8-K
0001690334false00016903342024-05-012024-05-01

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 1, 2024

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

001-37966

47-2564547

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

12121 Wickchester Lane, Suite 500, Houston, TX

77079

(Address of Principal Executive Offices)

(Zip Code)

 

 

 

 

Registrant's telephone number, including area code

(346) 980-1700

 

 

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

SMHI

New York Stock Exchange (“NYSE”)

 

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 information set forth in (and incorporated by reference into) this Item 2.02 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 in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On May 1, 2024, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three months ended March 31, 2024 (the “Earnings Release”).

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.

Description

99.1

Press Release of SEACOR Marine Holdings Inc. dated May 1, 2024

 

 

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.

May 1, 2024

By:

/s/ John Gellert

Name: John Gellert

Title: President and Chief Executive Officer

 


EX-99.1

Exhibit 99.1

https://cdn.kscope.io/2b82c44b4e73a7c1394909a011fad2a0-img10727850_0.jpg 

PRESS RELEASE

SEACOR MARINE ANNOUNCES FIRST QUARTER 2024 RESULTS

Houston, Texas

May 1, 2024

FOR IMMEDIATE RELEASE - 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 first quarter ended March 31, 2024.

 

SEACOR Marine’s consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, and direct vessel profit (“DVP”)(1) was $14.7 million. This compares to consolidated operating revenues of $61.2 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023, and consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023.

 

Notable first quarter items include:

2.6% increase in revenues from the first quarter of 2023 and a 14.1% decrease from the fourth quarter of 2023.
Average day rates of $19,042, a 33.0% increase from the first quarter of 2023, and a 5.6% increase from the fourth quarter of 2023.
DVP margin of 23.4%, decreasing from 37.1% in the first quarter of 2023 and 40.8% in the fourth quarter of 2023, due in part to $8.5 million of drydocking and major repairs during the quarter, which are expensed as incurred.

 

For the first quarter of 2024, net loss was $23.1 million ($0.84 loss per basic and diluted share). This compares to a net loss for the first quarter of 2023 of $9.6 million ($0.36 loss per basic and diluted share). Sequentially, the first quarter 2024 results compare to a net income of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share) in the fourth quarter of 2023.

 

Chief Executive Officer John Gellert commented:

 

“The first quarter results reflect both continued improvement in dayrates as well as lower seasonal utilization. We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months. These efforts incurred higher operating expenses and lowered utilization, resulting in a decline of our DVP metric as we expense drydocking and major repairs as incurred. We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilization as we complete vessel repositioning and enter new contracts.

 

Other than our U.S. segment, all of our business segments delivered positive results. In the U.S., we continue to see limited permitting for offshore activity for our customers in the oil and gas sector as well as delays in decommissioning plans. Additionally, U.S. offshore windfarm projects that we have been targeting have been delayed. However, demand for our premium liftboats remains very strong, and we have opportunities to redeploy other assets to more active markets. Internationally, we completed the hybrid battery upgrade of one of our PSVs and also repositioned two vessels, with several more vessels expected to complete their mobilizations to new markets during the second quarter.

 

We continue to see tight supply and growing demand worldwide. I expect that our efforts during the first quarter of 2024 will place the Company in an optimal position to utilize its assets to their full potential.”

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in

 

1


 

that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

* * * * *

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

 

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

 

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For all other requests, contact InvestorRelations@seacormarine.com

 

2


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Operating Revenues

 

$

62,770

 

 

$

61,209

 

Costs and Expenses:

 

 

 

 

 

 

Operating

 

 

48,099

 

 

 

38,509

 

Administrative and general

 

 

11,917

 

 

 

11,632

 

Lease expense

 

 

481

 

 

 

720

 

Depreciation and amortization

 

 

12,882

 

 

 

13,762

 

 

 

73,379

 

 

 

64,623

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(1

)

 

 

3,599

 

Operating (Loss) Income

 

 

(10,610

)

 

 

185

 

Other Income (Expense):

 

 

 

 

 

 

Interest income

 

 

593

 

 

 

460

 

Interest expense

 

 

(10,309

)

 

 

(8,788

)

Derivative losses, net

 

 

(543

)

 

 

 

Foreign currency losses, net

 

 

(80

)

 

 

(825

)

Other, net

 

 

(95

)

 

 

 

 

 

(10,434

)

 

 

(9,153

)

Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(21,044

)

 

 

(8,968

)

Income Tax Expense

 

 

925

 

 

 

1,157

 

Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(21,969

)

 

 

(10,125

)

Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(1,100

)

 

 

536

 

Net Loss

 

$

(23,069

)

 

$

(9,589

)

 

 

 

 

 

 

Net Loss Per Share:

 

 

 

 

 

 

Basic

 

$

(0.84

)

 

$

(0.36

)

Diluted

 

$

(0.84

)

 

$

(0.36

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

Basic

 

 

27,343,604

 

 

 

26,822,391

 

Diluted

 

 

27,343,604

 

 

 

26,822,391

 

 

 

3


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

 

Three Months Ended

 

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

19,042

 

 

$

18,031

 

 

$

18,046

 

 

$

15,250

 

 

$

14,314

 

 

Fleet Utilization

 

 

62

%

 

 

71

%

 

 

73

%

 

 

78

%

 

 

76

%

 

Fleet Available Days

 

 

5,005

 

 

 

5,170

 

 

 

5,182

 

 

 

5,096

 

 

 

5,071

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

59,263

 

 

$

66,498

 

 

$

68,668

 

 

$

60,804

 

 

$

55,415

 

 

Bareboat charter

 

 

364

 

 

 

368

 

 

 

368

 

 

 

364

 

 

 

360

 

 

Other marine services

 

 

3,143

 

 

 

6,217

 

 

 

7,864

 

 

 

7,151

 

 

 

5,434

 

 

 

 

62,770

 

 

 

73,083

 

 

 

76,900

 

 

 

68,319

 

 

 

61,209

 

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

21,670

 

 

 

22,080

 

 

 

19,943

 

 

 

19,944

 

 

 

19,803

 

 

Repairs and maintenance

 

 

9,763

 

 

 

7,604

 

 

 

7,418

 

 

 

5,793

 

 

 

6,011

 

 

Drydocking

 

 

6,706

 

 

 

2,561

 

 

 

1,768

 

 

 

2,256

 

 

 

13

 

 

Insurance and loss reserves

 

 

1,738

 

 

 

2,944

 

 

 

1,833

 

 

 

2,390

 

 

 

2,789

 

 

Fuel, lubes and supplies

 

 

4,523

 

 

 

3,683

 

 

 

5,047

 

 

 

3,638

 

 

 

4,819

 

 

Other

 

 

3,699

 

 

 

4,397

 

 

 

4,133

 

 

 

3,709

 

 

 

5,074

 

 

 

 

48,099

 

 

 

43,269

 

 

 

40,142

 

 

 

37,730

 

 

 

38,509

 

 

Direct Vessel Profit (1)

 

 

14,671

 

 

 

29,814

 

 

 

36,758

 

 

 

30,589

 

 

 

22,700

 

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

481

 

 

 

679

 

 

 

651

 

 

 

698

 

 

 

720

 

 

Administrative and general

 

 

11,917

 

 

 

11,547

 

 

 

12,300

 

 

 

13,704

 

 

 

11,632

 

 

Depreciation and amortization

 

 

12,882

 

 

 

13,022

 

 

 

13,462

 

 

 

13,575

 

 

 

13,762

 

 

 

 

25,280

 

 

 

25,248

 

 

 

26,413

 

 

 

27,977

 

 

 

26,114

 

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(1

)

 

 

18,057

 

 

 

(512

)

 

 

265

 

 

 

3,599

 

 

Operating (Loss) Income

 

 

(10,610

)

 

 

22,623

 

 

 

9,833

 

 

 

2,877

 

 

 

185

 

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

593

 

 

 

222

 

 

 

340

 

 

 

422

 

 

 

460

 

 

Interest expense

 

 

(10,309

)

 

 

(10,444

)

 

 

(9,536

)

 

 

(8,736

)

 

 

(8,788

)

 

Derivative (losses) gains, net

 

 

(543

)

 

 

608

 

 

 

 

 

 

 

 

 

 

 

Loss on debt extinguishment

 

 

 

 

 

 

 

 

(2,004

)

 

 

 

 

 

 

 

Foreign currency (losses) gains, net

 

 

(80

)

 

 

(1,276

)

 

 

571

 

 

 

(603

)

 

 

(825

)

 

Other, net

 

 

(95

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,434

)

 

 

(10,890

)

 

 

(10,629

)

 

 

(8,917

)

 

 

(9,153

)

 

(Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(21,044

)

 

 

11,733

 

 

 

(796

)

 

 

(6,040

)

 

 

(8,968

)

 

Income Tax Expense (Benefit)

 

 

925

 

 

 

6,378

 

 

 

2,360

 

 

 

(1,096

)

 

 

1,157

 

 

(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(21,969

)

 

 

5,355

 

 

 

(3,156

)

 

 

(4,944

)

 

 

(10,125

)

 

Equity in (Losses) Earnings of 50% or Less Owned Companies

 

 

(1,100

)

 

 

374

 

 

 

2,273

 

 

 

373

 

 

 

536

 

 

Net (Loss) Income

 

$

(23,069

)

 

$

5,729

 

 

$

(883

)

 

$

(4,571

)

 

$

(9,589

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.84

)

 

$

0.21

 

 

$

(0.03

)

 

$

(0.17

)

 

$

(0.36

)

 

Diluted

 

$

(0.84

)

 

$

0.20

 

 

$

(0.03

)

 

$

(0.17

)

 

$

(0.36

)

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,344

 

 

 

27,182

 

 

 

27,182

 

 

 

27,138

 

 

 

26,822

 

 

Diluted

 

 

27,344

 

 

 

28,401

 

 

 

27,182

 

 

 

27,138

 

 

 

26,822

 

 

Common Shares and Warrants Outstanding at Period End

 

 

28,906

 

 

 

28,489

 

 

 

28,481

 

 

 

28,481

 

 

 

28,428

 

 

 

(1)
See full description of footnote above.

 

 

4


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

28,156

 

 

$

22,584

 

 

$

23,663

 

 

$

16,115

 

 

$

18,359

 

Fleet utilization

 

 

27

%

 

 

50

%

 

 

57

%

 

 

35

%

 

 

35

%

Fleet available days

 

 

927

 

 

 

1,152

 

 

 

1,196

 

 

 

1,080

 

 

 

1,015

 

Out-of-service days for repairs, maintenance and drydockings

 

 

137

 

 

 

61

 

 

 

151

 

 

 

229

 

 

 

112

 

Out-of-service days for cold-stacked status (2)

 

 

182

 

 

 

254

 

 

 

206

 

 

 

173

 

 

 

211

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

6,957

 

 

$

12,929

 

 

$

16,236

 

 

$

6,121

 

 

$

6,564

 

Other marine services

 

 

1,026

 

 

 

5,346

 

 

 

5,478

 

 

 

3,004

 

 

 

3,850

 

 

 

7,983

 

 

 

18,275

 

 

 

21,714

 

 

 

9,125

 

 

 

10,414

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,781

 

 

 

6,906

 

 

 

6,712

 

 

 

5,957

 

 

 

6,535

 

Repairs and maintenance

 

 

1,404

 

 

 

819

 

 

 

1,560

 

 

 

1,573

 

 

 

1,194

 

Drydocking

 

 

1,968

 

 

 

303

 

 

 

462

 

 

 

1,506

 

 

 

43

 

Insurance and loss reserves

 

 

396

 

 

 

1,297

 

 

 

332

 

 

 

1,082

 

 

 

1,041

 

Fuel, lubes and supplies

 

 

667

 

 

 

1,032

 

 

 

958

 

 

 

924

 

 

 

783

 

Other

 

 

(171

)

 

 

475

 

 

 

375

 

 

 

346

 

 

 

231

 

 

 

10,045

 

 

 

10,832

 

 

 

10,399

 

 

 

11,388

 

 

 

9,827

 

Direct Vessel Profit (Loss) (1)

 

$

(2,062

)

 

$

7,443

 

 

$

11,315

 

 

$

(2,263

)

 

$

587

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

138

 

 

$

141

 

 

$

116

 

 

$

143

 

 

$

136

 

Depreciation and amortization

 

 

2,750

 

 

 

3,479

 

 

 

3,810

 

 

 

3,861

 

 

 

3,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,197

 

 

$

15,233

 

 

$

15,388

 

 

$

14,982

 

 

$

12,835

 

Fleet utilization

 

 

76

%

 

 

82

%

 

 

84

%

 

 

94

%

 

 

87

%

Fleet available days

 

 

1,775

 

 

 

1,748

 

 

 

1,748

 

 

 

1,729

 

 

 

1,710

 

Out-of-service days for repairs, maintenance and drydockings

 

 

238

 

 

 

124

 

 

 

111

 

 

 

58

 

 

 

118

 

Out-of-service days for cold-stacked status (3)

 

 

91

 

 

 

92

 

 

 

54

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

20,555

 

 

$

21,791

 

 

$

22,528

 

 

$

24,414

 

 

$

18,996

 

Other marine services

 

 

169

 

 

 

189

 

 

 

1,943

 

 

 

225

 

 

 

225

 

 

 

20,724

 

 

 

21,980

 

 

 

24,471

 

 

 

24,639

 

 

 

19,221

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,181

 

 

 

6,007

 

 

 

5,089

 

 

 

4,833

 

 

 

4,505

 

Repairs and maintenance

 

 

3,209

 

 

 

2,807

 

 

 

2,214

 

 

 

2,050

 

 

 

2,553

 

Drydocking

 

 

2,032

 

 

 

1,298

 

 

 

320

 

 

 

144

 

 

 

1,184

 

Insurance and loss reserves

 

 

334

 

 

 

416

 

 

 

573

 

 

 

420

 

 

 

318

 

Fuel, lubes and supplies

 

 

1,287

 

 

 

623

 

 

 

2,573

 

 

 

1,419

 

 

 

2,215

 

Other

 

 

2,199

 

 

 

2,267

 

 

 

2,448

 

 

 

2,608

 

 

 

2,749

 

 

 

14,242

 

 

 

13,418

 

 

 

13,217

 

 

 

11,474

 

 

 

13,524

 

Direct Vessel Profit (1)

 

$

6,482

 

 

$

8,562

 

 

$

11,254

 

 

$

13,165

 

 

$

5,697

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

178

 

 

$

289

 

 

$

372

 

 

$

408

 

 

$

429

 

Depreciation and amortization

 

 

3,915

 

 

 

3,747

 

 

 

3,821

 

 

 

3,853

 

 

 

3,925

 

 

(1)
See full description of footnote above.
(2)
Includes one liftboat and one FSV cold-stacked in this region as of March 31, 2024.
(3)
Includes one AHTS cold-stacked in this region that is classified as held for sale as of March 31, 2024.

 

5


SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

Middle East and Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

16,934

 

 

$

17,590

 

 

$

16,313

 

 

$

13,245

 

 

$

13,562

 

Fleet utilization

 

 

71

%

 

 

69

%

 

 

67

%

 

 

86

%

 

 

82

%

Fleet available days

 

 

1,365

 

 

 

1,461

 

 

 

1,472

 

 

 

1,456

 

 

 

1,440

 

Out-of-service days for repairs, maintenance and drydockings

 

 

224

 

 

 

360

 

 

 

297

 

 

 

58

 

 

 

76

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

16,477

 

 

$

17,729

 

 

$

16,087

 

 

$

16,563

 

 

$

16,028

 

Other marine services

 

 

350

 

 

 

539

 

 

 

267

 

 

 

3,512

 

 

 

27

 

 

 

16,827

 

 

 

18,268

 

 

 

16,354

 

 

 

20,075

 

 

 

16,055

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,963

 

 

 

5,522

 

 

 

5,157

 

 

 

5,266

 

 

 

4,841

 

Repairs and maintenance

 

 

2,712

 

 

 

2,590

 

 

 

2,623

 

 

 

1,219

 

 

 

677

 

Drydocking

 

 

1,483

 

 

 

624

 

 

 

1,056

 

 

 

(684

)

 

 

(1,095

)

Insurance and loss reserves

 

 

618

 

 

 

1,022

 

 

 

711

 

 

 

720

 

 

 

1,185

 

Fuel, lubes and supplies

 

 

1,198

 

 

 

1,242

 

 

 

743

 

 

 

425

 

 

 

1,142

 

Other

 

 

1,000

 

 

 

1,133

 

 

 

943

 

 

 

389

 

 

 

1,496

 

 

 

12,974

 

 

 

12,133

 

 

 

11,233

 

 

 

7,335

 

 

 

8,246

 

Direct Vessel Profit (1)

 

$

3,853

 

 

$

6,135

 

 

$

5,121

 

 

$

12,740

 

 

$

7,809

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

85

 

 

$

158

 

 

$

59

 

 

$

67

 

 

$

76

 

Depreciation and amortization

 

 

3,496

 

 

 

3,643

 

 

 

3,721

 

 

 

3,708

 

 

 

3,688

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

28,308

 

 

$

20,745

 

 

$

20,656

 

 

$

18,846

 

 

$

16,229

 

Fleet utilization

 

 

58

%

 

 

84

%

 

 

87

%

 

 

88

%

 

 

94

%

Fleet available days

 

 

938

 

 

 

809

 

 

 

766

 

 

 

831

 

 

 

906

 

Out-of-service days for repairs, maintenance and drydockings

 

 

 

 

 

 

 

 

67

 

 

 

79

 

 

 

22

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

15,274

 

 

$

14,049

 

 

$

13,817

 

 

$

13,706

 

 

$

13,827

 

Bareboat charter

 

 

364

 

 

 

368

 

 

 

368

 

 

 

364

 

 

 

360

 

Other marine services

 

 

1,598

 

 

 

143

 

 

 

176

 

 

 

410

 

 

 

1,332

 

 

 

17,236

 

 

 

14,560

 

 

 

14,361

 

 

 

14,480

 

 

 

15,519

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,745

 

 

 

3,645

 

 

 

2,985

 

 

 

3,888

 

 

 

3,922

 

Repairs and maintenance

 

 

2,438

 

 

 

1,388

 

 

 

1,021

 

 

 

951

 

 

 

1,587

 

Drydocking

 

 

1,223

 

 

 

336

 

 

 

(70

)

 

 

1,290

 

 

 

(119

)

Insurance and loss reserves

 

 

390

 

 

 

209

 

 

 

217

 

 

 

168

 

 

 

245

 

Fuel, lubes and supplies

 

 

1,371

 

 

 

786

 

 

 

773

 

 

 

870

 

 

 

679

 

Other

 

 

671

 

 

 

522

 

 

 

367

 

 

 

366

 

 

 

598

 

 

 

10,838

 

 

 

6,886

 

 

 

5,293

 

 

 

7,533

 

 

 

6,912

 

Direct Vessel Profit (1)

 

$

6,398

 

 

$

7,674

 

 

$

9,068

 

 

$

6,947

 

 

$

8,607

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

80

 

 

$

91

 

 

$

104

 

 

$

80

 

 

$

79

 

Depreciation and amortization

 

 

2,721

 

 

 

2,153

 

 

 

2,110

 

 

 

2,153

 

 

 

2,614

 

 

(1)
See full description of footnote above.

 

 

 

 

6


SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

AHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

8,538

 

 

$

8,937

 

 

$

9,947

 

 

$

8,916

 

 

$

9,244

 

Fleet utilization

 

 

75

%

 

 

64

%

 

 

50

%

 

 

85

%

 

 

81

%

Fleet available days

 

 

364

 

 

 

368

 

 

 

368

 

 

 

364

 

 

 

391

 

Out-of-service days for repairs, maintenance and drydockings

 

 

 

 

 

41

 

 

 

111

 

 

 

13

 

 

 

45

 

Out-of-service days for cold-stacked status

 

 

91

 

 

 

92

 

 

 

54

 

 

 

 

 

 

31

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

2,331

 

 

$

2,102

 

 

$

1,831

 

 

$

2,762

 

 

$

2,915

 

Other marine services

 

 

 

 

 

6

 

 

 

930

 

 

 

 

 

 

 

 

 

2,331

 

 

 

2,108

 

 

 

2,761

 

 

 

2,762

 

 

 

2,915

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

1,064

 

 

$

944

 

 

$

1,019

 

 

$

1,069

 

 

$

995

 

Repairs and maintenance

 

 

220

 

 

 

612

 

 

 

484

 

 

 

186

 

 

 

216

 

Drydocking

 

 

68

 

 

 

58

 

 

 

747

 

 

 

131

 

 

 

420

 

Insurance and loss reserves

 

 

43

 

 

 

73

 

 

 

88

 

 

 

78

 

 

 

68

 

Fuel, lubes and supplies

 

 

616

 

 

 

375

 

 

 

428

 

 

 

192

 

 

 

476

 

Other

 

 

287

 

 

 

295

 

 

 

378

 

 

 

329

 

 

 

448

 

 

 

2,298

 

 

 

2,357

 

 

 

3,144

 

 

 

1,985

 

 

 

2,623

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

171

 

 

$

253

 

 

$

331

 

 

$

332

 

 

$

331

 

Depreciation and amortization

 

 

175

 

 

 

175

 

 

 

249

 

 

 

298

 

 

 

298

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,834

 

 

$

11,841

 

 

$

11,441

 

 

$

11,314

 

 

$

10,609

 

Fleet utilization

 

 

72

%

 

 

74

%

 

 

79

%

 

 

92

%

 

 

91

%

Fleet available days

 

 

2,002

 

 

 

2,105

 

 

 

2,116

 

 

 

2,093

 

 

 

2,070

 

Out-of-service days for repairs, maintenance and drydockings

 

 

216

 

 

 

337

 

 

 

227

 

 

 

86

 

 

 

66

 

Out-of-service days for cold-stacked status

 

 

91

 

 

 

92

 

 

 

69

 

 

 

82

 

 

 

90

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

17,081

 

 

$

18,502

 

 

$

19,135

 

 

$

21,747

 

 

$

19,988

 

Other marine services

 

 

126

 

 

 

163

 

 

 

652

 

 

 

71

 

 

 

190

 

 

 

17,207

 

 

 

18,665

 

 

 

19,787

 

 

 

21,818

 

 

 

20,178

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

5,649

 

 

$

5,320

 

 

$

5,144

 

 

$

5,083

 

 

$

4,861

 

Repairs and maintenance

 

 

3,093

 

 

 

2,691

 

 

 

2,787

 

 

 

1,134

 

 

 

1,867

 

Drydocking

 

 

1,869

 

 

 

1,710

 

 

 

870

 

 

 

1,342

 

 

 

128

 

Insurance and loss reserves

 

 

277

 

 

 

507

 

 

 

185

 

 

 

337

 

 

 

334

 

Fuel, lubes and supplies

 

 

1,051

 

 

 

1,441

 

 

 

1,501

 

 

 

1,108

 

 

 

1,382

 

Other

 

 

1,649

 

 

 

1,632

 

 

 

1,552

 

 

 

1,536

 

 

 

1,803

 

 

 

13,588

 

 

 

13,301

 

 

 

12,039

 

 

 

10,540

 

 

 

10,375

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

4,744

 

 

$

4,879

 

 

$

5,002

 

 

$

4,952

 

 

$

4,946

 

 

7


SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

PSV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

19,133

 

 

$

19,778

 

 

$

19,528

 

 

$

17,545

 

 

$

14,827

 

Fleet utilization

 

 

53

%

 

 

77

%

 

 

78

%

 

 

80

%

 

 

70

%

Fleet available days

 

 

1,911

 

 

 

1,902

 

 

 

1,870

 

 

 

1,820

 

 

 

1,800

 

Out-of-service days for repairs, maintenance and drydockings

 

 

307

 

 

 

109

 

 

 

110

 

 

 

92

 

 

 

124

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

19,390

 

 

$

29,140

 

 

$

28,580

 

 

$

25,458

 

 

$

18,800

 

Bareboat charter

 

 

364

 

 

 

368

 

 

 

368

 

 

 

364

 

 

 

360

 

Other marine services

 

 

416

 

 

 

595

 

 

 

696

 

 

 

584

 

 

 

1,203

 

 

 

20,170

 

 

 

30,103

 

 

 

29,644

 

 

 

26,406

 

 

 

20,363

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

8,850

 

 

$

9,017

 

 

$

8,793

 

 

$

8,738

 

 

$

8,849

 

Repairs and maintenance

 

 

4,393

 

 

 

3,520

 

 

 

2,504

 

 

 

2,998

 

 

 

3,475

 

Drydocking

 

 

3,386

 

 

 

472

 

 

 

232

 

 

 

12

 

 

 

609

 

Insurance and loss reserves

 

 

395

 

 

 

690

 

 

 

682

 

 

 

421

 

 

 

419

 

Fuel, lubes and supplies

 

 

1,889

 

 

 

1,027

 

 

 

2,352

 

 

 

2,124

 

 

 

2,331

 

Other

 

 

1,395

 

 

 

1,922

 

 

 

1,761

 

 

 

1,405

 

 

 

2,677

 

 

 

20,308

 

 

 

16,648

 

 

 

16,324

 

 

 

15,698

 

 

 

18,360

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

4,073

 

 

$

4,073

 

 

$

4,073

 

 

$

4,072

 

 

$

4,262

 

 

 

 

8


SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

 

 

Three Months Ended

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

Liftboats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

53,506

 

 

$

40,181

 

 

$

39,419

 

 

$

35,623

 

 

$

33,936

 

Fleet utilization

 

 

53

%

 

 

52

%

 

 

59

%

 

 

37

%

 

 

50

%

Fleet available days

 

 

728

 

 

 

795

 

 

 

828

 

 

 

819

 

 

 

810

 

Out-of-service days for repairs, maintenance and drydockings

 

 

78

 

 

 

60

 

 

 

111

 

 

 

233

 

 

 

94

 

Out-of-service days for cold-stacked status

 

 

91

 

 

 

162

 

 

 

137

 

 

 

91

 

 

 

90

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

20,461

 

 

$

16,754

 

 

$

19,122

 

 

$

10,837

 

 

$

13,712

 

Other marine services

 

 

1,772

 

 

 

4,666

 

 

 

4,710

 

 

 

5,495

 

 

 

2,930

 

 

 

22,233

 

 

 

21,420

 

 

 

23,832

 

 

 

16,332

 

 

 

16,642

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

6,140

 

 

$

5,316

 

 

$

4,983

 

 

$

5,065

 

 

$

5,068

 

Repairs and maintenance

 

 

2,035

 

 

 

769

 

 

 

1,643

 

 

 

1,472

 

 

 

499

 

Drydocking

 

 

1,383

 

 

 

321

 

 

 

(81

)

 

 

849

 

 

 

(1,141

)

Insurance and loss reserves

 

 

1,282

 

 

 

1,554

 

 

 

1,148

 

 

 

1,418

 

 

 

1,907

 

Fuel, lubes and supplies

 

 

967

 

 

 

838

 

 

 

766

 

 

 

219

 

 

 

619

 

Other

 

 

343

 

 

 

531

 

 

 

445

 

 

 

441

 

 

 

125

 

 

 

12,150

 

 

 

9,329

 

 

 

8,904

 

 

 

9,464

 

 

 

7,077

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

3,866

 

 

 

3,867

 

 

 

4,099

 

 

 

4,215

 

 

 

4,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other marine services

 

$

829

 

 

$

787

 

 

$

876

 

 

$

1,001

 

 

$

1,111

 

 

 

829

 

 

 

787

 

 

 

876

 

 

 

1,001

 

 

 

1,111

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

(33

)

 

$

1,483

 

 

$

4

 

 

$

(11

)

 

$

30

 

Repairs and maintenance

 

 

22

 

 

 

12

 

 

 

 

 

 

3

 

 

 

(46

)

Drydocking

 

 

 

 

 

 

 

 

 

 

 

(78

)

 

 

(3

)

Insurance and loss reserves

 

 

(259

)

 

 

120

 

 

 

(270

)

 

 

136

 

 

 

61

 

Fuel, lubes and supplies

 

 

 

 

 

2

 

 

 

 

 

 

(5

)

 

 

11

 

Other

 

 

25

 

 

 

17

 

 

 

(3

)

 

 

(2

)

 

 

21

 

 

 

(245

)

 

 

1,634

 

 

 

(269

)

 

 

43

 

 

 

74

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

310

 

 

$

426

 

 

$

320

 

 

$

366

 

 

$

389

 

Depreciation and amortization

 

 

24

 

 

 

28

 

 

 

39

 

 

 

38

 

 

 

42

 

 

 

 

9


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,593

 

 

$

67,455

 

 

$

55,840

 

 

$

40,750

 

 

$

40,570

 

 

Restricted cash

 

 

2,566

 

 

 

16,676

 

 

 

2,796

 

 

 

2,796

 

 

 

3,082

 

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade, net of allowance for credit loss

 

 

58,272

 

 

 

63,728

 

 

 

63,246

 

 

 

60,022

 

 

 

60,114

 

 

Other

 

 

12,210

 

 

 

11,049

 

 

 

8,662

 

 

 

12,032

 

 

 

11,650

 

 

Note receivable

 

 

 

 

 

 

 

 

 

 

 

5,000

 

 

 

10,000

 

 

Tax receivable

 

 

983

 

 

 

983

 

 

 

445

 

 

 

445

 

 

 

445

 

 

Inventories

 

 

2,516

 

 

 

1,609

 

 

 

1,738

 

 

 

1,653

 

 

 

2,207

 

 

Prepaid expenses and other

 

 

3,425

 

 

 

2,686

 

 

 

2,957

 

 

 

3,112

 

 

 

3,233

 

 

Assets held for sale

 

 

500

 

 

 

500

 

 

 

6,093

 

 

 

 

 

 

 

 

Total current assets

 

 

140,065

 

 

 

164,686

 

 

 

141,777

 

 

 

125,810

 

 

 

131,301

 

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

 

919,139

 

 

 

918,823

 

 

 

936,520

 

 

 

966,338

 

 

 

969,328

 

 

Accumulated depreciation

 

 

(337,001

)

 

 

(324,141

)

 

 

(318,549

)

 

 

(334,678

)

 

 

(324,197

)

 

 

 

582,138

 

 

 

594,682

 

 

 

617,971

 

 

 

631,660

 

 

 

645,131

 

 

Construction in progress

 

 

13,410

 

 

 

10,362

 

 

 

9,413

 

 

 

8,876

 

 

 

8,540

 

 

Net property and equipment

 

 

595,548

 

 

 

605,044

 

 

 

627,384

 

 

 

640,536

 

 

 

653,671

 

 

Right-of-use asset - operating leases

 

 

3,988

 

 

 

4,291

 

 

 

4,907

 

 

 

5,703

 

 

 

5,984

 

 

Right-of-use asset - finance leases

 

 

29

 

 

 

37

 

 

 

45

 

 

 

6,495

 

 

 

6,654

 

 

Investments, at equity, and advances to 50% or less owned companies

 

 

3,122

 

 

 

4,125

 

 

 

3,857

 

 

 

3,253

 

 

 

3,594

 

 

Other assets

 

 

2,094

 

 

 

2,153

 

 

 

2,095

 

 

 

2,139

 

 

 

2,079

 

 

Total assets

 

$

744,846

 

 

$

780,336

 

 

$

780,065

 

 

$

783,936

 

 

$

803,283

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

1,285

 

 

$

1,591

 

 

$

1,856

 

 

$

1,792

 

 

$

1,764

 

 

Current portion of finance lease liabilities

 

 

33

 

 

 

35

 

 

 

35

 

 

 

611

 

 

 

563

 

 

Current portion of long-term debt

 

 

28,605

 

 

 

28,365

 

 

 

28,005

 

 

 

63,959

 

 

 

60,523

 

 

Accounts payable

 

 

23,453

 

 

 

27,562

 

 

 

32,468

 

 

 

39,013

 

 

 

44,256

 

 

Other current liabilities

 

 

21,067

 

 

 

19,533

 

 

 

21,340

 

 

 

21,027

 

 

 

20,185

 

 

Total current liabilities

 

 

74,443

 

 

 

77,086

 

 

 

83,704

 

 

 

126,402

 

 

 

127,291

 

 

Long-term operating lease liabilities

 

 

3,390

 

 

 

3,529

 

 

 

3,571

 

 

 

4,030

 

 

 

4,474

 

 

Long-term finance lease liabilities

 

 

 

 

 

6

 

 

 

15

 

 

 

6,462

 

 

 

6,644

 

 

Long-term debt

 

 

281,989

 

 

 

287,544

 

 

 

291,843

 

 

 

243,960

 

 

 

254,450

 

 

Deferred income taxes

 

 

33,873

 

 

 

35,718

 

 

 

33,078

 

 

 

34,038

 

 

 

39,120

 

 

Deferred gains and other liabilities

 

 

2,285

 

 

 

2,229

 

 

 

2,217

 

 

 

2,189

 

 

 

2,264

 

 

Total liabilities

 

 

395,980

 

 

 

406,112

 

 

 

414,428

 

 

 

417,081

 

 

 

434,243

 

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

286

 

 

 

280

 

 

 

280

 

 

 

280

 

 

 

279

 

 

Additional paid-in capital

 

 

474,433

 

 

 

472,692

 

 

 

471,158

 

 

 

469,618

 

 

 

467,896

 

 

Accumulated deficit

 

 

(125,609

)

 

 

(102,425

)

 

 

(108,154

)

 

 

(107,271

)

 

 

(102,700

)

 

Shares held in treasury

 

 

(8,071

)

 

 

(4,221

)

 

 

(4,221

)

 

 

(4,221

)

 

 

(4,119

)

 

Accumulated other comprehensive income, net of tax

 

 

7,506

 

 

 

7,577

 

 

 

6,253

 

 

 

8,128

 

 

 

7,363

 

 

 

 

348,545

 

 

 

373,903

 

 

 

365,316

 

 

 

366,534

 

 

 

368,719

 

 

Noncontrolling interests in subsidiaries

 

 

321

 

 

 

321

 

 

 

321

 

 

 

321

 

 

 

321

 

 

Total equity

 

 

348,866

 

 

 

374,224

 

 

 

365,637

 

 

 

366,855

 

 

 

369,040

 

 

Total liabilities and equity

 

$

744,846

 

 

$

780,336

 

 

$

780,065

 

 

$

783,936

 

 

$

803,283

 

 

 

 

10


SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Three Months Ended

 

 

 

 

Mar. 31, 2024

 

 

Dec. 31, 2023

 

 

Sep. 30, 2023

 

 

Jun. 30, 2023

 

 

Mar. 31, 2023

 

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income

 

$

(23,069

)

 

$

5,729

 

 

$

(883

)

 

$

(4,571

)

 

$

(9,589

)

 

Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12,882

 

 

 

13,022

 

 

 

13,462

 

 

 

13,575

 

 

 

13,762

 

 

Deferred financing costs amortization

 

 

295

 

 

 

279

 

 

 

459

 

 

 

423

 

 

 

418

 

 

Stock-based compensation expense

 

 

1,645

 

 

 

1,510

 

 

 

1,540

 

 

 

1,723

 

 

 

1,227

 

 

Debt discount amortization

 

 

1,926

 

 

 

1,862

 

 

 

1,714

 

 

 

1,627

 

 

 

1,558

 

 

Allowance for credit losses

 

 

3

 

 

 

266

 

 

 

594

 

 

 

2,763

 

 

 

(104

)

 

Loss (gain) from equipment sales, retirements or impairments

 

 

1

 

 

 

(18,057

)

 

 

512

 

 

 

(265

)

 

 

(3,599

)

 

Losses on debt extinguishment

 

 

 

 

 

 

 

 

177

 

 

 

 

 

 

 

 

Derivative losses (gains)

 

 

543

 

 

 

(608

)

 

 

 

 

 

 

 

 

 

 

Interest on finance lease

 

 

 

 

 

1

 

 

 

59

 

 

 

70

 

 

 

72

 

 

Settlements on derivative transactions, net

 

 

164

 

 

 

 

 

 

197

 

 

 

226

 

 

 

154

 

 

Currency losses (gains)

 

 

80

 

 

 

1,276

 

 

 

(571

)

 

 

603

 

 

 

825

 

 

Deferred income taxes

 

 

(1,845

)

 

 

2,640

 

 

 

(960

)

 

 

(5,082

)

 

 

(1,659

)

 

Equity losses (earnings)

 

 

1,100

 

 

 

(374

)

 

 

(2,273

)

 

 

(373

)

 

 

(536

)

 

Dividends received from equity investees

 

 

 

 

 

166

 

 

 

1,031

 

 

 

1,044

 

 

 

 

 

Changes in Operating Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables

 

 

4,291

 

 

 

(3,472

)

 

 

(747

)

 

 

(3,139

)

 

 

(9,857

)

 

Other assets

 

 

(1,290

)

 

 

733

 

 

 

493

 

 

 

1,017

 

 

 

45

 

 

Accounts payable and accrued liabilities

 

 

(3,895

)

 

 

(6,456

)

 

 

(7,705

)

 

 

(5,758

)

 

 

6,731

 

 

Net cash (used in) provided by operating activities

 

 

(7,169

)

 

 

(1,483

)

 

 

7,099

 

 

 

3,883

 

 

 

(552

)

 

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(3,416

)

 

 

(3,644

)

 

 

(6,455

)

 

 

(35

)

 

 

(470

)

 

Proceeds from disposition of property and equipment

 

 

 

 

 

36,692

 

 

 

 

 

 

427

 

 

 

7,611

 

 

Net investing activities in property and equipment

 

 

(3,416

)

 

 

33,048

 

 

 

(6,455

)

 

 

392

 

 

 

7,141

 

 

Principal payments on notes due from others

 

 

 

 

 

 

 

 

5,000

 

 

 

5,000

 

 

 

5,000

 

 

Net cash (used in) provided by investing activities

 

 

(3,416

)

 

 

33,048

 

 

 

(1,455

)

 

 

5,392

 

 

 

12,141

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on long-term debt

 

 

(7,530

)

 

 

(6,173

)

 

 

(4,901

)

 

 

(9,483

)

 

 

(8,608

)

 

Payments on debt extinguishment

 

 

 

 

 

 

 

 

(104,832

)

 

 

(26,772

)

 

 

 

 

Payments on debt extinguishment cost

 

 

 

 

 

 

 

 

(1,827

)

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt, net of issue costs

 

 

 

 

 

87

 

 

 

121,207

 

 

 

27,181

 

 

 

 

 

Payments on finance leases

 

 

(9

)

 

 

(9

)

 

 

(204

)

 

 

(204

)

 

 

(114

)

 

Proceeds from issuance of common stock, net of issue costs

 

 

 

 

 

24

 

 

 

 

 

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

 

 

Tax withholdings on restricted stock vesting

 

 

(3,850

)

 

 

 

 

 

 

 

 

(102

)

 

 

(2,266

)

 

Net cash (used in) provided by financing activities

 

 

(11,389

)

 

 

(6,071

)

 

 

9,443

 

 

 

(9,380

)

 

 

(10,982

)

 

Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents

 

 

2

 

 

 

1

 

 

 

3

 

 

 

(1

)

 

 

 

 

Net Change in Cash, Restricted Cash and Cash Equivalents

 

 

(21,972

)

 

 

25,495

 

 

 

15,090

 

 

 

(106

)

 

 

607

 

 

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

 

 

84,131

 

 

 

58,636

 

 

 

43,546

 

 

 

43,652

 

 

 

43,045

 

 

Cash, Restricted Cash and Cash Equivalents, End of Period

 

$

62,159

 

 

$

84,131

 

 

$

58,636

 

 

$

43,546

 

 

$

43,652

 

 

 

 

 

11


SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

 

 

Owned

 

 

Leased-in

 

 

Managed

 

 

Total

 

March 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

3

 

 

 

1

 

 

 

 

 

 

4

 

FSV

 

 

22

 

 

 

 

 

 

1

 

 

 

23

 

PSV

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Liftboats

 

 

8

 

 

 

 

 

 

 

 

 

8

 

 

 

54

 

 

 

1

 

 

 

1

 

 

 

56

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

AHTS

 

 

3

 

 

 

1

 

 

 

 

 

 

4

 

FSV

 

 

22

 

 

 

 

 

 

3

 

 

 

25

 

PSV

 

 

21

 

 

 

 

 

 

 

 

 

21

 

Liftboats

 

 

8

 

 

 

 

 

 

 

 

 

8

 

 

 

54

 

 

 

1

 

 

 

3

 

 

 

58

 

 

 

12