MIL-OSI: SEACOR Marine Announces Fourth Quarter 2023 Results

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Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 29, 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 fourth quarter ended December 31, 2023.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)(1) was $29.8 million. This compares to 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, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.

Notable fourth quarter items include:

  • 26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
  • Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
  • DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
  • Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.

For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.

All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.

We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.

Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.

Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________

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

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

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

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

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
 
   
  Three Months Ended December 31,     Year ended December 31,  
  2023     2022     2023     2022  
Operating Revenues $ 73,083     $ 57,926     $ 279,511     $ 217,325  
Costs and Expenses:                      
Operating   43,269       44,338       159,650       171,985  
Administrative and general   11,547       10,799       49,183       40,911  
Lease expense   679       633       2,748       3,869  
Depreciation and amortization   13,022       13,624       53,821       55,957  
    68,517       69,394       265,402       272,722  
Gains on Asset Dispositions and Impairments, Net   18,057       1,017       21,409       1,398  
Operating Income (Loss)   22,623       (10,451 )     35,518       (53,999 )
Other Income (Expense):                      
Interest income   222       688       1,444       784  
Interest expense   (10,444 )     (8,456 )     (37,504 )     (29,706 )
Gain (loss) on debt extinguishment         10,429       (2,004 )     10,429  
Derivative gains, net   608             608        
Foreign currency (losses) gains, net   (1,276 )     (2,646 )     (2,133 )     1,659  
Other, net         137             755  
    (10,890 )     152       (39,589 )     (16,079 )
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies   11,733       (10,299 )     (4,071 )     (70,078 )
Income Tax Expense   6,378       4,219       8,799       8,582  
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies   5,355       (14,518 )     (12,870 )     (78,660 )
Equity in Earnings of 50% or Less Owned Companies   374       1,176       3,556       7,011  
Net Income (Loss)   5,729       (13,342 )     (9,314 )     (71,649 )
Net Income Attributable to Noncontrolling Interests in Subsidiaries                     1  
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc. $ 5,729     $ (13,342 )   $ (9,314 )   $ (71,650 )
                       
Net Earnings (Loss) Per Share:                      
Basic $ 0.21     $ (0.50 )   $ (0.34 )   $ (2.69 )
Diluted $ 0.20     $ (0.50 )   $ (0.34 )   $ (2.69 )
Weighted Average Common Stock and Warrants Outstanding:                      
Basic   27,182,496       26,727,864       27,082,391       26,626,179  
Diluted   28,400,684       26,727,864       27,082,391       26,626,179  
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
 (in thousands, except statistics and per share data)
 
   
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
Time Charter Statistics:                            
Average Rates Per Day $ 18,031     $ 18,046     $ 15,250     $ 14,314     $ 13,794  
Fleet Utilization   71 %     73 %     78 %     76 %     76 %
Fleet Available Days   5,170       5,182       5,096       5,071       5,244  
Operating Revenues:                            
Time charter $ 66,498     $ 68,668     $ 60,804     $ 55,415     $ 54,789  
Bareboat charter   368       368       364       360       376  
Other marine services   6,217       7,864       7,151       5,434       2,761  
    73,083       76,900       68,319       61,209       57,926  
Costs and Expenses:                            
Operating:                            
Personnel   22,080       19,943       19,944       19,803       20,849  
Repairs and maintenance   7,604       7,418       5,793       6,011       8,948  
Drydocking   2,561       1,768       2,256       13       1,667  
Insurance and loss reserves   2,944       1,833       2,390       2,789       3,381  
Fuel, lubes and supplies   3,683       5,047       3,638       4,819       5,794  
Other   4,397       4,133       3,709       5,074       3,699  
    43,269       40,142       37,730       38,509       44,338  
Direct Vessel Profit (1)   29,814       36,758       30,589       22,700       13,588  
Other Costs and Expenses:                            
Lease expense   679       651       698       720       633  
Administrative and general   11,547       12,300       13,704       11,632       10,799  
Depreciation and amortization   13,022       13,462       13,575       13,762       13,624  
    25,248       26,413       27,977       26,114       25,056  
Gains (Losses) on Asset Dispositions and Impairments, Net   18,057       (512 )     265       3,599       1,017  
Operating Income (Loss)   22,623       9,833       2,877       185       (10,451 )
Other Income (Expense):                            
Interest income   222       340       422       460       688  
Interest expense   (10,444 )     (9,536 )     (8,736 )     (8,788 )     (8,456 )
Derivative gains, net   608                          
(Loss) gain on debt extinguishment         (2,004 )                 10,429  
Foreign currency (losses) gains, net   (1,276 )     571       (603 )     (825 )     (2,646 )
Other, net                           137  
    (10,890 )     (10,629 )     (8,917 )     (9,153 )     152  
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies   11,733       (796 )     (6,040 )     (8,968 )     (10,299 )
Income Tax Expense (Benefit)   6,378       2,360       (1,096 )     1,157       4,219  
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies   5,355       (3,156 )     (4,944 )     (10,125 )     (14,518 )
Equity in Earnings of 50% or Less Owned Companies   374       2,273       373       536       1,176  
Net Income (Loss) $ 5,729     $ (883 )   $ (4,571 )   $ (9,589 )   $ (13,342 )
                             
Net Earnings (Loss) Per Share:                            
Basic $ 0.21     $ (0.03 )   $ (0.17 )   $ (0.36 )   $ (0.50 )
Diluted $ 0.20     $ (0.03 )   $ (0.17 )   $ (0.36 )   $ (0.50 )
Weighted Average Common Stock and Warrants Outstanding:                            
Basic   27,182       27,182       27,138       26,822       26,728  
Diluted   28,401       27,182       27,138       26,822       26,728  
Common Shares and Warrants Outstanding at Period End   28,489       28,481       28,481       28,428       28,142  

(1) See full description of footnote above.

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
 
     
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
United States, primarily Gulf of Mexico                            
Time Charter Statistics:                            
Average rates per day worked $ 22,584     $ 23,663     $ 16,115     $ 18,359     $ 22,563  
Fleet utilization   50 %     57 %     35 %     35 %     57 %
Fleet available days   1,152       1,196       1,080       1,015       1,288  
Out-of-service days for repairs, maintenance and drydockings   61       151       229       112       108  
Out-of-service days for cold-stacked status (2)   254       206       173       211       242  
Operating Revenues:                            
Time charter $ 12,929     $ 16,236     $ 6,121     $ 6,564     $ 16,574  
Other marine services   5,346       5,478       3,004       3,850       2,916  
    18,275       21,714       9,125       10,414       19,490  
Direct Costs and Expenses:                            
Operating:                            
Personnel   6,906       6,712       5,957       6,535       7,262  
Repairs and maintenance   819       1,560       1,573       1,194       2,666  
Drydocking   303       462       1,506       43       472  
Insurance and loss reserves   1,297       332       1,082       1,041       2,022  
Fuel, lubes and supplies   1,032       958       924       783       746  
Other   475       375       346       231       416  
    10,832       10,399       11,388       9,827       13,584  
Direct Vessel Profit (Loss) (1) $ 7,443     $ 11,315     $ (2,263 )   $ 587     $ 5,906  
Other Costs and Expenses:                            
Lease expense $ 141     $ 116     $ 143     $ 136     $ 138  
Depreciation and amortization   3,479       3,810       3,861       3,535       3,912  
                             
Africa and Europe                            
Time Charter Statistics:                            
Average rates per day worked $ 15,233     $ 15,388     $ 14,982     $ 12,835     $ 11,241  
Fleet utilization   82 %     84 %     94 %     87 %     82 %
Fleet available days   1,748       1,748       1,729       1,710       1,656  
Out-of-service days for repairs, maintenance and drydockings   124       111       58       118       125  
Out-of-service days for cold-stacked status (3)   92       54                    
Operating Revenues:                            
Time charter $ 21,791     $ 22,528     $ 24,414     $ 18,996     $ 15,299  
Other marine services   189       1,943       225       225       (679 )
    21,980       24,471       24,639       19,221       14,620  
Direct Costs and Expenses:                            
Operating:                            
Personnel   6,007       5,089       4,833       4,505       4,680  
Repairs and maintenance   2,807       2,214       2,050       2,553       2,902  
Drydocking   1,298       320       144       1,184       678  
Insurance and loss reserves   416       573       420       318       366  
Fuel, lubes and supplies   623       2,573       1,419       2,215       2,775  
Other   2,267       2,448       2,608       2,749       1,896  
    13,418       13,217       11,474       13,524       13,297  
Direct Vessel Profit (1) $ 8,562     $ 11,254     $ 13,165     $ 5,697     $ 1,323  
Other Costs and Expenses:                            
Lease expense $ 289     $ 372     $ 408     $ 429     $ 378  
Depreciation and amortization   3,747       3,821       3,853       3,925       3,683  
  1. See full description of footnote above.
  2. Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
  3. Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.
SEACOR MARINE HOLDINGS INC.
 UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
 
     
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
Middle East and Asia                            
Time Charter Statistics:                            
Average rates per day worked $ 17,590     $ 16,313     $ 13,245     $ 13,562     $ 11,090  
Fleet utilization   69 %     67 %     86 %     82 %     75 %
Fleet available days   1,461       1,472       1,456       1,440       1,533  
Out-of-service days for repairs, maintenance and drydockings   360       297       58       76       132  
Operating Revenues:                            
Time charter $ 17,729     $ 16,087     $ 16,563     $ 16,028     $ 12,802  
Other marine services   539       267       3,512       27       (66 )
    18,268       16,354       20,075       16,055       12,736  
Direct Costs and Expenses:                            
Operating:                            
Personnel   5,522       5,157       5,266       4,841       5,270  
Repairs and maintenance   2,590       2,623       1,219       677       1,958  
Drydocking   624       1,056       (684 )     (1,095 )     244  
Insurance and loss reserves   1,022       711       720       1,185       821  
Fuel, lubes and supplies   1,242       743       425       1,142       1,335  
Other   1,133       943       389       1,496       915  
    12,133       11,233       7,335       8,246       10,543  
Direct Vessel Profit (1) $ 6,135     $ 5,121     $ 12,740     $ 7,809     $ 2,193  
Other Costs and Expenses:                            
Lease expense $ 158     $ 59     $ 67     $ 76     $ 52  
Depreciation and amortization   3,643       3,721       3,708       3,688       3,783  
                             
Latin America                            
Time Charter Statistics:                            
Average rates per day worked $ 20,745     $ 20,656     $ 18,846     $ 16,229     $ 14,009  
Fleet utilization   84 %     87 %     88 %     94 %     94 %
Fleet available days   809       766       831       906       767  
Out-of-service days for repairs, maintenance and drydockings         67       79       22       14  
Operating Revenues:                            
Time charter $ 14,049     $ 13,817     $ 13,706     $ 13,827     $ 10,114  
Bareboat charter   368       368       364       360       376  
Other marine services   143       176       410       1,332       590  
    14,560       14,361       14,480       15,519       11,080  
Direct Costs and Expenses:                            
Operating:                            
Personnel   3,645       2,985       3,888       3,922       3,637  
Repairs and maintenance   1,388       1,021       951       1,587       1,422  
Drydocking   336       (70 )     1,290       (119 )     273  
Insurance and loss reserves   209       217       168       245       172  
Fuel, lubes and supplies   786       773       870       679       938  
Other   522       367       366       598       472  
    6,886       5,293       7,533       6,912       6,914  
Direct Vessel Profit (1) $ 7,674     $ 9,068     $ 6,947     $ 8,607     $ 4,166  
Other Costs and Expenses:                            
Lease expense $ 91     $ 104     $ 80     $ 79     $ 65  
Depreciation and amortization   2,153       2,110       2,153       2,614       2,246  

(1) See full description of footnote above.

SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
 
     
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
AHTS                            
Time Charter Statistics:                            
Average rates per day worked $ 8,937     $ 9,947     $ 8,916     $ 9,244     $ 9,254  
Fleet utilization   64 %     50 %     85 %     81 %     80 %
Fleet available days   368       368       364       391       460  
Out-of-service days for repairs, maintenance and drydockings   41       111       13       45        
Out-of-service days for cold-stacked status   92       54             31       92  
Operating Revenues:                            
Time charter $ 2,102     $ 1,831     $ 2,762     $ 2,915     $ 3,406  
Other marine services   6       930                   (168 )
    2,108       2,761       2,762       2,915       3,238  
Direct Costs and Expenses:                            
Operating:                            
Personnel $ 944     $ 1,019     $ 1,069     $ 995     $ 1,220  
Repairs and maintenance   612       484       186       216       331  
Drydocking   58       747       131       420       6  
Insurance and loss reserves   73       88       78       68       94  
Fuel, lubes and supplies   375       428       192       476       259  
Other   295       378       329       448       283  
    2,357       3,144       1,985       2,623       2,193  
Other Costs and Expenses:                            
Lease expense $ 253     $ 331     $ 332     $ 331     $ 300  
Depreciation and amortization   175       249       298       298       300  
                             
FSV                            
Time Charter Statistics:                            
Average rates per day worked $ 11,841     $ 11,441     $ 11,314     $ 10,609     $ 9,905  
Fleet utilization   74 %     79 %     92 %     91 %     86 %
Fleet available days   2,105       2,116       2,093       2,070       2,116  
Out-of-service days for repairs, maintenance and drydockings   337       227       86       66       146  
Out-of-service days for cold-stacked status   92       69       82       90       58  
Operating Revenues:                            
Time charter $ 18,502     $ 19,135     $ 21,747     $ 19,988     $ 18,062  
Other marine services   163       652       71       190       (224 )
    18,665       19,787       21,818       20,178       17,838  
Direct Costs and Expenses:                            
Operating:                            
Personnel $ 5,320     $ 5,144     $ 5,083     $ 4,861     $ 5,140  
Repairs and maintenance   2,691       2,787       1,134       1,867       2,957  
Drydocking   1,710       870       1,342       128       1,434  
Insurance and loss reserves   507       185       337       334       453  
Fuel, lubes and supplies   1,441       1,501       1,108       1,382       1,797  
Other   1,632       1,552       1,536       1,803       1,638  
    13,301       12,039       10,540       10,375       13,419  
Other Costs and Expenses:                            
Depreciation and amortization   4,879       5,002       4,952       4,946       4,972  
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
     
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
PSV                            
Time Charter Statistics:                            
Average rates per day worked $ 19,778     $ 19,528     $ 17,545     $ 14,827     $ 13,519  
Fleet utilization   77 %     78 %     80 %     70 %     69 %
Fleet available days   1,902       1,870       1,820       1,800       1,840  
Out-of-service days for repairs, maintenance and drydockings   109       110       92       124       142  
Operating Revenues:                            
Time charter $ 29,140     $ 28,580     $ 25,458     $ 18,800     $ 17,194  
Bareboat charter   368       368       364       360       376  
Other marine services   595       696       584       1,203       222  
    30,103       29,644       26,406       20,363       17,792  
Direct Costs and Expenses:                            
Operating:                            
Personnel $ 9,017     $ 8,793     $ 8,738     $ 8,849     $ 8,961  
Repairs and maintenance   3,520       2,504       2,998       3,475       2,998  
Drydocking   472       232       12       609       770  
Insurance and loss reserves   690       682       421       419       552  
Fuel, lubes and supplies   1,027       2,352       2,124       2,331       2,842  
Other   1,922       1,761       1,405       2,677       1,420  
    16,648       16,324       15,698       18,360       17,543  
Other Costs and Expenses:                            
Depreciation and amortization   4,073       4,073       4,072       4,262       4,099  
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
     
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
Liftboats                            
Time Charter Statistics:                            
Average rates per day worked $ 40,181     $ 39,419     $ 35,623     $ 33,936     $ 31,717  
Fleet utilization   52 %     59 %     37 %     50 %     61 %
Fleet available days   795       828       819       810       828  
Out-of-service days for repairs, maintenance and drydockings   60       111       233       94       90  
Out-of-service days for cold-stacked status   162       137       91       90       92  
Operating Revenues:                            
Time charter $ 16,754     $ 19,122     $ 10,837     $ 13,712     $ 16,127  
Other marine services   4,666       4,710       5,495       2,930       1,842  
    21,420       23,832       16,332       16,642       17,969  
Direct Costs and Expenses:                            
Operating:                            
Personnel $ 5,316     $ 4,983     $ 5,065     $ 5,068     $ 5,520  
Repairs and maintenance   769       1,643       1,472       499       2,674  
Drydocking   321       (81 )     849       (1,141 )     (543 )
Insurance and loss reserves   1,554       1,148       1,418       1,907       2,271  
Fuel, lubes and supplies   838       766       219       619       896  
Other   531       445       441       125       359  
    9,329       8,904       9,464       7,077       11,177  
Other Costs and Expenses:                            
Depreciation and amortization   3,867       4,099       4,215       4,214       4,210  
                             
Other Activity                            
Operating Revenues:                            
Other marine services $ 787     $ 876     $ 1,001     $ 1,111     $ 1,089  
    787       876       1,001       1,111       1,089  
Direct Costs and Expenses:                            
Operating:                            
Personnel $ 1,483     $ 4     $ (11 )   $ 30     $ 8  
Repairs and maintenance   12             3       (46 )     (12 )
Drydocking               (78 )     (3 )      
Insurance and loss reserves   120       (270 )     136       61       11  
Fuel, lubes and supplies   2             (5 )     11        
Other   17       (3 )     (2 )     21       (1 )
    1,634       (269 )     43       74       6  
Other Costs and Expenses:                            
Lease expense $ 426     $ 320     $ 366     $ 389     $ 333  
Depreciation and amortization   28       39       38       42       43  
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
   
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
ASSETS                            
Current Assets:                            
Cash and cash equivalents $ 67,455     $ 55,840     $ 40,750     $ 40,570     $ 39,963  
Restricted cash   16,676       2,796       2,796       3,082       3,082  
Receivables:                            
Trade, net of allowance for credit loss accounts   63,728       63,246       60,022       60,114       54,388  
Other   11,049       8,662       12,032       11,650       7,375  
Note receivable               5,000       10,000       15,000  
Tax receivable   983       445       445       445       578  
Inventories   1,609       1,738       1,653       2,207       2,123  
Prepaid expenses and other   2,686       2,957       3,112       3,233       3,054  
Assets held for sale   500       6,093                   6,750  
Total current assets   164,686       141,777       125,810       131,301       132,313  
Property and Equipment:                            
Historical cost   918,823       936,520       966,338       969,328       967,683  
Accumulated depreciation   (324,141 )     (318,549 )     (334,678 )     (324,197 )     (310,778 )
    594,682       617,971       631,660       645,131       656,905  
Construction in progress   10,362       9,413       8,876       8,540       8,111  
Net property and equipment   605,044       627,384       640,536       653,671       665,016  
Right-of-use asset – operating leases   4,291       4,907       5,703       5,984       6,206  
Right-of-use asset – finance leases   37       45       6,495       6,654       6,813  
Investments, at equity, and advances to 50% or less owned companies   4,125       3,857       3,253       3,594       3,024  
Other assets   2,153       2,095       2,139       2,079       1,995  
Total assets $ 780,336     $ 780,065     $ 783,936     $ 803,283     $ 815,367  
LIABILITIES AND EQUITY                            
Current Liabilities:                            
Current portion of operating lease liabilities $ 1,591     $ 1,856     $ 1,792     $ 1,764     $ 2,358  
Current portion of finance lease liabilities   35       35       611       563       468  
Current portion of long-term debt   28,365       28,005       63,959       60,523       61,512  
Accounts payable and accrued expenses   27,562       32,468       39,013       44,256       37,955  
Other current liabilities   19,533       21,340       21,027       20,185       18,869  
Total current liabilities   77,086       83,704       126,402       127,291       121,162  
Long-term operating lease liabilities   3,529       3,571       4,030       4,474       4,739  
Long-term finance lease liabilities   6       15       6,462       6,644       6,781  
Long-term debt   287,544       291,843       243,960       254,450       260,119  
Deferred income taxes   35,718       33,078       34,038       39,120       40,779  
Deferred gains and other liabilities   2,229       2,217       2,189       2,264       2,641  
Total liabilities   406,112       414,428       417,081       434,243       436,221  
Equity:                            
SEACOR Marine Holdings Inc. stockholders’ equity:                            
Common stock   280       280       280       279       272  
Additional paid-in capital   472,692       471,158       469,618       467,896       466,669  
Accumulated deficit   (102,425 )     (108,154 )     (107,271 )     (102,700 )     (93,111 )
Shares held in treasury   (4,221 )     (4,221 )     (4,221 )     (4,119 )     (1,852 )
Accumulated other comprehensive income, net of tax   7,577       6,253       8,128       7,363       6,847  
    373,903       365,316       366,534       368,719       378,825  
Noncontrolling interests in subsidiaries   321       321       321       321       321  
Total equity   374,224       365,637       366,855       369,040       379,146  
Total liabilities and equity $ 780,336     $ 780,065     $ 783,936     $ 803,283     $ 815,367  
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Three Months Ended  
  Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Dec. 31, 2022  
Cash Flows from Operating Activities:                            
Net Income (Loss) $ 5,729     $ (883 )   $ (4,571 )   $ (9,589 )   $ (13,342 )
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:                            
Depreciation and amortization   13,022       13,462       13,575       13,762       13,624  
Deferred financing costs amortization   279       459       423       418       (997 )
Stock-based compensation expense   1,510       1,540       1,723       1,227       1,220  
Debt discount amortization   1,862       1,714       1,627       1,558       1,449  
Allowance for credit losses   266       594       2,763       (104 )     11  
(Gain) loss from equipment sales, retirements or impairments   (18,057 )     512       (265 )     (3,599 )     (1,017 )
(Gains) losses on debt extinguishment         177                   (12,700 )
Derivative gains   (608 )                        
Interest on finance lease   1       59       70       72       73  
Settlements on derivative transactions, net         197       226       154       33  
Currency losses (gains)   1,276       (571 )     603       825       2,646  
Deferred income taxes   2,640       (960 )     (5,082 )     (1,659 )     957  
Equity earnings   (374 )     (2,273 )     (373 )     (536 )     (1,176 )
Dividends received from equity investees   166       1,031       1,044             74  
Changes in Operating Assets and Liabilities:                            
Accounts receivables   (3,472 )     (747 )     (3,139 )     (9,857 )     2,304  
Other assets   733       493       1,017       45       3,296  
Accounts payable and accrued liabilities   (6,456 )     (7,705 )     (5,758 )     6,731       769  
Net cash (used in) provided by operating activities   (1,483 )     7,099       3,883       (552 )     (2,776 )
Cash Flows from Investing Activities:                            
Purchases of property and equipment   (3,644 )     (6,455 )     (35 )     (470 )     (185 )
Proceeds from disposition of property and equipment   36,692             427       7,611       53  
Net investing activities in property and equipment   33,048       (6,455 )     392       7,141       (132 )
Principal payments on notes due from others         5,000       5,000       5,000       5,000  
Net cash provided by (used in) investing activities   33,048       (1,455 )     5,392       12,141       4,868  
Cash Flows from Financing Activities:                            
Payments on long-term debt   (6,173 )     (4,901 )     (9,483 )     (8,608 )     (7,470 )
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 issue costs   87       121,207       27,181              
Payments on finance leases   (9 )     (204 )     (204 )     (114 )     (114 )
Proceeds from issuance of common stock, net of issue costs   24                          
Proceeds from exercise of stock options                     6        
Tax withholdings on restricted stock vesting and director share awards               (102 )     (2,266 )      
Net cash (used in) provided by financing activities   (6,071 )     9,443       (9,380 )     (10,982 )     (9,855 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents   1       3       (1 )           (2 )
Net Change in Cash, Cash Equivalents and Restricted Cash   25,495       15,090       (106 )     607       (7,765 )
Cash, Restricted Cash and Cash Equivalents, Beginning of Period   58,636       43,546       43,652       43,045       50,810  
Cash, Restricted Cash and Cash Equivalents, End of Period $ 84,131     $ 58,636     $ 43,546     $ 43,652     $ 43,045  
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
    Owned   Leased-in   Managed   Total
December 31, 2023                
AHTS   3   1     4
FSV   22     3   25
PSV   21       21
Liftboats   8       8
    54   1   3   58
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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