SEACOR Marine Announces First Quarter 2021 Results

May 6, 2021 at 6:30 AM EDT

HOUSTON, May 06, 2021 (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, 2021.

Chief Executive Officer John Gellert provided the following statement: “SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.”

SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the first quarter of 2021, the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, the first quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020. For the fourth quarter of 2020 the net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).

Notable first quarter items include:

Operating results in the first quarter reflect continued improvement in market conditions across all international regions.
Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses.
Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.

After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by £20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s 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 LOSS
(in thousands, except share data)

	Three Months Ended March 31,
	2021			2020
Operating Revenues	$	36,512		$	35,667
Costs and Expenses:
Operating		26,307			20,735
Administrative and general		8,611			9,394
Lease expense		1,078			3,325
Depreciation and amortization		14,798			13,362
		50,794			46,816
Loss on Asset Dispositions and Impairments, Net		(2,273	)		(12,572	)
Operating Loss		(16,555	)		(23,721	)
Other Income (Expense):
Interest income		986			662
Interest expense		(8,018	)		(7,374	)
SEACOR Holdings guarantee fees		(7	)		(16	)
Derivative gains, net		355			5,114
Foreign currency (losses) gains, net		(466	)		710
		(7,150	)		(904	)
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(23,705	)		(24,625	)
Income Tax Benefit		(2,688	)		(6,662	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(21,017	)		(17,963	)
Equity in Earnings of 50% or Less Owned Companies		4,103			25
Loss from Continuing Operations		(16,914	)		(17,938	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		22,925			(2,054	)
Net Income (Loss)		6,011			(19,992	)
Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries		—			(4,047	)
Net Income (Loss) attributable to SEACOR Marine Holdings Inc.	$	6,011		$	(15,945	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.67	)	$	(0.58	)
Discontinued operations		0.91			(0.08	)
	$	0.24		$	(0.66	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and diluted shares		25,304,661			23,989,029

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

	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
Time Charter Statistics:
Average Rates Per Day	$	11,323		$	10,931		$	11,052		$	10,746		$	10,886
Fleet Utilization		55	%		51	%		54	%		57	%		57	%
Fleet Available Days		5,505			5,824			5,807			5,258			5,361
Operating Revenues:
Time charter	$	34,290		$	32,693		$	34,824		$	32,389		$	33,549
Bareboat charter		729			732			677			723			724
Other marine services		1,493			2,619			700			813			1,394
		36,512			36,044			36,201			33,925			35,667
Costs and Expenses:
Operating:
Personnel		13,418			13,057			13,401			10,704			11,186
Repairs and maintenance		3,840			3,445			3,764			3,612			3,840
Drydocking		2,217			1,753			585			566			1,365
Insurance and loss reserves		1,958			1,670			1,764			1,489			840
Fuel, lubes and supplies		2,202			2,081			2,131			2,075			1,841
Other		2,672			3,556			3,074			1,682			1,664
		26,307			25,562			24,719			20,128			20,736
Direct Vessel Profit⁽¹⁾		10,205			10,482			11,482			13,797			14,931
Other Costs and Expenses:
Lease expense		1,078			1,798			1,200			1,202			3,325
Administrative and general		8,611			8,556			8,861			13,241			9,393
Depreciation and amortization		14,798			15,247			14,833			13,725			13,362
		24,487			25,601			24,894			28,168			26,080
(Losses) Gains on Asset Dispositions and Impairments, Net		(2,273	)		(1,796	)		233			(3,453	)		(12,572	)
Operating Loss		(16,555	)		(16,915	)		(13,179	)		(17,824	)		(23,721	)
Other Income (Expense):
Interest income		986			61			34			516			662
Interest expense		(8,018	)		(8,288	)		(8,312	)		(6,717	)		(7,374	)
SEACOR Holdings guarantee fees		(7	)		(11	)		(11	)		(9	)		(16	)
Derivative losses (gains), net		355			(894	)		5			85			5,114
Foreign currency gains, net		(466	)		(1,286	)		(911	)		193			710
Other, net		—			(19	)		—			—			—
		(7,150	)		(10,437	)		(9,195	)		(5,932	)		(904	)
Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(23,705	)		(27,352	)		(22,374	)		(23,756	)		(24,625	)
Income Tax (Benefit) Expense		(2,688	)		1,865			(3,120	)		(15,007	)		(6,662	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(21,017	)		(29,217	)		(19,254	)		(8,749	)		(17,963	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		4,103			(9,681	)		(588	)		2,081			25
Loss from Continuing Operations		(16,914	)		(38,898	)		(19,842	)		(6,668	)		(17,938	)
Income (Loss) from Discontinued Operations, Net of Tax		22,925			51			1,765			602			(2,054	)
Net Income (Loss)		6,011			(38,847	)		(18,077	)		(6,066	)		(19,992	)
Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries		—			(31	)		4			7			(4,047	)
Net Income (Loss) attributable to SEACOR Marine Holdings Inc.	$	6,011		$	(38,816	)	$	(18,081	)	$	(6,073	)	$	(15,945	)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.
Continuing operations	$	(0.67	)	$	(1.54	)	$	(0.79	)	$	(0.26	)	$	(0.58	)
Discontinued operations		0.91			—			0.07			0.02			(0.08	)
	$	0.24		$	(1.54	)	$	(0.72	)	$	(0.24	)	$	(0.66	)
Weighted Average Common Shares and Warrants Outstanding:
Basic and Diluted		25,305			25,265			24,989			24,851			23,989
Common Shares and Warrants Outstanding at Period End		25,683			24,919			24,996			24,899			24,854

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

	Three Months Ended
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	15,910		$	18,405		$	19,397		$	15,574		$	20,988
Fleet utilization		6	%		7	%		5	%		5	%		11	%
Fleet available days		1,518			1,797			1,871			1,842			1,864
Out-of-service days for repairs, maintenance and drydockings		67			45		37			32			116
Out-of-service days for cold-stacked status		1,270			1,472			1,576			1,465			1,301
Operating Revenues:
Time charter	$	1,489		$	2,352		$	1,668		$	1,478		$	4,375
Bareboat charter		729			732			731			723			724
Other marine services		546			794			473			513			642
		2,764			3,878			2,872			2,714			5,741
Direct Costs and Expenses:
Operating:
Personnel		1,744			2,372			2,481			2,284			2,928
Repairs and maintenance		654			386			338			314			617
Drydocking		875			—			—			110			1,057
Insurance and loss reserves		527			507			778			354			135
Fuel, lubes and supplies		199			208			251			189			524
Other		77			116			85			93			79
		4,076			3,589			3,933			3,344			5,340
Direct Vessel (Loss) Profit⁽¹⁾	$	(1,312	)	$	289		$	(1,061	)	$	(630	)	$	401
Other Costs and Expenses:
Lease expense	$	664		$	677		$	716		$	741		$	2,138
Depreciation and amortization		4,164			5,854			4,961			5,254			5,358

*Africa and Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked	$	11,356		$	10,837		$	10,801		$	10,918		$	10,856
Fleet utilization		68	%		61	%		68	%		86	%		90	%
Fleet available days		1,356			1,472			1,472			1,395			1,437
Out-of-service days for repairs, maintenance and drydockings		78			138			45			90			56
Out-of-service days for cold-stacked status		346			368			216			—			—
Operating Revenues:
Time charter	$	10,502		$	9,796		$	10,861		$	13,055		$	14,010
Bareboat charter		—			—			(54	)		—			—
Other marine services		(269	)		343			(279	)		(382	)		184
		10,233			10,139			10,528			12,673			14,194
Direct Costs and Expenses:
Operating:
Personnel		3,220			3,510			3,407			3,248			3,232
Repairs and maintenance		1,191			1,437			1,158			1,463			1,585
Drydocking		304			1,269			481			256			8
Insurance and loss reserves		433			512			397			600			297
Fuel, lubes and supplies		572			853			1,091			799			517
Other		579			(674	)		774			647			596
		6,299			6,907			7,308			7,013			6,235
Direct Vessel Profit⁽¹⁾	$	3,934		$	3,232		$	3,220		$	5,660		$	7,959
Other Costs and Expenses:
Lease expense	$	356		$	1,056		$	430		$	420		$	1,133
Depreciation and amortization		3,307			2,964			3,784			3,600			3,315

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

	Three Months Ended
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	9,308		$	9,455		$	9,670		$	10,245		$	9,634
Fleet utilization		73	%		75	%		78	%		82	%		73	%
Fleet available days		1,852			1,840			1,809			1,613			1,671
Out-of-service days for repairs, maintenance and drydockings		115		68			89			113			200
Out-of-service days for cold-stacked status		239		169			76			61			48
Operating Revenues:
Time charter	$	12,575		$	13,008		$	13,672		$	13,605		$	11,767
Other marine services		360			927			296			514			420
		12,935			13,935			13,968			14,119			12,187
Direct Costs and Expenses:
Operating:
Personnel		5,208			5,411			5,171			3,795			3,811
Repairs and maintenance		903			842			1,564			1,580			1,246
Drydocking		1,066			41			104			200			414
Insurance and loss reserves		702			501			451			430			339
Fuel, lubes and supplies		559			604			482			955			665
Other		1,144			3,618			1,771			819			683
		9,582			11,017			9,543			7,779			7,158
Direct Vessel Profit⁽¹⁾	$	3,353		$	2,918		$	4,425		$	6,340		$	5,029
Other Costs and Expenses:
Lease expense	$	22		$	47		$	46		$	32		$	45
Depreciation and amortization		4,710			4,505			4,379			3,921			3,790

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	14,751		$	12,921		$	13,355		$	10,752		$	9,397
Fleet utilization		85	%		82	%		99	%		97	%		93	%
Fleet available days		779			716			655			408			389
Out-of-service days for repairs, maintenance and drydockings		94			66			7			—		3
Out-of-service days for cold-stacked status		—			—			—			—			—
Operating Revenues:
Time charter	$	9,724		$	7,538		$	8,621		$	4,251		$	3,396
Bareboat charter		—			—			—			—			—
Other marine services		856			555			212			168			149
		10,580			8,093			8,833			4,419			3,545
Direct Costs and Expenses:
Operating:
Personnel		3,246			1,764			2,342			1,377			1,215
Repairs and maintenance		1,092			780			704			255			392
Drydocking		(28	)		443			—			—			(114	)
Insurance and loss reserves		296			150			138			105			69
Fuel, lubes and supplies		872			416			307			132			135
Other		872			497			444			123			305
		6,350			4,050			3,935			1,992			2,002
Direct Vessel Profit⁽¹⁾	$	4,230		$	4,043		$	4,898		$	2,427		$	1,543
Other Costs and Expenses:
Lease expense	$	36		$	18		$	9		$	9		$	9
Depreciation and amortization		2,617			1,924			1,708			950			899

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

	Three Months Ended
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	7,778		$	7,967		$	7,388		$	8,383		$	8,012
Fleet utilization		67	%		44	%		54	%		43	%		39	%
Fleet available days		540			641			644			667			709
Out-of-service days for repairs, maintenance and drydockings		—		133			21			76			74
Out-of-service days for cold-stacked status		180		228			276			273			273
Operating Revenues:
Time charter	$	2,801		$	2,236		$	2,564		$	2,413		$	2,225
Other marine services		(130	)		433			(147	)		(137	)		559
		2,671			2,669			2,417			2,276			2,784
Direct Costs and Expenses:
Operating:
Personnel		984			1,149			950			853			892
Repairs and maintenance		241			542			432			679			408
Drydocking		54			847			(2	)		(19	)		22
Insurance and loss reserves		194			199			139			159			45
Fuel, lubes and supplies		139			258			148			168			216
Other		270			535			370			341			259
		1,882			3,530			2,037			2,181			1,842
Direct Vessel Profit (Loss)⁽¹⁾	$	789		$	(861	)	$	380		$	95		$	942
Other Costs and Expenses:
Lease expense	$	400		$	1,127		$	505		$	518		$	1,216
Depreciation and amortization		494			494			495			500			561

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	7,888		$	8,074		$	8,421		$	8,590		$	8,472
Fleet utilization		61	%		60	%		63	%		72	%		76	%
Fleet available days		2,207			2,300			2,300			2,426			2,521
Out-of-service days for repairs, maintenance and drydockings		182		155			71			137			156
Out-of-service days for cold-stacked status		584		549			421			285			273
Operating Revenues:
Time charter	$	10,657		$	11,151		$	12,212		$	15,078		$	16,284
Bareboat charter		729			732			731			723			724
Other marine services		(218	)		(283	)		(256	)		(372	)		(355	)
		11,168			11,600			12,687			15,429			16,653
Direct Costs and Expenses:
Operating:
Personnel		4,041			4,409			4,180			4,166			4,659
Repairs and maintenance		1,535			1,604			1,642			1,922			2,278
Drydocking		1,178			912			587			274			36
Insurance and loss reserves		466			471			353			304			332
Fuel, lubes and supplies		726			836			976			1,180			904
Other		1,141			2,085			1,489			1,203			1,000
		9,087			10,317			9,227			9,049			9,209
Direct Vessel Profit⁽¹⁾	$	2,081		$	1,283		$	3,460		$	6,380		$	7,444
Other Costs and Expenses:
Lease expense	$	352		$	352		$	351		$	352		$	352
Depreciation and amortization		5,096			5,113			5,105			5,405			5,118

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

	Three Months Ended
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
*Supply*
Time Charter Statistics:
Average rates per day worked	$	12,110		$	11,373		$	11,355		$	8,477		$	7,360
Fleet utilization		63	%		63	%		74	%		83	%		79	%
Fleet available days		1,319			1,360			1,257			527			433
Out-of-service days for repairs, maintenance and drydockings		105			12			23			13			3
Out-of-service days for cold-stacked status		315			353			229			61			—
Operating Revenues:
Time charter	$	10,082		$	9,714		$	10,541		$	3,713		$	2,520
Bareboat charter		—			—			(55	)		—			—
Other marine services		346			482			92			(53	)		(69	)
		10,428			10,196			10,578			3,660			2,451
Direct Costs and Expenses:
Operating:
Personnel		4,158			3,364			3,821			1,591			1,206
Repairs and maintenance		1,135			735			968			375			348
Drydocking		110			(2	)		—			197			—
Insurance and loss reserves		474			238			230			106			67
Fuel, lubes and supplies		1,003			622			601			219			119
Other		880			1,205			1,022			246			397
		7,760			6,162			6,642			2,734			2,137
Direct Vessel Profit⁽¹⁾	$	2,668		$	4,034		$	3,936		$	926		$	314
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	—
Depreciation and amortization		2,977			3,060			2,673			1,000			787

*Specialty*
Time Charter Statistics:
Average rates per day worked	$	1,890		$	2,025		$	2,025		$	2,025		$	1,982
Fleet utilization		100	%		100	%		69	%		50	%		38	%
Fleet available days		90			92			134			182			242
Out-of-service days for cold-stacked status		—			—			42			91			139
Operating Revenues:
Time charter	$	170			187			187			184			180
Other marine services		12			1			(9	)		(10	)		(19	)
		182			188			178			174			161

Direct Costs and Expenses:
Operating:
Personnel		89			69			72			47			85
Repairs and maintenance		8			34			51			102			103
Drydocking		—			(3	)		-			-			-
Insurance and loss reserves		4			(2	)		13			16			20
Fuel, lubes and supplies		8			3			(2	)		8			26
Other		26			18			56			90			111
		135			119			190			263			345
Direct Vessel Profit (Loss)⁽¹⁾	$	47		$	69		$	(12	)	$	(89	)	$	(184	)
Other Costs and Expenses:
Depreciation and amortization	$	—		$	1,541		$	89		$	189		$	206

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

	Three Months Ended
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	26,792		$	24,561		$	27,947		$	24,894		$	27,513
Fleet utilization		29	%		27	%		23	%		30	%		31	%
Fleet available days		1,350			1,432			1,472			1,456			1,456
Out-of-service days for repairs, maintenance and drydockings		67		18			64			9			141
Out-of-service days for cold-stacked status		776			880			899			816			664
Operating Revenues:
Time charter	$	10,580		$	9,406		$	9,319		$	11,001		$	12,339
Other marine services		797			395			316			306			250
		11,377			9,801			9,635			11,307			12,589
Direct Costs and Expenses:
Operating:
Personnel		3,806			3,742			3,963			3,545			4,097
Repairs and maintenance		894			524			624			407			650
Drydocking		875			(1	)		—			111			1,307
Insurance and loss reserves		719			690			1,055			893			679
Fuel, lubes and supplies		320			349			370			343			490
Other		677			1,642			538			219			147
		7,291			6,946			6,550			5,518			7,370
Direct Vessel Profit⁽¹⁾	$	4,086		$	2,855		$	3,085		$	5,789		$	5,219
Other Costs and Expenses:
Lease expense	$	12		$	19		$	31		$	44		$	1,497
Depreciation and amortization		5,659			6,009			5,980			6,081			6,128

*Other Activity*
Operating Revenues:
Other marine services	$	686		$	1,591		$	720		$	1,056		$	1,029
		686			1,591			720			1,056			1,029
Direct Costs and Expenses:
Operating:
Personnel		340			324			415			502			247
Repairs and maintenance		27			6			47			128			53
Insurance and loss reserves		101			74			(26	)		11			(303	)
Fuel, lubes and supplies		6			13			38			157			86
Other		(322	)		(1,928	)		(401	)		(417	)		(251	)
		152			(1,511	)		73			381			(168	)
Direct Vessel Profit⁽¹⁾	$	534		$	3,102		$	647		$	675		$	1,197
Other Costs and Expenses:
Lease expense	$	314		$	300		$	335		$	241		$	260
Depreciation and amortization		572			(970	)		545			553			562

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

	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	68,409		$	32,666		$	42,314		$	51,888		$	67,441
Restricted cash		3,352			3,352			3,352			3,352			3,353
Receivables:
Trade, net of allowance for doubtful accounts		42,680			45,325			48,294			52,169			43,602
Other		11,265			10,924			18,365			13,814			27,249
Receivables from SEACOR Holdings		19,332			18,832			18,814			14,394			—
Tax Receivable		1,498			13,556			11,770			—			—
Inventories		572			576			573			1,409			1,575
Prepaid expenses and other		2,326			3,230			3,438			2,835			2,092
Other Current Assets		423			—			—			—			—
Discontinued operations		—			50,235			46,768			44,616			54,182
Total current assets		149,857			178,696			193,688			184,477			199,494
Property and Equipment:
Historical cost		1,000,430			1,012,873			996,370			987,741			857,118
Accumulated depreciation		(297,792	)		(291,538	)		(280,468	)		(271,097	)		(264,365	)
		702,638			721,335			715,902			716,644			592,753
Construction in progress		32,530			32,327			51,969			52,456			49,186
Net property and equipment		735,168			753,662			767,871			769,100			641,939
Right-of-Use Asset - Operating Leases		7,046			7,134			7,670			8,148			8,286
Right-of-Use Asset - Finance Lease		121			129			137			—			—
Investments, at Equity, and Advances to 50% or Less Owned Companies		79,000			75,308			84,701			87,177			109,844
Construction Reserve Funds		—			—			—			—			3,745
Other Assets		2,624			2,734			3,108			3,200			3,227
	$	973,816		$	1,017,663		$	1,057,175		$	1,052,102		$	966,535
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	5,139		$	7,030		$	9,446		$	11,579		$	13,167
Current lease liability - Finance		46			36			27			-			—
Current portion of long-term debt		34,888			32,377			52,108			51,793			37,084
Accounts payable and accrued expenses		21,428			29,967			28,888			21,323			30,064
Due to SEACOR Holdings		—			—			—			—			66
Other current liabilities		29,719			31,467			29,548			29,642			29,154
Discontinued operations		—			30,927			28,555			28,882			27,392
Total current liabilities		91,220			131,804			148,572			143,219			136,927
Long-Term Operating Lease Liabilities		4,778			4,345			5,239			6,067			7,352
Long-Term Finance Lease Liabilities		97			105			113			—			—
Long-Term Debt		431,849			440,510			426,711			422,569			333,121
Conversion Option Liability on Convertible Senior Notes		37			2			1			6			91
Deferred Income Taxes		31,766			35,822			36,075			23,740			25,793
Deferred Gains and Other Liabilities		4,910			3,239			3,810			5,137			7,940
Total liabilities		564,657			615,827			620,521			600,738			511,224
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		243			235			235			232			231
Additional paid-in capital		452,290			451,179			450,320			449,116			447,425
(Accumulated Deficit) Retained earnings		(50,029	)		(51,839	)		(13,023	)		5,058			11,131
Shares held in treasury		(1,110	)		(848	)		(848	)		(847	)		(844	)
Accumulated other comprehensive loss, net of tax		7,446			2,790			(380	)		(2,541	)		(2,971	)
		408,840			401,517			436,304			451,018			454,972
Noncontrolling interests in subsidiaries		319			319			350			346			339
Total equity		409,159			401,836			436,654			451,364			455,311
	$	973,816		$	1,017,663		$	1,057,175		$	1,052,102		$	966,535

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

	Three Months Ended
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
Cash Flows from Continuing Operating Activities:
Net Income (Loss)	$	6,011		$	(38,922	)	$	(19,818	)	$	(6,668	)	$	(17,938	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		14,798			15,247			14,833			13,725			13,362
Deferred financing costs amortization		260			266			278			284			279
Amortization of employee share awards		1,111			859			1,204			937			1,069
Restricted stock vesting		(262	)		—			—			(3	)		(175	)
Director share awards		—			—			—			755			—
Debt discount amortization		1,892			1,917			1,797			1,480			1,478
Bad debt recoveries (expense)		24			(146	)		185			271			(80	)
Loss from equipment sales, retirements or impairments		2,273			1,796			(233	)		3,453			12,572
Gain on the Sale of Windcat Workboats		(22,756	)		—			—			—			—
Derivative (gains) losses		(355	)		894			(5	)		(85	)		(5,114	)
Cash settlement payments on derivative transactions, net		(919	)		(441	)		(426	)		(265	)		(199	)
Currency losses (gains)		466			1,286			911			(193	)		(710	)
Deferred income taxes		(4,056	)		(254	)		12,333			(2,053	)		(7,768	)
Equity (Earnings) Losses		(4,103	)		9,681			588			(2,081	)		(25	)
Dividends received from equity investees		—			—			2,117			—			—
Changes in Operating Assets and Liabilities:
Accounts receivables		11,345			7,668			(17,737	)		(8,326	)		(11,770	)
Other assets		1,192			604			656			6,163			(893	)
Accounts payable and accrued liabilities		(10,296	)		(2,806	)		886			(21,197	)		4,774
Net cash used in operating activities		(3,375	)		(2,351	)		(2,431	)		(13,803	)		(11,138	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(2,724	)		(2,500	)		(2,833	)		(7,019	)		(8,456	)
Proceeds from disposition of property and equipment		3,266			—			3,539			14,030			3,105
Proceeds from Sale of WWH, net cash sold		38,715			—			—			—			—
Construction reserve funds transferred to short-term cash		—			—			—			3,745			—
Purchase of subsidiary from joint venture		—			—			—			(8,445	)		—
Construction reserve funds used		—			—			—			—			9,148
Net investing activities in property and equipment		39,257			(2,500	)		706			2,311			3,797
Investments in and advances to 50% or less owned companies		(736	)		(1,248	)		(713	)		—			(245	)
Principal payments on notes due from equity investees		919			1,225			490			—			—
Net cash provided by (used in) investing activities		39,440			(2,523	)		483			2,311			3,552
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(8,302	)		(5,780	)		(8,246	)		(3,506	)		(5,069	)
Proceeds from issuance of debt, net of offering costs		—			1			(1	)		—			—
Interest on Finance Lease		2			1			—			—			—
Proceeds from exercise of stock options and Warrants		8			—			2			—			—
Net cash used in financing activities		(8,292	)		(5,778	)		(8,245	)		(3,506	)		(5,069	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		4,621			1,004			619			(557	)		(1,037	)
Net Change in Cash, Cash Equivalents and Restricted Cash		32,394			(9,648	)		(9,574	)		(15,554	)		(13,692	)
Cash Flows from Discontinued Operations
Operating Activities		(171	)		1,895			1,518			2,255			2,549
Investing Activities		—			(1,436	)		(2,527	)		(1,567	)		(2,788	)
Financing Activities		—			—			1,090			4			(153	)
Effects of FX Rate Changes on Cash and Cash Equivalents		—			196			(26	)		339			(390	)
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:		(171	)		655			55			1,031			(782	)
Net Change in Cash, Cash Equivalents and Restricted Cash		32,223			(8,993	)		(9,519	)		(14,523	)		(14,474	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		39,538			48,531			58,050			72,573			87,047
Cash, Restricted Cash and Cash Equivalents, End of Period	$	71,761		$	39,538		$	48,531		$	58,050		$	72,573

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned	Joint Ventured	Leased-in	Managed	Total
March 31, 2021
AHTS	4	—	2	—	6
FSV	24	5	1	1	31
Supply	14	26	—	—	40
Specialty ⁽¹⁾	1	3	—	—	4
Liftboats	14	—	1	—	15
	57	34	4	1	96
December 31, 2020
AHTS	4	—	2	—	6
FSV	26	5	1	1	33
Supply	15	27	—	1	43
Specialty	—	3	—	—	3
Liftboats	14	—	1	—	15
Crew Transfer Assets Held for Sale	40	5	—	—	45
Crew transfer Continuing Operations	1	—	—	—	1
	100	40	4	2	146

⁽¹⁾One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of March 31, 2021.

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces First Quarter 2021 Results