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SEACOR Marine Announces Fourth Quarter 2022 Results

HOUSTON, March 06, 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 fourth quarter ended December 31, 2022.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and 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.

Notable fourth quarter items include:

  • Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
  • Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
  • 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
  • DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.

For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.

The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.

The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.

I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”
___________________

(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, 
  2022  2021  2022  2021 
Operating Revenues $57,926  $47,967  $217,325  $170,941 
Costs and Expenses:            
Operating  44,338   35,036   171,985   127,406 
Administrative and general  10,799   10,742   40,911   37,639 
Lease expense  633   2,664   3,869   6,085 
Depreciation and amortization  13,624   14,198   55,957   57,395 
   69,394   62,640   272,722   228,525 
Gains on Asset Dispositions and Impairments, Net  1,017      1,398   20,436 
Operating Loss  (10,451)  (14,673)  (53,999)  (37,148)
Other Income (Expense):            
Interest income  688   57   784   1,302 
Interest expense  (8,456)  (6,380)  (29,706)  (28,111)
SEACOR Holdings guarantee fees           (7)
Gain on debt extinguishment  10,429      10,429   61,994 
Derivative gains, net     4      391 
Foreign currency (losses) gains, net  (2,646)  (357)  1,659   (1,235)
Gain from return of investments in 50% or less owned companies and other, net  137      755   9,441 
   152   (6,676)  (16,079)  43,775 
(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies  (10,299)  (21,349)  (70,078)  6,627 
Income Tax Expense (Benefit)  4,219   (1,009)  8,582   11,493 
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (14,518)  (20,340)  (78,660)  (4,866)
Equity in Earnings of 50% or Less Owned Companies  1,176   4,494   7,011   15,078 
(Loss) Income from Continuing Operations  (13,342)  (15,846)  (71,649)  10,212 
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)           22,925 
Net (Loss) Income  (13,342)  (15,846)  (71,649)  33,137 
Net Income Attributable to Noncontrolling Interests in Subsidiaries        1   1 
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. $(13,342) $(15,846) $(71,650) $33,136 
             
Net (Loss) Income Per Share from Continuing Operations:            
Basic $(0.50) $(0.62) $(2.69) $0.40 
Diluted  (0.50)  (0.62)  (2.69)  0.40 
Net Earnings Per Share from Discontinued Operations:            
Basic $  $  $  $0.90 
Diluted           0.90 
Net (Loss) Earnings Per Share:            
Basic $(0.50) $(0.62) $(2.69) $1.30 
Diluted $(0.50) $(0.62) $(2.69) $1.30 
Weighted Average Common Stock and Warrants Outstanding:            
Basic  26,727,864   25,520,034   26,626,179   25,444,693 
Diluted  26,727,864   25,520,034   26,626,179   25,495,527 

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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
Time Charter Statistics:               
Average Rates Per Day $13,794  $13,340  $12,149  $11,312  $11,376 
Fleet Utilization  76%  79%  77%  70%  73%
Fleet Available Days  5,244   5,336   5,311   5,400   5,060 
Operating Revenues:               
Time charter $54,789  $56,500  $49,504  $42,741  $42,289 
Bareboat charter  376   332   48   618   2,870 
Other marine services  2,761   2,959   4,465   2,232   2,808 
   57,926   59,791   54,017   45,591   47,967 
Costs and Expenses:               
Operating:               
Personnel  20,849   20,152   18,346   18,435   17,098 
Repairs and maintenance  8,948   7,377   8,380   6,791   6,782 
Drydocking  1,667   5,046   6,474   4,973   567 
Insurance and loss reserves  3,381   2,850   2,545   1,186   1,859 
Fuel, lubes and supplies  5,794   5,416   4,350   3,729   3,254 
Other  3,699   3,165   4,050   4,382   5,476 
   44,338   44,006   44,145   39,496   35,036 
Direct Vessel Profit(1)  13,588   15,785   9,872   6,095   12,931 
Other Costs and Expenses:               
Lease expense  633   1,168   1,008   1,060   2,664 
Administrative and general  10,799   9,978   10,210   9,924   10,742 
Depreciation and amortization  13,624   13,754   14,208   14,371   14,198 
   25,056   24,900   25,426   25,355   27,604 
Gains (Losses) on Asset Dispositions and Impairments, Net  1,017   (1,783)  25   2,139    
Operating Loss  (10,451)  (10,898)  (15,529)  (17,121)  (14,673)
Other Income (Expense):               
Interest income  688   (123)  190   29   57 
Interest expense  (8,456)  (7,634)  (6,989)  (6,627)  (6,380)
Derivative gains (losses), net     1   33   (34)  4 
Gain on debt extinguishment  10,429             
Foreign currency (losses) gains, net  (2,646)  2,314   1,170   821   (357)
Gain (Loss) from return of investments in 50% or less owned companies and other, net  137   659   (41)      
   152   (4,783)  (5,637)  (5,811)  (6,676)
Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies  (10,299)  (15,681)  (21,166)  (22,932)  (21,349)
Income Tax Expense (Benefit)  4,219   8,418   (1,634)  (2,421)  (1,009)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies  (14,518)  (24,099)  (19,532)  (20,511)  (20,340)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies  1,176   (254)  415   5,674   4,494 
Loss from Continuing Operations  (13,342)  (24,353)  (19,117)  (14,837)  (15,846)
Net Loss  (13,342)  (24,353)  (19,117)  (14,837)  (15,846)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries     (2)  3       
Net Loss Attributable to SEACOR Marine Holdings Inc. $(13,342) $(24,351) $(19,120) $(14,837) $(15,846)
                
Net Loss Per Share from Continuing Operations:               
Basic $(0.50) $(0.91) $(0.72) $(0.56) $(0.62)
Diluted  (0.50)  (0.91)  (0.72)  (0.56)  (0.62)
Net Loss Per Share:               
Basic $(0.50) $(0.91) $(0.72) $(0.56) $(0.62)
Diluted $(0.50) $(0.91) $(0.72) $(0.56) $(0.62)
Weighted Average Common Stock and Warrants Outstanding:               
Basic  26,728   26,728   26,665   26,379   25,520 
Diluted  26,728   26,728   26,665   26,379   25,520 
Common Shares and Warrants Outstanding at Period End  28,142   28,142   28,145   28,083   27,432 

        

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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
United States, primarily Gulf of Mexico               
Time Charter Statistics:               
Average rates per day worked $22,563  $21,551  $17,792  $15,595  $15,496 
Fleet utilization  57%  58%  43%  38%  33%
Fleet available days  1,288   1,363   1,277   1,314   1,043 
Out-of-service days for repairs, maintenance and drydockings  108   199   284   205   95 
Out-of-service days for cold-stacked status  242   259   313   404   399 
Operating Revenues:               
Time charter $16,574  $17,075  $9,759  $7,864  $5,290 
Bareboat charter              386 
Other marine services  2,916   2,161   2,399   2,052   1,119 
   19,490   19,236   12,158   9,916   6,795 
Direct Costs and Expenses:               
Operating:               
Personnel  7,262   7,243   5,773   4,923   3,136 
Repairs and maintenance  2,666   2,002   1,280   1,101   1,085 
Drydocking  472   1,549   4,090   2,867   191 
Insurance and loss reserves  2,022   1,382   1,198   229   720 
Fuel, lubes and supplies  746   1,143   794   662   501 
Other  416   314   281   224   200 
   13,584   13,633   13,416   10,006   5,833 
Direct Vessel Profit (Loss)(1) $5,906  $5,603  $(1,258) $(90) $962 
Other Costs and Expenses:               
Lease expense $138  $278  $295  $287  $633 
Depreciation and amortization  3,912   4,332   4,562   4,638   4,325 
                
Africa and Europe, Continuing Operations               
Time Charter Statistics:               
Average rates per day worked $11,241  $11,813  $11,279  $10,006  $9,530 
Fleet utilization  82%  91%  85%  82%  88%
Fleet available days  1,656   1,629   1,567   1,499   1,411 
Out-of-service days for repairs, maintenance and drydockings  125   37   58   163   79 
Operating Revenues:               
Time charter $15,299  $17,551  $14,930  $12,280  $11,883 
Other marine services  (679)  60   1,072   (616)  (416)
   14,620   17,611   16,002   11,664   11,467 
Direct Costs and Expenses:               
Operating:               
Personnel  4,680   4,694   3,526   3,536   3,283 
Repairs and maintenance  2,902   2,110   2,638   1,579   1,846 
Drydocking  678   383   134   1,144   144 
Insurance and loss reserves  366   359   329   124   245 
Fuel, lubes and supplies  2,775   2,284   1,490   1,473   1,019 
Other  1,896   1,580   1,871   1,828   1,740 
   13,297   11,410   9,988   9,684   8,277 
Direct Vessel Profit(1) $1,323  $6,201  $6,014  $1,980  $3,190 
Other Costs and Expenses:               
Lease expense $378  $455  $456  $402  $371 
Depreciation and amortization  3,683   3,461   3,306   3,258   2,948 

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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
Middle East and Asia               
Time Charter Statistics:               
Average rates per day worked $11,090  $9,507  $9,673  $9,882  $9,612 
Fleet utilization  75%  79%  87%  77%  81%
Fleet available days  1,533   1,564   1,651   1,800   1,717 
Out-of-service days for repairs, maintenance and drydockings  132   252   160   153   38 
Out-of-service days for cold-stacked status           90   178 
Operating Revenues:               
Time charter $12,802  $11,712  $13,906  $13,660  $13,402 
Other marine services  (66)  319   460   49   50 
   12,736   12,031   14,366   13,709   13,452 
Direct Costs and Expenses:               
Operating:               
Personnel  5,270   5,384   5,691   6,031   5,756 
Repairs and maintenance  1,958   1,776   2,545   1,832   1,382 
Drydocking  244   3,113   2,250   962   232 
Insurance and loss reserves  821   762   748   507   611 
Fuel, lubes and supplies  1,335   1,426   1,318   1,010   1,042 
Other  915   878   1,213   1,627   2,148 
   10,543   13,339   13,765   11,969   11,171 
Direct Vessel (Loss) Profit(1) $2,193  $(1,308) $601  $1,740  $2,281 
Other Costs and Expenses:               
Lease expense $52  $35  $38  $31  $38 
Depreciation and amortization  3,783   3,974   4,229   4,345   4,156 
                
Latin America               
Time Charter Statistics:               
Average rates per day worked $14,009  $14,010  $14,263  $13,450  $15,944 
Fleet utilization  94%  93%  94%  85%  83%
Fleet available days  767   780   816   787   889 
Out-of-service days for repairs, maintenance and drydockings  14   12   6   59   113 
Operating Revenues:               
Time charter $10,114  $10,162  $10,909  $8,937  $11,714 
Bareboat charter  376   332   48   618   2,484 
Other marine services  590   419   534   747   2,055 
   11,080   10,913   11,491   10,302   16,253 
Direct Costs and Expenses:               
Operating:               
Personnel  3,637   2,831   3,356   3,945   4,923 
Repairs and maintenance  1,422   1,489   1,917   2,279   2,469 
Drydocking  273   1          
Insurance and loss reserves  172   347   270   326   283 
Fuel, lubes and supplies  938   563   748   584   692 
Other  472   393   685   703   1,388 
   6,914   5,624   6,976   7,837   9,755 
Direct Vessel Profit(1) $4,166  $5,289  $4,515  $2,465  $6,498 
Other Costs and Expenses:               
Lease expense $65  $400  $219  $340  $1,622 
'Depreciation and amortization  2,246   1,987   2,111   2,130   2,769 
                     

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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
Anchor handling towing supply               
Time Charter Statistics:               
Average rates per day worked $9,254  $8,848  $8,887  $8,908  $8,069 
Fleet utilization  80%  67%  66%  66%  66%
Fleet available days  460   552   546   540   552 
Out-of-service days for repairs, maintenance and drydockings     92   56   2   14 
Out-of-service days for cold-stacked status  92   92   131   180   92 
Operating Revenues:               
Time charter $3,406  $3,256  $3,191  $3,188  $2,926 
Other marine services  (168)  (183)  (143)  (160)  (129)
   3,238   3,073   3,048   3,028   2,797 
Direct Costs and Expenses:               
Operating:               
Personnel $1,220  $1,022  $1,050  $1,136  $1,389 
Repairs and maintenance  331   304   566   293   608 
Drydocking  6   28   (30)  (7)  1 
Insurance and loss reserves  94   150   146   (137)  148 
Fuel, lubes and supplies  259   399   215   144   321 
Other  283   228   435   439   556 
   2,193   2,131   2,382   1,868   3,023 
Other Costs and Expenses:               
Lease expense $300  $450  $450  $449  $353 
Depreciation and amortization  300   494   495   494   495 
                
Fast support               
Time Charter Statistics:               
Average rates per day worked $9,905  $9,907  $9,201  $8,621  $8,464 
Fleet utilization  86%  90%  85%  80%  79%
Fleet available days  2,116   2,116   2,126   2,160   2,208 
Out-of-service days for repairs, maintenance and drydockings  146   103   108   167   137 
Out-of-service days for cold-stacked status  58   75   91   90   92 
Operating Revenues:               
Time charter $18,062  $18,837  $16,525  $14,900  $14,857 
Bareboat charter              386 
Other marine services  (224)  (15)  (174)  (254)  (380)
   17,838   18,822   16,351   14,646   14,863 
Direct Costs and Expenses:               
Operating:               
Personnel $5,140  $5,289  $4,880  $5,070  $5,581 
Repairs and maintenance  2,957   2,738   2,458   1,800   2,151 
Drydocking  1,434   656   (201)  1,277   494 
Insurance and loss reserves  453   410   372   260   390 
Fuel, lubes and supplies  1,797   1,572   1,187   1,544   1,355 
Other  1,638   1,284   1,311   1,941   2,156 
   13,419   11,949   10,007   11,892   12,127 
Other Costs and Expenses:               
Lease expense $  $  $  $  $353 
Depreciation and amortization  4,972   4,972   5,010   4,945   4,929 
                     

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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
PSV               
Time Charter Statistics:               
Average rates per day worked $13,519  $13,772  $13,422  $12,188  $11,586 
Fleet utilization  69%  78%  86%  72%  79%
Fleet available days  1,840   1,840   1,820   1,800   1,380 
Out-of-service days for repairs, maintenance and drydockings  142   152   26   233   117 
Out-of-service days for cold-stacked status              117 
Operating Revenues:               
Time charter $17,194  $19,687  $20,983  $15,823  $12,675 
Bareboat charter  376   332   48   618    
Other marine services  222   720   575   44   410 
   17,792   20,739   21,606   16,485   13,085 
Direct Costs and Expenses:               
Operating:               
Personnel $8,961  $8,427  $7,889  $8,193  $6,141 
Repairs and maintenance  2,998   2,839   3,184   3,701   2,191 
Drydocking  770   1,025   (32)  1,302    
Insurance and loss reserves  552   734   551   428   280 
Fuel, lubes and supplies  2,842   2,038   1,701   1,434   998 
Other  1,420   1,275   1,631   1,348   1,957 
   17,543   16,338   14,924   16,406   11,567 
Other Costs and Expenses:               
Lease expense $  $332  $154  $291  $ 
Depreciation and amortization  4,099   3,810   3,785   3,786   3,155 
                
Specialty               
Time Charter Statistics:               
Fleet available days           90   92 
Out-of-service days for cold-stacked status           90   92 
Direct Costs and Expenses:               
Operating:               
Personnel $  $  $  $1  $6 
Repairs and maintenance              (28)
Insurance and loss reserves           2   1 
Fuel, lubes and supplies           2   2 
Other           11   18 
            16   (1)

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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
Liftboats               
Time Charter Statistics:               
Average rates per day worked $31,717  $27,447  $24,712  $22,416  $23,409 
Fleet utilization  61%  65%  44%  49%  61%
Fleet available days  828   828   819   810   828 
Out-of-service days for repairs, maintenance and drydockings  90   154   318   179   58 
Out-of-service days for cold-stacked status  92   92   91   134   184 
Operating Revenues:               
Time charter $16,127  $14,720  $8,805  $8,830  $11,831 
Bareboat charter              2,484 
Other marine services  1,842   1,421   3,283   1,463   1,121 
   17,969   16,141   12,088   10,293   15,436 
Direct Costs and Expenses:               
Operating:               
Personnel $5,520  $5,419  $4,515  $4,035  $4,068 
Repairs and maintenance  2,674   1,560   2,132   1,012   1,859 
Drydocking  (543)  3,337   6,737   2,401   72 
Insurance and loss reserves  2,271   1,552   1,548   1,215   1,070 
Fuel, lubes and supplies  896   1,408   1,230   605   589 
Other  359   387   655   644   856 
   11,177   13,663   16,817   9,912   8,514 
Other Costs and Expenses:               
Lease expense $  $  $  $  $1,569 
Depreciation and amortization  4,210   4,429   4,870   4,964   5,171 
                
Other Activity               
Operating Revenues:               
Other marine services $1,089  $1,016  $924  $1,139  $1,786 
   1,089   1,016   924   1,139   1,786 
Direct Costs and Expenses:               
Operating:               
Personnel $8  $(5) $12  $  $(87)
Repairs and maintenance  (12)  (64)  40   (15)  1 
Insurance and loss reserves  11   4   (72)  (582)  (30)
Fuel, lubes and supplies     (1)  17      (11)
Other  (1)  (9)  18   (1)  (67)
   6   (75)  15   (598)  (194)
Other Costs and Expenses:               
Lease expense $333  $386  $404  $320  $389 
Depreciation and amortization  43   49   48   182   448 

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

  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
ASSETS               
Current Assets:               
Cash and cash equivalents $39,963  $47,514  $22,608  $36,315  $37,619 
Restricted cash  3,082   3,296   3,296   3,596   3,601 
Receivables:               
Trade, net of allowance for credit loss accounts  54,388   58,572   55,276   49,238   55,544 
Other  7,638   6,647   7,437   8,799   6,118 
Note receivable  15,000   20,000          
Tax receivable  578   79   79   1,238   1,238 
Inventories  2,123   2,059   1,723   1,297   928 
Prepaid expenses and other  3,054   4,700   5,391   3,724   3,730 
Assets held for sale  6,750   6,000         2,235 
Total current assets  132,576   148,867   95,810   104,207   111,013 
Property and Equipment:               
Historical cost  967,683   992,423   1,000,147   1,006,873   1,008,080 
Accumulated depreciation  (310,778)  (321,898)  (325,091)  (316,444)  (302,328)
   656,905   670,525   675,056   690,429   705,752 
Construction in progress  8,111   8,422   15,576   15,550   15,531 
Net property and equipment  665,016   678,947   690,632   705,979   721,283 
Right-of-use asset - operating leases  6,206   4,419   5,686   6,238   6,608 
Right-of-use asset - finance leases  6,813   6,972   7,131   7,290   100 
Investments, at equity, and advances to 50% or less owned companies  3,024   1,901   75,923   76,860   71,727 
Other assets  1,995   1,887   1,932   2,057   1,771 
Total assets $815,630  $842,993  $877,114  $902,631  $912,502 
LIABILITIES AND EQUITY               
Current Liabilities:               
Current portion of operating lease liabilities $2,358  $1,792  $2,010  $2,073  $1,986 
Current portion of finance lease liabilities  468   374   282   190   33 
Current portion of long-term debt  61,512   57,567   33,398   32,708   31,602 
Accounts payable and accrued expenses  37,954   36,248   39,262   32,585   28,419 
Due to SEACOR Holdings  264   264   264   264   274 
Other current liabilities  18,869   22,032   22,171   23,723   22,351 
Total current liabilities  121,425   118,277   97,387   91,543   84,665 
Long-term operating lease liabilities  4,739   3,759   4,026   4,420   4,885 
Long-term finance lease liabilities  6,781   6,916   7,050   7,183   76 
Long-term debt  260,119   282,556   318,699   326,264   332,762 
Conversion option liability on convertible senior notes        1   34    
Deferred income taxes  40,779   39,823   33,743   37,153   40,682 
Deferred gains and other liabilities  2,641   2,692   2,701   2,990   2,891 
Total liabilities  436,484   454,023   463,607   469,587   465,961 
Equity:               
SEACOR Marine Holdings Inc. stockholders’ equity:               
Common stock  272   272   272   269   262 
Additional paid-in capital  466,669   465,449   464,222   463,138   461,931 
Accumulated deficit  (93,111)  (79,769)  (55,418)  (37,744)  (22,907)
Shares held in treasury  (1,852)  (1,852)  (1,852)  (1,792)  (1,120)
Accumulated other comprehensive income, net of tax  6,847   4,549   5,960   8,853   8,055 
   378,825   388,649   413,184   432,724   446,221 
Noncontrolling interests in subsidiaries  321   321   323   320   320 
Total equity  379,146   388,970   413,507   433,044   446,541 
Total liabilities and equity $815,630  $842,993  $877,114  $902,631  $912,502 



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

  Three Months Ended 
  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  Dec. 31, 2021 
Cash Flows from Continuing Operating Activities:               
Net (Loss) Income $(13,342) $(24,353) $(19,117) $(14,837) $(15,846)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:               
Depreciation and amortization  13,624   13,754   14,208   14,371   14,198 
Deferred financing costs amortization  (997)  350   364   291   328 
Stock-based compensation expense  1,220   1,227   1,076   1,074   1,243 
Debt discount amortization  1,449   1,817   1,736   1,691   1,614 
Allowance for credit losses  11   (53)  701   (170)  585 
(Gain) loss from equipment sales, retirements or impairments  (1,017)  1,783   (25)  (2,139)   
Gain on debt extinguishment  (12,700)            
Derivative (gains) losses     (1)  (33)  34   (4)
Interest on finance lease  73   73   73   25   1 
Cash settlement payments on derivative transactions, net  33   (131)  (278)  (373)  (403)
Currency losses (gains)  2,646   (2,314)  (1,170)  (821)  357 
Deferred income taxes  957   6,079   (3,410)  (3,529)  (2,781)
Equity (earnings) losses  (1,176)  254   (415)  (5,674)  (4,494)
Dividends received from equity investees  74   1,096   1,162   725   817 
Changes in Operating Assets and Liabilities:               
Accounts receivables  2,304   (2,384)  (4,476)  3,904   (1,157)
Other assets  3,296   966   (1,539)  (164)  1,656 
Accounts payable and accrued liabilities  769   (4,900)  4,925   6,707   7,915 
Net cash (used in) provided by operating activities  (2,776)  (6,737)  (6,218)  1,115   4,029 
Cash Flows from Continuing Investing Activities:               
Purchases of property and equipment  (185)  (240)  (17)  (20)  (443)
Proceeds from disposition of property and equipment  53      1,371   5,310    
Net investing activities in property and equipment  (132)  (240)  1,354   5,290   (443)
Investments in and advances to 50% or less owned companies              (2,272)
Principal payments on notes due from equity investees     177   175   176   (630)
Cash received from acquisition of 50% or less owned company              172 
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   8,831          
Net cash provided by (used in) investing activities  4,868   45,937   1,529   5,466   (3,173)
Cash Flows from Continuing Financing Activities:               
Payments on long-term debt  (7,470)  (14,182)  (9,152)  (7,348)  (5,981)
Payments on debt extinguishment cost  (2,271)            
Payments on finance leases  (114)  (114)  (114)  (9)  (9)
Proceeds from exercise of stock options        11   140    
Acquisition of common shares for tax withholding obligations        (60)  (672)   
Exercise of warrants              1 
Net cash used in financing activities  (9,855)  (14,296)  (9,315)  (7,889)  (5,989)
Effects of Exchange Rate Changes on Cash and Cash Equivalents  (2)  2   (3)  (1)  (1)
Net Change in Cash, Cash Equivalents and Restricted Cash  (7,765)  24,906   (14,007)  (1,309)  (5,134)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period  50,810   25,904   39,911   41,220   46,354 
Cash, Restricted Cash and Cash Equivalents, End of Period $43,045  $50,810  $25,904  $39,911  $41,220 

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

  Owned  Joint Ventured(1)  Leased-in  Managed  Total 
December 31, 2022               
AHTS  3      2      5 
FSV  22      1   2   25 
PSV  21            21 
Liftboats  9            9 
   55      3   2   60 
December 31, 2021               
AHTS  4      2      6 
FSV  23   5   1   1   30 
PSV  20   15         35 
Specialty(2)  1            1 
Liftboats(3)  9            9 
   57   20   3   1   81 

(1) On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
(3) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.


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