SEACOR Marine Announces Fourth Quarter 2023 Results

Rhea-AI Summary

SEACOR Marine Holdings Inc. (NYSE: SMHI) reported strong fourth-quarter results with a notable increase in operating revenues, operating income, and direct vessel profit. The company saw a 26.2% improvement in revenues compared to the same quarter last year, with a DVP margin of 40.8%. Net income for the quarter was $5.7 million, a significant improvement from the previous year's net loss of $13.3 million. CEO John Gellert expressed satisfaction with the results and highlighted the positive performance across all business segments.

Insights

Financial Analyst

The financial results for SEACOR Marine Holdings Inc. indicate a significant year-over-year improvement in both operating revenues and net income. The reported 26.2% increase in revenues and transition from a net loss in Q4 2022 to a net profit in Q4 2023 is a strong indicator of the company's recovery and operational efficiency gains. The average day rates show a substantial improvement from the previous year, which suggests an increased demand for the company's services or a more favorable pricing environment. Additionally, the sale of non-core vessels has resulted in substantial gains, which may positively influence the company's balance sheet and provide liquidity for strategic investments or debt reduction.

However, the 5.0% sequential decrease in revenues from Q3 2023 and the decline in DVP margin from 47.8% to 40.8% warrants attention, as it may indicate a normal seasonal fluctuation or potential underlying challenges in maintaining profitability. It is essential for investors to monitor whether these trends are temporary or indicative of a more sustained change in the company's financial health.

Market Research Analyst

The disclosed results reflect SEACOR Marine's strategic maneuvers, such as the sale of non-core assets, which streamline operations and focus on more profitable segments. The high tendering activity, especially in international markets, suggests a robust demand for offshore support services, which could lead to favorable contract renewals and sustained revenue growth. Notably, the company's expectation of having all four large liftboats operational in 2024 could significantly enhance its revenue-generating capacity.

For stakeholders, the company's focus on scheduled maintenance and vessel repositioning during the off-peak winter season could imply a strategic approach to maximize fleet utilization and efficiency throughout the rest of the year. This proactive management of assets will likely be crucial in maintaining the company's competitive edge in the offshore energy support sector.

Energy Sector Analyst

The results from SEACOR Marine are particularly pertinent given the backdrop of the energy sector and the ongoing transition to renewable energy sources. The mention of U.S. windfarm projects highlights the company's involvement in the growing renewable energy industry. With the global push towards cleaner energy, the company's services may see increased demand, particularly for maintenance and support of offshore wind installations.

The company's ability to maintain high day rates and the return to service of a premium liftboat signals operational resilience and adaptability in a market that can be affected by fluctuating oil prices and regulatory changes. The long-term implications for stakeholders include the potential benefits of diversifying into renewable energy support services, which could provide a hedge against volatility in the traditional oil and gas markets.

HOUSTON, Feb. 29, 2024 (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 fourth quarter ended December 31, 2023.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $29.8 million. This compares to 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, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.

Notable fourth quarter items include:

• 26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
• Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
• DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
• Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.

For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.

All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.

We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.

Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.

Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________

(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 December 31,								Year ended December 31,
	2023				2022				2023				2022
Operating Revenues	$	73,083			$	57,926			$	279,511			$	217,325
Costs and Expenses:
Operating		43,269				44,338				159,650				171,985
Administrative and general		11,547				10,799				49,183				40,911
Lease expense		679				633				2,748				3,869
Depreciation and amortization		13,022				13,624				53,821				55,957
		68,517				69,394				265,402				272,722
Gains on Asset Dispositions and Impairments, Net		18,057				1,017				21,409				1,398
Operating Income (Loss)		22,623				(10,451	)			35,518				(53,999	)
Other Income (Expense):
Interest income		222				688				1,444				784
Interest expense		(10,444	)			(8,456	)			(37,504	)			(29,706	)
Gain (loss) on debt extinguishment		—				10,429				(2,004	)			10,429
Derivative gains, net		608				—				608				—
Foreign currency (losses) gains, net		(1,276	)			(2,646	)			(2,133	)			1,659
Other, net		—				137				—				755
		(10,890	)			152				(39,589	)			(16,079	)
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies		11,733				(10,299	)			(4,071	)			(70,078	)
Income Tax Expense		6,378				4,219				8,799				8,582
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		5,355				(14,518	)			(12,870	)			(78,660	)
Equity in Earnings of 50% or Less Owned Companies		374				1,176				3,556				7,011
Net Income (Loss)		5,729				(13,342	)			(9,314	)			(71,649	)
Net Income Attributable to Noncontrolling Interests in Subsidiaries		—				—				—				1
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.	$	5,729			$	(13,342	)		$	(9,314	)		$	(71,650	)
Net Earnings (Loss) Per Share:
Basic	$	0.21			$	(0.50	)		$	(0.34	)		$	(2.69	)
Diluted	$	0.20			$	(0.50	)		$	(0.34	)		$	(2.69	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,182,496				26,727,864				27,082,391				26,626,179
Diluted		28,400,684				26,727,864				27,082,391				26,626,179

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)  (in thousands, except statistics and per share data)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
Time Charter Statistics:
Average Rates Per Day	$	18,031			$	18,046			$	15,250			$	14,314			$	13,794
Fleet Utilization		71	%			73	%			78	%			76	%			76	%
Fleet Available Days		5,170				5,182				5,096				5,071				5,244
Operating Revenues:
Time charter	$	66,498			$	68,668			$	60,804			$	55,415			$	54,789
Bareboat charter		368				368				364				360				376
Other marine services		6,217				7,864				7,151				5,434				2,761
		73,083				76,900				68,319				61,209				57,926
Costs and Expenses:
Operating:
Personnel		22,080				19,943				19,944				19,803				20,849
Repairs and maintenance		7,604				7,418				5,793				6,011				8,948
Drydocking		2,561				1,768				2,256				13				1,667
Insurance and loss reserves		2,944				1,833				2,390				2,789				3,381
Fuel, lubes and supplies		3,683				5,047				3,638				4,819				5,794
Other		4,397				4,133				3,709				5,074				3,699
		43,269				40,142				37,730				38,509				44,338
Direct Vessel Profit (1)		29,814				36,758				30,589				22,700				13,588
Other Costs and Expenses:
Lease expense		679				651				698				720				633
Administrative and general		11,547				12,300				13,704				11,632				10,799
Depreciation and amortization		13,022				13,462				13,575				13,762				13,624
		25,248				26,413				27,977				26,114				25,056
Gains (Losses) on Asset Dispositions and Impairments, Net		18,057				(512	)			265				3,599				1,017
Operating Income (Loss)		22,623				9,833				2,877				185				(10,451	)
Other Income (Expense):
Interest income		222				340				422				460				688
Interest expense		(10,444	)			(9,536	)			(8,736	)			(8,788	)			(8,456	)
Derivative gains, net		608				—				—				—				—
(Loss) gain on debt extinguishment		—				(2,004	)			—				—				10,429
Foreign currency (losses) gains, net		(1,276	)			571				(603	)			(825	)			(2,646	)
Other, net		—				—				—				—				137
		(10,890	)			(10,629	)			(8,917	)			(9,153	)			152
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		11,733				(796	)			(6,040	)			(8,968	)			(10,299	)
Income Tax Expense (Benefit)		6,378				2,360				(1,096	)			1,157				4,219
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		5,355				(3,156	)			(4,944	)			(10,125	)			(14,518	)
Equity in Earnings of 50% or Less Owned Companies		374				2,273				373				536				1,176
Net Income (Loss)	$	5,729			$	(883	)		$	(4,571	)		$	(9,589	)		$	(13,342	)
Net Earnings (Loss) Per Share:
Basic	$	0.21			$	(0.03	)		$	(0.17	)		$	(0.36	)		$	(0.50	)
Diluted	$	0.20			$	(0.03	)		$	(0.17	)		$	(0.36	)		$	(0.50	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,182				27,182				27,138				26,822				26,728
Diluted		28,401				27,182				27,138				26,822				26,728
Common Shares and Warrants Outstanding at Period End		28,489				28,481				28,481				28,428				28,142

(1) See full description of footnote above.

 

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked	$	22,584			$	23,663			$	16,115			$	18,359			$	22,563
Fleet utilization		50	%			57	%			35	%			35	%			57	%
Fleet available days		1,152				1,196				1,080				1,015				1,288
Out-of-service days for repairs, maintenance and drydockings		61				151				229				112				108
Out-of-service days for cold-stacked status (2)		254				206				173				211				242
Operating Revenues:
Time charter	$	12,929			$	16,236			$	6,121			$	6,564			$	16,574
Other marine services		5,346				5,478				3,004				3,850				2,916
		18,275				21,714				9,125				10,414				19,490
Direct Costs and Expenses:
Operating:
Personnel		6,906				6,712				5,957				6,535				7,262
Repairs and maintenance		819				1,560				1,573				1,194				2,666
Drydocking		303				462				1,506				43				472
Insurance and loss reserves		1,297				332				1,082				1,041				2,022
Fuel, lubes and supplies		1,032				958				924				783				746
Other		475				375				346				231				416
		10,832				10,399				11,388				9,827				13,584
Direct Vessel Profit (Loss) (1)	$	7,443			$	11,315			$	(2,263	)		$	587			$	5,906
Other Costs and Expenses:
Lease expense	$	141			$	116			$	143			$	136			$	138
Depreciation and amortization		3,479				3,810				3,861				3,535				3,912
Africa and Europe
Time Charter Statistics:
Average rates per day worked	$	15,233			$	15,388			$	14,982			$	12,835			$	11,241
Fleet utilization		82	%			84	%			94	%			87	%			82	%
Fleet available days		1,748				1,748				1,729				1,710				1,656
Out-of-service days for repairs, maintenance and drydockings		124				111				58				118				125
Out-of-service days for cold-stacked status (3)		92				54				—				—				—
Operating Revenues:
Time charter	$	21,791			$	22,528			$	24,414			$	18,996			$	15,299
Other marine services		189				1,943				225				225				(679	)
		21,980				24,471				24,639				19,221				14,620
Direct Costs and Expenses:
Operating:
Personnel		6,007				5,089				4,833				4,505				4,680
Repairs and maintenance		2,807				2,214				2,050				2,553				2,902
Drydocking		1,298				320				144				1,184				678
Insurance and loss reserves		416				573				420				318				366
Fuel, lubes and supplies		623				2,573				1,419				2,215				2,775
Other		2,267				2,448				2,608				2,749				1,896
		13,418				13,217				11,474				13,524				13,297
Direct Vessel Profit (1)	$	8,562			$	11,254			$	13,165			$	5,697			$	1,323
Other Costs and Expenses:
Lease expense	$	289			$	372			$	408			$	429			$	378
Depreciation and amortization		3,747				3,821				3,853				3,925				3,683

1. See full description of footnote above.
2. Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
3. Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.

SEACOR MARINE HOLDINGS INC.  UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
Middle East and Asia
Time Charter Statistics:
Average rates per day worked	$	17,590			$	16,313			$	13,245			$	13,562			$	11,090
Fleet utilization		69	%			67	%			86	%			82	%			75	%
Fleet available days		1,461				1,472				1,456				1,440				1,533
Out-of-service days for repairs, maintenance and drydockings		360				297				58				76				132
Operating Revenues:
Time charter	$	17,729			$	16,087			$	16,563			$	16,028			$	12,802
Other marine services		539				267				3,512				27				(66	)
		18,268				16,354				20,075				16,055				12,736
Direct Costs and Expenses:
Operating:
Personnel		5,522				5,157				5,266				4,841				5,270
Repairs and maintenance		2,590				2,623				1,219				677				1,958
Drydocking		624				1,056				(684	)			(1,095	)			244
Insurance and loss reserves		1,022				711				720				1,185				821
Fuel, lubes and supplies		1,242				743				425				1,142				1,335
Other		1,133				943				389				1,496				915
		12,133				11,233				7,335				8,246				10,543
Direct Vessel Profit (1)	$	6,135			$	5,121			$	12,740			$	7,809			$	2,193
Other Costs and Expenses:
Lease expense	$	158			$	59			$	67			$	76			$	52
Depreciation and amortization		3,643				3,721				3,708				3,688				3,783
Latin America
Time Charter Statistics:
Average rates per day worked	$	20,745			$	20,656			$	18,846			$	16,229			$	14,009
Fleet utilization		84	%			87	%			88	%			94	%			94	%
Fleet available days		809				766				831				906				767
Out-of-service days for repairs, maintenance and drydockings		—				67				79				22				14
Operating Revenues:
Time charter	$	14,049			$	13,817			$	13,706			$	13,827			$	10,114
Bareboat charter		368				368				364				360				376
Other marine services		143				176				410				1,332				590
		14,560				14,361				14,480				15,519				11,080
Direct Costs and Expenses:
Operating:
Personnel		3,645				2,985				3,888				3,922				3,637
Repairs and maintenance		1,388				1,021				951				1,587				1,422
Drydocking		336				(70	)			1,290				(119	)			273
Insurance and loss reserves		209				217				168				245				172
Fuel, lubes and supplies		786				773				870				679				938
Other		522				367				366				598				472
		6,886				5,293				7,533				6,912				6,914
Direct Vessel Profit (1)	$	7,674			$	9,068			$	6,947			$	8,607			$	4,166
Other Costs and Expenses:
Lease expense	$	91			$	104			$	80			$	79			$	65
Depreciation and amortization		2,153				2,110				2,153				2,614				2,246

 

(1) See full description of footnote above.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
AHTS
Time Charter Statistics:
Average rates per day worked	$	8,937			$	9,947			$	8,916			$	9,244			$	9,254
Fleet utilization		64	%			50	%			85	%			81	%			80	%
Fleet available days		368				368				364				391				460
Out-of-service days for repairs, maintenance and drydockings		41				111				13				45				—
Out-of-service days for cold-stacked status		92				54				—				31				92
Operating Revenues:
Time charter	$	2,102			$	1,831			$	2,762			$	2,915			$	3,406
Other marine services		6				930				—				—				(168	)
		2,108				2,761				2,762				2,915				3,238
Direct Costs and Expenses:
Operating:
Personnel	$	944			$	1,019			$	1,069			$	995			$	1,220
Repairs and maintenance		612				484				186				216				331
Drydocking		58				747				131				420				6
Insurance and loss reserves		73				88				78				68				94
Fuel, lubes and supplies		375				428				192				476				259
Other		295				378				329				448				283
		2,357				3,144				1,985				2,623				2,193
Other Costs and Expenses:
Lease expense	$	253			$	331			$	332			$	331			$	300
Depreciation and amortization		175				249				298				298				300
FSV
Time Charter Statistics:
Average rates per day worked	$	11,841			$	11,441			$	11,314			$	10,609			$	9,905
Fleet utilization		74	%			79	%			92	%			91	%			86	%
Fleet available days		2,105				2,116				2,093				2,070				2,116
Out-of-service days for repairs, maintenance and drydockings		337				227				86				66				146
Out-of-service days for cold-stacked status		92				69				82				90				58
Operating Revenues:
Time charter	$	18,502			$	19,135			$	21,747			$	19,988			$	18,062
Other marine services		163				652				71				190				(224	)
		18,665				19,787				21,818				20,178				17,838
Direct Costs and Expenses:
Operating:
Personnel	$	5,320			$	5,144			$	5,083			$	4,861			$	5,140
Repairs and maintenance		2,691				2,787				1,134				1,867				2,957
Drydocking		1,710				870				1,342				128				1,434
Insurance and loss reserves		507				185				337				334				453
Fuel, lubes and supplies		1,441				1,501				1,108				1,382				1,797
Other		1,632				1,552				1,536				1,803				1,638
		13,301				12,039				10,540				10,375				13,419
Other Costs and Expenses:
Depreciation and amortization		4,879				5,002				4,952				4,946				4,972

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
PSV
Time Charter Statistics:
Average rates per day worked	$	19,778			$	19,528			$	17,545			$	14,827			$	13,519
Fleet utilization		77	%			78	%			80	%			70	%			69	%
Fleet available days		1,902				1,870				1,820				1,800				1,840
Out-of-service days for repairs, maintenance and drydockings		109				110				92				124				142
Operating Revenues:
Time charter	$	29,140			$	28,580			$	25,458			$	18,800			$	17,194
Bareboat charter		368				368				364				360				376
Other marine services		595				696				584				1,203				222
		30,103				29,644				26,406				20,363				17,792
Direct Costs and Expenses:
Operating:
Personnel	$	9,017			$	8,793			$	8,738			$	8,849			$	8,961
Repairs and maintenance		3,520				2,504				2,998				3,475				2,998
Drydocking		472				232				12				609				770
Insurance and loss reserves		690				682				421				419				552
Fuel, lubes and supplies		1,027				2,352				2,124				2,331				2,842
Other		1,922				1,761				1,405				2,677				1,420
		16,648				16,324				15,698				18,360				17,543
Other Costs and Expenses:
Depreciation and amortization		4,073				4,073				4,072				4,262				4,099

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
Liftboats
Time Charter Statistics:
Average rates per day worked	$	40,181			$	39,419			$	35,623			$	33,936			$	31,717
Fleet utilization		52	%			59	%			37	%			50	%			61	%
Fleet available days		795				828				819				810				828
Out-of-service days for repairs, maintenance and drydockings		60				111				233				94				90
Out-of-service days for cold-stacked status		162				137				91				90				92
Operating Revenues:
Time charter	$	16,754			$	19,122			$	10,837			$	13,712			$	16,127
Other marine services		4,666				4,710				5,495				2,930				1,842
		21,420				23,832				16,332				16,642				17,969
Direct Costs and Expenses:
Operating:
Personnel	$	5,316			$	4,983			$	5,065			$	5,068			$	5,520
Repairs and maintenance		769				1,643				1,472				499				2,674
Drydocking		321				(81	)			849				(1,141	)			(543	)
Insurance and loss reserves		1,554				1,148				1,418				1,907				2,271
Fuel, lubes and supplies		838				766				219				619				896
Other		531				445				441				125				359
		9,329				8,904				9,464				7,077				11,177
Other Costs and Expenses:
Depreciation and amortization		3,867				4,099				4,215				4,214				4,210
Other Activity
Operating Revenues:
Other marine services	$	787			$	876			$	1,001			$	1,111			$	1,089
		787				876				1,001				1,111				1,089
Direct Costs and Expenses:
Operating:
Personnel	$	1,483			$	4			$	(11	)		$	30			$	8
Repairs and maintenance		12				—				3				(46	)			(12	)
Drydocking		—				—				(78	)			(3	)			—
Insurance and loss reserves		120				(270	)			136				61				11
Fuel, lubes and supplies		2				—				(5	)			11				—
Other		17				(3	)			(2	)			21				(1	)
		1,634				(269	)			43				74				6
Other Costs and Expenses:
Lease expense	$	426			$	320			$	366			$	389			$	333
Depreciation and amortization		28				39				38				42				43

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	67,455			$	55,840			$	40,750			$	40,570			$	39,963
Restricted cash		16,676				2,796				2,796				3,082				3,082
Receivables:
Trade, net of allowance for credit loss accounts		63,728				63,246				60,022				60,114				54,388
Other		11,049				8,662				12,032				11,650				7,375
Note receivable		—				—				5,000				10,000				15,000
Tax receivable		983				445				445				445				578
Inventories		1,609				1,738				1,653				2,207				2,123
Prepaid expenses and other		2,686				2,957				3,112				3,233				3,054
Assets held for sale		500				6,093				—				—				6,750
Total current assets		164,686				141,777				125,810				131,301				132,313
Property and Equipment:
Historical cost		918,823				936,520				966,338				969,328				967,683
Accumulated depreciation		(324,141	)			(318,549	)			(334,678	)			(324,197	)			(310,778	)
		594,682				617,971				631,660				645,131				656,905
Construction in progress		10,362				9,413				8,876				8,540				8,111
Net property and equipment		605,044				627,384				640,536				653,671				665,016
Right-of-use asset - operating leases		4,291				4,907				5,703				5,984				6,206
Right-of-use asset - finance leases		37				45				6,495				6,654				6,813
Investments, at equity, and advances to 50% or less owned companies		4,125				3,857				3,253				3,594				3,024
Other assets		2,153				2,095				2,139				2,079				1,995
Total assets	$	780,336			$	780,065			$	783,936			$	803,283			$	815,367
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,591			$	1,856			$	1,792			$	1,764			$	2,358
Current portion of finance lease liabilities		35				35				611				563				468
Current portion of long-term debt		28,365				28,005				63,959				60,523				61,512
Accounts payable and accrued expenses		27,562				32,468				39,013				44,256				37,955
Other current liabilities		19,533				21,340				21,027				20,185				18,869
Total current liabilities		77,086				83,704				126,402				127,291				121,162
Long-term operating lease liabilities		3,529				3,571				4,030				4,474				4,739
Long-term finance lease liabilities		6				15				6,462				6,644				6,781
Long-term debt		287,544				291,843				243,960				254,450				260,119
Deferred income taxes		35,718				33,078				34,038				39,120				40,779
Deferred gains and other liabilities		2,229				2,217				2,189				2,264				2,641
Total liabilities		406,112				414,428				417,081				434,243				436,221
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		280				280				280				279				272
Additional paid-in capital		472,692				471,158				469,618				467,896				466,669
Accumulated deficit		(102,425	)			(108,154	)			(107,271	)			(102,700	)			(93,111	)
Shares held in treasury		(4,221	)			(4,221	)			(4,221	)			(4,119	)			(1,852	)
Accumulated other comprehensive income, net of tax		7,577				6,253				8,128				7,363				6,847
		373,903				365,316				366,534				368,719				378,825
Noncontrolling interests in subsidiaries		321				321				321				321				321
Total equity		374,224				365,637				366,855				369,040				379,146
Total liabilities and equity	$	780,336			$	780,065			$	783,936			$	803,283			$	815,367

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
	Three Months Ended
	Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022
Cash Flows from Operating Activities:
Net Income (Loss)	$	5,729			$	(883	)		$	(4,571	)		$	(9,589	)		$	(13,342	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		13,022				13,462				13,575				13,762				13,624
Deferred financing costs amortization		279				459				423				418				(997	)
Stock-based compensation expense		1,510				1,540				1,723				1,227				1,220
Debt discount amortization		1,862				1,714				1,627				1,558				1,449
Allowance for credit losses		266				594				2,763				(104	)			11
(Gain) loss from equipment sales, retirements or impairments		(18,057	)			512				(265	)			(3,599	)			(1,017	)
(Gains) losses on debt extinguishment		—				177				—				—				(12,700	)
Derivative gains		(608	)			—				—				—				—
Interest on finance lease		1				59				70				72				73
Settlements on derivative transactions, net		—				197				226				154				33
Currency losses (gains)		1,276				(571	)			603				825				2,646
Deferred income taxes		2,640				(960	)			(5,082	)			(1,659	)			957
Equity earnings		(374	)			(2,273	)			(373	)			(536	)			(1,176	)
Dividends received from equity investees		166				1,031				1,044				—				74
Changes in Operating Assets and Liabilities:
Accounts receivables		(3,472	)			(747	)			(3,139	)			(9,857	)			2,304
Other assets		733				493				1,017				45				3,296
Accounts payable and accrued liabilities		(6,456	)			(7,705	)			(5,758	)			6,731				769
Net cash (used in) provided by operating activities		(1,483	)			7,099				3,883				(552	)			(2,776	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(3,644	)			(6,455	)			(35	)			(470	)			(185	)
Proceeds from disposition of property and equipment		36,692				—				427				7,611				53
Net investing activities in property and equipment		33,048				(6,455	)			392				7,141				(132	)
Principal payments on notes due from others		—				5,000				5,000				5,000				5,000
Net cash provided by (used in) investing activities		33,048				(1,455	)			5,392				12,141				4,868
Cash Flows from Financing Activities:
Payments on long-term debt		(6,173	)			(4,901	)			(9,483	)			(8,608	)			(7,470	)
Payments on debt extinguishment		—				(104,832	)			(26,772	)			—				(2,271	)
Payments on debt extinguishment cost		—				(1,827	)			—				—				—
Proceeds from issuance of long-term debt, net of issue costs		87				121,207				27,181				—				—
Payments on finance leases		(9	)			(204	)			(204	)			(114	)			(114	)
Proceeds from issuance of common stock, net of issue costs		24				—				—				—				—
Proceeds from exercise of stock options		—				—				—				6				—
Tax withholdings on restricted stock vesting and director share awards		—				—				(102	)			(2,266	)			—
Net cash (used in) provided by financing activities		(6,071	)			9,443				(9,380	)			(10,982	)			(9,855	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		1				3				(1	)			—				(2	)
Net Change in Cash, Cash Equivalents and Restricted Cash		25,495				15,090				(106	)			607				(7,765	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		58,636				43,546				43,652				43,045				50,810
Cash, Restricted Cash and Cash Equivalents, End of Period	$	84,131			$	58,636			$	43,546			$	43,652			$	43,045

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
		Owned		Leased-in		Managed		Total
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58
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 Holdings Inc.'s (NYSE: SMHI) operating revenues for the fourth quarter of 2023?

SEACOR Marine Holdings Inc.'s operating revenues for the fourth quarter of 2023 were $73.1 million.

What was the DVP margin for SEACOR Marine Holdings Inc. (NYSE: SMHI) in the fourth quarter of 2023?

SEACOR Marine Holdings Inc.'s DVP margin for the fourth quarter of 2023 was 40.8%.

How did SEACOR Marine Holdings Inc. (NYSE: SMHI) perform in terms of net income in the fourth quarter of 2023?

SEACOR Marine Holdings Inc. reported a net income of $5.7 million in the fourth quarter of 2023.

What was the percentage change in revenues for SEACOR Marine Holdings Inc. (NYSE: SMHI) from the fourth quarter of 2022 to the fourth quarter of 2023?

SEACOR Marine Holdings Inc. saw a 26.2% improvement in revenues from the fourth quarter of 2022 to the fourth quarter of 2023.

What did CEO John Gellert say about SEACOR Marine Holdings Inc.'s (NYSE: SMHI) fourth quarter results?

CEO John Gellert expressed satisfaction with SEACOR Marine Holdings Inc.'s fourth quarter results, highlighting the positive performance across all business segments.