• SEACOR Marine Announces Third Quarter 2023 Results

    المصدر: Nasdaq GlobeNewswire / 01 نوفمبر 2023 15:16:39   America/Chicago

    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.
    ___________________

    (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 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 


    Primary Logo

شارك على،