SEACOR Marine Announces Fourth Quarter 2021 Results

March 10, 2022 at 8:06 PM EST

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.”
___________________

)

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.

Press Release Details

SEACOR Marine Announces Fourth Quarter 2021 Results