HOUSTON, March 10, 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 fourth quarter ended December 31, 2021.

SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2021 were $48.0 million, operating loss was $14.7 million, and direct vessel profit (“DVP”)⁽¹⁾ was $12.9 million. This compares to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020.

Notable fourth quarter items include:

• Increased utilization across all regions and asset classes, with average utilization rates of 73%, the highest since the third quarter of 2014.
• The Company was down to five laid-up vessels at the end of 2021.
• 27% and 24% improvement in consolidated DVP compared to the third quarter of 2021 and the fourth quarter of 2020, respectively.

For the fourth quarter of 2021, net loss attributable to SEACOR Marine was $15.8 million ($0.62 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2020 of $38.8 million ($1.54 loss per basic and diluted share). Sequentially, fourth quarter 2021 results compare to consolidated operating revenues from continuing operations of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021. For the third quarter of 2021, net loss attributable to SEACOR Marine’s continuing operations was $5.8 million ($0.23 loss per basic and diluted share), primarily due to gains on asset dispositions and the extinguishment of debt with no similar transactions in the fourth quarter.

Chief Executive Officer John Gellert commented:

“The Company’s business continued to improve during the fourth quarter. Despite our usual seasonally lower activity, we saw very healthy levels of both contracted activity and tendering activity. I am encouraged by the levels of inquiries. Our focus during recent months has been to prepare and position the fleet to participate fully in the market up-cycle. The recent acquisition of an additional five PSVs, which were previously part of an unconsolidated joint venture, are further bolstering our participation in this up-cycle.

Our active efforts over the last three years to simplify our structure and maximize cost efficiencies while expanding our fleet should position us well for an improved market. Strong commodity prices are creating increasing demand for our services.

Finally, I want to address the recent tragic events in Ukraine. The war could disrupt access to a major source of qualified labor in the maritime industry and we are preparing accordingly. The Company employs over 100 mariners from the region and we are working diligently to support them and their families in these troubled times. Our thoughts and prayers are with them.”
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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 December 31,								Year ended December 31,
		2021				2020				2021				2020
Operating Revenues		$	47,967			$	36,021			$	170,941			$	141,837
Costs and Expenses:
Operating			35,036				25,563				127,406				91,145
Administrative and general			10,742				8,531				37,639				40,051
Lease expense			2,664				1,798				6,085				7,525
Depreciation and amortization			14,198				15,247				57,395				57,167
			62,640				51,139				228,525				195,888
(Losses) Gains on Asset Dispositions and Impairments, Net			—				(1,796	)			20,436				(17,588	)
Operating Loss			(14,673	)			(16,914	)			(37,148	)			(71,639	)
Other Income (Expense):
Interest income			57				61				1,302				1,273
Interest expense			(6,380	)			(8,288	)			(28,111	)			(30,691	)
SEACOR Holdings guarantee fees			—				(11	)			(7	)			(47	)
Gain on debt extinguishment			—				—				61,994				—
Derivative gains (losses), net			4				(894	)			391				4,310
Foreign currency (losses), net			(357	)			(1,286	)			(1,235	)			(1,294	)
(Loss) Gain from return of investments in 50% or less owned companies and other, net			—				(19	)			9,441				(19	)
			(6,676	)			(10,437	)			43,775				(26,468	)
(Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies			(21,349	)			(27,351	)			6,627				(98,107	)
Income Tax (Benefit) Expense			(1,009	)			1,865				11,493				(22,924	)
Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(20,340	)			(29,216	)			(4,866	)			(75,183	)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies			4,494				(9,681	)			15,078				(8,163	)
(Loss) Income from Continuing Operations			(15,846	)			(38,897	)			10,212				(83,346	)
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			—				50				22,925				364
Net (Loss) Income			(15,846	)			(38,847	)			33,137				(82,982	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries			—				(31	)			1				(4,067	)
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.		$	(15,846	)		$	(38,816	)		$	33,136			$	(78,915	)
Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic		$	(0.62	)		$	(1.54	)		$	0.40			$	(3.20	)
Diluted			(0.62	)			(1.54	)			0.40				(3.20	)
Net Earnings Per Share from Discontinued Operations:
Basic		$	—			$	—			$	0.90			$	0.02
Diluted			—				—				0.90				0.02
Net (Loss) Earnings per Share:
Basic		$	(0.62	)		$	(1.54	)		$	1.30			$	(3.18	)
Diluted		$	(0.62	)		$	(1.54	)		$	1.30			$	(3.18	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,520,034				25,265,812				25,444,693				24,785,744
Diluted			25,520,034				25,265,812				25,495,527				24,785,744

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

		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
Time Charter Statistics:
Average Rates Per Day		$	11,376			$	12,120			$	12,007			$	11,323			$	10,931
Fleet Utilization			73	%			68	%			67	%			55	%			51	%
Fleet Available Days			5,060				5,108				5,177				5,505				5,824
Operating Revenues:
Time charter		$	42,289			$	41,782			$	41,474			$	34,290			$	32,694
Bareboat charter			2,870				—				434				729				732
Other marine services			2,808				1,881				891				1,493				2,595
			47,967				43,663				42,799				36,512				36,021
Costs and Expenses:
Operating:
Personnel			17,098				15,051				14,353				13,418				13,058
Repairs and maintenance			6,782				6,536				6,959				3,840				3,445
Drydocking			567				771				2,792				2,217				1,753
Insurance and loss reserves			1,859				2,189				2,661				1,958				1,669
Fuel, lubes and supplies			3,254				3,684				2,893				2,202				2,081
Other			5,476				5,217				2,957				2,672				3,557
			35,036				33,448				32,615				26,307				25,563
Direct Vessel Profit (1)			12,931				10,215				10,184				10,205				10,458
Other Costs and Expenses:
Lease expense			2,664				1,109				1,234				1,078				1,798
Administrative and general			10,742				9,134				9,152				8,611				8,531
Depreciation and amortization			14,198				14,306				14,093				14,798				15,247
			27,604				24,549				24,479				24,487				25,576
Gains (Losses) on Asset Dispositions and Impairments, Net			—				56				22,653				(2,273	)			(1,796	)
Operating (Loss) Income			(14,673	)			(14,278	)			8,358				(16,555	)			(16,914	)
Other Income (Expense):
Interest income			57				124				135				986				61
Interest expense			(6,380	)			(6,403	)			(7,310	)			(8,018	)			(8,288	)
SEACOR Holdings guarantee fees			—				—				—				(7	)			(11	)
Derivative gains (losses), net			4				2				30				355				(894	)
Gain on debt extinguishment			—				—				61,994				—				—
Foreign currency (losses) gains, net			(357	)			245				(657	)			(466	)			(1,286	)
Gain (Loss) from return of investments in 50% or less owned companies and other, net			—				9,442				(1	)			—				(19	)
			(6,676	)			3,410				54,191				(7,150	)			(10,437	)
(Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies			(21,349	)			(10,868	)			62,549				(23,705	)			(27,351	)
Income Tax (Benefit) Expense			(1,009	)			(725	)			15,915				(2,688	)			1,865
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(20,340	)			(10,143	)			46,634				(21,017	)			(29,216	)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies			4,494				4,314				2,167				4,103				(9,681	)
(Loss) Income from Continuing Operations			(15,846	)			(5,829	)			48,801				(16,914	)			(38,897	)
Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			—				—				—				22,925				50
Net (Loss) Income			(15,846	)			(5,829	)			48,801				6,011				(38,847	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries			—				—				1				—				(31	)
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.		$	(15,846	)		$	(5,829	)		$	48,800			$	6,011			$	(38,816	)
Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic		$	(0.62	)		$	(0.23	)		$	1.92			$	(0.67	)		$	(1.54	)
Diluted			(0.62	)			(0.23	)			1.79				(0.67	)			(1.54	)
Net Earnings Per Share from Discontinued Operations:
Basic		$	—			$	—			$	—			$	0.91			$	—
Diluted			—				—				—				0.91				—
Net (Loss) Earnings per Share:
Basic		$	(0.62	)		$	(0.23	)		$	1.92			$	0.24			$	(1.54	)
Diluted		$	(0.62	)		$	(0.23	)		$	1.79			$	0.24			$	(1.54	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,520				25,516				25,435				25,305				25,265
Diluted			25,520				25,516				28,345				25,305				25,265
Common Shares and Warrants Outstanding at Period End			27,432				25,864				25,869				25,683				24,919

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

		Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	15,496			$	18,702			$	17,058			$	15,910			$	18,405
Fleet utilization			33	%			27	%			18	%			6	%			7	%
Fleet available days			1,043				1,062				1,112				1,518				1,797
Out-of-service days for repairs, maintenance and drydockings			95				246				137				67				45
Out-of-service days for cold-stacked status			399				469				748				1,270				1,472
Operating Revenues:
Time charter		$	5,290			$	5,289			$	3,419			$	1,489			$	2,352
Bareboat charter			386				—				434				729				732
Other marine services			1,119				1,215				727				546				794
			6,795				6,504				4,580				2,764				3,878
Direct Costs and Expenses:
Operating:
Personnel		$	3,136			$	2,428			$	1,528			$	1,744			$	2,372
Repairs and maintenance			1,085				1,266				389				654				386
Drydocking			191				239				777				875				—
Insurance and loss reserves			720				462				923				527				507
Fuel, lubes and supplies			501				259				245				199				208
Other			200				147				224				77				116
			5,833				4,801				4,086				4,076				3,589
Direct Vessel Profit (Loss) (1)		$	962			$	1,703			$	494			$	(1,312	)		$	289
Other Costs and Expenses:
Lease expense		$	633			$	621			$	703			$	664			$	677
Depreciation and amortization			4,325				3,936				3,287				4,164				5,854
Africa and Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked		$	9,530			$	9,551			$	11,231			$	11,356			$	10,837
Fleet utilization			88	%			77	%			75	%			68	%			61	%
Fleet available days			1,411				1,417				1,365				1,356				1,472
Out-of-service days for repairs, maintenance and drydockings			79				52				65				78				138
Out-of-service days for cold-stacked status			—				29				176				346				368
Operating Revenues:
Time charter		$	11,883			$	10,446			$	11,437			$	10,502			$	9,796
Bareboat charter			—				—				—				—				—
Other marine services			(416	)			(429	)			(224	)			(269	)			319
			11,467				10,017				11,213				10,233				10,115
Direct Costs and Expenses:
Operating:
Personnel		$	3,283			$	3,147			$	4,253			$	3,220			$	3,511
Repairs and maintenance			1,846				1,540				2,195				1,191				1,437
Drydocking			144				337				374				304				1,269
Insurance and loss reserves			245				323				352				433				511
Fuel, lubes and supplies			1,019				1,631				887				572				853
Other			1,740				1,424				2,072				579				(674	)
			8,277				8,402				10,133				6,299				6,907
Direct Vessel Profit (1)		$	3,190			$	1,615			$	1,080			$	3,934			$	3,208
Other Costs and Expenses:
Lease expense		$	371			$	284			$	270			$	356			$	1,056
Depreciation and amortization			2,948				3,296				3,305				3,307				2,964

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

		Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	9,612			$	10,374			$	9,292			$	9,308			$	9,455
Fleet utilization			81	%			73	%			81	%			73	%			75	%
Fleet available days			1,717				1,780				1,820				1,852				1,840
Out-of-service days for repairs, maintenance and drydockings			38				134				105				115			68
Out-of-service days for cold-stacked status			178				214				116				239			169
Operating Revenues:
Time charter		$	13,402			$	13,417			$	13,752			$	12,575			$	13,008
Other marine services			50				85				31				360				927
			13,452				13,502				13,783				12,935				13,935
Direct Costs and Expenses:
Operating:
Personnel		$	5,756			$	5,849			$	5,378			$	5,208			$	5,411
Repairs and maintenance			1,382				1,610				2,806				903				842
Drydocking			232				156				1,185				1,066				41
Insurance and loss reserves			611				707				461				702				501
Fuel, lubes and supplies			1,042				777				1,081				559				604
Other			2,148				2,823				43				1,144				3,618
			11,171				11,922				10,954				9,582				11,017
Direct Vessel Profit (1)		$	2,281			$	1,580			$	2,829			$	3,353			$	2,918
Other Costs and Expenses:
Lease expense		$	38			$	377			$	35			$	22			$	47
Depreciation and amortization			4,156				4,456				4,663				4,710				4,505
Latin America
Time Charter Statistics:
Average rates per day worked		$	15,944			$	16,240			$	17,034			$	14,751			$	12,921
Fleet utilization			83	%			92	%			86	%			85	%			82	%
Fleet available days			889				849				880				779				716
Out-of-service days for repairs, maintenance and drydockings			113				58				117				94				66
Operating Revenues:
Time charter		$	11,714			$	12,630			$	12,866			$	9,724			$	7,538
Bareboat charter			2,484				—				—				—				—
Other marine services			2,055				1,010				357				856				555
			16,253				13,640				13,223				10,580				8,093
Direct Costs and Expenses:
Operating:
Personnel		$	4,923			$	3,627			$	3,194			$	3,246			$	1,764
Repairs and maintenance			2,469				2,120				1,569				1,092				780
Drydocking			—				39				456				(28	)			443
Insurance and loss reserves			283				697				925				296				150
Fuel, lubes and supplies			692				1,017				680				872				416
Other			1,388				823				618				872				497
			9,755				8,323				7,442				6,350				4,050
Direct Vessel Profit (1)		$	6,498			$	5,317			$	5,781			$	4,230			$	4,043
Other Costs and Expenses:
Lease expense		$	1,622			$	(173	)		$	226			$	36			$	18
'Depreciation and amortization			2,769				2,618				2,838				2,617				1,924

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

		Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	8,069			$	14,346			$	11,268			$	7,778			$	7,967
Fleet utilization			66	%			66	%			59	%			67	%			44	%
Fleet available days			552				552				546				540				641
Out-of-service days for repairs, maintenance and drydockings			14				61				105				—			133
Out-of-service days for cold-stacked status			92				92				118				180			228
Operating Revenues:
Time charter		$	2,926			$	5,224			$	3,640			$	2,801			$	2,236
Other marine services			(129	)			(151	)			(157	)			(130	)			433
			2,797				5,073				3,483				2,671				2,669
Direct Costs and Expenses:
Operating:
Personnel		$	1,389			$	1,584			$	1,513			$	984			$	1,149
Repairs and maintenance			608				1,044				471				241				542
Drydocking			1				(217	)			1,322				54				847
Insurance and loss reserves			148				193				99				194				199
Fuel, lubes and supplies			321				388				344				139				258
Other			556				408				444				270				535
			3,023				3,400				4,193				1,882				3,530
Other Costs and Expenses:
Lease expense		$	353			$	354			$	362			$	400			$	1,127
Depreciation and amortization			495				494				495				494				494
Fast support
Time Charter Statistics:
Average rates per day worked		$	8,464			$	8,455			$	7,962			$	7,888			$	8,074
Fleet utilization			79	%			70	%			71	%			61	%			60	%
Fleet available days			2,208				2,208				2,100				2,207				2,300
Out-of-service days for repairs, maintenance and drydockings			137				300				226				182			155
Out-of-service days for cold-stacked status			92				178				314				584			549
Operating Revenues:
Time charter		$	14,857			$	13,007			$	11,827			$	10,657			$	11,151
Bareboat charter			386				—				434				729				732
Other marine services			(380	)			(121	)			(249	)			(218	)			(283	)
			14,863				12,886				12,012				11,168				11,600
Direct Costs and Expenses:
Operating:
Personnel		$	5,581			$	4,588			$	4,802			$	4,041			$	4,409
Repairs and maintenance			2,151				2,313				3,618				1,535				1,604
Drydocking			494				965				1,178				1,178				912
Insurance and loss reserves			390				328				507				466				471
Fuel, lubes and supplies			1,355				1,390				1,154				726				836
Other			2,156				2,021				1,640				1,141				2,085
			12,127				11,605				12,899				9,087				10,317
Other Costs and Expenses:
Lease expense		$	353			$	693			$	352			$	352			$	352
Depreciation and amortization			4,929				4,929				4,931				5,096				5,113

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

		Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
Supply
Time Charter Statistics:
Average rates per day worked		$	11,586			$	11,631			$	11,921			$	12,110			$	11,373
Fleet utilization			79	%			77	%			80	%			63	%			63	%
Fleet available days			1,380				1,372				1,274				1,319				1,360
Out-of-service days for repairs, maintenance and drydockings			117				64				11				105				12
Out-of-service days for cold-stacked status			117				174				91				315				353
Operating Revenues:
Time charter		$	12,675			$	12,317			$	12,179			$	10,082			$	9,714
Other marine services			410				221				117				346				482
			13,085				12,538				12,296				10,428				10,196
Direct Costs and Expenses:
Operating:
Personnel		$	6,141			$	4,738			$	4,044			$	4,158			$	3,364
Repairs and maintenance			2,191				2,078				2,039				1,135				735
Drydocking			—				23				180				110				(2	)
Insurance and loss reserves			280				595				436				474				238
Fuel, lubes and supplies			998				1,221				1,034				1,003				622
Other			1,957				988				884				880				1,205
			11,567				9,643				8,617				7,760				6,162
Other Costs and Expenses:
Depreciation and amortization			3,155				3,149				2,936				2,977				3,060
Specialty
Time Charter Statistics:
Average rates per day worked		$	—			$	—			$	1,571			$	1,890			$	2,025
Fleet utilization			—	%			—	%			92	%			100	%			100	%
Fleet available days			92				92				91				90				92
Out-of-service days for repairs, maintenance and drydockings			—				65				8				—				—
Out-of-service days for cold-stacked status			92				—				—				—				—
Operating Revenues:
Time charter		$	—			$	—			$	131			$	170			$	187
Other marine services			—				—				23				12				(23	)
			—				—				154				182				164
Direct Costs and Expenses:
Operating:
Personnel		$	6			$	35			$	99			$	89			$	70
Repairs and maintenance			(28	)			7				104				8				34
Drydocking			—				—				—				—				(3	)
Insurance and loss reserves			1				3				5				4				(3	)
Fuel, lubes and supplies			2				6				5				8				3
Other			18				28				33				26				18
			(1	)			79				246				135				119
Other Costs and Expenses:
Depreciation and amortization		$	—			$	—			$	—			$	—			$	1,541

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

		Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
Liftboats
Time Charter Statistics:
Average rates per day worked		$	23,409			$	23,137			$	25,334			$	26,792			$	24,561
Fleet utilization			61	%			55	%			46	%			29	%			27	%
Fleet available days			828				884				1,167				1,350				1,432
Out-of-service days for repairs, maintenance and drydockings			58				65				75				67			18
Out-of-service days for cold-stacked status			184				202				517				776				880
Operating Revenues:
Time charter		$	11,831			$	11,234			$	13,697			$	10,580			$	9,406
Bareboat charter			2,484				—				—				—				—
Other marine services			1,121				997				688				797				395
			15,436				12,231				14,385				11,377				9,801
Direct Costs and Expenses:
Operating:
Personnel		$	4,068			$	4,033			$	3,916			$	3,806			$	3,742
Repairs and maintenance			1,859				1,104				716				894				524
Drydocking			72				—				112				875				(1	)
Insurance and loss reserves			1,070				1,170				1,752				719				690
Fuel, lubes and supplies			589				668				353				320				349
Other			856				1,672				(58	)			677				1,642
			8,514				8,647				6,791				7,291				6,946
Other Costs and Expenses:
Lease expense		$	1,569			$	(200	)		$	205			$	12			$	19
Depreciation and amortization			5,171				5,170				5,171				5,659				6,009
Other Activity
Operating Revenues:
Other marine services		$	1,786			$	935			$	469			$	686			$	1,591
			1,786				935				469				686				1,591
Direct Costs and Expenses:
Operating:
Personnel		$	(87	)		$	73			$	(21	)		$	340			$	324
Repairs and maintenance			1				(10	)			11				27				6
Insurance and loss reserves			(30	)			(100	)			(138	)			101				74
Fuel, lubes and supplies			(11	)			11				3				6				13
Other			(67	)			100				14				(322	)			(1,928	)
			(194	)			74				(131	)			152				(1,511	)
Other Costs and Expenses:
Lease expense		$	389			$	262			$	315			$	314			$	300
Depreciation and amortization			448				564				560				572				(970	)

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

		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents		$	37,619			$	42,194			$	45,446			$	68,409			$	32,666
Restricted cash			3,601				4,160				5,855				3,352				3,352
Receivables:
Trade, net of allowance for credit loss accounts			55,544				50,343				47,082				42,680				45,325
Other			6,118				13,750				12,152				11,265				10,924
Receivables from SEACOR Holdings			—				—				—				19,332				18,832
Tax receivable			1,238				101				1,497				1,498				13,556
Inventories			928				476				425				572				576
Prepaid expenses and other			3,730				3,851				4,527				2,326				3,230
Other current assets			—				—				—				423				—
Assets held for sale			—				—				—				—				50,235
Total current assets			108,778				114,875				116,984				149,857				178,696
Property and Equipment:
Historical cost			1,025,284				989,910				972,267				1,000,430				1,012,873
Accumulated depreciation			(317,297	)			(303,178	)			(288,882	)			(297,792	)			(291,538	)
			707,987				686,732				683,385				702,638				721,335
Construction in progress			15,531				15,577				32,903				32,530				32,327
Net property and equipment			723,518				702,309				716,288				735,168				753,662
Right-of-use asset - operating leases			6,608				4,670				5,469				7,046				7,134
Right-of-use asset - finance leases			100				108				116				121				129
Investments, at equity, and advances to 50% or less owned companies			71,727				77,426				77,539				79,000				75,308
Other assets			1,771				2,672				2,781				2,624				2,734
Total assets		$	912,502			$	902,060			$	919,177			$	973,816			$	1,017,663
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,986			$	1,269			$	2,885			$	5,139			$	7,030
Current portion of finance lease liabilities			33				32				32				46				36
Current portion of long-term debt			31,602				28,875				28,419				34,888				32,377
Accounts payable and accrued expenses			28,419				23,578				27,163				21,428				29,967
Due to SEACOR Holdings			274				276				277				—				—
Other current liabilities			22,351				21,109				26,886				29,719				31,467
Discontinued operations			—				—				—				—				30,927
Total current liabilities			84,665				75,139				85,662				91,220				131,804
Long-term operating lease liabilities			4,885				4,000				4,072				4,778				4,345
Long-term finance lease liabilities			76				84				92				97				105
Long-term debt			332,762				321,641				320,823				431,849				440,510
Conversion option liability on convertible senior notes			—				5				7				37				2
Deferred income taxes			40,682				43,463				46,169				31,766				35,822
Deferred gains and other liabilities			2,891				2,925				2,951				4,910				3,239
Total liabilities			465,961				447,257				459,776				564,657				615,827
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			262				245				245				243				235
Additional paid-in capital			461,931				455,373				454,079				452,290				451,179
Accumulated Deficit			(22,907	)			(7,059	)			(1,230	)			(50,029	)			(51,839	)
Shares held in treasury			(1,120	)			(1,120	)			(1,120	)			(1,110	)			(848	)
Accumulated other comprehensive loss, net of tax			8,055				7,044				7,107				7,446				2,790
			446,221				454,483				459,081				408,840				401,517
Noncontrolling interests in subsidiaries			320				320				320				319				319
Total equity			446,541				454,803				459,401				409,159				401,836
Total liabilities and equity		$	912,502			$	902,060			$	919,177			$	973,816			$	1,017,663

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

		Three Months Ended
		Dec. 31, 2021				Sep. 30, 2021				Jun. 30, 2021				Mar. 31, 2021				Dec. 31, 2020
Cash Flows from Continuing Operating Activities:
Net (Loss) Income		$	(15,846	)		$	(5,829	)		$	48,801			$	6,011			$	(38,897	)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization			14,198				14,306				14,093				14,798				15,247
Deferred financing costs amortization			328				255			254				260				266
Stock-based compensation expense			1,243				1,294				1,779				849				859
Debt discount amortization			1,614				1,573				1,787				1,892				1,917
Allowance for credit losses			585				122				132				24				(146	)
(Gain) Loss from equipment sales, retirements or impairments			—				(56	)			(22,653	)			2,273				1,796
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			(4	)			(2	)			(30	)			(355	)			894
Interest on finance lease			1				1				—				2				1
Cash settlement payments on derivative transactions, net			(403	)			(414	)			(414	)			(919	)			(441	)
Currency losses (gains)			357				(245	)		657				466					1,286
Deferred income taxes			(2,781	)			(2,706	)			14,403				(4,056	)			(254	)
Equity (earnings) losses			(4,494	)			(4,314	)			(2,167	)			(4,103	)			9,681
Dividends received from equity investees			817				4,515				—				—				—
Changes in Operating Assets and Liabilities:
Accounts receivables			(1,157	)			(3,798	)			16,047				11,345				7,668
Other assets			1,656				1,561				(1,296	)			1,192				605
Accounts payable and accrued liabilities			7,915				(1,416	)			4,268				(10,296	)			(2,807	)
Net cash provided by (used in) operating activities			4,029				(4,595	)			12,912				(3,373	)			(2,325	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment			(443	)			(2,910	)			(926	)			(2,724	)			(2,500	)
Proceeds from disposition of property and equipment			—				—				26,871				3,266				—
Proceeds from sale of Windcat Workboats, net cash sold			—				—				—				38,715				—
Net investing activities in property and equipment			(443	)			(2,910	)			25,945				39,257				(2,500	)
Investments in and advances to 50% or less owned companies			(2,272	)			—				—				(736	)			(1,248	)
Excess distributions from equity investees			—				9,442				—				—				—
Principal payments on notes due from equity investees			(630	)			179				2,877				919				1,225
Cash received from acquisition of 50% or less owned company			172				—				—				—				—
Net cash (used in) provided by investing activities			(3,173	)			6,711				28,822				39,440				(2,523	)
Cash Flows from Continuing Financing Activities:
Payments on long-term debt			(5,981	)			(7,054	)			(56,787	)			(8,302	)			(5,780	)
Payments on debt extinguishment cost			—				—				(755	)			—				—
Proceeds from issuance of debt, net of offering costs			—				—				—				—				1
Payment on finance lease			(9	)			(9	)			(12	)			—				—
Issuance of stock			—				—				2				8				—
Excerise of warrants			1				—				—				—				—
Net cash (used in) financing activities			(5,989	)			(7,063	)			(57,552	)			(8,294	)			(5,779	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(1	)			—				(4,642	)			4,621				979
Net Change in Cash, Cash Equivalents and Restricted Cash			(5,134	)			(4,947	)			(20,460	)			32,394				(9,648	)
Cash Flows from Discontinued Operations
Operating Activities			—				—				—				(171	)			1,870
Investing Activities			—				—				—				—				(1,436	)
Financing Activities			—				—				—				—				—
Effects of FX Rate Changes on Cash and Cash Equivalents			—				—				—				—				221
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:			—				—				—				(171	)			655
Net Change in Cash, Cash Equivalents and Restricted Cash			(5,134	)			(4,947	)			(20,460	)			32,223				(8,993	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			46,354				51,301				71,761				39,538				48,531
Cash, Restricted Cash and Cash Equivalents, End of Period		$	41,220			$	46,354			$	51,301			$	71,761			$	39,538

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

		Owned				Joint Ventured				Leased-in				Managed				Total
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
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
CTV Discontinued Operations (1)			40				5				—				—				45
CTV Continuing Operations			1				—				—				—				1
			100				40				4				2				146

⁽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 in this class. Removed from service vessels are not counted in active fleet count.

 

Source: SEACOR Marine Holdings Inc.