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.”
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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.

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces First Quarter 2022 Results