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SEACOR Marine Announces First Quarter 2023 Results

HOUSTON, May 03, 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 first quarter ended March 31, 2023.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2023 were $60.0 million, operating income was $0.2 million, and direct vessel profit (“DVP”)(1) was $22.7 million. This compares to consolidated operating revenues of $45.6 million, operating loss of $17.1 million, and DVP of $6.1 million in the first quarter of 2022, and consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022.

Notable first quarter items include:

  • 31.5% improvement in revenues from the first quarter of 2022 and a 3.5% increase from the fourth quarter of 2022.
  • Average utilization rate of 76%, the highest for a first quarter since 2014, a 6.0% improvement from the first quarter of 2022, and flat from the fourth quarter of 2022.
  • Average day rates of $14,314, the highest since the fourth quarter of 2015, a 26.5% improvement from the first quarter of 2022, and a 3.8% increase from the fourth quarter of 2022.
  • DVP margin increased 272.4% from the first quarter of 2022 and increased 67.1% from the fourth quarter of 2022.

For the first quarter of 2023, net loss was $9.6 million ($0.36 loss per basic and diluted share). This compares to a net loss for the first quarter of 2022 of $14.8 million ($0.56 loss per basic and diluted share). Sequentially, first quarter 2023 results compare to a net loss of $13.3 million ($0.50 loss per basic and diluted share) in the fourth quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s first quarter demonstrated the building momentum in this cyclical recovery and was our fifth consecutive quarter of improved average day rates. Additionally, the first quarter produced higher revenues and DVP than each quarter of 2022, despite being the historically slowest quarterly period of activity.

The increase in DVP was primarily due to higher rates and utilization as well as lower operating expenses. This improvement demonstrates our ability to execute on the re-pricing opportunities in the market as contracts roll off from prior cycle commitments. All business segments and asset classes made positive contributions, despite the seasonally lower levels of activity in the first quarter and one of our premium liftboats in the US remaining offhire for previously reported extended repairs.

On April 21, 2023, the Company announced it was exploring a potential offering of new USD denominated 5-year senior secured bonds. The Company has determined not to pursue the bond offering at this time as the indicative terms and conditions were not sufficiently attractive for the Company. In the third and fourth quarter of 2022 the Company extended the maturity of its main senior secured and unsecured debt facilities to 2026, which has provided us with the flexibility needed to opportunistically pursue refinancing opportunities as the cycle evolves in order to ensure optimal terms and conditions for the Company.

I remain optimistic about 2023, as evidenced by the Company’s performance in the first quarter and the increased demand across all segments of our business.”
___________________

(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 March 31, 
  2023  2022 
Operating Revenues $59,973  $45,591 
Costs and Expenses:      
Operating  37,273   39,496 
Administrative and general  11,632   9,924 
Lease expense  720   1,060 
Depreciation and amortization  13,762   14,371 
   63,387   64,851 
Gains on Asset Dispositions and Impairments, Net  3,599   2,139 
Operating Income (Loss)  185   (17,121)
Other Income (Expense):      
Interest income  460   29 
Interest expense  (8,788)  (6,627)
Derivative losses, net     (34)
Foreign currency (losses) gains, net  (825)  821 
   (9,153)  (5,811)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies  (8,968)  (22,932)
Income Tax Expense (Benefit)  1,157   (2,421)
Loss Before Equity in Earnings of 50% or Less Owned Companies  (10,125)  (20,511)
Equity in Earnings of 50% or Less Owned Companies  536   5,674 
Net Loss Attributable to SEACOR Marine Holdings Inc. $(9,589) $(14,837)
       
Net Loss Per Share:      
Basic $(0.36) $(0.56)
Diluted  (0.36)  (0.56)
Weighted Average Common Stock and Warrants Outstanding:      
Basic  26,822,391   26,379,293 
Diluted  26,822,391   26,379,293 


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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
Time Charter Statistics:                
Average Rates Per Day $14,314  $13,794  $13,340  $12,149  $11,312  
Fleet Utilization  76%  76%  79%  77%  70% 
Fleet Available Days  5,071   5,244   5,336   5,311   5,400  
Operating Revenues:                
Time charter $55,415  $54,789  $56,500  $49,504  $42,741  
Bareboat charter  360   376   332   48   618  
Other marine services  4,198   2,761   2,959   4,465   2,232  
   59,973   57,926   59,791   54,017   45,591  
Costs and Expenses:                
Operating:                
Personnel  19,803   20,849   20,152   18,346   18,435  
Repairs and maintenance  6,011   8,948   7,377   8,380   6,791  
Drydocking  13   1,667   5,046   6,474   4,973  
Insurance and loss reserves  2,789   3,381   2,850   2,545   1,186  
Fuel, lubes and supplies  4,819   5,794   5,416   4,350   3,729  
Other  3,838   3,699   3,165   4,050   4,382  
   37,273   44,338   44,006   44,145   39,496  
Direct Vessel Profit (1)  22,700   13,588   15,785   9,872   6,095  
Other Costs and Expenses:                
Lease expense  720   633   1,168   1,008   1,060  
Administrative and general  11,632   10,799   9,978   10,210   9,924  
Depreciation and amortization  13,762   13,624   13,754   14,208   14,371  
   26,114   25,056   24,900   25,426   25,355  
Gains (Losses) on Asset Dispositions and Impairments, Net  3,599   1,017   (1,783)  25   2,139  
Operating Income (Loss)  185   (10,451)  (10,898)  (15,529)  (17,121) 
Other Income (Expense):                
Interest income  460   688   (123)  190   29  
Interest expense  (8,788)  (8,456)  (7,634)  (6,989)  (6,627) 
Derivative gains (losses), net        1   33   (34) 
Gain on debt extinguishment     10,429           
Foreign currency (losses) gains, net  (825)  (2,646)  2,314   1,170   821  
Other, net     137   659   (41)    
   (9,153)  152   (4,783)  (5,637)  (5,811) 
Loss from Operations Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies  (8,968)  (10,299)  (15,681)  (21,166)  (22,932) 
Income Tax Expense (Benefit)  1,157   4,219   8,418   (1,634)  (2,421) 
Loss from Operations Before Equity in Earnings (Losses) of 50% or Less Owned Companies  (10,125)  (14,518)  (24,099)  (19,532)  (20,511) 
Equity in Earnings (Losses) of 50% or Less Owned Companies  536   1,176   (254)  415   5,674  
Net Loss  (9,589)  (13,342)  (24,353)  (19,117)  (14,837) 
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries        (2)  3     
Net Loss Attributable to SEACOR Marine Holdings Inc. $(9,589) $(13,342) $(24,351) $(19,120) $(14,837) 
                 
Net Loss Per Share:                
Basic $(0.36) $(0.50) $(0.91) $(0.72) $(0.56) 
Diluted $(0.36) $(0.50) $(0.91) $(0.72) $(0.56) 
Weighted Average Common Stock and Warrants Outstanding:                
Basic  26,822   26,728   26,728   26,665   26,379  
Diluted  26,822   26,728   26,728   26,665   26,379  
Common Shares and Warrants Outstanding at Period End  28,428   28,142   28,142   28,145   28,083  

        

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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
United States, primarily Gulf of Mexico                
Time Charter Statistics:                
Average rates per day worked $18,359  $22,563  $21,551  $17,792  $15,595  
Fleet utilization  35%  57%  58%  43%  38% 
Fleet available days  1,015   1,288   1,363   1,277   1,314  
Out-of-service days for repairs, maintenance and drydockings  112   108   199   284   205  
Out-of-service days for cold-stacked status  211   242   259   313   404  
Operating Revenues:                
Time charter $6,564  $16,574  $17,075  $9,759  $7,864  
Other marine services  3,842   2,916   2,161   2,399   2,052  
   10,406   19,490   19,236   12,158   9,916  
Direct Costs and Expenses:                
Operating:                
Personnel  6,535   7,262   7,243   5,773   4,923  
Repairs and maintenance  1,194   2,666   2,002   1,280   1,101  
Drydocking  43   472   1,549   4,090   2,867  
Insurance and loss reserves  1,041   2,022   1,382   1,198   229  
Fuel, lubes and supplies  783   746   1,143   794   662  
Other  223   416   314   281   224  
   9,819   13,584   13,633   13,416   10,006  
Direct Vessel Profit (Loss) (1) $587  $5,906  $5,603  $(1,258) $(90) 
Other Costs and Expenses:                
Lease expense $136  $138  $278  $295  $287  
Depreciation and amortization  3,535   3,912   4,332   4,562   4,638  
                 
Africa and Europe                
Time Charter Statistics:                
Average rates per day worked $12,835  $11,241  $11,813  $11,279  $10,006  
Fleet utilization  87%  82%  91%  85%  82% 
Fleet available days  1,710   1,656   1,629   1,567   1,499  
Out-of-service days for repairs, maintenance and drydockings  118   125   37   58   163  
Operating Revenues:                
Time charter $18,996  $15,299  $17,551  $14,930  $12,280  
Other marine services  (834)  (679)  60   1,072   (616) 
   18,162   14,620   17,611   16,002   11,664  
Direct Costs and Expenses:                
Operating:                
Personnel  4,505   4,680   4,694   3,526   3,536  
Repairs and maintenance  2,553   2,902   2,110   2,638   1,579  
Drydocking  1,184   678   383   134   1,144  
Insurance and loss reserves  318   366   359   329   124  
Fuel, lubes and supplies  2,215   2,775   2,284   1,490   1,473  
Other  1,690   1,896   1,580   1,871   1,828  
   12,465   13,297   11,410   9,988   9,684  
Direct Vessel Profit (1) $5,697  $1,323  $6,201  $6,014  $1,980  
Other Costs and Expenses:                
Lease expense $429  $378  $455  $456  $402  
Depreciation and amortization  3,925   3,683   3,461   3,306   3,258  


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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
Middle East and Asia                
Time Charter Statistics:                
Average rates per day worked $13,562  $11,090  $9,507  $9,673  $9,882  
Fleet utilization  82%  75%  79%  87%  77% 
Fleet available days  1,440   1,533   1,564   1,651   1,800  
Out-of-service days for repairs, maintenance and drydockings  76   132   252   160   153  
Out-of-service days for cold-stacked status              90  
Operating Revenues:                
Time charter $16,028  $12,802  $11,712  $13,906  $13,660  
Other marine services  (142)  (66)  319   460   49  
   15,886   12,736   12,031   14,366   13,709  
Direct Costs and Expenses:                
Operating:                
Personnel  4,841   5,270   5,384   5,691   6,031  
Repairs and maintenance  677   1,958   1,776   2,545   1,832  
Drydocking  (1,095)  244   3,113   2,250   962  
Insurance and loss reserves  1,185   821   762   748   507  
Fuel, lubes and supplies  1,142   1,335   1,426   1,318   1,010  
Other  1,327   915   878   1,213   1,627  
   8,077   10,543   13,339   13,765   11,969  
Direct Vessel Profit (Loss) (1) $7,809  $2,193  $(1,308) $601  $1,740  
Other Costs and Expenses:                
Lease expense $76  $52  $35  $38  $31  
Depreciation and amortization  3,688   3,783   3,974   4,229   4,345  
                 
Latin America                
Time Charter Statistics:                
Average rates per day worked $16,229  $14,009  $14,010  $14,263  $13,450  
Fleet utilization  94%  94%  93%  94%  85% 
Fleet available days  906   767   780   816   787  
Out-of-service days for repairs, maintenance and drydockings  22   14   12   6   59  
Operating Revenues:                
Time charter $13,827  $10,114  $10,162  $10,909  $8,937  
Bareboat charter  360   376   332   48   618  
Other marine services  1,332   590   419   534   747  
   15,519   11,080   10,913   11,491   10,302  
Direct Costs and Expenses:                
Operating:                
Personnel  3,922   3,637   2,831   3,356   3,945  
Repairs and maintenance  1,587   1,422   1,489   1,917   2,279  
Drydocking  (119)  273   1        
Insurance and loss reserves  245   172   347   270   326  
Fuel, lubes and supplies  679   938   563   748   584  
Other  598   472   393   685   703  
   6,912   6,914   5,624   6,976   7,837  
Direct Vessel Profit (1) $8,607  $4,166  $5,289  $4,515  $2,465  
Other Costs and Expenses:                
Lease expense $79  $65  $400  $219  $340  
'Depreciation and amortization  2,614   2,246   1,987   2,111   2,130  


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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
AHTS                
Time Charter Statistics:                
Average rates per day worked $9,244  $9,254  $8,848  $8,887  $8,908  
Fleet utilization  81%  80%  67%  66%  66% 
Fleet available days  391   460   552   546   540  
Out-of-service days for repairs, maintenance and drydockings  45      92   56   2  
Out-of-service days for cold-stacked status  31   92   92   131   180  
Operating Revenues:                
Time charter $2,915  $3,406  $3,256  $3,191  $3,188  
Other marine services  (152)  (168)  (183)  (143)  (160) 
   2,763   3,238   3,073   3,048   3,028  
Direct Costs and Expenses:                
Operating:                
Personnel $995  $1,220  $1,022  $1,050  $1,136  
Repairs and maintenance  216   331   304   566   293  
Drydocking  420   6   28   (30)  (7) 
Insurance and loss reserves  68   94   150   146   (137) 
Fuel, lubes and supplies  476   259   399   215   144  
Other  295   283   228   435   439  
   2,470   2,193   2,131   2,382   1,868  
Other Costs and Expenses:                
Lease expense $331  $300  $450  $450  $449  
Depreciation and amortization  298   300   494   495   494  
                 
FSV                
Time Charter Statistics:                
Average rates per day worked $10,609  $9,905  $9,907  $9,201  $8,621  
Fleet utilization  91%  86%  90%  85%  80% 
Fleet available days  2,070   2,116   2,116   2,126   2,160  
Out-of-service days for repairs, maintenance and drydockings  66   146   103   108   167  
Out-of-service days for cold-stacked status  90   58   75   91   90  
Operating Revenues:                
Time charter $19,988  $18,062  $18,837  $16,525  $14,900  
Other marine services  (377)  (224)  (15)  (174)  (254) 
   19,611   17,838   18,822   16,351   14,646  
Direct Costs and Expenses:                
Operating:                
Personnel $4,861  $5,140  $5,289  $4,880  $5,070  
Repairs and maintenance  1,867   2,957   2,738   2,458   1,800  
Drydocking  128   1,434   656   (201)  1,277  
Insurance and loss reserves  334   453   410   372   260  
Fuel, lubes and supplies  1,382   1,797   1,572   1,187   1,544  
Other  1,236   1,638   1,284   1,311   1,941  
   9,808   13,419   11,949   10,007   11,892  
Other Costs and Expenses:                
Depreciation and amortization  4,946   4,972   4,972   5,010   4,945  


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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
PSV                
Time Charter Statistics:                
Average rates per day worked $14,827  $13,519  $13,772  $13,422  $12,188  
Fleet utilization  70%  69%  78%  86%  72% 
Fleet available days  1,800   1,840   1,840   1,820   1,800  
Out-of-service days for repairs, maintenance and drydockings  124   142   152   26   233  
Operating Revenues:                
Time charter $18,800  $17,194  $19,687  $20,983  $15,823  
Bareboat charter  360   376   332   48   618  
Other marine services  840   222   720   575   44  
   20,000   17,792   20,739   21,606   16,485  
Direct Costs and Expenses:                
Operating:                
Personnel $8,849  $8,961  $8,427  $7,889  $8,193  
Repairs and maintenance  3,475   2,998   2,839   3,184   3,701  
Drydocking  609   770   1,025   (32)  1,302  
Insurance and loss reserves  419   552   734   551   428  
Fuel, lubes and supplies  2,331   2,842   2,038   1,701   1,434  
Other  2,314   1,420   1,275   1,631   1,348  
   17,997   17,543   16,338   14,924   16,406  
Other Costs and Expenses:                
Lease expense $  $  $332  $154  $291  
Depreciation and amortization  4,262   4,099   3,810   3,785   3,786  
                 
Specialty                
Time Charter Statistics:                
Fleet available days              90  
Out-of-service days for cold-stacked status              90  
Direct Costs and Expenses:                
Operating:                
Personnel $  $  $  $  $1  
Insurance and loss reserves              2  
Fuel, lubes and supplies              2  
Other              11  
               16  


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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
Liftboats                
Time Charter Statistics:                
Average rates per day worked $33,936  $31,717  $27,447  $24,712  $22,416  
Fleet utilization  50%  61%  65%  44%  49% 
Fleet available days  810   828   828   819   810  
Out-of-service days for repairs, maintenance and drydockings  94   90   154   318   179  
Out-of-service days for cold-stacked status  90   92   92   91   134  
Operating Revenues:                
Time charter $13,712  $16,127  $14,720  $8,805  $8,830  
Other marine services  2,776   1,842   1,421   3,283   1,463  
   16,488   17,969   16,141   12,088   10,293  
Direct Costs and Expenses:                
Operating:                
Personnel $5,068  $5,520  $5,419  $4,515  $4,035  
Repairs and maintenance  499   2,674   1,560   2,132   1,012  
Drydocking  (1,141)  (543)  3,337   6,737   2,401  
Insurance and loss reserves  1,907   2,271   1,552   1,548   1,215  
Fuel, lubes and supplies  619   896   1,408   1,230   605  
Other  (28)  359   387   655   644  
   6,924   11,177   13,663   16,817   9,912  
Other Costs and Expenses:                
Depreciation and amortization  4,214   4,210   4,429   4,870   4,964  
                 
Other Activity                
Operating Revenues:                
Other marine services $1,111  $1,089  $1,016  $924  $1,139  
   1,111   1,089   1,016   924   1,139  
Direct Costs and Expenses:                
Operating:                
Personnel $30  $8  $(5) $12  $  
Repairs and maintenance  (46)  (12)  (64)  40   (15) 
Drydocking  (3)             
Insurance and loss reserves  61   11   4   (72)  (582) 
Fuel, lubes and supplies  11      (1)  17     
Other  21   (1)  (9)  18   (1) 
   74   6   (75)  15   (598) 
Other Costs and Expenses:                
Lease expense $389  $333  $386  $404  $320  
Depreciation and amortization  42   43   49   48   182  


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

  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
ASSETS                
Current Assets:                
Cash and cash equivalents $40,570  $39,963  $47,514  $22,608  $36,315  
Restricted cash  3,082   3,082   3,296   3,296   3,596  
Receivables:                
Trade, net of allowance for credit loss accounts  60,114   54,388   58,572   55,276   49,238  
Other  11,913   7,638   6,647   7,437   8,799  
Note receivable  10,000   15,000   20,000        
Tax receivable  445   578   79   79   1,238  
Inventories  2,207   2,123   2,059   1,723   1,297  
Prepaid expenses and other  3,233   3,054   4,700   5,391   3,724  
Assets held for sale     6,750   6,000        
Total current assets  131,564   132,576   148,867   95,810   104,207  
Property and Equipment:                
Historical cost  969,328   967,683   992,423   1,000,147   1,006,873  
Accumulated depreciation  (324,197)  (310,778)  (321,898)  (325,091)  (316,444) 
   645,131   656,905   670,525   675,056   690,429  
Construction in progress  8,540   8,111   8,422   15,576   15,550  
Net property and equipment  653,671   665,016   678,947   690,632   705,979  
Right-of-use asset - operating leases  5,984   6,206   4,419   5,686   6,238  
Right-of-use asset - finance leases  6,654   6,813   6,972   7,131   7,290  
Investments, at equity, and advances to 50% or less owned companies  3,594   3,024   1,901   75,923   76,860  
Other assets  2,079   1,995   1,887   1,932   2,057  
Total assets $803,546  $815,630  $842,993  $877,114  $902,631  
LIABILITIES AND EQUITY                
Current Liabilities:                
Current portion of operating lease liabilities $1,764  $2,358  $1,792  $2,010  $2,073  
Current portion of finance lease liabilities  563   468   374   282   190  
Current portion of long-term debt  60,523   61,512   57,567   33,398   32,708  
Accounts payable and accrued expenses  44,255   37,954   36,248   39,262   32,585  
Due to SEACOR Holdings  264   264   264   264   264  
Other current liabilities  20,185   18,869   22,032   22,171   23,723  
Total current liabilities  127,554   121,425   118,277   97,387   91,543  
Long-term operating lease liabilities  4,474   4,739   3,759   4,026   4,420  
Long-term finance lease liabilities  6,644   6,781   6,916   7,050   7,183  
Long-term debt  254,450   260,119   282,556   318,699   326,264  
Conversion option liability on convertible senior notes           1   34  
Deferred income taxes  39,120   40,779   39,823   33,743   37,153  
Deferred gains and other liabilities  2,264   2,641   2,692   2,701   2,990  
Total liabilities  434,506   436,484   454,023   463,607   469,587  
Equity:                
SEACOR Marine Holdings Inc. stockholders’ equity:                
Common stock  279   272   272   272   269  
Additional paid-in capital  467,896   466,669   465,449   464,222   463,138  
Accumulated deficit  (102,700)  (93,111)  (79,769)  (55,418)  (37,744) 
Shares held in treasury  (4,119)  (1,852)  (1,852)  (1,852)  (1,792) 
Accumulated other comprehensive income, net of tax  7,363   6,847   4,549   5,960   8,853  
   368,719   378,825   388,649   413,184   432,724  
Noncontrolling interests in subsidiaries  321   321   321   323   320  
Total equity  369,040   379,146   388,970   413,507   433,044  
Total liabilities and equity $803,546  $815,630  $842,993  $877,114  $902,631  


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

  Three Months Ended  
  Mar. 31, 2023  Dec. 31, 2022  Sep. 30, 2022  Jun. 30, 2022  Mar. 31, 2022  
Cash Flows from Operating Activities:                
Net Loss $(9,589) $(13,342) $(24,353) $(19,117) $(14,837) 
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                
Depreciation and amortization  13,762   13,624   13,754   14,208   14,371  
Deferred financing costs amortization  418   (997)  350   364   291  
Stock-based compensation expense  1,227   1,220   1,227   1,076   1,074  
Debt discount amortization  1,558   1,449   1,817   1,736   1,691  
Allowance for credit losses  (104)  11   (53)  701   (170) 
(Gain) loss from equipment sales, retirements or impairments  (3,599)  (1,017)  1,783   (25)  (2,139) 
Gain on debt extinguishment     (12,700)          
Derivative losses (gains)        (1)  (33)  34  
Interest on finance lease  72   73   73   73   25  
Settlements on derivative transactions, net  154   33   (131)  (278)  (373) 
Currency losses (gains)  825   2,646   (2,314)  (1,170)  (821) 
Deferred income taxes  (1,659)  957   6,079   (3,410)  (3,529) 
Equity (earnings) losses  (536)  (1,176)  254   (415)  (5,674) 
Dividends received from equity investees     74   1,096   1,162   725  
Changes in Operating Assets and Liabilities:                
Accounts receivables  (9,857)  2,304   (2,384)  (4,476)  3,904  
Other assets  45   3,296   966   (1,539)  (164) 
Accounts payable and accrued liabilities  6,731   769   (4,900)  4,925   6,707  
Net cash (used in) provided by operating activities  (552)  (2,776)  (6,737)  (6,218)  1,115  
Cash Flows from Investing Activities:                
Purchases of property and equipment  (470)  (185)  (240)  (17)  (20) 
Proceeds from disposition of property and equipment  7,611   53      1,371   5,310  
Net investing activities in property and equipment  7,141   (132)  (240)  1,354   5,290  
Principal payments on notes due from equity investees        177   175   176  
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   8,831        
Net cash provided by investing activities  12,141   4,868   45,937   1,529   5,466  
Cash Flows from Financing Activities:                
Payments on long-term debt  (8,608)  (7,470)  (14,182)  (9,152)  (7,348) 
Payments on debt extinguishment cost     (2,271)          
Payments on finance leases  (114)  (114)  (114)  (114)  (9) 
Proceeds from exercise of stock options  6         11   140  
Tax withholdings on restricted stock vesting and director share awards  (2,266)        (60)  (672) 
Net cash used in financing activities  (10,982)  (9,855)  (14,296)  (9,315)  (7,889) 
Effects of Exchange Rate Changes on Cash and Cash Equivalents     (2)  2   (3)  (1) 
Net Change in Cash, Cash Equivalents and Restricted Cash  607   (7,765)  24,906   (14,007)  (1,309) 
Cash, Restricted Cash and Cash Equivalents, Beginning of Period  43,045   50,810   25,904   39,911   41,220  
Cash, Restricted Cash and Cash Equivalents, End of Period $43,652  $43,045  $50,810  $25,904  $39,911  


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

  Owned  Leased-in  Managed  Total 
March 31, 2023            
AHTS  3   1      4 
FSV  22   1   2   25 
PSV  21         21 
Liftboats  9         9 
   55   2   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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