UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition |
The disclosure set forth in Item 7.01 of this Current Report on Form 8-K is incorporated in this Item 2.02 by reference.
| Item 7.01 | Regulation FD Disclosure |
In connection with the contemplated offering of new USD denominated 5-year senior secured bonds (the “Contemplated Offering”), SEACOR Marine Holdings Inc. (the “Company”) is disclosing certain preliminary financial results for the three months ended March 31, 2023.
Investor Presentation
On April 21, 2023, the Company posted an investor presentation to its website at https://ir.seacormarine.com/events-and-presentations. A copy of the investor presentation is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Preliminary First Quarter 2023 Financial Results
Our financial results for the three months ended March 31, 2023, are not yet complete and will not be available until after the commencement of the Contemplated Offering. Accordingly, our estimated results below are forward-looking statements based solely on information available to us as of the date of this Current Report on Form 8-K, and we undertake no obligation to update this information, except as may be required by law. Actual results remain subject to the completion of review by our management and the audit committee of our board of directors and our other financial closing procedures, as well as the completion of the preparation of our unaudited consolidated financial data for the three months ended March 31, 2023. During the course of this process, we may identify items that would require us to make adjustments, which may be material to the information presented below. Accordingly, you should not place undue reliance on this preliminary data.
The preliminary financial data included in this Item 7.01 has been prepared by and is the responsibility of our management. Our independent registered public accounting firm, Grant Thornton LLP, has not audited, reviewed, compiled or performed any procedures with respect to the preliminary financial results. Accordingly, Grant Thornton LLP does not express an opinion or any other form of assurance with respect thereto. Our actual results may vary materially from the estimated preliminary results included herein.
| Three Months Ended | ||||||||||||||||||||
| Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | ||||||||||||||||
| Time Charter Statistics: |
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| Average Rates Per Day |
$ | 14,314 | $ | 13,794 | $ | 13,340 | $ | 12,149 | $ | 11,312 | ||||||||||
| Fleet Utilization |
76 | % | 76 | % | 79 | % | 77 | % | 70 | % | ||||||||||
| Fleet Available Days |
5,071 | 5,244 | 5,336 | 5,311 | 5,400 | |||||||||||||||
| Operating Revenues |
$ | 59,973 | $ | 57,926 | $ | 59,791 | $ | 54,017 | $ | 45,591 | ||||||||||
| Operating Expenses |
37,273 | 44,338 | 44,006 | 44,145 | 39,496 | |||||||||||||||
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| Direct Vessel Profit |
22,700 | 13,588 | 15,785 | 9,872 | 6,095 | |||||||||||||||
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| Other Costs and Expenses: |
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| Lease expense |
720 | 633 | 1,168 | 1,008 | 1,060 | |||||||||||||||
| Administrative and general |
11,632 | 10,799 | 9,978 | 10,210 | 9,924 | |||||||||||||||
| Depreciation and amortization |
13,762 | 13,624 | 13,754 | 14,208 | 14,371 | |||||||||||||||
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| 26,114 | 25,056 | 24,900 | 25,426 | 25,355 | ||||||||||||||||
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| Gains (Losses) on Asset Dispositions and Impairments, Net |
3,599 | 1,017 | (1,783 | ) | 25 | 2,139 | ||||||||||||||
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| Operating Income (Loss) |
$ | 185 | $ | (10,451 | ) | $ | (10,898 | ) | $ | (15,529 | ) | $ | (17,121 | ) | ||||||
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| Month Ended | ||||||||||||||||
| Jan. 31, 2023 | Feb. 28, 2023 | Mar. 31, 2023 | Total | |||||||||||||
| Time Charter Statistics: |
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| Average Rates Per Day |
$ | 13,348 | $ | 13,884 | $ | 15,507 | $ | 14,314 | ||||||||
| Fleet Utilization |
70 | % | 77 | % | 82 | % | 76 | % | ||||||||
| Fleet Available Days |
1,767 | 1,568 | 1,736 | 5,071 | ||||||||||||
These preliminary results should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and the related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, which has been filed with the U.S. Securities and Exchange Commission (the “SEC”). The preliminary financial information presented herein should not be considered a substitute for the financial information to be filed with the SEC in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, once it becomes available.
Non-GAAP Financial Measures
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.
Set forth above is a reconciliation of the Company’s estimated DVP to the Company’s estimated GAAP Operating Income (Loss), the most directly comparable GAAP financial measure, for the three months ended March 31, 2023. Our calculation of DVP may not be comparable to the calculation of similarly titled measures presented by other companies.
Cautionary Note Regarding Forward-Looking Statements
This Item 7.01 contains “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 SEC, 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.
The information set forth in (and incorporated by reference into) this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information set forth in (and incorporated by reference into) this Item 7.01 shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 8.01 | Other Events |
On April 21, 2023, the Company issued a press release announcing a contemplated offering of new USD denominated 5-year senior secured bonds. The net proceeds will be used to refinance certain secured debt of the Company and its subsidiaries. A copy of the press release is filed herewith as Exhibit 99.2 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit |
Description | |
| 99.1 | SEACOR Marine Holdings Inc. – Investor Update dated April 21, 2023 | |
| 99.2 | Press Release of SEACOR Marine Holdings Inc. dated April 21, 2023 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SEACOR Marine Holdings Inc. | ||||||
| April 21, 2023 | By: | /s/ John Gellert | ||||
| Name: | John Gellert | |||||
| Title: | President and Chief Executive Officer | |||||
Exhibit 99.1 SEACOR Marine Holdings Inc. Investor Update April 21, 2023
Forward-Looking Statements Forward-LookingStatementsdiscussedinthisreleaseaswellasinotherreports,materialsandoralstatementsthatSEACORMarineHoldingsInc.(“SMHI”orthe“Company”)releasesfromtimeto 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 and includes the information on Slide 26. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statementsareinherentlyuncertainandsubjecttoavarietyofassumptions,risksanduncertaintiessuchasthecompletionofourfinancialcloseprocessforthequarter,thatcouldcauseactualresults 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 significantlyfromthesestatements.Actualeventsorresultsaresubjecttosignificantknownandunknownrisks,uncertaintiesandotherimportantfactors,manyofwhicharebeyondtheCompany's control.Itshouldbeunderstoodthatitisnotpossibletopredictoridentifyallsuchfactors.Investorsandanalystsshouldnotplaceunduerelianceonforward-lookingstatements.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 statementtoreflectanychangeintheCompany'sexpectationsoranychangeinevents,conditionsorcircumstancesonwhichtheforward-lookingstatementisbased,exceptasrequiredbylaw.Itis advisable,however,toconsultanyfurtherdisclosurestheCompanymakesonrelatedsubjectsinitsfilingswiththeU.S.SecuritiesandExchangeCommission,includingAnnualReportsonForm10-K, QuarterlyReportsonForm10-QandCurrentReportsonForm8-K(ifany).ThesestatementsconstitutetheCompany'scautionarystatementsunderthePrivateSecuritiesLitigationReformActof1995. ThefinancialresultsasofandforthethreemonthsendedMarch31,2023,includedhereinarepreliminary,havenotbeenreviewedoraudited,arebasedupontheCompany'sestimates,andwere preparedpriortothecompletionoftheCompany'sfinancialstatementcloseprocessforthequarter.ThepreliminaryfinancialresultsshouldnotbeviewedasasubstitutefortheCompany’sfullfirst quarterresultsanddonotpresentallinformationnecessaryforanunderstandingoftheCompany’sfinancialperformanceasofandforthequarterendedMarch31,2023.Accordingly,unduereliance shouldnotbeplacedonthispreliminarydata. Non-GAAPFinancialMeasures Thispresentationincludescertainnon-GAAPfinancialmeasures.DirectVesselProfit(definedasoperatingrevenueslessoperatingcostsandexpenses,“DVP”),whenappliedtoindividualvessels,fleet categoriesorthecombinedfleet.DVPisacriticalfinancialmeasureusedbytheCompanytoanalyzeandcomparetheoperatingperformanceofitsindividualvessels,fleetcategories,regionsand combinedfleet,withoutregardtofinancingdecisions(depreciationforownedvesselsvs.leased-inexpenseforleased-invessels).DVPisalsousefulwhencomparingtheCompany’sfleetperformance againstthoseofourcompetitorswhomayhavedifferingfleetfinancingstructures.DVPhasmateriallimitationsasan analyticaltoolinthatitdoesnotreflectallofthecostsassociatedwiththe ownershipandoperationofourfleet,anditshouldnotbeconsideredinisolationorusedasasubstituteforourresultsasreportedunderGAAP. EBITDAisdefinedasnetincome(loss)beforeincometaxes,interestincome,depreciationandamortization.WebelievethatthepresentationofEBITDAprovidesusefulinformationtoinvestorsand management uses it to assess our on-going operations. Our use of EBITDA should not be viewed as an alternative to measures calculated in accordance with GAAP. EBITDA has limitations as analyticaltoolsuchas:(i)EBITDAdoesnotreflecttheimpactofearningsorchargesthatweconsidernottobeindicativeofouron-goingoperations,(ii)EBITDAdoesnotreflectinterestandincometax expense;and(iii)othercompanies,includingothercompaniesinourindustry,maycalculateEBITDAdifferentlythanwedo.Wedonotprovideaforward-lookingreconciliationofEBITDAastheamount andsignificanceofspecialitemsrequiredtodevelopmeaningfulcomparableGAAPfinancialmeasurescannotbeestimatedatthistimewithoutunreasonableefforts.Thesespecialitemscouldbe meaningful. seacormarine.com 2
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 3
Company Overview (2) (2) Diversified Asset Base Revenue Diversification Introduction to SEACOR Marine 2022 Property, Plant & Equipment by Region 2022 by Vessel Class 2022 • Leading provider of marine and support transportation services to offshore energy facilities 39% PSV worldwide 34% FSV • SEACOR Marine has a diverse customer base 24% Liftboat ranging from large offshore oil and natural gas 1% AHTS exploration and production companies, oil field (3) 1% CIP services and construction companies to offshore 28% United States 35% PSV 31% Africa & Europe 31% FSV 1% Other wind farm operators and offshore wind installation 26% Middle East & Asia 26% Liftboat and maintenance companies 6% Latin America 6% AHTS 2% Other • SEACOR Marine offers a wide range of services, Company Highlights which covers the full offshore energy lifecycle • SEACOR Marine is consistently investing in leading Energy-Efficient Fleet Global Presence across edge technology, in order to enhance the focusing on reduced fuel 5 continents and all major consumption and CO offshore basins 2 sustainability of its operations (walk-to-work emissions (1) Market Capitalization 59 Vessels systems, hybrid batteries, fuel efficiency, etc.) $224.1M 8.6 years Average Age (ticker: SMHI) • SEACOR Marine’s fleet currently contains six hybrid > $400M Revenue Backlog (including Options) PSVs, and SMHI has committed to upgrading one additional PSV to hybrid propulsion Only US listed public company in the OSV sector that did not go through a financial restructuring during downturn (1) Bloomberg, as of market close on April 20, 2023. (2) As of FYE December 31, 2022. For continuing operations by Net Book Value for Asset Base. (3) Construction-in Progress (includes FSV Hull 489, whose delivery is deferred indefinitely at the Company’s option). seacormarine.com 4 Source: Company filings.
Long-Standing History in the OSV Sector Through the Cycles January 2019 January 2021 • Acquisition of 3x stranded Sold Windcat Workboats newbuild PSVs from COSCO for $42.6M with shipyard financing November 2015 December 2011 • Acquisition of remaining Issued a $175.0M Convertible Invested in Windcat shares in Windcat Workboats September 2022 Workboats with a Note with The Carlyle Group 75% stake • Sold Mexican JV, MexMar, for $66.0M April 2018 November 1989 September 2017 October 2013 March 2020 • Extended Carlyle Notes Issued Ordered first series from 2023 to 2026 SEACOR Holdings Inc. Established OSV Partners, Acquired remaining $56.9M in of PSV hybrid founded via buy-out a Limited Partnership for 28% share in JV with equity power systems of NICOR Marine 5x newbuild PSVs Montco Offshore 1990-2010 Multiple acquisitions including Seabulk, with May 2018 January 2018 over 400 vessels acquired Acquired 8x stranded Extended Carlyle Notes and sold in the period newbuild PSVs in a 50/50 from 2022 to 2023 and 1990-2010 June 2020 December 2014 January 2011 JV with COSCO converted $50.0M in Acquired remaining 50% Established 50/50 SEACOR Marine equity Acquired 11 liftboats share in JV with COSCO Mexican JV, MexMar, incorporated as a through bankruptcy via a with Grupo CME sub-holding company 72/28 JV with Montco March 2012 Offshore December 2021 Acquired 18x liftboats from Acquired remaining 28% June 2017 November 2019 Superior Energy for $143.0M share in OSV Partners Spun-off from SEACOR Holdings Sold Standby Safety (issuance of shares) Inc. and listed on NYSE fleet, BPOS, for $25.1M Part of Conglomerate, JVs Spin-Off & Opportunistic Growth Fleet Rationalization & Upgrading seacormarine.com 5
Versatile and Diversified Fleet of Modern High-Spec Vessels PSV FSV Liftboat AHTS (1) (2) 21 Platform Supply Vessels 25 Fast Support Vessels 9 Liftboats 4 Anchor Handling Towing Supply Average Age of 5.5 years Average Age of 9.0 years Average Age of 12.2 years Average Age of 13.8 years One of the industry’s largest PSV fleets Large fleet of highly capable FSVs Industry’s largest fleet of modern liftboats Non-core vessels • Self-propelled, self-elevating, work • Mix of shallow water and deepwater • Crew transfer and fast cargo • Perform plug and abandonment, platforms assets decommissioning, supply, standby • Focused on premium market with safety, jackup support and salvage • Modern fleet (6 years average age) vessels capable of over 30 knots • Includes four premium liftboats and includes six hybrid power vessels speed, equipped with DP-2 or DP-3 • Reduced focus on this asset class • Mission flexible: well intervention and (4 years average age) going forward • Includes six Fast Catamarans workover, plug and abandonment, decommissioning, offshore wind • Improving demand resulting in higher • Improving market economics utilization and day rates support and maintenance (3) (3) (3) (3) Share of Fleet FMV Share of Fleet FMV Share of Fleet FMV Share of Fleet FMV 2% 26% 27% 45% 2 • Deck Space > 800m : 11 PSVs • Up to 150 passengers • Leg length up to 295 feet • 8,000 to 15,000 BHP 2 • Deck Space < 700m : 10 PSVs • 40 knots speed • Working water depth up to 230 feet • 120t + Bollard Pull • Accommodation up to 150 berths • Dynamic Positioning (DP-2) • Dynamic Positioning (DP-2) • Dynamic Positioning (DP-2 / DP-3) (1) Includes one leased-in and two managed vessels. (2) Includes one leased-in vessel. seacormarine.com 6 (3) Source of Vessel Values: Clarksons Valuation Limited, Fearnley Offshore AS, Dufour, Laskay & Strouse, Inc. and Merrill Marine Services Inc.
Well-Suited Fleet to Support Increasing Energy Transition and Renewables Demand SMHI’s energy-efficient fleet is working for a diverse customer base, providing industry-leading offshore solutions across the value chain to meet energy transition goals Renewables / Offshore Wind Energy Transition Oil & Gas SMHI Operation & Plug & Vessel Type Installation Decommissioning Decommissioning Drilling Production Maintenance Maintenance Abandonment Vessels PSV 21 ✓ ✓ ✓ ✓ ✓ ✓ FSV 25 ✓ ✓ ✓ ✓ Liftboat 9 ✓ ✓ ✓ ✓ ✓ ✓ ✓ AHTS 4 ✓ ✓ ✓ ✓ ✓ Target Contribution Net Zero Reduction of methane emissions Meeting the world’s energy requirements with a sustainable fleet Positive market momentum across all market segments seacormarine.com 7
Global Presence to Meet Customer Needs Total Fleet: 59 Vessels Offices Middle East & Asia 16 5 PSVs United States 15 8 FSVs 2 Liftboats 3 PSVs 1 AHTS 5 FSVs (1 leased-in, 2 managed) 7 Liftboats Houston, TX Al Khobar, KSA Morgan City, LA Dubai, UAE Georgetown, Guyana Singapore Cabinda, Angola Luanda, Angola Latin America 9 Africa & Europe 19 7 PSVs 6 PSVs 2 FSVs 10 FSVs 3 AHTSs (1 leased-in) Note: As of April 20, 2023. seacormarine.com 8
Revenue Diversification Across Geographies With a Reputable Customer Base (1) (2) 2022 Revenues Main Customers High-Quality Client Base Customer Name % of Revenues ExxonMobil 18% United States United States Saudi Aramco 14% $61M (primarily Gulf of Mexico) BP 7% (primarily Gulf of Mexico) ENI 5% APA Corporation 5% TotalEnergies 4% Chevron 4% Qatargas 3% Walter Oil & Gas 3% $44M Latin America Latin America ADNOC 3% Top 10 customers account for 66% of FY 2022 Revenues (3) Revenues by Customer Type $60M Africa & Europe Africa & Europe Offshore Other 4% Wind 3% Offshore Contractors 12% IOCs 40% NOCs 19% $53M Middle East & Asia Middle East & Asia Independents 22% (1) For the twelve months ended December 31, 2022. For continuing operations. Numbers in percentage of revenue per respective geography. (2) For 2022/2023. seacormarine.com 9 (3) For FY 2022.
Robust Contracting Activity and Growing Revenue Backlog Total Revenue Backlog by… Comments • Increased contracting activity across all Firm/Options Time Period major offshore basins 13% • Improvement in utilization rates leading to accelerating growth in day rates $126M 2023 15% Firm • Significant contract revenue backlog build- 2024 up for 2023, still leaving room for further re- Options 2025+ pricing opportunities across asset classes $304M 72% • Improved contractual terms (mobilization / demobilization fees, termination fees, duration, etc.) Vessel Type Region 9% 8% Africa & Europe PSV 19% 39% 38% 19% Middle East & Asia FSV > $400M Liftboat Latin America AHTS United States Revenue Backlog 34% (including options) 34% seacormarine.com 10
SMHI Outperforms the Industry’s Safety Benchmarks (1) YoY Total Recordable Injury Rate (“TRIR”) vs. Industry Comments Benchmarks • SMHI has been vastly out-performing the industry’s core safety benchmarks in each of 5-Year TRIR Average (2017-2021) the past five years SEACOR Marine 0.228 1.900 ISOA 1.092 • Averaging over the same period of five years, IMCA 1.432 1.700 SMHI has had nearly ~80% less recordable injuries than reported by ISOA and ~84% less than IMCA 1.360 1.360 • The largest differences were accounted for in 1.170 1.110 1.100 2020, when SMHI accounted for only 3% and 1.090 4% of ISOA and IMCA respectively 0.950 0.880 • SMHI has not reached 50% of any of the two ISOA/IMCA has not yet industry benchmarks during the previous five published 2022 TRIR 0.531 years figures • The statistics for 2021 include the capsizing of 0.210 0.202 SEACOR Power caused by severe weather 0.184 0.179 conditions off the coast of Port Fourchon, 0.037 (2) Louisiana 2017 2018 2019 2020 2021 2022 SMHI ISOA IMCA (1) TRIR = (Fatalities + Lost Time Incidents + Restricted Work Cases + Medical Treatment Cases) x 1,000,000 / Total Hours Worked. (2) Reference is made to disclosures related to SEACOR Power under Item 1A (Risk Factors) contained in SEACOR Marine’s Form 10-K for the twelve months ended December 31, 2022, filed with the Securities and Exchange Commission on March 6, 2023. seacormarine.com 11 Source: Company, International Support Owners Association (ISOA), International Marine Contractors Association (IMCA).
Actively Investing and Supporting the Energy Transition Investing in Green Technology Recent Offshore Wind Projects Offshore Wind Farm Developers • Industry pioneer in the use of hybrid power, with plans for further investments in hybrid power solutions and green technologies to minimize environmental impact • First to implement hybrid well stimulation technology. Owns and operates the only active • In Q4 2022, the liftboat “LB Jill” and PSV “SEACOR hybrid well stimulation vessel Brave” supported the South Fork wind farm project with (1) (2) • Owns and operates approx. 10% of the global fleet of 70 hybrid power PSVs , offering personnel accommodation, hydraulic drilling of the solutions which reduce fuel consumption and emissions by up to 20%. Market leader with conduit for the installation of the transmission cable, as operating experience in the Americas, North Sea, Africa, Mediterranean, and the Middle East well as personnel and equipment transportation • Received first ESS-LiBATTERY class notation from the American Bureau of Shipping in 2018 • The liftboat “LB Jill” was awarded a new contract with Ørsted for a duration of 109 days + 3x 30-day extension options to provide personnel accommodation, as well as medical, catering and crane services Supporting the Energy Transition • SMHI’s fleet of large liftboats are well positioned to capitalize on federally mandated decommissioning and plug and abandonment work in the U.S. Gulf of Mexico Liftboat “LB Jill” offshore Montauk, NY • Plugging abandoned wells will allow for a reduction in methane emissions and contributes to the goals set by the Paris Climate Accord (1) Six hybrid power PSVs with commitment to install one additional hybrid power system on a PSV in 2023. (2) Source: Clarksons Research Services. seacormarine.com 12
SMHI’s Key Strategic Priorities ü Demonstrate safety leadership through a robust QHSE program ü Drive further growth in fleet utilization and day rates across all asset classes and regions Operational ü Operator of a young, diversified and capable fleet Excellence ü Established presence and experience operating in all major offshore markets with high quality customer base ü Fleet utilization is not overly dependent on a single offshore market and is relevant through the entire life cycle Operations of offshore field development ü Navigated safely through the industry down-cycle without restructuring or missing debt payments ü Disciplined capital allocation focused on deleveraging the balance sheet and strengthening liquidity Prudent Steward of ü Methodical investments to grow fleet through selective acquisition of high-quality assets and leverage Capital economies of scale ü Proven ability to deploy and preserve capital through all cycles Capital Allocation ü Continue investing in hybrid power systems to deliver fuel consumption and CO emission reductions 2 Fuel Efficiency and ü Leverage technology through software and operational efficiencies to reduce the environmental impact of SMHI’s operations Carbon Emission Reduction ü Focus on the energy transition by expanding activities to support offshore wind farm developments off the East Coast of the U.S. ESG seacormarine.com 13
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 14
Well Positioned To Capitalize on the Rebounding Offshore Market Offshore Capex by Region OSV Fleet Growth OSV Day Rates 350 45,000 200 350 14 % 300 12 % 180 40,000 300 250 10 % 160 35,000 250 200 8 % 140 ~65% 30,000 150 6 % 120 200 25,000 100 4 % 100 20,000 150 50 2 % 80 15,000 - - 60 100 (50) (2 %) 10,000 40 50 (100) (4 %) 5,000 20 (150) (6 %) - 0 0 AHTS Attrition & Conversion PSV Attrition & Conversion Asia-Pacific Middle East Africa PSV 4,000 dwt TC Rate, Global Indicator AHTS Deliveries PSV Deliveries OSV Rate Index (RHS) Latin America North America Europe Fleet growth (rhs) Increased offshore activity and limited supply of vessels create favorable market conditions Source: Clarksons Securities AS. seacormarine.com 15 $bn 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 # Units 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $k/day 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 OSV Rate Index
Global OSV Demand Improving Since 2022, With All Signs Pointing to a Meaningful Upcycle Comments OSV Demand Illustrated by Number of Active Vessels Active > PSV 1,000+ DWT & AHTS 4,000+ BHP • OSV demand progress was evident on a global basis in 2022, with tangible 3,500 improvement across all regional markets ~26% 3,000 • PSV demand appears to have improved at a faster rate than for AHTS vessels, against 2,500 the backdrop of high activity in deepwater Atlantic markets 2,000 • Total OSV demand is expected to continue its growth in the coming years, further 1,500 2,945 2,802 2,829 2,652 2,628 tightening the chartering market 2,479 2,440 2,252 2,201 2,203 1,000 2,005 2,013 1,997 • From 2023 to 2025, OSV market demand is expected to increase by c. 26% 500 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 OSV demand is expected to grow further in 2023-2025 Source: Clarksons Securities AS. seacormarine.com 16 # of Active Vessels
Limited Supply for OSVs With No New Orders Comments OSV Stacked Fleet and Stacking Length 1,800 70 % • Historically, scrapping has not been a common practice in the OSV market 1,600 60 % • Low scrap values and limited stacking costs 1,400 50 % incentivize keeping vessels stacked due to 1,200 optionality 40 % 1,000 • More than 60% of the stacked OSV fleet has 800 been in lay-up for more than 3 years 30 % 600 • Vessels stacked for an extended time period 20 % are expected to require significant catch-up 400 maintenance, special surveys and upgrades 10 % 200 prior to re-entering the market - - • It is unlikely that all stacked vessels will be 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 reactivated Stacked <1 Year Stacked 1-2 Years Stacked 2-3 years Stacked >3 years % of fleet stacked >3 years % of OSV fleet stacked A large part of stacked fleet is unlikely to ever return to market Source: Clarksons Securities AS. seacormarine.com 17
Strong Improvement in PSV Day Rates and Utilization Continue to Drive Vessel Values PSV Vessel Values PSV Rate Index and Utilization 250 100% 45 40 90% 200 35 80% 30 150 25 70% 20 100 60% 15 10 50 50% 5 0 0 40% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 PSV 5yo, c.800m² Deck PSV 15yo, c.800m² Deck PSV Index PSV Utilization, 3,000+ DWT PSV 5yo, c.1,000m² Deck PSV 15yo, c.1,000m² Deck Vessel values remain well below replacement cost despite recent value appreciation Source: Clarksons Research Services. seacormarine.com 18 PSV Index 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Utilization $M
FSV Day Rates and Utilization Continue to Strengthen with Increased Offshore Oil and Gas Activity FSV Average Utilization FSV Average Day Rates $18,000 100% 90% $16,000 80% $14,000 70% $12,000 60% $10,000 50% $8,000 40% $6,000 30% $4,000 20% $2,000 10% $0 0% 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 FSV (DP-2) Time Charter Rate - West Africa FSV Utilization - West Africa FSV Utilization - Middle East FSV (DP-3 / Catamaran) Time Charter Rate - West Africa Increased demand and improving day rates for FSVs across key regions Source: Clarksons Research Services, Spinergie. seacormarine.com 19
Liftboats - Key Component to Address Legacy Offshore Infrastructure Legacy Oil and Natural Gas Market ESG Focus Leading to New Demands • High level of Decommissioning and Plug & Abandonment activity expected in the U.S. after several years of deferred program Increased focus on Liftboats should Liftboat business methane emissions participate in should indirectly • Decommissioning strategy has shifted positively for activity, with clear intentions to lead to additional upcoming carbon benefit from address legacy decommissioning obligations maintenance and capture and storage legislative incentives repair projects in the Inflation Reduction Act Almost 1/3 of 53% of U.S. 334 structures ~60% of fixed structures in the offshore wells are with submitted US GoM are located in abandoned wells are decommissioning permanently terminated unplugged applications abandoned leases Liftboats provide flexible working platforms in shallow water areas Coil tubing and other Platform repair and production support Maintain and repair maintenance. Ongoing operations. Demand is pipelines, as well as demands for so-called increasing with an installations “make safe” projects improved commodity price environment Source: Bureau of Ocean Energy Management, Bureau of Safety and Environmental Enforcement, U.S. Government Accountability Office. seacormarine.com 20
Liftboats - Well Positioned to Support US Offshore Wind Sector Description US Offshore Wind Forecast • Strong momentum in the development of offshore wind farms on the 40 2,500 East Coast of the United States will drive significant vessel demand 36 Installed Capacity of 30.1 GW including CTVs, SOVs/CSOVs, Liftboats and WTIVs over the next 35 decade 31 2,000 • The Inflation Reduction Act of 2022 further supports the development 30 28 of offshore wind farms in the United States, facilitating offshore leasing and permitting 25 23 1,500 • Premium Jones Act qualified liftboats are well positioned to secure 20 jobs including accommodation, trenching and feedering equipment 17 from U.S. ports to offshore sites, as well as light construction and 1,000 installation of subsea equipment 15 11 • Vessels of opportunity; lack of available U.S. equipment and limited 10 number of vessels under construction will see offshore wind projects 500 using Jones Act qualified vessels work in tandem with foreign 6 4 equipment in the near-term 5 3 2 0 0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Active US Wind Farms (LHS) Active US Turbines (RHS) Source: Clarksons Research Services. seacormarine.com 21 # of Active US Wind Farms # of Active US Turbines
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 22
Key Financial Metrics Last Three Years Total Revenue Comments $250M $200M $150M • Improving day rates and utilization leading to revenue growth $217M $100M $171M $142M $50M • Delayed drydocking from 2020/2021 to 2022 due to the pandemic $0M 2020 2021 2022 • Growth in revenues partially offset by deferred drydocking and maintenance during the pandemic, reactivations, and inflation (1) Direct Vessel Profit (“DVP”) • SMHI has continuously reduced its leverage, leading to a 30% reduction in $60M DVP Drydocking Expenses debt from 2020 to 2022 while maintaining a stable liquidity position $40M $51M $45M $44M $20M $18M $6M $4M $0M Direct Vessel Profit (“DVP”) is defined as operating revenues less operating 2020 2021 2022 costs and expenses (including repairs and drydocking expenses) and is a critical financial measure used by SMHI to analyze and compare the operating Gross Debt, Cash & Equity Ratio performance of its business segments without regard to financing (EBITDA is $600M Equity Ratio Gross Debt Cash DVP less SG&A and Lease Expenses). $522M $400M $401M $364M Contrary to most peer companies, SMHI fully expenses maintenance and 39% 49% $200M 46% $41M $43M drydocking costs, resulting in reduced DVP and EBITDA figures. $36M $0M 2020 2021 2022 (1) Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit. For reconciliation of Direct Vessel Profit to GAAP Operating Income (Loss), its most comparable GAAP measure, see the appendix to this presentation. seacormarine.com 23
Ongoing Market Rebound Creating a Positive Day Rate and Utilization Environment Improving Day Rates and Fleet Utilization Q4/Q1 typically the weakest quarters due to seasonality, hence further improvements are expected going into Q2/Q3 $20,000 100% 2014/2015 oil price collapse leading to a Ongoing market rebound with +31% long-lasting industry downturn which SMHI increase in utilization since Q1 21. navigated without any debt restructuring nor Achieved day rates expected to pick- $18,000 90% missed debt/interest payments up going forward on the back of re- contracting at more attractive rates $16,000 80% $14,000 70% $12,000 60% $10,000 50% $8,000 40% $6,000 30% $4,000 20% $2,000 10% $0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 11 12 12 12 12 13 13 13 13 14 14 14 14 15 15 15 15 16 16 16 16 17 17 17 17 18 18 18 18 19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 SMHI Average Fleet Day Rate (LHS) SMHI Average Fleet Utilization (RHS) Source: Company. For continuing operations. seacormarine.com 24
Acceleration in Day Rates and Utilization Across Asset Classes Fleet DVP Overview Recently Achieved Day Rates Preliminary Asset Class Day Rate FY 2022 Jan. 2023 Feb. 2023 Mar. 2023 2 PSV (> 800 m deck space) $28,400 PSV (21 vessels) 2 PSV (< 700 m deck space) $19,000 Day Rate $13,246 $13,568 $14,687 $15,974 FSV (Catamarans) $23,000 Utilization 76% 64% 69% 78% FSV $13,500 (1) PSV - Direct Vessel Profit $11.4M Liftboat (Premium) $75,000 FSV (25 vessels) Liftboat $28,000 AHTS $12,200 Day Rate $9,425 $10,628 $10,209 $10,936 Utilization 85% 89% 90% 94% (1) FSV - Direct Vessel Profit $20.4M Recently achieved day rates by SMHI are significantly higher than average fleet day rates for Q1 2023, implying a Liftboat (9 vessels) substantial upside from re-contracting at current market rates Day Rate $27,010 $39,002 $29,304 $35,474 Utilization 55% 30% 59% 62% (1) Liftboat - Direct Vessel Profit $4.9M Preliminary Q1 2023 Highlights AHTS (4 vessels) Day Rate $8,975 $9,028 $9,182 $9,538 Metric Utilization 69% 72% 89% 84% Total Revenue $60.0M (1) AHTS - Direct Vessel Profit $3.8M (1) Direct Vessel Profit $22.7M EBITDA $10.4M (1) Miscellaneous - Direct Vessel Profit $4.8M Average Fleet Day Rate $14,314 Average Fleet Utilization Rate 76% Average Fleet Day Rate $12,673 $13,348 $13,884 $15,507 Average Fleet Utilization 75% 70% 77% 82% (1) Total - Direct Vessel Profit 45.3M (1) Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit. For reconciliation of Direct Vessel Profit to GAAP Operating Income (Loss), its most comparable GAAP measure, see the appendix to this presentation. seacormarine.com 25 Source: Company filings and Company preliminary Q1 2023 Highlights.
Illustrative Operating Leverage - EBITDA Sensitivity Table The following information represents potential Annual Revenue and EBITDA outcomes under different average fleet day rate environments, calculated assuming for these purposes: (i) our March 2023 Average Fleet Utilization of 82%; (ii) our FY2022 Other Marine Services and Bareboat Charter Revenues of $13.8M; (iii) our FY 2022 SG&A and Lease Expenses of $44.8M; (iv) our FY 2022 Operating Expenses of $122.3M excluding Repairs and Drydocking Expenses; and (v) our historical 3-year average for Repairs and Drydocking Expenses of $33.0M. The following does not represent SMHI’s guidance or projections for potential results for 2023 or any other period and should not be relied on as such. Actual financial results with respect to 2023 may materially differ from prior periods and the information set forth below. Annual Revenue (in $M) 265 286 295 304 312 321 330 339 347 356 (3) Pro-Forma Net Debt / EBITDA 4.8x 3.6x 3.3x 3.0x 2.8x 2.6x 2.4x 2.2x 2.1x 2.0x $180M Annualized $156M $160M EBITDA based ~10% increase in Day Rates from March 2023 $147M on actual $139M $140M $130M average Fleet $121M Day Rate in $112M $120M March 2023 Assumes 82% $103M $95M $100M Average Fleet $86M Utilization $80M $65M (per March 2023) $60M $40M $20M $0M (1) (2) $14,314 $15,507 $16,000 $16,500 $17,000 $17,500 $18,000 $18,500 $19,000 $19,500 Average Fleet Day Rate Solid contract backlog in 2023 – Gradual re-contracting at higher day rates drives cash flow going forward Note: Based on a fleet of 59 vessels and 82% average fleet utilization per March 2023. (1) Average Fleet Day Rate in Q1 2023. (2) Average Fleet Day Rate in March 2023. seacormarine.com 26 (3) EBITDA is a non-GAAP financial measure. See Slide 2 for a discussion of EBITDA. Annual EBITDA
Illustrative Cash Flow Bridge The following does not represent SMHI’s guidance or projections for potential results for 2023 or any other period and should not be relied on as such. Actual financial results with respect to 2023 may materially differ from prior periods and the information set forth below. Annualized Pro-Forma Cash Flow Generation Based on March 2023 Average Day Rates & Utilization $300M $286M Assumptions $33M • Revenue: based on March 2023 Average $250M Fleet Day Rate and Average Fleet Utilization • Drydock & Repairs: based on the average of $200M $122M the past three fiscal years • Other Operating Expenses: based on FY $150M 2022 actuals $131M • SG&A & Lease Expenses: based on FY 2022 $45M $100M actuals $86M $75M $11M • Cash Taxes: approx. $2.8M per quarter $32M $50M • Capex: no meaningful capex commitments $20M $23M going forward $0M (1) Revenue Repairs & Other DVP SG&A and EBITDA Cash Taxes Cash Flow PF PF Free Cash Drydocking Operating Lease available for Interest Amortization Flow after Expenses Expenses Expenses Debt Service Expenses Debt Service (1) Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit. For reconciliation of Direct Vessel Profit to GAAP Operating Income (Loss), its most comparable GAAP measure, see the seacormarine.com 27 appendix to this presentation.
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 28
A. Financials: P&L Income & Loss Statement (in $ thousands, for the years ended December 31) 2022 2021 2020 Operating Revenues 217,325 170,941 141,837 Costs and Expenses: Operating 171,985 127,406 91,145 Administrative and General 40,911 37,639 40,051 Lease Expense 3,869 6,085 7,525 Depreciation and Amortization 55,957 57,395 57,167 272,722 228,525 195,888 Gains (Losses) on Asset Dispositions and Impairments, Net 1,398 20,436 (17,588) Operating Loss (53,999) (37,148) (71,639) Other Income (Expense): Interest Income 784 1,302 1,273 Interest Expense (29,706) (28,111) (30,691) SEACOR Holdings Guarantee Fees 0 (7) (47) Gain on Debt Extinguishment 10,429 61,994 0 Derivative Gains, Net 0 (1,235) 4,310 Foreign Currency Losses, Net 1,659 391 (1,294) Gain (Loss) from Return of Investments in 50% or Less Owned Companies and Other, Net 755 9,441 (19) (16,079) 43,775 (26,468) Income (Loss) from Continuing Operations Before Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies (70,078) 6,627 (98,107) Income Tax Expense (Benefit): Current 8,485 6,633 (25,182) Deferred 97 4,860 2,258 8,582 11,493 (22,924) Loss Before Equity in Earnings of 50% or Less Owned Companies (78,660) (4,866) (75,183) Equity in Earnings Gains (Losses) of 50% or Less Owned Companies, Net of Tax 7,011 15,078 (8,163) Income (Loss) from Continuing Operations (71,649) 10,212 (83,346) Income (Loss) on Discontinued Operations, Net of Tax 0 22,925 364 Net Income (Loss) (71,649) 33,137 (82,982) Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries 1 1 (4,067) Net Income (Loss) attributable to SEACOR Marine Holdings Inc. (71,650) 33,136 (78,915) Source: Company filings. seacormarine.com 29
A. Financials: Balance Sheet and Debt Overview Balance Sheet (in $ thousands, for the years ended December 31) Debt Overview (as of March 31, 2023) ASSETS 2022 2021 2020 Final Principal Debt Facility Maturity Outstanding ($M) Current Assets: Cash and Cash Equivalents, including Restricted Cash 43,045 41,220 36,018 Unsecured Guaranteed Notes Jul. 2026 90.0 Other Current Assets 89,531 69,793 142,678 Total Current Assets 132,576 111,013 178,696 (2) Unsecured Convertible Notes Jul. 2026 35.0 Property and Equipment, net of Depreciation 656,905 705,752 721,335 Tranche A: Sep. 2023 SEACOR Marine Foreign Holdings Credit Facility 64.5 Tranche B: Mar. 2026 Construction in Progress 8,111 15,531 32,327 Net Property and Equipment 665,016 721,283 753,662 Sea-Cat Crewzer III Term Loan Facility July 2029 15.5 Leases and Other Assets 18,038 80,206 85,305 Total Assets 815,630 912,502 1,017,663 SEACOR Offshore Delta Acquisition Debt June 2024 16.2 SEACOR Delta Shipyard Financing February 2029 75.3 LIABILITIES AND EQUITY 2022 2021 2020 Current Liabilities: SEACOR Alpine Shipyard Financing August 2024 27.1 Current Portion of Lease Liabilities 2,826 2,019 7,066 Current Portion of Long-Term Debt 61,512 31,602 32,377 SEACOR 88/888 Term Loan July 2024 11.0 Other Current Liabilities 57,087 51,044 92,361 Total Current Liabilities 121,425 84,665 131,804 Tarahumara Shipyard Financing July 2025 5.1 Class B: Dec. 2023 Long-Term Lease Liabilities 11,520 4,961 4,450 SEACOR Offshore OSV 15.6 Class A: Mar. 2026 Long-Term Debt 260,119 332,762 440,510 Other Long-Term Liabilities 43,420 43,573 39,063 Outstanding Principal 355.2 Total Liabilities 436,484 465,961 615,827 (1) Discount / Issuance Costs (40.2) Total Equity 379,146 446,541 401,836 Outstanding Debt 315.0 Total Liabilities and Equity 815,630 912,502 1,017,663 (1) Debt discounts and costs incurred in connection with the issuance of debt are amortized over the life of the related debt using the effective interest rate method for term loans and straight-line method for revolving credit facilities and are included in interest expense in the accompanying consolidated statements of income (loss). (2) Conversion Price of $11.75 per share. seacormarine.com 30 Source: Company filings.
A. Financials: Cash Flow (1/2) Cash Flow Statement (in $ thousands, for the years ended December 31) 2022 2021 2020 Cash Flows from Continuing Operating Activities: Net Income (Loss) (71,649) 33,137 (83,346) Adjustments to Reconcile Net Loss to Net Cash Provided by (used in) Operating Activities: Depreciation and Amortization 55,957 57,395 57,167 Debt Discount and Deferred Financing Cost Amortization 6,701 7,963 7,779 Stock-based Compensation Expense 4,597 5,447 4,824 Allowance for Credit Losses 489 863 230 (Gains) Losses from Equipment Sales, Retirements or Impairments, Investments in 50% or Less Owned Companies (1,398) (52,634) 17,588 Gain on Debt Extinguishment (12,700) (62,749) 0 Derivative Gains 0 (391) (4,310) Interest on Finance Lease 244 4 1 Cash Settlement Payments on Derivative Transactions, Net (749) (2,150) (1,331) Currency Losses (1,659) 1,235 1,294 Deferred Income Taxes 97 4,860 2,258 Equity (Earnings) Losses (7,011) (15,078) 8,163 Dividends Received from Equity Investees 3,057 5,332 2,117 Changes in Operating Assets and Liabilities: Accounts Receivables (652) 22,437 (30,165) Other Assets 2,559 3,113 6,530 Accounts Payable and Accrued Liabilities 7,501 471 (18,343) Net Cash Provided by (used in) Operating Activities (14,616) 9,255 (29,544) Cash Flows from Continuing Investing Activities: Purchases of Property and Equipment (462) (7,003) (20,808) Proceeds/Cash Impact from Disposition/Sale of Property and Equipment 6,734 68,852 12,229 Cash Flow related to Investments in 50% or Less Owned Companies 528 (2,836) (2,206) Cash Flow related to Equity Investees 79,831 12,787 1,715 Cash Flow related to Construction Reserve Funds 0 0 12,893 Notes Due from Others (28,831) 0 0 Net Cash provided by Investing Activities 57,800 71,800 3,823 Source: Company filings. seacormarine.com 31 Note: 2022 numbers calculated from aggregated quarterly filings.
A. Financials: Cash Flow (2/2) Cash Flow Statement (in $ thousands, for the years ended December 31) 2022 2021 2020 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (38,152) (78,124) (22,601) Payments on Debt Extinguishment Costs (2,271) (755) 0 Proceeds from Exercise of Stock Options and Warrants 151 1 2 Payments on Finance Lease (351) (30) 0 Purchase of Subsidiary Shares from Noncontrolling Interests 0 0 0 Acquisition of Common Shares for Tax Withholding Obligations (732) (272) (178) Net Cash used in Financing Activities (41,355) (79,180) (22,777) Effects of Exchange Rates (4) (22) 30 Cash Flows from Discontinued Operations: Cash Flows from Discontinued Operations: 0 (171) 840 Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents 0 0 119 Net (Decrease) Increase in Cash, Restricted Cash and Cash Equivalents on Discontinued Operations 0 (171) 959 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 1,825 1,682 (47,509) Cash, Cash Equivalents and Restricted Cash, Beginning of Year 41,220 39,538 87,047 Cash, Cash Equivalents and Restricted Cash, End of Year 43,045 41,220 39,538 Source: Company filings. For the years ended December 31. seacormarine.com 32 Note: 2022 numbers calculated from aggregated quarterly filings.
A. FSV Asset Class FSV (Fast Supply Vessel) Crew Transportation at High Speed and in Comfort SMHI has a Leading Position in the DP-2 FSV Market • Market is dominated by the U.S. and Mexico, followed by West Africa and the Middle East 27% SMHI owns 27% • Demand drivers: SEACOR Marine of the active global fleet of DP-2 / DP-3 Other ü Cost efficiency (1) FSVs of 15 years of age and younger 73% ü Safety ü Service requirement ü Alternative to helicopters Key Advantages of SMHI’s Next Generation FSVs • Distinctive features of SMHI’s fleet, which holds a strong market position in • Cost and time savings of 50-70% on passenger transfers compared to the high-end FSV market: helicopter transfers ü Comfort & onboard entertainment ü Jet propulsion • Safe operations: In case of emergency, the capacity of FSVs allow a high ü Dynamic Positioning (DP-2 / DP-3) number of personnel to be evacuated: SMHI’s FSVs are also equipped with ü Speed (35-40 + knots) night vision for search and rescue • Favorable supply dynamics • Dynamic Positioning (DP-2 and DP-3) with high redundancy and excellent maneuverability • Comfort: SMHI’s FSVs are equipped with Ride Control and Business Class seats • Mission flexible between cargo and operations Source: Clarksons World Fleet Register. seacormarine.com 33
A. Liftboat Asset Class Liftboats Full Well Cycle Services with Growing Demand Offshore Oil and Natural Gas • U.S. focus, increased activity driven by federally mandated decommissioning and Mission flexible for shelf locations: plug and abandonment programs, as well as by the nascent U.S. offshore wind farm ü Well intervention and workover ü Construction, Maintenance, Repair market ü Subsea operations ü Diving operations • Self-propelled, self-elevating stable work platforms ü Accommodations ü Decommissioning, Plug & Abandonment • Mission flexible for shelf locations ü Coring • Differentiating features: Offshore Wind ü Leg length, crane capacity, deck ü Crane capacity Offshore Wind Farm Installation: ü Deck area x Wind Turbine Generator - Supply ü Accommodation x Wind Turbine Generator - Installation ü Tower Sections - Installation • Capacity discipline: No orderbook in the U.S., with the last vessel delivered in 2015 × Foundations ü Export Cables ü Offshore Substation ü Array Cables ü Commissioning ü Site Preparation ü Accommodation Source: Company. seacormarine.com 34
A. ESG Commitments & Goals Sustainability Report Environmental Social Governance https://ir.seacormarine.com/sustainability-report Conservation of the Consideration of people and Standard for running a natural world relationships company • Climate change and carbon • Customer satisfaction • Board composition emissions • Data protection and privacy • Committee structures • Air and water pollution • Gender and diversity • Bribery and corruption • Biodiversity • Employee engagement • Lobbying • Deforestation • Political contributions SMHI’s Inaugural Sustainability Report includes information on • Community relations • Energy efficiency the Company’s ESG Program and its impact on the communities • Whistleblower schemes • Human rights in which it operates. The report aligns with industry-specific • Waste management standard for the oil and gas services sector as set by the • Labor standards Sustainability Accounting Standards. • Water scarcity seacormarine.com 35
A. ESG Commitments & Goals (continued) Promoting Ocean Health & Minimizing Waste Operating with Integrity as a Community Partner • Protecting and preserving a healthy marine environment • Responsible and ethical operations guided by the Code of Business Conduct and Ethics, Supplier Code of Conduct, and Responsible • Conducting environmental impact risk assessments to ensure minimal Procurement Policy impact on ocean health • Operating globally in compliance with the highest standards of human • Conducting comprehensive research on waste production rights • Implementation of effective waste reduction programs and education • Engaging with communities through use of local content, social service, campaigns volunteering efforts and charitable giving and donation • 100% vessel compliance with Ballast Water Treatment System fitting requirements under the IMO Ballast Water Management Convention Deepening our Commitment to Diversity, Equity & Inclusion and Maintaining a Safety-First Culture Shoreside Gender Diversity Nationalities • Ensuring diversity fuels innovation to bring measurable benefit to all facets of operation Europe • Diversity, Equity and Inclusion Committee engagement to ensure employees from every Africa 30% 16% 24% background have access to equal and diversified employment opportunities Male 12% Middle East & 7% Female 70% Asia • Committed to prioritizing safety and well-being of employees, communities and clients South America 42% • Safety-first culture, focused on training (510,000 yearly average HSE hours) and compliance North America seacormarine.com 36
A. Highly Seasoned Management and Board of Directors Management Team Board of Directors Years Experience Andrew R. Morse John Gellert 25+ Independent Non-Executive Chairman of the Board, Chair of the Audit Committee, Member of President & Chief Executive Officer the Compensation Committee, and of the Nominating & Corporate Governance Committee Jesús Llorca John Gellert 23 Executive Vice President & Chief Financial Officer President, Chief Executive Officer and Director R. Christopher Regan Gregory Rossmiller 25+ Independent Director, Member of the Audit Committee, Chair of the Compensation Committee, Senior Vice President & Chief Accounting Officer Chair of the Nominating & Corporate Governance Committee Julie Persily Andrew H. Everett II 15 Independent Director, Member of the Audit Committee, Member of the Compensation Senior Vice President, General Counsel & Secretary Committee, Member of the Nominating & Corporate Governance Committee Philippe Wulfers Alfredo Miguel Bejos 15 Vice President of Finance Director seacormarine.com 37
Thank You seacormarine.com 38
Exhibit 99.2
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PRESS RELEASE |
SEACOR MARINE ANNOUNCES CONTEMPLATED BOND ISSUE
Houston, Texas
April 21, 2023
FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced that it has mandated Clarksons Securities AS and DNB Markets, a part of DNB Bank ASA, to arrange a series of fixed income investor calls scheduled to commence on April 24, 2023. The Company, together with its subsidiaries (“SEACOR Marine”), may determine to proceed with an offering of new USD denominated 5-year senior secured bonds following the meetings, subject to market and other conditions. SEACOR Marine intends to use the net proceeds from the bond issue, should it materialize, towards refinancing outstanding secured debt of SEACOR Marine and for general corporate purposes.
The bonds will be privately placed in the United States in accordance with United States’ securities laws and sold outside the United States pursuant to Regulation S under the Securities Act of 1933 (the “Securities Act”).
The bonds will not be registered under the Securities Act or under any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to purchase the bonds or any other securities, and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
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SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the SEC, 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.
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