• SEACOR Marine Announces Third Quarter 2022 Results

    Источник: Nasdaq GlobeNewswire / 02 ноя 2022 16:28:37   America/Chicago

    HOUSTON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2022.

    SEACOR Marine’s consolidated operating revenues for the third quarter of 2022 were $59.8 million, operating loss was $10.9 million, and direct vessel profit (“DVP”)(1) was $15.8 million. This compares to consolidated operating revenues of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021, and consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022.

    Notable third quarter items include:

    • Completion of the sale of our joint ventures in Mexico for gross cash proceeds of $66.0 million.
    • Completion of refinancing transactions extending the maturity of our main senior secured credit facility from the third quarter of 2023 to the first quarter of 2026.
    • Average utilization rates of 79%, the highest since the fourth quarter of 2013, an 11% improvement from the third quarter of 2021, and a 3% improvement from the second quarter of 2022.
    • 37% improvement in revenues from the third quarter of 2021 and an 11% improvement from the second quarter of 2022.
    • DVP margin increased 3% from the third quarter of 2021 and 8% from the second quarter of 2022, inclusive of all drydocking expenses during the periods.

    For the third quarter of 2022, loss from continuing operations was $24.4 million ($0.91 loss per basic and diluted share). This compares to a loss from continuing operations for the third quarter of 2021 of $5.8 million ($0.23 loss per basic and diluted share). Sequentially, third quarter 2022 results compare to a loss from continuing operations of $19.1 million ($0.72 loss per basic and diluted share) in the second quarter of 2022.

    Chief Executive Officer John Gellert commented:

    “The Company’s third quarter continued the improvement in revenues, utilization and average dayrates, and the acceleration of DVP margins. In particular, the U.S. Gulf of Mexico had its highest DVP contribution since 2018 and we are seeing improved demand for next year for our liftboats in both offshore wind and oil and gas decommissioning activities.

    The positive trends for the third quarter were partially offset by ongoing repair work on one of our premium liftboats in the Middle East, which we have fully expensed and which we expect to complete in the fourth quarter, as well as lower utilization for our PSV fleet, primarily as a result of both higher repair days and an early contract termination by one of our customers in the Middle East.

    The capstone of the quarter was a series of transactions which substantially bolstered our liquidity and extended our debt maturities. The sale of our joint ventures in Mexico allowed us to unlock capital at an attractive value. The refinancing transactions completed during the quarter, as well as the exchange transaction with Carlyle for our convertible debt completed in early October, addressed our main 2023 maturities, and once again demonstrate SEACOR Marine’s ability to maintain a disciplined capital structure while preserving equity value for our shareholders.”

    (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 and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

    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


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)

      Three Months Ended
    September 30,    		  Nine months ended
    September 30,    		 
      2022  2021  2022  2021 
    Operating Revenues $59,791  $43,663  $159,399  $122,974 
    Costs and Expenses:                
    Operating  44,006   33,448   127,647   92,370 
    Administrative and general  9,978   9,134   30,112   26,897 
    Lease expense  1,168   1,109   3,236   3,421 
    Depreciation and amortization  13,754   14,306   42,333   43,197 
       68,906   57,997   203,328   165,885 
    (Losses) Gains on Asset Dispositions and Impairments, Net  (1,783)  56   381   20,436 
    Operating Loss  (10,898)  (14,278)  (43,548)  (22,475)
    Other Income (Expense):                
    Interest income  (123)  124   96   1,245 
    Interest expense  (7,634)  (6,403)  (21,250)  (21,731)
    SEACOR Holdings guarantee fees  —   —   —   (7)
    Gain on debt extinguishment  —   —   —   61,994 
    Derivative gains, net  1   2   —   387 
    Foreign currency gains (losses), net  2,314   245   4,305   (878)
    Gain from return of investments in 50% or less owned companies and other, net  659   9,442   618   9,441 
       (4,783)  3,410   (16,231)  50,451 
    (Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies  (15,681)  (10,868)  (59,779)  27,976 
    Income Tax Expense (Benefit)  8,418   (725)  4,363   12,502 
    (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (24,099)  (10,143)  (64,142)  15,474 
    Equity in Earnings (Losses) Gains of 50% or Less Owned Companies  (254)  4,314   5,835   10,584 
    (Loss) Income from Continuing Operations  (24,353)  (5,829)  (58,307)  26,058 
    Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)  —   —   —   22,925 
    Net (Loss) Income  (24,353)  (5,829)  (58,307)  48,983 
    Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries  (2)  —   1   1 
    Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $(24,351) $(5,829) $(58,308) $48,982 
                     
    Net (Loss) Income Per Common Share from Continuing Operations:                
    Basic $(0.91) $(0.23) $(2.19) $1.03 
    Diluted  (0.91)  (0.23)  (2.19)  1.02 
    Net Earnings Per Share from Discontinued Operations:                
    Basic $—  $—  $—  $0.90 
    Diluted  —   —   —   0.90 
    Net (Loss) Earnings Per Share:                
    Basic $(0.91) $(0.23) $(2.19) $1.93 
    Diluted $(0.91) $(0.23) $(2.19) $1.92 
    Weighted Average Common Stock and Warrants Outstanding:                
    Basic  26,727,864   25,515,569   26,591,911   25,419,303 
    Diluted  26,727,864   25,515,569   26,591,911   25,430,762 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except statistics and per share data)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    Time Charter Statistics:                    
    Average Rates Per Day $13,340  $12,149  $11,312  $11,376  $12,120 
    Fleet Utilization  79%  77%  70%  73%  68%
    Fleet Available Days  5,336   5,311   5,400   5,060   5,108 
    Operating Revenues:                    
    Time charter $56,500  $49,504  $42,741  $42,289  $41,782 
    Bareboat charter  332   48   618   2,870   — 
    Other marine services  2,959   4,465   2,232   2,808   1,881 
       59,791   54,017   45,591   47,967   43,663 
    Costs and Expenses:                    
    Operating:                    
    Personnel  20,152   18,346   18,435   17,098   15,051 
    Repairs and maintenance  7,377   8,380   6,791   6,782   6,536 
    Drydocking  5,046   6,474   4,973   567   771 
    Insurance and loss reserves  2,850   2,545   1,186   1,859   2,189 
    Fuel, lubes and supplies  5,416   4,350   3,729   3,254   3,684 
    Other  3,165   4,050   4,382   5,476   5,217 
       44,006   44,145   39,496   35,036   33,448 
    Direct Vessel Profit (1)  15,785   9,872   6,095   12,931   10,215 
    Other Costs and Expenses:                    
    Lease expense  1,168   1,008   1,060   2,664   1,109 
    Administrative and general  9,978   10,210   9,924   10,742   9,134 
    Depreciation and amortization  13,754   14,208   14,371   14,198   14,306 
       24,900   25,426   25,355   27,604   24,549 
    (Losses) Gains on Asset Dispositions and Impairments, Net  (1,783)  25   2,139   —   56 
    Operating Loss  (10,898)  (15,529)  (17,121)  (14,673)  (14,278)
    Other Income (Expense):                    
    Interest income  (123)  190   29   57   124 
    Interest expense  (7,634)  (6,989)  (6,627)  (6,380)  (6,403)
    Derivative gains (losses), net  1   33   (34)  4   2 
    Foreign currency gains (losses), net  2,314   1,170   821   (357)  245 
    Gain from return of investments in 50% or less owned companies and other, net  659   (41)  —   —   9,442 
       (4,783)  (5,637)  (5,811)  (6,676)  3,410 
    Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies  (15,681)  (21,166)  (22,932)  (21,349)  (10,868)
    Income Tax Expense (Benefit)  8,418   (1,634)  (2,421)  (1,009)  (725)
    Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (24,099)  (19,532)  (20,511)  (20,340)  (10,143)
    Equity in Earnings (Losses) Gains of 50% or Less Owned Companies  (254)  415   5,674   4,494   4,314 
    Loss from Continuing Operations  (24,353)  (19,117)  (14,837)  (15,846)  (5,829)
    Net Loss  (24,353)  (19,117)  (14,837)  (15,846)  (5,829)
    Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries  (2)  3   —   —   — 
    Net Loss Attributable to SEACOR Marine Holdings Inc. $(24,351) $(19,120) $(14,837) $(15,846) $(5,829)
                         
    Net Loss Per Common Share from Continuing Operations:                    
    Basic $(0.91) $(0.72) $(0.56) $(0.62) $(0.23)
    Diluted  (0.91)  (0.72)  (0.56)  (0.62)  (0.23)
    Net Loss Per Share:                    
    Basic $(0.91) $(0.72) $(0.56) $(0.62) $(0.23)
    Diluted $(0.91) $(0.72) $(0.56) $(0.62) $(0.23)
    Weighted Average Common Stock and Warrants Outstanding:                    
    Basic  26,728   26,665   26,379   25,520   25,516 
    Diluted  26,728   26,665   26,379   25,520   25,516 
    Common Shares and Warrants Outstanding at Period End  28,142   28,145   28,083   27,432   25,864 

            

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    United States, primarily Gulf of Mexico                    
    Time Charter Statistics:                    
    Average rates per day worked $21,551  $17,792  $15,595  $15,496  $18,702 
    Fleet utilization  58%  43%  38%  33%  27%
    Fleet available days  1,363   1,277   1,314   1,043   1,062 
    Out-of-service days for repairs, maintenance and drydockings  199   284   205   95   246 
    Out-of-service days for cold-stacked status  259   313   404   399   469 
    Operating Revenues:                    
    Time charter $17,075  $9,759  $7,864  $5,290  $5,289 
    Bareboat charter  —   —   —   386   — 
    Other marine services  2,161   2,399   2,052   1,119   1,215 
       19,236   12,158   9,916   6,795   6,504 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel  7,243   5,773   4,923   3,136   2,428 
    Repairs and maintenance  2,002   1,280   1,101   1,085   1,266 
    Drydocking  1,549   4,090   2,867   191   239 
    Insurance and loss reserves  1,382   1,198   229   720   462 
    Fuel, lubes and supplies  1,143   794   662   501   259 
    Other  314   281   224   200   147 
       13,633   13,416   10,006   5,833   4,801 
    Direct Vessel Profit (Loss) (1) $5,603  $(1,258) $(90) $962  $1,703 
    Other Costs and Expenses:                    
    Lease expense $278  $295  $287  $633  $621 
    Depreciation and amortization  4,332   4,562   4,638   4,325   3,936 
                         
    Africa and Europe, Continuing Operations                    
    Time Charter Statistics:                    
    Average rates per day worked $11,813  $11,279  $10,006  $9,530  $9,551 
    Fleet utilization  91%  85%  82%  88%  77%
    Fleet available days  1,629   1,567   1,499   1,411   1,417 
    Out-of-service days for repairs, maintenance and drydockings  37   58   163   79   52 
    Out-of-service days for cold-stacked status  —   —   —   —   29 
    Operating Revenues:                    
    Time charter $17,551  $14,930  $12,280  $11,883  $10,446 
    Other marine services  60   1,072   (616)  (416)  (429)
       17,611   16,002   11,664   11,467   10,017 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel  4,694   3,526   3,536   3,283   3,147 
    Repairs and maintenance  2,110   2,638   1,579   1,846   1,540 
    Drydocking  383   134   1,144   144   337 
    Insurance and loss reserves  359   329   124   245   323 
    Fuel, lubes and supplies  2,284   1,490   1,473   1,019   1,631 
    Other  1,580   1,871   1,828   1,740   1,424 
       11,410   9,988   9,684   8,277   8,402 
    Direct Vessel Profit (1) $6,201  $6,014  $1,980  $3,190  $1,615 
    Other Costs and Expenses:                    
    Lease expense $455  $456  $402  $371  $284 
    Depreciation and amortization  3,461   3,306   3,258   2,948   3,296 


    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    Middle East and Asia                    
    Time Charter Statistics:                    
    Average rates per day worked $9,507  $9,673  $9,882  $9,612  $10,374 
    Fleet utilization  79%  87%  77%  81%  73%
    Fleet available days  1,564   1,651   1,800   1,717   1,780 
    Out-of-service days for repairs, maintenance and drydockings  252   160   153   38   134 
    Out-of-service days for cold-stacked status  —   —   90   178   214 
    Operating Revenues:                    
    Time charter $11,712  $13,906  $13,660  $13,402  $13,417 
    Other marine services  319   460   49   50   85 
       12,031   14,366   13,709   13,452   13,502 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel  5,384   5,691   6,031   5,756   5,849 
    Repairs and maintenance  1,776   2,545   1,832   1,382   1,610 
    Drydocking  3,113   2,250   962   232   156 
    Insurance and loss reserves  762   748   507   611   707 
    Fuel, lubes and supplies  1,426   1,318   1,010   1,042   777 
    Other  878   1,213   1,627   2,148   2,823 
       13,339   13,765   11,969   11,171   11,922 
    Direct Vessel (Loss) Profit (1) $(1,308) $601  $1,740  $2,281  $1,580 
    Other Costs and Expenses:                    
    Lease expense $35  $38  $31  $38  $377 
    Depreciation and amortization  3,974   4,229   4,345   4,156   4,456 
                         
    Latin America                    
    Time Charter Statistics:                    
    Average rates per day worked $14,010  $14,263  $13,450  $15,944  $16,240 
    Fleet utilization  93%  94%  85%  83%  92%
    Fleet available days  780   816   787   889   849 
    Out-of-service days for repairs, maintenance and drydockings  12   6   59   113   58 
    Operating Revenues:                    
    Time charter $10,162  $10,909  $8,937  $11,714  $12,630 
    Bareboat charter  332   48   618   2,484   — 
    Other marine services  419   534   747   2,055   1,010 
       10,913   11,491   10,302   16,253   13,640 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel  2,831   3,356   3,945   4,923   3,627 
    Repairs and maintenance  1,489   1,917   2,279   2,469   2,120 
    Drydocking  1   —   —   —   39 
    Insurance and loss reserves  347   270   326   283   697 
    Fuel, lubes and supplies  563   748   584   692   1,017 
    Other  393   685   703   1,388   823 
       5,624   6,976   7,837   9,755   8,323 
    Direct Vessel Profit (1) $5,289  $4,515  $2,465  $6,498  $5,317 
    Other Costs and Expenses:                    
    Lease expense $400  $219  $340  $1,622  $(173)
    'Depreciation and amortization  1,987   2,111   2,130   2,769   2,618 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    Anchor handling towing supply                    
    Time Charter Statistics:                    
    Average rates per day worked $8,848  $8,887  $8,908  $8,069  $14,346 
    Fleet utilization  67%  66%  66%  66%  66%
    Fleet available days  552   546   540   552   552 
    Out-of-service days for repairs, maintenance and drydockings  92   56   2   14   61 
    Out-of-service days for cold-stacked status  92   131   180   92   92 
    Operating Revenues:                    
    Time charter $3,256  $3,191  $3,188  $2,926  $5,224 
    Other marine services  (183)  (143)  (160)  (129)  (151)
       3,073   3,048   3,028   2,797   5,073 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $1,022  $1,050  $1,136  $1,389  $1,584 
    Repairs and maintenance  304   566   293   608   1,044 
    Drydocking  28   (30)  (7)  1   (217)
    Insurance and loss reserves  150   146   (137)  148   193 
    Fuel, lubes and supplies  399   215   144   321   388 
    Other  228   435   439   556   408 
       2,131   2,382   1,868   3,023   3,400 
    Other Costs and Expenses:                    
    Lease expense $450  $450  $449  $353  $354 
    Depreciation and amortization  494   495   494   495   494 
                         
    Fast support                    
    Time Charter Statistics:                    
    Average rates per day worked $9,907  $9,201  $8,621  $8,464  $8,455 
    Fleet utilization  90%  85%  80%  79%  70%
    Fleet available days  2,116   2,126   2,160   2,208   2,208 
    Out-of-service days for repairs, maintenance and drydockings  103   108   167   137   300 
    Out-of-service days for cold-stacked status  75   91   90   92   178 
    Operating Revenues:                    
    Time charter $18,837  $16,525  $14,900  $14,857  $13,007 
    Bareboat charter  —   —   —   386   — 
    Other marine services  (15)  (174)  (254)  (380)  (121)
       18,822   16,351   14,646   14,863   12,886 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $5,289  $4,880  $5,070  $5,581  $4,588 
    Repairs and maintenance  2,738   2,458   1,800   2,151   2,313 
    Drydocking  656   (201)  1,277   494   965 
    Insurance and loss reserves  410   372   260   390   328 
    Fuel, lubes and supplies  1,572   1,187   1,544   1,355   1,390 
    Other  1,284   1,311   1,941   2,156   2,021 
       11,949   10,007   11,892   12,127   11,605 
    Other Costs and Expenses:                    
    Lease expense $—  $—  $—  $353  $693 
    Depreciation and amortization  4,972   5,010   4,945   4,929   4,929 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    Supply                    
    Time Charter Statistics:                    
    Average rates per day worked $13,772  $13,422  $12,188  $11,586  $11,631 
    Fleet utilization  78%  86%  72%  79%  77%
    Fleet available days  1,840   1,820   1,800   1,380   1,372 
    Out-of-service days for repairs, maintenance and drydockings  152   26   233   117   64 
    Out-of-service days for cold-stacked status  —   —   —   117   174 
    Operating Revenues:                    
    Time charter $19,687  $20,983  $15,823  $12,675  $12,317 
    Bareboat charter  332   48   618   —   — 
    Other marine services  720   575   44   410   221 
       20,739   21,606   16,485   13,085   12,538 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $8,427  $7,889  $8,193  $6,141  $4,738 
    Repairs and maintenance  2,839   3,184   3,701   2,191   2,078 
    Drydocking  1,025   (32)  1,302   —   23 
    Insurance and loss reserves  734   551   428   280   595 
    Fuel, lubes and supplies  2,038   1,701   1,434   998   1,221 
    Other  1,275   1,631   1,348   1,957   988 
       16,338   14,924   16,406   11,567   9,643 
    Other Costs and Expenses:                    
    Lease expense $332  $154  $291  $—  $— 
    Depreciation and amortization  3,810   3,785   3,786   3,155   3,149 
                         
    Specialty                    
    Time Charter Statistics:                    
    Fleet available days  —   —   90   92   92 
    Out-of-service days for repairs, maintenance and drydockings  —   —   —   —   65 
    Out-of-service days for cold-stacked status  —   —   90   92   — 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $—  $—  $1  $6  $35 
    Repairs and maintenance  —   —   —   (28)  7 
    Insurance and loss reserves  —   —   2   1   3 
    Fuel, lubes and supplies  —   —   2   2   6 
    Other  —   —   11   18   28 
       —   —   16   (1)  79 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    Liftboats                    
    Time Charter Statistics:                    
    Average rates per day worked $27,447  $24,712  $22,416  $23,409  $23,137 
    Fleet utilization  65%  44%  49%  61%  55%
    Fleet available days  828   819   810   828   884 
    Out-of-service days for repairs, maintenance and drydockings  154   318   179   58   65 
    Out-of-service days for cold-stacked status  92   91   134   184   202 
    Operating Revenues:                    
    Time charter $14,720  $8,805  $8,830  $11,831  $11,234 
    Bareboat charter  —   —   —   2,484   — 
    Other marine services  1,421   3,283   1,463   1,121   997 
       16,141   12,088   10,293   15,436   12,231 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $5,419  $4,515  $4,035  $4,068  $4,033 
    Repairs and maintenance  1,560   2,132   1,012   1,859   1,104 
    Drydocking  3,337   6,737   2,401   72   — 
    Insurance and loss reserves  1,552   1,548   1,215   1,070   1,170 
    Fuel, lubes and supplies  1,408   1,230   605   589   668 
    Other  387   655   644   856   1,672 
       13,663   16,817   9,912   8,514   8,647 
    Other Costs and Expenses:                    
    Lease expense $—  $—  $—  $1,569  $(200)
    Depreciation and amortization  4,429   4,870   4,964   5,171   5,170 
                         
    Other Activity                    
    Operating Revenues:                    
    Other marine services $1,016  $924  $1,139  $1,786  $935 
       1,016   924   1,139   1,786   935 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $(5) $12  $—  $(87) $73 
    Repairs and maintenance  (64)  40   (15)  1   (10)
    Insurance and loss reserves  4   (72)  (582)  (30)  (100)
    Fuel, lubes and supplies  (1)  17   —   (11)  11 
    Other  (9)  18   (1)  (67)  100 
       (75)  15   (598)  (194)  74 
    Other Costs and Expenses:                    
    Lease expense $386  $404  $320  $389  $262 
    Depreciation and amortization  49   48   182   448   564 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)

      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    ASSETS                    
    Current Assets:                    
    Cash and cash equivalents $47,514  $22,608  $36,315  $37,619  $42,194 
    Restricted cash  3,296   3,296   3,596   3,601   4,160 
    Receivables:                    
    Trade, net of allowance for credit loss accounts  58,572   55,276   49,238   55,544   50,343 
    Other  6,647   7,437   8,799   6,118   13,750 
    Note receivable  20,000   —   —   —   — 
    Tax receivable  79   79   1,238   1,238   101 
    Inventories  2,059   1,723   1,297   928   476 
    Prepaid expenses and other  4,700   5,391   3,724   3,730   3,851 
    Assets held for sale  6,000   —   —   2,235   — 
    Total current assets  148,867   95,810   104,207   111,013   114,875 
    Property and Equipment:                    
    Historical cost  992,423   1,000,147   1,006,873   1,006,052   989,910 
    Accumulated depreciation  (321,898)  (325,091)  (316,444)  (300,300)  (303,178)
       670,525   675,056   690,429   705,752   686,732 
    Construction in progress  8,422   15,576   15,550   15,531   15,577 
    Net property and equipment  678,947   690,632   705,979   721,283   702,309 
    Right-of-use asset - operating leases  4,419   5,686   6,238   6,608   4,670 
    Right-of-use asset - finance leases  6,972   7,131   7,290   100   108 
    Investments, at equity, and advances to 50% or less owned companies  1,901   75,923   76,860   71,727   77,426 
    Other assets  1,887   1,932   2,057   1,771   2,672 
    Total assets $842,993  $877,114  $902,631  $912,502  $902,060 
    LIABILITIES AND EQUITY                    
    Current Liabilities:                    
    Current portion of operating lease liabilities $1,792  $2,010  $2,073  $1,986  $1,269 
    Current portion of financing lease liabilities  374   282   190   33   32 
    Current portion of long-term debt  57,567   33,398   32,708   31,602   28,875 
    Accounts payable and accrued expenses  36,248   39,262   32,585   28,419   23,578 
    Due to SEACOR Holdings  264   264   264   274   276 
    Other current liabilities  22,032   22,171   23,723   22,351   21,109 
    Total current liabilities  118,277   97,387   91,543   84,665   75,139 
    Long-term operating lease liabilities  3,759   4,026   4,420   4,885   4,000 
    Long-term financing lease liabilities  6,916   7,050   7,183   76   84 
    Long-term debt  282,556   318,699   326,264   332,762   321,641 
    Conversion option liability on convertible senior notes  —   1   34   —   5 
    Deferred income taxes  39,823   33,743   37,153   40,682   43,463 
    Deferred gains and other liabilities  2,692   2,701   2,990   2,891   2,925 
    Total liabilities  454,023   463,607   469,587   465,961   447,257 
    Equity:                    
    SEACOR Marine Holdings Inc. stockholders’ equity:                    
    Common stock  272   272   269   262   245 
    Additional paid-in capital  465,449   464,222   463,138   461,931   455,373 
    Accumulated deficit  (79,769)  (55,418)  (37,744)  (22,907)  (7,059)
    Shares held in treasury  (1,852)  (1,852)  (1,792)  (1,120)  (1,120)
    Accumulated other comprehensive income, net of tax  4,549   5,960   8,853   8,055   7,044 
       388,649   413,184   432,724   446,221   454,483 
    Noncontrolling interests in subsidiaries  321   323   320   320   320 
    Total equity  388,970   413,507   433,044   446,541   454,803 
    Total liabilities and equity $842,993  $877,114  $902,631  $912,502  $902,060 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)

      Three Months Ended 
      Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021 
    Cash Flows from Continuing Operating Activities:                    
    Net (Loss) Income $(24,353) $(19,117) $(14,837) $(15,846) $(5,829)
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                    
    Depreciation and amortization  13,754   14,208   14,371   14,198   14,306 
    Deferred financing costs amortization  350   364   291   328   255 
    Stock-based compensation expense  1,227   1,013   395   1,243   1,294 
    Debt discount amortization  1,817   1,736   1,691   1,614   1,573 
    Allowance for credit losses  (53)  701   (170)  585   122 
    Loss (Gain) from equipment sales, retirements or impairments  1,783   (25)  (2,139)  —   (56)
    Gain from return of investment  —   —   —   —   (9,442)
    Derivative (gains) losses  (1)  (33)  34   (4)  (2)
    Interest on finance leases  73   73   25   1   1 
    Cash settlement payments on derivative transactions, net  (131)  (278)  (373)  (403)  (414)
    Currency (gains) losses  (2,314)  (1,170)  (821)  357   (245)
    Deferred income taxes  6,079   (3,410)  (3,529)  (2,781)  (2,706)
    Equity losses (earnings)  254   (415)  (5,674)  (4,494)  (4,314)
    Dividends received from equity investees  1,096   1,162   725   817   4,515 
    Changes in Operating Assets and Liabilities:                    
    Accounts receivables  (2,384)  (4,476)  3,904   (1,157)  (3,798)
    Other assets  966   (1,539)  (164)  1,656   1,561 
    Accounts payable and accrued liabilities  (4,900)  4,925   6,707   7,915   (1,416)
    Net cash (used in) provided by operating activities  (6,737)  (6,281)  436   4,029   (4,595)
    Cash Flows from Continuing Investing Activities:                    
    Purchases of property and equipment  (240)  (17)  (20)  (443)  (2,910)
    Proceeds from disposition of property and equipment  —   1,371   5,310   —   — 
    Net investing activities in property and equipment  (240)  1,354   5,290   (443)  (2,910)
    Investments in and advances to 50% or less owned companies  —   —   —   (2,272)  — 
    Excess distributions from equity investees  —   —   —   —   9,442 
    Principal payments on notes due from equity investees  177   175   176   (630)  179 
    Cash received from acquisition of 50% or less owned company  —   —   —   172   — 
    Proceeds from sale of investment in equity investees  66,000   —   —   —   — 
    Issuance of notes due from others  (28,831)  —   —   —   — 
    Principal payments on notes due from others  8,831   —   —   —   — 
    Net cash provided by (used in) investing activities  45,937   1,529   5,466   (3,173)  6,711 
    Cash Flows from Continuing Financing Activities:                    
    Payments on long-term debt  (14,182)  (9,152)  (7,348)  (5,981)  (7,054)
    Payments on finance leases  (114)  (114)  (9)  (9)  (9)
    Proceeds from exercise of stock options  —   11   140   —     
    Issuance of stock  —   3   7   —   — 
    Exercise of warrants  —   —   —   1   — 
    Net cash used in financing activities  (14,296)  (9,252)  (7,210)  (5,989)  (7,063)
    Effects of Exchange Rate Changes on Cash and Cash Equivalents  2   (3)  (1)  (1)  — 
    Net Change in Cash, Cash Equivalents and Restricted Cash  24,906   (14,007)  (1,309)  (5,134)  (4,947)
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period  25,904   39,911   41,220   46,354   51,301 
    Cash, Restricted Cash and Cash Equivalents, End of Period $50,810  $25,904  $39,911  $41,220  $46,354 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

      Owned Joint Ventured (1) Leased-in Managed Total
    September 30, 2022          
    AHTS 3 — 2 — 5
    FSV 22 — 1 2 25
    Supply 21 — — — 21
    Liftboats 9 — — — 9
      55 — 3 2 60
    December 31, 2021          
    AHTS 4 — 2 — 6
    FSV 23 5 1 1 30
    Supply 20 15 — — 35
    Specialty (2) 1 — — — 1
    Liftboats (3) 9 — — — 9
      57 20 3 1 81


    (1)On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
    (2)One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
    (3)In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.

     


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