SEACOR Marine Announces Third Quarter 2021 Results
SEACOR Marine Holdings Inc. (NYSE:SMHI) reported Q3 2021 consolidated operating revenues of $43.7 million, up from $36.2 million in Q3 2020, but incurred an operating loss of $14.3 million. Direct vessel profit stood at $10.2 million, a decrease from $11.5 million in the previous year. The laid-up fleet reduced to 7 vessels from 20. The company faced challenges from Hurricane Ida, labor costs, and crew shortages while benefiting from cash distributions of $14 million from its joint ventures. Net loss for the quarter was $5.8 million.
- Consolidated operating revenues increased to $43.7 million, compared to $36.2 million in Q3 2020.
- Laid-up fleet reduced significantly from 20 vessels to 7 vessels.
- Received positive cash contributions of $14 million from joint ventures.
- Net loss decreased to $5.8 million from $18.1 million year-over-year.
- Operating loss was $14.3 million, which is higher than the $13.2 million loss in Q3 2020.
- Direct vessel profit dropped to $10.2 million from $11.5 million in the previous year.
- Higher operational challenges due to Hurricane Ida and increased labor costs.
HOUSTON, Nov. 04, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2021.
SEACOR Marine’s consolidated operating revenues from continuing operations for the third quarter of 2021 were
Notable third quarter items include:
- The Company’s laid-up fleet is down to 7 vessels compared to 20 in the third quarter of 2020.
- The Company repositioned 4 vessels between regions for new contracts, including the reactivation of 2 vessels.
- Increased utilization levels and moderate rate improvements were offset by higher out-of-service time and delays caused by Hurricane Ida in the U.S. Gulf of Mexico, as well as the early termination of a contract for one of our liftboats in Europe.
- The Company continues to monitor the impact of COVID-19 on its global operations in general, including higher labor costs, crew shortages, and higher repair and maintenance expenses.
- Positive contributions of
$14.0 million from our50% or less owned companies, primarily due to cash distributions from the sale of the Company’s Brazilian joint venture, UP Offshore, in the second quarter of 2021.
For the third quarter of 2021, net loss attributable to SEACOR Marine was
Chief Executive Officer John Gellert commented:
“The Company’s business saw a noticeable improvement in activity during the third quarter, which translated into additional expenses as we prepared for new contracts. I am encouraged by the levels of tender activity as we plan our business for the rest of the year and 2022. Previously deferred activity from our customers due to COVID and improved commodity prices are providing a strong tailwind as we enter a change in the offshore cycle. We see substantial opportunity to participate in the market up-cycle given the limited supply of readily available tonnage and less than half of our fleet committed long-term.”
___________________
| (1 | ) | Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
| Three Months Ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating Revenues | $ | 43,663 | $ | 36,224 | $ | 122,974 | $ | 105,816 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 33,448 | 24,719 | 92,370 | 65,583 | ||||||||||||
| Administrative and general | 9,134 | 8,885 | 26,897 | 31,519 | ||||||||||||
| Lease expense | 1,109 | 1,200 | 3,421 | 5,727 | ||||||||||||
| Depreciation and amortization | 14,306 | 14,833 | 43,197 | 41,920 | ||||||||||||
| 57,997 | 49,637 | 165,885 | 144,749 | |||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 56 | 233 | 20,436 | (15,792 | ) | |||||||||||
| Operating Income (Loss) | (14,278 | ) | (13,180 | ) | (22,475 | ) | (54,725 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 124 | 34 | 1,245 | 1,212 | ||||||||||||
| Interest expense | (6,403 | ) | (8,312 | ) | (21,731 | ) | (22,403 | ) | ||||||||
| SEACOR Holdings guarantee fees | — | (11 | ) | (7 | ) | (36 | ) | |||||||||
| Gain on debt Extinguishment | — | — | 61,994 | — | ||||||||||||
| Derivative gains, net | 2 | 5 | 387 | 5,204 | ||||||||||||
| Foreign currency gains (losses), net | 245 | (911 | ) | (878 | ) | (8 | ) | |||||||||
| Gain from return of investments in | 9,442 | — | 9,441 | — | ||||||||||||
| 3,410 | (9,195 | ) | 50,451 | (16,031 | ) | |||||||||||
| (Loss) Income from Continuing Operations Before Income Tax Benefit and Equity in Earnings of | (10,868 | ) | (22,375 | ) | 27,976 | (70,756 | ) | |||||||||
| Income Tax (Benefit) Expense | (725 | ) | (3,120 | ) | 12,502 | (24,789 | ) | |||||||||
| (Loss) Income from Continuing Operations Before Equity in Earnings of | (10,143 | ) | (19,255 | ) | 15,474 | (45,967 | ) | |||||||||
| Equity in Earnings Gains (Losses) of | 4,314 | (588 | ) | 10,584 | 1,518 | |||||||||||
| (Loss) Income from Continuing Operations | (5,829 | ) | (19,843 | ) | 26,058 | (44,449 | ) | |||||||||
| Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of | — | 1,766 | 22,925 | 314 | ||||||||||||
| Net (Loss) Income | (5,829 | ) | (18,077 | ) | 48,983 | (44,135 | ) | |||||||||
| Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries | — | 4 | 1 | (4,036 | ) | |||||||||||
| Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ | (5,829 | ) | $ | (18,081 | ) | $ | 48,982 | $ | (40,099 | ) | |||||
| Net (Loss) Earnings Per Common Share from Continuing Operations: | ||||||||||||||||
| Basic | $ | (0.23 | ) | $ | (0.79 | ) | $ | 1.03 | $ | (1.64 | ) | |||||
| Diluted | $ | (0.23 | ) | $ | (0.79 | ) | $ | 1.02 | $ | (1.64 | ) | |||||
| Net Earnings (Loss) Per Share from Discontinued Operations: | ||||||||||||||||
| Basic | $ | — | $ | 0.07 | $ | 0.90 | $ | 0.01 | ||||||||
| Diluted | $ | — | $ | 0.07 | $ | 0.90 | $ | 0.01 | ||||||||
| Net (Loss) Earnings per Share: | ||||||||||||||||
| Basic | $ | (0.23 | ) | $ | (0.72 | ) | $ | 1.93 | $ | (1.63 | ) | |||||
| Diluted | $ | (0.23 | ) | $ | (0.72 | ) | $ | 1.92 | $ | (1.63 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 25,515,569 | 24,989,977 | 25,419,303 | 24,611,666 | ||||||||||||
| Diluted | 25,515,569 | 24,989,977 | 25,430,762 | 24,611,666 | ||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average Rates Per Day | $ | 12,120 | $ | 12,007 | $ | 11,323 | $ | 10,931 | $ | 11,051 | |||||||||||
| Fleet Utilization | 68 | % | 67 | % | 55 | % | 51 | % | 54 | % | |||||||||||
| Fleet Available Days | 5,108 | 5,177 | 5,505 | 5,824 | 5,807 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 41,782 | $ | 41,474 | $ | 34,290 | $ | 32,694 | $ | 34,822 | |||||||||||
| Bareboat charter | — | 434 | 729 | 732 | 676 | ||||||||||||||||
| Other marine services | 1,881 | 891 | 1,493 | 2,595 | 726 | ||||||||||||||||
| 43,663 | 42,799 | 36,512 | 36,021 | 36,224 | |||||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 15,051 | 14,353 | 13,418 | 13,058 | 13,401 | ||||||||||||||||
| Repairs and maintenance | 6,536 | 6,959 | 3,840 | 3,445 | 3,764 | ||||||||||||||||
| Drydocking | 771 | 2,792 | 2,217 | 1,753 | 585 | ||||||||||||||||
| Insurance and loss reserves | 2,189 | 2,661 | 1,958 | 1,669 | 1,765 | ||||||||||||||||
| Fuel, lubes and supplies | 3,684 | 2,893 | 2,202 | 2,081 | 2,131 | ||||||||||||||||
| Other | 5,217 | 2,957 | 2,672 | 3,557 | 3,073 | ||||||||||||||||
| 33,448 | 32,615 | 26,307 | 25,563 | 24,719 | |||||||||||||||||
| Direct Vessel Profit (1) | 10,215 | 10,184 | 10,205 | 10,458 | 11,505 | ||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | 1,109 | 1,234 | 1,078 | 1,798 | 1,200 | ||||||||||||||||
| Administrative and general | 9,134 | 9,152 | 8,611 | 8,531 | 8,885 | ||||||||||||||||
| Depreciation and amortization | 14,306 | 14,093 | 14,798 | 15,247 | 14,833 | ||||||||||||||||
| 24,549 | 24,479 | 24,487 | 25,576 | 24,918 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 56 | 22,653 | (2,273 | ) | (1,796 | ) | 233 | ||||||||||||||
| Operating (Loss) Income | (14,278 | ) | 8,358 | (16,555 | ) | (16,914 | ) | (13,180 | ) | ||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Interest income | 124 | 135 | 986 | 61 | 34 | ||||||||||||||||
| Interest expense | (6,403 | ) | (7,310 | ) | (8,018 | ) | (8,288 | ) | (8,312 | ) | |||||||||||
| SEACOR Holdings guarantee fees | — | — | (7 | ) | (11 | ) | (11 | ) | |||||||||||||
| Derivative gains (losses), net | 2 | 30 | 355 | (894 | ) | 5 | |||||||||||||||
| Gain on debt extinguishment | — | 61,994 | — | — | — | ||||||||||||||||
| Foreign currency gains (losses), net | 245 | (657 | ) | (466 | ) | (1,286 | ) | (911 | ) | ||||||||||||
| Other, net | 9,442 | (1 | ) | — | (19 | ) | — | ||||||||||||||
| 3,410 | 54,191 | (7,150 | ) | (10,437 | ) | (9,195 | ) | ||||||||||||||
| (Loss) Income from Continuing Operations Before Income Tax Benefit and Equity in Earnings of | (10,868 | ) | 62,549 | (23,705 | ) | (27,351 | ) | (22,375 | ) | ||||||||||||
| Income Tax (Benefit) Expense | (725 | ) | 15,915 | (2,688 | ) | 1,865 | (3,120 | ) | |||||||||||||
| Income (Loss) from Continuing Operations Before Equity in Earnings of | (10,143 | ) | 46,634 | (21,017 | ) | (29,216 | ) | (19,255 | ) | ||||||||||||
| Equity in Earnings Gains (Losses) of | 4,314 | 2,167 | 4,103 | (9,681 | ) | (588 | ) | ||||||||||||||
| (Loss) Income from Continuing Operations | (5,829 | ) | 48,801 | (16,914 | ) | (38,897 | ) | (19,843 | ) | ||||||||||||
| Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of | — | — | 22,925 | 50 | 1,766 | ||||||||||||||||
| Net (Loss) Income | (5,829 | ) | 48,801 | 6,011 | (38,847 | ) | (18,077 | ) | |||||||||||||
| Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries | — | 1 | — | (31 | ) | 4 | |||||||||||||||
| Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ | (5,829 | ) | $ | 48,800 | $ | 6,011 | $ | (38,816 | ) | $ | (18,081 | ) | ||||||||
| Net (Loss) Earnings Per Common Share from Continuing Operations: | |||||||||||||||||||||
| Basic | $ | (0.23 | ) | $ | 1.92 | $ | (0.67 | ) | $ | (1.54 | ) | $ | (0.79 | ) | |||||||
| Diluted | $ | (0.23 | ) | $ | 1.79 | $ | (0.67 | ) | $ | (1.54 | ) | $ | (0.79 | ) | |||||||
| Net Earnings (Loss) Per Share from Discontinued Operations: | |||||||||||||||||||||
| Basic | $ | — | $ | — | $ | 0.91 | $ | — | $ | 0.07 | |||||||||||
| Diluted | $ | — | $ | — | $ | 0.91 | $ | — | $ | 0.07 | |||||||||||
| Net (Loss) Earnings per Share: | |||||||||||||||||||||
| Basic | $ | (0.23 | ) | $ | 1.92 | $ | 0.24 | $ | (1.54 | ) | $ | (0.72 | ) | ||||||||
| Diluted | $ | (0.23 | ) | $ | 1.79 | $ | 0.24 | $ | (1.54 | ) | $ | (0.72 | ) | ||||||||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||||||||
| Basic | 25,516 | 25,435 | 25,305 | 25,265 | 24,990 | ||||||||||||||||
| Diluted | 25,516 | 28,345 | 25,305 | 25,265 | 24,990 | ||||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 25,864 | 25,869 | 25,683 | 24,919 | 24,924 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| United States, primarily Gulf of Mexico | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 18,702 | $ | 17,058 | $ | 15,910 | $ | 18,405 | $ | 19,397 | |||||||||||
| Fleet utilization | 27 | % | 18 | % | 6 | % | 7 | % | 5 | % | |||||||||||
| Fleet available days | 1,062 | 1,112 | 1,518 | 1,797 | 1,871 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 246 | 137 | 67 | 45 | 37 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 469 | 748 | 1,270 | 1,472 | 1,576 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 5,289 | $ | 3,419 | $ | 1,489 | $ | 2,352 | $ | 1,668 | |||||||||||
| Bareboat charter | — | 434 | 729 | 732 | 731 | ||||||||||||||||
| Other marine services | 1,215 | 727 | 546 | 794 | 473 | ||||||||||||||||
| 6,504 | 4,580 | 2,764 | 3,878 | 2,872 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 2,428 | 1,528 | 1,744 | 2,372 | 2,481 | ||||||||||||||||
| Repairs and maintenance | 1,266 | 389 | 654 | 386 | 338 | ||||||||||||||||
| Drydocking | 239 | 777 | 875 | — | — | ||||||||||||||||
| Insurance and loss reserves | 462 | 923 | 527 | 507 | 778 | ||||||||||||||||
| Fuel, lubes and supplies | 259 | 245 | 199 | 208 | 251 | ||||||||||||||||
| Other | 147 | 224 | 77 | 116 | 85 | ||||||||||||||||
| 4,801 | 4,086 | 4,076 | 3,589 | 3,933 | |||||||||||||||||
| Direct Vessel (Loss) Profit (1) | $ | 1,703 | $ | 494 | $ | (1,312 | ) | $ | 289 | $ | (1,061 | ) | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 621 | $ | 703 | $ | 664 | $ | 677 | $ | 716 | |||||||||||
| Depreciation and amortization | 3,936 | 3,287 | 4,164 | 5,854 | 4,961 | ||||||||||||||||
| Africa and Europe, Continuing Operations | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 9,551 | $ | 11,231 | $ | 11,356 | $ | 10,837 | $ | 10,801 | |||||||||||
| Fleet utilization | 77 | % | 75 | % | 68 | % | 61 | % | 68 | % | |||||||||||
| Fleet available days | 1,417 | 1,365 | 1,356 | 1,472 | 1,472 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 52 | 65 | 78 | 138 | 45 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 29 | 176 | 346 | 368 | 216 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 10,446 | $ | 11,437 | $ | 10,502 | $ | 9,796 | $ | 10,861 | |||||||||||
| Bareboat charter | — | — | — | — | (55 | ) | |||||||||||||||
| Other marine services | (429 | ) | (224 | ) | (269 | ) | 319 | (255 | ) | ||||||||||||
| 10,017 | 11,213 | 10,233 | 10,115 | 10,551 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 3,147 | 4,253 | 3,220 | 3,511 | 3,407 | ||||||||||||||||
| Repairs and maintenance | 1,540 | 2,195 | 1,191 | 1,437 | 1,158 | ||||||||||||||||
| Drydocking | 337 | 374 | 304 | 1,269 | 481 | ||||||||||||||||
| Insurance and loss reserves | 323 | 352 | 433 | 511 | 398 | ||||||||||||||||
| Fuel, lubes and supplies | 1,631 | 887 | 572 | 853 | 1,091 | ||||||||||||||||
| Other | 1,424 | 2,072 | 579 | (674 | ) | 773 | |||||||||||||||
| 8,402 | 10,133 | 6,299 | 6,907 | 7,308 | |||||||||||||||||
| Direct Vessel Profit (1) | $ | 1,615 | $ | 1,080 | $ | 3,934 | $ | 3,208 | $ | 3,243 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 284 | $ | 270 | $ | 356 | $ | 1,056 | $ | 429 | |||||||||||
| Depreciation and amortization | 3,296 | 3,305 | 3,307 | 2,964 | 3,785 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 10,374 | $ | 9,292 | $ | 9,308 | $ | 9,455 | $ | 9,670 | ||||||||||
| Fleet utilization | 73 | % | 81 | % | 73 | % | 75 | % | 78 | % | ||||||||||
| Fleet available days | 1,780 | 1,820 | 1,852 | 1,840 | 1,809 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 134 | 105 | 115 | 68 | 89 | |||||||||||||||
| Out-of-service days for cold-stacked status | 214 | 116 | 239 | 169 | 76 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 13,417 | $ | 13,752 | $ | 12,575 | $ | 13,008 | $ | 13,672 | ||||||||||
| Other marine services | 85 | 31 | 360 | 927 | 296 | |||||||||||||||
| 13,502 | 13,783 | 12,935 | 13,935 | 13,968 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,849 | 5,378 | 5,208 | 5,411 | 5,171 | |||||||||||||||
| Repairs and maintenance | 1,610 | 2,806 | 903 | 842 | 1,564 | |||||||||||||||
| Drydocking | 156 | 1,185 | 1,066 | 41 | 104 | |||||||||||||||
| Insurance and loss reserves | 707 | 461 | 702 | 501 | 451 | |||||||||||||||
| Fuel, lubes and supplies | 777 | 1,081 | 559 | 604 | 482 | |||||||||||||||
| Other | 2,823 | 43 | 1,144 | 3,618 | 1,771 | |||||||||||||||
| 11,922 | 10,954 | 9,582 | 11,017 | 9,543 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 1,580 | $ | 2,829 | $ | 3,353 | $ | 2,918 | $ | 4,425 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 377 | $ | 35 | $ | 22 | $ | 47 | $ | 46 | ||||||||||
| Depreciation and amortization | 4,456 | 4,663 | 4,710 | 4,505 | 4,379 | |||||||||||||||
| Latin America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 16,240 | $ | 17,034 | $ | 14,751 | $ | 12,921 | $ | 13,355 | ||||||||||
| Fleet utilization | 92 | % | 86 | % | 85 | % | 82 | % | 99 | % | ||||||||||
| Fleet available days | 849 | 880 | 779 | 716 | 655 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 58 | 117 | 94 | 66 | 7 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 12,630 | $ | 12,866 | $ | 9,724 | $ | 7,538 | $ | 8,621 | ||||||||||
| Other marine services | 1,010 | 357 | 856 | 555 | 212 | |||||||||||||||
| 13,640 | 13,223 | 10,580 | 8,093 | 8,833 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 3,627 | 3,194 | 3,246 | 1,764 | 2,342 | |||||||||||||||
| Repairs and maintenance | 2,120 | 1,569 | 1,092 | 780 | 704 | |||||||||||||||
| Drydocking | 39 | 456 | (28 | ) | 443 | — | ||||||||||||||
| Insurance and loss reserves | 697 | 925 | 296 | 150 | 138 | |||||||||||||||
| Fuel, lubes and supplies | 1,017 | 680 | 872 | 416 | 307 | |||||||||||||||
| Other | 823 | 618 | 872 | 497 | 444 | |||||||||||||||
| 8,323 | 7,442 | 6,350 | 4,050 | 3,935 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 5,317 | $ | 5,781 | $ | 4,230 | $ | 4,043 | $ | 4,898 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | (173 | ) | $ | 226 | $ | 36 | $ | 18 | $ | 9 | |||||||||
| Depreciation and amortization | 2,618 | 2,838 | 2,617 | 1,924 | 1,708 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| Anchor handling towing supply | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 14,346 | $ | 11,268 | $ | 7,778 | $ | 7,967 | $ | 7,388 | |||||||||||
| Fleet utilization | 66 | % | 59 | % | 67 | % | 44 | % | 54 | % | |||||||||||
| Fleet available days | 552 | 546 | 540 | 641 | 644 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 61 | 105 | — | 133 | 21 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 118 | 180 | 228 | 276 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 5,224 | $ | 3,640 | $ | 2,801 | $ | 2,236 | $ | 2,564 | |||||||||||
| Other marine services | (151 | ) | (157 | ) | (130 | ) | 433 | (147 | ) | ||||||||||||
| 5,073 | 3,483 | 2,671 | 2,669 | 2,417 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 1,584 | 1,513 | 984 | 1,149 | 950 | ||||||||||||||||
| Repairs and maintenance | 1,044 | 471 | 241 | 542 | 432 | ||||||||||||||||
| Drydocking | (217 | ) | 1,322 | 54 | 847 | (2 | ) | ||||||||||||||
| Insurance and loss reserves | 193 | 99 | 194 | 199 | 139 | ||||||||||||||||
| Fuel, lubes and supplies | 388 | 344 | 139 | 258 | 148 | ||||||||||||||||
| Other | 408 | 444 | 270 | 535 | 370 | ||||||||||||||||
| 3,400 | 4,193 | 1,882 | 3,530 | 2,037 | |||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 1,673 | $ | (710 | ) | $ | 789 | $ | (861 | ) | $ | 380 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 354 | $ | 362 | $ | 400 | $ | 1,127 | $ | 505 | |||||||||||
| Depreciation and amortization | 494 | 495 | 494 | 494 | 495 | ||||||||||||||||
| Fast support | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 8,455 | $ | 7,962 | $ | 7,888 | $ | 8,074 | $ | 8,421 | |||||||||||
| Fleet utilization | 70 | % | 71 | % | 61 | % | 60 | % | 63 | % | |||||||||||
| Fleet available days | 2,208 | 2,100 | 2,207 | 2,300 | 2,300 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 300 | 226 | 182 | 155 | 71 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 178 | 314 | 584 | 549 | 421 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 13,007 | $ | 11,827 | $ | 10,657 | $ | 11,151 | $ | 12,212 | |||||||||||
| Bareboat charter | — | 434 | 729 | 732 | 731 | ||||||||||||||||
| Other marine services | (121 | ) | (249 | ) | (218 | ) | (283 | ) | (256 | ) | |||||||||||
| 12,886 | 12,012 | 11,168 | 11,600 | 12,687 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 4,588 | 4,802 | 4,041 | 4,409 | 4,180 | ||||||||||||||||
| Repairs and maintenance | 2,313 | 3,618 | 1,535 | 1,604 | 1,642 | ||||||||||||||||
| Drydocking | 965 | 1,178 | 1,178 | 912 | 587 | ||||||||||||||||
| Insurance and loss reserves | 328 | 507 | 466 | 471 | 353 | ||||||||||||||||
| Fuel, lubes and supplies | 1,390 | 1,154 | 726 | 836 | 976 | ||||||||||||||||
| Other | 2,021 | 1,640 | 1,141 | 2,085 | 1,489 | ||||||||||||||||
| 11,605 | 12,899 | 9,087 | 10,317 | 9,227 | |||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 1,281 | $ | (887 | ) | $ | 2,081 | $ | 1,283 | $ | 3,460 | ||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 693 | $ | 352 | $ | 352 | $ | 352 | $ | 351 | |||||||||||
| Depreciation and amortization | 4,929 | 4,931 | 5,096 | 5,113 | 5,105 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| Supply | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 11,631 | $ | 11,921 | $ | 12,110 | $ | 11,373 | $ | 11,355 | |||||||||||
| Fleet utilization | 77 | % | 80 | % | 63 | % | 63 | % | 74 | % | |||||||||||
| Fleet available days | 1,372 | 1,274 | 1,319 | 1,360 | 1,257 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 64 | 11 | 105 | 12 | 23 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 174 | 91 | 315 | 353 | 229 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 12,317 | $ | 12,179 | $ | 10,082 | $ | 9,714 | $ | 10,541 | |||||||||||
| Bareboat charter | — | — | — | — | (55 | ) | |||||||||||||||
| Other marine services | 221 | 117 | 346 | 482 | 92 | ||||||||||||||||
| 12,538 | 12,296 | 10,428 | 10,196 | 10,578 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 4,738 | 4,044 | 4,158 | 3,364 | 3,821 | ||||||||||||||||
| Repairs and maintenance | 2,078 | 2,039 | 1,135 | 735 | 968 | ||||||||||||||||
| Drydocking | 23 | 180 | 110 | (2 | ) | — | |||||||||||||||
| Insurance and loss reserves | 595 | 436 | 474 | 238 | 230 | ||||||||||||||||
| Fuel, lubes and supplies | 1,221 | 1,034 | 1,003 | 622 | 601 | ||||||||||||||||
| Other | 988 | 884 | 880 | 1,205 | 1,022 | ||||||||||||||||
| 9,643 | 8,617 | 7,760 | 6,162 | 6,642 | |||||||||||||||||
| Direct Vessel Profit (1) | $ | 2,895 | $ | 3,679 | $ | 2,668 | $ | 4,034 | $ | 3,936 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Depreciation and amortization | 3,149 | 2,936 | 2,977 | 3,060 | 2,673 | ||||||||||||||||
| Specialty | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | — | $ | 1,571 | $ | 1,890 | $ | 2,025 | $ | 2,025 | |||||||||||
| Fleet utilization | 0 | % | 92 | % | 100 | % | 100 | % | 100 | % | |||||||||||
| Fleet available days | 92 | 91 | 90 | 92 | 134 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 65 | 8 | — | — | — | ||||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | — | 42 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | — | $ | 131 | $ | 170 | $ | 187 | $ | 186 | |||||||||||
| Other marine services | — | 23 | 12 | (23 | ) | 1 | |||||||||||||||
| — | 154 | 182 | 164 | 187 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 35 | 99 | 89 | 70 | 72 | ||||||||||||||||
| Repairs and maintenance | 7 | 104 | 8 | 34 | 51 | ||||||||||||||||
| Drydocking | — | — | — | (3 | ) | — | |||||||||||||||
| Insurance and loss reserves | 3 | 5 | 4 | (3 | ) | 14 | |||||||||||||||
| Fuel, lubes and supplies | 6 | 5 | 8 | 3 | (2 | ) | |||||||||||||||
| Other | 28 | 33 | 26 | 18 | 55 | ||||||||||||||||
| 79 | 246 | 135 | 119 | 190 | |||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | (79 | ) | $ | (92 | ) | $ | 47 | $ | 45 | $ | (3 | ) | ||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Depreciation and amortization | $ | — | $ | — | $ | — | $ | 1,541 | $ | 27 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| Liftboats | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 23,137 | $ | 25,334 | $ | 26,792 | $ | 24,561 | $ | 27,947 | |||||||||||
| Fleet utilization | 55 | % | 46 | % | 29 | % | 27 | % | 23 | % | |||||||||||
| Fleet available days | 884 | 1,167 | 1,350 | 1,432 | 1,472 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 65 | 75 | 67 | 18 | 64 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 202 | 517 | 776 | 880 | 899 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 11,234 | $ | 13,697 | $ | 10,580 | $ | 9,406 | $ | 9,319 | |||||||||||
| Other marine services | 997 | 688 | 797 | 395 | 316 | ||||||||||||||||
| 12,231 | 14,385 | 11,377 | 9,801 | 9,635 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 4,033 | 3,916 | 3,806 | 3,742 | 3,963 | ||||||||||||||||
| Repairs and maintenance | 1,104 | 716 | 894 | 524 | 624 | ||||||||||||||||
| Drydocking | — | 112 | 875 | (1 | ) | — | |||||||||||||||
| Insurance and loss reserves | 1,170 | 1,752 | 719 | 690 | 1,055 | ||||||||||||||||
| Fuel, lubes and supplies | 668 | 353 | 320 | 349 | 370 | ||||||||||||||||
| Other | 1,672 | (58 | ) | 677 | 1,642 | 538 | |||||||||||||||
| 8,647 | 6,791 | 7,291 | 6,946 | 6,550 | |||||||||||||||||
| Direct Vessel Profit (1) | $ | 3,584 | $ | 7,594 | $ | 4,086 | $ | 2,855 | $ | 3,085 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | (200 | ) | $ | 205 | $ | 12 | $ | 19 | $ | 31 | ||||||||||
| Depreciation and amortization | 5,170 | 5,171 | 5,659 | 6,009 | 5,980 | ||||||||||||||||
| Other Activity | |||||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Other marine services | $ | 935 | $ | 469 | $ | 686 | $ | 1,591 | $ | 720 | |||||||||||
| 935 | 469 | 686 | 1,591 | 720 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 73 | (21 | ) | 340 | 324 | 415 | |||||||||||||||
| Repairs and maintenance | (10 | ) | 11 | 27 | 6 | 47 | |||||||||||||||
| Insurance and loss reserves | (100 | ) | (138 | ) | 101 | 74 | (26 | ) | |||||||||||||
| Fuel, lubes and supplies | 11 | 3 | 6 | 13 | 38 | ||||||||||||||||
| Other | 100 | 14 | (322 | ) | (1,928 | ) | (401 | ) | |||||||||||||
| 74 | (131 | ) | 152 | (1,511 | ) | 73 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 861 | $ | 600 | $ | 534 | $ | 3,102 | $ | 647 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 262 | $ | 315 | $ | 314 | $ | 300 | $ | 313 | |||||||||||
| Depreciation and amortization | 564 | 560 | 572 | (970 | ) | 553 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Current Assets: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 42,194 | $ | 45,446 | $ | 68,409 | $ | 32,666 | $ | 42,314 | |||||||||||
| Restricted cash | 4,160 | 5,855 | 3,352 | 3,352 | 3,352 | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Trade, net of allowance for doubtful accounts | 50,343 | 47,082 | 42,680 | 45,325 | 48,294 | ||||||||||||||||
| Other | 13,750 | 12,152 | 11,265 | 10,924 | 18,365 | ||||||||||||||||
| Receivables from SEACOR Holdings | — | — | 19,332 | 18,832 | 18,814 | ||||||||||||||||
| Tax Receivable | 101 | 1,497 | 1,498 | 13,556 | 11,770 | ||||||||||||||||
| Inventories | 476 | 425 | 572 | 576 | 573 | ||||||||||||||||
| Prepaid expenses and other | 3,851 | 4,527 | 2,326 | 3,230 | 3,438 | ||||||||||||||||
| Other Current Assets | — | — | 423 | — | — | ||||||||||||||||
| Assets held for sale | — | — | — | 50,235 | 46,768 | ||||||||||||||||
| Total current assets | 114,875 | 116,984 | 149,857 | 178,696 | 193,688 | ||||||||||||||||
| Property and Equipment: | |||||||||||||||||||||
| Historical cost | 989,910 | 972,267 | 1,000,430 | 1,012,873 | 996,370 | ||||||||||||||||
| Accumulated depreciation | (303,178 | ) | (288,882 | ) | (297,792 | ) | (291,538 | ) | (280,468 | ) | |||||||||||
| 686,732 | 683,385 | 702,638 | 721,335 | 715,902 | |||||||||||||||||
| Construction in progress | 15,577 | 32,903 | 32,530 | 32,327 | 51,969 | ||||||||||||||||
| Net property and equipment | 702,309 | 716,288 | 735,168 | 753,662 | 767,871 | ||||||||||||||||
| Right-of-Use Asset - Operating Leases | 4,670 | 5,469 | 7,046 | 7,134 | 7,670 | ||||||||||||||||
| Right-of-Use Asset - Finance Lease | 108 | 116 | 121 | 129 | 137 | ||||||||||||||||
| Investments, at Equity, and Advances to | 77,426 | 77,539 | 79,000 | 75,308 | 84,701 | ||||||||||||||||
| Other Assets | 2,672 | 2,781 | 2,624 | 2,734 | 3,108 | ||||||||||||||||
| $ | 902,060 | $ | 919,177 | $ | 973,816 | $ | 1,017,663 | $ | 1,057,175 | ||||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 1,269 | $ | 2,885 | $ | 5,139 | $ | 7,030 | $ | 9,446 | |||||||||||
| Current lease liability - Finance | 32 | 32 | 46 | 36 | 27 | ||||||||||||||||
| Current portion of long-term debt | 28,875 | 28,419 | 34,888 | 32,377 | 52,108 | ||||||||||||||||
| Accounts payable and accrued expenses | 23,578 | 27,163 | 21,428 | 29,967 | 28,888 | ||||||||||||||||
| Due to SEACOR Holdings | 276 | 277 | — | — | — | ||||||||||||||||
| Other current liabilities | 21,109 | 26,886 | 29,719 | 31,467 | 29,548 | ||||||||||||||||
| Discontinued operations | — | — | — | 30,927 | 28,555 | ||||||||||||||||
| Total current liabilities | 75,139 | 85,662 | 91,220 | 131,804 | 148,572 | ||||||||||||||||
| Long-Term Operating Lease Liabilities | 4,000 | 4,072 | 4,778 | 4,345 | 5,239 | ||||||||||||||||
| Long-Term Finance Lease Liabilities | 84 | 92 | 97 | 105 | 113 | ||||||||||||||||
| Long-Term Debt | 321,641 | 320,823 | 431,849 | 440,510 | 426,711 | ||||||||||||||||
| Conversion Option Liability on Convertible Senior Notes | 5 | 7 | 37 | 2 | 1 | ||||||||||||||||
| Deferred Income Taxes | 43,463 | 46,169 | 31,766 | 35,822 | 36,075 | ||||||||||||||||
| Deferred Gains and Other Liabilities | 2,925 | 2,951 | 4,910 | 3,239 | 3,810 | ||||||||||||||||
| Total liabilities | 447,257 | 459,776 | 564,657 | 615,827 | 620,521 | ||||||||||||||||
| Equity: | |||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
| Common stock | 245 | 245 | 243 | 235 | 235 | ||||||||||||||||
| Additional paid-in capital | 455,373 | 454,079 | 452,290 | 451,179 | 450,320 | ||||||||||||||||
| (Accumulated Deficit) Retained earnings | (7,059 | ) | (1,230 | ) | (50,029 | ) | (51,839 | ) | (13,023 | ) | |||||||||||
| Shares held in treasury | (1,120 | ) | (1,120 | ) | (1,110 | ) | (848 | ) | (848 | ) | |||||||||||
| Accumulated other comprehensive loss, net of tax | 7,044 | 7,107 | 7,446 | 2,790 | (380 | ) | |||||||||||||||
| 454,483 | 459,081 | 408,840 | 401,517 | 436,304 | |||||||||||||||||
| Noncontrolling interests in subsidiaries | 320 | 320 | 319 | 319 | 350 | ||||||||||||||||
| Total equity | 454,803 | 459,401 | 409,159 | 401,836 | 436,654 | ||||||||||||||||
| $ | 902,060 | $ | 919,177 | $ | 973,816 | $ | 1,017,663 | $ | 1,057,175 | ||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended | |||||||||||||||||||||
| Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |||||||||||||||||
| Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
| Net Income (Loss) | $ | (5,829 | ) | $ | 48,801 | $ | 6,011 | $ | (38,897 | ) | $ | (19,843 | ) | ||||||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||||||||||||||||
| Depreciation and amortization | 14,306 | 14,093 | 14,798 | 15,247 | 14,833 | ||||||||||||||||
| Deferred financing costs amortization | 255 | 254 | 260 | 266 | 278 | ||||||||||||||||
| Share-based compensation expense | 1,294 | 1,779 | 849 | 859 | 1,204 | ||||||||||||||||
| Debt discount amortization | 1,573 | 1,787 | 1,892 | 1,917 | 1,797 | ||||||||||||||||
| Bad debt recoveries | 122 | 132 | 24 | (146 | ) | 185 | |||||||||||||||
| Gain (Loss) from equipment sales, retirements or impairments | (56 | ) | (22,653 | ) | 2,273 | 1,796 | (233 | ) | |||||||||||||
| Gain on the Sale of Windcat Workboats | — | — | (22,756 | ) | — | — | |||||||||||||||
| Gain on debt extinguishment, net | — | (62,749 | ) | — | — | — | |||||||||||||||
| Gain from return of investment | (9,442 | ) | — | — | — | — | |||||||||||||||
| Derivative (gains) losses | (2 | ) | (30 | ) | (355 | ) | 894 | (5 | ) | ||||||||||||
| Cash settlement payments on derivative transactions, net | (414 | ) | (414 | ) | (919 | ) | (441 | ) | (426 | ) | |||||||||||
| Currency (gains) losses | (245 | ) | 657 | 466 | 1,286 | 911 | |||||||||||||||
| Deferred income taxes | (2,706 | ) | 14,403 | (4,056 | ) | (254 | ) | 12,333 | |||||||||||||
| Equity (Earnings) Losses | (4,314 | ) | (2,167 | ) | (4,103 | ) | 9,681 | 588 | |||||||||||||
| Dividends received from equity investees | 4,515 | — | — | — | 2,117 | ||||||||||||||||
| Changes in Operating Assets and Liabilities: | |||||||||||||||||||||
| Accounts receivables | (3,798 | ) | 16,047 | 11,345 | 7,668 | (17,737 | ) | ||||||||||||||
| Other assets | 1,561 | (1,296 | ) | 1,192 | 605 | 655 | |||||||||||||||
| Accounts payable and accrued liabilities | (1,416 | ) | 4,268 | (10,296 | ) | (2,807 | ) | 887 | |||||||||||||
| Net cash provided by (used in) used in operating activities | (4,596 | ) | 12,912 | (3,375 | ) | (2,326 | ) | (2,456 | ) | ||||||||||||
| Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
| Purchases of property and equipment | (2,910 | ) | (926 | ) | (2,724 | ) | (2,500 | ) | (2,833 | ) | |||||||||||
| Proceeds from disposition of property and equipment | — | 26,871 | 3,266 | — | 3,539 | ||||||||||||||||
| Proceeds from Sale of WWH, net cash sold | — | — | 38,715 | — | — | ||||||||||||||||
| Net investing activities in property and equipment | (2,910 | ) | 25,945 | 39,257 | (2,500 | ) | 706 | ||||||||||||||
| Investments in and advances to | — | — | (736 | ) | (1,248 | ) | (713 | ) | |||||||||||||
| Excess distributions from equity investees | 9,442 | — | — | — | — | ||||||||||||||||
| Principal payments on notes due from equity investees | 179 | 2,877 | 919 | 1,225 | 490 | ||||||||||||||||
| Net cash provided by (used in) investing activities | 6,711 | 28,822 | 39,440 | (2,523 | ) | 483 | |||||||||||||||
| Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
| Payments on long-term debt | (7,054 | ) | (56,787 | ) | (8,302 | ) | (5,780 | ) | (8,246 | ) | |||||||||||
| Payments on debt extinguishment cost | — | (755 | ) | — | — | — | |||||||||||||||
| Proceeds from issuance of debt, net of offering costs | — | — | — | 1 | (1 | ) | |||||||||||||||
| Payment on finance lease | (9 | ) | (12 | ) | — | — | — | ||||||||||||||
| Interest on finance lease | 1 | — | 2 | 1 | — | ||||||||||||||||
| Issuance of stock | — | 2 | 8 | — | 2 | ||||||||||||||||
| Net cash used in financing activities | (7,062 | ) | (57,552 | ) | (8,292 | ) | (5,778 | ) | (8,245 | ) | |||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | — | (4,642 | ) | 4,621 | 979 | 644 | |||||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (4,947 | ) | (20,460 | ) | 32,394 | (9,648 | ) | (9,574 | ) | ||||||||||||
| Cash Flows from Discontinued Operations | |||||||||||||||||||||
| Operating Activities | — | — | (171 | ) | 1,870 | 1,543 | |||||||||||||||
| Investing Activities | — | — | — | (1,436 | ) | (2,527 | ) | ||||||||||||||
| Financing Activities | — | — | — | — | 1,090 | ||||||||||||||||
| Effects of FX Rate Changes on Cash and Cash Equivalents | — | — | — | 221 | (51 | ) | |||||||||||||||
| Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations: | — | — | (171 | ) | 655 | 55 | |||||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (4,947 | ) | (20,460 | ) | 32,223 | (8,993 | ) | (9,519 | ) | ||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 51,301 | 71,761 | 39,538 | 48,531 | 58,050 | ||||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 46,354 | $ | 51,301 | $ | 71,761 | $ | 39,538 | $ | 48,531 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
| Owned | Joint Ventured | Leased-in | Managed | Total | ||||||||||||||||
| September 30, 2021 | ||||||||||||||||||||
| AHTS | 4 | — | 2 | — | 6 | |||||||||||||||
| FSV | 23 | 5 | 1 | 2 | 31 | |||||||||||||||
| Supply | 15 | 20 | — | — | 35 | |||||||||||||||
| Specialty (1) | 1 | — | — | — | 1 | |||||||||||||||
| Liftboats (2) | 9 | — | — | — | 9 | |||||||||||||||
| 52 | 25 | 3 | 2 | 82 | ||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||
| AHTS | 4 | — | 2 | — | 6 | |||||||||||||||
| FSV | 26 | 5 | 1 | 1 | 33 | |||||||||||||||
| Supply | 15 | 27 | — | 1 | 43 | |||||||||||||||
| Specialty | — | 3 | — | — | 3 | |||||||||||||||
| Liftboats | 14 | — | 1 | — | 15 | |||||||||||||||
| Crew Transfer Discontinued Operations | 40 | 5 | — | — | 45 | |||||||||||||||
| Crew Transfer Continuing Operations | 1 | — | — | — | 1 | |||||||||||||||
| 100 | 40 | 4 | 2 | 146 | ||||||||||||||||
(1) One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of September 30, 2021.
(2) As of September 30, 2021, the Company removed from service four vessels (four liftboats) in this class. Removed from service vessels are not counted in active fleet count.
FAQ
What were SEACOR Marine's revenues for Q3 2021?
How much was SEACOR Marine's operating loss in Q3 2021?
What was the net loss per share for SEACOR Marine in Q3 2021?
How did SEACOR Marine's net loss in Q3 2021 compare to Q3 2020?
What impact did Hurricane Ida have on SEACOR Marine's operations?
