SEACOR Marine Announces Second Quarter 2023 Results

August 2, 2023 at 4:20 PM EDT

HOUSTON, Aug. 02, 2023 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2023.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2023 were $66.9 million, operating income was $2.9 million, and direct vessel profit (“DVP”)⁽¹⁾ was $30.6 million. This compares to consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022, and consolidated operating revenues of $60.0 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023.

Notable second quarter items include:

23.8% improvement in revenues from the second quarter of 2022 and a 11.5% increase from the first quarter of 2023.
Average utilization rate of 78%, the highest for a second quarter since 2013, a 1.0% improvement from the second quarter of 2022, and a 2% increase from the first quarter of 2023.
Average day rates of $15,250, a 25.5% improvement from the second quarter of 2022, and a 6.5% increase from the first quarter of 2023, which was the highest day rate since the fourth quarter of 2015.
DVP margin increased 209.9% from the second quarter of 2022 and increased 34.8% from the first quarter of 2023.

For the second quarter of 2023, net loss was $4.6 million ($0.17 loss per basic and diluted share). This compares to a net loss for the second quarter of 2022 of $19.1 million ($0.72 loss per basic and diluted share). Sequentially, second quarter 2023 results compare to a net loss of $9.6 million ($0.36 loss per basic and diluted share) in the first quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s second quarter results as the cyclical recovery continued with another consecutive quarter of improved average day rates and utilization. More importantly, the second quarter produced meaningful cash flows from operations through a strong conversion rate with the highest DVP the Company has generated since 2014.

The increase in DVP was primarily due to higher day rates and utilization as well as lower operating expenses. This quarterly improvement was driven by our international business segments, most notably Africa and Europe, which have been virtually sold out during the quarter, and the Middle East. We also continued to make progress in Latin America, despite slightly lower utilization due to scheduled drydockings.

Further improvement in our U.S. business was hampered in the second quarter by low activity levels on the shelf of the Gulf of Mexico, driven in part by the bankruptcy of a significant operator, as well as delays in contract startups for several offshore wind contracts in the Northeast. Additionally, one of our premium liftboats in the U.S. remained offhire for previously reported extended repairs. We expect that this vessel will return to service once temporary repairs are completed during the second half of 2023.

On June 20, 2023, the Company announced the refinancing of the debt associated with three of our modern PSVs that we acquired with shipyard financing during the trough of the cycle. We will continue to address near-term maturities and opportunistically pursue refinancing opportunities that reflect the improved outlook for the business.

I am optimistic about our ability to continue to improve our profitability in the current cycle given the margin available to improve utilization and the fact that average day rates have yet to reflect full cycle dynamics.”
___________________

(1)

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

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

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

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

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

	Three Months Ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
Operating Revenues	$	66,891		$	54,017		$	126,864		$	99,608
Costs and Expenses:
Operating		36,302			44,145			73,575			83,641
Administrative and general		13,704			10,210			25,336			20,134
Lease expense		698			1,008			1,418			2,068
Depreciation and amortization		13,575			14,208			27,337			28,579
		64,279			69,571			127,666			134,422
Gains on Asset Dispositions and Impairments, Net		265			25			3,864			2,164
Operating Income (Loss)		2,877			(15,529	)		3,062			(32,650	)
Other Income (Expense):
Interest income		422			190			882			219
Interest expense		(8,736	)		(6,989	)		(17,524	)		(13,616	)
Derivative gains (losses), net		—			33			—			(1	)
Foreign currency (losses) gains, net		(603	)		1,170			(1,428	)		1,991
Other, net		—			(41	)		—			(41	)
		(8,917	)		(5,637	)		(18,070	)		(11,448	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(6,040	)		(21,166	)		(15,008	)		(44,098	)
Income Tax (Benefit) Expense		(1,096	)		(1,634	)		61			(4,055	)
Loss Before Equity in Earnings of 50% or Less Owned Companies		(4,944	)		(19,532	)		(15,069	)		(40,043	)
Equity in Earnings of 50% or Less Owned Companies		373			415			909			6,089
Net Loss		(4,571	)		(19,117	)		(14,160	)		(33,954	)
Net Income Attributable to Noncontrolling Interests in Subsidiaries		—			3			—			3
Net Loss Attributable to SEACOR Marine Holdings Inc.	$	(4,571	)	$	(19,120	)	$	(14,160	)	$	(33,957	)

Net Loss Per Share:
Basic	$	(0.17	)	$	(0.72	)	$	(0.52	)	$	(1.28	)
Diluted	$	(0.17	)		(0.72	)	$	(0.52	)		(1.28	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,137,873			26,664,745			26,981,004			26,522,808
Diluted		27,137,873			26,664,745			26,981,004			26,522,808

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
Time Charter Statistics:
Average Rates Per Day	$	15,250		$	14,314		$	13,794		$	13,340		$	12,149
Fleet Utilization		78	%		76	%		76	%		79	%		77	%
Fleet Available Days		5,096			5,071			5,244			5,336			5,311
Operating Revenues:
Time charter	$	60,804		$	55,415		$	54,789		$	56,500		$	49,504
Bareboat charter		364			360			376			332			48
Other marine services		5,723			4,198			2,761			2,959			4,465
		66,891			59,973			57,926			59,791			54,017
Costs and Expenses:
Operating:
Personnel		19,944			19,803			20,849			20,152			18,346
Repairs and maintenance		5,793			6,011			8,948			7,377			8,380
Drydocking		2,256			13			1,667			5,046			6,474
Insurance and loss reserves		2,390			2,789			3,381			2,850			2,545
Fuel, lubes and supplies		3,638			4,819			5,794			5,416			4,350
Other		2,281			3,838			3,699			3,165			4,050
		36,302			37,273			44,338			44,006			44,145
Direct Vessel Profit⁽¹⁾		30,589			22,700			13,588			15,785			9,872
Other Costs and Expenses:
Lease expense		698			720			633			1,168			1,008
Administrative and general		13,704			11,632			10,799			9,978			10,210
Depreciation and amortization		13,575			13,762			13,624			13,754			14,208
		27,977			26,114			25,056			24,900			25,426
Gains (Losses) on Asset Dispositions and Impairments, Net		265			3,599			1,017			(1,783	)		25
Operating Income (Loss)		2,877			185			(10,451	)		(10,898	)		(15,529	)
Other Income (Expense):
Interest income		422			460			688			(123	)		190
Interest expense		(8,736	)		(8,788	)		(8,456	)		(7,634	)		(6,989	)
Derivative gains, net		—			—			—			1			33
Gain on debt extinguishment		—			—			10,429			—			—
Foreign currency (losses) gains, net		(603	)		(825	)		(2,646	)		2,314			1,170
Other, net		—			—			137			659			(41	)
		(8,917	)		(9,153	)		152			(4,783	)		(5,637	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(6,040	)		(8,968	)		(10,299	)		(15,681	)		(21,166	)
Income Tax (Benefit) Expense		(1,096	)		1,157			4,219			8,418			(1,634	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(4,944	)		(10,125	)		(14,518	)		(24,099	)		(19,532	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		373			536			1,176			(254	)		415
Net Loss		(4,571	)		(9,589	)		(13,342	)		(24,353	)		(19,117	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries		—			—			—			(2	)		3
Net Loss Attributable to SEACOR Marine Holdings Inc.	$	(4,571	)	$	(9,589	)	$	(13,342	)	$	(24,351	)	$	(19,120	)

Net Loss Per Share:
Basic	$	(0.17	)	$	(0.36	)	$	(0.50	)	$	(0.91	)	$	(0.72	)
Diluted	$	(0.17	)	$	(0.36	)	$	(0.50	)	$	(0.91	)	$	(0.72	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,138			26,822			26,728			26,728			26,665
Diluted		27,138			26,822			26,728			26,728			26,665
Common Shares and Warrants Outstanding at Period End		28,481			28,428			28,142			28,142			28,145

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	16,115		$	18,359		$	22,563		$	21,551		$	17,792
Fleet utilization		35	%		35	%		57	%		58	%		43	%
Fleet available days		1,080			1,015			1,288			1,363			1,277
Out-of-service days for repairs, maintenance and drydockings		229			112			108			199			284
Out-of-service days for cold-stacked status		173			211			242			259			313
Operating Revenues:
Time charter	$	6,121		$	6,564		$	16,574		$	17,075		$	9,759
Other marine services		2,993			3,842			2,916			2,161			2,399
		9,114			10,406			19,490			19,236			12,158
Direct Costs and Expenses:
Operating:
Personnel		5,957			6,535			7,262			7,243			5,773
Repairs and maintenance		1,573			1,194			2,666			2,002			1,280
Drydocking		1,506			43			472			1,549			4,090
Insurance and loss reserves		1,082			1,041			2,022			1,382			1,198
Fuel, lubes and supplies		924			783			746			1,143			794
Other		335			223			416			314			281
		11,377			9,819			13,584			13,633			13,416
Direct Vessel (Loss) Profit ⁽¹⁾	$	(2,263	)	$	587		$	5,906		$	5,603		$	(1,258	)
Other Costs and Expenses:
Lease expense	$	143		$	136		$	138		$	278		$	295
Depreciation and amortization		3,861			3,535			3,912			4,332			4,562

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	14,982		$	12,835		$	11,241		$	11,813		$	11,279
Fleet utilization		94	%		87	%		82	%		91	%		85	%
Fleet available days		1,729			1,710			1,656			1,629			1,567
Out-of-service days for repairs, maintenance and drydockings		58			118			125			37			58
Operating Revenues:
Time charter	$	24,414		$	18,996		$	15,299		$	17,551		$	14,930
Other marine services		(1,037	)		(834	)		(679	)		60			1,072
		23,377			18,162			14,620			17,611			16,002
Direct Costs and Expenses:
Operating:
Personnel		4,833			4,505			4,680			4,694			3,526
Repairs and maintenance		2,050			2,553			2,902			2,110			2,638
Drydocking		144			1,184			678			383			134
Insurance and loss reserves		420			318			366			359			329
Fuel, lubes and supplies		1,419			2,215			2,775			2,284			1,490
Other		1,346			1,690			1,896			1,580			1,871
		10,212			12,465			13,297			11,410			9,988
Direct Vessel Profit⁽¹⁾	$	13,165		$	5,697		$	1,323		$	6,201		$	6,014
Other Costs and Expenses:
Lease expense	$	408		$	429		$	378		$	455		$	456
Depreciation and amortization		3,853			3,925			3,683			3,461			3,306

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	13,245		$	13,562		$	11,090		$	9,507		$	9,673
Fleet utilization		86	%		82	%		75	%		79	%		87	%
Fleet available days		1,456			1,440			1,533			1,564			1,651
Out-of-service days for repairs, maintenance and drydockings		58			76			132			252			160
Operating Revenues:
Time charter	$	16,563		$	16,028		$	12,802		$	11,712		$	13,906
Other marine services		3,357			(142	)		(66	)		319			460
		19,920			15,886			12,736			12,031			14,366
Direct Costs and Expenses:
Operating:
Personnel		5,266			4,841			5,270			5,384			5,691
Repairs and maintenance		1,219			677			1,958			1,776			2,545
Drydocking		(684	)		(1,095	)		244			3,113			2,250
Insurance and loss reserves		720			1,185			821			762			748
Fuel, lubes and supplies		425			1,142			1,335			1,426			1,318
Other		234			1,327			915			878			1,213
		7,180			8,077			10,543			13,339			13,765
Direct Vessel Profit (Loss)⁽¹⁾	$	12,740		$	7,809		$	2,193		$	(1,308	)	$	601
Other Costs and Expenses:
Lease expense	$	67		$	76		$	52		$	35		$	38
Depreciation and amortization		3,708			3,688			3,783			3,974			4,229

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	18,846		$	16,229		$	14,009		$	14,010		$	14,263
Fleet utilization		88	%		94	%		94	%		93	%		94	%
Fleet available days		831			906			767			780			816
Out-of-service days for repairs, maintenance and drydockings		79			22			14			12			6
Operating Revenues:
Time charter	$	13,706		$	13,827		$	10,114		$	10,162		$	10,909
Bareboat charter		364			360			376			332			48
Other marine services		410			1,332			590			419			534
		14,480			15,519			11,080			10,913			11,491
Direct Costs and Expenses:
Operating:
Personnel		3,888			3,922			3,637			2,831			3,356
Repairs and maintenance		951			1,587			1,422			1,489			1,917
Drydocking		1,290			(119	)		273			1			—
Insurance and loss reserves		168			245			172			347			270
Fuel, lubes and supplies		870			679			938			563			748
Other		366			598			472			393			685
		7,533			6,912			6,914			5,624			6,976
Direct Vessel Profit⁽¹⁾	$	6,947		$	8,607		$	4,166		$	5,289		$	4,515
Other Costs and Expenses:
Lease expense	$	80		$	79		$	65		$	400		$	219
Depreciation and amortization		2,153			2,614			2,246			1,987			2,111

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	8,916		$	9,244		$	9,254		$	8,848		$	8,887
Fleet utilization		85	%		81	%		80	%		67	%		66	%
Fleet available days		364			391			460			552			546
Out-of-service days for repairs, maintenance and drydockings		13			45			—			92			56
Out-of-service days for cold-stacked status		—			31			92			92			131
Operating Revenues:
Time charter	$	2,762		$	2,915		$	3,406		$	3,256		$	3,191
Other marine services		(134	)		(152	)		(168	)		(183	)		(143	)
		2,628			2,763			3,238			3,073			3,048
Direct Costs and Expenses:
Operating:
Personnel	$	1,069		$	995		$	1,220		$	1,022		$	1,050
Repairs and maintenance		186			216			331			304			566
Drydocking		131			420			6			28			(30	)
Insurance and loss reserves		78			68			94			150			146
Fuel, lubes and supplies		192			476			259			399			215
Other		195			295			283			228			435
		1,851			2,470			2,193			2,131			2,382
Other Costs and Expenses:
Lease expense	$	332		$	331		$	300		$	450		$	450
Depreciation and amortization		298			298			300			494			495

*FSV*
Time Charter Statistics:
Average rates per day worked	$	11,314		$	10,609		$	9,905		$	9,907		$	9,201
Fleet utilization		92	%		91	%		86	%		90	%		85	%
Fleet available days		2,093			2,070			2,116			2,116			2,126
Out-of-service days for repairs, maintenance and drydockings		86			66			146			103			108
Out-of-service days for cold-stacked status		82			90			58			75			91
Operating Revenues:
Time charter	$	21,747		$	19,988		$	18,062		$	18,837		$	16,525
Other marine services		(518	)		(377	)		(224	)		(15	)		(174	)
		21,229			19,611			17,838			18,822			16,351
Direct Costs and Expenses:
Operating:
Personnel	$	5,083		$	4,861		$	5,140		$	5,289		$	4,880
Repairs and maintenance		1,134			1,867			2,957			2,738			2,458
Drydocking		1,342			128			1,434			656			(201	)
Insurance and loss reserves		337			334			453			410			372
Fuel, lubes and supplies		1,108			1,382			1,797			1,572			1,187
Other		947			1,236			1,638			1,284			1,311
		9,951			9,808			13,419			11,949			10,007
Other Costs and Expenses:
Depreciation and amortization		4,952			4,946			4,972			4,972			5,010

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
*PSV*
Time Charter Statistics:
Average rates per day worked	$	17,545		$	14,827		$	13,519		$	13,772		$	13,422
Fleet utilization		80	%		70	%		69	%		78	%		86	%
Fleet available days		1,820			1,800			1,840			1,840			1,820
Out-of-service days for repairs, maintenance and drydockings		92			124			142			152			26
Operating Revenues:
Time charter	$	25,458		$	18,800		$	17,194		$	19,687		$	20,983
Bareboat charter		364			360			376			332			48
Other marine services		19			840			222			720			575
		25,841			20,000			17,792			20,739			21,606
Direct Costs and Expenses:
Operating:
Personnel	$	8,738		$	8,849		$	8,961		$	8,427		$	7,889
Repairs and maintenance		2,998			3,475			2,998			2,839			3,184
Drydocking		12			609			770			1,025			(32	)
Insurance and loss reserves		421			419			552			734			551
Fuel, lubes and supplies		2,124			2,331			2,842			2,038			1,701
Other		840			2,314			1,420			1,275			1,631
		15,133			17,997			17,543			16,338			14,924
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	332		$	154
Depreciation and amortization		4,072			4,262			4,099			3,810			3,785

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	35,623		$	33,936		$	31,717		$	27,447		$	24,712
Fleet utilization		37	%		50	%		61	%		65	%		44	%
Fleet available days		819			810			828			828			819
Out-of-service days for repairs, maintenance and drydockings		233			94			90			154			318
Out-of-service days for cold-stacked status		91			90			92			92			91
Operating Revenues:
Time charter	$	10,837		$	13,712		$	16,127		$	14,720		$	8,805
Other marine services		5,355			2,776			1,842			1,421			3,283
		16,192			16,488			17,969			16,141			12,088
Direct Costs and Expenses:
Operating:
Personnel	$	5,065		$	5,068		$	5,520		$	5,419		$	4,515
Repairs and maintenance		1,472			499			2,674			1,560			2,132
Drydocking		849			(1,141	)		(543	)		3,337			6,737
Insurance and loss reserves		1,418			1,907			2,271			1,552			1,548
Fuel, lubes and supplies		219			619			896			1,408			1,230
Other		301			(28	)		359			387			655
		9,324			6,924			11,177			13,663			16,817
Other Costs and Expenses:
Depreciation and amortization		4,215			4,214			4,210			4,429			4,870

*Other Activity*
Operating Revenues:
Other marine services	$	1,001		$	1,111		$	1,089		$	1,016		$	924
		1,001			1,111			1,089			1,016			924
Direct Costs and Expenses:
Operating:
Personnel	$	(11	)	$	30		$	8		$	(5	)	$	12
Repairs and maintenance		3			(46	)		(12	)		(64	)		40
Drydocking		(78	)		(3	)		—			—			—
Insurance and loss reserves		136			61			11			4			(72	)
Fuel, lubes and supplies		(5	)		11			—			(1	)		17
Other		(2	)		21			(1	)		(9	)		18
		43			74			6			(75	)		15
Other Costs and Expenses:
Lease expense	$	366		$	389		$	333		$	386		$	404
Depreciation and amortization		38			42			43			49			48

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

	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	40,750		$	40,570		$	39,963		$	47,514		$	22,608
Restricted cash		2,796			3,082			3,082			3,296			3,296
Receivables:
Trade, net of allowance for credit loss accounts		60,022			60,114			54,388			58,572			55,276
Other		12,295			11,913			7,638			6,647			7,437
Note receivable		5,000			10,000			15,000			20,000			—
Tax receivable		445			445			578			79			79
Inventories		1,653			2,207			2,123			2,059			1,723
Prepaid expenses and other		3,112			3,233			3,054			4,700			5,391
Assets held for sale		—			—			6,750			6,000			—
Total current assets		126,073			131,564			132,576			148,867			95,810
Property and Equipment:
Historical cost		966,338			969,328			967,683			992,423			1,000,147
Accumulated depreciation		(334,678	)		(324,197	)		(310,778	)		(321,898	)		(325,091	)
		631,660			645,131			656,905			670,525			675,056
Construction in progress		8,876			8,540			8,111			8,422			15,576
Net property and equipment		640,536			653,671			665,016			678,947			690,632
Right-of-use asset - operating leases		5,703			5,984			6,206			4,419			5,686
Right-of-use asset - finance leases		6,495			6,654			6,813			6,972			7,131
Investments, at equity, and advances to 50% or less owned companies		3,253			3,594			3,024			1,901			75,923
Other assets		2,139			2,079			1,995			1,887			1,932
Total assets	$	784,199		$	803,546		$	815,630		$	842,993		$	877,114
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,792		$	1,764		$	2,358		$	1,792		$	2,010
Current portion of finance lease liabilities		611			563			468			374			282
Current portion of long-term debt		63,959			60,523			61,512			57,567			33,398
Accounts payable and accrued expenses		39,012			44,255			37,954			36,248			39,262
Due to SEACOR Holdings		264			264			264			264			264
Other current liabilities		21,027			20,185			18,869			22,032			22,171
Total current liabilities		126,665			127,554			121,425			118,277			97,387
Long-term operating lease liabilities		4,030			4,474			4,739			3,759			4,026
Long-term finance lease liabilities		6,462			6,644			6,781			6,916			7,050
Long-term debt		243,960			254,450			260,119			282,556			318,699
Conversion option liability on convertible senior notes		—			—			—			—			1
Deferred income taxes		34,038			39,120			40,779			39,823			33,743
Deferred gains and other liabilities		2,189			2,264			2,641			2,692			2,701
Total liabilities		417,344			434,506			436,484			454,023			463,607
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		280			279			272			272			272
Additional paid-in capital		469,618			467,896			466,669			465,449			464,222
Accumulated deficit		(107,271	)		(102,700	)		(93,111	)		(79,769	)		(55,418	)
Shares held in treasury		(4,221	)		(4,119	)		(1,852	)		(1,852	)		(1,852	)
Accumulated other comprehensive income, net of tax		8,128			7,363			6,847			4,549			5,960
		366,534			368,719			378,825			388,649			413,184
Noncontrolling interests in subsidiaries		321			321			321			321			323
Total equity		366,855			369,040			379,146			388,970			413,507
Total liabilities and equity	$	784,199		$	803,546		$	815,630		$	842,993		$	877,114

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

	Three Months Ended
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022
Cash Flows from Operating Activities:
Net Loss	$	(4,571	)	$	(9,589	)	$	(13,342	)	$	(24,353	)	$	(19,117	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization		13,575			13,762			13,624			13,754			14,208
Deferred financing costs amortization		423			418			(997	)		350			364
Stock-based compensation expense		1,723			1,227			1,220			1,227			1,076
Debt discount amortization		1,627			1,558			1,449			1,817			1,736
Allowance for credit losses		2,763			(104	)		11			(53	)		701
(Gain) loss from equipment sales, retirements or impairments		(265	)		(3,599	)		(1,017	)		1,783			(25	)
Gain on debt extinguishment		—			—			(12,700	)		—			—
Derivative gains		—			—			—			(1	)		(33	)
Interest on finance lease		70			72			73			73			73
Settlements on derivative transactions, net		226			154			33			(131	)		(278	)
Currency losses (gains)		603			825			2,646			(2,314	)		(1,170	)
Deferred income taxes		(5,082	)		(1,659	)		957			6,079			(3,410	)
Equity (earnings) losses		(373	)		(536	)		(1,176	)		254			(415	)
Dividends received from equity investees		1,044			—			74			1,096			1,162
Changes in Operating Assets and Liabilities:
Accounts receivables		(3,139	)		(9,857	)		2,304			(2,384	)		(4,476	)
Other assets		1,017			45			3,296			966			(1,539	)
Accounts payable and accrued liabilities		(5,758	)		6,731			769			(4,900	)		4,925
Net cash provided by (used in) operating activities		3,883			(552	)		(2,776	)		(6,737	)		(6,218	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(35	)		(470	)		(185	)		(240	)		(17	)
Proceeds from disposition of property and equipment		427			7,611			53			—			1,371
Net investing activities in property and equipment		392			7,141			(132	)		(240	)		1,354
Principal payments on notes due from equity investees		—			—			—			177			175
Proceeds from sale of investment in equity investees		—			—			—			66,000			—
Notes due from others		—			—			—			(28,831	)		—
Principal payments on notes due from others		5,000			5,000			5,000			8,831			—
Net cash provided by investing activities		5,392			12,141			4,868			45,937			1,529
Cash Flows from Financing Activities:
Payments on long-term debt		(9,483	)		(8,608	)		(7,470	)		(14,182	)		(9,152	)
Payments on debt extinguishment		(26,772	)		—			(2,271	)		—			—
Proceeds from issuance of long-term debt, net of issuance costs		27,181			—			—			—			—
Payments on finance leases		(204	)		(114	)		(114	)		(114	)		(114	)
Proceeds from exercise of stock options		—			6			—			—			11
Tax withholdings on restricted stock vesting and director share awards		(102	)		(2,266	)		—			—			(60	)
Net cash used in financing activities		(9,380	)		(10,982	)		(9,855	)		(14,296	)		(9,315	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(1	)		—			(2	)		2			(3	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(106	)		607			(7,765	)		24,906			(14,007	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		43,652			43,045			50,810			25,904			39,911
Cash, Restricted Cash and Cash Equivalents, End of Period	$	43,546		$	43,652		$	43,045		$	50,810		$	25,904

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Leased-in		Managed		Total
June 30, 2023
AHTS		3		1		—		4
FSV		22		1		2		25
PSV		21		—		—		21
Liftboats		9		—		—		9
		55		2		2		59
December 31, 2022
AHTS		3		2		—		5
FSV		22		1		2		25
PSV		21		—		—		21
Liftboats		9		—		—		9
		55		3		2		60

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces Second Quarter 2023 Results