $18,031 +36% Utilization 76% 77% PSV - Direct Vessel Profit (1) $11.4M $39.5M FSV Day Rate $9,425 $11,273 +20% Utilization 85% 84% FSV - Direct Vessel Profit (1) $20.4M $34.2M Liftboat Day Rate $27,010 $37,523 +39% Utilization 55% 50% Liftboat - Direct Vessel Profit (1) $4.9M $43.5M AHTS Day Rate $8,975 $9,201 +3% Utilization 69% 70% AHTS - Direct Vessel Profit (1) $3.8M $0.4M Miscellaneous - Direct Vessel Profit (1) $4.8M $2.3M Average Fleet Day Rate $12,673 $16,375 +29% Average Fleet Utilization 75% 75% Total - Direct Vessel Profit (1) 45.3M $119.9M seacormarine.com Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit. Asset Class Day Rate PSV (> 800 m2 deck space) $31,200 PSV (< 700 m2 deck space) $16,300 FSV (Catamarans) $23,000 FSV $15,000 Liftboat (Premium) $82,000 Liftboat $28,000 AHTS $12,200 Increased day rates across all asset classes, driven by PSVs, FSVs and Liftboats Direct positive impact on Direct Vessel Profit, resulting in a growth of 164% year-on-year from 2022 to 2023 Recently achieved day rates by SEACOR Marine are significantly higher than average fleet day rates for FY 2023, reflecting incremental repricing opportunities going forward Fleet DVP Breakdown Recently Achieved Day Rates Comments
Sound Capital Structure seacormarine.com Total Debt Maturity Profile Enterprise Value Bridge Fiscal Year End 2023 2024 2025 2026 2027 2028 2029 Total Debt Outstanding ($M) 353.0 324.7 296.1 143.6 116.5 6.2 0.0 Continued deleveraging of the balance sheet with ~$28M amortization per year Limited prepayment penalties apply as from and after Q4 2024 Significant unencumbered fleet value available to refinance Guaranteed Notes maturing in Q3 2026 Bloomberg, as of market close on February 28, 2024. (1) Comments
Modern and sustainable fleet serving a broad customer base in offshore oil and natural gas and offshore wind Summary seacormarine.com Robust market fundamentals and supply/demand equation with re-pricing opportunities High operating leverage coupled with continued deleveraging to support a sound capital structure Increasing terms and duration of contracts underpinning cash flow growth Strong operating platform with demonstrated leadership in Environmental, Social and Governance practices 5 4 3 2 1 Operational Excellence Capital Allocation ESG Leadership
seacormarine.com 4. Appendix Photo Credit: Uavpic.com
Financials – Income and Loss Statement seacormarine.com Source: Company filings. Income & Loss Statement (in $ thousands, for the years ended December 31) 2023 2022 2021 Operating Revenues 279,511 217,325 170,941 Costs and Expenses: Operating 159,650 171,985 127,406 Administrative and General 49,183 40,911 37,639 Lease Expense 2,748 3,869 6,085 Depreciation and Amortization 53,821 55,957 57,395 265,402 272,722 228,525 Gains (Losses) on Asset Dispositions and Impairments, Net 21,409 1,398 20,436 Operating Income (Loss) 35,518 (53,999) (37,148) Other Income (Expense): Interest Income 1,444 784 1,302 Interest Expense (37,504) (29,706) (28,111) SEACOR Holdings Guarantee Fees - - (7) Gain on Debt Extinguishment (2,004) 10,429 61,994 Derivative Gains, Net 608 - 391 Foreign Currency Losses, Net (2,133) 1,659 (1,235) Gain (Loss) from Return of Investments in 50% or Less Owned Companies and Other, Net - 755 9,441 (39,589) (16,079) 43,775 Income (Loss) from Continuing Operations Before Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies (4,071) (70,078) 6,627 Income Tax Expense (Benefit): Current 13,860 8,485 6,633 Deferred (5,061) 97 4,860 8,799 8,582 11,493 Income (Loss) Before Equity in Earnings (Losses) of 50% or Less Owned Companies (12,870) (78,660) (4,866) Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax 3,556 7,011 15,078 Income (Loss) from Continuing Operations (9,314) (71,649) 10,212 Income (Loss) on Discontinued Operations, Net of Tax - - 22,925 Net Income (Loss) (9,314) (71,649) 33,137 Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries - 1 1 Net Income (Loss) attributable to SEACOR Marine Holdings Inc. (9,314) (71,650) 33,136
Financials – Balance Sheet and Debt Overview Balance Sheet (in $ thousands, for the years ended December 31) seacormarine.com Debt Overview (as of December 31, 2023) Debt Facility Final Maturity Principal Outstanding ($M) Guaranteed Notes July 2026 90.0 New Convertible Notes (1) July 2026 35.0 SEACOR Alpine Credit Facility June 2028 26.2 2023 SMFH Credit Facility September 2028 119.0 Sea-Cat Crewzer III Term Loan Facility July 2029 14.2 SEACOR Delta Shipyard Financing February 2029 68.6 Total Debt 353.0 Discount / Issuance Costs (2) (37.1) Total Debt net of Discount / Issuance Costs 315.9 Conversion Price of $11.75 per share. Debt discounts and costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight-line method for revolving credit facilities and are included in interest expense in the accompanying consolidated statements of income (loss). Source: Company filings. ASSETS 2023 2022 2021 Current Assets: Cash and Cash Equivalents, including Restricted Cash 84,131 43,045 41,220 Other Current Assets 80,555 89,268 69,793 Total Current Assets 164,686 132,313 111,013 Property and Equipment, net of Depreciation 594,682 656,905 705,752 Construction in Progress 10,362 8,111 15,531 Net Property and Equipment 605,044 665,016 721,283 Leases and Other Assets 10,606 18,038 80,206 Total Assets 780,336 815,367 912,502 LIABILITIES AND EQUITY 2023 2022 2021 Current Liabilities: Current Portion of Lease Liabilities 1,626 2,826 2,019 Current Portion of Long-Term Debt 28,365 61,512 31,602 Other Current Liabilities 47,095 56,824 51,044 Total Current Liabilities 77,086 121,162 84,665 Long-Term Lease Liabilities 3,535 11,520 4,961 Long-Term Debt 287,544 260,119 332,762 Other Long-Term Liabilities 37,947 43,420 43,573 Total Liabilities 406,112 436,221 465,961 Total Equity 374,224 379,146 446,541 Total Liabilities and Equity 780,336 815,367 912,502
Financials – Cash Flow Statement (1/2) seacormarine.com Cash Flow Statement (in $ thousands, for the years ended December 31) 2023 2022 2021 Cash Flows from Continuing Operating Activities: Net Income (Loss) (9,314) (71,649) 33,137 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (used in) Operating Activities: Depreciation and Amortization 53,821 55,957 57,395 Debt Discount and Deferred Financing Cost Amortization 8,340 6,701 7,963 Stock-based Compensation Expense 6,000 4,597 5,447 Allowance for Credit Losses 3,519 489 863 (Gains) Losses from Equipment Sales, Retirements or Impairments, Investments in 50% or Less Owned Companies (21,409) (1,398) (52,634) (Gain) Loss on Debt Extinguishment 177 (12,700) (62,749) Derivative (Gains) Losses (608) - (391) Interest on Finance Lease 202 244 4 Settlements on Derivative Transactions, Net 577 (749) (2,150) Currency (Gains) Losses 2,133 (1,659) 1,235 Deferred Income Taxes (5,061) 97 4,860 Equity (Earnings) Losses (3,556) (7,011) (15,078) Dividends Received from Equity Investees 2,241 3,057 5,332 Changes in Operating Assets and Liabilities: Accounts Receivables (17,215) (652) 22,437 Other Assets 2,288 2,559 3,113 Accounts Payable and Accrued Liabilities (13,188) 7,501 471 Net Cash provided by (used in) Operating Activities 8,947 (14,616) 9,255 Cash Flows from Continuing Investing Activities: Purchases of Property and Equipment (10,604) (462) (7,003) Proceeds/Cash Impact from Disposition/Sale of Property and Equipment 44,730 6,734 68,852 Cash Flow related to Investments in 50% or Less Owned Companies and Equity Investees - 66,528 9,951 Notes Due from Others - (28,831) - Principal Payments on Notes due from Others 15,000 13,831 - Net Cash provided by Investing Activities 49,126 57,800 71,800 Source: Company filings.
Financials – Cash Flow Statement (2/2) seacormarine.com Source: Company filings. Cash Flow Statement (in $ thousands, for the years ended December 31) 2023 2022 2021 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (29,165) (38,152) (78,124) Payments on Debt Extinguishment (131,604) - - Payments on Debt Extinguishment Costs (1,827) (2,271) (755) Proceeds from issuance of Long-term Debt, net of Issue Costs 148,475 - - Proceeds from issuance of Common Stock, net of Issue Costs 24 - - Proceeds from Exercise of Stock Options and Warrants 6 151 1 Payments on Finance Lease (531) (351) (30) Acquisition of Common Shares for Tax Withholding Obligations (2,368) (732) (272) Net Cash used in Financing Activities (16,990) (41,355) (79,180) Effects of Exchange Rates 3 (4) (22) Cash Flows from Discontinued Operations: Cash Flows from Discontinued Operations: - - (171) Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents - - - Net (Decrease) Increase in Cash, Restricted Cash and Cash Equivalents on Discontinued Operations - - (171) Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 41,086 1,825 1,682 Cash, Cash Equivalents and Restricted Cash, Beginning of Year 43,045 41,220 39,538 Cash, Cash Equivalents and Restricted Cash, End of Year 84,131 43,045 41,220
Strong Commitment to ESG seacormarine.com Sustainability Report 2022/2023 Our Values and Responsible Business Practices United Nations Sustainable Development Goals (SDGs) United Nations Global Compact – Sustainable Ocean Principles Paris Climate Accord; and Frameworks provided by the: Sustainability Accounting Standards Board (SASB) Task Force on Climate-Related Financial Disclosures (TCFD) Global Reporting Initiative (GRI) SEACOR Marine – Winner of the 2024 OSJ ESG Award Recognizes the positive impact of SEACOR Marine’s environmental, social and governance program SEACOR Marine works towards aligning its goals with: Source: Company’s 2022/2023 Sustainability Report.
Introduced a carbon intensity indicator (CII) metric on select vessels Completed implementation of Safe Water on Board (SWOB) on select vessels as part of our pilot project to reduce plastic waste Published our Diversity, Equity and Inclusion (DE&I) Statement Continued development of our Compliance Training Program, including the addition of courses on sustainability, environmental protection and DE&I Supported one of the largest offshore wind projects under development in the U.S. (South Fork), located off the coast of Long Island, New York Published our Supplier Code of Conduct and developed our Responsible Procurement Policy Created sub-committees and working groups in support of sustainability and ESG oversight responsibilities of the Board of Directors Completed pilot project implementing direct (Scope 1) emissions tracking on select vessels and data collection for indirect (Scope 2) emissions Advancing Our ESG Program seacormarine.com Notable Highlights from our 2022/2023 Sustainability Report 1 2 3 4 5 6 7 8 Source: Company’s 2022/2023 Sustainability Report.
SEACOR Marine Outperforms the Industry’s Safety Benchmarks Year-on-Year Total Recordable Injury Rate (“TRIR”) (1) vs. Industry Benchmarks seacormarine.com TRIR = (Fatalities + Lost Time Incidents + Restricted Work Cases + Medical Treatment Cases) x 1,000,000 / Total Hours Worked. Source: Company, International Support Owners Association (ISOA), International Marine Contractors Association (IMCA). 5-year TRIR Average (2018 - 2022) SEACOR Marine 0.227 ISOA 1.014 IMCA 1.342 ISOA / IMCA has not yet published 2023 figures
seacormarine.com Contact: Investor Relations Email: InvestorRelations@seacormarine.com Website: www.seacormarine.com SMHI LISTED NYSE