• SEACOR Marine Announces Second Quarter 2022 Results

    Источник: Nasdaq GlobeNewswire / 03 авг 2022 15:20:01   America/Chicago

    HOUSTON, Aug. 03, 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 second quarter ended June 30, 2022.

    SEACOR Marine’s consolidated operating revenues for the second quarter of 2022 were $54.0 million, operating loss was $15.5 million, and direct vessel profit (“DVP”)(1) was $9.9 million. This compares to consolidated operating revenues of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021 and operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022.

    Notable second quarter items include:

    • Average utilization rates of 77%, the highest since the second quarter of 2014.
    • 26% improvement in revenues compared to the second quarter of 2021 and 18% improvement from the first quarter of 2022.
    • 151% increase in dry docking and major repairs compared to the second quarter of 2021 and 44% increase from the first quarter of 2022.

    For the second quarter of 2022, net loss from continuing operations was $19.1 million ($0.72 loss per basic and diluted share). This compares to a net income from continuing operations for the second quarter of 2021 of $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), which included gains realized in connection with the Falcon Global debt payoff transaction and asset dispositions in the second quarter of 2021. Excluding such gains and the related tax effect, net loss from continuing operations would have been $18.1 million in the second quarter of 2021. Sequentially, second quarter 2022 results compare to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022. For the first quarter of 2022, net loss from continuing operations was $14.8 million ($0.56 loss per basic and diluted share).

    Chief Executive Officer John Gellert commented:

    “Our results for the second quarter demonstrate the continued progress we have been making in increasing revenues, utilization and average dayrates, reflecting the continued buildup of demand for our services. The flat average dayrates and modest DVP result of $9.9 million were driven by the impact of having multiple vessels in drydock and/or repairs for extended periods of time. These ongoing efforts included three of our largest liftboats, which were a large portion of the 318 revenue days lost to repairs or drydocking in our liftboat fleet during the quarter.

    Excluding major repairs and drydocking expenses in both periods, the fleet had a 32% improvement in DVP compared to the second quarter of 2021. We expect our overall financial performance to continue improving as repairs for these large liftboats and regulatory inspection cycle are completed, which should place us in a timely position to participate in attractive contracting opportunities.” ___________________

    (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 June 30,  Six months ended June 30, 
      2022  2021  2022  2021 
    Operating Revenues $54,017  $42,799  $99,608  $79,311 
    Costs and Expenses:                
    Operating  44,145   32,615   83,641   58,922 
    Administrative and general  10,210   9,152   20,134   17,763 
    Lease expense  1,008   1,234   2,068   2,312 
    Depreciation and amortization  14,208   14,093   28,579   28,891 
       69,571   57,094   134,422   107,888 
    Gains on Asset Dispositions and Impairments, Net  25   22,653   2,164   20,380 
    Operating (Loss) Income  (15,529)  8,358   (32,650)  (8,197)
    Other Income (Expense):                
    Interest income  190   135   219   1,121 
    Interest expense  (6,989)  (7,310)  (13,616)  (15,328)
    SEACOR Holdings guarantee fees  —   —   —   (7)
    Gain on debt extinguishment  —   61,994   —   61,994 
    Derivative gains (losses), net  33   30   (1)  385 
    Foreign currency gains (losses), net  1,170   (657)  1,991   (1,123)
    Other, net  (41)  (1)  (41)  (1)
       (5,637)  54,191   (11,448)  47,041 
    (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies  (21,166)  62,549   (44,098)  38,844 
    Income Tax (Benefit) Expense  (1,634)  15,915   (4,055)  13,227 
    (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (19,532)  46,634   (40,043)  25,617 
    Equity in Earnings Gains of 50% or Less Owned Companies  415   2,167   6,089   6,270 
    (Loss) Income from Continuing Operations  (19,117)  48,801   (33,954)  31,887 
    Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)  —   —   —   22,925 
    Net (Loss) Income  (19,117)  48,801   (33,954)  54,812 
    Net Income Attributable to Noncontrolling Interests in Subsidiaries  3   1   3   1 
    Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $(19,120) $48,800  $(33,957) $54,811 
                     
    Net (Loss) Income Per Common Share from Continuing Operations:                
    Basic $(0.72) $1.92  $(1.28) $1.26 
    Diluted  (0.72)  1.79   (1.28)  1.26 
    Net Earnings Per Share from Discontinued Operations:                
    Basic $—  $—  $—  $0.90 
    Diluted  —   —   —   0.90 
    Net (Loss) Earnings per Share:                
    Basic $(0.72) $1.92  $(1.28) $2.16 
    Diluted $(0.72) $1.79  $(1.28) $2.16 
    Weighted Average Common Stock and Warrants Outstanding:                
    Basic  26,664,745   25,435,362   26,522,808   25,370,372 
    Diluted  26,664,745   28,345,155   26,522,808   25,371,185 


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

      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    Time Charter Statistics:                    
    Average Rates Per Day $12,149  $11,312  $11,376  $12,120  $12,007 
    Fleet Utilization  77%  70%  73%  68%  67%
    Fleet Available Days  5,311   5,400   5,060   5,108   5,177 
    Operating Revenues:                    
    Time charter $49,504  $42,741  $42,289  $41,782  $41,474 
    Bareboat charter  48   618   2,870   —   434 
    Other marine services  4,465   2,232   2,808   1,881   891 
       54,017   45,591   47,967   43,663   42,799 
    Costs and Expenses:                    
    Operating:                    
    Personnel  18,346   18,435   17,098   15,051   14,353 
    Repairs and maintenance  8,380   6,791   6,782   6,536   6,959 
    Drydocking  6,474   4,973   567   771   2,792 
    Insurance and loss reserves  2,545   1,186   1,859   2,189   2,661 
    Fuel, lubes and supplies  4,350   3,729   3,254   3,684   2,893 
    Other  4,050   4,382   5,476   5,217   2,957 
       44,145   39,496   35,036   33,448   32,615 
    Direct Vessel Profit (1)  9,872   6,095   12,931   10,215   10,184 
    Other Costs and Expenses:                    
    Lease expense  1,008   1,060   2,664   1,109   1,234 
    Administrative and general  10,210   9,924   10,742   9,134   9,152 
    Depreciation and amortization  14,208   14,371   14,198   14,306   14,093 
       25,426   25,355   27,604   24,549   24,479 
    Gains on Asset Dispositions and Impairments, Net  25   2,139   —   56   22,653 
    Operating (Loss) Income  (15,529)  (17,121)  (14,673)  (14,278)  8,358 
    Other Income (Expense):                    
    Interest income  190   29   57   124   135 
    Interest expense  (6,989)  (6,627)  (6,380)  (6,403)  (7,310)
    Derivative gains (losses), net  33   (34)  4   2   30 
    Gain on debt extinguishment  —   —   —   —   61,994 
    Foreign currency gains (losses), net  1,170   821   (357)  245   (657)
    (Loss) Gain from return of investments in 50% or less owned companies and other, net  (41)  —   —   9,442   (1)
       (5,637)  (5,811)  (6,676)  3,410   54,191 
    (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies  (21,166)  (22,932)  (21,349)  (10,868)  62,549 
    Income Tax (Benefit) Expense  (1,634)  (2,421)  (1,009)  (725)  15,915 
    (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (19,532)  (20,511)  (20,340)  (10,143)  46,634 
    Equity in Earnings Gains of 50% or Less Owned Companies  415   5,674   4,494   4,314   2,167 
    (Loss) Income from Continuing Operations  (19,117)  (14,837)  (15,846)  (5,829)  48,801 
    Net (Loss) Income  (19,117)  (14,837)  (15,846)  (5,829)  48,801 
    Net Income Attributable to Noncontrolling Interests in Subsidiaries  3   —   —   —   1 
    Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $(19,120) $(14,837) $(15,846) $(5,829) $48,800 
                         
    Net (Loss) Earnings Per Common Share from Continuing Operations:                    
    Basic $(0.72) $(0.56) $(0.62) $(0.23) $1.92 
    Diluted  (0.72)  (0.56)  (0.62)  (0.23)  1.79 
    Net (Loss) Earnings per Share:                    
    Basic $(0.72) $(0.56) $(0.62) $(0.23) $1.92 
    Diluted $(0.72) $(0.56) $(0.62) $(0.23) $1.79 
    Weighted Average Common Stock and Warrants Outstanding:                    
    Basic  26,665   26,379   25,520   25,516   25,435 
    Diluted  26,665   26,379   25,520   25,516   28,345 
    Common Shares and Warrants Outstanding at Period End  28,145   28,083   27,432   25,864   25,869 


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

      Three Months Ended
      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    United States, primarily Gulf of Mexico                    
    Time Charter Statistics:                    
    Average rates per day worked $17,792  $15,595  $15,496  $18,702  $17,058 
    Fleet utilization  43%  38%  33%  27%  18%
    Fleet available days  1,277   1,314   1,043   1,062   1,112 
    Out-of-service days for repairs, maintenance and drydockings  284   205   95   246   137 
    Out-of-service days for cold-stacked status  313   404   399   469   748 
    Operating Revenues:                    
    Time charter $9,759  $7,864  $5,290  $5,289  $3,419 
    Bareboat charter  —   —   386   —   434 
    Other marine services  2,399   2,052   1,119   1,215   727 
       12,158   9,916   6,795   6,504   4,580 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $5,773  $4,923  $3,136  $2,428  $1,528 
    Repairs and maintenance  1,280   1,101   1,085   1,266   389 
    Drydocking  4,090   2,867   191   239   777 
    Insurance and loss reserves  1,198   229   720   462   923 
    Fuel, lubes and supplies  794   662   501   259   245 
    Other  281   224   200   147   224 
       13,416   10,006   5,833   4,801   4,086 
    Direct Vessel (Loss) Profit (1) $(1,258) $(90) $962  $1,703  $494 
    Other Costs and Expenses:                    
    Lease expense $295  $287  $633  $621  $703 
    Depreciation and amortization  4,562   4,638   4,325   3,936   3,287 
                         
    Africa and Europe, Continuing Operations                    
    Time Charter Statistics:                    
    Average rates per day worked $11,279  $10,006  $9,530  $9,551  $11,231 
    Fleet utilization  85%  82%  88%  77%  75%
    Fleet available days  1,567   1,499   1,411   1,417   1,365 
    Out-of-service days for repairs, maintenance and drydockings  58   163   79   52   65 
    Out-of-service days for cold-stacked status  —   —   —   29   176 
    Operating Revenues:                    
    Time charter $14,930  $12,280  $11,883  $10,446  $11,437 
    Other marine services  1,072   (616)  (416)  (429)  (224)
       16,002   11,664   11,467   10,017   11,213 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $3,526  $3,536  $3,283  $3,147  $4,253 
    Repairs and maintenance  2,638   1,579   1,846   1,540   2,195 
    Drydocking  134   1,144   144   337   374 
    Insurance and loss reserves  329   124   245   323   352 
    Fuel, lubes and supplies  1,490   1,473   1,019   1,631   887 
    Other  1,871   1,828   1,740   1,424   2,072 
       9,988   9,684   8,277   8,402   10,133 
    Direct Vessel Profit (1) $6,014  $1,980  $3,190  $1,615  $1,080 
    Other Costs and Expenses:                    
    Lease expense $456  $402  $371  $284  $270 
    Depreciation and amortization  3,306   3,258   2,948   3,296   3,305 


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

      Three Months Ended
      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    Middle East and Asia                    
    Time Charter Statistics:                    
    Average rates per day worked $9,673  $9,882  $9,612  $10,374  $9,292 
    Fleet utilization  87%  77%  81%  73%  81%
    Fleet available days  1,651   1,800   1,717   1,780   1,820 
    Out-of-service days for repairs, maintenance and drydockings  160   153   38   134   105 
    Out-of-service days for cold-stacked status  —   90   178   214   116 
    Operating Revenues:                    
    Time charter $13,906  $13,660  $13,402  $13,417  $13,752 
    Other marine services  460   49   50   85   31 
       14,366   13,709   13,452   13,502   13,783 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $5,691  $6,031  $5,756  $5,849  $5,378 
    Repairs and maintenance  2,545   1,832   1,382   1,610   2,806 
    Drydocking  2,250   962   232   156   1,185 
    Insurance and loss reserves  748   507   611   707   461 
    Fuel, lubes and supplies  1,318   1,010   1,042   777   1,081 
    Other  1,213   1,627   2,148   2,823   43 
       13,765   11,969   11,171   11,922   10,954 
    Direct Vessel Profit (1) $601  $1,740  $2,281  $1,580  $2,829 
    Other Costs and Expenses:                    
    Lease expense $38  $31  $38  $377  $35 
    Depreciation and amortization  4,229   4,345   4,156   4,456   4,663 
                         
    Latin America                    
    Time Charter Statistics:                    
    Average rates per day worked $14,263  $13,450  $15,944  $16,240  $17,034 
    Fleet utilization  94%  85%  83%  92%  86%
    Fleet available days  816   787   889   849   880 
    Out-of-service days for repairs, maintenance and drydockings  6   59   113   58   117 
    Operating Revenues:                    
    Time charter $10,909  $8,937  $11,714  $12,630  $12,866 
    Bareboat charter  48   618   2,484   —   — 
    Other marine services  534   747   2,055   1,010   357 
       11,491   10,302   16,253   13,640   13,223 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $3,356  $3,945  $4,923  $3,627  $3,194 
    Repairs and maintenance  1,917   2,279   2,469   2,120   1,569 
    Drydocking  —   —   —   39   456 
    Insurance and loss reserves  270   326   283   697   925 
    Fuel, lubes and supplies  748   584   692   1,017   680 
    Other  685   703   1,388   823   618 
       6,976   7,837   9,755   8,323   7,442 
    Direct Vessel Profit (1) $4,515  $2,465  $6,498  $5,317  $5,781 
    Other Costs and Expenses:                    
    Lease expense $219  $340  $1,622  $(173) $226 
    'Depreciation and amortization  2,111   2,130   2,769   2,618   2,838 


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

      Three Months Ended
      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    Anchor handling towing supply                    
    Time Charter Statistics:                    
    Average rates per day worked $8,887  $8,908  $8,069  $14,346  $11,268 
    Fleet utilization  66%  66%  66%  66%  59%
    Fleet available days  546   540   552   552   546 
    Out-of-service days for repairs, maintenance and drydockings  56   2   14   61   105 
    Out-of-service days for cold-stacked status  131   180   92   92   118 
    Operating Revenues:                    
    Time charter $3,191  $3,188  $2,926  $5,224  $3,640 
    Other marine services  (143)  (160)  (129)  (151)  (157)
       3,048   3,028   2,797   5,073   3,483 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $1,050  $1,136  $1,389  $1,584  $1,513 
    Repairs and maintenance  566   293   608   1,044   471 
    Drydocking  (30)  (7)  1   (217)  1,322 
    Insurance and loss reserves  146   (137)  148   193   99 
    Fuel, lubes and supplies  215   144   321   388   344 
    Other  435   439   556   408   444 
       2,382   1,868   3,023   3,400   4,193 
    Other Costs and Expenses:                    
    Lease expense $450  $449  $353  $354  $362 
    Depreciation and amortization  495   494   495   494   495 
                         
    Fast support                    
    Time Charter Statistics:                    
    Average rates per day worked $9,201  $8,621  $8,464  $8,455  $7,962 
    Fleet utilization  85%  80%  79%  70%  71%
    Fleet available days  2,126   2,160   2,208   2,208   2,100 
    Out-of-service days for repairs, maintenance and drydockings  108   167   137   300   226 
    Out-of-service days for cold-stacked status  91   90   92   178   314 
    Operating Revenues:                    
    Time charter $16,525  $14,900  $14,857  $13,007  $11,827 
    Bareboat charter  —   —   386   —   434 
    Other marine services  (174)  (254)  (380)  (121)  (249)
       16,351   14,646   14,863   12,886   12,012 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $4,880  $5,070  $5,581  $4,588  $4,802 
    Repairs and maintenance  2,458   1,800   2,151   2,313   3,618 
    Drydocking  (201)  1,277   494   965   1,178 
    Insurance and loss reserves  372   260   390   328   507 
    Fuel, lubes and supplies  1,187   1,544   1,355   1,390   1,154 
    Other  1,311   1,941   2,156   2,021   1,640 
       10,007   11,892   12,127   11,605   12,899 
    Other Costs and Expenses:                    
    Lease expense $—  $—  $353  $693  $352 
    Depreciation and amortization  5,010   4,945   4,929   4,929   4,931 


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

      Three Months Ended
      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    Supply                    
    Time Charter Statistics:                    
    Average rates per day worked $13,422  $12,188  $11,586  $11,631  $11,921 
    Fleet utilization  86%  72%  79%  77%  80%
    Fleet available days  1,820   1,800   1,380   1,372   1,274 
    Out-of-service days for repairs, maintenance and drydockings  26   233   117   64   11 
    Out-of-service days for cold-stacked status  —   —   117   174   91 
    Operating Revenues:                    
    Time charter $20,983  $15,823  $12,675  $12,317  $12,179 
    Bareboat charter  48   618   —   —   — 
    Other marine services  575   44   410   221   117 
       21,606   16,485   13,085   12,538   12,296 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $7,889  $8,193  $6,141  $4,738  $4,044 
    Repairs and maintenance  3,184   3,701   2,191   2,078   2,039 
    Drydocking  (32)  1,302   —   23   180 
    Insurance and loss reserves  551   428   280   595   436 
    Fuel, lubes and supplies  1,701   1,434   998   1,221   1,034 
    Other  1,631   1,348   1,957   988   884 
       14,924   16,406   11,567   9,643   8,617 
    Other Costs and Expenses:                    
    Lease expense $154  $291  $—  $—  $— 
    Depreciation and amortization  3,785   3,786   3,155   3,149   2,936 
                         
    Specialty                    
    Time Charter Statistics:                    
    Average rates per day worked $—  $—  $—  $—  $1,571 
    Fleet utilization  —%  —%  —%  —%  92%
    Fleet available days  —   90   92   92   91 
    Out-of-service days for repairs, maintenance and drydockings  —   —   —   65   8 
    Out-of-service days for cold-stacked status  —   90   92   —   — 
    Operating Revenues:                    
    Time charter $—  $—  $—  $—  $131 
    Other marine services  —   —   —   —   23 
       —   —   —   —   154 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $—  $1  $6  $35  $99 
    Repairs and maintenance  —   —   (28)  7   104 
    Insurance and loss reserves  —   2   1   3   5 
    Fuel, lubes and supplies  —   2   2   6   5 
    Other  —   11   18   28   33 
       —   16   (1)  79   246 


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

      Three Months Ended
      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    Liftboats                    
    Time Charter Statistics:                    
    Average rates per day worked $24,712  $22,416  $23,409  $23,137  $25,334 
    Fleet utilization  44%  49%  61%  55%  46%
    Fleet available days  819   810   828   884   1,167 
    Out-of-service days for repairs, maintenance and drydockings  318   179   58   65   75 
    Out-of-service days for cold-stacked status  91   134   184   202   517 
    Operating Revenues:                    
    Time charter $8,805  $8,830  $11,831  $11,234  $13,697 
    Bareboat charter  —   —   2,484   —   — 
    Other marine services  3,283   1,463   1,121   997   688 
       12,088   10,293   15,436   12,231   14,385 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $4,515  $4,035  $4,068  $4,033  $3,916 
    Repairs and maintenance  2,132   1,012   1,859   1,104   716 
    Drydocking  6,737   2,401   72   —   112 
    Insurance and loss reserves  1,548   1,215   1,070   1,170   1,752 
    Fuel, lubes and supplies  1,230   605   589   668   353 
    Other  655   644   856   1,672   (58)
       16,817   9,912   8,514   8,647   6,791 
    Other Costs and Expenses:                    
    Lease expense $—  $—  $1,569  $(200) $205 
    Depreciation and amortization  4,870   4,964   5,171   5,170   5,171 
                         
    Other Activity                    
    Operating Revenues:                    
    Other marine services $924  $1,139  $1,786  $935  $469 
       924   1,139   1,786   935   469 
    Direct Costs and Expenses:                    
    Operating:                    
    Personnel $12  $—  $(87) $73  $(21)
    Repairs and maintenance  40   (15)  1   (10)  11 
    Insurance and loss reserves  (72)  (582)  (30)  (100)  (138)
    Fuel, lubes and supplies  17   —   (11)  11   3 
    Other  18   (1)  (67)  100   14 
       15   (598)  (194)  74   (131)
    Other Costs and Expenses:                    
    Lease expense $404  $320  $389  $262  $315 
    Depreciation and amortization  48   182   448   564   560 


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

      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    ASSETS                    
    Current Assets:                    
    Cash and cash equivalents $22,608  $36,315  $37,619  $42,194  $45,446 
    Restricted cash  3,296   3,596   3,601   4,160   5,855 
    Receivables:                    
    Trade, net of allowance for credit loss accounts  55,276   49,238   55,544   50,343   47,082 
    Other  7,437   8,799   6,118   13,750   12,152 
    Tax receivable  79   1,238   1,238   101   1,497 
    Inventories  1,723   1,297   928   476   425 
    Prepaid expenses and other  5,391   3,724   3,730   3,851   4,527 
    Total current assets  95,810   104,207   108,778   114,875   116,984 
    Property and Equipment:                    
    Historical cost  1,000,147   1,006,873   1,025,284   989,910   972,267 
    Accumulated depreciation  (325,091)  (316,444)  (317,297)  (303,178)  (288,882)
       675,056   690,429   707,987   686,732   683,385 
    Construction in progress  15,576   15,550   15,531   15,577   32,903 
    Net property and equipment  690,632   705,979   723,518   702,309   716,288 
    Right-of-use asset - operating leases  5,686   6,238   6,608   4,670   5,469 
    Right-of-use asset - finance leases  7,131   7,290   100   108   116 
    Investments, at equity, and advances to 50% or less owned companies  75,923   76,860   71,727   77,426   77,539 
    Other assets  1,932   2,057   1,771   2,672   2,781 
    Total assets $877,114  $902,631  $912,502  $902,060  $919,177 
    LIABILITIES AND EQUITY                    
    Current Liabilities:                    
    Current portion of operating lease liabilities $2,010  $2,073  $1,986  $1,269  $2,885 
    Current portion of finance lease liabilities  282   190   33   32   32 
    Current portion of long-term debt  33,398   32,708   31,602   28,875   28,419 
    Accounts payable and accrued expenses  39,262   32,585   28,419   23,578   27,163 
    Due to SEACOR Holdings  264   264   274   276   277 
    Other current liabilities  22,171   23,723   22,351   21,109   26,886 
    Total current liabilities  97,387   91,543   84,665   75,139   85,662 
    Long-term operating lease liabilities  4,026   4,420   4,885   4,000   4,072 
    Long-term finance lease liabilities  7,050   7,183   76   84   92 
    Long-term debt  318,699   326,264   332,762   321,641   320,823 
    Conversion option liability on convertible senior notes  1   34   —   5   7 
    Deferred income taxes  33,743   37,153   40,682   43,463   46,169 
    Deferred gains and other liabilities  2,701   2,990   2,891   2,925   2,951 
    Total liabilities  463,607   469,587   465,961   447,257   459,776 
    Equity:                    
    SEACOR Marine Holdings Inc. stockholders’ equity:                    
    Common stock  272   269   262   245   245 
    Additional paid-in capital  464,222   463,138   461,931   455,373   454,079 
    Accumulated Deficit  (55,418)  (37,744)  (22,907)  (7,059)  (1,230)
    Shares held in treasury  (1,852)  (1,792)  (1,120)  (1,120)  (1,120)
    Accumulated other comprehensive loss, net of tax  5,960   8,853   8,055   7,044   7,107 
       413,184   432,724   446,221   454,483   459,081 
    Noncontrolling interests in subsidiaries  323   320   320   320   320 
    Total equity  413,507   433,044   446,541   454,803   459,401 
    Total liabilities and equity $877,114  $902,631  $912,502  $902,060  $919,177 


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

      Three Months Ended
      Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021 
    Cash Flows from Continuing Operating Activities:                    
    Net (Loss) Income $(19,117) $(14,837) $(15,846) $(5,829) $48,801 
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                    
    Depreciation and amortization  14,208   14,371   14,198   14,306   14,093 
    Deferred financing costs amortization  364   291   328   255  254 
    Stock-based compensation expense  1,013   395   1,243   1,294   1,779 
    Debt discount amortization  1,736   1,691   1,614   1,573   1,787 
    Allowance for credit losses  701   (170)  585   122   132 
    (Gain) Loss from equipment sales, retirements or impairments  (25)  (2,139)  —   (56)  (22,653)
    Gain on debt extinguishment, net  —   —   —   —   (62,749)
    Gain from return of investment  —   —   —   (9,442)  — 
    Derivative (gains) losses  (33)  34   (4)  (2)  (30)
    Interest on finance leases  73   25   1   1   — 
    Cash settlement payments on derivative transactions, net  (278)  (373)  (403)  (414)  (414)
    Currency (gains) losses  (1,170)  (821)  357   (245) 657 
    Deferred income taxes  (3,410)  (3,529)  (2,781)  (2,706)  14,403 
    Equity earnings  (415)  (5,674)  (4,494)  (4,314)  (2,167)
    Dividends received from equity investees  1,162   725   817   4,515   — 
    Changes in Operating Assets and Liabilities:                    
    Accounts receivables  (4,476)  3,904   (1,157)  (3,798)  16,047 
    Other assets  (1,539)  (164)  1,656   1,561   (1,296)
    Accounts payable and accrued liabilities  4,925   6,707   7,915   (1,416)  4,268 
    Net cash (used in) provided by operating activities  (6,281)  436   4,029   (4,595)  12,912 
    Cash Flows from Continuing Investing Activities:                    
    Purchases of property and equipment  (17)  (20)  (443)  (2,910)  (926)
    Proceeds from disposition of property and equipment  1,371   5,310   —   —   26,871 
    Net investing activities in property and equipment  1,354   5,290   (443)  (2,910)  25,945 
    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  175   176   (630)  179   2,877 
    Cash received from acquisition of 50% or less owned company  —   —   172   —   — 
    Net cash provided by (used in) investing activities  1,529   5,466   (3,173)  6,711   28,822 
    Cash Flows from Continuing Financing Activities:                    
    Payments on long-term debt  (9,152)  (7,348)  (5,981)  (7,054)  (56,787)
    Payments on debt extinguishment cost  —   —   —   —   (755)
    Payments on finance leases  (114)  (9)  (9)  (9)  (12)
    Proceeds from exercise of stock options  11   140   —         
    Issuance of stock  3   7   —   —   2 
    Excerise of warrants  —   —   1   —   — 
    Net cash used in financing activities  (9,252)  (7,210)  (5,989)  (7,063)  (57,552)
    Effects of Exchange Rate Changes on Cash and Cash Equivalents  (3)  (1)  (1)  —   (4,642)
    Net Change in Cash, Cash Equivalents and Restricted Cash  (14,007)  (1,309)  (5,134)  (4,947)  (20,460)
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period  39,911   41,220   46,354   51,301   71,761 
    Cash, Restricted Cash and Cash Equivalents, End of Period $25,904  $39,911  $41,220  $46,354  $51,301 


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

      Owned  Joint Ventured  Leased-in  Managed  Total 
    June 30, 2022                    
    AHTS  4   —   2   —   6 
    FSV  22   5   1   2   30 
    Supply  20   15   —   —   35 
    Liftboats  9   —   —   —   9 
       55   20   3   2   80 
    December 31, 2021                    
    AHTS  4   —   2   —   6 
    FSV  23   5   1   1   30 
    Supply  20   15   —   —   35 
    Specialty (1)  1   —   —   —   1 
    Liftboats (2)  9   —   —   —   9 
       57   20   3   1   81 

    (1) 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.
    (2) 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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