Press Release Details

SEACOR Marine Announces First Quarter 2022 Results

May 4, 2022 at 5:48 PM EDT

HOUSTON, May 04, 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 first quarter ended March 31, 2022.

SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2022 were $45.6 million, operating loss was $17.1 million, and direct vessel profit (“DVP”)(1) was $6.1 million. This compares to consolidated operating revenues from continuing operations of $36.5 million, operating loss of $16.6 million, and DVP of $10.2 million in the first quarter of 2021.

Notable first quarter items include:

  • Average utilization rates of 70%, the highest for our seasonally low first quarter since 2014.
  • 25% improvement in revenues compared to the first quarter of 2021.
  • Increases in drydocking and major repairs of 60% from the fourth quarter of 2021 to prepare fleet for increasing activity levels.

For the first quarter of 2022, net loss from continuing operations was $14.8 million ($0.56 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2021 of $16.9 million ($0.67 loss per basic and diluted share). Sequentially, first quarter 2022 results compare to consolidated operating revenues from continuing operations of $48.0 million, operating loss from continuing operations of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021. For the fourth quarter of 2021, net loss from continuing operations was $15.8 million ($0.62 loss per basic and diluted share).

Chief Executive Officer John Gellert commented:

“Demand for our services remains strong and we expect that our strategy will generate positive operating cash flows as the year progresses. The first quarter results reflect our strategy of preparing and positioning our fleet during the seasonally low months of the year to participate fully in the market up-cycle. As a result, we had a substantial increase in drydocking and repair and maintenance expenses, which resulted in our DVP being down relative to prior quarters since we expense these items as incurred.”
___________________

(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 March 31,  
    2022     2021  
Operating Revenues   $ 45,591     $ 36,512  
Costs and Expenses:                
Operating     39,496       26,307  
Administrative and general     9,924       8,611  
Lease expense     1,060       1,078  
Depreciation and amortization     14,371       14,798  
      64,851       50,794  
Gains (Losses) on Asset Dispositions and Impairments, Net     2,139       (2,273 )
Operating (Loss)     (17,121 )     (16,555 )
Other Income (Expense):                
Interest income     29       986  
Interest expense     (6,627 )     (8,018 )
SEACOR Holdings guarantee fees           (7 )
Derivative (losses) gains, net     (34 )     355  
Foreign currency gains (losses), net     821       (466 )
      (5,811 )     (7,150 )
Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies     (22,932 )     (23,705 )
Income Tax Benefit     (2,421 )     (2,688 )
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     (20,511 )     (21,017 )
Equity in Earnings Gains of 50% or Less Owned Companies     5,674       4,103  
Loss from Continuing Operations     (14,837 )     (16,914 )
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)           22,925  
Net (Loss) Income     (14,837 )     6,011  
Net Income Attributable to Noncontrolling Interests in Subsidiaries            
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.   $ (14,837 )   $ 6,011  
                 
Net Loss Per Common Share from Continuing Operations:                
Basic   $ (0.56 )   $ (0.67 )
Diluted     (0.56 )     (0.67 )
Net Earnings Per Share from Discontinued Operations:                
Basic   $     $ 0.91  
Diluted           0.91  
Net (Loss) Earnings per Share:                
Basic   $ (0.56 )   $ 0.24  
Diluted   $ (0.56 )   $ 0.24  
Weighted Average Common Stock and Warrants Outstanding:                
Basic     26,379,293       25,304,661  
Diluted     26,379,293       25,304,661  

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

    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
Time Charter Statistics:                                        
Average Rates Per Day   $ 11,312     $ 11,376     $ 12,120     $ 12,007     $ 11,323  
Fleet Utilization     70 %     73 %     68 %     67 %     55 %
Fleet Available Days     5,400       5,060       5,108       5,177       5,505  
Operating Revenues:                                        
Time charter   $ 42,741     $ 42,289     $ 41,782     $ 41,474     $ 34,290  
Bareboat charter     618       2,870             434       729  
Other marine services     2,232       2,808       1,881       891       1,493  
      45,591       47,967       43,663       42,799       36,512  
Costs and Expenses:                                        
Operating:                                        
Personnel     18,435       17,098       15,051       14,353       13,418  
Repairs and maintenance     6,791       6,782       6,536       6,959       3,840  
Drydocking     4,973       567       771       2,792       2,217  
Insurance and loss reserves     1,186       1,859       2,189       2,661       1,958  
Fuel, lubes and supplies     3,729       3,254       3,684       2,893       2,202  
Other     4,382       5,476       5,217       2,957       2,672  
      39,496       35,036       33,448       32,615       26,307  
Direct Vessel Profit (1)     6,095       12,931       10,215       10,184       10,205  
Other Costs and Expenses:                                        
Lease expense     1,060       2,664       1,109       1,234       1,078  
Administrative and general     9,924       10,742       9,134       9,152       8,611  
Depreciation and amortization     14,371       14,198       14,306       14,093       14,798  
      25,355       27,604       24,549       24,479       24,487  
Gains (Losses) on Asset Dispositions and Impairments, Net     2,139             56       22,653       (2,273 )
Operating (Loss) Income     (17,121 )     (14,673 )     (14,278 )     8,358       (16,555 )
Other Income (Expense):                                        
Interest income     29       57       124       135       986  
Interest expense     (6,627 )     (6,380 )     (6,403 )     (7,310 )     (8,018 )
SEACOR Holdings guarantee fees                             (7 )
Derivative (losses) gains, net     (34 )     4       2       30       355  
Gain on debt extinguishment                       61,994        
Foreign currency gains (losses), net     821       (357 )     245       (657 )     (466 )
Gain (Loss) from return of investments in 50% or less owned companies and other, net                 9,442       (1 )      
      (5,811 )     (6,676 )     3,410       54,191       (7,150 )
(Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies     (22,932 )     (21,349 )     (10,868 )     62,549       (23,705 )
Income Tax (Benefit) Expense     (2,421 )     (1,009 )     (725 )     15,915       (2,688 )
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies     (20,511 )     (20,340 )     (10,143 )     46,634       (21,017 )
Equity in Earnings Gains of 50% or Less Owned Companies     5,674       4,494       4,314       2,167       4,103  
(Loss) Income from Continuing Operations     (14,837 )     (15,846 )     (5,829 )     48,801       (16,914 )
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)                             22,925  
Net (Loss) Income     (14,837 )     (15,846 )     (5,829 )     48,801       6,011  
Net Income Attributable to Noncontrolling Interests in Subsidiaries                       1        
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.   $ (14,837 )   $ (15,846 )   $ (5,829 )   $ 48,800     $ 6,011  
                                         
Net (Loss) Earnings Per Common Share from Continuing Operations:                                        
Basic   $ (0.56 )   $ (0.62 )   $ (0.23 )   $ 1.92     $ (0.67 )
Diluted     (0.56 )     (0.62 )     (0.23 )     1.79       (0.67 )
Net Earnings Per Share from Discontinued Operations:                                        
Basic   $     $     $     $     $ 0.91  
Diluted                             0.91  
Net (Loss) Earnings per Share:                                        
Basic   $ (0.56 )   $ (0.62 )   $ (0.23 )   $ 1.92     $ 0.24  
Diluted   $ (0.56 )   $ (0.62 )   $ (0.23 )   $ 1.79     $ 0.24  
Weighted Average Common Stock and Warrants Outstanding:                                        
Basic     26,379       25,520       25,516       25,435       25,305  
Diluted     26,379       25,520       25,516       28,345       25,305  
Common Shares and Warrants Outstanding at Period End     28,083       27,432       25,864       25,869       25,683  


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

    Three Months Ended
    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
United States, primarily Gulf of Mexico                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 15,595     $ 15,496     $ 18,702     $ 17,058     $ 15,910  
Fleet utilization     38 %     33 %     27 %     18 %     6 %
Fleet available days     1,314       1,043       1,062       1,112       1,518  
Out-of-service days for repairs, maintenance and drydockings     205       95       246       137       67  
Out-of-service days for cold-stacked status     404       399       469       748       1,270  
Operating Revenues:                                        
Time charter   $ 7,864     $ 5,290     $ 5,289     $ 3,419     $ 1,489  
Bareboat charter           386             434       729  
Other marine services     2,052       1,119       1,215       727       546  
      9,916       6,795       6,504       4,580       2,764  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 4,923     $ 3,136     $ 2,428     $ 1,528     $ 1,744  
Repairs and maintenance     1,101       1,085       1,266       389       654  
Drydocking     2,867       191       239       777       875  
Insurance and loss reserves     229       720       462       923       527  
Fuel, lubes and supplies     662       501       259       245       199  
Other     224       200       147       224       77  
      10,006       5,833       4,801       4,086       4,076  
Direct Vessel (Loss) Profit (1)   $ (90 )   $ 962     $ 1,703     $ 494     $ (1,312 )
Other Costs and Expenses:                                        
Lease expense   $ 287     $ 633     $ 621     $ 703     $ 664  
Depreciation and amortization     4,638       4,325       3,936       3,287       4,164  
                                         
Africa and Europe, Continuing Operations                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 10,006     $ 9,530     $ 9,551     $ 11,231     $ 11,356  
Fleet utilization     82 %     88 %     77 %     75 %     68 %
Fleet available days     1,499       1,411       1,417       1,365       1,356  
Out-of-service days for repairs, maintenance and drydockings     163       79       52       65       78  
Out-of-service days for cold-stacked status                 29       176       346  
Operating Revenues:                                        
Time charter   $ 12,280     $ 11,883     $ 10,446     $ 11,437     $ 10,502  
Bareboat charter                              
Other marine services     (616 )     (416 )     (429 )     (224 )     (269 )
      11,664       11,467       10,017       11,213       10,233  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 3,536     $ 3,283     $ 3,147     $ 4,253     $ 3,220  
Repairs and maintenance     1,579       1,846       1,540       2,195       1,191  
Drydocking     1,144       144       337       374       304  
Insurance and loss reserves     124       245       323       352       433  
Fuel, lubes and supplies     1,473       1,019       1,631       887       572  
Other     1,828       1,740       1,424       2,072       579  
      9,684       8,277       8,402       10,133       6,299  
Direct Vessel Profit (1)   $ 1,980     $ 3,190     $ 1,615     $ 1,080     $ 3,934  
Other Costs and Expenses:                                        
Lease expense   $ 402     $ 371     $ 284     $ 270     $ 356  
Depreciation and amortization     3,258       2,948       3,296       3,305       3,307  


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

    Three Months Ended
    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
Middle East and Asia                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 9,882     $ 9,612     $ 10,374     $ 9,292     $ 9,308  
Fleet utilization     77 %     81 %     73 %     81 %     73 %
Fleet available days     1,800       1,717       1,780       1,820       1,852  
Out-of-service days for repairs, maintenance and drydockings     153       38       134       105       115  
Out-of-service days for cold-stacked status     90       178       214       116       239  
Operating Revenues:                                        
Time charter   $ 13,660     $ 13,402     $ 13,417     $ 13,752     $ 12,575  
Other marine services     49       50       85       31       360  
      13,709       13,452       13,502       13,783       12,935  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 6,031     $ 5,756     $ 5,849     $ 5,378     $ 5,208  
Repairs and maintenance     1,832       1,382       1,610       2,806       903  
Drydocking     962       232       156       1,185       1,066  
Insurance and loss reserves     507       611       707       461       702  
Fuel, lubes and supplies     1,010       1,042       777       1,081       559  
Other     1,627       2,148       2,823       43       1,144  
      11,969       11,171       11,922       10,954       9,582  
Direct Vessel Profit (1)   $ 1,740     $ 2,281     $ 1,580     $ 2,829     $ 3,353  
Other Costs and Expenses:                                        
Lease expense   $ 31     $ 38     $ 377     $ 35     $ 22  
Depreciation and amortization     4,345       4,156       4,456       4,663       4,710  
                                         
Latin America                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 13,450     $ 15,944     $ 16,240     $ 17,034     $ 14,751  
Fleet utilization     85 %     83 %     92 %     86 %     85 %
Fleet available days     787       889       849       880       779  
Out-of-service days for repairs, maintenance and drydockings     59       113       58       117       94  
Operating Revenues:                                        
Time charter   $ 8,937     $ 11,714     $ 12,630     $ 12,866     $ 9,724  
Bareboat charter     618       2,484                    
Other marine services     747       2,055       1,010       357       856  
      10,302       16,253       13,640       13,223       10,580  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 3,945     $ 4,923     $ 3,627     $ 3,194     $ 3,246  
Repairs and maintenance     2,279       2,469       2,120       1,569       1,092  
Drydocking                 39       456       (28 )
Insurance and loss reserves     326       283       697       925       296  
Fuel, lubes and supplies     584       692       1,017       680       872  
Other     703       1,388       823       618       872  
      7,837       9,755       8,323       7,442       6,350  
Direct Vessel Profit (1)   $ 2,465     $ 6,498     $ 5,317     $ 5,781     $ 4,230  
Other Costs and Expenses:                                        
Lease expense   $ 340     $ 1,622     $ (173 )   $ 226     $ 36  
'Depreciation and amortization     2,130       2,769       2,618       2,838       2,617  


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

    Three Months Ended
    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
Anchor handling towing supply                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 8,908     $ 8,069     $ 14,346     $ 11,268     $ 7,778  
Fleet utilization     66 %     66 %     66 %     59 %     67 %
Fleet available days     540       552       552       546       540  
Out-of-service days for repairs, maintenance and drydockings     2       14       61       105        
Out-of-service days for cold-stacked status     180       92       92       118       180  
Operating Revenues:                                        
Time charter   $ 3,188     $ 2,926     $ 5,224     $ 3,640     $ 2,801  
Other marine services     (160 )     (129 )     (151 )     (157 )     (130 )
      3,028       2,797       5,073       3,483       2,671  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 1,136     $ 1,389     $ 1,584     $ 1,513     $ 984  
Repairs and maintenance     293       608       1,044       471       241  
Drydocking     (7 )     1       (217 )     1,322       54  
Insurance and loss reserves     (137 )     148       193       99       194  
Fuel, lubes and supplies     144       321       388       344       139  
Other     439       556       408       444       270  
      1,868       3,023       3,400       4,193       1,882  
Other Costs and Expenses:                                        
Lease expense   $ 449     $ 353     $ 354     $ 362     $ 400  
Depreciation and amortization     494       495       494       495       494  
                                         
Fast support                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 8,621     $ 8,464     $ 8,455     $ 7,962     $ 7,888  
Fleet utilization     80 %     79 %     70 %     71 %     61 %
Fleet available days     2,160       2,208       2,208       2,100       2,207  
Out-of-service days for repairs, maintenance and drydockings     167       137       300       226       182  
Out-of-service days for cold-stacked status     90       92       178       314       584  
Operating Revenues:                                        
Time charter   $ 14,900     $ 14,857     $ 13,007     $ 11,827     $ 10,657  
Bareboat charter           386             434       729  
Other marine services     (254 )     (380 )     (121 )     (249 )     (218 )
      14,646       14,863       12,886       12,012       11,168  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 5,070     $ 5,581     $ 4,588     $ 4,802     $ 4,041  
Repairs and maintenance     1,800       2,151       2,313       3,618       1,535  
Drydocking     1,277       494       965       1,178       1,178  
Insurance and loss reserves     260       390       328       507       466  
Fuel, lubes and supplies     1,544       1,355       1,390       1,154       726  
Other     1,941       2,156       2,021       1,640       1,141  
      11,892       12,127       11,605       12,899       9,087  
Other Costs and Expenses:                                        
Lease expense   $     $ 353     $ 693     $ 352     $ 352  
Depreciation and amortization     4,945       4,929       4,929       4,931       5,096  


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

    Three Months Ended
    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
Supply                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 12,188     $ 11,586     $ 11,631     $ 11,921     $ 12,110  
Fleet utilization     72 %     79 %     77 %     80 %     63 %
Fleet available days     1,800       1,380       1,372       1,274       1,319  
Out-of-service days for repairs, maintenance and drydockings     233       117       64       11       105  
Out-of-service days for cold-stacked status           117       174       91       315  
Operating Revenues:                                        
Time charter   $ 15,823     $ 12,675     $ 12,317     $ 12,179     $ 10,082  
Bareboat charter     618                          
Other marine services     44       410       221       117       346  
      16,485       13,085       12,538       12,296       10,428  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 8,193     $ 6,141     $ 4,738     $ 4,044     $ 4,158  
Repairs and maintenance     3,701       2,191       2,078       2,039       1,135  
Drydocking     1,302             23       180       110  
Insurance and loss reserves     428       280       595       436       474  
Fuel, lubes and supplies     1,434       998       1,221       1,034       1,003  
Other     1,348       1,957       988       884       880  
      16,406       11,567       9,643       8,617       7,760  
Other Costs and Expenses:                                        
Lease expense   $ 291     $     $     $     $  
Depreciation and amortization     3,786       3,155       3,149       2,936       2,977  
                                         
Specialty                                        
Time Charter Statistics:                                        
Average rates per day worked   $     $     $     $ 1,571     $ 1,890  
Fleet utilization     %     %     %     92 %     100 %
Fleet available days     90       92       92       91       90  
Out-of-service days for repairs, maintenance and drydockings                 65       8        
Out-of-service days for cold-stacked status     90       92                    
Operating Revenues:                                        
Time charter   $     $     $     $ 131     $ 170  
Other marine services                       23       12  
                        154       182  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 1     $ 6     $ 35     $ 99     $ 89  
Repairs and maintenance           (28 )     7       104       8  
Drydocking                              
Insurance and loss reserves     2       1       3       5       4  
Fuel, lubes and supplies     2       2       6       5       8  
Other     11       18       28       33       26  
      16       (1 )     79       246       135  
Other Costs and Expenses:                                        
Depreciation and amortization   $     $     $     $     $  


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

    Three Months Ended
    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
Liftboats                                        
Time Charter Statistics:                                        
Average rates per day worked   $ 22,416     $ 23,409     $ 23,137     $ 25,334     $ 26,792  
Fleet utilization     49 %     61 %     55 %     46 %     29 %
Fleet available days     810       828       884       1,167       1,350  
Out-of-service days for repairs, maintenance and drydockings     179       58       65       75       67  
Out-of-service days for cold-stacked status     134       184       202       517       776  
Operating Revenues:                                        
Time charter   $ 8,830     $ 11,831     $ 11,234     $ 13,697     $ 10,580  
Bareboat charter           2,484                    
Other marine services     1,463       1,121       997       688       797  
      10,293       15,436       12,231       14,385       11,377  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $ 4,035     $ 4,068     $ 4,033     $ 3,916     $ 3,806  
Repairs and maintenance     1,012       1,859       1,104       716       894  
Drydocking     2,401       72             112       875  
Insurance and loss reserves     1,215       1,070       1,170       1,752       719  
Fuel, lubes and supplies     605       589       668       353       320  
Other     644       856       1,672       (58 )     677  
      9,912       8,514       8,647       6,791       7,291  
Other Costs and Expenses:                                        
Lease expense   $     $ 1,569     $ (200 )   $ 205     $ 12  
Depreciation and amortization     4,964       5,171       5,170       5,171       5,659  
                                         
Other Activity                                        
Operating Revenues:                                        
Other marine services   $ 1,139     $ 1,786     $ 935     $ 469     $ 686  
      1,139       1,786       935       469       686  
Direct Costs and Expenses:                                        
Operating:                                        
Personnel   $     $ (87 )   $ 73     $ (21 )   $ 340  
Repairs and maintenance     (15 )     1       (10 )     11       27  
Insurance and loss reserves     (582 )     (30 )     (100 )     (138 )     101  
Fuel, lubes and supplies           (11 )     11       3       6  
Other     (1 )     (67 )     100       14       (322 )
      (598 )     (194 )     74       (131 )     152  
Other Costs and Expenses:                                        
Lease expense   $ 320     $ 389     $ 262     $ 315     $ 314  
Depreciation and amortization     182       448       564       560       572  


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

    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
ASSETS                                        
Current Assets:                                        
Cash and cash equivalents   $ 36,315     $ 37,619     $ 42,194     $ 45,446     $ 68,409  
Restricted cash     3,596       3,601       4,160       5,855       3,352  
Receivables:                                        
Trade, net of allowance for credit loss accounts     49,238       55,544       50,343       47,082       42,680  
Other     8,799       6,118       13,750       12,152       11,265  
Receivables from SEACOR Holdings                             19,332  
Tax receivable     1,238       1,238       101       1,497       1,498  
Inventories     1,297       928       476       425       572  
Prepaid expenses and other     3,724       3,730       3,851       4,527       2,326  
Other current assets                             423  
Assets held for sale                              
Total current assets     104,207       108,778       114,875       116,984       149,857  
Property and Equipment:                                        
Historical cost     1,006,873       1,025,284       989,910       972,267       1,000,430  
Accumulated depreciation     (316,444 )     (317,297 )     (303,178 )     (288,882 )     (297,792 )
      690,429       707,987       686,732       683,385       702,638  
Construction in progress     15,550       15,531       15,577       32,903       32,530  
Net property and equipment     705,979       723,518       702,309       716,288       735,168  
Right-of-use asset - operating leases     6,238       6,608       4,670       5,469       7,046  
Right-of-use asset - finance leases     7,290       100       108       116       121  
Investments, at equity, and advances to 50% or less owned companies     76,860       71,727       77,426       77,539       79,000  
Other assets     2,057       1,771       2,672       2,781       2,624  
Total assets   $ 902,631     $ 912,502     $ 902,060     $ 919,177     $ 973,816  
LIABILITIES AND EQUITY                                        
Current Liabilities:                                        
Current portion of operating lease liabilities   $ 2,073     $ 1,986     $ 1,269     $ 2,885     $ 5,139  
Current portion of finance lease liabilities     190       33       32       32       46  
Current portion of long-term debt     32,708       31,602       28,875       28,419       34,888  
Accounts payable and accrued expenses     32,585       28,419       23,578       27,163       21,428  
Due to SEACOR Holdings     264       274       276       277        
Other current liabilities     23,723       22,351       21,109       26,886       29,719  
Discontinued operations                              
Total current liabilities     91,543       84,665       75,139       85,662       91,220  
Long-term operating lease liabilities     4,420       4,885       4,000       4,072       4,778  
Long-term finance lease liabilities     7,183       76       84       92       97  
Long-term debt     326,264       332,762       321,641       320,823       431,849  
Conversion option liability on convertible senior notes     34             5       7       37  
Deferred income taxes     37,153       40,682       43,463       46,169       31,766  
Deferred gains and other liabilities     2,990       2,891       2,925       2,951       4,910  
Total liabilities     469,587       465,961       447,257       459,776       564,657  
Equity:                                        
SEACOR Marine Holdings Inc. stockholders’ equity:                                        
Common stock     269       262       245       245       243  
Additional paid-in capital     463,138       461,931       455,373       454,079       452,290  
Accumulated Deficit     (37,744 )     (22,907 )     (7,059 )     (1,230 )     (50,029 )
Shares held in treasury     (1,792 )     (1,120 )     (1,120 )     (1,120 )     (1,110 )
Accumulated other comprehensive loss, net of tax     8,853       8,055       7,044       7,107       7,446  
      432,724       446,221       454,483       459,081       408,840  
Noncontrolling interests in subsidiaries     320       320       320       320       319  
Total equity     433,044       446,541       454,803       459,401       409,159  
Total liabilities and equity   $ 902,631     $ 912,502     $ 902,060     $ 919,177     $ 973,816  


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

    Three Months Ended
    Mar. 31, 2022     Dec. 31, 2021     Sep. 30, 2021     Jun. 30, 2021     Mar. 31, 2021  
Cash Flows from Continuing Operating Activities:                                        
Net (Loss) Income   $ (14,837 )   $ (15,846 )   $ (5,829 )   $ 48,801     $ 6,011  
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:                                        
Depreciation and amortization     14,371       14,198       14,306       14,093       14,798  
Deferred financing costs amortization     291       328       255     254     260  
Stock-based compensation expense     395       1,243       1,294       1,779       849  
Debt discount amortization     1,691       1,614       1,573       1,787       1,892  
Allowance for credit losses     (170 )     585       122       132       24  
(Gain) Loss from equipment sales, retirements or impairments     (2,139 )           (56 )     (22,653 )     2,273  
Gain on the sale of Windcat Workboats                             (22,756 )
Gain on debt extinguishment, net                       (62,749 )      
Gain from return of investment                 (9,442 )            
Derivative losses (gains)     34       (4 )     (2 )     (30 )     (355 )
Interest on finance lease     25       1       1             2  
Cash settlement payments on derivative transactions, net     (373 )     (403 )     (414 )     (414 )     (919 )
Currency (gains) losses     (821 )     357       (245 )   657     466  
Deferred income taxes     (3,529 )     (2,781 )     (2,706 )     14,403       (4,056 )
Equity earnings     (5,674 )     (4,494 )     (4,314 )     (2,167 )     (4,103 )
Dividends received from equity investees     725       817       4,515              
Changes in Operating Assets and Liabilities:                                        
Accounts receivables     3,904       (1,157 )     (3,798 )     16,047       11,345  
Other assets     (164 )     1,656       1,561       (1,296 )     1,192  
Accounts payable and accrued liabilities     6,707       7,915       (1,416 )     4,268       (10,296 )
Net cash provided by (used in) operating activities     436       4,029       (4,595 )     12,912       (3,373 )
Cash Flows from Continuing Investing Activities:                                        
Purchases of property and equipment     (20 )     (443 )     (2,910 )     (926 )     (2,724 )
Proceeds from disposition of property and equipment     5,310                   26,871       3,266  
Proceeds from sale of Windcat Workboats, net cash sold                             38,715  
Net investing activities in property and equipment     5,290       (443 )     (2,910 )     25,945       39,257  
Investments in and advances to 50% or less owned companies           (2,272 )                 (736 )
Excess distributions from equity investees                 9,442              
Principal payments on notes due from equity investees     176       (630 )     179       2,877       919  
Cash received from acquisition of 50% or less owned company           172                    
Net cash provided by (used in) investing activities     5,466       (3,173 )     6,711       28,822       39,440  
Cash Flows from Continuing Financing Activities:                                        
Payments on long-term debt     (7,348 )     (5,981 )     (7,054 )     (56,787 )     (8,302 )
Payments on debt extinguishment cost                       (755 )      
Payments on finance lease     (9 )     (9 )     (9 )     (12 )      
Proceeds from exercise of stock options     140                                
Issuance of stock     7                   2       8  
Excerise of warrants           1                    
'Net cash used in financing activities     (7,210 )     (5,989 )     (7,063 )     (57,552 )     (8,294 )
Effects of Exchange Rate Changes on Cash and Cash Equivalents     (1 )     (1 )           (4,642 )     4,621  
Net Change in Cash, Cash Equivalents and Restricted Cash     (1,309 )     (5,134 )     (4,947 )     (20,460 )     32,394  
Cash Flows from Discontinued Operations                                        
Operating Activities                             (171 )
Investing Activities                              
Financing Activities                              
Effects of FX Rate Changes on Cash and Cash Equivalents                              
Net Decrease in Cash and Cash Equivalents from Discontinued Operations:                             (171 )
Net Change in Cash, Cash Equivalents and Restricted Cash     (1,309 )     (5,134 )     (4,947 )     (20,460 )     32,223  
Cash, Restricted Cash and Cash Equivalents, Beginning of Period     41,220       46,354       51,301       71,761       39,538  
Cash, Restricted Cash and Cash Equivalents, End of Period   $ 39,911     $ 41,220     $ 46,354     $ 51,301     $ 71,761  


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

    Owned     Joint Ventured     Leased-in     Managed     Total  
March 31, 2022                                        
AHTS     4             2             6  
FSV     23       5       1       2       31  
Supply     20       15                   35  
Specialty     1                         1  
Liftboats     9                         9  
      57       20       3       2       82  
December 31, 2021                                        
AHTS     4             2             6  
FSV     23       5       1       1       30  
Supply     20       15                   35  
Specialty (1)     1                         1  
Liftboats (2)     9                         9  
      57       20       3       1       81  

(1) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021.
(2) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.


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Source: SEACOR Marine Holdings Inc.