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