SEACOR Marine Announces First Quarter 2021 Results

Rhea-AI Summary

SEACOR Marine Holdings (NYSE:SMHI) reported its first quarter 2021 results, showing consolidated operating revenues of $36.5 million, a reduced operating loss of $16.6 million, and a direct vessel profit of $10.2 million. Compared to Q1 2020, operating loss improved by 30.3% due to lower lease expenses and impairments. The company achieved a net income of $6.0 million primarily from a $22.8 million gain on the Windcat sale. Improved liquidity was noted with $74.5 million generated in cash in 2021, alongside debt reduction of approximately $28.1 million.

Positive

• Reduced operating loss by 30.3% compared to Q1 2020.
• Net income of $6.0 million driven by a $22.8 million gain on Windcat sale.
• Improved liquidity position with $74.5 million generated in cash in 2021.
• Reduced debt by $28.1 million following Windcat sale and tax refunds.

Negative

• Net loss from continuing operations was $16.9 million.

HOUSTON, May 06, 2021 (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 first quarter ended March 31, 2021.

Chief Executive Officer John Gellert provided the following statement: “SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.”

SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the first quarter of 2021, the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, the first quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020. For the fourth quarter of 2020 the net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).

Notable first quarter items include:

• Operating results in the first quarter reflect continued improvement in market conditions across all international regions.
• Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses.
• Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.
  

After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by £20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet.  DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels).  DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures.  DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP.  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 LOSS
(in thousands, except share data)

	Three Months Ended March 31,
	2021				2020
Operating Revenues	$	36,512			$	35,667
Costs and Expenses:
Operating		26,307				20,735
Administrative and general		8,611				9,394
Lease expense		1,078				3,325
Depreciation and amortization		14,798				13,362
		50,794				46,816
Loss on Asset Dispositions and Impairments, Net		(2,273	)			(12,572	)
Operating Loss		(16,555	)			(23,721	)
Other Income (Expense):
Interest income		986				662
Interest expense		(8,018	)			(7,374	)
SEACOR Holdings guarantee fees		(7	)			(16	)
Derivative gains, net		355				5,114
Foreign currency (losses) gains, net		(466	)			710
		(7,150	)			(904	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(23,705	)			(24,625	)
Income Tax Benefit		(2,688	)			(6,662	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(21,017	)			(17,963	)
Equity in Earnings of 50% or Less Owned Companies		4,103				25
Loss from Continuing Operations		(16,914	)			(17,938	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		22,925				(2,054	)
Net Income (Loss)		6,011				(19,992	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		—				(4,047	)
Net Income (Loss) attributable to SEACOR Marine Holdings Inc.	$	6,011			$	(15,945	)
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.67	)		$	(0.58	)
Discontinued operations		0.91				(0.08	)
	$	0.24			$	(0.66	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		25,304,661				23,989,029

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

		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
Time Charter Statistics:
Average Rates Per Day		$	11,323			$	10,931			$	11,052			$	10,746			$	10,886
Fleet Utilization			55	%			51	%			54	%			57	%			57	%
Fleet Available Days			5,505				5,824				5,807				5,258				5,361
Operating Revenues:
Time charter		$	34,290			$	32,693			$	34,824			$	32,389			$	33,549
Bareboat charter			729				732				677				723				724
Other marine services			1,493				2,619				700				813				1,394
			36,512				36,044				36,201				33,925				35,667
Costs and Expenses:
Operating:
Personnel			13,418				13,057				13,401				10,704				11,186
Repairs and maintenance			3,840				3,445				3,764				3,612				3,840
Drydocking			2,217				1,753				585				566				1,365
Insurance and loss reserves			1,958				1,670				1,764				1,489				840
Fuel, lubes and supplies			2,202				2,081				2,131				2,075				1,841
Other			2,672				3,556				3,074				1,682				1,664
			26,307				25,562				24,719				20,128				20,736
Direct Vessel Profit (1)			10,205				10,482				11,482				13,797				14,931
Other Costs and Expenses:
Lease expense			1,078				1,798				1,200				1,202				3,325
Administrative and general			8,611				8,556				8,861				13,241				9,393
Depreciation and amortization			14,798				15,247				14,833				13,725				13,362
			24,487				25,601				24,894				28,168				26,080
(Losses) Gains on Asset Dispositions and Impairments, Net			(2,273	)			(1,796	)			233				(3,453	)			(12,572	)
Operating Loss			(16,555	)			(16,915	)			(13,179	)			(17,824	)			(23,721	)
Other Income (Expense):
Interest income			986				61				34				516				662
Interest expense			(8,018	)			(8,288	)			(8,312	)			(6,717	)			(7,374	)
SEACOR Holdings guarantee fees			(7	)			(11	)			(11	)			(9	)			(16	)
Derivative losses (gains), net			355				(894	)			5				85				5,114
Foreign currency gains, net			(466	)			(1,286	)			(911	)			193				710
Other, net			—				(19	)			—				—				—
			(7,150	)			(10,437	)			(9,195	)			(5,932	)			(904	)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(23,705	)			(27,352	)			(22,374	)			(23,756	)			(24,625	)
Income Tax (Benefit) Expense			(2,688	)			1,865				(3,120	)			(15,007	)			(6,662	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(21,017	)			(29,217	)			(19,254	)			(8,749	)			(17,963	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			4,103				(9,681	)			(588	)			2,081				25
Loss from Continuing Operations			(16,914	)			(38,898	)			(19,842	)			(6,668	)			(17,938	)
Income (Loss) from Discontinued Operations, Net of Tax			22,925				51				1,765				602				(2,054	)
Net Income (Loss)			6,011				(38,847	)			(18,077	)			(6,066	)			(19,992	)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries			—				(31	)			4				7				(4,047	)
Net Income (Loss) attributable to SEACOR Marine Holdings Inc.		$	6,011			$	(38,816	)		$	(18,081	)		$	(6,073	)		$	(15,945	)
Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations		$	(0.67	)		$	(1.54	)		$	(0.79	)		$	(0.26	)		$	(0.58	)
Discontinued operations			0.91				—				0.07				0.02				(0.08	)
		$	0.24			$	(1.54	)		$	(0.72	)		$	(0.24	)		$	(0.66	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted			25,305				25,265				24,989				24,851				23,989
Common Shares and Warrants Outstanding at Period End			25,683				24,919				24,996				24,899				24,854

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

		Three Months Ended
		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	15,910			$	18,405			$	19,397			$	15,574			$	20,988
Fleet utilization			6	%			7	%			5	%			5	%			11	%
Fleet available days			1,518				1,797				1,871				1,842				1,864
Out-of-service days for repairs, maintenance and drydockings			67				45			37				32				116
Out-of-service days for cold-stacked status			1,270				1,472				1,576				1,465				1,301
Operating Revenues:
Time charter		$	1,489			$	2,352			$	1,668			$	1,478			$	4,375
Bareboat charter			729				732				731				723				724
Other marine services			546				794				473				513				642
			2,764				3,878				2,872				2,714				5,741
Direct Costs and Expenses:
Operating:
Personnel			1,744				2,372				2,481				2,284				2,928
Repairs and maintenance			654				386				338				314				617
Drydocking			875				—				—				110				1,057
Insurance and loss reserves			527				507				778				354				135
Fuel, lubes and supplies			199				208				251				189				524
Other			77				116				85				93				79
			4,076				3,589				3,933				3,344				5,340
Direct Vessel (Loss) Profit (1)		$	(1,312	)		$	289			$	(1,061	)		$	(630	)		$	401
Other Costs and Expenses:
Lease expense		$	664			$	677			$	716			$	741			$	2,138
Depreciation and amortization			4,164				5,854				4,961				5,254				5,358
Africa and Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked		$	11,356			$	10,837			$	10,801			$	10,918			$	10,856
Fleet utilization			68	%			61	%			68	%			86	%			90	%
Fleet available days			1,356				1,472				1,472				1,395				1,437
Out-of-service days for repairs, maintenance and drydockings			78				138				45				90				56
Out-of-service days for cold-stacked status			346				368				216				—				—
Operating Revenues:
Time charter		$	10,502			$	9,796			$	10,861			$	13,055			$	14,010
Bareboat charter			—				—				(54	)			—				—
Other marine services			(269	)			343				(279	)			(382	)			184
			10,233				10,139				10,528				12,673				14,194
Direct Costs and Expenses:
Operating:
Personnel			3,220				3,510				3,407				3,248				3,232
Repairs and maintenance			1,191				1,437				1,158				1,463				1,585
Drydocking			304				1,269				481				256				8
Insurance and loss reserves			433				512				397				600				297
Fuel, lubes and supplies			572				853				1,091				799				517
Other			579				(674	)			774				647				596
			6,299				6,907				7,308				7,013				6,235
Direct Vessel Profit (1)		$	3,934			$	3,232			$	3,220			$	5,660			$	7,959
Other Costs and Expenses:
Lease expense		$	356			$	1,056			$	430			$	420			$	1,133
Depreciation and amortization			3,307				2,964				3,784				3,600				3,315

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

		Three Months Ended
		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	9,308			$	9,455			$	9,670			$	10,245			$	9,634
Fleet utilization			73	%			75	%			78	%			82	%			73	%
Fleet available days			1,852				1,840				1,809				1,613				1,671
Out-of-service days for repairs, maintenance and drydockings			115			68				89				113				200
Out-of-service days for cold-stacked status			239			169				76				61				48
Operating Revenues:
Time charter		$	12,575			$	13,008			$	13,672			$	13,605			$	11,767
Other marine services			360				927				296				514				420
			12,935				13,935				13,968				14,119				12,187
Direct Costs and Expenses:
Operating:
Personnel			5,208				5,411				5,171				3,795				3,811
Repairs and maintenance			903				842				1,564				1,580				1,246
Drydocking			1,066				41				104				200				414
Insurance and loss reserves			702				501				451				430				339
Fuel, lubes and supplies			559				604				482				955				665
Other			1,144				3,618				1,771				819				683
			9,582				11,017				9,543				7,779				7,158
Direct Vessel Profit (1)		$	3,353			$	2,918			$	4,425			$	6,340			$	5,029
Other Costs and Expenses:
Lease expense		$	22			$	47			$	46			$	32			$	45
Depreciation and amortization			4,710				4,505				4,379				3,921				3,790
Latin America
Time Charter Statistics:
Average rates per day worked		$	14,751			$	12,921			$	13,355			$	10,752			$	9,397
Fleet utilization			85	%			82	%			99	%			97	%			93	%
Fleet available days			779				716				655				408				389
Out-of-service days for repairs, maintenance and drydockings			94				66				7				—			3
Out-of-service days for cold-stacked status			—				—				—				—				—
Operating Revenues:
Time charter		$	9,724			$	7,538			$	8,621			$	4,251			$	3,396
Bareboat charter			—				—				—				—				—
Other marine services			856				555				212				168				149
			10,580				8,093				8,833				4,419				3,545
Direct Costs and Expenses:
Operating:
Personnel			3,246				1,764				2,342				1,377				1,215
Repairs and maintenance			1,092				780				704				255				392
Drydocking			(28	)			443				—				—				(114	)
Insurance and loss reserves			296				150				138				105				69
Fuel, lubes and supplies			872				416				307				132				135
Other			872				497				444				123				305
			6,350				4,050				3,935				1,992				2,002
Direct Vessel Profit (1)		$	4,230			$	4,043			$	4,898			$	2,427			$	1,543
Other Costs and Expenses:
Lease expense		$	36			$	18			$	9			$	9			$	9
Depreciation and amortization			2,617				1,924				1,708				950				899

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

		Three Months Ended
		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	7,778			$	7,967			$	7,388			$	8,383			$	8,012
Fleet utilization			67	%			44	%			54	%			43	%			39	%
Fleet available days			540				641				644				667				709
Out-of-service days for repairs, maintenance and drydockings			—			133				21				76				74
Out-of-service days for cold-stacked status			180			228				276				273				273
Operating Revenues:
Time charter		$	2,801			$	2,236			$	2,564			$	2,413			$	2,225
Other marine services			(130	)			433				(147	)			(137	)			559
			2,671				2,669				2,417				2,276				2,784
Direct Costs and Expenses:
Operating:
Personnel			984				1,149				950				853				892
Repairs and maintenance			241				542				432				679				408
Drydocking			54				847				(2	)			(19	)			22
Insurance and loss reserves			194				199				139				159				45
Fuel, lubes and supplies			139				258				148				168				216
Other			270				535				370				341				259
			1,882				3,530				2,037				2,181				1,842
Direct Vessel Profit (Loss) (1)		$	789			$	(861	)		$	380			$	95			$	942
Other Costs and Expenses:
Lease expense		$	400			$	1,127			$	505			$	518			$	1,216
Depreciation and amortization			494				494				495				500				561
Fast support
Time Charter Statistics:
Average rates per day worked		$	7,888			$	8,074			$	8,421			$	8,590			$	8,472
Fleet utilization			61	%			60	%			63	%			72	%			76	%
Fleet available days			2,207				2,300				2,300				2,426				2,521
Out-of-service days for repairs, maintenance and drydockings			182			155				71				137				156
Out-of-service days for cold-stacked status			584			549				421				285				273
Operating Revenues:
Time charter		$	10,657			$	11,151			$	12,212			$	15,078			$	16,284
Bareboat charter			729				732				731				723				724
Other marine services			(218	)			(283	)			(256	)			(372	)			(355	)
			11,168				11,600				12,687				15,429				16,653
Direct Costs and Expenses:
Operating:
Personnel			4,041				4,409				4,180				4,166				4,659
Repairs and maintenance			1,535				1,604				1,642				1,922				2,278
Drydocking			1,178				912				587				274				36
Insurance and loss reserves			466				471				353				304				332
Fuel, lubes and supplies			726				836				976				1,180				904
Other			1,141				2,085				1,489				1,203				1,000
			9,087				10,317				9,227				9,049				9,209
Direct Vessel Profit (1)		$	2,081			$	1,283			$	3,460			$	6,380			$	7,444
Other Costs and Expenses:
Lease expense		$	352			$	352			$	351			$	352			$	352
Depreciation and amortization			5,096				5,113				5,105				5,405				5,118

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

		Three Months Ended
		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
Supply
Time Charter Statistics:
Average rates per day worked		$	12,110			$	11,373			$	11,355			$	8,477			$	7,360
Fleet utilization			63	%			63	%			74	%			83	%			79	%
Fleet available days			1,319				1,360				1,257				527				433
Out-of-service days for repairs, maintenance and drydockings			105				12				23				13				3
Out-of-service days for cold-stacked status			315				353				229				61				—
Operating Revenues:
Time charter		$	10,082			$	9,714			$	10,541			$	3,713			$	2,520
Bareboat charter			—				—				(55	)			—				—
Other marine services			346				482				92				(53	)			(69	)
			10,428				10,196				10,578				3,660				2,451
Direct Costs and Expenses:
Operating:
Personnel			4,158				3,364				3,821				1,591				1,206
Repairs and maintenance			1,135				735				968				375				348
Drydocking			110				(2	)			—				197				—
Insurance and loss reserves			474				238				230				106				67
Fuel, lubes and supplies			1,003				622				601				219				119
Other			880				1,205				1,022				246				397
			7,760				6,162				6,642				2,734				2,137
Direct Vessel Profit (1)		$	2,668			$	4,034			$	3,936			$	926			$	314
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	—			$	—
Depreciation and amortization			2,977				3,060				2,673				1,000				787
Specialty
Time Charter Statistics:
Average rates per day worked		$	1,890			$	2,025			$	2,025			$	2,025			$	1,982
Fleet utilization			100	%			100	%			69	%			50	%			38	%
Fleet available days			90				92				134				182				242
Out-of-service days for cold-stacked status			—				—				42				91				139
Operating Revenues:
Time charter		$	170				187				187				184				180
Other marine services			12				1				(9	)			(10	)			(19	)
			182				188				178				174				161
Direct Costs and Expenses:
Operating:
Personnel			89				69				72				47				85
Repairs and maintenance			8				34				51				102				103
Drydocking			—				(3	)			-				-				-
Insurance and loss reserves			4				(2	)			13				16				20
Fuel, lubes and supplies			8				3				(2	)			8				26
Other			26				18				56				90				111
			135				119				190				263				345
Direct Vessel Profit (Loss) (1)		$	47			$	69			$	(12	)		$	(89	)		$	(184	)
Other Costs and Expenses:
Depreciation and amortization		$	—			$	1,541			$	89			$	189			$	206

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

		Three Months Ended
		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
Liftboats
Time Charter Statistics:
Average rates per day worked		$	26,792			$	24,561			$	27,947			$	24,894			$	27,513
Fleet utilization			29	%			27	%			23	%			30	%			31	%
Fleet available days			1,350				1,432				1,472				1,456				1,456
Out-of-service days for repairs, maintenance and drydockings			67			18				64				9				141
Out-of-service days for cold-stacked status			776				880				899				816				664
Operating Revenues:
Time charter		$	10,580			$	9,406			$	9,319			$	11,001			$	12,339
Other marine services			797				395				316				306				250
			11,377				9,801				9,635				11,307				12,589
Direct Costs and Expenses:
Operating:
Personnel			3,806				3,742				3,963				3,545				4,097
Repairs and maintenance			894				524				624				407				650
Drydocking			875				(1	)			—				111				1,307
Insurance and loss reserves			719				690				1,055				893				679
Fuel, lubes and supplies			320				349				370				343				490
Other			677				1,642				538				219				147
			7,291				6,946				6,550				5,518				7,370
Direct Vessel Profit (1)		$	4,086			$	2,855			$	3,085			$	5,789			$	5,219
Other Costs and Expenses:
Lease expense		$	12			$	19			$	31			$	44			$	1,497
Depreciation and amortization			5,659				6,009				5,980				6,081				6,128
Other Activity
Operating Revenues:
Other marine services		$	686			$	1,591			$	720			$	1,056			$	1,029
			686				1,591				720				1,056				1,029
Direct Costs and Expenses:
Operating:
Personnel			340				324				415				502				247
Repairs and maintenance			27				6				47				128				53
Insurance and loss reserves			101				74				(26	)			11				(303	)
Fuel, lubes and supplies			6				13				38				157				86
Other			(322	)			(1,928	)			(401	)			(417	)			(251	)
			152				(1,511	)			73				381				(168	)
Direct Vessel Profit (1)		$	534			$	3,102			$	647			$	675			$	1,197
Other Costs and Expenses:
Lease expense		$	314			$	300			$	335			$	241			$	260
Depreciation and amortization			572				(970	)			545				553				562

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

		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents		$	68,409			$	32,666			$	42,314			$	51,888			$	67,441
Restricted cash			3,352				3,352				3,352				3,352				3,353
Receivables:
Trade, net of allowance for doubtful accounts			42,680				45,325				48,294				52,169				43,602
Other			11,265				10,924				18,365				13,814				27,249
Receivables from SEACOR Holdings			19,332				18,832				18,814				14,394				—
Tax Receivable			1,498				13,556				11,770				—				—
Inventories			572				576				573				1,409				1,575
Prepaid expenses and other			2,326				3,230				3,438				2,835				2,092
Other Current Assets			423				—				—				—				—
Discontinued operations			—				50,235				46,768				44,616				54,182
Total current assets			149,857				178,696				193,688				184,477				199,494
Property and Equipment:
Historical cost			1,000,430				1,012,873				996,370				987,741				857,118
Accumulated depreciation			(297,792	)			(291,538	)			(280,468	)			(271,097	)			(264,365	)
			702,638				721,335				715,902				716,644				592,753
Construction in progress			32,530				32,327				51,969				52,456				49,186
Net property and equipment			735,168				753,662				767,871				769,100				641,939
Right-of-Use Asset - Operating Leases			7,046				7,134				7,670				8,148				8,286
Right-of-Use Asset - Finance Lease			121				129				137				—				—
Investments, at Equity, and Advances to 50% or Less Owned Companies			79,000				75,308				84,701				87,177				109,844
Construction Reserve Funds			—				—				—				—				3,745
Other Assets			2,624				2,734				3,108				3,200				3,227
		$	973,816			$	1,017,663			$	1,057,175			$	1,052,102			$	966,535
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	5,139			$	7,030			$	9,446			$	11,579			$	13,167
Current lease liability - Finance			46				36				27				-				—
Current portion of long-term debt			34,888				32,377				52,108				51,793				37,084
Accounts payable and accrued expenses			21,428				29,967				28,888				21,323				30,064
Due to SEACOR Holdings			—				—				—				—				66
Other current liabilities			29,719				31,467				29,548				29,642				29,154
Discontinued operations			—				30,927				28,555				28,882				27,392
Total current liabilities			91,220				131,804				148,572				143,219				136,927
Long-Term Operating Lease Liabilities			4,778				4,345				5,239				6,067				7,352
Long-Term Finance Lease Liabilities			97				105				113				—				—
Long-Term Debt			431,849				440,510				426,711				422,569				333,121
Conversion Option Liability on Convertible Senior Notes			37				2				1				6				91
Deferred Income Taxes			31,766				35,822				36,075				23,740				25,793
Deferred Gains and Other Liabilities			4,910				3,239				3,810				5,137				7,940
Total liabilities			564,657				615,827				620,521				600,738				511,224
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			243				235				235				232				231
Additional paid-in capital			452,290				451,179				450,320				449,116				447,425
(Accumulated Deficit) Retained earnings			(50,029	)			(51,839	)			(13,023	)			5,058				11,131
Shares held in treasury			(1,110	)			(848	)			(848	)			(847	)			(844	)
Accumulated other comprehensive loss, net of tax			7,446				2,790				(380	)			(2,541	)			(2,971	)
			408,840				401,517				436,304				451,018				454,972
Noncontrolling interests in subsidiaries			319				319				350				346				339
Total equity			409,159				401,836				436,654				451,364				455,311
		$	973,816			$	1,017,663			$	1,057,175			$	1,052,102			$	966,535

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

		Three Months Ended
		Mar. 31, 2021				Dec. 31, 2020				Sep. 30, 2020				Jun. 30, 2020				Mar. 31, 2020
Cash Flows from Continuing Operating Activities:
Net Income (Loss)		$	6,011			$	(38,922	)		$	(19,818	)		$	(6,668	)		$	(17,938	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization			14,798				15,247				14,833				13,725				13,362
Deferred financing costs amortization			260				266				278				284				279
Amortization of employee share awards			1,111				859				1,204				937				1,069
Restricted stock vesting			(262	)			—				—				(3	)			(175	)
Director share awards			—				—				—				755				—
Debt discount amortization			1,892				1,917				1,797				1,480				1,478
Bad debt recoveries (expense)			24				(146	)			185				271				(80	)
Loss from equipment sales, retirements or impairments			2,273				1,796				(233	)			3,453				12,572
Gain on the Sale of Windcat Workboats			(22,756	)			—				—				—				—
Derivative (gains) losses			(355	)			894				(5	)			(85	)			(5,114	)
Cash settlement payments on derivative transactions, net			(919	)			(441	)			(426	)			(265	)			(199	)
Currency losses (gains)			466				1,286				911				(193	)			(710	)
Deferred income taxes			(4,056	)			(254	)			12,333				(2,053	)			(7,768	)
Equity (Earnings) Losses			(4,103	)			9,681				588				(2,081	)			(25	)
Dividends received from equity investees			—				—				2,117				—				—
Changes in Operating Assets and Liabilities:
Accounts receivables			11,345				7,668				(17,737	)			(8,326	)			(11,770	)
Other assets			1,192				604				656				6,163				(893	)
Accounts payable and accrued liabilities			(10,296	)			(2,806	)			886				(21,197	)			4,774
Net cash used in operating activities			(3,375	)			(2,351	)			(2,431	)			(13,803	)			(11,138	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment			(2,724	)			(2,500	)			(2,833	)			(7,019	)			(8,456	)
Proceeds from disposition of property and equipment			3,266				—				3,539				14,030				3,105
Proceeds from Sale of WWH, net cash sold			38,715				—				—				—				—
Construction reserve funds transferred to short-term cash			—				—				—				3,745				—
Purchase of subsidiary from joint venture			—				—				—				(8,445	)			—
Construction reserve funds used			—				—				—				—				9,148
Net investing activities in property and equipment			39,257				(2,500	)			706				2,311				3,797
Investments in and advances to 50% or less owned companies			(736	)			(1,248	)			(713	)			—				(245	)
Principal payments on notes due from equity investees			919				1,225				490				—				—
Net cash provided by (used in) investing activities			39,440				(2,523	)			483				2,311				3,552
Cash Flows from Continuing Financing Activities:
Payments on long-term debt			(8,302	)			(5,780	)			(8,246	)			(3,506	)			(5,069	)
Proceeds from issuance of debt, net of offering costs			—				1				(1	)			—				—
Interest on Finance Lease			2				1				—				—				—
Proceeds from exercise of stock options and Warrants			8				—				2				—				—
Net cash used in financing activities			(8,292	)			(5,778	)			(8,245	)			(3,506	)			(5,069	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			4,621				1,004				619				(557	)			(1,037	)
Net Change in Cash, Cash Equivalents and Restricted Cash			32,394				(9,648	)			(9,574	)			(15,554	)			(13,692	)
Cash Flows from Discontinued Operations
Operating Activities			(171	)			1,895				1,518				2,255				2,549
Investing Activities			—				(1,436	)			(2,527	)			(1,567	)			(2,788	)
Financing Activities			—				—				1,090				4				(153	)
Effects of FX Rate Changes on Cash and Cash Equivalents			—				196				(26	)			339				(390	)
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:			(171	)			655				55				1,031				(782	)
Net Change in Cash, Cash Equivalents and Restricted Cash			32,223				(8,993	)			(9,519	)			(14,523	)			(14,474	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			39,538				48,531				58,050				72,573				87,047
Cash, Restricted Cash and Cash Equivalents, End of Period		$	71,761			$	39,538			$	48,531			$	58,050			$	72,573

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

		Owned		Joint Ventured		Leased-in		Managed		Total
March 31, 2021
AHTS		4		—		2		—		6
FSV		24		5		1		1		31
Supply		14		26		—		—		40
Specialty (1)		1		3		—		—		4
Liftboats		14		—		1		—		15
		57		34		4		1		96
December 31, 2020
AHTS		4		—		2		—		6
FSV		26		5		1		1		33
Supply		15		27		—		1		43
Specialty		—		3		—		—		3
Liftboats		14		—		1		—		15
Crew Transfer Assets Held for Sale		40		5		—		—		45
Crew transfer Continuing Operations		1		—		—		—		1
		100		40		4		2		146

⁽¹⁾   One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of March 31, 2021.

FAQ

What were SEACOR Marine's Q1 2021 revenues?

SEACOR Marine reported consolidated operating revenues of $36.5 million for Q1 2021.

How much was SEACOR Marine's net income in Q1 2021?

The net income attributable to SEACOR Marine for Q1 2021 was $6.0 million.

What major gain contributed to SEACOR Marine's Q1 2021 income?

A significant contributor to SEACOR Marine's Q1 2021 income was a $22.8 million gain from the sale of Windcat Workboat Holdings Ltd.

What is SEACOR Marine's stock symbol?

SEACOR Marine's stock symbol is SMHI.

What was the operating loss for SEACOR Marine in Q1 2021?

SEACOR Marine reported an operating loss of $16.6 million in Q1 2021.

How has SEACOR Marine's liquidity changed in 2021?

SEACOR Marine improved its liquidity position with $74.5 million generated in cash since the beginning of 2021.