• UPDATE - SEACOR Marine Announces Fourth Quarter 2021 Results

    المصدر: Nasdaq GlobeNewswire / 10 مارس 2022 19:06:30   America/Chicago

    HOUSTON, March 10, 2022 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2021.

    SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2021 were $48.0 million, operating loss was $14.7 million, and direct vessel profit (“DVP”)(1) was $12.9 million. This compares to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020.

    Notable fourth quarter items include:

    • Increased utilization across all regions and asset classes, with average utilization rates of 73%, the highest since the third quarter of 2014.
    • The Company was down to five laid-up vessels at the end of 2021.
    • 27% and 24% improvement in consolidated DVP compared to the third quarter of 2021 and the fourth quarter of 2020, respectively.

    For the fourth quarter of 2021, net loss attributable to SEACOR Marine was $15.8 million ($0.62 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2020 of $38.8 million ($1.54 loss per basic and diluted share). Sequentially, fourth quarter 2021 results compare to consolidated operating revenues from continuing operations of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021. For the third quarter of 2021, net loss attributable to SEACOR Marine’s continuing operations was $5.8 million ($0.23 loss per basic and diluted share), primarily due to gains on asset dispositions and the extinguishment of debt with no similar transactions in the fourth quarter.

    Chief Executive Officer John Gellert commented:

    “The Company’s business continued to improve during the fourth quarter. Despite our usual seasonally lower activity, we saw very healthy levels of both contracted activity and tendering activity. I am encouraged by the levels of inquiries. Our focus during recent months has been to prepare and position the fleet to participate fully in the market up-cycle. The recent acquisition of an additional five PSVs, which were previously part of an unconsolidated joint venture, are further bolstering our participation in this up-cycle.

    Our active efforts over the last three years to simplify our structure and maximize cost efficiencies while expanding our fleet should position us well for an improved market. Strong commodity prices are creating increasing demand for our services.

    Finally, I want to address the recent tragic events in Ukraine. The war could disrupt access to a major source of qualified labor in the maritime industry and we are preparing accordingly. The Company employs over 100 mariners from the region and we are working diligently to support them and their families in these troubled times. Our thoughts and prayers are with them.”
    ___________________

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

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide.  SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair.  Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

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

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

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

      Three Months Ended December 31,  Year ended December 31, 
      2021  2020  2021  2020 
    Operating Revenues $47,967  $36,021  $170,941  $141,837 
    Costs and Expenses:                
    Operating  35,036   25,563   127,406   91,145 
    Administrative and general  10,742   8,531   37,639   40,051 
    Lease expense  2,664   1,798   6,085   7,525 
    Depreciation and amortization  14,198   15,247   57,395   57,167 
       62,640   51,139   228,525   195,888 
    (Losses) Gains on Asset Dispositions and Impairments, Net  —   (1,796)  20,436   (17,588)
    Operating Loss  (14,673)  (16,914)  (37,148)  (71,639)
    Other Income (Expense):                
    Interest income  57   61   1,302   1,273 
    Interest expense  (6,380)  (8,288)  (28,111)  (30,691)
    SEACOR Holdings guarantee fees  —   (11)  (7)  (47)
    Gain on debt extinguishment  —   —   61,994   — 
    Derivative gains (losses), net  4   (894)  391   4,310 
    Foreign currency (losses), net  (357)  (1,286)  (1,235)  (1,294)
    (Loss) Gain from return of investments in 50% or less owned companies and other, net  —   (19)  9,441   (19)
       (6,676)  (10,437)  43,775   (26,468)
    (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies  (21,349)  (27,351)  6,627   (98,107)
    Income Tax (Benefit) Expense  (1,009)  1,865   11,493   (22,924)
    Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (20,340)  (29,216)  (4,866)  (75,183)
    Equity in Earnings Gains (Losses) of 50% or Less Owned Companies  4,494   (9,681)  15,078   (8,163)
    (Loss) Income from Continuing Operations  (15,846)  (38,897)  10,212   (83,346)
    Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)  —   50   22,925   364 
    Net (Loss) Income  (15,846)  (38,847)  33,137   (82,982)
    Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries  —   (31)  1   (4,067)
    Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $(15,846) $(38,816) $33,136  $(78,915)
                     
    Net (Loss) Earnings Per Common Share from Continuing Operations:                
    Basic $(0.62) $(1.54) $0.40  $(3.20)
    Diluted  (0.62)  (1.54)  0.40   (3.20)
    Net Earnings Per Share from Discontinued Operations:                
    Basic $—  $—  $0.90  $0.02 
    Diluted  —   —   0.90   0.02 
    Net (Loss) Earnings per Share:                
    Basic $(0.62) $(1.54) $1.30  $(3.18)
    Diluted $(0.62) $(1.54) $1.30  $(3.18)
    Weighted Average Common Stock and Warrants Outstanding:                
    Basic  25,520,034   25,265,812   25,444,693   24,785,744 
    Diluted  25,520,034   25,265,812   25,495,527   24,785,744 

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

      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    Time Charter Statistics:                     
    Average Rates Per Day $11,376  $12,120  $12,007  $11,323  $10,931  
    Fleet Utilization  73%  68%  67%  55%  51% 
    Fleet Available Days  5,060   5,108   5,177   5,505   5,824  
    Operating Revenues:                     
    Time charter $42,289  $41,782  $41,474  $34,290  $32,694  
    Bareboat charter  2,870   —   434   729   732  
    Other marine services  2,808   1,881   891   1,493   2,595  
       47,967   43,663   42,799   36,512   36,021  
    Costs and Expenses:                     
    Operating:                     
    Personnel  17,098   15,051   14,353   13,418   13,058  
    Repairs and maintenance  6,782   6,536   6,959   3,840   3,445  
    Drydocking  567   771   2,792   2,217   1,753  
    Insurance and loss reserves  1,859   2,189   2,661   1,958   1,669  
    Fuel, lubes and supplies  3,254   3,684   2,893   2,202   2,081  
    Other  5,476   5,217   2,957   2,672   3,557  
       35,036   33,448   32,615   26,307   25,563  
    Direct Vessel Profit (1)  12,931   10,215   10,184   10,205   10,458  
    Other Costs and Expenses:                     
    Lease expense  2,664   1,109   1,234   1,078   1,798  
    Administrative and general  10,742   9,134   9,152   8,611   8,531  
    Depreciation and amortization  14,198   14,306   14,093   14,798   15,247  
       27,604   24,549   24,479   24,487   25,576  
    Gains (Losses) on Asset Dispositions and Impairments, Net  —   56   22,653   (2,273)  (1,796) 
    Operating (Loss) Income  (14,673)  (14,278)  8,358   (16,555)  (16,914) 
    Other Income (Expense):                     
    Interest income  57   124   135   986   61  
    Interest expense  (6,380)  (6,403)  (7,310)  (8,018)  (8,288) 
    SEACOR Holdings guarantee fees  —   —   —   (7)  (11) 
    Derivative gains (losses), net  4   2   30   355   (894) 
    Gain on debt extinguishment  —   —   61,994   —   —  
    Foreign currency (losses) gains, net  (357)  245   (657)  (466)  (1,286) 
    Gain (Loss) from return of investments in 50% or less owned companies and other, net  —   9,442   (1)  —   (19) 
       (6,676)  3,410   54,191   (7,150)  (10,437) 
    (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies  (21,349)  (10,868)  62,549   (23,705)  (27,351) 
    Income Tax (Benefit) Expense  (1,009)  (725)  15,915   (2,688)  1,865  
    (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (20,340)  (10,143)  46,634   (21,017)  (29,216) 
    Equity in Earnings Gains (Losses) of 50% or Less Owned Companies  4,494   4,314   2,167   4,103   (9,681) 
    (Loss) Income from Continuing Operations  (15,846)  (5,829)  48,801   (16,914)  (38,897) 
    Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)  —   —   —   22,925   50  
    Net (Loss) Income  (15,846)  (5,829)  48,801   6,011   (38,847) 
    Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries  —   —   1   —   (31) 
    Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $(15,846) $(5,829) $48,800  $6,011  $(38,816) 
                          
    Net (Loss) Earnings Per Common Share from Continuing Operations:                     
    Basic $(0.62) $(0.23) $1.92  $(0.67) $(1.54) 
    Diluted  (0.62)  (0.23)  1.79   (0.67)  (1.54) 
    Net Earnings Per Share from Discontinued Operations:                     
    Basic $—  $—  $—  $0.91  $—  
    Diluted  —   —   —   0.91   —  
    Net (Loss) Earnings per Share:                     
    Basic $(0.62) $(0.23) $1.92  $0.24  $(1.54) 
    Diluted $(0.62) $(0.23) $1.79  $0.24  $(1.54) 
    Weighted Average Common Stock and Warrants Outstanding:                     
    Basic  25,520   25,516   25,435   25,305   25,265  
    Diluted  25,520   25,516   28,345   25,305   25,265  
    Common Shares and Warrants Outstanding at Period End  27,432   25,864   25,869   25,683   24,919  

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

      Three Months Ended
      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    United States, primarily Gulf of Mexico                     
    Time Charter Statistics:                     
    Average rates per day worked $15,496  $18,702  $17,058  $15,910  $18,405  
    Fleet utilization  33%  27%  18%  6%  7% 
    Fleet available days  1,043   1,062   1,112   1,518   1,797  
    Out-of-service days for repairs, maintenance and drydockings  95   246   137   67   45  
    Out-of-service days for cold-stacked status  399   469   748   1,270   1,472  
    Operating Revenues:                     
    Time charter $5,290  $5,289  $3,419  $1,489  $2,352  
    Bareboat charter  386   —   434   729   732  
    Other marine services  1,119   1,215   727   546   794  
       6,795   6,504   4,580   2,764   3,878  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $3,136  $2,428  $1,528  $1,744  $2,372  
    Repairs and maintenance  1,085   1,266   389   654   386  
    Drydocking  191   239   777   875   —  
    Insurance and loss reserves  720   462   923   527   507  
    Fuel, lubes and supplies  501   259   245   199   208  
    Other  200   147   224   77   116  
       5,833   4,801   4,086   4,076   3,589  
    Direct Vessel Profit (Loss) (1) $962  $1,703  $494  $(1,312) $289  
    Other Costs and Expenses:                     
    Lease expense $633  $621  $703  $664  $677  
    Depreciation and amortization  4,325   3,936   3,287   4,164   5,854  
                          
    Africa and Europe, Continuing Operations                     
    Time Charter Statistics:                     
    Average rates per day worked $9,530  $9,551  $11,231  $11,356  $10,837  
    Fleet utilization  88%  77%  75%  68%  61% 
    Fleet available days  1,411   1,417   1,365   1,356   1,472  
    Out-of-service days for repairs, maintenance and drydockings  79   52   65   78   138  
    Out-of-service days for cold-stacked status  —   29   176   346   368  
    Operating Revenues:                     
    Time charter $11,883  $10,446  $11,437  $10,502  $9,796  
    Bareboat charter  —   —   —   —   —  
    Other marine services  (416)  (429)  (224)  (269)  319  
       11,467   10,017   11,213   10,233   10,115  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $3,283  $3,147  $4,253  $3,220  $3,511  
    Repairs and maintenance  1,846   1,540   2,195   1,191   1,437  
    Drydocking  144   337   374   304   1,269  
    Insurance and loss reserves  245   323   352   433   511  
    Fuel, lubes and supplies  1,019   1,631   887   572   853  
    Other  1,740   1,424   2,072   579   (674) 
       8,277   8,402   10,133   6,299   6,907  
    Direct Vessel Profit (1) $3,190  $1,615  $1,080  $3,934  $3,208  
    Other Costs and Expenses:                     
    Lease expense $371  $284  $270  $356  $1,056  
    Depreciation and amortization  2,948   3,296   3,305   3,307   2,964  

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

      Three Months Ended
      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    Middle East and Asia                     
    Time Charter Statistics:                     
    Average rates per day worked $9,612  $10,374  $9,292  $9,308  $9,455  
    Fleet utilization  81%  73%  81%  73%  75% 
    Fleet available days  1,717   1,780   1,820   1,852   1,840  
    Out-of-service days for repairs, maintenance and drydockings  38   134   105   115  68  
    Out-of-service days for cold-stacked status  178   214   116   239  169  
    Operating Revenues:                     
    Time charter $13,402  $13,417  $13,752  $12,575  $13,008  
    Other marine services  50   85   31   360   927  
       13,452   13,502   13,783   12,935   13,935  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $5,756  $5,849  $5,378  $5,208  $5,411  
    Repairs and maintenance  1,382   1,610   2,806   903   842  
    Drydocking  232   156   1,185   1,066   41  
    Insurance and loss reserves  611   707   461   702   501  
    Fuel, lubes and supplies  1,042   777   1,081   559   604  
    Other  2,148   2,823   43   1,144   3,618  
       11,171   11,922   10,954   9,582   11,017  
    Direct Vessel Profit (1) $2,281  $1,580  $2,829  $3,353  $2,918  
    Other Costs and Expenses:                     
    Lease expense $38  $377  $35  $22  $47  
    Depreciation and amortization  4,156   4,456   4,663   4,710   4,505  
                          
    Latin America                     
    Time Charter Statistics:                     
    Average rates per day worked $15,944  $16,240  $17,034  $14,751  $12,921  
    Fleet utilization  83%  92%  86%  85%  82% 
    Fleet available days  889   849   880   779   716  
    Out-of-service days for repairs, maintenance and drydockings  113   58   117   94   66  
    Operating Revenues:                     
    Time charter $11,714  $12,630  $12,866  $9,724  $7,538  
    Bareboat charter  2,484   —   —   —   —  
    Other marine services  2,055   1,010   357   856   555  
       16,253   13,640   13,223   10,580   8,093  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $4,923  $3,627  $3,194  $3,246  $1,764  
    Repairs and maintenance  2,469   2,120   1,569   1,092   780  
    Drydocking  —   39   456   (28)  443  
    Insurance and loss reserves  283   697   925   296   150  
    Fuel, lubes and supplies  692   1,017   680   872   416  
    Other  1,388   823   618   872   497  
       9,755   8,323   7,442   6,350   4,050  
    Direct Vessel Profit (1) $6,498  $5,317  $5,781  $4,230  $4,043  
    Other Costs and Expenses:                     
    Lease expense $1,622  $(173) $226  $36  $18  
    'Depreciation and amortization  2,769   2,618   2,838   2,617   1,924  

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

      Three Months Ended
      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    Anchor handling towing supply                     
    Time Charter Statistics:                     
    Average rates per day worked $8,069  $14,346  $11,268  $7,778  $7,967  
    Fleet utilization  66%  66%  59%  67%  44% 
    Fleet available days  552   552   546   540   641  
    Out-of-service days for repairs, maintenance and drydockings  14   61   105   —  133  
    Out-of-service days for cold-stacked status  92   92   118   180  228  
    Operating Revenues:                     
    Time charter $2,926  $5,224  $3,640  $2,801  $2,236  
    Other marine services  (129)  (151)  (157)  (130)  433  
       2,797   5,073   3,483   2,671   2,669  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $1,389  $1,584  $1,513  $984  $1,149  
    Repairs and maintenance  608   1,044   471   241   542  
    Drydocking  1   (217)  1,322   54   847  
    Insurance and loss reserves  148   193   99   194   199  
    Fuel, lubes and supplies  321   388   344   139   258  
    Other  556   408   444   270   535  
       3,023   3,400   4,193   1,882   3,530  
    Other Costs and Expenses:                     
    Lease expense $353  $354  $362  $400  $1,127  
    Depreciation and amortization  495   494   495   494   494  
                          
    Fast support                     
    Time Charter Statistics:                     
    Average rates per day worked $8,464  $8,455  $7,962  $7,888  $8,074  
    Fleet utilization  79%  70%  71%  61%  60% 
    Fleet available days  2,208   2,208   2,100   2,207   2,300  
    Out-of-service days for repairs, maintenance and drydockings  137   300   226   182  155  
    Out-of-service days for cold-stacked status  92   178   314   584  549  
    Operating Revenues:                     
    Time charter $14,857  $13,007  $11,827  $10,657  $11,151  
    Bareboat charter  386   —   434   729   732  
    Other marine services  (380)  (121)  (249)  (218)  (283) 
       14,863   12,886   12,012   11,168   11,600  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $5,581  $4,588  $4,802  $4,041  $4,409  
    Repairs and maintenance  2,151   2,313   3,618   1,535   1,604  
    Drydocking  494   965   1,178   1,178   912  
    Insurance and loss reserves  390   328   507   466   471  
    Fuel, lubes and supplies  1,355   1,390   1,154   726   836  
    Other  2,156   2,021   1,640   1,141   2,085  
       12,127   11,605   12,899   9,087   10,317  
    Other Costs and Expenses:                     
    Lease expense $353  $693  $352  $352  $352  
    Depreciation and amortization  4,929   4,929   4,931   5,096   5,113  

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

      Three Months Ended
      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    Supply                     
    Time Charter Statistics:                     
    Average rates per day worked $11,586  $11,631  $11,921  $12,110  $11,373  
    Fleet utilization  79%  77%  80%  63%  63% 
    Fleet available days  1,380   1,372   1,274   1,319   1,360  
    Out-of-service days for repairs, maintenance and drydockings  117   64   11   105   12  
    Out-of-service days for cold-stacked status  117   174   91   315   353  
    Operating Revenues:                     
    Time charter $12,675  $12,317  $12,179  $10,082  $9,714  
    Other marine services  410   221   117   346   482  
       13,085   12,538   12,296   10,428   10,196  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $6,141  $4,738  $4,044  $4,158  $3,364  
    Repairs and maintenance  2,191   2,078   2,039   1,135   735  
    Drydocking  —   23   180   110   (2) 
    Insurance and loss reserves  280   595   436   474   238  
    Fuel, lubes and supplies  998   1,221   1,034   1,003   622  
    Other  1,957   988   884   880   1,205  
       11,567   9,643   8,617   7,760   6,162  
    Other Costs and Expenses:                     
    Depreciation and amortization  3,155   3,149   2,936   2,977   3,060  
                          
    Specialty                     
    Time Charter Statistics:                     
    Average rates per day worked $—  $—  $1,571  $1,890  $2,025  
    Fleet utilization  —%  —%  92%  100%  100% 
    Fleet available days  92   92   91   90   92  
    Out-of-service days for repairs, maintenance and drydockings  —   65   8   —   —  
    Out-of-service days for cold-stacked status  92   —   —   —   —  
    Operating Revenues:                     
    Time charter $—  $—  $131  $170  $187  
    Other marine services  —   —   23   12   (23) 
       —   —   154   182   164  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $6  $35  $99  $89  $70  
    Repairs and maintenance  (28)  7   104   8   34  
    Drydocking  —   —   —   —   (3) 
    Insurance and loss reserves  1   3   5   4   (3) 
    Fuel, lubes and supplies  2   6   5   8   3  
    Other  18   28   33   26   18  
       (1)  79   246   135   119  
    Other Costs and Expenses:                     
    Depreciation and amortization $—  $—  $—  $—  $1,541  

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

      Three Months Ended
      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    Liftboats                     
    Time Charter Statistics:                     
    Average rates per day worked $23,409  $23,137  $25,334  $26,792  $24,561  
    Fleet utilization  61%  55%  46%  29%  27% 
    Fleet available days  828   884   1,167   1,350   1,432  
    Out-of-service days for repairs, maintenance and drydockings  58   65   75   67  18  
    Out-of-service days for cold-stacked status  184   202   517   776   880  
    Operating Revenues:                     
    Time charter $11,831  $11,234  $13,697  $10,580  $9,406  
    Bareboat charter  2,484   —   —   —   —  
    Other marine services  1,121   997   688   797   395  
       15,436   12,231   14,385   11,377   9,801  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $4,068  $4,033  $3,916  $3,806  $3,742  
    Repairs and maintenance  1,859   1,104   716   894   524  
    Drydocking  72   —   112   875   (1) 
    Insurance and loss reserves  1,070   1,170   1,752   719   690  
    Fuel, lubes and supplies  589   668   353   320   349  
    Other  856   1,672   (58)  677   1,642  
       8,514   8,647   6,791   7,291   6,946  
    Other Costs and Expenses:                     
    Lease expense $1,569  $(200) $205  $12  $19  
    Depreciation and amortization  5,171   5,170   5,171   5,659   6,009  
                          
    Other Activity                     
    Operating Revenues:                     
    Other marine services $1,786  $935  $469  $686  $1,591  
       1,786   935   469   686   1,591  
    Direct Costs and Expenses:                     
    Operating:                     
    Personnel $(87) $73  $(21) $340  $324  
    Repairs and maintenance  1   (10)  11   27   6  
    Insurance and loss reserves  (30)  (100)  (138)  101   74  
    Fuel, lubes and supplies  (11)  11   3   6   13  
    Other  (67)  100   14   (322)  (1,928) 
       (194)  74   (131)  152   (1,511) 
    Other Costs and Expenses:                     
    Lease expense $389  $262  $315  $314  $300  
    Depreciation and amortization  448   564   560   572   (970) 

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

      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    ASSETS                     
    Current Assets:                     
    Cash and cash equivalents $37,619  $42,194  $45,446  $68,409  $32,666  
    Restricted cash  3,601   4,160   5,855   3,352   3,352  
    Receivables:                     
    Trade, net of allowance for credit loss accounts  55,544   50,343   47,082   42,680   45,325  
    Other  6,118   13,750   12,152   11,265   10,924  
    Receivables from SEACOR Holdings  —   —   —   19,332   18,832  
    Tax receivable  1,238   101   1,497   1,498   13,556  
    Inventories  928   476   425   572   576  
    Prepaid expenses and other  3,730   3,851   4,527   2,326   3,230  
    Other current assets  —   —   —   423   —  
    Assets held for sale  —   —   —   —   50,235  
    Total current assets  108,778   114,875   116,984   149,857   178,696  
    Property and Equipment:                     
    Historical cost  1,025,284   989,910   972,267   1,000,430   1,012,873  
    Accumulated depreciation  (317,297)  (303,178)  (288,882)  (297,792)  (291,538) 
       707,987   686,732   683,385   702,638   721,335  
    Construction in progress  15,531   15,577   32,903   32,530   32,327  
    Net property and equipment  723,518   702,309   716,288   735,168   753,662  
    Right-of-use asset - operating leases  6,608   4,670   5,469   7,046   7,134  
    Right-of-use asset - finance leases  100   108   116   121   129  
    Investments, at equity, and advances to 50% or less owned companies  71,727   77,426   77,539   79,000   75,308  
    Other assets  1,771   2,672   2,781   2,624   2,734  
    Total assets $912,502  $902,060  $919,177  $973,816  $1,017,663  
    LIABILITIES AND EQUITY                     
    Current Liabilities:                     
    Current portion of operating lease liabilities $1,986  $1,269  $2,885  $5,139  $7,030  
    Current portion of finance lease liabilities  33   32   32   46   36  
    Current portion of long-term debt  31,602   28,875   28,419   34,888   32,377  
    Accounts payable and accrued expenses  28,419   23,578   27,163   21,428   29,967  
    Due to SEACOR Holdings  274   276   277   —   —  
    Other current liabilities  22,351   21,109   26,886   29,719   31,467  
    Discontinued operations  —   —   —   —   30,927  
    Total current liabilities  84,665   75,139   85,662   91,220   131,804  
    Long-term operating lease liabilities  4,885   4,000   4,072   4,778   4,345  
    Long-term finance lease liabilities  76   84   92   97   105  
    Long-term debt  332,762   321,641   320,823   431,849   440,510  
    Conversion option liability on convertible senior notes  —   5   7   37   2  
    Deferred income taxes  40,682   43,463   46,169   31,766   35,822  
    Deferred gains and other liabilities  2,891   2,925   2,951   4,910   3,239  
    Total liabilities  465,961   447,257   459,776   564,657   615,827  
    Equity:                     
    SEACOR Marine Holdings Inc. stockholders’ equity:                     
    Common stock  262   245   245   243   235  
    Additional paid-in capital  461,931   455,373   454,079   452,290   451,179  
    Accumulated Deficit  (22,907)  (7,059)  (1,230)  (50,029)  (51,839) 
    Shares held in treasury  (1,120)  (1,120)  (1,120)  (1,110)  (848) 
    Accumulated other comprehensive loss, net of tax  8,055   7,044   7,107   7,446   2,790  
       446,221   454,483   459,081   408,840   401,517  
    Noncontrolling interests in subsidiaries  320   320   320   319   319  
    Total equity  446,541   454,803   459,401   409,159   401,836  
    Total liabilities and equity $912,502  $902,060  $919,177  $973,816  $1,017,663  

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

      Three Months Ended
      Dec. 31, 2021  Sep. 30, 2021  Jun. 30, 2021  Mar. 31, 2021  Dec. 31, 2020  
    Cash Flows from Continuing Operating Activities:                     
    Net (Loss) Income $(15,846) $(5,829) $48,801  $6,011  $(38,897) 
    Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                     
    Depreciation and amortization  14,198   14,306   14,093   14,798   15,247  
    Deferred financing costs amortization  328   255  254  260  266  
    Stock-based compensation expense  1,243   1,294   1,779   849   859  
    Debt discount amortization  1,614   1,573   1,787   1,892   1,917  
    Allowance for credit losses  585   122   132   24   (146) 
    (Gain) Loss from equipment sales, retirements or impairments  —   (56)  (22,653)  2,273   1,796  
    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  (4)  (2)  (30)  (355)  894  
    Interest on finance lease  1   1   —   2   1  
    Cash settlement payments on derivative transactions, net  (403)  (414)  (414)  (919)  (441) 
    Currency losses (gains)  357   (245) 657  466   1,286  
    Deferred income taxes  (2,781)  (2,706)  14,403   (4,056)  (254) 
    Equity (earnings) losses  (4,494)  (4,314)  (2,167)  (4,103)  9,681  
    Dividends received from equity investees  817   4,515   —   —   —  
    Changes in Operating Assets and Liabilities:                     
    Accounts receivables  (1,157)  (3,798)  16,047   11,345   7,668  
    Other assets  1,656   1,561   (1,296)  1,192   605  
    Accounts payable and accrued liabilities  7,915   (1,416)  4,268   (10,296)  (2,807) 
    Net cash provided by (used in) operating activities  4,029   (4,595)  12,912   (3,373)  (2,325) 
    Cash Flows from Continuing Investing Activities:                     
    Purchases of property and equipment  (443)  (2,910)  (926)  (2,724)  (2,500) 
    Proceeds from disposition of property and equipment  —   —   26,871   3,266   —  
    Proceeds from sale of Windcat Workboats, net cash sold  —   —   —   38,715   —  
    Net investing activities in property and equipment  (443)  (2,910)  25,945   39,257   (2,500) 
    Investments in and advances to 50% or less owned companies  (2,272)  —   —   (736)  (1,248) 
    Excess distributions from equity investees  —   9,442   —   —   —  
    Principal payments on notes due from equity investees  (630)  179   2,877   919   1,225  
    Cash received from acquisition of 50% or less owned company  172   —   —   —   —  
    Net cash (used in) provided by investing activities  (3,173)  6,711   28,822   39,440   (2,523) 
    Cash Flows from Continuing Financing Activities:                     
    Payments on long-term debt  (5,981)  (7,054)  (56,787)  (8,302)  (5,780) 
    Payments on debt extinguishment cost  —   —   (755)  —   —  
    Proceeds from issuance of debt, net of offering costs  —   —   —   —   1  
    Payment on finance lease  (9)  (9)  (12)  —   —  
    Issuance of stock  —   —   2   8   —  
    Excerise of warrants  1   —   —   —   —  
    Net cash (used in) financing activities  (5,989)  (7,063)  (57,552)  (8,294)  (5,779) 
    Effects of Exchange Rate Changes on Cash and Cash Equivalents  (1)  —   (4,642)  4,621   979  
    Net Change in Cash, Cash Equivalents and Restricted Cash  (5,134)  (4,947)  (20,460)  32,394   (9,648) 
    Cash Flows from Discontinued Operations                     
    Operating Activities  —   —   —   (171)  1,870  
    Investing Activities  —   —   —   —   (1,436) 
    Financing Activities  —   —   —   —   —  
    Effects of FX Rate Changes on Cash and Cash Equivalents  —   —   —   —   221  
    Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:  —   —   —   (171)  655  
    Net Change in Cash, Cash Equivalents and Restricted Cash  (5,134)  (4,947)  (20,460)  32,223   (8,993) 
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period  46,354   51,301   71,761   39,538   48,531  
    Cash, Restricted Cash and Cash Equivalents, End of Period $41,220  $46,354  $51,301  $71,761  $39,538  

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS

      Owned  Joint Ventured  Leased-in  Managed  Total 
    December 31, 2021                    
    AHTS  4   —   2   —   6 
    FSV  23   5   1   1   30 
    Supply  20   15   —   —   35 
    Specialty (1)  1   —   —   —   1 
    Liftboats (2)  9   —   —   —   9 
       57   20   3   1   81 
    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 
    CTV Discontinued Operations (1)  40   5   —   —   45 
    CTV Continuing Operations  1   —   —   —   1 
       100   40   4   2   146 

    (1) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021.
    (2) In the second quarter of 2021, the Company removed from service four liftboats in this class. Removed from service vessels are not counted in active fleet count.

     


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