• SEACOR Marine Announces Fourth Quarter 2023 Results

    المصدر: Nasdaq GlobeNewswire / 29 فبراير 2024 17:05:22   America/New_York

    HOUSTON, Feb. 29, 2024 (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 fourth quarter ended December 31, 2023.

    SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)(1) was $29.8 million. This compares to consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.

    Notable fourth quarter items include:

    • 26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
    • Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
    • DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
    • Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.

    For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.

    Chief Executive Officer John Gellert commented:

    “I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.

    All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.

    We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.

    Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.

    Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
    ___________________

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


    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)    		 
      
     Three Months Ended December 31,  Year ended December 31, 
     2023  2022  2023  2022 
    Operating Revenues$73,083  $57,926  $279,511  $217,325 
    Costs and Expenses:           
    Operating 43,269   44,338   159,650   171,985 
    Administrative and general 11,547   10,799   49,183   40,911 
    Lease expense 679   633   2,748   3,869 
    Depreciation and amortization 13,022   13,624   53,821   55,957 
      68,517   69,394   265,402   272,722 
    Gains on Asset Dispositions and Impairments, Net 18,057   1,017   21,409   1,398 
    Operating Income (Loss) 22,623   (10,451)  35,518   (53,999)
    Other Income (Expense):           
    Interest income 222   688   1,444   784 
    Interest expense (10,444)  (8,456)  (37,504)  (29,706)
    Gain (loss) on debt extinguishment —   10,429   (2,004)  10,429 
    Derivative gains, net 608   —   608   — 
    Foreign currency (losses) gains, net (1,276)  (2,646)  (2,133)  1,659 
    Other, net —   137   —   755 
      (10,890)  152   (39,589)  (16,079)
    Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies 11,733   (10,299)  (4,071)  (70,078)
    Income Tax Expense 6,378   4,219   8,799   8,582 
    Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies 5,355   (14,518)  (12,870)  (78,660)
    Equity in Earnings of 50% or Less Owned Companies 374   1,176   3,556   7,011 
    Net Income (Loss) 5,729   (13,342)  (9,314)  (71,649)
    Net Income Attributable to Noncontrolling Interests in Subsidiaries —   —   —   1 
    Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.$5,729  $(13,342) $(9,314) $(71,650)
                
    Net Earnings (Loss) Per Share:           
    Basic$0.21  $(0.50) $(0.34) $(2.69)
    Diluted$0.20  $(0.50) $(0.34) $(2.69)
    Weighted Average Common Stock and Warrants Outstanding:           
    Basic 27,182,496   26,727,864   27,082,391   26,626,179 
    Diluted 28,400,684   26,727,864   27,082,391   26,626,179 



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
     (in thousands, except statistics and per share data)    		 
      
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    Time Charter Statistics:              
    Average Rates Per Day$18,031  $18,046  $15,250  $14,314  $13,794 
    Fleet Utilization 71%  73%  78%  76%  76%
    Fleet Available Days 5,170   5,182   5,096   5,071   5,244 
    Operating Revenues:              
    Time charter$66,498  $68,668  $60,804  $55,415  $54,789 
    Bareboat charter 368   368   364   360   376 
    Other marine services 6,217   7,864   7,151   5,434   2,761 
      73,083   76,900   68,319   61,209   57,926 
    Costs and Expenses:              
    Operating:              
    Personnel 22,080   19,943   19,944   19,803   20,849 
    Repairs and maintenance 7,604   7,418   5,793   6,011   8,948 
    Drydocking 2,561   1,768   2,256   13   1,667 
    Insurance and loss reserves 2,944   1,833   2,390   2,789   3,381 
    Fuel, lubes and supplies 3,683   5,047   3,638   4,819   5,794 
    Other 4,397   4,133   3,709   5,074   3,699 
      43,269   40,142   37,730   38,509   44,338 
    Direct Vessel Profit (1) 29,814   36,758   30,589   22,700   13,588 
    Other Costs and Expenses:              
    Lease expense 679   651   698   720   633 
    Administrative and general 11,547   12,300   13,704   11,632   10,799 
    Depreciation and amortization 13,022   13,462   13,575   13,762   13,624 
      25,248   26,413   27,977   26,114   25,056 
    Gains (Losses) on Asset Dispositions and Impairments, Net 18,057   (512)  265   3,599   1,017 
    Operating Income (Loss) 22,623   9,833   2,877   185   (10,451)
    Other Income (Expense):              
    Interest income 222   340   422   460   688 
    Interest expense (10,444)  (9,536)  (8,736)  (8,788)  (8,456)
    Derivative gains, net 608   —   —   —   — 
    (Loss) gain on debt extinguishment —   (2,004)  —   —   10,429 
    Foreign currency (losses) gains, net (1,276)  571   (603)  (825)  (2,646)
    Other, net —   —   —   —   137 
      (10,890)  (10,629)  (8,917)  (9,153)  152 
    Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies 11,733   (796)  (6,040)  (8,968)  (10,299)
    Income Tax Expense (Benefit) 6,378   2,360   (1,096)  1,157   4,219 
    Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies 5,355   (3,156)  (4,944)  (10,125)  (14,518)
    Equity in Earnings of 50% or Less Owned Companies 374   2,273   373   536   1,176 
    Net Income (Loss)$5,729  $(883) $(4,571) $(9,589) $(13,342)
                   
    Net Earnings (Loss) Per Share:              
    Basic$0.21  $(0.03) $(0.17) $(0.36) $(0.50)
    Diluted$0.20  $(0.03) $(0.17) $(0.36) $(0.50)
    Weighted Average Common Stock and Warrants Outstanding:              
    Basic 27,182   27,182   27,138   26,822   26,728 
    Diluted 28,401   27,182   27,138   26,822   26,728 
    Common Shares and Warrants Outstanding at Period End 28,489   28,481   28,481   28,428   28,142 


    (1) See full description of footnote above.

     


    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)    		 
       
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    United States, primarily Gulf of Mexico              
    Time Charter Statistics:              
    Average rates per day worked$22,584  $23,663  $16,115  $18,359  $22,563 
    Fleet utilization 50%  57%  35%  35%  57%
    Fleet available days 1,152   1,196   1,080   1,015   1,288 
    Out-of-service days for repairs, maintenance and drydockings 61   151   229   112   108 
    Out-of-service days for cold-stacked status (2) 254   206   173   211   242 
    Operating Revenues:              
    Time charter$12,929  $16,236  $6,121  $6,564  $16,574 
    Other marine services 5,346   5,478   3,004   3,850   2,916 
      18,275   21,714   9,125   10,414   19,490 
    Direct Costs and Expenses:              
    Operating:              
    Personnel 6,906   6,712   5,957   6,535   7,262 
    Repairs and maintenance 819   1,560   1,573   1,194   2,666 
    Drydocking 303   462   1,506   43   472 
    Insurance and loss reserves 1,297   332   1,082   1,041   2,022 
    Fuel, lubes and supplies 1,032   958   924   783   746 
    Other 475   375   346   231   416 
      10,832   10,399   11,388   9,827   13,584 
    Direct Vessel Profit (Loss) (1)$7,443  $11,315  $(2,263) $587  $5,906 
    Other Costs and Expenses:              
    Lease expense$141  $116  $143  $136  $138 
    Depreciation and amortization 3,479   3,810   3,861   3,535   3,912 
                   
    Africa and Europe              
    Time Charter Statistics:              
    Average rates per day worked$15,233  $15,388  $14,982  $12,835  $11,241 
    Fleet utilization 82%  84%  94%  87%  82%
    Fleet available days 1,748   1,748   1,729   1,710   1,656 
    Out-of-service days for repairs, maintenance and drydockings 124   111   58   118   125 
    Out-of-service days for cold-stacked status (3) 92   54   —   —   — 
    Operating Revenues:              
    Time charter$21,791  $22,528  $24,414  $18,996  $15,299 
    Other marine services 189   1,943   225   225   (679)
      21,980   24,471   24,639   19,221   14,620 
    Direct Costs and Expenses:              
    Operating:              
    Personnel 6,007   5,089   4,833   4,505   4,680 
    Repairs and maintenance 2,807   2,214   2,050   2,553   2,902 
    Drydocking 1,298   320   144   1,184   678 
    Insurance and loss reserves 416   573   420   318   366 
    Fuel, lubes and supplies 623   2,573   1,419   2,215   2,775 
    Other 2,267   2,448   2,608   2,749   1,896 
      13,418   13,217   11,474   13,524   13,297 
    Direct Vessel Profit (1)$8,562  $11,254  $13,165  $5,697  $1,323 
    Other Costs and Expenses:              
    Lease expense$289  $372  $408  $429  $378 
    Depreciation and amortization 3,747   3,821   3,853   3,925   3,683 


    1. See full description of footnote above.
    2. Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
    3. Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.



    SEACOR MARINE HOLDINGS INC.
     UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)    		 
       
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    Middle East and Asia              
    Time Charter Statistics:              
    Average rates per day worked$17,590  $16,313  $13,245  $13,562  $11,090 
    Fleet utilization 69%  67%  86%  82%  75%
    Fleet available days 1,461   1,472   1,456   1,440   1,533 
    Out-of-service days for repairs, maintenance and drydockings 360   297   58   76   132 
    Operating Revenues:              
    Time charter$17,729  $16,087  $16,563  $16,028  $12,802 
    Other marine services 539   267   3,512   27   (66)
      18,268   16,354   20,075   16,055   12,736 
    Direct Costs and Expenses:              
    Operating:              
    Personnel 5,522   5,157   5,266   4,841   5,270 
    Repairs and maintenance 2,590   2,623   1,219   677   1,958 
    Drydocking 624   1,056   (684)  (1,095)  244 
    Insurance and loss reserves 1,022   711   720   1,185   821 
    Fuel, lubes and supplies 1,242   743   425   1,142   1,335 
    Other 1,133   943   389   1,496   915 
      12,133   11,233   7,335   8,246   10,543 
    Direct Vessel Profit (1)$6,135  $5,121  $12,740  $7,809  $2,193 
    Other Costs and Expenses:              
    Lease expense$158  $59  $67  $76  $52 
    Depreciation and amortization 3,643   3,721   3,708   3,688   3,783 
                   
    Latin America              
    Time Charter Statistics:              
    Average rates per day worked$20,745  $20,656  $18,846  $16,229  $14,009 
    Fleet utilization 84%  87%  88%  94%  94%
    Fleet available days 809   766   831   906   767 
    Out-of-service days for repairs, maintenance and drydockings —   67   79   22   14 
    Operating Revenues:              
    Time charter$14,049  $13,817  $13,706  $13,827  $10,114 
    Bareboat charter 368   368   364   360   376 
    Other marine services 143   176   410   1,332   590 
      14,560   14,361   14,480   15,519   11,080 
    Direct Costs and Expenses:              
    Operating:              
    Personnel 3,645   2,985   3,888   3,922   3,637 
    Repairs and maintenance 1,388   1,021   951   1,587   1,422 
    Drydocking 336   (70)  1,290   (119)  273 
    Insurance and loss reserves 209   217   168   245   172 
    Fuel, lubes and supplies 786   773   870   679   938 
    Other 522   367   366   598   472 
      6,886   5,293   7,533   6,912   6,914 
    Direct Vessel Profit (1)$7,674  $9,068  $6,947  $8,607  $4,166 
    Other Costs and Expenses:              
    Lease expense$91  $104  $80  $79  $65 
    Depreciation and amortization 2,153   2,110   2,153   2,614   2,246 

     

    (1) See full description of footnote above.



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)    		 
       
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    AHTS              
    Time Charter Statistics:              
    Average rates per day worked$8,937  $9,947  $8,916  $9,244  $9,254 
    Fleet utilization 64%  50%  85%  81%  80%
    Fleet available days 368   368   364   391   460 
    Out-of-service days for repairs, maintenance and drydockings 41   111   13   45   — 
    Out-of-service days for cold-stacked status 92   54   —   31   92 
    Operating Revenues:              
    Time charter$2,102  $1,831  $2,762  $2,915  $3,406 
    Other marine services 6   930   —   —   (168)
      2,108   2,761   2,762   2,915   3,238 
    Direct Costs and Expenses:              
    Operating:              
    Personnel$944  $1,019  $1,069  $995  $1,220 
    Repairs and maintenance 612   484   186   216   331 
    Drydocking 58   747   131   420   6 
    Insurance and loss reserves 73   88   78   68   94 
    Fuel, lubes and supplies 375   428   192   476   259 
    Other 295   378   329   448   283 
      2,357   3,144   1,985   2,623   2,193 
    Other Costs and Expenses:              
    Lease expense$253  $331  $332  $331  $300 
    Depreciation and amortization 175   249   298   298   300 
                   
    FSV              
    Time Charter Statistics:              
    Average rates per day worked$11,841  $11,441  $11,314  $10,609  $9,905 
    Fleet utilization 74%  79%  92%  91%  86%
    Fleet available days 2,105   2,116   2,093   2,070   2,116 
    Out-of-service days for repairs, maintenance and drydockings 337   227   86   66   146 
    Out-of-service days for cold-stacked status 92   69   82   90   58 
    Operating Revenues:              
    Time charter$18,502  $19,135  $21,747  $19,988  $18,062 
    Other marine services 163   652   71   190   (224)
      18,665   19,787   21,818   20,178   17,838 
    Direct Costs and Expenses:              
    Operating:              
    Personnel$5,320  $5,144  $5,083  $4,861  $5,140 
    Repairs and maintenance 2,691   2,787   1,134   1,867   2,957 
    Drydocking 1,710   870   1,342   128   1,434 
    Insurance and loss reserves 507   185   337   334   453 
    Fuel, lubes and supplies 1,441   1,501   1,108   1,382   1,797 
    Other 1,632   1,552   1,536   1,803   1,638 
      13,301   12,039   10,540   10,375   13,419 
    Other Costs and Expenses:              
    Depreciation and amortization 4,879   5,002   4,952   4,946   4,972 



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)    		 
       
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    PSV              
    Time Charter Statistics:              
    Average rates per day worked$19,778  $19,528  $17,545  $14,827  $13,519 
    Fleet utilization 77%  78%  80%  70%  69%
    Fleet available days 1,902   1,870   1,820   1,800   1,840 
    Out-of-service days for repairs, maintenance and drydockings 109   110   92   124   142 
    Operating Revenues:              
    Time charter$29,140  $28,580  $25,458  $18,800  $17,194 
    Bareboat charter 368   368   364   360   376 
    Other marine services 595   696   584   1,203   222 
      30,103   29,644   26,406   20,363   17,792 
    Direct Costs and Expenses:              
    Operating:              
    Personnel$9,017  $8,793  $8,738  $8,849  $8,961 
    Repairs and maintenance 3,520   2,504   2,998   3,475   2,998 
    Drydocking 472   232   12   609   770 
    Insurance and loss reserves 690   682   421   419   552 
    Fuel, lubes and supplies 1,027   2,352   2,124   2,331   2,842 
    Other 1,922   1,761   1,405   2,677   1,420 
      16,648   16,324   15,698   18,360   17,543 
    Other Costs and Expenses:              
    Depreciation and amortization 4,073   4,073   4,072   4,262   4,099 



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)    		 
       
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    Liftboats              
    Time Charter Statistics:              
    Average rates per day worked$40,181  $39,419  $35,623  $33,936  $31,717 
    Fleet utilization 52%  59%  37%  50%  61%
    Fleet available days 795   828   819   810   828 
    Out-of-service days for repairs, maintenance and drydockings 60   111   233   94   90 
    Out-of-service days for cold-stacked status 162   137   91   90   92 
    Operating Revenues:              
    Time charter$16,754  $19,122  $10,837  $13,712  $16,127 
    Other marine services 4,666   4,710   5,495   2,930   1,842 
      21,420   23,832   16,332   16,642   17,969 
    Direct Costs and Expenses:              
    Operating:              
    Personnel$5,316  $4,983  $5,065  $5,068  $5,520 
    Repairs and maintenance 769   1,643   1,472   499   2,674 
    Drydocking 321   (81)  849   (1,141)  (543)
    Insurance and loss reserves 1,554   1,148   1,418   1,907   2,271 
    Fuel, lubes and supplies 838   766   219   619   896 
    Other 531   445   441   125   359 
      9,329   8,904   9,464   7,077   11,177 
    Other Costs and Expenses:              
    Depreciation and amortization 3,867   4,099   4,215   4,214   4,210 
                   
    Other Activity              
    Operating Revenues:              
    Other marine services$787  $876  $1,001  $1,111  $1,089 
      787   876   1,001   1,111   1,089 
    Direct Costs and Expenses:              
    Operating:              
    Personnel$1,483  $4  $(11) $30  $8 
    Repairs and maintenance 12   —   3   (46)  (12)
    Drydocking —   —   (78)  (3)  — 
    Insurance and loss reserves 120   (270)  136   61   11 
    Fuel, lubes and supplies 2   —   (5)  11   — 
    Other 17   (3)  (2)  21   (1)
      1,634   (269)  43   74   6 
    Other Costs and Expenses:              
    Lease expense$426  $320  $366  $389  $333 
    Depreciation and amortization 28   39   38   42   43 



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)    		 
      
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    ASSETS              
    Current Assets:              
    Cash and cash equivalents$67,455  $55,840  $40,750  $40,570  $39,963 
    Restricted cash 16,676   2,796   2,796   3,082   3,082 
    Receivables:              
    Trade, net of allowance for credit loss accounts 63,728   63,246   60,022   60,114   54,388 
    Other 11,049   8,662   12,032   11,650   7,375 
    Note receivable —   —   5,000   10,000   15,000 
    Tax receivable 983   445   445   445   578 
    Inventories 1,609   1,738   1,653   2,207   2,123 
    Prepaid expenses and other 2,686   2,957   3,112   3,233   3,054 
    Assets held for sale 500   6,093   —   —   6,750 
    Total current assets 164,686   141,777   125,810   131,301   132,313 
    Property and Equipment:              
    Historical cost 918,823   936,520   966,338   969,328   967,683 
    Accumulated depreciation (324,141)  (318,549)  (334,678)  (324,197)  (310,778)
      594,682   617,971   631,660   645,131   656,905 
    Construction in progress 10,362   9,413   8,876   8,540   8,111 
    Net property and equipment 605,044   627,384   640,536   653,671   665,016 
    Right-of-use asset - operating leases 4,291   4,907   5,703   5,984   6,206 
    Right-of-use asset - finance leases 37   45   6,495   6,654   6,813 
    Investments, at equity, and advances to 50% or less owned companies 4,125   3,857   3,253   3,594   3,024 
    Other assets 2,153   2,095   2,139   2,079   1,995 
    Total assets$780,336  $780,065  $783,936  $803,283  $815,367 
    LIABILITIES AND EQUITY              
    Current Liabilities:              
    Current portion of operating lease liabilities$1,591  $1,856  $1,792  $1,764  $2,358 
    Current portion of finance lease liabilities 35   35   611   563   468 
    Current portion of long-term debt 28,365   28,005   63,959   60,523   61,512 
    Accounts payable and accrued expenses 27,562   32,468   39,013   44,256   37,955 
    Other current liabilities 19,533   21,340   21,027   20,185   18,869 
    Total current liabilities 77,086   83,704   126,402   127,291   121,162 
    Long-term operating lease liabilities 3,529   3,571   4,030   4,474   4,739 
    Long-term finance lease liabilities 6   15   6,462   6,644   6,781 
    Long-term debt 287,544   291,843   243,960   254,450   260,119 
    Deferred income taxes 35,718   33,078   34,038   39,120   40,779 
    Deferred gains and other liabilities 2,229   2,217   2,189   2,264   2,641 
    Total liabilities 406,112   414,428   417,081   434,243   436,221 
    Equity:              
    SEACOR Marine Holdings Inc. stockholders’ equity:              
    Common stock 280   280   280   279   272 
    Additional paid-in capital 472,692   471,158   469,618   467,896   466,669 
    Accumulated deficit (102,425)  (108,154)  (107,271)  (102,700)  (93,111)
    Shares held in treasury (4,221)  (4,221)  (4,221)  (4,119)  (1,852)
    Accumulated other comprehensive income, net of tax 7,577   6,253   8,128   7,363   6,847 
      373,903   365,316   366,534   368,719   378,825 
    Noncontrolling interests in subsidiaries 321   321   321   321   321 
    Total equity 374,224   365,637   366,855   369,040   379,146 
    Total liabilities and equity$780,336  $780,065  $783,936  $803,283  $815,367 



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)    		 
     Three Months Ended 
     Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023  Mar. 31, 2023  Dec. 31, 2022 
    Cash Flows from Operating Activities:              
    Net Income (Loss)$5,729  $(883) $(4,571) $(9,589) $(13,342)
    Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:              
    Depreciation and amortization 13,022   13,462   13,575   13,762   13,624 
    Deferred financing costs amortization 279   459   423   418   (997)
    Stock-based compensation expense 1,510   1,540   1,723   1,227   1,220 
    Debt discount amortization 1,862   1,714   1,627   1,558   1,449 
    Allowance for credit losses 266   594   2,763   (104)  11 
    (Gain) loss from equipment sales, retirements or impairments (18,057)  512   (265)  (3,599)  (1,017)
    (Gains) losses on debt extinguishment —   177   —   —   (12,700)
    Derivative gains (608)  —   —   —   — 
    Interest on finance lease 1   59   70   72   73 
    Settlements on derivative transactions, net —   197   226   154   33 
    Currency losses (gains) 1,276   (571)  603   825   2,646 
    Deferred income taxes 2,640   (960)  (5,082)  (1,659)  957 
    Equity earnings (374)  (2,273)  (373)  (536)  (1,176)
    Dividends received from equity investees 166   1,031   1,044   —   74 
    Changes in Operating Assets and Liabilities:              
    Accounts receivables (3,472)  (747)  (3,139)  (9,857)  2,304 
    Other assets 733   493   1,017   45   3,296 
    Accounts payable and accrued liabilities (6,456)  (7,705)  (5,758)  6,731   769 
    Net cash (used in) provided by operating activities (1,483)  7,099   3,883   (552)  (2,776)
    Cash Flows from Investing Activities:              
    Purchases of property and equipment (3,644)  (6,455)  (35)  (470)  (185)
    Proceeds from disposition of property and equipment 36,692   —   427   7,611   53 
    Net investing activities in property and equipment 33,048   (6,455)  392   7,141   (132)
    Principal payments on notes due from others —   5,000   5,000   5,000   5,000 
    Net cash provided by (used in) investing activities 33,048   (1,455)  5,392   12,141   4,868 
    Cash Flows from Financing Activities:              
    Payments on long-term debt (6,173)  (4,901)  (9,483)  (8,608)  (7,470)
    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 issue costs 87   121,207   27,181   —   — 
    Payments on finance leases (9)  (204)  (204)  (114)  (114)
    Proceeds from issuance of common stock, net of issue costs 24   —   —   —   — 
    Proceeds from exercise of stock options —   —   —   6   — 
    Tax withholdings on restricted stock vesting and director share awards —   —   (102)  (2,266)  — 
    Net cash (used in) provided by financing activities (6,071)  9,443   (9,380)  (10,982)  (9,855)
    Effects of Exchange Rate Changes on Cash and Cash Equivalents 1   3   (1)  —   (2)
    Net Change in Cash, Cash Equivalents and Restricted Cash 25,495   15,090   (106)  607   (7,765)
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period 58,636   43,546   43,652   43,045   50,810 
    Cash, Restricted Cash and Cash Equivalents, End of Period$84,131  $58,636  $43,546  $43,652  $43,045 



    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
      Owned Leased-in Managed Total
    December 31, 2023        
    AHTS 3 1 — 4
    FSV 22 — 3 25
    PSV 21 — — 21
    Liftboats 8 — — 8
      54 1 3 58
    December 31, 2022        
    AHTS 3 2 — 5
    FSV 22 1 2 25
    PSV 21 — — 21
    Liftboats 9 — — 9
      55 3 2 60

     


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