SEACOR Marine Announces Second Quarter 2024 Results

July 31, 2024 at 5:30 PM EDT

HOUSTON, July 31, 2024 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2024.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit (“DVP”)⁽¹⁾ was $20.3 million. This compares to consolidated operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.

Notable second quarter items include:

2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.
Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.
69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.
DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.

For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.

Chief Executive Officer John Gellert commented:

“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.

Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”
___________________

(1)

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

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

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

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

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

	Three Months Ended June 30,						Six months ended June 30,
	2024			2023			2024			2023
Operating Revenues	$	69,867		$	68,319		$	132,637		$	129,528
Costs and Expenses:
Operating		49,520			37,730			97,619			76,239
Administrative and general		10,889			13,704			22,806			25,336
Lease expense		486			698			967			1,418
Depreciation and amortization		12,939			13,575			25,821			27,337
		73,834			65,707			147,213			130,330
Gains on Asset Dispositions and Impairments, Net		37			265			36			3,864
Operating (Loss) Income		(3,930	)		2,877			(14,540	)		3,062
Other Income (Expense):
Interest income		445			422			1,038			882
Interest expense		(10,190	)		(8,736	)		(20,499	)		(17,524	)
Derivative gains (losses), net		104			—			(439	)		—
Foreign currency losses, net		(560	)		(603	)		(640	)		(1,428	)
Other, net		—			—			(95	)		—
		(10,201	)		(8,917	)		(20,635	)		(18,070	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(14,131	)		(6,040	)		(35,175	)		(15,008	)
Income Tax (Benefit) Expense		(682	)		(1,096	)		243			61
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(13,449	)		(4,944	)		(35,418	)		(15,069	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		966			373			(134	)		909
Net Loss	$	(12,483	)	$	(4,571	)	$	(35,552	)	$	(14,160	)

Net Loss Per Share:
Basic	$	(0.45	)	$	(0.17	)	$	(1.29	)	$	(0.52	)
Diluted	$	(0.45	)	$	(0.17	)	$	(1.29	)	$	(0.52	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,729,033			27,137,873			27,536,319			26,981,004
Diluted		27,729,033			27,137,873			27,536,319			26,981,004

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

				Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Time Charter Statistics:
Average Rates Per Day	$	19,141		$	19,042		$	18,031		$	18,046		$	15,250
Fleet Utilization		69	%		62	%		71	%		73	%		78	%
Fleet Available Days⁽²⁾		4,994			5,005			5,170			5,182			5,096
Operating Revenues:
Time charter	$	65,649		$	59,263		$	66,498		$	68,668		$	60,804
Bareboat charter		364			364			368			368			364
Other marine services		3,854			3,143			6,217			7,864			7,151
		69,867			62,770			73,083			76,900			68,319
Costs and Expenses:
Operating:
Personnel		21,566			21,670			22,080			19,943			19,944
Repairs and maintenance		10,244			9,763			7,604			7,418			5,793
Drydocking		6,210			6,706			2,561			1,768			2,256
Insurance and loss reserves		3,099			1,738			2,944			1,833			2,390
Fuel, lubes and supplies		3,966			4,523			3,683			5,047			3,638
Other		4,435			3,699			4,397			4,133			3,709
		49,520			48,099			43,269			40,142			37,730
Direct Vessel Profit⁽¹⁾		20,347			14,671			29,814			36,758			30,589
Other Costs and Expenses:
Lease expense		486			481			679			651			698
Administrative and general		10,889			11,917			11,547			12,300			13,704
Depreciation and amortization		12,939			12,882			13,022			13,462			13,575
		24,314			25,280			25,248			26,413			27,977
Gains (Losses) on Asset Dispositions and Impairments, Net		37			(1	)		18,057			(512	)		265
Operating (Loss) Income		(3,930	)		(10,610	)		22,623			9,833			2,877
Other Income (Expense):
Interest income		445			593			222			340			422
Interest expense		(10,190	)		(10,309	)		(10,444	)		(9,536	)		(8,736	)
Derivative gains (losses), net		104			(543	)		608			—			—
Loss on debt extinguishment		—			—			—			(2,004	)		—
Foreign currency (losses) gains, net		(560	)		(80	)		(1,276	)		571			(603	)
Other, net		—			(95	)		—			—			—
		(10,201	)		(10,434	)		(10,890	)		(10,629	)		(8,917	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(14,131	)		(21,044	)		11,733			(796	)		(6,040	)
Income Tax (Benefit) Expense		(682	)		925			6,378			2,360			(1,096	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(13,449	)		(21,969	)		5,355			(3,156	)		(4,944	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		966			(1,100	)		374			2,273			373
Net (Loss) Income	$	(12,483	)	$	(23,069	)	$	5,729		$	(883	)	$	(4,571	)

Net (Loss) Earnings Per Share:
Basic	$	(0.45	)	$	(0.84	)	$	0.21		$	(0.03	)	$	(0.17	)
Diluted	$	(0.45	)	$	(0.84	)	$	0.20		$	(0.03	)	$	(0.17	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,729			27,344			27,182			27,182			27,138
Diluted		27,729			27,344			28,401			27,182			27,138
Common Shares and Warrants Outstanding at Period End		28,941			28,906			28,489			28,481			28,481

________________________

(1)	See full description of footnote above.
(2)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

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

	Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	22,356		$	28,156		$	22,584		$	23,663		$	16,115
Fleet utilization		37	%		27	%		50	%		57	%		35	%
Fleet available days		921			927			1,152			1,196			1,080
Out-of-service days for repairs, maintenance and drydockings		179			137			61			151			229
Out-of-service days for cold-stacked status⁽²⁾		127			182			254			206			173
Operating Revenues:
Time charter	$	7,697		$	6,957		$	12,929		$	16,236		$	6,121
Other marine services		480			1,026			5,346			5,478			3,004
		8,177			7,983			18,275			21,714			9,125
Direct Costs and Expenses:
Operating:
Personnel		6,284			5,781			6,906			6,712			5,957
Repairs and maintenance		1,879			1,404			819			1,560			1,573
Drydocking		2,570			1,968			303			462			1,506
Insurance and loss reserves		943			396			1,297			332			1,082
Fuel, lubes and supplies		866			667			1,032			958			924
Other		226			(171	)		475			375			346
		12,768			10,045			10,832			10,399			11,388
Direct Vessel Profit (Loss)⁽¹⁾	$	(4,591	)	$	(2,062	)	$	7,443		$	11,315		$	(2,263	)
Other Costs and Expenses:
Lease expense	$	141		$	138		$	141		$	116		$	143
Depreciation and amortization		3,194			2,750			3,479			3,810			3,861

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	18,580		$	15,197		$	15,233		$	15,388		$	14,982
Fleet utilization		74	%		76	%		82	%		84	%		94	%
Fleet available days		1,969			1,775			1,748			1,748			1,729
Out-of-service days for repairs, maintenance and drydockings		203			238			124			111			58
Out-of-service days for cold-stacked status⁽³⁾		91			91			92			54			—
Operating Revenues:
Time charter	$	27,047		$	20,555		$	21,791		$	22,528		$	24,414
Other marine services		1,028			169			189			1,943			225
		28,075			20,724			21,980			24,471			24,639
Direct Costs and Expenses:
Operating:
Personnel		4,969			5,181			6,007			5,089			4,833
Repairs and maintenance		3,161			3,209			2,807			2,214			2,050
Drydocking		1,226			2,032			1,298			320			144
Insurance and loss reserves		819			334			416			573			420
Fuel, lubes and supplies		1,170			1,287			623			2,573			1,419
Other		2,801			2,199			2,267			2,448			2,608
		14,146			14,242			13,418			13,217			11,474
Direct Vessel Profit⁽¹⁾	$	13,929		$	6,482		$	8,562		$	11,254		$	13,165
Other Costs and Expenses:
Lease expense	$	172		$	178		$	289		$	372		$	408
Depreciation and amortization		4,565			3,915			3,747			3,821			3,853

________________________

(1)	See full description of footnote above.
(2)	Includes one liftboat cold-stacked in this region as of June 30, 2024.
(3)	Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024.

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

	Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,083		$	16,934		$	17,590		$	16,313		$	13,245
Fleet utilization		82	%		71	%		69	%		67	%		86	%
Fleet available days		1,296			1,365			1,461			1,472			1,456
Out-of-service days for repairs, maintenance and drydockings		168			224			360			297			58
Operating Revenues:
Time charter	$	18,073		$	16,477		$	17,729		$	16,087		$	16,563
Other marine services		619			350			539			267			3,512
		18,692			16,827			18,268			16,354			20,075
Direct Costs and Expenses:
Operating:
Personnel		6,930			5,963			5,522			5,157			5,266
Repairs and maintenance		3,443			2,712			2,590			2,623			1,219
Drydocking		707			1,483			624			1,056			(684	)
Insurance and loss reserves		798			618			1,022			711			720
Fuel, lubes and supplies		1,103			1,198			1,242			743			425
Other		989			1,000			1,133			943			389
		13,970			12,974			12,133			11,233			7,335
Direct Vessel Profit⁽¹⁾	$	4,722		$	3,853		$	6,135		$	5,121		$	12,740
Other Costs and Expenses:
Lease expense	$	71		$	85		$	158		$	59		$	67
Depreciation and amortization		3,247			3,496			3,643			3,721			3,708

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	22,437		$	28,308		$	20,745		$	20,656		$	18,846
Fleet utilization		71	%		58	%		84	%		87	%		88	%
Fleet available days⁽²⁾		808			938			809			766			831
Out-of-service days for repairs, maintenance and drydockings		41			1			—			67			79
Operating Revenues:
Time charter	$	12,832		$	15,274		$	14,049		$	13,817		$	13,706
Bareboat charter		364			364			368			368			364
Other marine services		1,727			1,598			143			176			410
		14,923			17,236			14,560			14,361			14,480
Direct Costs and Expenses:
Operating:
Personnel		3,383			4,745			3,645			2,985			3,888
Repairs and maintenance		1,761			2,438			1,388			1,021			951
Drydocking		1,707			1,223			336			(70	)		1,290
Insurance and loss reserves		539			390			209			217			168
Fuel, lubes and supplies		827			1,371			786			773			870
Other		419			671			522			367			366
		8,636			10,838			6,886			5,293			7,533
Direct Vessel Profit⁽¹⁾	$	6,287		$	6,398		$	7,674		$	9,068		$	6,947
Other Costs and Expenses:
Lease expense	$	102		$	80		$	91		$	104		$	80
Depreciation and amortization		1,933			2,721			2,153			2,110			2,153

________________________

(1)	See full description of footnote above.
(2)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

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

	Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	8,125		$	8,538		$	8,937		$	9,947		$	8,916
Fleet utilization		49	%		75	%		64	%		50	%		85	%
Fleet available days		364			364			368			368			364
Out-of-service days for repairs, maintenance and drydockings		29			—			41			111			13
Out-of-service days for cold-stacked status		91			91			92			54			—
Operating Revenues:
Time charter	$	1,459		$	2,331		$	2,102		$	1,831		$	2,762
Other marine services		219			—			6			930			—
		1,678			2,331			2,108			2,761			2,762
Direct Costs and Expenses:
Operating:
Personnel	$	1,045		$	1,064		$	944		$	1,019		$	1,069
Repairs and maintenance		465			220			612			484			186
Drydocking		280			68			58			747			131
Insurance and loss reserves		97			43			73			88			78
Fuel, lubes and supplies		69			616			375			428			192
Other		230			287			295			378			329
		2,186			2,298			2,357			3,144			1,985
Other Costs and Expenses:
Lease expense	$	164		$	171		$	253		$	331		$	332
Depreciation and amortization		175			175			175			249			298

*FSV*
Time Charter Statistics:
Average rates per day worked	$	12,978		$	11,834		$	11,841		$	11,441		$	11,314
Fleet utilization		80	%		72	%		74	%		79	%		92	%
Fleet available days		2,002			2,002			2,105			2,116			2,093
Out-of-service days for repairs, maintenance and drydockings		128			216			337			227			86
Out-of-service days for cold-stacked status		36			91			92			69			82
Operating Revenues:
Time charter	$	20,698		$	17,081		$	18,502		$	19,135		$	21,747
Other marine services		516			126			163			652			71
		21,214			17,207			18,665			19,787			21,818
Direct Costs and Expenses:
Operating:
Personnel	$	5,829		$	5,649		$	5,320		$	5,144		$	5,083
Repairs and maintenance		4,572			3,093			2,691			2,787			1,134
Drydocking		457			1,869			1,710			870			1,342
Insurance and loss reserves		546			277			507			185			337
Fuel, lubes and supplies		993			1,051			1,441			1,501			1,108
Other		1,850			1,649			1,632			1,552			1,536
		14,247			13,588			13,301			12,039			10,540
Other Costs and Expenses:
Depreciation and amortization	$	4,746		$	4,744		$	4,879		$	5,002		$	4,952

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

	Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
*PSV*
Time Charter Statistics:
Average rates per day worked	$	20,952		$	19,133		$	19,778		$	19,528		$	17,545
Fleet utilization		66	%		53	%		77	%		78	%		80	%
Fleet available days ⁽¹⁾		1,900			1,911			1,902			1,870			1,820
Out-of-service days for repairs, maintenance and drydockings		291			307			109			110			92
Operating Revenues:
Time charter	$	26,390		$	19,390		$	29,140		$	28,580		$	25,458
Bareboat charter		364			364			368			368			364
Other marine services		2,266			416			595			696			584
		29,020			20,170			30,103			29,644			26,406
Direct Costs and Expenses:
Operating:
Personnel	$	8,979		$	8,850		$	9,017		$	8,793		$	8,738
Repairs and maintenance		3,151			4,393			3,520			2,504			2,998
Drydocking		2,616			3,386			472			232			12
Insurance and loss reserves		1,037			395			690			682			421
Fuel, lubes and supplies		1,575			1,889			1,027			2,352			2,124
Other		1,850			1,395			1,922			1,761			1,405
		19,208			20,308			16,648			16,324			15,698
Other Costs and Expenses:
Lease expense	$	3		$	—		$	—		$	—		$	—
Depreciation and amortization		4,128			4,073			4,073			4,073			4,072

________________________

(1)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

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

	Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	43,204		$	53,506		$	40,181		$	39,419		$	35,623
Fleet utilization		54	%		53	%		52	%		59	%		37	%
Fleet available days		728			728			795			828			819
Out-of-service days for repairs, maintenance and drydockings		143			78			60			111			233
Out-of-service days for cold-stacked status		91			91			162			137			91
Operating Revenues:
Time charter	$	17,102		$	20,461		$	16,754		$	19,122		$	10,837
Other marine services		666			1,772			4,666			4,710			5,495
		17,768			22,233			21,420			23,832			16,332
Direct Costs and Expenses:
Operating:
Personnel	$	6,842		$	6,140		$	5,316		$	4,983		$	5,065
Repairs and maintenance		2,054			2,035			769			1,643			1,472
Drydocking		2,857			1,383			321			(81	)		849
Insurance and loss reserves		1,482			1,282			1,554			1,148			1,418
Fuel, lubes and supplies		1,329			967			838			766			219
Other		519			343			531			445			441
		15,083			12,150			9,329			8,904			9,464
Other Costs and Expenses:
Depreciation and amortization		3,865			3,866			3,867			4,099			4,215

*Other Activity*
Operating Revenues:
Other marine services	$	187		$	829		$	787		$	876		$	1,001
		187			829			787			876			1,001
Direct Costs and Expenses:
Operating:
Personnel	$	(1,129	)	$	(33	)	$	1,483		$	4		$	(11	)
Repairs and maintenance		2			22			12			—			3
Drydocking		—			—			—			—			(78	)
Insurance and loss reserves		(63	)		(259	)		120			(270	)		136
Fuel, lubes and supplies		—			—			2			—			(5	)
Other		(14	)		25			17			(3	)		(2	)
		(1,204	)		(245	)		1,634			(269	)		43
Other Costs and Expenses:
Lease expense	$	319		$	310		$	426		$	320		$	366
Depreciation and amortization		25			24			28			39			38

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

	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	40,605		$	59,593		$	67,455		$	55,840		$	40,750
Restricted cash		2,255			2,566			16,676			2,796			2,796
Receivables:
Trade, net of allowance for credit loss		70,770			58,272			63,728			63,246			60,022
Other		6,210			12,210			11,049			8,662			12,032
Note receivable		—			—			—			—			5,000
Tax receivable		983			983			983			445			445
Inventories		3,117			2,516			1,609			1,738			1,653
Prepaid expenses and other		5,659			3,425			2,686			2,957			3,112
Assets held for sale		500			500			500			6,093			—
Total current assets		130,099			140,065			164,686			141,777			125,810
Property and Equipment:
Historical cost		921,443			919,139			918,823			936,520			966,338
Accumulated depreciation		(349,799	)		(337,001	)		(324,141	)		(318,549	)		(334,678	)
		571,644			582,138			594,682			617,971			631,660
Construction in progress		11,518			13,410			10,362			9,413			8,876
Net property and equipment		583,162			595,548			605,044			627,384			640,536
Right-of-use asset - operating leases		3,683			3,988			4,291			4,907			5,703
Right-of-use asset - finance leases		28			29			37			45			6,495
Investments, at equity, and advances to 50% or less owned companies		2,641			3,122			4,125			3,857			3,253
Other assets		1,953			2,094			2,153			2,095			2,139
Total assets	$	721,566		$	744,846		$	780,336		$	780,065		$	783,936
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	861		$	1,285		$	1,591		$	1,856		$	1,792
Current portion of finance lease liabilities		26			33			35			35			611
Current portion of long-term debt		28,605			28,605			28,365			28,005			63,959
Accounts payable		17,790			23,453			27,562			32,468			39,013
Other current liabilities		23,795			21,067			19,533			21,340			21,027
Total current liabilities		71,077			74,443			77,086			83,704			126,402
Long-term operating lease liabilities		3,276			3,390			3,529			3,571			4,030
Long-term finance lease liabilities		5			—			6			15			6,462
Long-term debt		277,740			281,989			287,544			291,843			243,960
Deferred income taxes		30,083			33,873			35,718			33,078			34,038
Deferred gains and other liabilities		1,447			2,285			2,229			2,217			2,189
Total liabilities		383,628			395,980			406,112			414,428			417,081
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		286			286			280			280			280
Additional paid-in capital		476,020			474,433			472,692			471,158			469,618
Accumulated deficit		(138,028	)		(125,609	)		(102,425	)		(108,154	)		(107,271	)
Shares held in treasury		(8,110	)		(8,071	)		(4,221	)		(4,221	)		(4,221	)
Accumulated other comprehensive income, net of tax		7,449			7,506			7,577			6,253			8,128
		337,617			348,545			373,903			365,316			366,534
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		337,938			348,866			374,224			365,637			366,855
Total liabilities and equity	$	721,566		$	744,846		$	780,336		$	780,065		$	783,936

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

				Three Months Ended
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(12,483	)	$	(23,069	)	$	5,729		$	(883	)	$	(4,571	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		12,939			12,882			13,022			13,462			13,575
Deferred financing costs amortization		297			295			279			459			423
Stock-based compensation expense		1,587			1,645			1,510			1,540			1,723
Debt discount amortization		1,993			1,926			1,862			1,714			1,627
Allowance for credit losses		39			3			266			594			2,763
(Gain) loss from equipment sales, retirements or impairments		(37	)		1			(18,057	)		512			(265	)
Losses on debt extinguishment		—			—			—			177			—
Derivative (gains) losses		(104	)		543			(608	)		—			—
Interest on finance lease		1			—			1			59			70
Settlements on derivative transactions, net		—			164			—			197			226
Currency losses (gains)		560			80			1,276			(571	)		603
Deferred income taxes		(3,790	)		(1,845	)		2,640			(960	)		(5,082	)
Equity (earnings) losses		(966	)		1,100			(374	)		(2,273	)		(373	)
Dividends received from equity investees		1,418			—			166			1,031			1,044
Changes in Operating Assets and Liabilities:
Accounts receivables		(6,928	)		4,291			(3,472	)		(747	)		(3,139	)
Other assets		(2,395	)		(1,290	)		733			493			1,017
Accounts payable and accrued liabilities		(4,378	)		(3,895	)		(6,456	)		(7,705	)		(5,758	)
Net cash (used in) provided by operating activities		(12,247	)		(7,169	)		(1,483	)		7,099			3,883
Cash Flows from Investing Activities:
Purchases of property and equipment		(658	)		(3,416	)		(3,644	)		(6,455	)		(35	)
Proceeds from disposition of property and equipment		86			—			36,692			—			427
Net investing activities in property and equipment		(572	)		(3,416	)		33,048			(6,455	)		392
Principal payments on notes due from others		—			—			—			5,000			5,000
Net cash (used in) provided by investing activities		(572	)		(3,416	)		33,048			(1,455	)		5,392
Cash Flows from Financing Activities:
Payments on long-term debt		(6,533	)		(7,530	)		(6,173	)		(4,901	)		(9,483	)
Payments on debt extinguishment		—			—			—			(104,832	)		(26,772	)
Payments on debt extinguishment cost		—			—			—			(1,827	)		—
Proceeds from issuance of long-term debt, net of issue costs		—			—			87			121,207			27,181
Payments on finance leases		(9	)		(9	)		(9	)		(204	)		(204	)
Proceeds from issuance of common stock, net of issue costs		—			—			24			—			—
Proceeds from exercise of stock options		102			—			—			—			—
Tax withholdings on restricted stock vesting		(39	)		(3,850	)		—			—			(102	)
Net cash (used in) provided by financing activities		(6,479	)		(11,389	)		(6,071	)		9,443			(9,380	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(1	)		2			1			3			(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		(19,299	)		(21,972	)		25,495			15,090			(106	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		62,159			84,131			58,636			43,546			43,652
Cash, Restricted Cash and Cash Equivalents, End of Period	$	42,860		$	62,159		$	84,131		$	58,636		$	43,546

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Leased-in		Managed		Total
June 30, 2024
AHTS		3		1		—		4
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		1		56
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces Second Quarter 2024 Results