SEACOR Marine Announces Third Quarter 2023 Results

Rhea-AI Summary

SEACOR Marine Holdings Inc. (NYSE: SMHI) reported its Q3 2023 results, with consolidated operating revenues of $75.6 million, operating income of $9.8 million, and direct vessel profit of $36.8 million. This represents a 26.4% improvement in revenues compared to Q3 2022 and a 13.0% improvement from Q2 2023. Average day rates also increased by 35.3% compared to Q3 2022. The company successfully refinanced $104.8 million of debt and acquired 100% ownership of a 2014-built FSV. Net loss for Q3 2023 was $0.9 million.

HOUSTON, Nov. 01, 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 third quarter ended September 30, 2023.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2023 were $75.6 million, operating income was $9.8 million, and direct vessel profit (“DVP”)⁽¹⁾ was $36.8 million. This compares to consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022, and consolidated operating revenues of $66.9 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023.

Notable third quarter items include:

• 26.4% improvement in revenues from the third quarter of 2022 and a 13.0% improvement from the second quarter of 2023.
• Average day rates of $18,046, a 35.3% improvement from the third quarter of 2022, and a 18.3% improvement from the second quarter of 2023.
• DVP margin increased 132.9% from the third quarter of 2022 and increased 20.2% from the second quarter of 2023.
• Comprehensive refinancing of our debt capital structure by refinancing $104.8 million of indebtedness maturing in the 2023-2026 period with a new $122.0 million senior secured term loan facility maturing in 2028. The remaining proceeds were used to, among other things, acquire 100% ownership of a 2014-built FSV previously under lease.

For the third quarter of 2023, net loss was $0.9 million ($0.03 loss per basic and diluted share). This compares to a net loss for the third quarter of 2022 of $24.4 million ($0.91 loss per basic and diluted share). Sequentially, third quarter 2023 results compare to a net loss of $4.6 million ($0.17 loss per basic and diluted share) in the second quarter of 2023.

Chief Executive Officer John Gellert commented:

“The Company’s third quarter results reflect continued progress in the cyclical recovery with a meaningful improvement in average day rates. The third quarter also illustrates the strong recovery in cash flows from operations with another consecutive quarter of meaningful increase in DVP, reaching levels not seen since 2014.

All our business segments contributed positively to the quarterly improvement in revenues and DVP. Our U.S. business segment showed very strong growth, driven by higher levels of activity and improved average day rates, especially in windfarm support. We have a differentiated and high-quality fleet in the U.S that serves both the offshore oil and gas and wind markets, which we believe will yield improved returns for this business segment if customer demand in both markets continues to improve over the next year. Our international segments also generated improved DVP compared to the third quarter of 2022, despite lower utilization driven mostly by downtime for repairs and scheduled drydockings. Tendering activity in all our international segments remains strong, and recent fixtures reflect improved terms and pricing. The third quarter is our seasonally busy time of year and we do expect some slow down both domestically and internationally as we enter the winter months for scheduled maintenance and vessel repositioning.

On September 11, 2023, the Company announced a new $122.0 million credit facility with EnTrust Global that matures in 2028 and, among other things, refinanced five separate debt facilities maturing in the 2023-2026 period. This transaction strengthened our capital structure and provides us with the financial flexibility to take advantage of the favorable market conditions we have been experiencing over the past several quarters. Absent a $2.0 million one-time charge in connection with our recently completed refinancing efforts, we would have reported positive net income for the third quarter.”

Today the Company also announced that it has entered into an at-the-market sales agreement with B. Riley Securities, Inc. (“B. Riley”), as sales agent, under which the Company may from time to time offer and sell shares of its common stock (the “Shares”) having an aggregate offering price of up to $25.0 million through an “at-the-market” equity offering program (the “ATM Program”), and the Company will file a prospectus supplement with the Securities and Exchange Commission with respect thereto. The Company currently intends to use the net proceeds from any sales of Shares under the ATM Program for general corporate purposes, which may include additions to working capital, capital expenditures, repayment of debt, or the financing of possible acquisitions and investments. The timing and amount of any sales will depend on a variety of factors to be determined by the Company.

The Shares will be offered through B. Riley. B. Riley may sell Shares by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the Shares, to or through a market maker or in negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.

The public offering of Shares in the at-the-market program is being made pursuant to Company’s effective shelf registration statement on Form S-3 (Registration No. 333-268175), including a base prospectus, filed with the Securities and Exchange Commission (the "SEC"). The offering is being made only by means of a prospectus supplement and the accompanying base prospectus. Prospective investors should read the prospectus supplement and the accompanying base prospectus in that registration statement and other documents that the Company has filed or will file with the SEC for information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement and the base prospectus may be obtained by contacting B. Riley Securities, Inc. at 299 Park Avenue, New York, New York 10171, by telephone at (800) 846-5050 or by email at prospectuses@brileyfin.com.
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)

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

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine 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 September 30,								Nine months ended September 30,
		2023				2022				2023				2022
Operating Revenues		$	75,574			$	59,791			$	202,438			$	159,399
Costs and Expenses:
Operating			38,816				44,006				112,391				127,647
Administrative and general			12,300				9,978				37,636				30,112
Lease expense			651				1,168				2,069				3,236
Depreciation and amortization			13,462				13,754				40,799				42,333
			65,229				68,906				192,895				203,328
(Losses) Gains on Asset Dispositions and Impairments, Net			(512	)			(1,783	)			3,352				381
Operating Income (Loss)			9,833				(10,898	)			12,895				(43,548	)
Other Income (Expense):
Interest income			340				(123	)			1,222				96
Interest expense			(9,536	)			(7,634	)			(27,060	)			(21,250	)
Loss on debt extinguishment			(2,004	)			—				(2,004	)			—
Derivative gains, net			—				1				—				—
Foreign currency gains (losses), net			571				2,314				(857	)			4,305
Other, net			—				659				—				618
			(10,629	)			(4,783	)			(28,699	)			(16,231	)
Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies			(796	)			(15,681	)			(15,804	)			(59,779	)
Income Tax Expense			2,360				8,418				2,421				4,363
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(3,156	)			(24,099	)			(18,225	)			(64,142	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			2,273				(254	)			3,182				5,835
Net Loss			(883	)			(24,353	)			(15,043	)			(58,307	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries			—				(2	)			—				1
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(883	)		$	(24,351	)		$	(15,043	)		$	(58,308	)
Net Loss Per Share:
Basic		$	(0.03	)		$	(0.91	)		$	(0.56	)		$	(2.19	)
Diluted		$	(0.03	)		$	(0.91	)		$	(0.56	)		$	(2.19	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,181,754				26,727,864				27,048,656				26,591,911
Diluted			27,181,754				26,727,864				27,048,656				26,591,911

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
Time Charter Statistics:
Average Rates Per Day		$	18,046			$	15,250			$	14,314			$	13,794			$	13,340
Fleet Utilization			73	%			78	%			76	%			76	%			79	%
Fleet Available Days			5,182				5,096				5,071				5,244				5,336
Operating Revenues:
Time charter		$	68,668			$	60,804			$	55,415			$	54,789			$	56,500
Bareboat charter			368				364				360				376				332
Other marine services			6,538				5,723				4,198				2,761				2,959
			75,574				66,891				59,973				57,926				59,791
Costs and Expenses:
Operating:
Personnel			19,943				19,944				19,803				20,849				20,152
Repairs and maintenance			7,418				5,793				6,011				8,948				7,377
Drydocking			1,768				2,256				13				1,667				5,046
Insurance and loss reserves			1,833				2,390				2,789				3,381				2,850
Fuel, lubes and supplies			5,047				3,638				4,819				5,794				5,416
Other			2,807				2,281				3,838				3,699				3,165
			38,816				36,302				37,273				44,338				44,006
Direct Vessel Profit (1)			36,758				30,589				22,700				13,588				15,785
Other Costs and Expenses:
Lease expense			651				698				720				633				1,168
Administrative and general			12,300				13,704				11,632				10,799				9,978
Depreciation and amortization			13,462				13,575				13,762				13,624				13,754
			26,413				27,977				26,114				25,056				24,900
(Losses) Gains on Asset Dispositions and Impairments, Net			(512	)			265				3,599				1,017				(1,783	)
Operating Income (Loss)			9,833				2,877				185				(10,451	)			(10,898	)
Other Income (Expense):
Interest income			340				422				460				688				(123	)
Interest expense			(9,536	)			(8,736	)			(8,788	)			(8,456	)			(7,634	)
Derivative gains, net			—				—				—				—				1
(Loss) gain on debt extinguishment			(2,004	)			—				—				10,429				—
Foreign currency gains (losses), net			571				(603	)			(825	)			(2,646	)			2,314
Other, net			—				—				—				137				659
			(10,629	)			(8,917	)			(9,153	)			152				(4,783	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies			(796	)			(6,040	)			(8,968	)			(10,299	)			(15,681	)
Income Tax Expense (Benefit)			2,360				(1,096	)			1,157				4,219				8,418
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(3,156	)			(4,944	)			(10,125	)			(14,518	)			(24,099	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			2,273				373				536				1,176				(254	)
Net Loss			(883	)			(4,571	)			(9,589	)			(13,342	)			(24,353	)
Net Loss Attributable to Noncontrolling Interests in Subsidiaries			—				—				—				—				(2	)
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(883	)		$	(4,571	)		$	(9,589	)		$	(13,342	)		$	(24,351	)
Net Loss Per Share:
Basic		$	(0.03	)		$	(0.17	)		$	(0.36	)		$	(0.50	)		$	(0.91	)
Diluted		$	(0.03	)		$	(0.17	)		$	(0.36	)		$	(0.50	)		$	(0.91	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,182				27,138				26,822				26,728				26,728
Diluted			27,182				27,138				26,822				26,728				26,728
Common Shares and Warrants Outstanding at Period End			28,481				28,481				28,428				28,142				28,142

        

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	23,663			$	16,115			$	18,359			$	22,563			$	21,551
Fleet utilization			57	%			35	%			35	%			57	%			58	%
Fleet available days			1,196				1,080				1,015				1,288				1,363
Out-of-service days for repairs, maintenance and drydockings			151				229				112				108				199
Out-of-service days for cold-stacked status			206				173				211				242				259
Operating Revenues:
Time charter		$	16,236			$	6,121			$	6,564			$	16,574			$	17,075
Other marine services			5,444				2,993				3,842				2,916				2,161
			21,680				9,114				10,406				19,490				19,236
Direct Costs and Expenses:
Operating:
Personnel			6,712				5,957				6,535				7,262				7,243
Repairs and maintenance			1,560				1,573				1,194				2,666				2,002
Drydocking			462				1,506				43				472				1,549
Insurance and loss reserves			332				1,082				1,041				2,022				1,382
Fuel, lubes and supplies			958				924				783				746				1,143
Other			341				335				223				416				314
			10,365				11,377				9,819				13,584				13,633
Direct Vessel Profit (Loss) (1)		$	11,315			$	(2,263	)		$	587			$	5,906			$	5,603
Other Costs and Expenses:
Lease expense		$	116			$	143			$	136			$	138			$	278
Depreciation and amortization			3,810				3,861				3,535				3,912				4,332
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	15,388			$	14,982			$	12,835			$	11,241			$	11,813
Fleet utilization			84	%			94	%			87	%			82	%			91	%
Fleet available days			1,748				1,729				1,710				1,656				1,629
Out-of-service days for repairs, maintenance and drydockings			111				58				118				125				37
Out-of-service days for cold-stacked status			54				—				—				—				—
Operating Revenues:
Time charter		$	22,528			$	24,414			$	18,996			$	15,299			$	17,551
Other marine services			815				(1,037	)			(834	)			(679	)			60
			23,343				23,377				18,162				14,620				17,611
Direct Costs and Expenses:
Operating:
Personnel			5,089				4,833				4,505				4,680				4,694
Repairs and maintenance			2,214				2,050				2,553				2,902				2,110
Drydocking			320				144				1,184				678				383
Insurance and loss reserves			573				420				318				366				359
Fuel, lubes and supplies			2,573				1,419				2,215				2,775				2,284
Other			1,320				1,346				1,690				1,896				1,580
			12,089				10,212				12,465				13,297				11,410
Direct Vessel Profit (1)		$	11,254			$	13,165			$	5,697			$	1,323			$	6,201
Other Costs and Expenses:
Lease expense		$	372			$	408			$	429			$	378			$	455
Depreciation and amortization			3,821				3,853				3,925				3,683				3,461

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	16,313			$	13,245			$	13,562			$	11,090			$	9,507
Fleet utilization			67	%			86	%			82	%			75	%			79	%
Fleet available days			1,472				1,456				1,440				1,533				1,564
Out-of-service days for repairs, maintenance and drydockings			297				58				76				132				252
Operating Revenues:
Time charter		$	16,087			$	16,563			$	16,028			$	12,802			$	11,712
Other marine services			103				3,357				(142	)			(66	)			319
			16,190				19,920				15,886				12,736				12,031
Direct Costs and Expenses:
Operating:
Personnel			5,157				5,266				4,841				5,270				5,384
Repairs and maintenance			2,623				1,219				677				1,958				1,776
Drydocking			1,056				(684	)			(1,095	)			244				3,113
Insurance and loss reserves			711				720				1,185				821				762
Fuel, lubes and supplies			743				425				1,142				1,335				1,426
Other			779				234				1,327				915				878
			11,069				7,180				8,077				10,543				13,339
Direct Vessel Profit (Loss) (1)		$	5,121			$	12,740			$	7,809			$	2,193			$	(1,308	)
Other Costs and Expenses:
Lease expense		$	59			$	67			$	76			$	52			$	35
Depreciation and amortization			3,721				3,708				3,688				3,783				3,974
Latin America
Time Charter Statistics:
Average rates per day worked		$	20,656			$	18,846			$	16,229			$	14,009			$	14,010
Fleet utilization			87	%			88	%			94	%			94	%			93	%
Fleet available days			766				831				906				767				780
Out-of-service days for repairs, maintenance and drydockings			67				79				22				14				12
Operating Revenues:
Time charter		$	13,817			$	13,706			$	13,827			$	10,114			$	10,162
Bareboat charter			368				364				360				376				332
Other marine services			176				410				1,332				590				419
			14,361				14,480				15,519				11,080				10,913
Direct Costs and Expenses:
Operating:
Personnel			2,985				3,888				3,922				3,637				2,831
Repairs and maintenance			1,021				951				1,587				1,422				1,489
Drydocking			(70	)			1,290				(119	)			273				1
Insurance and loss reserves			217				168				245				172				347
Fuel, lubes and supplies			773				870				679				938				563
Other			367				366				598				472				393
			5,293				7,533				6,912				6,914				5,624
Direct Vessel Profit (1)		$	9,068			$	6,947			$	8,607			$	4,166			$	5,289
Other Costs and Expenses:
Lease expense		$	104			$	80			$	79			$	65			$	400
Depreciation and amortization			2,110				2,153				2,614				2,246				1,987

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
AHTS
Time Charter Statistics:
Average rates per day worked		$	9,947			$	8,916			$	9,244			$	9,254			$	8,848
Fleet utilization			50	%			85	%			81	%			80	%			67	%
Fleet available days			368				364				391				460				552
Out-of-service days for repairs, maintenance and drydockings			111				13				45				—				92
Out-of-service days for cold-stacked status			54				—				31				92				92
Operating Revenues:
Time charter		$	1,831			$	2,762			$	2,915			$	3,406			$	3,256
Other marine services			818				(134	)			(152	)			(168	)			(183	)
			2,649				2,628				2,763				3,238				3,073
Direct Costs and Expenses:
Operating:
Personnel		$	1,019			$	1,069			$	995			$	1,220			$	1,022
Repairs and maintenance			484				186				216				331				304
Drydocking			747				131				420				6				28
Insurance and loss reserves			88				78				68				94				150
Fuel, lubes and supplies			428				192				476				259				399
Other			266				195				295				283				228
			3,032				1,851				2,470				2,193				2,131
Other Costs and Expenses:
Lease expense		$	331			$	332			$	331			$	300			$	450
Depreciation and amortization			249				298				298				300				494
FSV
Time Charter Statistics:
Average rates per day worked		$	11,441			$	11,314			$	10,609			$	9,905			$	9,907
Fleet utilization			79	%			92	%			91	%			86	%			90	%
Fleet available days			2,116				2,093				2,070				2,116				2,116
Out-of-service days for repairs, maintenance and drydockings			227				86				66				146				103
Out-of-service days for cold-stacked status			69				82				90				58				75
Operating Revenues:
Time charter		$	19,135			$	21,747			$	19,988			$	18,062			$	18,837
Other marine services			157				(518	)			(377	)			(224	)			(15	)
			19,292				21,229				19,611				17,838				18,822
Direct Costs and Expenses:
Operating:
Personnel		$	5,144			$	5,083			$	4,861			$	5,140			$	5,289
Repairs and maintenance			2,787				1,134				1,867				2,957				2,738
Drydocking			870				1,342				128				1,434				656
Insurance and loss reserves			185				337				334				453				410
Fuel, lubes and supplies			1,501				1,108				1,382				1,797				1,572
Other			1,057				947				1,236				1,638				1,284
			11,544				9,951				9,808				13,419				11,949
Other Costs and Expenses:
Depreciation and amortization			5,002				4,952				4,946				4,972				4,972

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
PSV
Time Charter Statistics:
Average rates per day worked		$	19,528			$	17,545			$	14,827			$	13,519			$	13,772
Fleet utilization			78	%			80	%			70	%			69	%			78	%
Fleet available days			1,870				1,820				1,800				1,840				1,840
Out-of-service days for repairs, maintenance and drydockings			110				92				124				142				152
Operating Revenues:
Time charter		$	28,580			$	25,458			$	18,800			$	17,194			$	19,687
Bareboat charter			368				364				360				376				332
Other marine services			149				19				840				222				720
			29,097				25,841				20,000				17,792				20,739
Direct Costs and Expenses:
Operating:
Personnel		$	8,793			$	8,738			$	8,849			$	8,961			$	8,427
Repairs and maintenance			2,504				2,998				3,475				2,998				2,839
Drydocking			232				12				609				770				1,025
Insurance and loss reserves			682				421				419				552				734
Fuel, lubes and supplies			2,352				2,124				2,331				2,842				2,038
Other			1,214				840				2,314				1,420				1,275
			15,777				15,133				17,997				17,543				16,338
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	—			$	332
Depreciation and amortization			4,073				4,072				4,262				4,099				3,810

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
Liftboats
Time Charter Statistics:
Average rates per day worked		$	39,419			$	35,623			$	33,936			$	31,717			$	27,447
Fleet utilization			59	%			37	%			50	%			61	%			65	%
Fleet available days			828				819				810				828				828
Out-of-service days for repairs, maintenance and drydockings			111				233				94				90				154
Out-of-service days for cold-stacked status			137				91				90				92				92
Operating Revenues:
Time charter		$	19,122			$	10,837			$	13,712			$	16,127			$	14,720
Other marine services			4,538				5,355				2,776				1,842				1,421
			23,660				16,192				16,488				17,969				16,141
Direct Costs and Expenses:
Operating:
Personnel		$	4,983			$	5,065			$	5,068			$	5,520			$	5,419
Repairs and maintenance			1,643				1,472				499				2,674				1,560
Drydocking			(81	)			849				(1,141	)			(543	)			3,337
Insurance and loss reserves			1,148				1,418				1,907				2,271				1,552
Fuel, lubes and supplies			766				219				619				896				1,408
Other			273				301				(28	)			359				387
			8,732				9,324				6,924				11,177				13,663
Other Costs and Expenses:
Depreciation and amortization			4,099				4,215				4,214				4,210				4,429
Other Activity
Operating Revenues:
Other marine services		$	876			$	1,001			$	1,111			$	1,089			$	1,016
			876				1,001				1,111				1,089				1,016
Direct Costs and Expenses:
Operating:
Personnel		$	4			$	(11	)		$	30			$	8			$	(5	)
Repairs and maintenance			—				3				(46	)			(12	)			(64	)
Drydocking			—				(78	)			(3	)			—				—
Insurance and loss reserves			(270	)			136				61				11				4
Fuel, lubes and supplies			—				(5	)			11				—				(1	)
Other			(3	)			(2	)			21				(1	)			(9	)
			(269	)			43				74				6				(75	)
Other Costs and Expenses:
Lease expense		$	320			$	366			$	389			$	333			$	386
Depreciation and amortization			39				38				42				43				49

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

		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
ASSETS
Current Assets:
Cash and cash equivalents		$	55,840			$	40,750			$	40,570			$	39,963			$	47,514
Restricted cash			2,796				2,796				3,082				3,082				3,296
Receivables:
Trade, net of allowance for credit loss accounts			63,246				60,022				60,114				54,388				58,572
Other			8,924				12,295				11,913				7,638				6,647
Note receivable			—				5,000				10,000				15,000				20,000
Tax receivable			445				445				445				578				79
Inventories			1,738				1,653				2,207				2,123				2,059
Prepaid expenses and other			2,957				3,112				3,233				3,054				4,700
Assets held for sale			6,093				—				—				6,750				6,000
Total current assets			142,039				126,073				131,564				132,576				148,867
Property and Equipment:
Historical cost			936,520				966,338				969,328				967,683				992,423
Accumulated depreciation			(318,549	)			(334,678	)			(324,197	)			(310,778	)			(321,898	)
			617,971				631,660				645,131				656,905				670,525
Construction in progress			9,413				8,876				8,540				8,111				8,422
Net property and equipment			627,384				640,536				653,671				665,016				678,947
Right-of-use asset - operating leases			4,907				5,703				5,984				6,206				4,419
Right-of-use asset - finance leases			45				6,495				6,654				6,813				6,972
Investments, at equity, and advances to 50% or less owned companies			3,857				3,253				3,594				3,024				1,901
Other assets			2,095				2,139				2,079				1,995				1,887
Total assets		$	780,327			$	784,199			$	803,546			$	815,630			$	842,993
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,856			$	1,792			$	1,764			$	2,358			$	1,792
Current portion of finance lease liabilities			35				611				563				468				374
Current portion of long-term debt			28,005				63,959				60,523				61,512				57,567
Accounts payable and accrued expenses			32,466				39,012				44,255				37,954				36,248
Due to SEACOR Holdings			264				264				264				264				264
Other current liabilities			21,340				21,027				20,185				18,869				22,032
Total current liabilities			83,966				126,665				127,554				121,425				118,277
Long-term operating lease liabilities			3,571				4,030				4,474				4,739				3,759
Long-term finance lease liabilities			15				6,462				6,644				6,781				6,916
Long-term debt			291,843				243,960				254,450				260,119				282,556
Deferred income taxes			33,078				34,038				39,120				40,779				39,823
Deferred gains and other liabilities			2,217				2,189				2,264				2,641				2,692
Total liabilities			414,690				417,344				434,506				436,484				454,023
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			280				280				279				272				272
Additional paid-in capital			471,158				469,618				467,896				466,669				465,449
Accumulated deficit			(108,154	)			(107,271	)			(102,700	)			(93,111	)			(79,769	)
Shares held in treasury			(4,221	)			(4,221	)			(4,119	)			(1,852	)			(1,852	)
Accumulated other comprehensive income, net of tax			6,253				8,128				7,363				6,847				4,549
			365,316				366,534				368,719				378,825				388,649
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			365,637				366,855				369,040				379,146				388,970
Total liabilities and equity		$	780,327			$	784,199			$	803,546			$	815,630			$	842,993

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

		Three Months Ended
		Sep. 30, 2023				Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022
Cash Flows from Operating Activities:
Net Loss		$	(883	)		$	(4,571	)		$	(9,589	)		$	(13,342	)		$	(24,353	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			13,462				13,575				13,762				13,624				13,754
Deferred financing costs amortization			459				423				418				(997	)			350
Stock-based compensation expense			1,540				1,723				1,227				1,220				1,227
Debt discount amortization			1,714				1,627				1,558				1,449				1,817
Allowance for credit losses			594				2,763				(104	)			11				(53	)
Loss (gain) from equipment sales, retirements or impairments			512				(265	)			(3,599	)			(1,017	)			1,783
Loss (gain) on debt extinguishment			177				—				—				(12,700	)			—
Derivative gains			—				—				—				—				(1	)
Interest on finance lease			59				70				72				73				73
Settlements on derivative transactions, net			197				226				154				33				(131	)
Currency (gains) losses			(571	)			603				825				2,646				(2,314	)
Deferred income taxes			(960	)			(5,082	)			(1,659	)			957				6,079
Equity (earnings) losses			(2,273	)			(373	)			(536	)			(1,176	)			254
Dividends received from equity investees			1,031				1,044				—				74				1,096
Changes in Operating Assets and Liabilities:
Accounts receivables			(747	)			(3,139	)			(9,857	)			2,304				(2,384	)
Other assets			493				1,017				45				3,296				966
Accounts payable and accrued liabilities			(7,705	)			(5,758	)			6,731				769				(4,900	)
Net cash provided by (used in) operating activities			7,099				3,883				(552	)			(2,776	)			(6,737	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(6,455	)			(35	)			(470	)			(185	)			(240	)
Proceeds from disposition of property and equipment			—				427				7,611				53				—
Net investing activities in property and equipment			(6,455	)			392				7,141				(132	)			(240	)
Principal payments on notes due from equity investees			—				—				—				—				177
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				5,000				8,831
Net cash (used in) provided by investing activities			(1,455	)			5,392				12,141				4,868				45,937
Cash Flows from Financing Activities:
Payments on long-term debt			(4,901	)			(9,483	)			(8,608	)			(7,470	)			(14,182	)
Payments on debt extinguishment			(104,832	)			(26,772	)			—				(2,271	)			—
Payments on debt extinguishment cost			(1,827	)			—				—				—				—
Proceeds from issuance of long-term debt, net of issuance costs			121,207				27,181				—				—				—
Payments on finance leases			(204	)			(204	)			(114	)			(114	)			(114	)
Proceeds from exercise of stock options			—				—				6				—				—
Tax withholdings on restricted stock vesting and director share awards			—				(102	)			(2,266	)			—				—
Net cash provided by (used in) financing activities			9,443				(9,380	)			(10,982	)			(9,855	)			(14,296	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			3				(1	)			—				(2	)			2
Net Change in Cash, Cash Equivalents and Restricted Cash			15,090				(106	)			607				(7,765	)			24,906
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			43,546				43,652				43,045				50,810				25,904
Cash, Restricted Cash and Cash Equivalents, End of Period		$	58,636			$	43,546			$	43,652			$	43,045			$	50,810

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

		Owned				Leased-in				Managed				Total
September 30, 2023
AHTS			3				1				—				4
FSV			23				—				2				25
PSV			21				—				—				21
Liftboats			9				—				—				9
			56				1				2				59
December 31, 2022
AHTS			3				2				—				5
FSV			22				1				2				25
PSV			21				—				—				21
Liftboats			9				—				—				9
			55				3				2				60

FAQ

What were SEACOR Marine's Q3 2023 operating revenues?

SEACOR Marine reported consolidated operating revenues of $75.6 million for Q3 2023.

What was the company's net loss for Q3 2023?

SEACOR Marine had a net loss of $0.9 million for Q3 2023.

How much did average day rates improve in Q3 2023 compared to Q3 2022?

Average day rates increased by 35.3% in Q3 2023 compared to Q3 2022.

What was the purpose of SEACOR Marine's debt refinancing?

The debt refinancing was done to strengthen the company's capital structure and provide financial flexibility.

What did SEACOR Marine acquire with the remaining proceeds from the debt refinancing?

SEACOR Marine acquired 100% ownership of a 2014-built FSV with the remaining proceeds.

What is SEACOR Marine's stock symbol?

SEACOR Marine's stock symbol is SMHI and it is listed on the NYSE.