SEACOR Marine Announces Second Quarter 2022 Results

Rhea-AI Summary

SEACOR Marine Holdings Inc. (NYSE: SMHI) reported its second-quarter 2022 results, showcasing consolidated operating revenues of $54.0 million, up 26% from $42.8 million in Q2 2021. However, the company faced an operating loss of $15.5 million and a net loss from continuing operations of $19.1 million ($0.72 loss per share). Average utilization rates improved to 77%, the highest since Q2 2014. Notably, the company experienced a 151% increase in dry docking and repairs compared to Q2 2021. CEO John Gellert remains optimistic about future performance as repairs conclude.

Positive

• 26% increase in consolidated operating revenues year-over-year.
• Average utilization rates reached 77%, the highest since Q2 2014.
• 18% improvement in revenues compared to Q1 2022.

Negative

• Operating loss of $15.5 million in Q2 2022.
• Net loss from continuing operations increased to $19.1 million ($0.72 loss per share).
• 151% rise in dry docking and repairs compared to Q2 2021, impacting revenue.

HOUSTON, Aug. 03, 2022 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2022.

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

Notable second quarter items include:

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

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

Chief Executive Officer John Gellert commented:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

		Three Months Ended
		Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021
Cash Flows from Continuing Operating Activities:
Net (Loss) Income		$	(19,117	)		$	(14,837	)		$	(15,846	)		$	(5,829	)		$	48,801
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization			14,208				14,371				14,198				14,306				14,093
Deferred financing costs amortization			364				291				328				255			254
Stock-based compensation expense			1,013				395				1,243				1,294				1,779
Debt discount amortization			1,736				1,691				1,614				1,573				1,787
Allowance for credit losses			701				(170	)			585				122				132
(Gain) Loss from equipment sales, retirements or impairments			(25	)			(2,139	)			—				(56	)			(22,653	)
Gain on debt extinguishment, net			—				—				—				—				(62,749	)
Gain from return of investment			—				—				—				(9,442	)			—
Derivative (gains) losses			(33	)			34				(4	)			(2	)			(30	)
Interest on finance leases			73				25				1				1				—
Cash settlement payments on derivative transactions, net			(278	)			(373	)			(403	)			(414	)			(414	)
Currency (gains) losses			(1,170	)			(821	)			357				(245	)		657
Deferred income taxes			(3,410	)			(3,529	)			(2,781	)			(2,706	)			14,403
Equity earnings			(415	)			(5,674	)			(4,494	)			(4,314	)			(2,167	)
Dividends received from equity investees			1,162				725				817				4,515				—
Changes in Operating Assets and Liabilities:
Accounts receivables			(4,476	)			3,904				(1,157	)			(3,798	)			16,047
Other assets			(1,539	)			(164	)			1,656				1,561				(1,296	)
Accounts payable and accrued liabilities			4,925				6,707				7,915				(1,416	)			4,268
Net cash (used in) provided by operating activities			(6,281	)			436				4,029				(4,595	)			12,912
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment			(17	)			(20	)			(443	)			(2,910	)			(926	)
Proceeds from disposition of property and equipment			1,371				5,310				—				—				26,871
Net investing activities in property and equipment			1,354				5,290				(443	)			(2,910	)			25,945
Investments in and advances to 50% or less owned companies			—				—				(2,272	)			—				—
Excess distributions from equity investees			—				—				—				9,442				—
Principal payments on notes due from equity investees			175				176				(630	)			179				2,877
Cash received from acquisition of 50% or less owned company			—				—				172				—				—
Net cash provided by (used in) investing activities			1,529				5,466				(3,173	)			6,711				28,822
Cash Flows from Continuing Financing Activities:
Payments on long-term debt			(9,152	)			(7,348	)			(5,981	)			(7,054	)			(56,787	)
Payments on debt extinguishment cost			—				—				—				—				(755	)
Payments on finance leases			(114	)			(9	)			(9	)			(9	)			(12	)
Proceeds from exercise of stock options			11				140				—
Issuance of stock			3				7				—				—				2
Excerise of warrants			—				—				1				—				—
Net cash used in financing activities			(9,252	)			(7,210	)			(5,989	)			(7,063	)			(57,552	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(3	)			(1	)			(1	)			—				(4,642	)
Net Change in Cash, Cash Equivalents and Restricted Cash			(14,007	)			(1,309	)			(5,134	)			(4,947	)			(20,460	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			39,911				41,220				46,354				51,301				71,761
Cash, Restricted Cash and Cash Equivalents, End of Period		$	25,904			$	39,911			$	41,220			$	46,354			$	51,301

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

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

⁽¹⁾ One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
⁽²⁾ In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.

FAQ

What were SEACOR Marine's Q2 2022 revenues?

SEACOR Marine reported consolidated operating revenues of $54.0 million for Q2 2022.

What is SEACOR Marine's stock symbol?

The stock symbol for SEACOR Marine is SMHI.

How much was SEACOR Marine's net loss in Q2 2022?

SEACOR Marine reported a net loss from continuing operations of $19.1 million in Q2 2022.

What was the average utilization rate for SEACOR Marine in Q2 2022?

The average utilization rate for SEACOR Marine in Q2 2022 was 77%, the highest since Q2 2014.

How did SEACOR Marine's revenues compare to Q2 2021?

Revenues increased by 26% compared to Q2 2021.