Company Announcements

SEACOR Marine Announces Second Quarter 2024 Results

Source: GlobeNewswire
SEACOR Marine Announces Second Quarter 2024 Results

HOUSTON, July 31, 2024 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2024.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit (“DVP”)(1) was $20.3 million. This compares to consolidated operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.

Notable second quarter items include:

  • 2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.
  • Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.
  • 69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.
  • DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.

For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.

Chief Executive Officer John Gellert commented:

“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.

Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”
___________________

(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 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


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
 
 Three Months Ended June 30,  Six months ended June 30, 
 2024  2023  2024  2023 
Operating Revenues$69,867  $68,319  $132,637  $129,528 
Costs and Expenses:           
Operating 49,520   37,730   97,619   76,239 
Administrative and general 10,889   13,704   22,806   25,336 
Lease expense 486   698   967   1,418 
Depreciation and amortization 12,939   13,575   25,821   27,337 
  73,834   65,707   147,213   130,330 
Gains on Asset Dispositions and Impairments, Net 37   265   36   3,864 
Operating (Loss) Income (3,930)  2,877   (14,540)  3,062 
Other Income (Expense):           
Interest income 445   422   1,038   882 
Interest expense (10,190)  (8,736)  (20,499)  (17,524)
Derivative gains (losses), net 104      (439)   
Foreign currency losses, net (560)  (603)  (640)  (1,428)
Other, net       (95)   
  (10,201)  (8,917)  (20,635)  (18,070)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies (14,131)  (6,040)  (35,175)  (15,008)
Income Tax (Benefit) Expense (682)  (1,096)  243   61 
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies (13,449)  (4,944)  (35,418)  (15,069)
Equity in Earnings (Losses) of 50% or Less Owned Companies 966   373   (134)  909 
Net Loss$(12,483) $(4,571) $(35,552) $(14,160)
            
Net Loss Per Share:           
Basic$(0.45) $(0.17) $(1.29) $(0.52)
Diluted$(0.45) $(0.17) $(1.29) $(0.52)
Weighted Average Common Stock and Warrants Outstanding:           
Basic 27,729,033   27,137,873   27,536,319   26,981,004 
Diluted 27,729,033   27,137,873   27,536,319   26,981,004 



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
 
    Three Months Ended
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
Time Charter Statistics:              
Average Rates Per Day$19,141  $19,042  $18,031  $18,046  $15,250 
Fleet Utilization 69%  62%  71%  73%  78%
Fleet Available Days(2) 4,994   5,005   5,170   5,182   5,096 
Operating Revenues:              
Time charter$65,649  $59,263  $66,498  $68,668  $60,804 
Bareboat charter 364   364   368   368   364 
Other marine services 3,854   3,143   6,217   7,864   7,151 
  69,867   62,770   73,083   76,900   68,319 
Costs and Expenses:              
Operating:              
Personnel 21,566   21,670   22,080   19,943   19,944 
Repairs and maintenance 10,244   9,763   7,604   7,418   5,793 
Drydocking 6,210   6,706   2,561   1,768   2,256 
Insurance and loss reserves 3,099   1,738   2,944   1,833   2,390 
Fuel, lubes and supplies 3,966   4,523   3,683   5,047   3,638 
Other 4,435   3,699   4,397   4,133   3,709 
  49,520   48,099   43,269   40,142   37,730 
Direct Vessel Profit(1) 20,347   14,671   29,814   36,758   30,589 
Other Costs and Expenses:              
Lease expense 486   481   679   651   698 
Administrative and general 10,889   11,917   11,547   12,300   13,704 
Depreciation and amortization 12,939   12,882   13,022   13,462   13,575 
  24,314   25,280   25,248   26,413   27,977 
Gains (Losses) on Asset Dispositions and Impairments, Net 37   (1)  18,057   (512)  265 
Operating (Loss) Income (3,930)  (10,610)  22,623   9,833   2,877 
Other Income (Expense):              
Interest income 445   593   222   340   422 
Interest expense (10,190)  (10,309)  (10,444)  (9,536)  (8,736)
Derivative gains (losses), net 104   (543)  608       
Loss on debt extinguishment          (2,004)   
Foreign currency (losses) gains, net (560)  (80)  (1,276)  571   (603)
Other, net    (95)         
  (10,201)  (10,434)  (10,890)  (10,629)  (8,917)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies (14,131)  (21,044)  11,733   (796)  (6,040)
Income Tax (Benefit) Expense (682)  925   6,378   2,360   (1,096)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies (13,449)  (21,969)  5,355   (3,156)  (4,944)
Equity in Earnings (Losses) of 50% or Less Owned Companies 966   (1,100)  374   2,273   373 
Net (Loss) Income$(12,483) $(23,069) $5,729  $(883) $(4,571)
               
Net (Loss) Earnings Per Share:              
Basic$(0.45) $(0.84) $0.21  $(0.03) $(0.17)
Diluted$(0.45) $(0.84) $0.20  $(0.03) $(0.17)
Weighted Average Common Stock and Warrants Outstanding:              
Basic 27,729   27,344   27,182   27,182   27,138 
Diluted 27,729   27,344   28,401   27,182   27,138 
Common Shares and Warrants Outstanding at Period End 28,941   28,906   28,489   28,481   28,481 

  ________________________

(1)See full description of footnote above.
(2)Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
  


SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
 
 Three Months Ended
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
United States, primarily Gulf of Mexico              
Time Charter Statistics:              
Average rates per day worked$22,356  $28,156  $22,584  $23,663  $16,115 
Fleet utilization 37%  27%  50%  57%  35%
Fleet available days 921   927   1,152   1,196   1,080 
Out-of-service days for repairs, maintenance and drydockings 179   137   61   151   229 
Out-of-service days for cold-stacked status(2) 127   182   254   206   173 
Operating Revenues:              
Time charter$7,697  $6,957  $12,929  $16,236  $6,121 
Other marine services 480   1,026   5,346   5,478   3,004 
  8,177   7,983   18,275   21,714   9,125 
Direct Costs and Expenses:              
Operating:              
Personnel 6,284   5,781   6,906   6,712   5,957 
Repairs and maintenance 1,879   1,404   819   1,560   1,573 
Drydocking 2,570   1,968   303   462   1,506 
Insurance and loss reserves 943   396   1,297   332   1,082 
Fuel, lubes and supplies 866   667   1,032   958   924 
Other 226   (171)  475   375   346 
  12,768   10,045   10,832   10,399   11,388 
Direct Vessel Profit (Loss)(1)$(4,591) $(2,062) $7,443  $11,315  $(2,263)
Other Costs and Expenses:              
Lease expense$141  $138  $141  $116  $143 
Depreciation and amortization 3,194   2,750   3,479   3,810   3,861 
               
Africa and Europe              
Time Charter Statistics:              
Average rates per day worked$18,580  $15,197  $15,233  $15,388  $14,982 
Fleet utilization 74%  76%  82%  84%  94%
Fleet available days 1,969   1,775   1,748   1,748   1,729 
Out-of-service days for repairs, maintenance and drydockings 203   238   124   111   58 
Out-of-service days for cold-stacked status(3) 91   91   92   54    
Operating Revenues:              
Time charter$27,047  $20,555  $21,791  $22,528  $24,414 
Other marine services 1,028   169   189   1,943   225 
  28,075   20,724   21,980   24,471   24,639 
Direct Costs and Expenses:              
Operating:              
Personnel 4,969   5,181   6,007   5,089   4,833 
Repairs and maintenance 3,161   3,209   2,807   2,214   2,050 
Drydocking 1,226   2,032   1,298   320   144 
Insurance and loss reserves 819   334   416   573   420 
Fuel, lubes and supplies 1,170   1,287   623   2,573   1,419 
Other 2,801   2,199   2,267   2,448   2,608 
  14,146   14,242   13,418   13,217   11,474 
Direct Vessel Profit(1)$13,929  $6,482  $8,562  $11,254  $13,165 
Other Costs and Expenses:              
Lease expense$172  $178  $289  $372  $408 
Depreciation and amortization 4,565   3,915   3,747   3,821   3,853 

  ________________________

(1)See full description of footnote above.
(2)Includes one liftboat cold-stacked in this region as of June 30, 2024.
(3)Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024.
  


SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
 
  
 Three Months Ended 
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
Middle East and Asia              
Time Charter Statistics:              
Average rates per day worked$17,083  $16,934  $17,590  $16,313  $13,245 
Fleet utilization 82%  71%  69%  67%  86%
Fleet available days 1,296   1,365   1,461   1,472   1,456 
Out-of-service days for repairs, maintenance and drydockings 168   224   360   297   58 
Operating Revenues:              
Time charter$18,073  $16,477  $17,729  $16,087  $16,563 
Other marine services 619   350   539   267   3,512 
  18,692   16,827   18,268   16,354   20,075 
Direct Costs and Expenses:              
Operating:              
Personnel 6,930   5,963   5,522   5,157   5,266 
Repairs and maintenance 3,443   2,712   2,590   2,623   1,219 
Drydocking 707   1,483   624   1,056   (684)
Insurance and loss reserves 798   618   1,022   711   720 
Fuel, lubes and supplies 1,103   1,198   1,242   743   425 
Other 989   1,000   1,133   943   389 
  13,970   12,974   12,133   11,233   7,335 
Direct Vessel Profit(1)$4,722  $3,853  $6,135  $5,121  $12,740 
Other Costs and Expenses:              
Lease expense$71  $85  $158  $59  $67 
Depreciation and amortization 3,247   3,496   3,643   3,721   3,708 
               
Latin America              
Time Charter Statistics:              
Average rates per day worked$22,437  $28,308  $20,745  $20,656  $18,846 
Fleet utilization 71%  58%  84%  87%  88%
Fleet available days(2) 808   938   809   766   831 
Out-of-service days for repairs, maintenance and drydockings 41   1      67   79 
Operating Revenues:              
Time charter$12,832  $15,274  $14,049  $13,817  $13,706 
Bareboat charter 364   364   368   368   364 
Other marine services 1,727   1,598   143   176   410 
  14,923   17,236   14,560   14,361   14,480 
Direct Costs and Expenses:              
Operating:              
Personnel 3,383   4,745   3,645   2,985   3,888 
Repairs and maintenance 1,761   2,438   1,388   1,021   951 
Drydocking 1,707   1,223   336   (70)  1,290 
Insurance and loss reserves 539   390   209   217   168 
Fuel, lubes and supplies 827   1,371   786   773   870 
Other 419   671   522   367   366 
  8,636   10,838   6,886   5,293   7,533 
Direct Vessel Profit(1)$6,287  $6,398  $7,674  $9,068  $6,947 
Other Costs and Expenses:              
Lease expense$102  $80  $91  $104  $80 
Depreciation and amortization 1,933   2,721   2,153   2,110   2,153 

________________________

(1)See full description of footnote above.
(2)Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
  


SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
 
 Three Months Ended
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
AHTS              
Time Charter Statistics:              
Average rates per day worked$8,125  $8,538  $8,937  $9,947  $8,916 
Fleet utilization 49%  75%  64%  50%  85%
Fleet available days 364   364   368   368   364 
Out-of-service days for repairs, maintenance and drydockings 29      41   111   13 
Out-of-service days for cold-stacked status 91   91   92   54    
Operating Revenues:              
Time charter$1,459  $2,331  $2,102  $1,831  $2,762 
Other marine services 219      6   930    
  1,678   2,331   2,108   2,761   2,762 
Direct Costs and Expenses:              
Operating:              
Personnel$1,045  $1,064  $944  $1,019  $1,069 
Repairs and maintenance 465   220   612   484   186 
Drydocking 280   68   58   747   131 
Insurance and loss reserves 97   43   73   88   78 
Fuel, lubes and supplies 69   616   375   428   192 
Other 230   287   295   378   329 
  2,186   2,298   2,357   3,144   1,985 
Other Costs and Expenses:              
Lease expense$164  $171  $253  $331  $332 
Depreciation and amortization 175   175   175   249   298 
               
FSV              
Time Charter Statistics:              
Average rates per day worked$12,978  $11,834  $11,841  $11,441  $11,314 
Fleet utilization 80%  72%  74%  79%  92%
Fleet available days 2,002   2,002   2,105   2,116   2,093 
Out-of-service days for repairs, maintenance and drydockings 128   216   337   227   86 
Out-of-service days for cold-stacked status 36   91   92   69   82 
Operating Revenues:              
Time charter$20,698  $17,081  $18,502  $19,135  $21,747 
Other marine services 516   126   163   652   71 
  21,214   17,207   18,665   19,787   21,818 
Direct Costs and Expenses:              
Operating:              
Personnel$5,829  $5,649  $5,320  $5,144  $5,083 
Repairs and maintenance 4,572   3,093   2,691   2,787   1,134 
Drydocking 457   1,869   1,710   870   1,342 
Insurance and loss reserves 546   277   507   185   337 
Fuel, lubes and supplies 993   1,051   1,441   1,501   1,108 
Other 1,850   1,649   1,632   1,552   1,536 
  14,247   13,588   13,301   12,039   10,540 
Other Costs and Expenses:              
Depreciation and amortization$4,746  $4,744  $4,879  $5,002  $4,952 



SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
  
 Three Months Ended
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
PSV              
Time Charter Statistics:              
Average rates per day worked$20,952  $19,133  $19,778  $19,528  $17,545 
Fleet utilization 66%  53%  77%  78%  80%
Fleet available days (1) 1,900   1,911   1,902   1,870   1,820 
Out-of-service days for repairs, maintenance and drydockings 291   307   109   110   92 
Operating Revenues:              
Time charter$26,390  $19,390  $29,140  $28,580  $25,458 
Bareboat charter 364   364   368   368   364 
Other marine services 2,266   416   595   696   584 
  29,020   20,170   30,103   29,644   26,406 
Direct Costs and Expenses:              
Operating:              
Personnel$8,979  $8,850  $9,017  $8,793  $8,738 
Repairs and maintenance 3,151   4,393   3,520   2,504   2,998 
Drydocking 2,616   3,386   472   232   12 
Insurance and loss reserves 1,037   395   690   682   421 
Fuel, lubes and supplies 1,575   1,889   1,027   2,352   2,124 
Other 1,850   1,395   1,922   1,761   1,405 
  19,208   20,308   16,648   16,324   15,698 
Other Costs and Expenses:              
Lease expense$3  $  $  $  $ 
Depreciation and amortization 4,128   4,073   4,073   4,073   4,072 

________________________

(1)Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
  




SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
 
 Three Months Ended
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
Liftboats              
Time Charter Statistics:              
Average rates per day worked$43,204  $53,506  $40,181  $39,419  $35,623 
Fleet utilization 54%  53%  52%  59%  37%
Fleet available days 728   728   795   828   819 
Out-of-service days for repairs, maintenance and drydockings 143   78   60   111   233 
Out-of-service days for cold-stacked status 91   91   162   137   91 
Operating Revenues:              
Time charter$17,102  $20,461  $16,754  $19,122  $10,837 
Other marine services 666   1,772   4,666   4,710   5,495 
  17,768   22,233   21,420   23,832   16,332 
Direct Costs and Expenses:              
Operating:              
Personnel$6,842  $6,140  $5,316  $4,983  $5,065 
Repairs and maintenance 2,054   2,035   769   1,643   1,472 
Drydocking 2,857   1,383   321   (81)  849 
Insurance and loss reserves 1,482   1,282   1,554   1,148   1,418 
Fuel, lubes and supplies 1,329   967   838   766   219 
Other 519   343   531   445   441 
  15,083   12,150   9,329   8,904   9,464 
Other Costs and Expenses:              
Depreciation and amortization 3,865   3,866   3,867   4,099   4,215 
               
Other Activity              
Operating Revenues:              
Other marine services$187  $829  $787  $876  $1,001 
  187   829   787   876   1,001 
Direct Costs and Expenses:              
Operating:              
Personnel$(1,129) $(33) $1,483  $4  $(11)
Repairs and maintenance 2   22   12      3 
Drydocking             (78)
Insurance and loss reserves (63)  (259)  120   (270)  136 
Fuel, lubes and supplies       2      (5)
Other (14)  25   17   (3)  (2)
  (1,204)  (245)  1,634   (269)  43 
Other Costs and Expenses:              
Lease expense$319  $310  $426  $320  $366 
Depreciation and amortization 25   24   28   39   38 



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
ASSETS              
Current Assets:              
Cash and cash equivalents$40,605  $59,593  $67,455  $55,840  $40,750 
Restricted cash 2,255   2,566   16,676   2,796   2,796 
Receivables:              
Trade, net of allowance for credit loss 70,770   58,272   63,728   63,246   60,022 
Other 6,210   12,210   11,049   8,662   12,032 
Note receivable             5,000 
Tax receivable 983   983   983   445   445 
Inventories 3,117   2,516   1,609   1,738   1,653 
Prepaid expenses and other 5,659   3,425   2,686   2,957   3,112 
Assets held for sale 500   500   500   6,093    
Total current assets 130,099   140,065   164,686   141,777   125,810 
Property and Equipment:              
Historical cost 921,443   919,139   918,823   936,520   966,338 
Accumulated depreciation (349,799)  (337,001)  (324,141)  (318,549)  (334,678)
  571,644   582,138   594,682   617,971   631,660 
Construction in progress 11,518   13,410   10,362   9,413   8,876 
Net property and equipment 583,162   595,548   605,044   627,384   640,536 
Right-of-use asset - operating leases 3,683   3,988   4,291   4,907   5,703 
Right-of-use asset - finance leases 28   29   37   45   6,495 
Investments, at equity, and advances to 50% or less owned companies 2,641   3,122   4,125   3,857   3,253 
Other assets 1,953   2,094   2,153   2,095   2,139 
Total assets$721,566  $744,846  $780,336  $780,065  $783,936 
LIABILITIES AND EQUITY              
Current Liabilities:              
Current portion of operating lease liabilities$861  $1,285  $1,591  $1,856  $1,792 
Current portion of finance lease liabilities 26   33   35   35   611 
Current portion of long-term debt 28,605   28,605   28,365   28,005   63,959 
Accounts payable 17,790   23,453   27,562   32,468   39,013 
Other current liabilities 23,795   21,067   19,533   21,340   21,027 
Total current liabilities 71,077   74,443   77,086   83,704   126,402 
Long-term operating lease liabilities 3,276   3,390   3,529   3,571   4,030 
Long-term finance lease liabilities 5      6   15   6,462 
Long-term debt 277,740   281,989   287,544   291,843   243,960 
Deferred income taxes 30,083   33,873   35,718   33,078   34,038 
Deferred gains and other liabilities 1,447   2,285   2,229   2,217   2,189 
Total liabilities 383,628   395,980   406,112   414,428   417,081 
Equity:              
SEACOR Marine Holdings Inc. stockholders’ equity:              
Common stock 286   286   280   280   280 
Additional paid-in capital 476,020   474,433   472,692   471,158   469,618 
Accumulated deficit (138,028)  (125,609)  (102,425)  (108,154)  (107,271)
Shares held in treasury (8,110)  (8,071)  (4,221)  (4,221)  (4,221)
Accumulated other comprehensive income, net of tax 7,449   7,506   7,577   6,253   8,128 
  337,617   348,545   373,903   365,316   366,534 
Noncontrolling interests in subsidiaries 321   321   321   321   321 
Total equity 337,938   348,866   374,224   365,637   366,855 
Total liabilities and equity$721,566  $744,846  $780,336  $780,065  $783,936 



SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
    Three Months Ended
 Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  Jun. 30, 2023 
Cash Flows from Operating Activities:              
Net (Loss) Income$(12,483) $(23,069) $5,729  $(883) $(4,571)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:              
Depreciation and amortization 12,939   12,882   13,022   13,462   13,575 
Deferred financing costs amortization 297   295   279   459   423 
Stock-based compensation expense 1,587   1,645   1,510   1,540   1,723 
Debt discount amortization 1,993   1,926   1,862   1,714   1,627 
Allowance for credit losses 39   3   266   594   2,763 
(Gain) loss from equipment sales, retirements or impairments (37)  1   (18,057)  512   (265)
Losses on debt extinguishment          177    
Derivative (gains) losses (104)  543   (608)      
Interest on finance lease 1      1   59   70 
Settlements on derivative transactions, net    164      197   226 
Currency losses (gains) 560   80   1,276   (571)  603 
Deferred income taxes (3,790)  (1,845)  2,640   (960)  (5,082)
Equity (earnings) losses (966)  1,100   (374)  (2,273)  (373)
Dividends received from equity investees 1,418      166   1,031   1,044 
Changes in Operating Assets and Liabilities:              
Accounts receivables (6,928)  4,291   (3,472)  (747)  (3,139)
Other assets (2,395)  (1,290)  733   493   1,017 
Accounts payable and accrued liabilities (4,378)  (3,895)  (6,456)  (7,705)  (5,758)
Net cash (used in) provided by operating activities (12,247)  (7,169)  (1,483)  7,099   3,883 
Cash Flows from Investing Activities:              
Purchases of property and equipment (658)  (3,416)  (3,644)  (6,455)  (35)
Proceeds from disposition of property and equipment 86      36,692      427 
Net investing activities in property and equipment (572)  (3,416)  33,048   (6,455)  392 
Principal payments on notes due from others          5,000   5,000 
Net cash (used in) provided by investing activities (572)  (3,416)  33,048   (1,455)  5,392 
Cash Flows from Financing Activities:              
Payments on long-term debt (6,533)  (7,530)  (6,173)  (4,901)  (9,483)
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)  (9)  (204)  (204)
Proceeds from issuance of common stock, net of issue costs       24       
Proceeds from exercise of stock options 102             
Tax withholdings on restricted stock vesting (39)  (3,850)        (102)
Net cash (used in) provided by financing activities (6,479)  (11,389)  (6,071)  9,443   (9,380)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents (1)  2   1   3   (1)
Net Change in Cash, Restricted Cash and Cash Equivalents (19,299)  (21,972)  25,495   15,090   (106)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period 62,159   84,131   58,636   43,546   43,652 
Cash, Restricted Cash and Cash Equivalents, End of Period$42,860  $62,159  $84,131  $58,636  $43,546 



SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
 
  Owned  Leased-in  Managed  Total 
June 30, 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