SEACOR Marine Announces Third Quarter 2023 Results

By: SEACOR Marine Holdings Inc. via GlobeNewswire

November 01, 2023 at 16:16 PM EDT

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.
___________________

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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

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SEACOR Marine Announces Third Quarter 2023 Results