SEACOR Marine Announces Third Quarter 2021 Results

November 4, 2021 at 4:50 PM EDT

HOUSTON, Nov. 04, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2021.

SEACOR Marine’s consolidated operating revenues from continuing operations for the third quarter of 2021 were $43.7 million, operating loss was $14.3 million, and direct vessel profit (“DVP”)⁽¹⁾ was $10.2 million. This compares to consolidated operating revenues from continuing operations of $36.2 million, operating loss of $13.2 million, and DVP of $11.5 million in the third quarter of 2020.

Notable third quarter items include:

The Company’s laid-up fleet is down to 7 vessels compared to 20 in the third quarter of 2020.
The Company repositioned 4 vessels between regions for new contracts, including the reactivation of 2 vessels.
Increased utilization levels and moderate rate improvements were offset by higher out-of-service time and delays caused by Hurricane Ida in the U.S. Gulf of Mexico, as well as the early termination of a contract for one of our liftboats in Europe.
The Company continues to monitor the impact of COVID-19 on its global operations in general, including higher labor costs, crew shortages, and higher repair and maintenance expenses.
Positive contributions of $14.0 million from our 50% or less owned companies, primarily due to cash distributions from the sale of the Company’s Brazilian joint venture, UP Offshore, in the second quarter of 2021.

For the third quarter of 2021, net loss attributable to SEACOR Marine was $5.8 million ($0.23 loss per basic share and $0.23 loss per diluted share). This compares to a net loss from continuing operations for the third quarter of 2020 of $18.1 million ($0.72 loss per basic and diluted share). Sequentially, the third quarter of 2021 results compare to consolidated operating revenues from continuing operations of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021. For the second quarter of 2021 the net income attributable to SEACOR Marine’s continuing operations was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to gains on asset dispositions and the extinguishment of debt.

Chief Executive Officer John Gellert commented:

“The Company’s business saw a noticeable improvement in activity during the third quarter, which translated into additional expenses as we prepared for new contracts. I am encouraged by the levels of tender activity as we plan our business for the rest of the year and 2022. Previously deferred activity from our customers due to COVID and improved commodity prices are providing a strong tailwind as we enter a change in the offshore cycle. We see substantial opportunity to participate in the market up-cycle given the limited supply of readily available tonnage and less than half of our fleet committed long-term.”

___________________

)

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

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

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

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

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

	Three Months Ended September 30,						Nine months ended September 30,
	2021			2020			2021			2020
Operating Revenues	$	43,663		$	36,224		$	122,974		$	105,816
Costs and Expenses:
Operating		33,448			24,719			92,370			65,583
Administrative and general		9,134			8,885			26,897			31,519
Lease expense		1,109			1,200			3,421			5,727
Depreciation and amortization		14,306			14,833			43,197			41,920
		57,997			49,637			165,885			144,749
Gains (Losses) on Asset Dispositions and Impairments, Net		56			233			20,436			(15,792	)
Operating Income (Loss)		(14,278	)		(13,180	)		(22,475	)		(54,725	)
Other Income (Expense):
Interest income		124			34			1,245			1,212
Interest expense		(6,403	)		(8,312	)		(21,731	)		(22,403	)
SEACOR Holdings guarantee fees		—			(11	)		(7	)		(36	)
Gain on debt Extinguishment		—			—			61,994			—
Derivative gains, net		2			5			387			5,204
Foreign currency gains (losses), net		245			(911	)		(878	)		(8	)
Gain from return of investments in 50% or less owned companies and other, net		9,442			—			9,441			—
		3,410			(9,195	)		50,451			(16,031	)
(Loss) Income from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(10,868	)		(22,375	)		27,976			(70,756	)
Income Tax (Benefit) Expense		(725	)		(3,120	)		12,502			(24,789	)
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(10,143	)		(19,255	)		15,474			(45,967	)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies		4,314			(588	)		10,584			1,518
(Loss) Income from Continuing Operations		(5,829	)		(19,843	)		26,058			(44,449	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		—			1,766			22,925			314
Net (Loss) Income		(5,829	)		(18,077	)		48,983			(44,135	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries		—			4			1			(4,036	)
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.	$	(5,829	)	$	(18,081	)	$	48,982		$	(40,099	)

Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic	$	(0.23	)	$	(0.79	)	$	1.03		$	(1.64	)
Diluted	$	(0.23	)	$	(0.79	)	$	1.02		$	(1.64	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic	$	—		$	0.07		$	0.90		$	0.01
Diluted	$	—		$	0.07		$	0.90		$	0.01
Net (Loss) Earnings per Share:
Basic	$	(0.23	)	$	(0.72	)	$	1.93		$	(1.63	)
Diluted	$	(0.23	)	$	(0.72	)	$	1.92		$	(1.63	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,515,569			24,989,977			25,419,303			24,611,666
Diluted		25,515,569			24,989,977			25,430,762			24,611,666

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

	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Time Charter Statistics:
Average Rates Per Day	$	12,120		$	12,007		$	11,323		$	10,931		$	11,051
Fleet Utilization		68	%		67	%		55	%		51	%		54	%
Fleet Available Days		5,108			5,177			5,505			5,824			5,807
Operating Revenues:
Time charter	$	41,782		$	41,474		$	34,290		$	32,694		$	34,822
Bareboat charter		—			434			729			732			676
Other marine services		1,881			891			1,493			2,595			726
		43,663			42,799			36,512			36,021			36,224
Costs and Expenses:
Operating:
Personnel		15,051			14,353			13,418			13,058			13,401
Repairs and maintenance		6,536			6,959			3,840			3,445			3,764
Drydocking		771			2,792			2,217			1,753			585
Insurance and loss reserves		2,189			2,661			1,958			1,669			1,765
Fuel, lubes and supplies		3,684			2,893			2,202			2,081			2,131
Other		5,217			2,957			2,672			3,557			3,073
		33,448			32,615			26,307			25,563			24,719
Direct Vessel Profit⁽¹⁾		10,215			10,184			10,205			10,458			11,505
Other Costs and Expenses:
Lease expense		1,109			1,234			1,078			1,798			1,200
Administrative and general		9,134			9,152			8,611			8,531			8,885
Depreciation and amortization		14,306			14,093			14,798			15,247			14,833
		24,549			24,479			24,487			25,576			24,918
Gains (Losses) on Asset Dispositions and Impairments, Net		56			22,653			(2,273	)		(1,796	)		233
Operating (Loss) Income		(14,278	)		8,358			(16,555	)		(16,914	)		(13,180	)
Other Income (Expense):
Interest income		124			135			986			61			34
Interest expense		(6,403	)		(7,310	)		(8,018	)		(8,288	)		(8,312	)
SEACOR Holdings guarantee fees		—			—			(7	)		(11	)		(11	)
Derivative gains (losses), net		2			30			355			(894	)		5
Gain on debt extinguishment		—			61,994			—			—			—
Foreign currency gains (losses), net		245			(657	)		(466	)		(1,286	)		(911	)
Other, net		9,442			(1	)		—			(19	)		—
		3,410			54,191			(7,150	)		(10,437	)		(9,195	)
(Loss) Income from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies		(10,868	)		62,549			(23,705	)		(27,351	)		(22,375	)
Income Tax (Benefit) Expense		(725	)		15,915			(2,688	)		1,865			(3,120	)
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies		(10,143	)		46,634			(21,017	)		(29,216	)		(19,255	)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies		4,314			2,167			4,103			(9,681	)		(588	)
(Loss) Income from Continuing Operations		(5,829	)		48,801			(16,914	)		(38,897	)		(19,843	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)		—			—			22,925			50			1,766
Net (Loss) Income		(5,829	)		48,801			6,011			(38,847	)		(18,077	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries		—			1			—			(31	)		4
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.	$	(5,829	)	$	48,800		$	6,011		$	(38,816	)	$	(18,081	)

Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic	$	(0.23	)	$	1.92		$	(0.67	)	$	(1.54	)	$	(0.79	)
Diluted	$	(0.23	)	$	1.79		$	(0.67	)	$	(1.54	)	$	(0.79	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic	$	—		$	—		$	0.91		$	—		$	0.07
Diluted	$	—		$	—		$	0.91		$	—		$	0.07
Net (Loss) Earnings per Share:
Basic	$	(0.23	)	$	1.92		$	0.24		$	(1.54	)	$	(0.72	)
Diluted	$	(0.23	)	$	1.79		$	0.24		$	(1.54	)	$	(0.72	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,516			25,435			25,305			25,265			24,990
Diluted		25,516			28,345			25,305			25,265			24,990
Common Shares and Warrants Outstanding at Period End		25,864			25,869			25,683			24,919			24,924

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

	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	18,702		$	17,058		$	15,910		$	18,405		$	19,397
Fleet utilization		27	%		18	%		6	%		7	%		5	%
Fleet available days		1,062			1,112			1,518			1,797			1,871
Out-of-service days for repairs, maintenance and drydockings		246			137			67			45		37
Out-of-service days for cold-stacked status		469			748			1,270			1,472			1,576
Operating Revenues:
Time charter	$	5,289		$	3,419		$	1,489		$	2,352		$	1,668
Bareboat charter		—			434			729			732			731
Other marine services		1,215			727			546			794			473
		6,504			4,580			2,764			3,878			2,872
Direct Costs and Expenses:
Operating:
Personnel		2,428			1,528			1,744			2,372			2,481
Repairs and maintenance		1,266			389			654			386			338
Drydocking		239			777			875			—			—
Insurance and loss reserves		462			923			527			507			778
Fuel, lubes and supplies		259			245			199			208			251
Other		147			224			77			116			85
		4,801			4,086			4,076			3,589			3,933
Direct Vessel (Loss) Profit⁽¹⁾	$	1,703		$	494		$	(1,312	)	$	289		$	(1,061	)
Other Costs and Expenses:
Lease expense	$	621		$	703		$	664		$	677		$	716
Depreciation and amortization		3,936			3,287			4,164			5,854			4,961

*Africa and Europe, Continuing Operations*
Time Charter Statistics:
Average rates per day worked	$	9,551		$	11,231		$	11,356		$	10,837		$	10,801
Fleet utilization		77	%		75	%		68	%		61	%		68	%
Fleet available days		1,417			1,365			1,356			1,472			1,472
Out-of-service days for repairs, maintenance and drydockings		52			65			78			138			45
Out-of-service days for cold-stacked status		29			176			346			368			216
Operating Revenues:
Time charter	$	10,446		$	11,437		$	10,502		$	9,796		$	10,861
Bareboat charter		—			—			—			—			(55	)
Other marine services		(429	)		(224	)		(269	)		319			(255	)
		10,017			11,213			10,233			10,115			10,551
Direct Costs and Expenses:
Operating:
Personnel		3,147			4,253			3,220			3,511			3,407
Repairs and maintenance		1,540			2,195			1,191			1,437			1,158
Drydocking		337			374			304			1,269			481
Insurance and loss reserves		323			352			433			511			398
Fuel, lubes and supplies		1,631			887			572			853			1,091
Other		1,424			2,072			579			(674	)		773
		8,402			10,133			6,299			6,907			7,308
Direct Vessel Profit⁽¹⁾	$	1,615		$	1,080		$	3,934		$	3,208		$	3,243
Other Costs and Expenses:
Lease expense	$	284		$	270		$	356		$	1,056		$	429
Depreciation and amortization		3,296			3,305			3,307			2,964			3,785

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

	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	10,374		$	9,292		$	9,308		$	9,455		$	9,670
Fleet utilization		73	%		81	%		73	%		75	%		78	%
Fleet available days		1,780			1,820			1,852			1,840			1,809
Out-of-service days for repairs, maintenance and drydockings		134			105			115		68			89
Out-of-service days for cold-stacked status		214			116			239		169			76
Operating Revenues:
Time charter	$	13,417		$	13,752		$	12,575		$	13,008		$	13,672
Other marine services		85			31			360			927			296
		13,502			13,783			12,935			13,935			13,968
Direct Costs and Expenses:
Operating:
Personnel		5,849			5,378			5,208			5,411			5,171
Repairs and maintenance		1,610			2,806			903			842			1,564
Drydocking		156			1,185			1,066			41			104
Insurance and loss reserves		707			461			702			501			451
Fuel, lubes and supplies		777			1,081			559			604			482
Other		2,823			43			1,144			3,618			1,771
		11,922			10,954			9,582			11,017			9,543
Direct Vessel Profit⁽¹⁾	$	1,580		$	2,829		$	3,353		$	2,918		$	4,425
Other Costs and Expenses:
Lease expense	$	377		$	35		$	22		$	47		$	46
Depreciation and amortization		4,456			4,663			4,710			4,505			4,379

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	16,240		$	17,034		$	14,751		$	12,921		$	13,355
Fleet utilization		92	%		86	%		85	%		82	%		99	%
Fleet available days		849			880			779			716			655
Out-of-service days for repairs, maintenance and drydockings		58			117			94			66			7
Operating Revenues:
Time charter	$	12,630		$	12,866		$	9,724		$	7,538		$	8,621
Other marine services		1,010			357			856			555			212
		13,640			13,223			10,580			8,093			8,833
Direct Costs and Expenses:
Operating:
Personnel		3,627			3,194			3,246			1,764			2,342
Repairs and maintenance		2,120			1,569			1,092			780			704
Drydocking		39			456			(28	)		443			—
Insurance and loss reserves		697			925			296			150			138
Fuel, lubes and supplies		1,017			680			872			416			307
Other		823			618			872			497			444
		8,323			7,442			6,350			4,050			3,935
Direct Vessel Profit⁽¹⁾	$	5,317		$	5,781		$	4,230		$	4,043		$	4,898
Other Costs and Expenses:
Lease expense	$	(173	)	$	226		$	36		$	18		$	9
Depreciation and amortization		2,618			2,838			2,617			1,924			1,708

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

	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
*Anchor handling towing supply*
Time Charter Statistics:
Average rates per day worked	$	14,346		$	11,268		$	7,778		$	7,967		$	7,388
Fleet utilization		66	%		59	%		67	%		44	%		54	%
Fleet available days		552			546			540			641			644
Out-of-service days for repairs, maintenance and drydockings		61			105			—		133			21
Out-of-service days for cold-stacked status		92			118			180		228			276
Operating Revenues:
Time charter	$	5,224		$	3,640		$	2,801		$	2,236		$	2,564
Other marine services		(151	)		(157	)		(130	)		433			(147	)
		5,073			3,483			2,671			2,669			2,417
Direct Costs and Expenses:
Operating:
Personnel		1,584			1,513			984			1,149			950
Repairs and maintenance		1,044			471			241			542			432
Drydocking		(217	)		1,322			54			847			(2	)
Insurance and loss reserves		193			99			194			199			139
Fuel, lubes and supplies		388			344			139			258			148
Other		408			444			270			535			370
		3,400			4,193			1,882			3,530			2,037
Direct Vessel Profit (Loss)⁽¹⁾	$	1,673		$	(710	)	$	789		$	(861	)	$	380
Other Costs and Expenses:
Lease expense	$	354		$	362		$	400		$	1,127		$	505
Depreciation and amortization		494			495			494			494			495

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	8,455		$	7,962		$	7,888		$	8,074		$	8,421
Fleet utilization		70	%		71	%		61	%		60	%		63	%
Fleet available days		2,208			2,100			2,207			2,300			2,300
Out-of-service days for repairs, maintenance and drydockings		300			226			182		155			71
Out-of-service days for cold-stacked status		178			314			584		549			421
Operating Revenues:
Time charter	$	13,007		$	11,827		$	10,657		$	11,151		$	12,212
Bareboat charter		—			434			729			732			731
Other marine services		(121	)		(249	)		(218	)		(283	)		(256	)
		12,886			12,012			11,168			11,600			12,687
Direct Costs and Expenses:
Operating:
Personnel		4,588			4,802			4,041			4,409			4,180
Repairs and maintenance		2,313			3,618			1,535			1,604			1,642
Drydocking		965			1,178			1,178			912			587
Insurance and loss reserves		328			507			466			471			353
Fuel, lubes and supplies		1,390			1,154			726			836			976
Other		2,021			1,640			1,141			2,085			1,489
		11,605			12,899			9,087			10,317			9,227
Direct Vessel Profit (Loss)⁽¹⁾	$	1,281		$	(887	)	$	2,081		$	1,283		$	3,460
Other Costs and Expenses:
Lease expense	$	693		$	352		$	352		$	352		$	351
Depreciation and amortization		4,929			4,931			5,096			5,113			5,105

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

	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
*Supply*
Time Charter Statistics:
Average rates per day worked	$	11,631		$	11,921		$	12,110		$	11,373		$	11,355
Fleet utilization		77	%		80	%		63	%		63	%		74	%
Fleet available days		1,372			1,274			1,319			1,360			1,257
Out-of-service days for repairs, maintenance and drydockings		64			11			105			12			23
Out-of-service days for cold-stacked status		174			91			315			353			229
Operating Revenues:
Time charter	$	12,317		$	12,179		$	10,082		$	9,714		$	10,541
Bareboat charter		—			—			—			—			(55	)
Other marine services		221			117			346			482			92
		12,538			12,296			10,428			10,196			10,578
Direct Costs and Expenses:
Operating:
Personnel		4,738			4,044			4,158			3,364			3,821
Repairs and maintenance		2,078			2,039			1,135			735			968
Drydocking		23			180			110			(2	)		—
Insurance and loss reserves		595			436			474			238			230
Fuel, lubes and supplies		1,221			1,034			1,003			622			601
Other		988			884			880			1,205			1,022
		9,643			8,617			7,760			6,162			6,642
Direct Vessel Profit⁽¹⁾	$	2,895		$	3,679		$	2,668		$	4,034		$	3,936
Other Costs and Expenses:
Depreciation and amortization		3,149			2,936			2,977			3,060			2,673

*Specialty*
Time Charter Statistics:
Average rates per day worked	$	—		$	1,571		$	1,890		$	2,025		$	2,025
Fleet utilization		0	%		92	%		100	%		100	%		100	%
Fleet available days		92			91			90			92			134
Out-of-service days for repairs, maintenance and drydockings		65			8			—			—			—
Out-of-service days for cold-stacked status		—			—			—			—			42
Operating Revenues:
Time charter	$	—		$	131		$	170		$	187		$	186
Other marine services		—			23			12			(23	)		1
		—			154			182			164			187

Direct Costs and Expenses:
Operating:
Personnel		35			99			89			70			72
Repairs and maintenance		7			104			8			34			51
Drydocking		—			—			—			(3	)		—
Insurance and loss reserves		3			5			4			(3	)		14
Fuel, lubes and supplies		6			5			8			3			(2	)
Other		28			33			26			18			55
		79			246			135			119			190
Direct Vessel Profit (Loss)⁽¹⁾	$	(79	)	$	(92	)	$	47		$	45		$	(3	)
Other Costs and Expenses:
Depreciation and amortization	$	—		$	—		$	—		$	1,541		$	27

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

	Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	23,137		$	25,334		$	26,792		$	24,561		$	27,947
Fleet utilization		55	%		46	%		29	%		27	%		23	%
Fleet available days		884			1,167			1,350			1,432			1,472
Out-of-service days for repairs, maintenance and drydockings		65			75			67		18			64
Out-of-service days for cold-stacked status		202			517			776			880			899
Operating Revenues:
Time charter	$	11,234		$	13,697		$	10,580		$	9,406		$	9,319
Other marine services		997			688			797			395			316
		12,231			14,385			11,377			9,801			9,635
Direct Costs and Expenses:
Operating:
Personnel		4,033			3,916			3,806			3,742			3,963
Repairs and maintenance		1,104			716			894			524			624
Drydocking		—			112			875			(1	)		—
Insurance and loss reserves		1,170			1,752			719			690			1,055
Fuel, lubes and supplies		668			353			320			349			370
Other		1,672			(58	)		677			1,642			538
		8,647			6,791			7,291			6,946			6,550
Direct Vessel Profit⁽¹⁾	$	3,584		$	7,594		$	4,086		$	2,855		$	3,085
Other Costs and Expenses:
Lease expense	$	(200	)	$	205		$	12		$	19		$	31
Depreciation and amortization		5,170			5,171			5,659			6,009			5,980

*Other Activity*
Operating Revenues:
Other marine services	$	935		$	469		$	686		$	1,591		$	720
		935			469			686			1,591			720
Direct Costs and Expenses:
Operating:
Personnel		73			(21	)		340			324			415
Repairs and maintenance		(10	)		11			27			6			47
Insurance and loss reserves		(100	)		(138	)		101			74			(26	)
Fuel, lubes and supplies		11			3			6			13			38
Other		100			14			(322	)		(1,928	)		(401	)
		74			(131	)		152			(1,511	)		73
Direct Vessel Profit⁽¹⁾	$	861		$	600		$	534		$	3,102		$	647
Other Costs and Expenses:
Lease expense	$	262		$	315		$	314		$	300		$	313
Depreciation and amortization		564			560			572			(970	)		553

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

	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
ASSETS
Current Assets:
Cash and cash equivalents	$	42,194		$	45,446		$	68,409		$	32,666		$	42,314
Restricted cash		4,160			5,855			3,352			3,352			3,352
Receivables:
Trade, net of allowance for doubtful accounts		50,343			47,082			42,680			45,325			48,294
Other		13,750			12,152			11,265			10,924			18,365
Receivables from SEACOR Holdings		—			—			19,332			18,832			18,814
Tax Receivable		101			1,497			1,498			13,556			11,770
Inventories		476			425			572			576			573
Prepaid expenses and other		3,851			4,527			2,326			3,230			3,438
Other Current Assets		—			—			423			—			—
Assets held for sale		—			—			—			50,235			46,768
Total current assets		114,875			116,984			149,857			178,696			193,688
Property and Equipment:
Historical cost		989,910			972,267			1,000,430			1,012,873			996,370
Accumulated depreciation		(303,178	)		(288,882	)		(297,792	)		(291,538	)		(280,468	)
		686,732			683,385			702,638			721,335			715,902
Construction in progress		15,577			32,903			32,530			32,327			51,969
Net property and equipment		702,309			716,288			735,168			753,662			767,871
Right-of-Use Asset - Operating Leases		4,670			5,469			7,046			7,134			7,670
Right-of-Use Asset - Finance Lease		108			116			121			129			137
Investments, at Equity, and Advances to 50% or Less Owned Companies		77,426			77,539			79,000			75,308			84,701
Other Assets		2,672			2,781			2,624			2,734			3,108
	$	902,060		$	919,177		$	973,816		$	1,017,663		$	1,057,175
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,269		$	2,885		$	5,139		$	7,030		$	9,446
Current lease liability - Finance		32			32			46			36			27
Current portion of long-term debt		28,875			28,419			34,888			32,377			52,108
Accounts payable and accrued expenses		23,578			27,163			21,428			29,967			28,888
Due to SEACOR Holdings		276			277			—			—			—
Other current liabilities		21,109			26,886			29,719			31,467			29,548
Discontinued operations		—			—			—			30,927			28,555
Total current liabilities		75,139			85,662			91,220			131,804			148,572
Long-Term Operating Lease Liabilities		4,000			4,072			4,778			4,345			5,239
Long-Term Finance Lease Liabilities		84			92			97			105			113
Long-Term Debt		321,641			320,823			431,849			440,510			426,711
Conversion Option Liability on Convertible Senior Notes		5			7			37			2			1
Deferred Income Taxes		43,463			46,169			31,766			35,822			36,075
Deferred Gains and Other Liabilities		2,925			2,951			4,910			3,239			3,810
Total liabilities		447,257			459,776			564,657			615,827			620,521
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		245			245			243			235			235
Additional paid-in capital		455,373			454,079			452,290			451,179			450,320
(Accumulated Deficit) Retained earnings		(7,059	)		(1,230	)		(50,029	)		(51,839	)		(13,023	)
Shares held in treasury		(1,120	)		(1,120	)		(1,110	)		(848	)		(848	)
Accumulated other comprehensive loss, net of tax		7,044			7,107			7,446			2,790			(380	)
		454,483			459,081			408,840			401,517			436,304
Noncontrolling interests in subsidiaries		320			320			319			319			350
Total equity		454,803			459,401			409,159			401,836			436,654
	$	902,060		$	919,177		$	973,816		$	1,017,663		$	1,057,175

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

				Three Months Ended
	Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Cash Flows from Continuing Operating Activities:
Net Income (Loss)	$	(5,829	)	$	48,801		$	6,011		$	(38,897	)	$	(19,843	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization		14,306			14,093			14,798			15,247			14,833
Deferred financing costs amortization		255		254			260			266				278
Share-based compensation expense		1,294			1,779			849			859			1,204
Debt discount amortization		1,573			1,787			1,892			1,917			1,797
Bad debt recoveries		122			132			24			(146	)		185
Gain (Loss) from equipment sales, retirements or impairments		(56	)		(22,653	)		2,273			1,796			(233	)
Gain on the Sale of Windcat Workboats		—			—			(22,756	)		—			—
Gain on debt extinguishment, net		—			(62,749	)		—			—			—
Gain from return of investment		(9,442	)		—			—			—			—
Derivative (gains) losses		(2	)		(30	)		(355	)		894			(5	)
Cash settlement payments on derivative transactions, net		(414	)		(414	)		(919	)		(441	)		(426	)
Currency (gains) losses		(245	)	657			466				1,286			911
Deferred income taxes		(2,706	)		14,403			(4,056	)		(254	)		12,333
Equity (Earnings) Losses		(4,314	)		(2,167	)		(4,103	)		9,681			588
Dividends received from equity investees		4,515			—			—			—			2,117
Changes in Operating Assets and Liabilities:
Accounts receivables		(3,798	)		16,047			11,345			7,668			(17,737	)
Other assets		1,561			(1,296	)		1,192			605			655
Accounts payable and accrued liabilities		(1,416	)		4,268			(10,296	)		(2,807	)		887
Net cash provided by (used in) used in operating activities		(4,596	)		12,912			(3,375	)		(2,326	)		(2,456	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(2,910	)		(926	)		(2,724	)		(2,500	)		(2,833	)
Proceeds from disposition of property and equipment		—			26,871			3,266			—			3,539
Proceeds from Sale of WWH, net cash sold		—			—			38,715			—			—
Net investing activities in property and equipment		(2,910	)		25,945			39,257			(2,500	)		706
Investments in and advances to 50% or less owned companies		—			—			(736	)		(1,248	)		(713	)
Excess distributions from equity investees		9,442			—			—			—			—
Principal payments on notes due from equity investees		179			2,877			919			1,225			490
Net cash provided by (used in) investing activities		6,711			28,822			39,440			(2,523	)		483
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(7,054	)		(56,787	)		(8,302	)		(5,780	)		(8,246	)
Payments on debt extinguishment cost		—			(755	)		—			—			—
Proceeds from issuance of debt, net of offering costs		—			—			—			1			(1	)
Payment on finance lease		(9	)		(12	)		—			—			—
Interest on finance lease		1			—			2			1			—
Issuance of stock		—			2			8			—			2
Net cash used in financing activities		(7,062	)		(57,552	)		(8,292	)		(5,778	)		(8,245	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		—			(4,642	)		4,621			979			644
Net Change in Cash, Cash Equivalents and Restricted Cash		(4,947	)		(20,460	)		32,394			(9,648	)		(9,574	)
Cash Flows from Discontinued Operations
Operating Activities		—			—			(171	)		1,870			1,543
Investing Activities		—			—			—			(1,436	)		(2,527	)
Financing Activities		—			—			—			—			1,090
Effects of FX Rate Changes on Cash and Cash Equivalents		—			—			—			221			(51	)
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:		—			—			(171	)		655			55
Net Change in Cash, Cash Equivalents and Restricted Cash		(4,947	)		(20,460	)		32,223			(8,993	)		(9,519	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		51,301			71,761			39,538			48,531			58,050
Cash, Restricted Cash and Cash Equivalents, End of Period	$	46,354		$	51,301		$	71,761		$	39,538		$	48,531

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

	Owned		Joint Ventured		Leased-in		Managed		Total
September 30, 2021
AHTS		4		—		2		—		6
FSV		23		5		1		2		31
Supply		15		20		—		—		35
Specialty ⁽¹⁾		1		—		—		—		1
Liftboats ⁽²⁾		9		—		—		—		9
		52		25		3		2		82
December 31, 2020
AHTS		4		—		2		—		6
FSV		26		5		1		1		33
Supply		15		27		—		1		43
Specialty		—		3		—		—		3
Liftboats		14		—		1		—		15
Crew Transfer Discontinued Operations		40		5		—		—		45
Crew Transfer Continuing Operations		1		—		—		—		1
		100		40		4		2		146

⁽¹⁾One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of September 30, 2021.
⁽²⁾As of September 30, 2021, the Company removed from service four vessels (four liftboats) in this class. Removed from service vessels are not counted in active fleet count.

Source: SEACOR Marine Holdings Inc.

Press Release Details

SEACOR Marine Announces Third Quarter 2021 Results