• SEACOR Marine Announces Third Quarter 2021 Results

    المصدر: Nasdaq GlobeNewswire / 04 نوفمبر 2021 15:50:41   America/Chicago

    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 $43.7 million, operating loss was $14.3 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $36.2 million, operating loss of $13.2 million, and DVP of $11.5 million in the third quarter of 2020.

    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 our 50% 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 $5.8 million ($0.23 loss per basic share and $0.23 loss per diluted share). This compares to a net loss from continuing operations for the third quarter of 2020 of $18.1 million ($0.72 loss per basic and diluted share). Sequentially, the third quarter of 2021 results compare to consolidated operating revenues from continuing operations of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021. For the second quarter of 2021 the net income attributable to SEACOR Marine’s continuing operations was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to gains on asset dispositions and the extinguishment of debt.

    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 50% or less owned companies and other, net  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 50% or Less Owned Companies  (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 50% or Less Owned Companies  (10,143)  (19,255)  15,474   (45,967)
    Equity in Earnings Gains (Losses) of 50% or Less Owned Companies  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 $22,756)  —   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 50% or Less Owned Companies  (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 50% or Less Owned Companies  (10,143)  46,634   (21,017)  (29,216)  (19,255) 
    Equity in Earnings Gains (Losses) of 50% or Less Owned Companies  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 $22,756)  —   —   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 50% or Less Owned Companies  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 50% or less owned companies  —   —   (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. 


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