8-K
false000169033400016903342024-02-292024-02-29

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): February 29, 2024

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 (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

99.1

Press Release of SEACOR Marine Holdings Inc. dated February 29, 2024

 

 

99.2

SEACOR Marine Holdings Inc. Investor Presentation dated February 29, 2024

 

 

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.

February 29, 2024

By:

/s/ John Gellert

Name: John Gellert

Title: President and Chief Executive Officer

 


EX-99.1

Exhibit 99.1

https://cdn.kscope.io/45262b2fc003e8de77c578f2e613f87a-img10727850_0.jpg 

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:

26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.

 

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)

 

 

 

Three Months Ended December 31,

 

 

Year ended December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating Revenues

 

$

73,083

 

 

$

57,926

 

 

$

279,511

 

 

$

217,325

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

43,269

 

 

 

44,338

 

 

 

159,650

 

 

 

171,985

 

Administrative and general

 

 

11,547

 

 

 

10,799

 

 

 

49,183

 

 

 

40,911

 

Lease expense

 

 

679

 

 

 

633

 

 

 

2,748

 

 

 

3,869

 

Depreciation and amortization

 

 

13,022

 

 

 

13,624

 

 

 

53,821

 

 

 

55,957

 

 

 

68,517

 

 

 

69,394

 

 

 

265,402

 

 

 

272,722

 

Gains on Asset Dispositions and Impairments, Net

 

 

18,057

 

 

 

1,017

 

 

 

21,409

 

 

 

1,398

 

Operating Income (Loss)

 

 

22,623

 

 

 

(10,451

)

 

 

35,518

 

 

 

(53,999

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

222

 

 

 

688

 

 

 

1,444

 

 

 

784

 

Interest expense

 

 

(10,444

)

 

 

(8,456

)

 

 

(37,504

)

 

 

(29,706

)

Gain (loss) on debt extinguishment

 

 

 

 

 

10,429

 

 

 

(2,004

)

 

 

10,429

 

Derivative gains, net

 

 

608

 

 

 

 

 

 

608

 

 

 

 

Foreign currency (losses) gains, net

 

 

(1,276

)

 

 

(2,646

)

 

 

(2,133

)

 

 

1,659

 

Other, net

 

 

 

 

 

137

 

 

 

 

 

 

755

 

 

 

(10,890

)

 

 

152

 

 

 

(39,589

)

 

 

(16,079

)

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

 

 

11,733

 

 

 

(10,299

)

 

 

(4,071

)

 

 

(70,078

)

Income Tax Expense

 

 

6,378

 

 

 

4,219

 

 

 

8,799

 

 

 

8,582

 

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

 

 

5,355

 

 

 

(14,518

)

 

 

(12,870

)

 

 

(78,660

)

Equity in Earnings of 50% or Less Owned Companies

 

 

374

 

 

 

1,176

 

 

 

3,556

 

 

 

7,011

 

Net Income (Loss)

 

 

5,729

 

 

 

(13,342

)

 

 

(9,314

)

 

 

(71,649

)

Net Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

1

 

Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.

 

$

5,729

 

 

$

(13,342

)

 

$

(9,314

)

 

$

(71,650

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.21

 

 

$

(0.50

)

 

$

(0.34

)

 

$

(2.69

)

Diluted

 

$

0.20

 

 

$

(0.50

)

 

$

(0.34

)

 

$

(2.69

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Dec. 31, 2022

 

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

 

 

(1)
See full description of footnote above.

 

 

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

 

 

(1)
See full description of footnote above.
(2)
Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
(3)
Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.

 

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

 

 

(1)
See full description of footnote above.

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

3

 

 

 

2

 

 

 

 

 

 

5

 

FSV

 

 

22

 

 

 

1

 

 

 

2

 

 

 

25

 

PSV

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Liftboats

 

 

9

 

 

 

 

 

 

 

 

 

9

 

 

 

55

 

 

 

3

 

 

 

2

 

 

 

60

 

 

 

12


Slide 1

SEACOR Marine Holdings Inc. Investor Presentation February 29, 2024 SMHI LISTED NYSE Exhibit 99.2


Slide 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.


Slide 3

seacormarine.com 1. Company Overview Photo Credit: Uavpic.com


Slide 4

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


Slide 5

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


Slide 6

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


Slide 7

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


Slide 8

seacormarine.com 2. Market Outlook Photo Credit: Uavpic.com


Slide 9

Strong Industry Fundamentals – Increased Demand Drivers seacormarine.com Source: Rystad Energy. 9 Growing Global Offshore Upstream Capital Expenditures Robust Global Offshore Project Sanctioning Pipeline


Slide 10

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%


Slide 11

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


Slide 12

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


Slide 13

seacormarine.com 3. Financials Photo Credit: Uavpic.com


Slide 14

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%


Slide 15

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


Slide 16

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


Slide 17

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


Slide 18

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


Slide 19

seacormarine.com 4. Appendix Photo Credit: Uavpic.com


Slide 20

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


Slide 21

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


Slide 22

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.


Slide 23

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


Slide 24

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.


Slide 25

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.


Slide 26

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


Slide 27

seacormarine.com Contact: Investor Relations Email: InvestorRelations@seacormarine.com Website: www.seacormarine.com SMHI LISTED NYSE