SEACOR Marine Announces Third Quarter 2022 Results

Source: Nasdaq GlobeNewswire / 02 Nov 2022 16:28:37 America/Chicago

HOUSTON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2022.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2022 were $59.8 million, operating loss was $10.9 million, and direct vessel profit (“DVP”)⁽¹⁾ was $15.8 million. This compares to consolidated operating revenues of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021, and consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022.

Notable third quarter items include:

Completion of the sale of our joint ventures in Mexico for gross cash proceeds of $66.0 million.
Completion of refinancing transactions extending the maturity of our main senior secured credit facility from the third quarter of 2023 to the first quarter of 2026.
Average utilization rates of 79%, the highest since the fourth quarter of 2013, an 11% improvement from the third quarter of 2021, and a 3% improvement from the second quarter of 2022.
37% improvement in revenues from the third quarter of 2021 and an 11% improvement from the second quarter of 2022.
DVP margin increased 3% from the third quarter of 2021 and 8% from the second quarter of 2022, inclusive of all drydocking expenses during the periods.

For the third quarter of 2022, loss from continuing operations was $24.4 million ($0.91 loss per basic and diluted share). This compares to a loss from continuing operations for the third quarter of 2021 of $5.8 million ($0.23 loss per basic and diluted share). Sequentially, third quarter 2022 results compare to a loss from continuing operations of $19.1 million ($0.72 loss per basic and diluted share) in the second quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s third quarter continued the improvement in revenues, utilization and average dayrates, and the acceleration of DVP margins. In particular, the U.S. Gulf of Mexico had its highest DVP contribution since 2018 and we are seeing improved demand for next year for our liftboats in both offshore wind and oil and gas decommissioning activities.

The positive trends for the third quarter were partially offset by ongoing repair work on one of our premium liftboats in the Middle East, which we have fully expensed and which we expect to complete in the fourth quarter, as well as lower utilization for our PSV fleet, primarily as a result of both higher repair days and an early contract termination by one of our customers in the Middle East.

The capstone of the quarter was a series of transactions which substantially bolstered our liquidity and extended our debt maturities. The sale of our joint ventures in Mexico allowed us to unlock capital at an attractive value. The refinancing transactions completed during the quarter, as well as the exchange transaction with Carlyle for our convertible debt completed in early October, addressed our main 2023 maturities, and once again demonstrate SEACOR Marine’s ability to maintain a disciplined capital structure while preserving equity value for our shareholders.”

(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 and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

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

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

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

	Three Months Ended September 30,						Nine months ended September 30,
	2022			2021			2022			2021
Operating Revenues	$	59,791		$	43,663		$	159,399		$	122,974
Costs and Expenses:
Operating		44,006			33,448			127,647			92,370
Administrative and general		9,978			9,134			30,112			26,897
Lease expense		1,168			1,109			3,236			3,421
Depreciation and amortization		13,754			14,306			42,333			43,197
		68,906			57,997			203,328			165,885
(Losses) Gains on Asset Dispositions and Impairments, Net		(1,783	)		56			381			20,436
Operating Loss		(10,898	)		(14,278	)		(43,548	)		(22,475	)
Other Income (Expense):
Interest income		(123	)		124			96			1,245
Interest expense		(7,634	)		(6,403	)		(21,250	)		(21,731	)
SEACOR Holdings guarantee fees		—			—			—			(7	)
Gain on debt extinguishment		—			—			—			61,994
Derivative gains, net		1			2			—			387
Foreign currency gains (losses), net		2,314			245			4,305			(878	)
Gain from return of investments in 50% or less owned companies and other, net		659			9,442			618			9,441
		(4,783	)		3,410			(16,231	)		50,451
(Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		(15,681	)		(10,868	)		(59,779	)		27,976
Income Tax Expense (Benefit)		8,418			(725	)		4,363			12,502
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(24,099	)		(10,143	)		(64,142	)		15,474
Equity in Earnings (Losses) Gains of 50% or Less Owned Companies		(254	)		4,314			5,835			10,584
(Loss) Income from Continuing Operations		(24,353	)		(5,829	)		(58,307	)		26,058
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		—			—			—			22,925
Net (Loss) Income		(24,353	)		(5,829	)		(58,307	)		48,983
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries		(2	)		—			1			1
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.	$	(24,351	)	$	(5,829	)	$	(58,308	)	$	48,982

Net (Loss) Income Per Common Share from Continuing Operations:
Basic	$	(0.91	)	$	(0.23	)	$	(2.19	)	$	1.03
Diluted		(0.91	)		(0.23	)		(2.19	)		1.02
Net Earnings Per Share from Discontinued Operations:
Basic	$	—		$	—		$	—		$	0.90
Diluted		—			—			—			0.90
Net (Loss) Earnings Per Share:
Basic	$	(0.91	)	$	(0.23	)	$	(2.19	)	$	1.93
Diluted	$	(0.91	)	$	(0.23	)	$	(2.19	)	$	1.92
Weighted Average Common Stock and Warrants Outstanding:
Basic		26,727,864			25,515,569			26,591,911			25,419,303
Diluted		26,727,864			25,515,569			26,591,911			25,430,762

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
Time Charter Statistics:
Average Rates Per Day	$	13,340		$	12,149		$	11,312		$	11,376		$	12,120
Fleet Utilization		79	%		77	%		70	%		73	%		68	%
Fleet Available Days		5,336			5,311			5,400			5,060			5,108
Operating Revenues:
Time charter	$	56,500		$	49,504		$	42,741		$	42,289		$	41,782
Bareboat charter		332			48			618			2,870			—
Other marine services		2,959			4,465			2,232			2,808			1,881
		59,791			54,017			45,591			47,967			43,663
Costs and Expenses:
Operating:
Personnel		20,152			18,346			18,435			17,098			15,051
Repairs and maintenance		7,377			8,380			6,791			6,782			6,536
Drydocking		5,046			6,474			4,973			567			771
Insurance and loss reserves		2,850			2,545			1,186			1,859			2,189
Fuel, lubes and supplies		5,416			4,350			3,729			3,254			3,684
Other		3,165			4,050			4,382			5,476			5,217
		44,006			44,145			39,496			35,036			33,448
Direct Vessel Profit⁽¹⁾		15,785			9,872			6,095			12,931			10,215
Other Costs and Expenses:
Lease expense		1,168			1,008			1,060			2,664			1,109
Administrative and general		9,978			10,210			9,924			10,742			9,134
Depreciation and amortization		13,754			14,208			14,371			14,198			14,306
		24,900			25,426			25,355			27,604			24,549
(Losses) Gains on Asset Dispositions and Impairments, Net		(1,783	)		25			2,139			—			56
Operating Loss		(10,898	)		(15,529	)		(17,121	)		(14,673	)		(14,278	)
Other Income (Expense):
Interest income		(123	)		190			29			57			124
Interest expense		(7,634	)		(6,989	)		(6,627	)		(6,380	)		(6,403	)
Derivative gains (losses), net		1			33			(34	)		4			2
Foreign currency gains (losses), net		2,314			1,170			821			(357	)		245
Gain from return of investments in 50% or less owned companies and other, net		659			(41	)		—			—			9,442
		(4,783	)		(5,637	)		(5,811	)		(6,676	)		3,410
Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		(15,681	)		(21,166	)		(22,932	)		(21,349	)		(10,868	)
Income Tax Expense (Benefit)		8,418			(1,634	)		(2,421	)		(1,009	)		(725	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(24,099	)		(19,532	)		(20,511	)		(20,340	)		(10,143	)
Equity in Earnings (Losses) Gains of 50% or Less Owned Companies		(254	)		415			5,674			4,494			4,314
Loss from Continuing Operations		(24,353	)		(19,117	)		(14,837	)		(15,846	)		(5,829	)
Net Loss		(24,353	)		(19,117	)		(14,837	)		(15,846	)		(5,829	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries		(2	)		3			—			—			—
Net Loss Attributable to SEACOR Marine Holdings Inc.	$	(24,351	)	$	(19,120	)	$	(14,837	)	$	(15,846	)	$	(5,829	)

Net Loss Per Common Share from Continuing Operations:
Basic	$	(0.91	)	$	(0.72	)	$	(0.56	)	$	(0.62	)	$	(0.23	)
Diluted		(0.91	)		(0.72	)		(0.56	)		(0.62	)		(0.23	)
Net Loss Per Share:
Basic	$	(0.91	)	$	(0.72	)	$	(0.56	)	$	(0.62	)	$	(0.23	)
Diluted	$	(0.91	)	$	(0.72	)	$	(0.56	)	$	(0.62	)	$	(0.23	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		26,728			26,665			26,379			25,520			25,516
Diluted		26,728			26,665			26,379			25,520			25,516
Common Shares and Warrants Outstanding at Period End		28,142			28,145			28,083			27,432			25,864

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	21,551		$	17,792		$	15,595		$	15,496		$	18,702
Fleet utilization		58	%		43	%		38	%		33	%		27	%
Fleet available days		1,363			1,277			1,314			1,043			1,062
Out-of-service days for repairs, maintenance and drydockings		199			284			205			95			246
Out-of-service days for cold-stacked status		259			313			404			399			469
Operating Revenues:
Time charter	$	17,075		$	9,759		$	7,864		$	5,290		$	5,289
Bareboat charter		—			—			—			386			—
Other marine services		2,161			2,399			2,052			1,119			1,215
		19,236			12,158			9,916			6,795			6,504
Direct Costs and Expenses:
Operating:
Personnel		7,243			5,773			4,923			3,136			2,428
Repairs and maintenance		2,002			1,280			1,101			1,085			1,266
Drydocking		1,549			4,090			2,867			191			239
Insurance and loss reserves		1,382			1,198			229			720			462
Fuel, lubes and supplies		1,143			794			662			501			259
Other		314			281			224			200			147
		13,633			13,416			10,006			5,833			4,801
Direct Vessel Profit (Loss) ⁽¹⁾	$	5,603		$	(1,258	)	$	(90	)	$	962		$	1,703
Other Costs and Expenses:
Lease expense	$	278		$	295		$	287		$	633		$	621
Depreciation and amortization		4,332			4,562			4,638			4,325			3,936

*Africa and Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked	$	11,813		$	11,279		$	10,006		$	9,530		$	9,551
Fleet utilization		91	%		85	%		82	%		88	%		77	%
Fleet available days		1,629			1,567			1,499			1,411			1,417
Out-of-service days for repairs, maintenance and drydockings		37			58			163			79			52
Out-of-service days for cold-stacked status		—			—			—			—			29
Operating Revenues:
Time charter	$	17,551		$	14,930		$	12,280		$	11,883		$	10,446
Other marine services		60			1,072			(616	)		(416	)		(429	)
		17,611			16,002			11,664			11,467			10,017
Direct Costs and Expenses:
Operating:
Personnel		4,694			3,526			3,536			3,283			3,147
Repairs and maintenance		2,110			2,638			1,579			1,846			1,540
Drydocking		383			134			1,144			144			337
Insurance and loss reserves		359			329			124			245			323
Fuel, lubes and supplies		2,284			1,490			1,473			1,019			1,631
Other		1,580			1,871			1,828			1,740			1,424
		11,410			9,988			9,684			8,277			8,402
Direct Vessel Profit⁽¹⁾	$	6,201		$	6,014		$	1,980		$	3,190		$	1,615
Other Costs and Expenses:
Lease expense	$	455		$	456		$	402		$	371		$	284
Depreciation and amortization		3,461			3,306			3,258			2,948			3,296

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,507		$	9,673		$	9,882		$	9,612		$	10,374
Fleet utilization		79	%		87	%		77	%		81	%		73	%
Fleet available days		1,564			1,651			1,800			1,717			1,780
Out-of-service days for repairs, maintenance and drydockings		252			160			153			38			134
Out-of-service days for cold-stacked status		—			—			90			178			214
Operating Revenues:
Time charter	$	11,712		$	13,906		$	13,660		$	13,402		$	13,417
Other marine services		319			460			49			50			85
		12,031			14,366			13,709			13,452			13,502
Direct Costs and Expenses:
Operating:
Personnel		5,384			5,691			6,031			5,756			5,849
Repairs and maintenance		1,776			2,545			1,832			1,382			1,610
Drydocking		3,113			2,250			962			232			156
Insurance and loss reserves		762			748			507			611			707
Fuel, lubes and supplies		1,426			1,318			1,010			1,042			777
Other		878			1,213			1,627			2,148			2,823
		13,339			13,765			11,969			11,171			11,922
Direct Vessel (Loss) Profit⁽¹⁾	$	(1,308	)	$	601		$	1,740		$	2,281		$	1,580
Other Costs and Expenses:
Lease expense	$	35		$	38		$	31		$	38		$	377
Depreciation and amortization		3,974			4,229			4,345			4,156			4,456

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	14,010		$	14,263		$	13,450		$	15,944		$	16,240
Fleet utilization		93	%		94	%		85	%		83	%		92	%
Fleet available days		780			816			787			889			849
Out-of-service days for repairs, maintenance and drydockings		12			6			59			113			58
Operating Revenues:
Time charter	$	10,162		$	10,909		$	8,937		$	11,714		$	12,630
Bareboat charter		332			48			618			2,484			—
Other marine services		419			534			747			2,055			1,010
		10,913			11,491			10,302			16,253			13,640
Direct Costs and Expenses:
Operating:
Personnel		2,831			3,356			3,945			4,923			3,627
Repairs and maintenance		1,489			1,917			2,279			2,469			2,120
Drydocking		1			—			—			—			39
Insurance and loss reserves		347			270			326			283			697
Fuel, lubes and supplies		563			748			584			692			1,017
Other		393			685			703			1,388			823
		5,624			6,976			7,837			9,755			8,323
Direct Vessel Profit⁽¹⁾	$	5,289		$	4,515		$	2,465		$	6,498		$	5,317
Other Costs and Expenses:
Lease expense	$	400		$	219		$	340		$	1,622		$	(173	)
'Depreciation and amortization		1,987			2,111			2,130			2,769			2,618

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	8,848		$	8,887		$	8,908		$	8,069		$	14,346
Fleet utilization		67	%		66	%		66	%		66	%		66	%
Fleet available days		552			546			540			552			552
Out-of-service days for repairs, maintenance and drydockings		92			56			2			14			61
Out-of-service days for cold-stacked status		92			131			180			92			92
Operating Revenues:
Time charter	$	3,256		$	3,191		$	3,188		$	2,926		$	5,224
Other marine services		(183	)		(143	)		(160	)		(129	)		(151	)
		3,073			3,048			3,028			2,797			5,073
Direct Costs and Expenses:
Operating:
Personnel	$	1,022		$	1,050		$	1,136		$	1,389		$	1,584
Repairs and maintenance		304			566			293			608			1,044
Drydocking		28			(30	)		(7	)		1			(217	)
Insurance and loss reserves		150			146			(137	)		148			193
Fuel, lubes and supplies		399			215			144			321			388
Other		228			435			439			556			408
		2,131			2,382			1,868			3,023			3,400
Other Costs and Expenses:
Lease expense	$	450		$	450		$	449		$	353		$	354
Depreciation and amortization		494			495			494			495			494

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	9,907		$	9,201		$	8,621		$	8,464		$	8,455
Fleet utilization		90	%		85	%		80	%		79	%		70	%
Fleet available days		2,116			2,126			2,160			2,208			2,208
Out-of-service days for repairs, maintenance and drydockings		103			108			167			137			300
Out-of-service days for cold-stacked status		75			91			90			92			178
Operating Revenues:
Time charter	$	18,837		$	16,525		$	14,900		$	14,857		$	13,007
Bareboat charter		—			—			—			386			—
Other marine services		(15	)		(174	)		(254	)		(380	)		(121	)
		18,822			16,351			14,646			14,863			12,886
Direct Costs and Expenses:
Operating:
Personnel	$	5,289		$	4,880		$	5,070		$	5,581		$	4,588
Repairs and maintenance		2,738			2,458			1,800			2,151			2,313
Drydocking		656			(201	)		1,277			494			965
Insurance and loss reserves		410			372			260			390			328
Fuel, lubes and supplies		1,572			1,187			1,544			1,355			1,390
Other		1,284			1,311			1,941			2,156			2,021
		11,949			10,007			11,892			12,127			11,605
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	353		$	693
Depreciation and amortization		4,972			5,010			4,945			4,929			4,929

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
*Supply*
Time Charter Statistics:
Average rates per day worked	$	13,772		$	13,422		$	12,188		$	11,586		$	11,631
Fleet utilization		78	%		86	%		72	%		79	%		77	%
Fleet available days		1,840			1,820			1,800			1,380			1,372
Out-of-service days for repairs, maintenance and drydockings		152			26			233			117			64
Out-of-service days for cold-stacked status		—			—			—			117			174
Operating Revenues:
Time charter	$	19,687		$	20,983		$	15,823		$	12,675		$	12,317
Bareboat charter		332			48			618			—			—
Other marine services		720			575			44			410			221
		20,739			21,606			16,485			13,085			12,538
Direct Costs and Expenses:
Operating:
Personnel	$	8,427		$	7,889		$	8,193		$	6,141		$	4,738
Repairs and maintenance		2,839			3,184			3,701			2,191			2,078
Drydocking		1,025			(32	)		1,302			—			23
Insurance and loss reserves		734			551			428			280			595
Fuel, lubes and supplies		2,038			1,701			1,434			998			1,221
Other		1,275			1,631			1,348			1,957			988
		16,338			14,924			16,406			11,567			9,643
Other Costs and Expenses:
Lease expense	$	332		$	154		$	291		$	—		$	—
Depreciation and amortization		3,810			3,785			3,786			3,155			3,149

*Specialty*
Time Charter Statistics:
Fleet available days		—			—			90			92			92
Out-of-service days for repairs, maintenance and drydockings		—			—			—			—			65
Out-of-service days for cold-stacked status		—			—			90			92			—
Direct Costs and Expenses:
Operating:
Personnel	$	—		$	—		$	1		$	6		$	35
Repairs and maintenance		—			—			—			(28	)		7
Insurance and loss reserves		—			—			2			1			3
Fuel, lubes and supplies		—			—			2			2			6
Other		—			—			11			18			28
		—			—			16			(1	)		79

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	27,447		$	24,712		$	22,416		$	23,409		$	23,137
Fleet utilization		65	%		44	%		49	%		61	%		55	%
Fleet available days		828			819			810			828			884
Out-of-service days for repairs, maintenance and drydockings		154			318			179			58			65
Out-of-service days for cold-stacked status		92			91			134			184			202
Operating Revenues:
Time charter	$	14,720		$	8,805		$	8,830		$	11,831		$	11,234
Bareboat charter		—			—			—			2,484			—
Other marine services		1,421			3,283			1,463			1,121			997
		16,141			12,088			10,293			15,436			12,231
Direct Costs and Expenses:
Operating:
Personnel	$	5,419		$	4,515		$	4,035		$	4,068		$	4,033
Repairs and maintenance		1,560			2,132			1,012			1,859			1,104
Drydocking		3,337			6,737			2,401			72			—
Insurance and loss reserves		1,552			1,548			1,215			1,070			1,170
Fuel, lubes and supplies		1,408			1,230			605			589			668
Other		387			655			644			856			1,672
		13,663			16,817			9,912			8,514			8,647
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	1,569		$	(200	)
Depreciation and amortization		4,429			4,870			4,964			5,171			5,170

*Other Activity*
Operating Revenues:
Other marine services	$	1,016		$	924		$	1,139		$	1,786		$	935
		1,016			924			1,139			1,786			935
Direct Costs and Expenses:
Operating:
Personnel	$	(5	)	$	12		$	—		$	(87	)	$	73
Repairs and maintenance		(64	)		40			(15	)		1			(10	)
Insurance and loss reserves		4			(72	)		(582	)		(30	)		(100	)
Fuel, lubes and supplies		(1	)		17			—			(11	)		11
Other		(9	)		18			(1	)		(67	)		100
		(75	)		15			(598	)		(194	)		74
Other Costs and Expenses:
Lease expense	$	386		$	404		$	320		$	389		$	262
Depreciation and amortization		49			48			182			448			564

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

	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
ASSETS
Current Assets:
Cash and cash equivalents	$	47,514		$	22,608		$	36,315		$	37,619		$	42,194
Restricted cash		3,296			3,296			3,596			3,601			4,160
Receivables:
Trade, net of allowance for credit loss accounts		58,572			55,276			49,238			55,544			50,343
Other		6,647			7,437			8,799			6,118			13,750
Note receivable		20,000			—			—			—			—
Tax receivable		79			79			1,238			1,238			101
Inventories		2,059			1,723			1,297			928			476
Prepaid expenses and other		4,700			5,391			3,724			3,730			3,851
Assets held for sale		6,000			—			—			2,235			—
Total current assets		148,867			95,810			104,207			111,013			114,875
Property and Equipment:
Historical cost		992,423			1,000,147			1,006,873			1,006,052			989,910
Accumulated depreciation		(321,898	)		(325,091	)		(316,444	)		(300,300	)		(303,178	)
		670,525			675,056			690,429			705,752			686,732
Construction in progress		8,422			15,576			15,550			15,531			15,577
Net property and equipment		678,947			690,632			705,979			721,283			702,309
Right-of-use asset - operating leases		4,419			5,686			6,238			6,608			4,670
Right-of-use asset - finance leases		6,972			7,131			7,290			100			108
Investments, at equity, and advances to 50% or less owned companies		1,901			75,923			76,860			71,727			77,426
Other assets		1,887			1,932			2,057			1,771			2,672
Total assets	$	842,993		$	877,114		$	902,631		$	912,502		$	902,060
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,792		$	2,010		$	2,073		$	1,986		$	1,269
Current portion of financing lease liabilities		374			282			190			33			32
Current portion of long-term debt		57,567			33,398			32,708			31,602			28,875
Accounts payable and accrued expenses		36,248			39,262			32,585			28,419			23,578
Due to SEACOR Holdings		264			264			264			274			276
Other current liabilities		22,032			22,171			23,723			22,351			21,109
Total current liabilities		118,277			97,387			91,543			84,665			75,139
Long-term operating lease liabilities		3,759			4,026			4,420			4,885			4,000
Long-term financing lease liabilities		6,916			7,050			7,183			76			84
Long-term debt		282,556			318,699			326,264			332,762			321,641
Conversion option liability on convertible senior notes		—			1			34			—			5
Deferred income taxes		39,823			33,743			37,153			40,682			43,463
Deferred gains and other liabilities		2,692			2,701			2,990			2,891			2,925
Total liabilities		454,023			463,607			469,587			465,961			447,257
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		272			272			269			262			245
Additional paid-in capital		465,449			464,222			463,138			461,931			455,373
Accumulated deficit		(79,769	)		(55,418	)		(37,744	)		(22,907	)		(7,059	)
Shares held in treasury		(1,852	)		(1,852	)		(1,792	)		(1,120	)		(1,120	)
Accumulated other comprehensive income, net of tax		4,549			5,960			8,853			8,055			7,044
		388,649			413,184			432,724			446,221			454,483
Noncontrolling interests in subsidiaries		321			323			320			320			320
Total equity		388,970			413,507			433,044			446,541			454,803
Total liabilities and equity	$	842,993		$	877,114		$	902,631		$	912,502		$	902,060

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

	Three Months Ended
	Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021
Cash Flows from Continuing Operating Activities:
Net (Loss) Income	$	(24,353	)	$	(19,117	)	$	(14,837	)	$	(15,846	)	$	(5,829	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		13,754			14,208			14,371			14,198			14,306
Deferred financing costs amortization		350			364			291			328			255
Stock-based compensation expense		1,227			1,013			395			1,243			1,294
Debt discount amortization		1,817			1,736			1,691			1,614			1,573
Allowance for credit losses		(53	)		701			(170	)		585			122
Loss (Gain) from equipment sales, retirements or impairments		1,783			(25	)		(2,139	)		—			(56	)
Gain from return of investment		—			—			—			—			(9,442	)
Derivative (gains) losses		(1	)		(33	)		34			(4	)		(2	)
Interest on finance leases		73			73			25			1			1
Cash settlement payments on derivative transactions, net		(131	)		(278	)		(373	)		(403	)		(414	)
Currency (gains) losses		(2,314	)		(1,170	)		(821	)		357			(245	)
Deferred income taxes		6,079			(3,410	)		(3,529	)		(2,781	)		(2,706	)
Equity losses (earnings)		254			(415	)		(5,674	)		(4,494	)		(4,314	)
Dividends received from equity investees		1,096			1,162			725			817			4,515
Changes in Operating Assets and Liabilities:
Accounts receivables		(2,384	)		(4,476	)		3,904			(1,157	)		(3,798	)
Other assets		966			(1,539	)		(164	)		1,656			1,561
Accounts payable and accrued liabilities		(4,900	)		4,925			6,707			7,915			(1,416	)
Net cash (used in) provided by operating activities		(6,737	)		(6,281	)		436			4,029			(4,595	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(240	)		(17	)		(20	)		(443	)		(2,910	)
Proceeds from disposition of property and equipment		—			1,371			5,310			—			—
Net investing activities in property and equipment		(240	)		1,354			5,290			(443	)		(2,910	)
Investments in and advances to 50% or less owned companies		—			—			—			(2,272	)		—
Excess distributions from equity investees		—			—			—			—			9,442
Principal payments on notes due from equity investees		177			175			176			(630	)		179
Cash received from acquisition of 50% or less owned company		—			—			—			172			—
Proceeds from sale of investment in equity investees		66,000			—			—			—			—
Issuance of notes due from others		(28,831	)		—			—			—			—
Principal payments on notes due from others		8,831			—			—			—			—
Net cash provided by (used in) investing activities		45,937			1,529			5,466			(3,173	)		6,711
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(14,182	)		(9,152	)		(7,348	)		(5,981	)		(7,054	)
Payments on finance leases		(114	)		(114	)		(9	)		(9	)		(9	)
Proceeds from exercise of stock options		—			11			140			—
Issuance of stock		—			3			7			—			—
Exercise of warrants		—			—			—			1			—
Net cash used in financing activities		(14,296	)		(9,252	)		(7,210	)		(5,989	)		(7,063	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		2			(3	)		(1	)		(1	)		—
Net Change in Cash, Cash Equivalents and Restricted Cash		24,906			(14,007	)		(1,309	)		(5,134	)		(4,947	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		25,904			39,911			41,220			46,354			51,301
Cash, Restricted Cash and Cash Equivalents, End of Period	$	50,810		$	25,904		$	39,911		$	41,220		$	46,354

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned	Joint Ventured ⁽¹⁾	Leased-in	Managed	Total
September 30, 2022
AHTS	3	—	2	—	5
FSV	22	—	1	2	25
Supply	21	—	—	—	21
Liftboats	9	—	—	—	9
	55	—	3	2	60
December 31, 2021
AHTS	4	—	2	—	6
FSV	23	5	1	1	30
Supply	20	15	—	—	35
Specialty ⁽²⁾	1	—	—	—	1
Liftboats ⁽³⁾	9	—	—	—	9
	57	20	3	1	81

(1)	On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2)	One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
(3)	In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.

SEACOR Marine Announces Third Quarter 2022 Results

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