SEACOR Marine Announces Third Quarter 2022 Results

Rhea-AI Summary

SEACOR Marine Holdings Inc. (SMHI) reported third-quarter results, showing consolidated revenues of $59.8 million with an operating loss of $10.9 million. Compared to $43.7 million in Q3 2021 and $54.0 million in Q2 2022, revenues increased by 37% year-over-year. DVP stood at $15.8 million, reflecting improvements in utilization at 79%, the highest since Q4 2013. Key highlights include a $66.0 million sale of joint ventures in Mexico and refinancing efforts that extend credit facility maturities to 2026. Loss from continuing operations was $24.4 million or ($0.91) per share.

Positive

• Consolidated revenues increased by 37% year-over-year and 11% sequentially.
• DVP improved to $15.8 million, marking significant growth.
• Average utilization at 79%, highest since Q4 2013.
• Successful sale of joint ventures in Mexico for $66.0 million bolstering liquidity.
• Refinancing efforts extend debt maturities to 2026.

Negative

• Operating loss increased to $10.9 million in Q3 2022 compared to $14.3 million in Q3 2021.
• Continuing operations loss widened to $24.4 million, up from $5.8 million in Q3 2021.
• Lower utilization in PSV fleet due to repairs and contract terminations.

HOUSTON, Nov. 02, 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 third quarter ended September 30, 2022.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2022 were $59.8 million, operating loss was $10.9 million, and direct vessel profit (“DVP”)⁽¹⁾ was $15.8 million. This compares to consolidated operating revenues of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021, and 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.

Notable third quarter items include:

• Completion of the sale of our joint ventures in Mexico for gross cash proceeds of $66.0 million.
• Completion of refinancing transactions extending the maturity of our main senior secured credit facility from the third quarter of 2023 to the first quarter of 2026.
• Average utilization rates of 79%, the highest since the fourth quarter of 2013, an 11% improvement from the third quarter of 2021, and a 3% improvement from the second quarter of 2022.
• 37% improvement in revenues from the third quarter of 2021 and an 11% improvement from the second quarter of 2022.
• DVP margin increased 3% from the third quarter of 2021 and 8% from the second quarter of 2022, inclusive of all drydocking expenses during the periods.
  
  

For the third quarter of 2022, loss from continuing operations was $24.4 million ($0.91 loss per basic and diluted share). This compares to a loss from continuing operations for the third quarter of 2021 of $5.8 million ($0.23 loss per basic and diluted share). Sequentially, third quarter 2022 results compare to a loss from continuing operations of $19.1 million ($0.72 loss per basic and diluted share) in the second quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s third quarter continued the improvement in revenues, utilization and average dayrates, and the acceleration of DVP margins. In particular, the U.S. Gulf of Mexico had its highest DVP contribution since 2018 and we are seeing improved demand for next year for our liftboats in both offshore wind and oil and gas decommissioning activities.

The positive trends for the third quarter were partially offset by ongoing repair work on one of our premium liftboats in the Middle East, which we have fully expensed and which we expect to complete in the fourth quarter, as well as lower utilization for our PSV fleet, primarily as a result of both higher repair days and an early contract termination by one of our customers in the Middle East.

The capstone of the quarter was a series of transactions which substantially bolstered our liquidity and extended our debt maturities. The sale of our joint ventures in Mexico allowed us to unlock capital at an attractive value. The refinancing transactions completed during the quarter, as well as the exchange transaction with Carlyle for our convertible debt completed in early October, addressed our main 2023 maturities, and once again demonstrate SEACOR Marine’s ability to maintain a disciplined capital structure while preserving equity value for our shareholders.”

(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 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,
		2022				2021				2022				2021
Operating Revenues		$	59,791			$	43,663			$	159,399			$	122,974
Costs and Expenses:
Operating			44,006				33,448				127,647				92,370
Administrative and general			9,978				9,134				30,112				26,897
Lease expense			1,168				1,109				3,236				3,421
Depreciation and amortization			13,754				14,306				42,333				43,197
			68,906				57,997				203,328				165,885
(Losses) Gains on Asset Dispositions and Impairments, Net			(1,783	)			56				381				20,436
Operating Loss			(10,898	)			(14,278	)			(43,548	)			(22,475	)
Other Income (Expense):
Interest income			(123	)			124				96				1,245
Interest expense			(7,634	)			(6,403	)			(21,250	)			(21,731	)
SEACOR Holdings guarantee fees			—				—				—				(7	)
Gain on debt extinguishment			—				—				—				61,994
Derivative gains, net			1				2				—				387
Foreign currency gains (losses), net			2,314				245				4,305				(878	)
Gain from return of investments in 50% or less owned companies and other, net			659				9,442				618				9,441
			(4,783	)			3,410				(16,231	)			50,451
(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies			(15,681	)			(10,868	)			(59,779	)			27,976
Income Tax Expense (Benefit)			8,418				(725	)			4,363				12,502
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(24,099	)			(10,143	)			(64,142	)			15,474
Equity in Earnings (Losses) Gains of 50% or Less Owned Companies			(254	)			4,314				5,835				10,584
(Loss) Income from Continuing Operations			(24,353	)			(5,829	)			(58,307	)			26,058
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			—				—				—				22,925
Net (Loss) Income			(24,353	)			(5,829	)			(58,307	)			48,983
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries			(2	)			—				1				1
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.		$	(24,351	)		$	(5,829	)		$	(58,308	)		$	48,982
Net (Loss) Income Per Common Share from Continuing Operations:
Basic		$	(0.91	)		$	(0.23	)		$	(2.19	)		$	1.03
Diluted			(0.91	)			(0.23	)			(2.19	)			1.02
Net Earnings Per Share from Discontinued Operations:
Basic		$	—			$	—			$	—			$	0.90
Diluted			—				—				—				0.90
Net (Loss) Earnings Per Share:
Basic		$	(0.91	)		$	(0.23	)		$	(2.19	)		$	1.93
Diluted		$	(0.91	)		$	(0.23	)		$	(2.19	)		$	1.92
Weighted Average Common Stock and Warrants Outstanding:
Basic			26,727,864				25,515,569				26,591,911				25,419,303
Diluted			26,727,864				25,515,569				26,591,911				25,430,762

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
Time Charter Statistics:
Average Rates Per Day		$	13,340			$	12,149			$	11,312			$	11,376			$	12,120
Fleet Utilization			79	%			77	%			70	%			73	%			68	%
Fleet Available Days			5,336				5,311				5,400				5,060				5,108
Operating Revenues:
Time charter		$	56,500			$	49,504			$	42,741			$	42,289			$	41,782
Bareboat charter			332				48				618				2,870				—
Other marine services			2,959				4,465				2,232				2,808				1,881
			59,791				54,017				45,591				47,967				43,663
Costs and Expenses:
Operating:
Personnel			20,152				18,346				18,435				17,098				15,051
Repairs and maintenance			7,377				8,380				6,791				6,782				6,536
Drydocking			5,046				6,474				4,973				567				771
Insurance and loss reserves			2,850				2,545				1,186				1,859				2,189
Fuel, lubes and supplies			5,416				4,350				3,729				3,254				3,684
Other			3,165				4,050				4,382				5,476				5,217
			44,006				44,145				39,496				35,036				33,448
Direct Vessel Profit (1)			15,785				9,872				6,095				12,931				10,215
Other Costs and Expenses:
Lease expense			1,168				1,008				1,060				2,664				1,109
Administrative and general			9,978				10,210				9,924				10,742				9,134
Depreciation and amortization			13,754				14,208				14,371				14,198				14,306
			24,900				25,426				25,355				27,604				24,549
(Losses) Gains on Asset Dispositions and Impairments, Net			(1,783	)			25				2,139				—				56
Operating Loss			(10,898	)			(15,529	)			(17,121	)			(14,673	)			(14,278	)
Other Income (Expense):
Interest income			(123	)			190				29				57				124
Interest expense			(7,634	)			(6,989	)			(6,627	)			(6,380	)			(6,403	)
Derivative gains (losses), net			1				33				(34	)			4				2
Foreign currency gains (losses), net			2,314				1,170				821				(357	)			245
Gain from return of investments in 50% or less owned companies and other, net			659				(41	)			—				—				9,442
			(4,783	)			(5,637	)			(5,811	)			(6,676	)			3,410
Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies			(15,681	)			(21,166	)			(22,932	)			(21,349	)			(10,868	)
Income Tax Expense (Benefit)			8,418				(1,634	)			(2,421	)			(1,009	)			(725	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(24,099	)			(19,532	)			(20,511	)			(20,340	)			(10,143	)
Equity in Earnings (Losses) Gains of 50% or Less Owned Companies			(254	)			415				5,674				4,494				4,314
Loss from Continuing Operations			(24,353	)			(19,117	)			(14,837	)			(15,846	)			(5,829	)
Net Loss			(24,353	)			(19,117	)			(14,837	)			(15,846	)			(5,829	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries			(2	)			3				—				—				—
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(24,351	)		$	(19,120	)		$	(14,837	)		$	(15,846	)		$	(5,829	)
Net Loss Per Common Share from Continuing Operations:
Basic		$	(0.91	)		$	(0.72	)		$	(0.56	)		$	(0.62	)		$	(0.23	)
Diluted			(0.91	)			(0.72	)			(0.56	)			(0.62	)			(0.23	)
Net Loss Per Share:
Basic		$	(0.91	)		$	(0.72	)		$	(0.56	)		$	(0.62	)		$	(0.23	)
Diluted		$	(0.91	)		$	(0.72	)		$	(0.56	)		$	(0.62	)		$	(0.23	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			26,728				26,665				26,379				25,520				25,516
Diluted			26,728				26,665				26,379				25,520				25,516
Common Shares and Warrants Outstanding at Period End			28,142				28,145				28,083				27,432				25,864

        

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	21,551			$	17,792			$	15,595			$	15,496			$	18,702
Fleet utilization			58	%			43	%			38	%			33	%			27	%
Fleet available days			1,363				1,277				1,314				1,043				1,062
Out-of-service days for repairs, maintenance and drydockings			199				284				205				95				246
Out-of-service days for cold-stacked status			259				313				404				399				469
Operating Revenues:
Time charter		$	17,075			$	9,759			$	7,864			$	5,290			$	5,289
Bareboat charter			—				—				—				386				—
Other marine services			2,161				2,399				2,052				1,119				1,215
			19,236				12,158				9,916				6,795				6,504
Direct Costs and Expenses:
Operating:
Personnel			7,243				5,773				4,923				3,136				2,428
Repairs and maintenance			2,002				1,280				1,101				1,085				1,266
Drydocking			1,549				4,090				2,867				191				239
Insurance and loss reserves			1,382				1,198				229				720				462
Fuel, lubes and supplies			1,143				794				662				501				259
Other			314				281				224				200				147
			13,633				13,416				10,006				5,833				4,801
Direct Vessel Profit (Loss) (1)		$	5,603			$	(1,258	)		$	(90	)		$	962			$	1,703
Other Costs and Expenses:
Lease expense		$	278			$	295			$	287			$	633			$	621
Depreciation and amortization			4,332				4,562				4,638				4,325				3,936
Africa and Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked		$	11,813			$	11,279			$	10,006			$	9,530			$	9,551
Fleet utilization			91	%			85	%			82	%			88	%			77	%
Fleet available days			1,629				1,567				1,499				1,411				1,417
Out-of-service days for repairs, maintenance and drydockings			37				58				163				79				52
Out-of-service days for cold-stacked status			—				—				—				—				29
Operating Revenues:
Time charter		$	17,551			$	14,930			$	12,280			$	11,883			$	10,446
Other marine services			60				1,072				(616	)			(416	)			(429	)
			17,611				16,002				11,664				11,467				10,017
Direct Costs and Expenses:
Operating:
Personnel			4,694				3,526				3,536				3,283				3,147
Repairs and maintenance			2,110				2,638				1,579				1,846				1,540
Drydocking			383				134				1,144				144				337
Insurance and loss reserves			359				329				124				245				323
Fuel, lubes and supplies			2,284				1,490				1,473				1,019				1,631
Other			1,580				1,871				1,828				1,740				1,424
			11,410				9,988				9,684				8,277				8,402
Direct Vessel Profit (1)		$	6,201			$	6,014			$	1,980			$	3,190			$	1,615
Other Costs and Expenses:
Lease expense		$	455			$	456			$	402			$	371			$	284
Depreciation and amortization			3,461				3,306				3,258				2,948				3,296

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	9,507			$	9,673			$	9,882			$	9,612			$	10,374
Fleet utilization			79	%			87	%			77	%			81	%			73	%
Fleet available days			1,564				1,651				1,800				1,717				1,780
Out-of-service days for repairs, maintenance and drydockings			252				160				153				38				134
Out-of-service days for cold-stacked status			—				—				90				178				214
Operating Revenues:
Time charter		$	11,712			$	13,906			$	13,660			$	13,402			$	13,417
Other marine services			319				460				49				50				85
			12,031				14,366				13,709				13,452				13,502
Direct Costs and Expenses:
Operating:
Personnel			5,384				5,691				6,031				5,756				5,849
Repairs and maintenance			1,776				2,545				1,832				1,382				1,610
Drydocking			3,113				2,250				962				232				156
Insurance and loss reserves			762				748				507				611				707
Fuel, lubes and supplies			1,426				1,318				1,010				1,042				777
Other			878				1,213				1,627				2,148				2,823
			13,339				13,765				11,969				11,171				11,922
Direct Vessel (Loss) Profit (1)		$	(1,308	)		$	601			$	1,740			$	2,281			$	1,580
Other Costs and Expenses:
Lease expense		$	35			$	38			$	31			$	38			$	377
Depreciation and amortization			3,974				4,229				4,345				4,156				4,456
Latin America
Time Charter Statistics:
Average rates per day worked		$	14,010			$	14,263			$	13,450			$	15,944			$	16,240
Fleet utilization			93	%			94	%			85	%			83	%			92	%
Fleet available days			780				816				787				889				849
Out-of-service days for repairs, maintenance and drydockings			12				6				59				113				58
Operating Revenues:
Time charter		$	10,162			$	10,909			$	8,937			$	11,714			$	12,630
Bareboat charter			332				48				618				2,484				—
Other marine services			419				534				747				2,055				1,010
			10,913				11,491				10,302				16,253				13,640
Direct Costs and Expenses:
Operating:
Personnel			2,831				3,356				3,945				4,923				3,627
Repairs and maintenance			1,489				1,917				2,279				2,469				2,120
Drydocking			1				—				—				—				39
Insurance and loss reserves			347				270				326				283				697
Fuel, lubes and supplies			563				748				584				692				1,017
Other			393				685				703				1,388				823
			5,624				6,976				7,837				9,755				8,323
Direct Vessel Profit (1)		$	5,289			$	4,515			$	2,465			$	6,498			$	5,317
Other Costs and Expenses:
Lease expense		$	400			$	219			$	340			$	1,622			$	(173	)
'Depreciation and amortization			1,987				2,111				2,130				2,769				2,618

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	8,848			$	8,887			$	8,908			$	8,069			$	14,346
Fleet utilization			67	%			66	%			66	%			66	%			66	%
Fleet available days			552				546				540				552				552
Out-of-service days for repairs, maintenance and drydockings			92				56				2				14				61
Out-of-service days for cold-stacked status			92				131				180				92				92
Operating Revenues:
Time charter		$	3,256			$	3,191			$	3,188			$	2,926			$	5,224
Other marine services			(183	)			(143	)			(160	)			(129	)			(151	)
			3,073				3,048				3,028				2,797				5,073
Direct Costs and Expenses:
Operating:
Personnel		$	1,022			$	1,050			$	1,136			$	1,389			$	1,584
Repairs and maintenance			304				566				293				608				1,044
Drydocking			28				(30	)			(7	)			1				(217	)
Insurance and loss reserves			150				146				(137	)			148				193
Fuel, lubes and supplies			399				215				144				321				388
Other			228				435				439				556				408
			2,131				2,382				1,868				3,023				3,400
Other Costs and Expenses:
Lease expense		$	450			$	450			$	449			$	353			$	354
Depreciation and amortization			494				495				494				495				494
Fast support
Time Charter Statistics:
Average rates per day worked		$	9,907			$	9,201			$	8,621			$	8,464			$	8,455
Fleet utilization			90	%			85	%			80	%			79	%			70	%
Fleet available days			2,116				2,126				2,160				2,208				2,208
Out-of-service days for repairs, maintenance and drydockings			103				108				167				137				300
Out-of-service days for cold-stacked status			75				91				90				92				178
Operating Revenues:
Time charter		$	18,837			$	16,525			$	14,900			$	14,857			$	13,007
Bareboat charter			—				—				—				386				—
Other marine services			(15	)			(174	)			(254	)			(380	)			(121	)
			18,822				16,351				14,646				14,863				12,886
Direct Costs and Expenses:
Operating:
Personnel		$	5,289			$	4,880			$	5,070			$	5,581			$	4,588
Repairs and maintenance			2,738				2,458				1,800				2,151				2,313
Drydocking			656				(201	)			1,277				494				965
Insurance and loss reserves			410				372				260				390				328
Fuel, lubes and supplies			1,572				1,187				1,544				1,355				1,390
Other			1,284				1,311				1,941				2,156				2,021
			11,949				10,007				11,892				12,127				11,605
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	353			$	693
Depreciation and amortization			4,972				5,010				4,945				4,929				4,929

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
Supply
Time Charter Statistics:
Average rates per day worked		$	13,772			$	13,422			$	12,188			$	11,586			$	11,631
Fleet utilization			78	%			86	%			72	%			79	%			77	%
Fleet available days			1,840				1,820				1,800				1,380				1,372
Out-of-service days for repairs, maintenance and drydockings			152				26				233				117				64
Out-of-service days for cold-stacked status			—				—				—				117				174
Operating Revenues:
Time charter		$	19,687			$	20,983			$	15,823			$	12,675			$	12,317
Bareboat charter			332				48				618				—				—
Other marine services			720				575				44				410				221
			20,739				21,606				16,485				13,085				12,538
Direct Costs and Expenses:
Operating:
Personnel		$	8,427			$	7,889			$	8,193			$	6,141			$	4,738
Repairs and maintenance			2,839				3,184				3,701				2,191				2,078
Drydocking			1,025				(32	)			1,302				—				23
Insurance and loss reserves			734				551				428				280				595
Fuel, lubes and supplies			2,038				1,701				1,434				998				1,221
Other			1,275				1,631				1,348				1,957				988
			16,338				14,924				16,406				11,567				9,643
Other Costs and Expenses:
Lease expense		$	332			$	154			$	291			$	—			$	—
Depreciation and amortization			3,810				3,785				3,786				3,155				3,149
Specialty
Time Charter Statistics:
Fleet available days			—				—				90				92				92
Out-of-service days for repairs, maintenance and drydockings			—				—				—				—				65
Out-of-service days for cold-stacked status			—				—				90				92				—
Direct Costs and Expenses:
Operating:
Personnel		$	—			$	—			$	1			$	6			$	35
Repairs and maintenance			—				—				—				(28	)			7
Insurance and loss reserves			—				—				2				1				3
Fuel, lubes and supplies			—				—				2				2				6
Other			—				—				11				18				28
			—				—				16				(1	)			79

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
Liftboats
Time Charter Statistics:
Average rates per day worked		$	27,447			$	24,712			$	22,416			$	23,409			$	23,137
Fleet utilization			65	%			44	%			49	%			61	%			55	%
Fleet available days			828				819				810				828				884
Out-of-service days for repairs, maintenance and drydockings			154				318				179				58				65
Out-of-service days for cold-stacked status			92				91				134				184				202
Operating Revenues:
Time charter		$	14,720			$	8,805			$	8,830			$	11,831			$	11,234
Bareboat charter			—				—				—				2,484				—
Other marine services			1,421				3,283				1,463				1,121				997
			16,141				12,088				10,293				15,436				12,231
Direct Costs and Expenses:
Operating:
Personnel		$	5,419			$	4,515			$	4,035			$	4,068			$	4,033
Repairs and maintenance			1,560				2,132				1,012				1,859				1,104
Drydocking			3,337				6,737				2,401				72				—
Insurance and loss reserves			1,552				1,548				1,215				1,070				1,170
Fuel, lubes and supplies			1,408				1,230				605				589				668
Other			387				655				644				856				1,672
			13,663				16,817				9,912				8,514				8,647
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	1,569			$	(200	)
Depreciation and amortization			4,429				4,870				4,964				5,171				5,170
Other Activity
Operating Revenues:
Other marine services		$	1,016			$	924			$	1,139			$	1,786			$	935
			1,016				924				1,139				1,786				935
Direct Costs and Expenses:
Operating:
Personnel		$	(5	)		$	12			$	—			$	(87	)		$	73
Repairs and maintenance			(64	)			40				(15	)			1				(10	)
Insurance and loss reserves			4				(72	)			(582	)			(30	)			(100	)
Fuel, lubes and supplies			(1	)			17				—				(11	)			11
Other			(9	)			18				(1	)			(67	)			100
			(75	)			15				(598	)			(194	)			74
Other Costs and Expenses:
Lease expense		$	386			$	404			$	320			$	389			$	262
Depreciation and amortization			49				48				182				448				564

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

		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
ASSETS
Current Assets:
Cash and cash equivalents		$	47,514			$	22,608			$	36,315			$	37,619			$	42,194
Restricted cash			3,296				3,296				3,596				3,601				4,160
Receivables:
Trade, net of allowance for credit loss accounts			58,572				55,276				49,238				55,544				50,343
Other			6,647				7,437				8,799				6,118				13,750
Note receivable			20,000				—				—				—				—
Tax receivable			79				79				1,238				1,238				101
Inventories			2,059				1,723				1,297				928				476
Prepaid expenses and other			4,700				5,391				3,724				3,730				3,851
Assets held for sale			6,000				—				—				2,235				—
Total current assets			148,867				95,810				104,207				111,013				114,875
Property and Equipment:
Historical cost			992,423				1,000,147				1,006,873				1,006,052				989,910
Accumulated depreciation			(321,898	)			(325,091	)			(316,444	)			(300,300	)			(303,178	)
			670,525				675,056				690,429				705,752				686,732
Construction in progress			8,422				15,576				15,550				15,531				15,577
Net property and equipment			678,947				690,632				705,979				721,283				702,309
Right-of-use asset - operating leases			4,419				5,686				6,238				6,608				4,670
Right-of-use asset - finance leases			6,972				7,131				7,290				100				108
Investments, at equity, and advances to 50% or less owned companies			1,901				75,923				76,860				71,727				77,426
Other assets			1,887				1,932				2,057				1,771				2,672
Total assets		$	842,993			$	877,114			$	902,631			$	912,502			$	902,060
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,792			$	2,010			$	2,073			$	1,986			$	1,269
Current portion of financing lease liabilities			374				282				190				33				32
Current portion of long-term debt			57,567				33,398				32,708				31,602				28,875
Accounts payable and accrued expenses			36,248				39,262				32,585				28,419				23,578
Due to SEACOR Holdings			264				264				264				274				276
Other current liabilities			22,032				22,171				23,723				22,351				21,109
Total current liabilities			118,277				97,387				91,543				84,665				75,139
Long-term operating lease liabilities			3,759				4,026				4,420				4,885				4,000
Long-term financing lease liabilities			6,916				7,050				7,183				76				84
Long-term debt			282,556				318,699				326,264				332,762				321,641
Conversion option liability on convertible senior notes			—				1				34				—				5
Deferred income taxes			39,823				33,743				37,153				40,682				43,463
Deferred gains and other liabilities			2,692				2,701				2,990				2,891				2,925
Total liabilities			454,023				463,607				469,587				465,961				447,257
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			272				272				269				262				245
Additional paid-in capital			465,449				464,222				463,138				461,931				455,373
Accumulated deficit			(79,769	)			(55,418	)			(37,744	)			(22,907	)			(7,059	)
Shares held in treasury			(1,852	)			(1,852	)			(1,792	)			(1,120	)			(1,120	)
Accumulated other comprehensive income, net of tax			4,549				5,960				8,853				8,055				7,044
			388,649				413,184				432,724				446,221				454,483
Noncontrolling interests in subsidiaries			321				323				320				320				320
Total equity			388,970				413,507				433,044				446,541				454,803
Total liabilities and equity		$	842,993			$	877,114			$	902,631			$	912,502			$	902,060

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

		Three Months Ended
		Sep. 30, 2022				Jun. 30, 2022				Mar. 31, 2022				Dec. 31, 2021				Sep. 30, 2021
Cash Flows from Continuing Operating Activities:
Net (Loss) Income		$	(24,353	)		$	(19,117	)		$	(14,837	)		$	(15,846	)		$	(5,829	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization			13,754				14,208				14,371				14,198				14,306
Deferred financing costs amortization			350				364				291				328				255
Stock-based compensation expense			1,227				1,013				395				1,243				1,294
Debt discount amortization			1,817				1,736				1,691				1,614				1,573
Allowance for credit losses			(53	)			701				(170	)			585				122
Loss (Gain) from equipment sales, retirements or impairments			1,783				(25	)			(2,139	)			—				(56	)
Gain from return of investment			—				—				—				—				(9,442	)
Derivative (gains) losses			(1	)			(33	)			34				(4	)			(2	)
Interest on finance leases			73				73				25				1				1
Cash settlement payments on derivative transactions, net			(131	)			(278	)			(373	)			(403	)			(414	)
Currency (gains) losses			(2,314	)			(1,170	)			(821	)			357				(245	)
Deferred income taxes			6,079				(3,410	)			(3,529	)			(2,781	)			(2,706	)
Equity losses (earnings)			254				(415	)			(5,674	)			(4,494	)			(4,314	)
Dividends received from equity investees			1,096				1,162				725				817				4,515
Changes in Operating Assets and Liabilities:
Accounts receivables			(2,384	)			(4,476	)			3,904				(1,157	)			(3,798	)
Other assets			966				(1,539	)			(164	)			1,656				1,561
Accounts payable and accrued liabilities			(4,900	)			4,925				6,707				7,915				(1,416	)
Net cash (used in) provided by operating activities			(6,737	)			(6,281	)			436				4,029				(4,595	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment			(240	)			(17	)			(20	)			(443	)			(2,910	)
Proceeds from disposition of property and equipment			—				1,371				5,310				—				—
Net investing activities in property and equipment			(240	)			1,354				5,290				(443	)			(2,910	)
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			177				175				176				(630	)			179
Cash received from acquisition of 50% or less owned company			—				—				—				172				—
Proceeds from sale of investment in equity investees			66,000				—				—				—				—
Issuance of notes due from others			(28,831	)			—				—				—				—
Principal payments on notes due from others			8,831				—				—				—				—
Net cash provided by (used in) investing activities			45,937				1,529				5,466				(3,173	)			6,711
Cash Flows from Continuing Financing Activities:
Payments on long-term debt			(14,182	)			(9,152	)			(7,348	)			(5,981	)			(7,054	)
Payments on finance leases			(114	)			(114	)			(9	)			(9	)			(9	)
Proceeds from exercise of stock options			—				11				140				—
Issuance of stock			—				3				7				—				—
Exercise of warrants			—				—				—				1				—
Net cash used in financing activities			(14,296	)			(9,252	)			(7,210	)			(5,989	)			(7,063	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			2				(3	)			(1	)			(1	)			—
Net Change in Cash, Cash Equivalents and Restricted Cash			24,906				(14,007	)			(1,309	)			(5,134	)			(4,947	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			25,904				39,911				41,220				46,354				51,301
Cash, Restricted Cash and Cash Equivalents, End of Period		$	50,810			$	25,904			$	39,911			$	41,220			$	46,354

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

		Owned		Joint Ventured (1)		Leased-in		Managed		Total
September 30, 2022
AHTS		3		—		2		—		5
FSV		22		—		1		2		25
Supply		21		—		—		—		21
Liftboats		9		—		—		—		9
		55		—		3		2		60
December 31, 2021
AHTS		4		—		2		—		6
FSV		23		5		1		1		30
Supply		20		15		—		—		35
Specialty (2)		1		—		—		—		1
Liftboats (3)		9		—		—		—		9
		57		20		3		1		81

(1)	On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2)	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.
(3)	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 revenues for Q3 2022?

SEACOR Marine reported consolidated operating revenues of $59.8 million for Q3 2022.

How did DVP perform in Q3 2022 for SMHI?

Direct vessel profit (DVP) for Q3 2022 was $15.8 million, showing notable improvement.

What was the operating loss for SMHI in the third quarter of 2022?

The operating loss for SEACOR Marine in Q3 2022 was $10.9 million.

What significant financial transactions occurred in Q3 2022?

SEACOR Marine completed the sale of joint ventures in Mexico for $66.0 million and extended credit facility maturities.

What is the average utilization rate reported for Q3 2022?

The average utilization rate in Q3 2022 was 79%, the highest since Q4 2013.