HOUSTON, July 31, 2024 (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 second quarter ended June 30, 2024.
SEACOR Marine’s consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit (“DVP”)(1) was $20.3 million. This compares to consolidated operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.
Notable second quarter items include:
- 2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.
- Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.
- 69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.
- DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.
For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.
Chief Executive Officer John Gellert commented:
“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.
Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”
___________________
| (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 June 30, | Six months ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating Revenues | $ | 69,867 | $ | 68,319 | $ | 132,637 | $ | 129,528 | |||||||
| Costs and Expenses: | |||||||||||||||
| Operating | 49,520 | 37,730 | 97,619 | 76,239 | |||||||||||
| Administrative and general | 10,889 | 13,704 | 22,806 | 25,336 | |||||||||||
| Lease expense | 486 | 698 | 967 | 1,418 | |||||||||||
| Depreciation and amortization | 12,939 | 13,575 | 25,821 | 27,337 | |||||||||||
| 73,834 | 65,707 | 147,213 | 130,330 | ||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 37 | 265 | 36 | 3,864 | |||||||||||
| Operating (Loss) Income | (3,930 | ) | 2,877 | (14,540 | ) | 3,062 | |||||||||
| Other Income (Expense): | |||||||||||||||
| Interest income | 445 | 422 | 1,038 | 882 | |||||||||||
| Interest expense | (10,190 | ) | (8,736 | ) | (20,499 | ) | (17,524 | ) | |||||||
| Derivative gains (losses), net | 104 | — | (439 | ) | — | ||||||||||
| Foreign currency losses, net | (560 | ) | (603 | ) | (640 | ) | (1,428 | ) | |||||||
| Other, net | — | — | (95 | ) | — | ||||||||||
| (10,201 | ) | (8,917 | ) | (20,635 | ) | (18,070 | ) | ||||||||
| Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies | (14,131 | ) | (6,040 | ) | (35,175 | ) | (15,008 | ) | |||||||
| Income Tax (Benefit) Expense | (682 | ) | (1,096 | ) | 243 | 61 | |||||||||
| Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (13,449 | ) | (4,944 | ) | (35,418 | ) | (15,069 | ) | |||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 966 | 373 | (134 | ) | 909 | ||||||||||
| Net Loss | $ | (12,483 | ) | $ | (4,571 | ) | $ | (35,552 | ) | $ | (14,160 | ) | |||
| Net Loss Per Share: | |||||||||||||||
| Basic | $ | (0.45 | ) | $ | (0.17 | ) | $ | (1.29 | ) | $ | (0.52 | ) | |||
| Diluted | $ | (0.45 | ) | $ | (0.17 | ) | $ | (1.29 | ) | $ | (0.52 | ) | |||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||
| Basic | 27,729,033 | 27,137,873 | 27,536,319 | 26,981,004 | |||||||||||
| Diluted | 27,729,033 | 27,137,873 | 27,536,319 | 26,981,004 | |||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average Rates Per Day | $ | 19,141 | $ | 19,042 | $ | 18,031 | $ | 18,046 | $ | 15,250 | |||||||||
| Fleet Utilization | 69 | % | 62 | % | 71 | % | 73 | % | 78 | % | |||||||||
| Fleet Available Days(2) | 4,994 | 5,005 | 5,170 | 5,182 | 5,096 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 65,649 | $ | 59,263 | $ | 66,498 | $ | 68,668 | $ | 60,804 | |||||||||
| Bareboat charter | 364 | 364 | 368 | 368 | 364 | ||||||||||||||
| Other marine services | 3,854 | 3,143 | 6,217 | 7,864 | 7,151 | ||||||||||||||
| 69,867 | 62,770 | 73,083 | 76,900 | 68,319 | |||||||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 21,566 | 21,670 | 22,080 | 19,943 | 19,944 | ||||||||||||||
| Repairs and maintenance | 10,244 | 9,763 | 7,604 | 7,418 | 5,793 | ||||||||||||||
| Drydocking | 6,210 | 6,706 | 2,561 | 1,768 | 2,256 | ||||||||||||||
| Insurance and loss reserves | 3,099 | 1,738 | 2,944 | 1,833 | 2,390 | ||||||||||||||
| Fuel, lubes and supplies | 3,966 | 4,523 | 3,683 | 5,047 | 3,638 | ||||||||||||||
| Other | 4,435 | 3,699 | 4,397 | 4,133 | 3,709 | ||||||||||||||
| 49,520 | 48,099 | 43,269 | 40,142 | 37,730 | |||||||||||||||
| Direct Vessel Profit(1) | 20,347 | 14,671 | 29,814 | 36,758 | 30,589 | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | 486 | 481 | 679 | 651 | 698 | ||||||||||||||
| Administrative and general | 10,889 | 11,917 | 11,547 | 12,300 | 13,704 | ||||||||||||||
| Depreciation and amortization | 12,939 | 12,882 | 13,022 | 13,462 | 13,575 | ||||||||||||||
| 24,314 | 25,280 | 25,248 | 26,413 | 27,977 | |||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 37 | (1 | ) | 18,057 | (512 | ) | 265 | ||||||||||||
| Operating (Loss) Income | (3,930 | ) | (10,610 | ) | 22,623 | 9,833 | 2,877 | ||||||||||||
| Other Income (Expense): | |||||||||||||||||||
| Interest income | 445 | 593 | 222 | 340 | 422 | ||||||||||||||
| Interest expense | (10,190 | ) | (10,309 | ) | (10,444 | ) | (9,536 | ) | (8,736 | ) | |||||||||
| Derivative gains (losses), net | 104 | (543 | ) | 608 | — | — | |||||||||||||
| Loss on debt extinguishment | — | — | — | (2,004 | ) | — | |||||||||||||
| Foreign currency (losses) gains, net | (560 | ) | (80 | ) | (1,276 | ) | 571 | (603 | ) | ||||||||||
| Other, net | — | (95 | ) | — | — | — | |||||||||||||
| (10,201 | ) | (10,434 | ) | (10,890 | ) | (10,629 | ) | (8,917 | ) | ||||||||||
| (Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies | (14,131 | ) | (21,044 | ) | 11,733 | (796 | ) | (6,040 | ) | ||||||||||
| Income Tax (Benefit) Expense | (682 | ) | 925 | 6,378 | 2,360 | (1,096 | ) | ||||||||||||
| (Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (13,449 | ) | (21,969 | ) | 5,355 | (3,156 | ) | (4,944 | ) | ||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 966 | (1,100 | ) | 374 | 2,273 | 373 | |||||||||||||
| Net (Loss) Income | $ | (12,483 | ) | $ | (23,069 | ) | $ | 5,729 | $ | (883 | ) | $ | (4,571 | ) | |||||
| Net (Loss) Earnings Per Share: | |||||||||||||||||||
| Basic | $ | (0.45 | ) | $ | (0.84 | ) | $ | 0.21 | $ | (0.03 | ) | $ | (0.17 | ) | |||||
| Diluted | $ | (0.45 | ) | $ | (0.84 | ) | $ | 0.20 | $ | (0.03 | ) | $ | (0.17 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||||||
| Basic | 27,729 | 27,344 | 27,182 | 27,182 | 27,138 | ||||||||||||||
| Diluted | 27,729 | 27,344 | 28,401 | 27,182 | 27,138 | ||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 28,941 | 28,906 | 28,489 | 28,481 | 28,481 | ||||||||||||||
________________________
| (1) | See full description of footnote above. |
| (2) | Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. |
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| United States, primarily Gulf of Mexico | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 22,356 | $ | 28,156 | $ | 22,584 | $ | 23,663 | $ | 16,115 | |||||||||
| Fleet utilization | 37 | % | 27 | % | 50 | % | 57 | % | 35 | % | |||||||||
| Fleet available days | 921 | 927 | 1,152 | 1,196 | 1,080 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 179 | 137 | 61 | 151 | 229 | ||||||||||||||
| Out-of-service days for cold-stacked status(2) | 127 | 182 | 254 | 206 | 173 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 7,697 | $ | 6,957 | $ | 12,929 | $ | 16,236 | $ | 6,121 | |||||||||
| Other marine services | 480 | 1,026 | 5,346 | 5,478 | 3,004 | ||||||||||||||
| 8,177 | 7,983 | 18,275 | 21,714 | 9,125 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 6,284 | 5,781 | 6,906 | 6,712 | 5,957 | ||||||||||||||
| Repairs and maintenance | 1,879 | 1,404 | 819 | 1,560 | 1,573 | ||||||||||||||
| Drydocking | 2,570 | 1,968 | 303 | 462 | 1,506 | ||||||||||||||
| Insurance and loss reserves | 943 | 396 | 1,297 | 332 | 1,082 | ||||||||||||||
| Fuel, lubes and supplies | 866 | 667 | 1,032 | 958 | 924 | ||||||||||||||
| Other | 226 | (171 | ) | 475 | 375 | 346 | |||||||||||||
| 12,768 | 10,045 | 10,832 | 10,399 | 11,388 | |||||||||||||||
| Direct Vessel Profit (Loss)(1) | $ | (4,591 | ) | $ | (2,062 | ) | $ | 7,443 | $ | 11,315 | $ | (2,263 | ) | ||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 141 | $ | 138 | $ | 141 | $ | 116 | $ | 143 | |||||||||
| Depreciation and amortization | 3,194 | 2,750 | 3,479 | 3,810 | 3,861 | ||||||||||||||
| Africa and Europe | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 18,580 | $ | 15,197 | $ | 15,233 | $ | 15,388 | $ | 14,982 | |||||||||
| Fleet utilization | 74 | % | 76 | % | 82 | % | 84 | % | 94 | % | |||||||||
| Fleet available days | 1,969 | 1,775 | 1,748 | 1,748 | 1,729 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 203 | 238 | 124 | 111 | 58 | ||||||||||||||
| Out-of-service days for cold-stacked status(3) | 91 | 91 | 92 | 54 | — | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 27,047 | $ | 20,555 | $ | 21,791 | $ | 22,528 | $ | 24,414 | |||||||||
| Other marine services | 1,028 | 169 | 189 | 1,943 | 225 | ||||||||||||||
| 28,075 | 20,724 | 21,980 | 24,471 | 24,639 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 4,969 | 5,181 | 6,007 | 5,089 | 4,833 | ||||||||||||||
| Repairs and maintenance | 3,161 | 3,209 | 2,807 | 2,214 | 2,050 | ||||||||||||||
| Drydocking | 1,226 | 2,032 | 1,298 | 320 | 144 | ||||||||||||||
| Insurance and loss reserves | 819 | 334 | 416 | 573 | 420 | ||||||||||||||
| Fuel, lubes and supplies | 1,170 | 1,287 | 623 | 2,573 | 1,419 | ||||||||||||||
| Other | 2,801 | 2,199 | 2,267 | 2,448 | 2,608 | ||||||||||||||
| 14,146 | 14,242 | 13,418 | 13,217 | 11,474 | |||||||||||||||
| Direct Vessel Profit(1) | $ | 13,929 | $ | 6,482 | $ | 8,562 | $ | 11,254 | $ | 13,165 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 172 | $ | 178 | $ | 289 | $ | 372 | $ | 408 | |||||||||
| Depreciation and amortization | 4,565 | 3,915 | 3,747 | 3,821 | 3,853 | ||||||||||||||
________________________
| (1) | See full description of footnote above. |
| (2) | Includes one liftboat cold-stacked in this region as of June 30, 2024. |
| (3) | Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024. |
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| Middle East and Asia | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 17,083 | $ | 16,934 | $ | 17,590 | $ | 16,313 | $ | 13,245 | |||||||||
| Fleet utilization | 82 | % | 71 | % | 69 | % | 67 | % | 86 | % | |||||||||
| Fleet available days | 1,296 | 1,365 | 1,461 | 1,472 | 1,456 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 168 | 224 | 360 | 297 | 58 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 18,073 | $ | 16,477 | $ | 17,729 | $ | 16,087 | $ | 16,563 | |||||||||
| Other marine services | 619 | 350 | 539 | 267 | 3,512 | ||||||||||||||
| 18,692 | 16,827 | 18,268 | 16,354 | 20,075 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 6,930 | 5,963 | 5,522 | 5,157 | 5,266 | ||||||||||||||
| Repairs and maintenance | 3,443 | 2,712 | 2,590 | 2,623 | 1,219 | ||||||||||||||
| Drydocking | 707 | 1,483 | 624 | 1,056 | (684 | ) | |||||||||||||
| Insurance and loss reserves | 798 | 618 | 1,022 | 711 | 720 | ||||||||||||||
| Fuel, lubes and supplies | 1,103 | 1,198 | 1,242 | 743 | 425 | ||||||||||||||
| Other | 989 | 1,000 | 1,133 | 943 | 389 | ||||||||||||||
| 13,970 | 12,974 | 12,133 | 11,233 | 7,335 | |||||||||||||||
| Direct Vessel Profit(1) | $ | 4,722 | $ | 3,853 | $ | 6,135 | $ | 5,121 | $ | 12,740 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 71 | $ | 85 | $ | 158 | $ | 59 | $ | 67 | |||||||||
| Depreciation and amortization | 3,247 | 3,496 | 3,643 | 3,721 | 3,708 | ||||||||||||||
| Latin America | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 22,437 | $ | 28,308 | $ | 20,745 | $ | 20,656 | $ | 18,846 | |||||||||
| Fleet utilization | 71 | % | 58 | % | 84 | % | 87 | % | 88 | % | |||||||||
| Fleet available days(2) | 808 | 938 | 809 | 766 | 831 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 41 | 1 | — | 67 | 79 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 12,832 | $ | 15,274 | $ | 14,049 | $ | 13,817 | $ | 13,706 | |||||||||
| Bareboat charter | 364 | 364 | 368 | 368 | 364 | ||||||||||||||
| Other marine services | 1,727 | 1,598 | 143 | 176 | 410 | ||||||||||||||
| 14,923 | 17,236 | 14,560 | 14,361 | 14,480 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,383 | 4,745 | 3,645 | 2,985 | 3,888 | ||||||||||||||
| Repairs and maintenance | 1,761 | 2,438 | 1,388 | 1,021 | 951 | ||||||||||||||
| Drydocking | 1,707 | 1,223 | 336 | (70 | ) | 1,290 | |||||||||||||
| Insurance and loss reserves | 539 | 390 | 209 | 217 | 168 | ||||||||||||||
| Fuel, lubes and supplies | 827 | 1,371 | 786 | 773 | 870 | ||||||||||||||
| Other | 419 | 671 | 522 | 367 | 366 | ||||||||||||||
| 8,636 | 10,838 | 6,886 | 5,293 | 7,533 | |||||||||||||||
| Direct Vessel Profit(1) | $ | 6,287 | $ | 6,398 | $ | 7,674 | $ | 9,068 | $ | 6,947 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 102 | $ | 80 | $ | 91 | $ | 104 | $ | 80 | |||||||||
| Depreciation and amortization | 1,933 | 2,721 | 2,153 | 2,110 | 2,153 | ||||||||||||||
________________________
| (1) | See full description of footnote above. |
| (2) | Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. |
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| AHTS | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,125 | $ | 8,538 | $ | 8,937 | $ | 9,947 | $ | 8,916 | |||||||||
| Fleet utilization | 49 | % | 75 | % | 64 | % | 50 | % | 85 | % | |||||||||
| Fleet available days | 364 | 364 | 368 | 368 | 364 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 29 | — | 41 | 111 | 13 | ||||||||||||||
| Out-of-service days for cold-stacked status | 91 | 91 | 92 | 54 | — | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 1,459 | $ | 2,331 | $ | 2,102 | $ | 1,831 | $ | 2,762 | |||||||||
| Other marine services | 219 | — | 6 | 930 | — | ||||||||||||||
| 1,678 | 2,331 | 2,108 | 2,761 | 2,762 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 1,045 | $ | 1,064 | $ | 944 | $ | 1,019 | $ | 1,069 | |||||||||
| Repairs and maintenance | 465 | 220 | 612 | 484 | 186 | ||||||||||||||
| Drydocking | 280 | 68 | 58 | 747 | 131 | ||||||||||||||
| Insurance and loss reserves | 97 | 43 | 73 | 88 | 78 | ||||||||||||||
| Fuel, lubes and supplies | 69 | 616 | 375 | 428 | 192 | ||||||||||||||
| Other | 230 | 287 | 295 | 378 | 329 | ||||||||||||||
| 2,186 | 2,298 | 2,357 | 3,144 | 1,985 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 164 | $ | 171 | $ | 253 | $ | 331 | $ | 332 | |||||||||
| Depreciation and amortization | 175 | 175 | 175 | 249 | 298 | ||||||||||||||
| FSV | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 12,978 | $ | 11,834 | $ | 11,841 | $ | 11,441 | $ | 11,314 | |||||||||
| Fleet utilization | 80 | % | 72 | % | 74 | % | 79 | % | 92 | % | |||||||||
| Fleet available days | 2,002 | 2,002 | 2,105 | 2,116 | 2,093 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 128 | 216 | 337 | 227 | 86 | ||||||||||||||
| Out-of-service days for cold-stacked status | 36 | 91 | 92 | 69 | 82 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 20,698 | $ | 17,081 | $ | 18,502 | $ | 19,135 | $ | 21,747 | |||||||||
| Other marine services | 516 | 126 | 163 | 652 | 71 | ||||||||||||||
| 21,214 | 17,207 | 18,665 | 19,787 | 21,818 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 5,829 | $ | 5,649 | $ | 5,320 | $ | 5,144 | $ | 5,083 | |||||||||
| Repairs and maintenance | 4,572 | 3,093 | 2,691 | 2,787 | 1,134 | ||||||||||||||
| Drydocking | 457 | 1,869 | 1,710 | 870 | 1,342 | ||||||||||||||
| Insurance and loss reserves | 546 | 277 | 507 | 185 | 337 | ||||||||||||||
| Fuel, lubes and supplies | 993 | 1,051 | 1,441 | 1,501 | 1,108 | ||||||||||||||
| Other | 1,850 | 1,649 | 1,632 | 1,552 | 1,536 | ||||||||||||||
| 14,247 | 13,588 | 13,301 | 12,039 | 10,540 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | $ | 4,746 | $ | 4,744 | $ | 4,879 | $ | 5,002 | $ | 4,952 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| PSV | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 20,952 | $ | 19,133 | $ | 19,778 | $ | 19,528 | $ | 17,545 | |||||||||
| Fleet utilization | 66 | % | 53 | % | 77 | % | 78 | % | 80 | % | |||||||||
| Fleet available days (1) | 1,900 | 1,911 | 1,902 | 1,870 | 1,820 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 291 | 307 | 109 | 110 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 26,390 | $ | 19,390 | $ | 29,140 | $ | 28,580 | $ | 25,458 | |||||||||
| Bareboat charter | 364 | 364 | 368 | 368 | 364 | ||||||||||||||
| Other marine services | 2,266 | 416 | 595 | 696 | 584 | ||||||||||||||
| 29,020 | 20,170 | 30,103 | 29,644 | 26,406 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 8,979 | $ | 8,850 | $ | 9,017 | $ | 8,793 | $ | 8,738 | |||||||||
| Repairs and maintenance | 3,151 | 4,393 | 3,520 | 2,504 | 2,998 | ||||||||||||||
| Drydocking | 2,616 | 3,386 | 472 | 232 | 12 | ||||||||||||||
| Insurance and loss reserves | 1,037 | 395 | 690 | 682 | 421 | ||||||||||||||
| Fuel, lubes and supplies | 1,575 | 1,889 | 1,027 | 2,352 | 2,124 | ||||||||||||||
| Other | 1,850 | 1,395 | 1,922 | 1,761 | 1,405 | ||||||||||||||
| 19,208 | 20,308 | 16,648 | 16,324 | 15,698 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 3 | $ | — | $ | — | $ | — | $ | — | |||||||||
| Depreciation and amortization | 4,128 | 4,073 | 4,073 | 4,073 | 4,072 | ||||||||||||||
________________________
| (1) | Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. |
SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| Liftboats | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 43,204 | $ | 53,506 | $ | 40,181 | $ | 39,419 | $ | 35,623 | |||||||||
| Fleet utilization | 54 | % | 53 | % | 52 | % | 59 | % | 37 | % | |||||||||
| Fleet available days | 728 | 728 | 795 | 828 | 819 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 143 | 78 | 60 | 111 | 233 | ||||||||||||||
| Out-of-service days for cold-stacked status | 91 | 91 | 162 | 137 | 91 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 17,102 | $ | 20,461 | $ | 16,754 | $ | 19,122 | $ | 10,837 | |||||||||
| Other marine services | 666 | 1,772 | 4,666 | 4,710 | 5,495 | ||||||||||||||
| 17,768 | 22,233 | 21,420 | 23,832 | 16,332 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 6,842 | $ | 6,140 | $ | 5,316 | $ | 4,983 | $ | 5,065 | |||||||||
| Repairs and maintenance | 2,054 | 2,035 | 769 | 1,643 | 1,472 | ||||||||||||||
| Drydocking | 2,857 | 1,383 | 321 | (81 | ) | 849 | |||||||||||||
| Insurance and loss reserves | 1,482 | 1,282 | 1,554 | 1,148 | 1,418 | ||||||||||||||
| Fuel, lubes and supplies | 1,329 | 967 | 838 | 766 | 219 | ||||||||||||||
| Other | 519 | 343 | 531 | 445 | 441 | ||||||||||||||
| 15,083 | 12,150 | 9,329 | 8,904 | 9,464 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | 3,865 | 3,866 | 3,867 | 4,099 | 4,215 | ||||||||||||||
| Other Activity | |||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | 187 | $ | 829 | $ | 787 | $ | 876 | $ | 1,001 | |||||||||
| 187 | 829 | 787 | 876 | 1,001 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | (1,129 | ) | $ | (33 | ) | $ | 1,483 | $ | 4 | $ | (11 | ) | ||||||
| Repairs and maintenance | 2 | 22 | 12 | — | 3 | ||||||||||||||
| Drydocking | — | — | — | — | (78 | ) | |||||||||||||
| Insurance and loss reserves | (63 | ) | (259 | ) | 120 | (270 | ) | 136 | |||||||||||
| Fuel, lubes and supplies | — | — | 2 | — | (5 | ) | |||||||||||||
| Other | (14 | ) | 25 | 17 | (3 | ) | (2 | ) | |||||||||||
| (1,204 | ) | (245 | ) | 1,634 | (269 | ) | 43 | ||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 319 | $ | 310 | $ | 426 | $ | 320 | $ | 366 | |||||||||
| Depreciation and amortization | 25 | 24 | 28 | 39 | 38 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Current Assets: | |||||||||||||||||||
| Cash and cash equivalents | $ | 40,605 | $ | 59,593 | $ | 67,455 | $ | 55,840 | $ | 40,750 | |||||||||
| Restricted cash | 2,255 | 2,566 | 16,676 | 2,796 | 2,796 | ||||||||||||||
| Receivables: | |||||||||||||||||||
| Trade, net of allowance for credit loss | 70,770 | 58,272 | 63,728 | 63,246 | 60,022 | ||||||||||||||
| Other | 6,210 | 12,210 | 11,049 | 8,662 | 12,032 | ||||||||||||||
| Note receivable | — | — | — | — | 5,000 | ||||||||||||||
| Tax receivable | 983 | 983 | 983 | 445 | 445 | ||||||||||||||
| Inventories | 3,117 | 2,516 | 1,609 | 1,738 | 1,653 | ||||||||||||||
| Prepaid expenses and other | 5,659 | 3,425 | 2,686 | 2,957 | 3,112 | ||||||||||||||
| Assets held for sale | 500 | 500 | 500 | 6,093 | — | ||||||||||||||
| Total current assets | 130,099 | 140,065 | 164,686 | 141,777 | 125,810 | ||||||||||||||
| Property and Equipment: | |||||||||||||||||||
| Historical cost | 921,443 | 919,139 | 918,823 | 936,520 | 966,338 | ||||||||||||||
| Accumulated depreciation | (349,799 | ) | (337,001 | ) | (324,141 | ) | (318,549 | ) | (334,678 | ) | |||||||||
| 571,644 | 582,138 | 594,682 | 617,971 | 631,660 | |||||||||||||||
| Construction in progress | 11,518 | 13,410 | 10,362 | 9,413 | 8,876 | ||||||||||||||
| Net property and equipment | 583,162 | 595,548 | 605,044 | 627,384 | 640,536 | ||||||||||||||
| Right-of-use asset - operating leases | 3,683 | 3,988 | 4,291 | 4,907 | 5,703 | ||||||||||||||
| Right-of-use asset - finance leases | 28 | 29 | 37 | 45 | 6,495 | ||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 2,641 | 3,122 | 4,125 | 3,857 | 3,253 | ||||||||||||||
| Other assets | 1,953 | 2,094 | 2,153 | 2,095 | 2,139 | ||||||||||||||
| Total assets | $ | 721,566 | $ | 744,846 | $ | 780,336 | $ | 780,065 | $ | 783,936 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||
| Current portion of operating lease liabilities | $ | 861 | $ | 1,285 | $ | 1,591 | $ | 1,856 | $ | 1,792 | |||||||||
| Current portion of finance lease liabilities | 26 | 33 | 35 | 35 | 611 | ||||||||||||||
| Current portion of long-term debt | 28,605 | 28,605 | 28,365 | 28,005 | 63,959 | ||||||||||||||
| Accounts payable | 17,790 | 23,453 | 27,562 | 32,468 | 39,013 | ||||||||||||||
| Other current liabilities | 23,795 | 21,067 | 19,533 | 21,340 | 21,027 | ||||||||||||||
| Total current liabilities | 71,077 | 74,443 | 77,086 | 83,704 | 126,402 | ||||||||||||||
| Long-term operating lease liabilities | 3,276 | 3,390 | 3,529 | 3,571 | 4,030 | ||||||||||||||
| Long-term finance lease liabilities | 5 | — | 6 | 15 | 6,462 | ||||||||||||||
| Long-term debt | 277,740 | 281,989 | 287,544 | 291,843 | 243,960 | ||||||||||||||
| Deferred income taxes | 30,083 | 33,873 | 35,718 | 33,078 | 34,038 | ||||||||||||||
| Deferred gains and other liabilities | 1,447 | 2,285 | 2,229 | 2,217 | 2,189 | ||||||||||||||
| Total liabilities | 383,628 | 395,980 | 406,112 | 414,428 | 417,081 | ||||||||||||||
| Equity: | |||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||
| Common stock | 286 | 286 | 280 | 280 | 280 | ||||||||||||||
| Additional paid-in capital | 476,020 | 474,433 | 472,692 | 471,158 | 469,618 | ||||||||||||||
| Accumulated deficit | (138,028 | ) | (125,609 | ) | (102,425 | ) | (108,154 | ) | (107,271 | ) | |||||||||
| Shares held in treasury | (8,110 | ) | (8,071 | ) | (4,221 | ) | (4,221 | ) | (4,221 | ) | |||||||||
| Accumulated other comprehensive income, net of tax | 7,449 | 7,506 | 7,577 | 6,253 | 8,128 | ||||||||||||||
| 337,617 | 348,545 | 373,903 | 365,316 | 366,534 | |||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | ||||||||||||||
| Total equity | 337,938 | 348,866 | 374,224 | 365,637 | 366,855 | ||||||||||||||
| Total liabilities and equity | $ | 721,566 | $ | 744,846 | $ | 780,336 | $ | 780,065 | $ | 783,936 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||||
| Net (Loss) Income | $ | (12,483 | ) | $ | (23,069 | ) | $ | 5,729 | $ | (883 | ) | $ | (4,571 | ) | |||||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 12,939 | 12,882 | 13,022 | 13,462 | 13,575 | ||||||||||||||
| Deferred financing costs amortization | 297 | 295 | 279 | 459 | 423 | ||||||||||||||
| Stock-based compensation expense | 1,587 | 1,645 | 1,510 | 1,540 | 1,723 | ||||||||||||||
| Debt discount amortization | 1,993 | 1,926 | 1,862 | 1,714 | 1,627 | ||||||||||||||
| Allowance for credit losses | 39 | 3 | 266 | 594 | 2,763 | ||||||||||||||
| (Gain) loss from equipment sales, retirements or impairments | (37 | ) | 1 | (18,057 | ) | 512 | (265 | ) | |||||||||||
| Losses on debt extinguishment | — | — | — | 177 | — | ||||||||||||||
| Derivative (gains) losses | (104 | ) | 543 | (608 | ) | — | — | ||||||||||||
| Interest on finance lease | 1 | — | 1 | 59 | 70 | ||||||||||||||
| Settlements on derivative transactions, net | — | 164 | — | 197 | 226 | ||||||||||||||
| Currency losses (gains) | 560 | 80 | 1,276 | (571 | ) | 603 | |||||||||||||
| Deferred income taxes | (3,790 | ) | (1,845 | ) | 2,640 | (960 | ) | (5,082 | ) | ||||||||||
| Equity (earnings) losses | (966 | ) | 1,100 | (374 | ) | (2,273 | ) | (373 | ) | ||||||||||
| Dividends received from equity investees | 1,418 | — | 166 | 1,031 | 1,044 | ||||||||||||||
| Changes in Operating Assets and Liabilities: | |||||||||||||||||||
| Accounts receivables | (6,928 | ) | 4,291 | (3,472 | ) | (747 | ) | (3,139 | ) | ||||||||||
| Other assets | (2,395 | ) | (1,290 | ) | 733 | 493 | 1,017 | ||||||||||||
| Accounts payable and accrued liabilities | (4,378 | ) | (3,895 | ) | (6,456 | ) | (7,705 | ) | (5,758 | ) | |||||||||
| Net cash (used in) provided by operating activities | (12,247 | ) | (7,169 | ) | (1,483 | ) | 7,099 | 3,883 | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||||
| Purchases of property and equipment | (658 | ) | (3,416 | ) | (3,644 | ) | (6,455 | ) | (35 | ) | |||||||||
| Proceeds from disposition of property and equipment | 86 | — | 36,692 | — | 427 | ||||||||||||||
| Net investing activities in property and equipment | (572 | ) | (3,416 | ) | 33,048 | (6,455 | ) | 392 | |||||||||||
| Principal payments on notes due from others | — | — | — | 5,000 | 5,000 | ||||||||||||||
| Net cash (used in) provided by investing activities | (572 | ) | (3,416 | ) | 33,048 | (1,455 | ) | 5,392 | |||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||||
| Payments on long-term debt | (6,533 | ) | (7,530 | ) | (6,173 | ) | (4,901 | ) | (9,483 | ) | |||||||||
| Payments on debt extinguishment | — | — | — | (104,832 | ) | (26,772 | ) | ||||||||||||
| Payments on debt extinguishment cost | — | — | — | (1,827 | ) | — | |||||||||||||
| Proceeds from issuance of long-term debt, net of issue costs | — | — | 87 | 121,207 | 27,181 | ||||||||||||||
| Payments on finance leases | (9 | ) | (9 | ) | (9 | ) | (204 | ) | (204 | ) | |||||||||
| Proceeds from issuance of common stock, net of issue costs | — | — | 24 | — | — | ||||||||||||||
| Proceeds from exercise of stock options | 102 | — | — | — | — | ||||||||||||||
| Tax withholdings on restricted stock vesting | (39 | ) | (3,850 | ) | — | — | (102 | ) | |||||||||||
| Net cash (used in) provided by financing activities | (6,479 | ) | (11,389 | ) | (6,071 | ) | 9,443 | (9,380 | ) | ||||||||||
| Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | (1 | ) | 2 | 1 | 3 | (1 | ) | ||||||||||||
| Net Change in Cash, Restricted Cash and Cash Equivalents | (19,299 | ) | (21,972 | ) | 25,495 | 15,090 | (106 | ) | |||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 62,159 | 84,131 | 58,636 | 43,546 | 43,652 | ||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 42,860 | $ | 62,159 | $ | 84,131 | $ | 58,636 | $ | 43,546 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||||||||||
| Owned | Leased-in | Managed | Total | |||||||||||||
| June 30, 2024 | ||||||||||||||||
| AHTS | 3 | 1 | — | 4 | ||||||||||||
| FSV | 22 | — | 1 | 23 | ||||||||||||
| PSV | 21 | — | — | 21 | ||||||||||||
| Liftboats | 8 | — | — | 8 | ||||||||||||
| 54 | 1 | 1 | 56 | |||||||||||||
| December 31, 2023 | ||||||||||||||||
| AHTS | 3 | 1 | — | 4 | ||||||||||||
| FSV | 22 | — | 3 | 25 | ||||||||||||
| PSV | 21 | — | — | 21 | ||||||||||||
| Liftboats | 8 | — | — | 8 | ||||||||||||
| 54 | 1 | 3 | 58 | |||||||||||||
