SEACOR Marine Announces First Quarter 2023 Results

Rhea-AI Summary

SEACOR Marine Holdings Inc. announces first quarter results with improved revenues and DVP

Positive

• SEACOR Marine reported consolidated operating revenues of $60.0 million for Q1 2023, a 31.5% improvement from Q1 2022. Direct vessel profit (DVP) increased to $22.7 million, a 272.4% improvement from Q1 2022. Average utilization rate was 76%, the highest for a first quarter since 2014. Average day rates were $14,314, the highest since Q4 2015.

Negative

• None.

HOUSTON, May 03, 2023 (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, 2023.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2023 were $60.0 million, operating income was $0.2 million, and direct vessel profit (“DVP”)⁽¹⁾ was $22.7 million. This compares 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, and consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022.

Notable first quarter items include:

• 31.5% improvement in revenues from the first quarter of 2022 and a 3.5% increase from the fourth quarter of 2022.
• Average utilization rate of 76%, the highest for a first quarter since 2014, a 6.0% improvement from the first quarter of 2022, and flat from the fourth quarter of 2022.
• Average day rates of $14,314, the highest since the fourth quarter of 2015, a 26.5% improvement from the first quarter of 2022, and a 3.8% increase from the fourth quarter of 2022.
• DVP margin increased 272.4% from the first quarter of 2022 and increased 67.1% from the fourth quarter of 2022.

For the first quarter of 2023, net loss was $9.6 million ($0.36 loss per basic and diluted share). This compares to a net loss for the first quarter of 2022 of $14.8 million ($0.56 loss per basic and diluted share). Sequentially, first quarter 2023 results compare to a net loss of $13.3 million ($0.50 loss per basic and diluted share) in the fourth quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s first quarter demonstrated the building momentum in this cyclical recovery and was our fifth consecutive quarter of improved average day rates. Additionally, the first quarter produced higher revenues and DVP than each quarter of 2022, despite being the historically slowest quarterly period of activity.

The increase in DVP was primarily due to higher rates and utilization as well as lower operating expenses. This improvement demonstrates our ability to execute on the re-pricing opportunities in the market as contracts roll off from prior cycle commitments. All business segments and asset classes made positive contributions, despite the seasonally lower levels of activity in the first quarter and one of our premium liftboats in the US remaining offhire for previously reported extended repairs.

On April 21, 2023, the Company announced it was exploring a potential offering of new USD denominated 5-year senior secured bonds. The Company has determined not to pursue the bond offering at this time as the indicative terms and conditions were not sufficiently attractive for the Company. In the third and fourth quarter of 2022 the Company extended the maturity of its main senior secured and unsecured debt facilities to 2026, which has provided us with the flexibility needed to opportunistically pursue refinancing opportunities as the cycle evolves in order to ensure optimal terms and conditions for the Company.

I remain optimistic about 2023, as evidenced by the Company’s performance in the first quarter and the increased demand across all segments of our business.”
___________________

(1

)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

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

		Three Months Ended March 31,
		2023				2022
Operating Revenues		$	59,973			$	45,591
Costs and Expenses:
Operating			37,273				39,496
Administrative and general			11,632				9,924
Lease expense			720				1,060
Depreciation and amortization			13,762				14,371
			63,387				64,851
Gains on Asset Dispositions and Impairments, Net			3,599				2,139
Operating Income (Loss)			185				(17,121	)
Other Income (Expense):
Interest income			460				29
Interest expense			(8,788	)			(6,627	)
Derivative losses, net			—				(34	)
Foreign currency (losses) gains, net			(825	)			821
			(9,153	)			(5,811	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies			(8,968	)			(22,932	)
Income Tax Expense (Benefit)			1,157				(2,421	)
Loss Before Equity in Earnings of 50% or Less Owned Companies			(10,125	)			(20,511	)
Equity in Earnings of 50% or Less Owned Companies			536				5,674
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(9,589	)		$	(14,837	)
Net Loss Per Share:
Basic		$	(0.36	)		$	(0.56	)
Diluted			(0.36	)			(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			26,822,391				26,379,293
Diluted			26,822,391				26,379,293

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
Time Charter Statistics:
Average Rates Per Day		$	14,314			$	13,794			$	13,340			$	12,149			$	11,312
Fleet Utilization			76	%			76	%			79	%			77	%			70	%
Fleet Available Days			5,071				5,244				5,336				5,311				5,400
Operating Revenues:
Time charter		$	55,415			$	54,789			$	56,500			$	49,504			$	42,741
Bareboat charter			360				376				332				48				618
Other marine services			4,198				2,761				2,959				4,465				2,232
			59,973				57,926				59,791				54,017				45,591
Costs and Expenses:
Operating:
Personnel			19,803				20,849				20,152				18,346				18,435
Repairs and maintenance			6,011				8,948				7,377				8,380				6,791
Drydocking			13				1,667				5,046				6,474				4,973
Insurance and loss reserves			2,789				3,381				2,850				2,545				1,186
Fuel, lubes and supplies			4,819				5,794				5,416				4,350				3,729
Other			3,838				3,699				3,165				4,050				4,382
			37,273				44,338				44,006				44,145				39,496
Direct Vessel Profit (1)			22,700				13,588				15,785				9,872				6,095
Other Costs and Expenses:
Lease expense			720				633				1,168				1,008				1,060
Administrative and general			11,632				10,799				9,978				10,210				9,924
Depreciation and amortization			13,762				13,624				13,754				14,208				14,371
			26,114				25,056				24,900				25,426				25,355
Gains (Losses) on Asset Dispositions and Impairments, Net			3,599				1,017				(1,783	)			25				2,139
Operating Income (Loss)			185				(10,451	)			(10,898	)			(15,529	)			(17,121	)
Other Income (Expense):
Interest income			460				688				(123	)			190				29
Interest expense			(8,788	)			(8,456	)			(7,634	)			(6,989	)			(6,627	)
Derivative gains (losses), net			—				—				1				33				(34	)
Gain on debt extinguishment			—				10,429				—				—				—
Foreign currency (losses) gains, net			(825	)			(2,646	)			2,314				1,170				821
Other, net			—				137				659				(41	)			—
			(9,153	)			152				(4,783	)			(5,637	)			(5,811	)
Loss from Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies			(8,968	)			(10,299	)			(15,681	)			(21,166	)			(22,932	)
Income Tax Expense (Benefit)			1,157				4,219				8,418				(1,634	)			(2,421	)
Loss from Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(10,125	)			(14,518	)			(24,099	)			(19,532	)			(20,511	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			536				1,176				(254	)			415				5,674
Net Loss			(9,589	)			(13,342	)			(24,353	)			(19,117	)			(14,837	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries			—				—				(2	)			3				—
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(9,589	)		$	(13,342	)		$	(24,351	)		$	(19,120	)		$	(14,837	)
Net Loss Per Share:
Basic		$	(0.36	)		$	(0.50	)		$	(0.91	)		$	(0.72	)		$	(0.56	)
Diluted		$	(0.36	)		$	(0.50	)		$	(0.91	)		$	(0.72	)		$	(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			26,822				26,728				26,728				26,665				26,379
Diluted			26,822				26,728				26,728				26,665				26,379
Common Shares and Warrants Outstanding at Period End			28,428				28,142				28,142				28,145				28,083

        

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	18,359			$	22,563			$	21,551			$	17,792			$	15,595
Fleet utilization			35	%			57	%			58	%			43	%			38	%
Fleet available days			1,015				1,288				1,363				1,277				1,314
Out-of-service days for repairs, maintenance and drydockings			112				108				199				284				205
Out-of-service days for cold-stacked status			211				242				259				313				404
Operating Revenues:
Time charter		$	6,564			$	16,574			$	17,075			$	9,759			$	7,864
Other marine services			3,842				2,916				2,161				2,399				2,052
			10,406				19,490				19,236				12,158				9,916
Direct Costs and Expenses:
Operating:
Personnel			6,535				7,262				7,243				5,773				4,923
Repairs and maintenance			1,194				2,666				2,002				1,280				1,101
Drydocking			43				472				1,549				4,090				2,867
Insurance and loss reserves			1,041				2,022				1,382				1,198				229
Fuel, lubes and supplies			783				746				1,143				794				662
Other			223				416				314				281				224
			9,819				13,584				13,633				13,416				10,006
Direct Vessel Profit (Loss) (1)		$	587			$	5,906			$	5,603			$	(1,258	)		$	(90	)
Other Costs and Expenses:
Lease expense		$	136			$	138			$	278			$	295			$	287
Depreciation and amortization			3,535				3,912				4,332				4,562				4,638
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	12,835			$	11,241			$	11,813			$	11,279			$	10,006
Fleet utilization			87	%			82	%			91	%			85	%			82	%
Fleet available days			1,710				1,656				1,629				1,567				1,499
Out-of-service days for repairs, maintenance and drydockings			118				125				37				58				163
Operating Revenues:
Time charter		$	18,996			$	15,299			$	17,551			$	14,930			$	12,280
Other marine services			(834	)			(679	)			60				1,072				(616	)
			18,162				14,620				17,611				16,002				11,664
Direct Costs and Expenses:
Operating:
Personnel			4,505				4,680				4,694				3,526				3,536
Repairs and maintenance			2,553				2,902				2,110				2,638				1,579
Drydocking			1,184				678				383				134				1,144
Insurance and loss reserves			318				366				359				329				124
Fuel, lubes and supplies			2,215				2,775				2,284				1,490				1,473
Other			1,690				1,896				1,580				1,871				1,828
			12,465				13,297				11,410				9,988				9,684
Direct Vessel Profit (1)		$	5,697			$	1,323			$	6,201			$	6,014			$	1,980
Other Costs and Expenses:
Lease expense		$	429			$	378			$	455			$	456			$	402
Depreciation and amortization			3,925				3,683				3,461				3,306				3,258

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	13,562			$	11,090			$	9,507			$	9,673			$	9,882
Fleet utilization			82	%			75	%			79	%			87	%			77	%
Fleet available days			1,440				1,533				1,564				1,651				1,800
Out-of-service days for repairs, maintenance and drydockings			76				132				252				160				153
Out-of-service days for cold-stacked status			—				—				—				—				90
Operating Revenues:
Time charter		$	16,028			$	12,802			$	11,712			$	13,906			$	13,660
Other marine services			(142	)			(66	)			319				460				49
			15,886				12,736				12,031				14,366				13,709
Direct Costs and Expenses:
Operating:
Personnel			4,841				5,270				5,384				5,691				6,031
Repairs and maintenance			677				1,958				1,776				2,545				1,832
Drydocking			(1,095	)			244				3,113				2,250				962
Insurance and loss reserves			1,185				821				762				748				507
Fuel, lubes and supplies			1,142				1,335				1,426				1,318				1,010
Other			1,327				915				878				1,213				1,627
			8,077				10,543				13,339				13,765				11,969
Direct Vessel Profit (Loss) (1)		$	7,809			$	2,193			$	(1,308	)		$	601			$	1,740
Other Costs and Expenses:
Lease expense		$	76			$	52			$	35			$	38			$	31
Depreciation and amortization			3,688				3,783				3,974				4,229				4,345
Latin America
Time Charter Statistics:
Average rates per day worked		$	16,229			$	14,009			$	14,010			$	14,263			$	13,450
Fleet utilization			94	%			94	%			93	%			94	%			85	%
Fleet available days			906				767				780				816				787
Out-of-service days for repairs, maintenance and drydockings			22				14				12				6				59
Operating Revenues:
Time charter		$	13,827			$	10,114			$	10,162			$	10,909			$	8,937
Bareboat charter			360				376				332				48				618
Other marine services			1,332				590				419				534				747
			15,519				11,080				10,913				11,491				10,302
Direct Costs and Expenses:
Operating:
Personnel			3,922				3,637				2,831				3,356				3,945
Repairs and maintenance			1,587				1,422				1,489				1,917				2,279
Drydocking			(119	)			273				1				—				—
Insurance and loss reserves			245				172				347				270				326
Fuel, lubes and supplies			679				938				563				748				584
Other			598				472				393				685				703
			6,912				6,914				5,624				6,976				7,837
Direct Vessel Profit (1)		$	8,607			$	4,166			$	5,289			$	4,515			$	2,465
Other Costs and Expenses:
Lease expense		$	79			$	65			$	400			$	219			$	340
'Depreciation and amortization			2,614				2,246				1,987				2,111				2,130

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
AHTS
Time Charter Statistics:
Average rates per day worked		$	9,244			$	9,254			$	8,848			$	8,887			$	8,908
Fleet utilization			81	%			80	%			67	%			66	%			66	%
Fleet available days			391				460				552				546				540
Out-of-service days for repairs, maintenance and drydockings			45				—				92				56				2
Out-of-service days for cold-stacked status			31				92				92				131				180
Operating Revenues:
Time charter		$	2,915			$	3,406			$	3,256			$	3,191			$	3,188
Other marine services			(152	)			(168	)			(183	)			(143	)			(160	)
			2,763				3,238				3,073				3,048				3,028
Direct Costs and Expenses:
Operating:
Personnel		$	995			$	1,220			$	1,022			$	1,050			$	1,136
Repairs and maintenance			216				331				304				566				293
Drydocking			420				6				28				(30	)			(7	)
Insurance and loss reserves			68				94				150				146				(137	)
Fuel, lubes and supplies			476				259				399				215				144
Other			295				283				228				435				439
			2,470				2,193				2,131				2,382				1,868
Other Costs and Expenses:
Lease expense		$	331			$	300			$	450			$	450			$	449
Depreciation and amortization			298				300				494				495				494
FSV
Time Charter Statistics:
Average rates per day worked		$	10,609			$	9,905			$	9,907			$	9,201			$	8,621
Fleet utilization			91	%			86	%			90	%			85	%			80	%
Fleet available days			2,070				2,116				2,116				2,126				2,160
Out-of-service days for repairs, maintenance and drydockings			66				146				103				108				167
Out-of-service days for cold-stacked status			90				58				75				91				90
Operating Revenues:
Time charter		$	19,988			$	18,062			$	18,837			$	16,525			$	14,900
Other marine services			(377	)			(224	)			(15	)			(174	)			(254	)
			19,611				17,838				18,822				16,351				14,646
Direct Costs and Expenses:
Operating:
Personnel		$	4,861			$	5,140			$	5,289			$	4,880			$	5,070
Repairs and maintenance			1,867				2,957				2,738				2,458				1,800
Drydocking			128				1,434				656				(201	)			1,277
Insurance and loss reserves			334				453				410				372				260
Fuel, lubes and supplies			1,382				1,797				1,572				1,187				1,544
Other			1,236				1,638				1,284				1,311				1,941
			9,808				13,419				11,949				10,007				11,892
Other Costs and Expenses:
Depreciation and amortization			4,946				4,972				4,972				5,010				4,945

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
PSV
Time Charter Statistics:
Average rates per day worked		$	14,827			$	13,519			$	13,772			$	13,422			$	12,188
Fleet utilization			70	%			69	%			78	%			86	%			72	%
Fleet available days			1,800				1,840				1,840				1,820				1,800
Out-of-service days for repairs, maintenance and drydockings			124				142				152				26				233
Operating Revenues:
Time charter		$	18,800			$	17,194			$	19,687			$	20,983			$	15,823
Bareboat charter			360				376				332				48				618
Other marine services			840				222				720				575				44
			20,000				17,792				20,739				21,606				16,485
Direct Costs and Expenses:
Operating:
Personnel		$	8,849			$	8,961			$	8,427			$	7,889			$	8,193
Repairs and maintenance			3,475				2,998				2,839				3,184				3,701
Drydocking			609				770				1,025				(32	)			1,302
Insurance and loss reserves			419				552				734				551				428
Fuel, lubes and supplies			2,331				2,842				2,038				1,701				1,434
Other			2,314				1,420				1,275				1,631				1,348
			17,997				17,543				16,338				14,924				16,406
Other Costs and Expenses:
Lease expense		$	—			$	—			$	332			$	154			$	291
Depreciation and amortization			4,262				4,099				3,810				3,785				3,786
Specialty
Time Charter Statistics:
Fleet available days			—				—				—				—				90
Out-of-service days for cold-stacked status			—				—				—				—				90
Direct Costs and Expenses:
Operating:
Personnel		$	—			$	—			$	—			$	—			$	1
Insurance and loss reserves			—				—				—				—				2
Fuel, lubes and supplies			—				—				—				—				2
Other			—				—				—				—				11
			—				—				—				—				16

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
Liftboats
Time Charter Statistics:
Average rates per day worked		$	33,936			$	31,717			$	27,447			$	24,712			$	22,416
Fleet utilization			50	%			61	%			65	%			44	%			49	%
Fleet available days			810				828				828				819				810
Out-of-service days for repairs, maintenance and drydockings			94				90				154				318				179
Out-of-service days for cold-stacked status			90				92				92				91				134
Operating Revenues:
Time charter		$	13,712			$	16,127			$	14,720			$	8,805			$	8,830
Other marine services			2,776				1,842				1,421				3,283				1,463
			16,488				17,969				16,141				12,088				10,293
Direct Costs and Expenses:
Operating:
Personnel		$	5,068			$	5,520			$	5,419			$	4,515			$	4,035
Repairs and maintenance			499				2,674				1,560				2,132				1,012
Drydocking			(1,141	)			(543	)			3,337				6,737				2,401
Insurance and loss reserves			1,907				2,271				1,552				1,548				1,215
Fuel, lubes and supplies			619				896				1,408				1,230				605
Other			(28	)			359				387				655				644
			6,924				11,177				13,663				16,817				9,912
Other Costs and Expenses:
Depreciation and amortization			4,214				4,210				4,429				4,870				4,964
Other Activity
Operating Revenues:
Other marine services		$	1,111			$	1,089			$	1,016			$	924			$	1,139
			1,111				1,089				1,016				924				1,139
Direct Costs and Expenses:
Operating:
Personnel		$	30			$	8			$	(5	)		$	12			$	—
Repairs and maintenance			(46	)			(12	)			(64	)			40				(15	)
Drydocking			(3	)			—				—				—				—
Insurance and loss reserves			61				11				4				(72	)			(582	)
Fuel, lubes and supplies			11				—				(1	)			17				—
Other			21				(1	)			(9	)			18				(1	)
			74				6				(75	)			15				(598	)
Other Costs and Expenses:
Lease expense		$	389			$	333			$	386			$	404			$	320
Depreciation and amortization			42				43				49				48				182

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

		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents		$	40,570			$	39,963			$	47,514			$	22,608			$	36,315
Restricted cash			3,082				3,082				3,296				3,296				3,596
Receivables:
Trade, net of allowance for credit loss accounts			60,114				54,388				58,572				55,276				49,238
Other			11,913				7,638				6,647				7,437				8,799
Note receivable			10,000				15,000				20,000				—				—
Tax receivable			445				578				79				79				1,238
Inventories			2,207				2,123				2,059				1,723				1,297
Prepaid expenses and other			3,233				3,054				4,700				5,391				3,724
Assets held for sale			—				6,750				6,000				—				—
Total current assets			131,564				132,576				148,867				95,810				104,207
Property and Equipment:
Historical cost			969,328				967,683				992,423				1,000,147				1,006,873
Accumulated depreciation			(324,197	)			(310,778	)			(321,898	)			(325,091	)			(316,444	)
			645,131				656,905				670,525				675,056				690,429
Construction in progress			8,540				8,111				8,422				15,576				15,550
Net property and equipment			653,671				665,016				678,947				690,632				705,979
Right-of-use asset - operating leases			5,984				6,206				4,419				5,686				6,238
Right-of-use asset - finance leases			6,654				6,813				6,972				7,131				7,290
Investments, at equity, and advances to 50% or less owned companies			3,594				3,024				1,901				75,923				76,860
Other assets			2,079				1,995				1,887				1,932				2,057
Total assets		$	803,546			$	815,630			$	842,993			$	877,114			$	902,631
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,764			$	2,358			$	1,792			$	2,010			$	2,073
Current portion of finance lease liabilities			563				468				374				282				190
Current portion of long-term debt			60,523				61,512				57,567				33,398				32,708
Accounts payable and accrued expenses			44,255				37,954				36,248				39,262				32,585
Due to SEACOR Holdings			264				264				264				264				264
Other current liabilities			20,185				18,869				22,032				22,171				23,723
Total current liabilities			127,554				121,425				118,277				97,387				91,543
Long-term operating lease liabilities			4,474				4,739				3,759				4,026				4,420
Long-term finance lease liabilities			6,644				6,781				6,916				7,050				7,183
Long-term debt			254,450				260,119				282,556				318,699				326,264
Conversion option liability on convertible senior notes			—				—				—				1				34
Deferred income taxes			39,120				40,779				39,823				33,743				37,153
Deferred gains and other liabilities			2,264				2,641				2,692				2,701				2,990
Total liabilities			434,506				436,484				454,023				463,607				469,587
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			279				272				272				272				269
Additional paid-in capital			467,896				466,669				465,449				464,222				463,138
Accumulated deficit			(102,700	)			(93,111	)			(79,769	)			(55,418	)			(37,744	)
Shares held in treasury			(4,119	)			(1,852	)			(1,852	)			(1,852	)			(1,792	)
Accumulated other comprehensive income, net of tax			7,363				6,847				4,549				5,960				8,853
			368,719				378,825				388,649				413,184				432,724
Noncontrolling interests in subsidiaries			321				321				321				323				320
Total equity			369,040				379,146				388,970				413,507				433,044
Total liabilities and equity		$	803,546			$	815,630			$	842,993			$	877,114			$	902,631

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

		Three Months Ended
		Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022
Cash Flows from Operating Activities:
Net Loss		$	(9,589	)		$	(13,342	)		$	(24,353	)		$	(19,117	)		$	(14,837	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			13,762				13,624				13,754				14,208				14,371
Deferred financing costs amortization			418				(997	)			350				364				291
Stock-based compensation expense			1,227				1,220				1,227				1,076				1,074
Debt discount amortization			1,558				1,449				1,817				1,736				1,691
Allowance for credit losses			(104	)			11				(53	)			701				(170	)
(Gain) loss from equipment sales, retirements or impairments			(3,599	)			(1,017	)			1,783				(25	)			(2,139	)
Gain on debt extinguishment			—				(12,700	)			—				—				—
Derivative losses (gains)			—				—				(1	)			(33	)			34
Interest on finance lease			72				73				73				73				25
Settlements on derivative transactions, net			154				33				(131	)			(278	)			(373	)
Currency losses (gains)			825				2,646				(2,314	)			(1,170	)			(821	)
Deferred income taxes			(1,659	)			957				6,079				(3,410	)			(3,529	)
Equity (earnings) losses			(536	)			(1,176	)			254				(415	)			(5,674	)
Dividends received from equity investees			—				74				1,096				1,162				725
Changes in Operating Assets and Liabilities:
Accounts receivables			(9,857	)			2,304				(2,384	)			(4,476	)			3,904
Other assets			45				3,296				966				(1,539	)			(164	)
Accounts payable and accrued liabilities			6,731				769				(4,900	)			4,925				6,707
Net cash (used in) provided by operating activities			(552	)			(2,776	)			(6,737	)			(6,218	)			1,115
Cash Flows from Investing Activities:
Purchases of property and equipment			(470	)			(185	)			(240	)			(17	)			(20	)
Proceeds from disposition of property and equipment			7,611				53				—				1,371				5,310
Net investing activities in property and equipment			7,141				(132	)			(240	)			1,354				5,290
Principal payments on notes due from equity investees			—				—				177				175				176
Proceeds from sale of investment in equity investees			—				—				66,000				—				—
Notes due from others			—				—				(28,831	)			—				—
Principal payments on notes due from others			5,000				5,000				8,831				—				—
Net cash provided by investing activities			12,141				4,868				45,937				1,529				5,466
Cash Flows from Financing Activities:
Payments on long-term debt			(8,608	)			(7,470	)			(14,182	)			(9,152	)			(7,348	)
Payments on debt extinguishment cost			—				(2,271	)			—				—				—
Payments on finance leases			(114	)			(114	)			(114	)			(114	)			(9	)
Proceeds from exercise of stock options			6				—				—				11				140
Tax withholdings on restricted stock vesting and director share awards			(2,266	)			—				—				(60	)			(672	)
Net cash used in financing activities			(10,982	)			(9,855	)			(14,296	)			(9,315	)			(7,889	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			—				(2	)			2				(3	)			(1	)
Net Change in Cash, Cash Equivalents and Restricted Cash			607				(7,765	)			24,906				(14,007	)			(1,309	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			43,045				50,810				25,904				39,911				41,220
Cash, Restricted Cash and Cash Equivalents, End of Period		$	43,652			$	43,045			$	50,810			$	25,904			$	39,911

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

		Owned				Leased-in				Managed				Total
March 31, 2023
AHTS			3				1				—				4
FSV			22				1				2				25
PSV			21				—				—				21
Liftboats			9				—				—				9
			55				2				2				59
December 31, 2022
AHTS			3				2				—				5
FSV			22				1				2				25
PSV			21				—				—				21
Liftboats			9				—				—				9
			55				3				2				60

 

FAQ

What were SEACOR Marine's consolidated operating revenues for Q1 2023?

SEACOR Marine reported consolidated operating revenues of $60.0 million for Q1 2023.

What was the improvement in DVP for Q1 2023 compared to Q1 2022?

DVP increased to $22.7 million, a 272.4% improvement from Q1 2022.

What was the average utilization rate for Q1 2023?

The average utilization rate was 76%, the highest for a first quarter since 2014.

What were the average day rates for Q1 2023?

The average day rates were $14,314, the highest since Q4 2015.