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 | |||||||||||||
