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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): May 1, 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. ☐

 

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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 May 1, 2024, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three months ended March 31, 2024 (the “Earnings Release”).

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.	Description
99.1	Press Release of SEACOR Marine Holdings Inc. dated May 1, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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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.
May 1, 2024	By:	/s/ John Gellert
		Name: John Gellert
		Title: President and Chief Executive Officer

 

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Exhibit 99.1

	PRESS RELEASE

SEACOR MARINE ANNOUNCES FIRST QUARTER 2024 RESULTS

Houston, Texas

May 1, 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 first quarter ended March 31, 2024.

 

SEACOR Marine’s consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, and direct vessel profit (“DVP”)(1) was $14.7 million. This compares to consolidated operating revenues of $61.2 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023, and consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023.

 

Notable first quarter items include:

 

For the first quarter of 2024, net loss was $23.1 million ($0.84 loss per basic and diluted share). This compares to a net loss for the first quarter of 2023 of $9.6 million ($0.36 loss per basic and diluted share). Sequentially, the first quarter 2024 results compare to a net income of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share) in the fourth quarter of 2023.

 

Chief Executive Officer John Gellert commented:

 

“The first quarter results reflect both continued improvement in dayrates as well as lower seasonal utilization. We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months. These efforts incurred higher operating expenses and lowered utilization, resulting in a decline of our DVP metric as we expense drydocking and major repairs as incurred. We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilization as we complete vessel repositioning and enter new contracts.

 

Other than our U.S. segment, all of our business segments delivered positive results. In the U.S., we continue to see limited permitting for offshore activity for our customers in the oil and gas sector as well as delays in decommissioning plans. Additionally, U.S. offshore windfarm projects that we have been targeting have been delayed. However, demand for our premium liftboats remains very strong, and we have opportunities to redeploy other assets to more active markets. Internationally, we completed the hybrid battery upgrade of one of our PSVs and also repositioned two vessels, with several more vessels expected to complete their mobilizations to new markets during the second quarter.

 

We continue to see tight supply and growing demand worldwide. I expect that our efforts during the first quarter of 2024 will place the Company in an optimal position to utilize its assets to their full potential.”

___________________

(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

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	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

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

		Three Months Ended March 31,
		2024				2023
Operating Revenues		$	62,770			$	61,209
Costs and Expenses:
Operating			48,099				38,509
Administrative and general			11,917				11,632
Lease expense			481				720
Depreciation and amortization			12,882				13,762
			73,379				64,623
(Losses) Gains on Asset Dispositions and Impairments, Net			(1	)			3,599
Operating (Loss) Income			(10,610	)			185
Other Income (Expense):
Interest income			593				460
Interest expense			(10,309	)			(8,788	)
Derivative losses, net			(543	)			—
Foreign currency losses, net			(80	)			(825	)
Other, net			(95	)			—
			(10,434	)			(9,153	)
Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies			(21,044	)			(8,968	)
Income Tax Expense			925				1,157
Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies			(21,969	)			(10,125	)
Equity in (Losses) Earnings of 50% or Less Owned Companies			(1,100	)			536
Net Loss		$	(23,069	)		$	(9,589	)
Net Loss Per Share:
Basic		$	(0.84	)		$	(0.36	)
Diluted		$	(0.84	)		$	(0.36	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,343,604				26,822,391
Diluted			27,343,604				26,822,391

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
Time Charter Statistics:
Average Rates Per Day		$	19,042			$	18,031			$	18,046			$	15,250			$	14,314
Fleet Utilization			62	%			71	%			73	%			78	%			76	%
Fleet Available Days			5,005				5,170				5,182				5,096				5,071
Operating Revenues:
Time charter		$	59,263			$	66,498			$	68,668			$	60,804			$	55,415
Bareboat charter			364				368				368				364				360
Other marine services			3,143				6,217				7,864				7,151				5,434
			62,770				73,083				76,900				68,319				61,209
Costs and Expenses:
Operating:
Personnel			21,670				22,080				19,943				19,944				19,803
Repairs and maintenance			9,763				7,604				7,418				5,793				6,011
Drydocking			6,706				2,561				1,768				2,256				13
Insurance and loss reserves			1,738				2,944				1,833				2,390				2,789
Fuel, lubes and supplies			4,523				3,683				5,047				3,638				4,819
Other			3,699				4,397				4,133				3,709				5,074
			48,099				43,269				40,142				37,730				38,509
Direct Vessel Profit (1)			14,671				29,814				36,758				30,589				22,700
Other Costs and Expenses:
Lease expense			481				679				651				698				720
Administrative and general			11,917				11,547				12,300				13,704				11,632
Depreciation and amortization			12,882				13,022				13,462				13,575				13,762
			25,280				25,248				26,413				27,977				26,114
(Losses) Gains on Asset Dispositions and Impairments, Net			(1	)			18,057				(512	)			265				3,599
Operating (Loss) Income			(10,610	)			22,623				9,833				2,877				185
Other Income (Expense):
Interest income			593				222				340				422				460
Interest expense			(10,309	)			(10,444	)			(9,536	)			(8,736	)			(8,788	)
Derivative (losses) gains, net			(543	)			608				—				—				—
Loss on debt extinguishment			—				—				(2,004	)			—				—
Foreign currency (losses) gains, net			(80	)			(1,276	)			571				(603	)			(825	)
Other, net			(95	)			—				—				—				—
			(10,434	)			(10,890	)			(10,629	)			(8,917	)			(9,153	)
(Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies			(21,044	)			11,733				(796	)			(6,040	)			(8,968	)
Income Tax Expense (Benefit)			925				6,378				2,360				(1,096	)			1,157
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies			(21,969	)			5,355				(3,156	)			(4,944	)			(10,125	)
Equity in (Losses) Earnings of 50% or Less Owned Companies			(1,100	)			374				2,273				373				536
Net (Loss) Income		$	(23,069	)		$	5,729			$	(883	)		$	(4,571	)		$	(9,589	)
Net (Loss) Earnings Per Share:
Basic		$	(0.84	)		$	0.21			$	(0.03	)		$	(0.17	)		$	(0.36	)
Diluted		$	(0.84	)		$	0.20			$	(0.03	)		$	(0.17	)		$	(0.36	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,344				27,182				27,182				27,138				26,822
Diluted			27,344				28,401				27,182				27,138				26,822
Common Shares and Warrants Outstanding at Period End			28,906				28,489				28,481				28,481				28,428

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	28,156			$	22,584			$	23,663			$	16,115			$	18,359
Fleet utilization			27	%			50	%			57	%			35	%			35	%
Fleet available days			927				1,152				1,196				1,080				1,015
Out-of-service days for repairs, maintenance and drydockings			137				61				151				229				112
Out-of-service days for cold-stacked status (2)			182				254				206				173				211
Operating Revenues:
Time charter		$	6,957			$	12,929			$	16,236			$	6,121			$	6,564
Other marine services			1,026				5,346				5,478				3,004				3,850
			7,983				18,275				21,714				9,125				10,414
Direct Costs and Expenses:
Operating:
Personnel			5,781				6,906				6,712				5,957				6,535
Repairs and maintenance			1,404				819				1,560				1,573				1,194
Drydocking			1,968				303				462				1,506				43
Insurance and loss reserves			396				1,297				332				1,082				1,041
Fuel, lubes and supplies			667				1,032				958				924				783
Other			(171	)			475				375				346				231
			10,045				10,832				10,399				11,388				9,827
Direct Vessel Profit (Loss) (1)		$	(2,062	)		$	7,443			$	11,315			$	(2,263	)		$	587
Other Costs and Expenses:
Lease expense		$	138			$	141			$	116			$	143			$	136
Depreciation and amortization			2,750				3,479				3,810				3,861				3,535
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	15,197			$	15,233			$	15,388			$	14,982			$	12,835
Fleet utilization			76	%			82	%			84	%			94	%			87	%
Fleet available days			1,775				1,748				1,748				1,729				1,710
Out-of-service days for repairs, maintenance and drydockings			238				124				111				58				118
Out-of-service days for cold-stacked status (3)			91				92				54				—				—
Operating Revenues:
Time charter		$	20,555			$	21,791			$	22,528			$	24,414			$	18,996
Other marine services			169				189				1,943				225				225
			20,724				21,980				24,471				24,639				19,221
Direct Costs and Expenses:
Operating:
Personnel			5,181				6,007				5,089				4,833				4,505
Repairs and maintenance			3,209				2,807				2,214				2,050				2,553
Drydocking			2,032				1,298				320				144				1,184
Insurance and loss reserves			334				416				573				420				318
Fuel, lubes and supplies			1,287				623				2,573				1,419				2,215
Other			2,199				2,267				2,448				2,608				2,749
			14,242				13,418				13,217				11,474				13,524
Direct Vessel Profit (1)		$	6,482			$	8,562			$	11,254			$	13,165			$	5,697
Other Costs and Expenses:
Lease expense		$	178			$	289			$	372			$	408			$	429
Depreciation and amortization			3,915				3,747				3,821				3,853				3,925

 

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SEACOR MARINE HOLDINGS INC.

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

(in thousands, except statistics)

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	16,934			$	17,590			$	16,313			$	13,245			$	13,562
Fleet utilization			71	%			69	%			67	%			86	%			82	%
Fleet available days			1,365				1,461				1,472				1,456				1,440
Out-of-service days for repairs, maintenance and drydockings			224				360				297				58				76
Operating Revenues:
Time charter		$	16,477			$	17,729			$	16,087			$	16,563			$	16,028
Other marine services			350				539				267				3,512				27
			16,827				18,268				16,354				20,075				16,055
Direct Costs and Expenses:
Operating:
Personnel			5,963				5,522				5,157				5,266				4,841
Repairs and maintenance			2,712				2,590				2,623				1,219				677
Drydocking			1,483				624				1,056				(684	)			(1,095	)
Insurance and loss reserves			618				1,022				711				720				1,185
Fuel, lubes and supplies			1,198				1,242				743				425				1,142
Other			1,000				1,133				943				389				1,496
			12,974				12,133				11,233				7,335				8,246
Direct Vessel Profit (1)		$	3,853			$	6,135			$	5,121			$	12,740			$	7,809
Other Costs and Expenses:
Lease expense		$	85			$	158			$	59			$	67			$	76
Depreciation and amortization			3,496				3,643				3,721				3,708				3,688
Latin America
Time Charter Statistics:
Average rates per day worked		$	28,308			$	20,745			$	20,656			$	18,846			$	16,229
Fleet utilization			58	%			84	%			87	%			88	%			94	%
Fleet available days			938				809				766				831				906
Out-of-service days for repairs, maintenance and drydockings			—				—				67				79				22
Operating Revenues:
Time charter		$	15,274			$	14,049			$	13,817			$	13,706			$	13,827
Bareboat charter			364				368				368				364				360
Other marine services			1,598				143				176				410				1,332
			17,236				14,560				14,361				14,480				15,519
Direct Costs and Expenses:
Operating:
Personnel			4,745				3,645				2,985				3,888				3,922
Repairs and maintenance			2,438				1,388				1,021				951				1,587
Drydocking			1,223				336				(70	)			1,290				(119	)
Insurance and loss reserves			390				209				217				168				245
Fuel, lubes and supplies			1,371				786				773				870				679
Other			671				522				367				366				598
			10,838				6,886				5,293				7,533				6,912
Direct Vessel Profit (1)		$	6,398			$	7,674			$	9,068			$	6,947			$	8,607
Other Costs and Expenses:
Lease expense		$	80			$	91			$	104			$	80			$	79
Depreciation and amortization			2,721				2,153				2,110				2,153				2,614

 

 

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS

(in thousands, except statistics)

 

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
AHTS
Time Charter Statistics:
Average rates per day worked		$	8,538			$	8,937			$	9,947			$	8,916			$	9,244
Fleet utilization			75	%			64	%			50	%			85	%			81	%
Fleet available days			364				368				368				364				391
Out-of-service days for repairs, maintenance and drydockings			—				41				111				13				45
Out-of-service days for cold-stacked status			91				92				54				—				31
Operating Revenues:
Time charter		$	2,331			$	2,102			$	1,831			$	2,762			$	2,915
Other marine services			—				6				930				—				—
			2,331				2,108				2,761				2,762				2,915
Direct Costs and Expenses:
Operating:
Personnel		$	1,064			$	944			$	1,019			$	1,069			$	995
Repairs and maintenance			220				612				484				186				216
Drydocking			68				58				747				131				420
Insurance and loss reserves			43				73				88				78				68
Fuel, lubes and supplies			616				375				428				192				476
Other			287				295				378				329				448
			2,298				2,357				3,144				1,985				2,623
Other Costs and Expenses:
Lease expense		$	171			$	253			$	331			$	332			$	331
Depreciation and amortization			175				175				249				298				298
FSV
Time Charter Statistics:
Average rates per day worked		$	11,834			$	11,841			$	11,441			$	11,314			$	10,609
Fleet utilization			72	%			74	%			79	%			92	%			91	%
Fleet available days			2,002				2,105				2,116				2,093				2,070
Out-of-service days for repairs, maintenance and drydockings			216				337				227				86				66
Out-of-service days for cold-stacked status			91				92				69				82				90
Operating Revenues:
Time charter		$	17,081			$	18,502			$	19,135			$	21,747			$	19,988
Other marine services			126				163				652				71				190
			17,207				18,665				19,787				21,818				20,178
Direct Costs and Expenses:
Operating:
Personnel		$	5,649			$	5,320			$	5,144			$	5,083			$	4,861
Repairs and maintenance			3,093				2,691				2,787				1,134				1,867
Drydocking			1,869				1,710				870				1,342				128
Insurance and loss reserves			277				507				185				337				334
Fuel, lubes and supplies			1,051				1,441				1,501				1,108				1,382
Other			1,649				1,632				1,552				1,536				1,803
			13,588				13,301				12,039				10,540				10,375
Other Costs and Expenses:
Depreciation and amortization		$	4,744			$	4,879			$	5,002			$	4,952			$	4,946

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
PSV
Time Charter Statistics:
Average rates per day worked		$	19,133			$	19,778			$	19,528			$	17,545			$	14,827
Fleet utilization			53	%			77	%			78	%			80	%			70	%
Fleet available days			1,911				1,902				1,870				1,820				1,800
Out-of-service days for repairs, maintenance and drydockings			307				109				110				92				124
Operating Revenues:
Time charter		$	19,390			$	29,140			$	28,580			$	25,458			$	18,800
Bareboat charter			364				368				368				364				360
Other marine services			416				595				696				584				1,203
			20,170				30,103				29,644				26,406				20,363
Direct Costs and Expenses:
Operating:
Personnel		$	8,850			$	9,017			$	8,793			$	8,738			$	8,849
Repairs and maintenance			4,393				3,520				2,504				2,998				3,475
Drydocking			3,386				472				232				12				609
Insurance and loss reserves			395				690				682				421				419
Fuel, lubes and supplies			1,889				1,027				2,352				2,124				2,331
Other			1,395				1,922				1,761				1,405				2,677
			20,308				16,648				16,324				15,698				18,360
Other Costs and Expenses:
Depreciation and amortization		$	4,073			$	4,073			$	4,073			$	4,072			$	4,262

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
Liftboats
Time Charter Statistics:
Average rates per day worked		$	53,506			$	40,181			$	39,419			$	35,623			$	33,936
Fleet utilization			53	%			52	%			59	%			37	%			50	%
Fleet available days			728				795				828				819				810
Out-of-service days for repairs, maintenance and drydockings			78				60				111				233				94
Out-of-service days for cold-stacked status			91				162				137				91				90
Operating Revenues:
Time charter		$	20,461			$	16,754			$	19,122			$	10,837			$	13,712
Other marine services			1,772				4,666				4,710				5,495				2,930
			22,233				21,420				23,832				16,332				16,642
Direct Costs and Expenses:
Operating:
Personnel		$	6,140			$	5,316			$	4,983			$	5,065			$	5,068
Repairs and maintenance			2,035				769				1,643				1,472				499
Drydocking			1,383				321				(81	)			849				(1,141	)
Insurance and loss reserves			1,282				1,554				1,148				1,418				1,907
Fuel, lubes and supplies			967				838				766				219				619
Other			343				531				445				441				125
			12,150				9,329				8,904				9,464				7,077
Other Costs and Expenses:
Depreciation and amortization			3,866				3,867				4,099				4,215				4,214
Other Activity
Operating Revenues:
Other marine services		$	829			$	787			$	876			$	1,001			$	1,111
			829				787				876				1,001				1,111
Direct Costs and Expenses:
Operating:
Personnel		$	(33	)		$	1,483			$	4			$	(11	)		$	30
Repairs and maintenance			22				12				—				3				(46	)
Drydocking			—				—				—				(78	)			(3	)
Insurance and loss reserves			(259	)			120				(270	)			136				61
Fuel, lubes and supplies			—				2				—				(5	)			11
Other			25				17				(3	)			(2	)			21
			(245	)			1,634				(269	)			43				74
Other Costs and Expenses:
Lease expense		$	310			$	426			$	320			$	366			$	389
Depreciation and amortization			24				28				39				38				42

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	59,593			$	67,455			$	55,840			$	40,750			$	40,570
Restricted cash			2,566				16,676				2,796				2,796				3,082
Receivables:
Trade, net of allowance for credit loss			58,272				63,728				63,246				60,022				60,114
Other			12,210				11,049				8,662				12,032				11,650
Note receivable			—				—				—				5,000				10,000
Tax receivable			983				983				445				445				445
Inventories			2,516				1,609				1,738				1,653				2,207
Prepaid expenses and other			3,425				2,686				2,957				3,112				3,233
Assets held for sale			500				500				6,093				—				—
Total current assets			140,065				164,686				141,777				125,810				131,301
Property and Equipment:
Historical cost			919,139				918,823				936,520				966,338				969,328
Accumulated depreciation			(337,001	)			(324,141	)			(318,549	)			(334,678	)			(324,197	)
			582,138				594,682				617,971				631,660				645,131
Construction in progress			13,410				10,362				9,413				8,876				8,540
Net property and equipment			595,548				605,044				627,384				640,536				653,671
Right-of-use asset - operating leases			3,988				4,291				4,907				5,703				5,984
Right-of-use asset - finance leases			29				37				45				6,495				6,654
Investments, at equity, and advances to 50% or less owned companies			3,122				4,125				3,857				3,253				3,594
Other assets			2,094				2,153				2,095				2,139				2,079
Total assets		$	744,846			$	780,336			$	780,065			$	783,936			$	803,283
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,285			$	1,591			$	1,856			$	1,792			$	1,764
Current portion of finance lease liabilities			33				35				35				611				563
Current portion of long-term debt			28,605				28,365				28,005				63,959				60,523
Accounts payable			23,453				27,562				32,468				39,013				44,256
Other current liabilities			21,067				19,533				21,340				21,027				20,185
Total current liabilities			74,443				77,086				83,704				126,402				127,291
Long-term operating lease liabilities			3,390				3,529				3,571				4,030				4,474
Long-term finance lease liabilities			—				6				15				6,462				6,644
Long-term debt			281,989				287,544				291,843				243,960				254,450
Deferred income taxes			33,873				35,718				33,078				34,038				39,120
Deferred gains and other liabilities			2,285				2,229				2,217				2,189				2,264
Total liabilities			395,980				406,112				414,428				417,081				434,243
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			286				280				280				280				279
Additional paid-in capital			474,433				472,692				471,158				469,618				467,896
Accumulated deficit			(125,609	)			(102,425	)			(108,154	)			(107,271	)			(102,700	)
Shares held in treasury			(8,071	)			(4,221	)			(4,221	)			(4,221	)			(4,119	)
Accumulated other comprehensive income, net of tax			7,506				7,577				6,253				8,128				7,363
			348,545				373,903				365,316				366,534				368,719
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			348,866				374,224				365,637				366,855				369,040
Total liabilities and equity		$	744,846			$	780,336			$	780,065			$	783,936			$	803,283

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

		Three Months Ended
		Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023
Cash Flows from Operating Activities:
Net (Loss) Income		$	(23,069	)		$	5,729			$	(883	)		$	(4,571	)		$	(9,589	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization			12,882				13,022				13,462				13,575				13,762
Deferred financing costs amortization			295				279				459				423				418
Stock-based compensation expense			1,645				1,510				1,540				1,723				1,227
Debt discount amortization			1,926				1,862				1,714				1,627				1,558
Allowance for credit losses			3				266				594				2,763				(104	)
Loss (gain) from equipment sales, retirements or impairments			1				(18,057	)			512				(265	)			(3,599	)
Losses on debt extinguishment			—				—				177				—				—
Derivative losses (gains)			543				(608	)			—				—				—
Interest on finance lease			—				1				59				70				72
Settlements on derivative transactions, net			164				—				197				226				154
Currency losses (gains)			80				1,276				(571	)			603				825
Deferred income taxes			(1,845	)			2,640				(960	)			(5,082	)			(1,659	)
Equity losses (earnings)			1,100				(374	)			(2,273	)			(373	)			(536	)
Dividends received from equity investees			—				166				1,031				1,044				—
Changes in Operating Assets and Liabilities:
Accounts receivables			4,291				(3,472	)			(747	)			(3,139	)			(9,857	)
Other assets			(1,290	)			733				493				1,017				45
Accounts payable and accrued liabilities			(3,895	)			(6,456	)			(7,705	)			(5,758	)			6,731
Net cash (used in) provided by operating activities			(7,169	)			(1,483	)			7,099				3,883				(552	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(3,416	)			(3,644	)			(6,455	)			(35	)			(470	)
Proceeds from disposition of property and equipment			—				36,692				—				427				7,611
Net investing activities in property and equipment			(3,416	)			33,048				(6,455	)			392				7,141
Principal payments on notes due from others			—				—				5,000				5,000				5,000
Net cash (used in) provided by investing activities			(3,416	)			33,048				(1,455	)			5,392				12,141
Cash Flows from Financing Activities:
Payments on long-term debt			(7,530	)			(6,173	)			(4,901	)			(9,483	)			(8,608	)
Payments on debt extinguishment			—				—				(104,832	)			(26,772	)			—
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	)			(9	)			(204	)			(204	)			(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			(3,850	)			—				—				(102	)			(2,266	)
Net cash (used in) provided by financing activities			(11,389	)			(6,071	)			9,443				(9,380	)			(10,982	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents			2				1				3				(1	)			—
Net Change in Cash, Restricted Cash and Cash Equivalents			(21,972	)			25,495				15,090				(106	)			607
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			84,131				58,636				43,546				43,652				43,045
Cash, Restricted Cash and Cash Equivalents, End of Period		$	62,159			$	84,131			$	58,636			$	43,546			$	43,652

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

		Owned				Leased-in				Managed				Total
March 31, 2024
AHTS			3				1				—				4
FSV			22				—				1				23
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				1				56
December 31, 2023
AHTS			3				1				—				4
FSV			22				—				3				25
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				3				58

 

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