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SEACOR Marine Announces Second Quarter 2023 Results

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HOUSTON, Aug. 02, 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 second quarter ended June 30, 2023.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2023 were $66.9 million, operating income was $2.9 million, and direct vessel profit (“DVP”)(1) was $30.6 million. This compares to consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022, and consolidated operating revenues of $60.0 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023.

Notable second quarter items include:

  • 23.8% improvement in revenues from the second quarter of 2022 and a 11.5% increase from the first quarter of 2023.
  • Average utilization rate of 78%, the highest for a second quarter since 2013, a 1.0% improvement from the second quarter of 2022, and a 2% increase from the first quarter of 2023.
  • Average day rates of $15,250, a 25.5% improvement from the second quarter of 2022, and a 6.5% increase from the first quarter of 2023, which was the highest day rate since the fourth quarter of 2015.
  • DVP margin increased 209.9% from the second quarter of 2022 and increased 34.8% from the first quarter of 2023.

For the second quarter of 2023, net loss was $4.6 million ($0.17 loss per basic and diluted share). This compares to a net loss for the second quarter of 2022 of $19.1 million ($0.72 loss per basic and diluted share). Sequentially, second quarter 2023 results compare to a net loss of $9.6 million ($0.36 loss per basic and diluted share) in the first quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s second quarter results as the cyclical recovery continued with another consecutive quarter of improved average day rates and utilization. More importantly, the second quarter produced meaningful cash flows from operations through a strong conversion rate with the highest DVP the Company has generated since 2014.

The increase in DVP was primarily due to higher day rates and utilization as well as lower operating expenses. This quarterly improvement was driven by our international business segments, most notably Africa and Europe, which have been virtually sold out during the quarter, and the Middle East. We also continued to make progress in Latin America, despite slightly lower utilization due to scheduled drydockings.

Further improvement in our U.S. business was hampered in the second quarter by low activity levels on the shelf of the Gulf of Mexico, driven in part by the bankruptcy of a significant operator, as well as delays in contract startups for several offshore wind contracts in the Northeast. Additionally, one of our premium liftboats in the U.S. remained offhire for previously reported extended repairs. We expect that this vessel will return to service once temporary repairs are completed during the second half of 2023.

On June 20, 2023, the Company announced the refinancing of the debt associated with three of our modern PSVs that we acquired with shipyard financing during the trough of the cycle. We will continue to address near-term maturities and opportunistically pursue refinancing opportunities that reflect the improved outlook for the business.

I am optimistic about our ability to continue to improve our profitability in the current cycle given the margin available to improve utilization and the fact that average day rates have yet to reflect full cycle dynamics.”
___________________

(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 June 30,  Six months ended June 30, 
  2023  2022  2023  2022 
Operating Revenues $66,891  $54,017  $126,864  $99,608 
Costs and Expenses:            
Operating  36,302   44,145   73,575   83,641 
Administrative and general  13,704   10,210   25,336   20,134 
Lease expense  698   1,008   1,418   2,068 
Depreciation and amortization  13,575   14,208   27,337   28,579 
   64,279   69,571   127,666   134,422 
Gains on Asset Dispositions and Impairments, Net  265   25   3,864   2,164 
Operating Income (Loss)  2,877   (15,529)  3,062   (32,650)
Other Income (Expense):            
Interest income  422   190   882   219 
Interest expense  (8,736)  (6,989)  (17,524)  (13,616)
Derivative gains (losses), net     33      (1)
Foreign currency (losses) gains, net  (603)  1,170   (1,428)  1,991 
Other, net     (41)     (41)
   (8,917)  (5,637)  (18,070)  (11,448)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies  (6,040)  (21,166)  (15,008)  (44,098)
Income Tax (Benefit) Expense  (1,096)  (1,634)  61   (4,055)
Loss Before Equity in Earnings of 50% or Less Owned Companies  (4,944)  (19,532)  (15,069)  (40,043)
Equity in Earnings of 50% or Less Owned Companies  373   415   909   6,089 
Net Loss  (4,571)  (19,117)  (14,160)  (33,954)
Net Income Attributable to Noncontrolling Interests in Subsidiaries     3      3 
Net Loss Attributable to SEACOR Marine Holdings Inc. $(4,571) $(19,120) $(14,160) $(33,957)
             
Net Loss Per Share:            
Basic $(0.17) $(0.72) $(0.52) $(1.28)
Diluted $(0.17)  (0.72) $(0.52)  (1.28)
Weighted Average Common Stock and Warrants Outstanding:            
Basic  27,137,873   26,664,745   26,981,004   26,522,808 
Diluted  27,137,873   26,664,745   26,981,004   26,522,808 


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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
Time Charter Statistics:                
Average Rates Per Day $15,250  $14,314  $13,794  $13,340  $12,149  
Fleet Utilization  78%  76%  76%  79%  77% 
Fleet Available Days  5,096   5,071   5,244   5,336   5,311  
Operating Revenues:                
Time charter $60,804  $55,415  $54,789  $56,500  $49,504  
Bareboat charter  364   360   376   332   48  
Other marine services  5,723   4,198   2,761   2,959   4,465  
   66,891   59,973   57,926   59,791   54,017  
Costs and Expenses:                
Operating:                
Personnel  19,944   19,803   20,849   20,152   18,346  
Repairs and maintenance  5,793   6,011   8,948   7,377   8,380  
Drydocking  2,256   13   1,667   5,046   6,474  
Insurance and loss reserves  2,390   2,789   3,381   2,850   2,545  
Fuel, lubes and supplies  3,638   4,819   5,794   5,416   4,350  
Other  2,281   3,838   3,699   3,165   4,050  
   36,302   37,273   44,338   44,006   44,145  
Direct Vessel Profit (1)  30,589   22,700   13,588   15,785   9,872  
Other Costs and Expenses:                
Lease expense  698   720   633   1,168   1,008  
Administrative and general  13,704   11,632   10,799   9,978   10,210  
Depreciation and amortization  13,575   13,762   13,624   13,754   14,208  
   27,977   26,114   25,056   24,900   25,426  
Gains (Losses) on Asset Dispositions and Impairments, Net  265   3,599   1,017   (1,783)  25  
Operating Income (Loss)  2,877   185   (10,451)  (10,898)  (15,529) 
Other Income (Expense):                
Interest income  422   460   688   (123)  190  
Interest expense  (8,736)  (8,788)  (8,456)  (7,634)  (6,989) 
Derivative gains, net           1   33  
Gain on debt extinguishment        10,429        
Foreign currency (losses) gains, net  (603)  (825)  (2,646)  2,314   1,170  
Other, net        137   659   (41) 
   (8,917)  (9,153)  152   (4,783)  (5,637) 
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies  (6,040)  (8,968)  (10,299)  (15,681)  (21,166) 
Income Tax (Benefit) Expense  (1,096)  1,157   4,219   8,418   (1,634) 
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies  (4,944)  (10,125)  (14,518)  (24,099)  (19,532) 
Equity in Earnings (Losses) of 50% or Less Owned Companies  373   536   1,176   (254)  415  
Net Loss  (4,571)  (9,589)  (13,342)  (24,353)  (19,117) 
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries           (2)  3  
Net Loss Attributable to SEACOR Marine Holdings Inc. $(4,571) $(9,589) $(13,342) $(24,351) $(19,120) 
                 
Net Loss Per Share:                
Basic $(0.17) $(0.36) $(0.50) $(0.91) $(0.72) 
Diluted $(0.17) $(0.36) $(0.50) $(0.91) $(0.72) 
Weighted Average Common Stock and Warrants Outstanding:                
Basic  27,138   26,822   26,728   26,728   26,665  
Diluted  27,138   26,822   26,728   26,728   26,665  
Common Shares and Warrants Outstanding at Period End  28,481   28,428   28,142   28,142   28,145  

        

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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
United States, primarily Gulf of Mexico                
Time Charter Statistics:                
Average rates per day worked $16,115  $18,359  $22,563  $21,551  $17,792  
Fleet utilization  35%  35%  57%  58%  43% 
Fleet available days  1,080   1,015   1,288   1,363   1,277  
Out-of-service days for repairs, maintenance and drydockings  229   112   108   199   284  
Out-of-service days for cold-stacked status  173   211   242   259   313  
Operating Revenues:                
Time charter $6,121  $6,564  $16,574  $17,075  $9,759  
Other marine services  2,993   3,842   2,916   2,161   2,399  
   9,114   10,406   19,490   19,236   12,158  
Direct Costs and Expenses:                
Operating:                
Personnel  5,957   6,535   7,262   7,243   5,773  
Repairs and maintenance  1,573   1,194   2,666   2,002   1,280  
Drydocking  1,506   43   472   1,549   4,090  
Insurance and loss reserves  1,082   1,041   2,022   1,382   1,198  
Fuel, lubes and supplies  924   783   746   1,143   794  
Other  335   223   416   314   281  
   11,377   9,819   13,584   13,633   13,416  
Direct Vessel (Loss) Profit (1) $(2,263) $587  $5,906  $5,603  $(1,258) 
Other Costs and Expenses:                
Lease expense $143  $136  $138  $278  $295  
Depreciation and amortization  3,861   3,535   3,912   4,332   4,562  
                 
Africa and Europe                
Time Charter Statistics:                
Average rates per day worked $14,982  $12,835  $11,241  $11,813  $11,279  
Fleet utilization  94%  87%  82%  91%  85% 
Fleet available days  1,729   1,710   1,656   1,629   1,567  
Out-of-service days for repairs, maintenance and drydockings  58   118   125   37   58  
Operating Revenues:                
Time charter $24,414  $18,996  $15,299  $17,551  $14,930  
Other marine services  (1,037)  (834)  (679)  60   1,072  
   23,377   18,162   14,620   17,611   16,002  
Direct Costs and Expenses:                
Operating:                
Personnel  4,833   4,505   4,680   4,694   3,526  
Repairs and maintenance  2,050   2,553   2,902   2,110   2,638  
Drydocking  144   1,184   678   383   134  
Insurance and loss reserves  420   318   366   359   329  
Fuel, lubes and supplies  1,419   2,215   2,775   2,284   1,490  
Other  1,346   1,690   1,896   1,580   1,871  
   10,212   12,465   13,297   11,410   9,988  
Direct Vessel Profit (1) $13,165  $5,697  $1,323  $6,201  $6,014  
Other Costs and Expenses:                
Lease expense $408  $429  $378  $455  $456  
Depreciation and amortization  3,853   3,925   3,683   3,461   3,306  


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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
Middle East and Asia                
Time Charter Statistics:                
Average rates per day worked $13,245  $13,562  $11,090  $9,507  $9,673  
Fleet utilization  86%  82%  75%  79%  87% 
Fleet available days  1,456   1,440   1,533   1,564   1,651  
Out-of-service days for repairs, maintenance and drydockings  58   76   132   252   160  
Operating Revenues:                
Time charter $16,563  $16,028  $12,802  $11,712  $13,906  
Other marine services  3,357   (142)  (66)  319   460  
   19,920   15,886   12,736   12,031   14,366  
Direct Costs and Expenses:                
Operating:                
Personnel  5,266   4,841   5,270   5,384   5,691  
Repairs and maintenance  1,219   677   1,958   1,776   2,545  
Drydocking  (684)  (1,095)  244   3,113   2,250  
Insurance and loss reserves  720   1,185   821   762   748  
Fuel, lubes and supplies  425   1,142   1,335   1,426   1,318  
Other  234   1,327   915   878   1,213  
   7,180   8,077   10,543   13,339   13,765  
Direct Vessel Profit (Loss) (1) $12,740  $7,809  $2,193  $(1,308) $601  
Other Costs and Expenses:                
Lease expense $67  $76  $52  $35  $38  
Depreciation and amortization  3,708   3,688   3,783   3,974   4,229  
                 
Latin America                
Time Charter Statistics:                
Average rates per day worked $18,846  $16,229  $14,009  $14,010  $14,263  
Fleet utilization  88%  94%  94%  93%  94% 
Fleet available days  831   906   767   780   816  
Out-of-service days for repairs, maintenance and drydockings  79   22   14   12   6  
Operating Revenues:                
Time charter $13,706  $13,827  $10,114  $10,162  $10,909  
Bareboat charter  364   360   376   332   48  
Other marine services  410   1,332   590   419   534  
   14,480   15,519   11,080   10,913   11,491  
Direct Costs and Expenses:                
Operating:                
Personnel  3,888   3,922   3,637   2,831   3,356  
Repairs and maintenance  951   1,587   1,422   1,489   1,917  
Drydocking  1,290   (119)  273   1     
Insurance and loss reserves  168   245   172   347   270  
Fuel, lubes and supplies  870   679   938   563   748  
Other  366   598   472   393   685  
   7,533   6,912   6,914   5,624   6,976  
Direct Vessel Profit (1) $6,947  $8,607  $4,166  $5,289  $4,515  
Other Costs and Expenses:                
Lease expense $80  $79  $65  $400  $219  
Depreciation and amortization  2,153   2,614   2,246   1,987   2,111  


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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
AHTS                
Time Charter Statistics:                
Average rates per day worked $8,916  $9,244  $9,254  $8,848  $8,887  
Fleet utilization  85%  81%  80%  67%  66% 
Fleet available days  364   391   460   552   546  
Out-of-service days for repairs, maintenance and drydockings  13   45      92   56  
Out-of-service days for cold-stacked status     31   92   92   131  
Operating Revenues:                
Time charter $2,762  $2,915  $3,406  $3,256  $3,191  
Other marine services  (134)  (152)  (168)  (183)  (143) 
   2,628   2,763   3,238   3,073   3,048  
Direct Costs and Expenses:                
Operating:                
Personnel $1,069  $995  $1,220  $1,022  $1,050  
Repairs and maintenance  186   216   331   304   566  
Drydocking  131   420   6   28   (30) 
Insurance and loss reserves  78   68   94   150   146  
Fuel, lubes and supplies  192   476   259   399   215  
Other  195   295   283   228   435  
   1,851   2,470   2,193   2,131   2,382  
Other Costs and Expenses:                
Lease expense $332  $331  $300  $450  $450  
Depreciation and amortization  298   298   300   494   495  
                 
FSV                
Time Charter Statistics:                
Average rates per day worked $11,314  $10,609  $9,905  $9,907  $9,201  
Fleet utilization  92%  91%  86%  90%  85% 
Fleet available days  2,093   2,070   2,116   2,116   2,126  
Out-of-service days for repairs, maintenance and drydockings  86   66   146   103   108  
Out-of-service days for cold-stacked status  82   90   58   75   91  
Operating Revenues:                
Time charter $21,747  $19,988  $18,062  $18,837  $16,525  
Other marine services  (518)  (377)  (224)  (15)  (174) 
   21,229   19,611   17,838   18,822   16,351  
Direct Costs and Expenses:                
Operating:                
Personnel $5,083  $4,861  $5,140  $5,289  $4,880  
Repairs and maintenance  1,134   1,867   2,957   2,738   2,458  
Drydocking  1,342   128   1,434   656   (201) 
Insurance and loss reserves  337   334   453   410   372  
Fuel, lubes and supplies  1,108   1,382   1,797   1,572   1,187  
Other  947   1,236   1,638   1,284   1,311  
   9,951   9,808   13,419   11,949   10,007  
Other Costs and Expenses:                
Depreciation and amortization  4,952   4,946   4,972   4,972   5,010  


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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
PSV                
Time Charter Statistics:                
Average rates per day worked $17,545  $14,827  $13,519  $13,772  $13,422  
Fleet utilization  80%  70%  69%  78%  86% 
Fleet available days  1,820   1,800   1,840   1,840   1,820  
Out-of-service days for repairs, maintenance and drydockings  92   124   142   152   26  
Operating Revenues:                
Time charter $25,458  $18,800  $17,194  $19,687  $20,983  
Bareboat charter  364   360   376   332   48  
Other marine services  19   840   222   720   575  
   25,841   20,000   17,792   20,739   21,606  
Direct Costs and Expenses:                
Operating:                
Personnel $8,738  $8,849  $8,961  $8,427  $7,889  
Repairs and maintenance  2,998   3,475   2,998   2,839   3,184  
Drydocking  12   609   770   1,025   (32) 
Insurance and loss reserves  421   419   552   734   551  
Fuel, lubes and supplies  2,124   2,331   2,842   2,038   1,701  
Other  840   2,314   1,420   1,275   1,631  
   15,133   17,997   17,543   16,338   14,924  
Other Costs and Expenses:                
Lease expense $  $  $  $332  $154  
Depreciation and amortization  4,072   4,262   4,099   3,810   3,785  


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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
Liftboats                
Time Charter Statistics:                
Average rates per day worked $35,623  $33,936  $31,717  $27,447  $24,712  
Fleet utilization  37%  50%  61%  65%  44% 
Fleet available days  819   810   828   828   819  
Out-of-service days for repairs, maintenance and drydockings  233   94   90   154   318  
Out-of-service days for cold-stacked status  91   90   92   92   91  
Operating Revenues:                
Time charter $10,837  $13,712  $16,127  $14,720  $8,805  
Other marine services  5,355   2,776   1,842   1,421   3,283  
   16,192   16,488   17,969   16,141   12,088  
Direct Costs and Expenses:                
Operating:                
Personnel $5,065  $5,068  $5,520  $5,419  $4,515  
Repairs and maintenance  1,472   499   2,674   1,560   2,132  
Drydocking  849   (1,141)  (543)  3,337   6,737  
Insurance and loss reserves  1,418   1,907   2,271   1,552   1,548  
Fuel, lubes and supplies  219   619   896   1,408   1,230  
Other  301   (28)  359   387   655  
   9,324   6,924   11,177   13,663   16,817  
Other Costs and Expenses:                
Depreciation and amortization  4,215   4,214   4,210   4,429   4,870  
                 
Other Activity                
Operating Revenues:                
Other marine services $1,001  $1,111  $1,089  $1,016  $924  
   1,001   1,111   1,089   1,016   924  
Direct Costs and Expenses:                
Operating:                
Personnel $(11) $30  $8  $(5) $12  
Repairs and maintenance  3   (46)  (12)  (64)  40  
Drydocking  (78)  (3)          
Insurance and loss reserves  136   61   11   4   (72) 
Fuel, lubes and supplies  (5)  11      (1)  17  
Other  (2)  21   (1)  (9)  18  
   43   74   6   (75)  15  
Other Costs and Expenses:                
Lease expense $366  $389  $333  $386  $404  
Depreciation and amortization  38   42   43   49   48  


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

  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
ASSETS                
Current Assets:                
Cash and cash equivalents $40,750  $40,570  $39,963  $47,514  $22,608  
Restricted cash  2,796   3,082   3,082   3,296   3,296  
Receivables:                
Trade, net of allowance for credit loss accounts  60,022   60,114   54,388   58,572   55,276  
Other  12,295   11,913   7,638   6,647   7,437  
Note receivable  5,000   10,000   15,000   20,000     
Tax receivable  445   445   578   79   79  
Inventories  1,653   2,207   2,123   2,059   1,723  
Prepaid expenses and other  3,112   3,233   3,054   4,700   5,391  
Assets held for sale        6,750   6,000     
Total current assets  126,073   131,564   132,576   148,867   95,810  
Property and Equipment:                
Historical cost  966,338   969,328   967,683   992,423   1,000,147  
Accumulated depreciation  (334,678)  (324,197)  (310,778)  (321,898)  (325,091) 
   631,660   645,131   656,905   670,525   675,056  
Construction in progress  8,876   8,540   8,111   8,422   15,576  
Net property and equipment  640,536   653,671   665,016   678,947   690,632  
Right-of-use asset - operating leases  5,703   5,984   6,206   4,419   5,686  
Right-of-use asset - finance leases  6,495   6,654   6,813   6,972   7,131  
Investments, at equity, and advances to 50% or less owned companies  3,253   3,594   3,024   1,901   75,923  
Other assets  2,139   2,079   1,995   1,887   1,932  
Total assets $784,199  $803,546  $815,630  $842,993  $877,114  
LIABILITIES AND EQUITY                
Current Liabilities:                
Current portion of operating lease liabilities $1,792  $1,764  $2,358  $1,792  $2,010  
Current portion of finance lease liabilities  611   563   468   374   282  
Current portion of long-term debt  63,959   60,523   61,512   57,567   33,398  
Accounts payable and accrued expenses  39,012   44,255   37,954   36,248   39,262  
Due to SEACOR Holdings  264   264   264   264   264  
Other current liabilities  21,027   20,185   18,869   22,032   22,171  
Total current liabilities  126,665   127,554   121,425   118,277   97,387  
Long-term operating lease liabilities  4,030   4,474   4,739   3,759   4,026  
Long-term finance lease liabilities  6,462   6,644   6,781   6,916   7,050  
Long-term debt  243,960   254,450   260,119   282,556   318,699  
Conversion option liability on convertible senior notes              1  
Deferred income taxes  34,038   39,120   40,779   39,823   33,743  
Deferred gains and other liabilities  2,189   2,264   2,641   2,692   2,701  
Total liabilities  417,344   434,506   436,484   454,023   463,607  
Equity:                
SEACOR Marine Holdings Inc. stockholders’ equity:                
Common stock  280   279   272   272   272  
Additional paid-in capital  469,618   467,896   466,669   465,449   464,222  
Accumulated deficit  (107,271)  (102,700)  (93,111)  (79,769)  (55,418) 
Shares held in treasury  (4,221)  (4,119)  (1,852)  (1,852)  (1,852) 
Accumulated other comprehensive income, net of tax  8,128   7,363   6,847   4,549   5,960  
   366,534   368,719   378,825   388,649   413,184  
Noncontrolling interests in subsidiaries  321   321   321   321   323  
Total equity  366,855   369,040   379,146   388,970   413,507  
Total liabilities and equity $784,199  $803,546  $815,630  $842,993  $877,114  



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

  Three Months Ended  
  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  
Cash Flows from Operating Activities:                
Net Loss $(4,571) $(9,589) $(13,342) $(24,353) $(19,117) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
Depreciation and amortization  13,575   13,762   13,624   13,754   14,208  
Deferred financing costs amortization  423   418   (997)  350   364  
Stock-based compensation expense  1,723   1,227   1,220   1,227   1,076  
Debt discount amortization  1,627   1,558   1,449   1,817   1,736  
Allowance for credit losses  2,763   (104)  11   (53)  701  
(Gain) loss from equipment sales, retirements or impairments  (265)  (3,599)  (1,017)  1,783   (25) 
Gain on debt extinguishment        (12,700)       
Derivative gains           (1)  (33) 
Interest on finance lease  70   72   73   73   73  
Settlements on derivative transactions, net  226   154   33   (131)  (278) 
Currency losses (gains)  603   825   2,646   (2,314)  (1,170) 
Deferred income taxes  (5,082)  (1,659)  957   6,079   (3,410) 
Equity (earnings) losses  (373)  (536)  (1,176)  254   (415) 
Dividends received from equity investees  1,044      74   1,096   1,162  
Changes in Operating Assets and Liabilities:                
Accounts receivables  (3,139)  (9,857)  2,304   (2,384)  (4,476) 
Other assets  1,017   45   3,296   966   (1,539) 
Accounts payable and accrued liabilities  (5,758)  6,731   769   (4,900)  4,925  
Net cash provided by (used in) operating activities  3,883   (552)  (2,776)  (6,737)  (6,218) 
Cash Flows from Investing Activities:                
Purchases of property and equipment  (35)  (470)  (185)  (240)  (17) 
Proceeds from disposition of property and equipment  427   7,611   53      1,371  
Net investing activities in property and equipment  392   7,141   (132)  (240)  1,354  
Principal payments on notes due from equity investees           177   175  
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   5,000   8,831     
Net cash provided by investing activities  5,392   12,141   4,868   45,937   1,529  
Cash Flows from Financing Activities:                
Payments on long-term debt  (9,483)  (8,608)  (7,470)  (14,182)  (9,152) 
Payments on debt extinguishment  (26,772)     (2,271)       
Proceeds from issuance of long-term debt, net of issuance costs  27,181              
Payments on finance leases  (204)  (114)  (114)  (114)  (114) 
Proceeds from exercise of stock options     6         11  
Tax withholdings on restricted stock vesting and director share awards  (102)  (2,266)        (60) 
Net cash used in financing activities  (9,380)  (10,982)  (9,855)  (14,296)  (9,315) 
Effects of Exchange Rate Changes on Cash and Cash Equivalents  (1)     (2)  2   (3) 
Net Change in Cash, Cash Equivalents and Restricted Cash  (106)  607   (7,765)  24,906   (14,007) 
Cash, Restricted Cash and Cash Equivalents, Beginning of Period  43,652   43,045   50,810   25,904   39,911  
Cash, Restricted Cash and Cash Equivalents, End of Period $43,546  $43,652  $43,045  $50,810  $25,904  


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

  Owned  Leased-in  Managed  Total 
June 30, 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 

 


SEACOR Marine Holdings Inc.

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Marine Shipping
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