SEACOR Marine Announces Fourth Quarter 2022 Results
HOUSTON, March 06, 2023 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2022.
SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.
Notable fourth quarter items include:
- Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
- Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
- 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
- DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.
For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.
Chief Executive Officer John Gellert commented:
“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.
The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.
The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.
I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”
___________________
| (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 December 31, | Year ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating Revenues | $ | 57,926 | $ | 47,967 | $ | 217,325 | $ | 170,941 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 44,338 | 35,036 | 171,985 | 127,406 | ||||||||||||
| Administrative and general | 10,799 | 10,742 | 40,911 | 37,639 | ||||||||||||
| Lease expense | 633 | 2,664 | 3,869 | 6,085 | ||||||||||||
| Depreciation and amortization | 13,624 | 14,198 | 55,957 | 57,395 | ||||||||||||
| 69,394 | 62,640 | 272,722 | 228,525 | |||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 1,017 | — | 1,398 | 20,436 | ||||||||||||
| Operating Loss | (10,451 | ) | (14,673 | ) | (53,999 | ) | (37,148 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 688 | 57 | 784 | 1,302 | ||||||||||||
| Interest expense | (8,456 | ) | (6,380 | ) | (29,706 | ) | (28,111 | ) | ||||||||
| SEACOR Holdings guarantee fees | — | — | — | (7 | ) | |||||||||||
| Gain on debt extinguishment | 10,429 | — | 10,429 | 61,994 | ||||||||||||
| Derivative gains, net | — | 4 | — | 391 | ||||||||||||
| Foreign currency (losses) gains, net | (2,646 | ) | (357 | ) | 1,659 | (1,235 | ) | |||||||||
| Gain from return of investments in 50% or less owned companies and other, net | 137 | — | 755 | 9,441 | ||||||||||||
| 152 | (6,676 | ) | (16,079 | ) | 43,775 | |||||||||||
| (Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | (10,299 | ) | (21,349 | ) | (70,078 | ) | 6,627 | |||||||||
| Income Tax Expense (Benefit) | 4,219 | (1,009 | ) | 8,582 | 11,493 | |||||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (14,518 | ) | (20,340 | ) | (78,660 | ) | (4,866 | ) | ||||||||
| Equity in Earnings of 50% or Less Owned Companies | 1,176 | 4,494 | 7,011 | 15,078 | ||||||||||||
| (Loss) Income from Continuing Operations | (13,342 | ) | (15,846 | ) | (71,649 | ) | 10,212 | |||||||||
| Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) | — | — | — | 22,925 | ||||||||||||
| Net (Loss) Income | (13,342 | ) | (15,846 | ) | (71,649 | ) | 33,137 | |||||||||
| Net Income Attributable to Noncontrolling Interests in Subsidiaries | — | — | 1 | 1 | ||||||||||||
| Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ | (13,342 | ) | $ | (15,846 | ) | $ | (71,650 | ) | $ | 33,136 | |||||
| Net (Loss) Income Per Share from Continuing Operations: | ||||||||||||||||
| Basic | $ | (0.50 | ) | $ | (0.62 | ) | $ | (2.69 | ) | $ | 0.40 | |||||
| Diluted | (0.50 | ) | (0.62 | ) | (2.69 | ) | 0.40 | |||||||||
| Net Earnings Per Share from Discontinued Operations: | ||||||||||||||||
| Basic | $ | — | $ | — | $ | — | $ | 0.90 | ||||||||
| Diluted | — | — | — | 0.90 | ||||||||||||
| Net (Loss) Earnings Per Share: | ||||||||||||||||
| Basic | $ | (0.50 | ) | $ | (0.62 | ) | $ | (2.69 | ) | $ | 1.30 | |||||
| Diluted | $ | (0.50 | ) | $ | (0.62 | ) | $ | (2.69 | ) | $ | 1.30 | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 26,727,864 | 25,520,034 | 26,626,179 | 25,444,693 | ||||||||||||
| Diluted | 26,727,864 | 25,520,034 | 26,626,179 | 25,495,527 | ||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average Rates Per Day | $ | 13,794 | $ | 13,340 | $ | 12,149 | $ | 11,312 | $ | 11,376 | ||||||||||
| Fleet Utilization | 76 | % | 79 | % | 77 | % | 70 | % | 73 | % | ||||||||||
| Fleet Available Days | 5,244 | 5,336 | 5,311 | 5,400 | 5,060 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 54,789 | $ | 56,500 | $ | 49,504 | $ | 42,741 | $ | 42,289 | ||||||||||
| Bareboat charter | 376 | 332 | 48 | 618 | 2,870 | |||||||||||||||
| Other marine services | 2,761 | 2,959 | 4,465 | 2,232 | 2,808 | |||||||||||||||
| 57,926 | 59,791 | 54,017 | 45,591 | 47,967 | ||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 20,849 | 20,152 | 18,346 | 18,435 | 17,098 | |||||||||||||||
| Repairs and maintenance | 8,948 | 7,377 | 8,380 | 6,791 | 6,782 | |||||||||||||||
| Drydocking | 1,667 | 5,046 | 6,474 | 4,973 | 567 | |||||||||||||||
| Insurance and loss reserves | 3,381 | 2,850 | 2,545 | 1,186 | 1,859 | |||||||||||||||
| Fuel, lubes and supplies | 5,794 | 5,416 | 4,350 | 3,729 | 3,254 | |||||||||||||||
| Other | 3,699 | 3,165 | 4,050 | 4,382 | 5,476 | |||||||||||||||
| 44,338 | 44,006 | 44,145 | 39,496 | 35,036 | ||||||||||||||||
| Direct Vessel Profit(1) | 13,588 | 15,785 | 9,872 | 6,095 | 12,931 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | 633 | 1,168 | 1,008 | 1,060 | 2,664 | |||||||||||||||
| Administrative and general | 10,799 | 9,978 | 10,210 | 9,924 | 10,742 | |||||||||||||||
| Depreciation and amortization | 13,624 | 13,754 | 14,208 | 14,371 | 14,198 | |||||||||||||||
| 25,056 | 24,900 | 25,426 | 25,355 | 27,604 | ||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 1,017 | (1,783 | ) | 25 | 2,139 | — | ||||||||||||||
| Operating Loss | (10,451 | ) | (10,898 | ) | (15,529 | ) | (17,121 | ) | (14,673 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 688 | (123 | ) | 190 | 29 | 57 | ||||||||||||||
| Interest expense | (8,456 | ) | (7,634 | ) | (6,989 | ) | (6,627 | ) | (6,380 | ) | ||||||||||
| Derivative gains (losses), net | — | 1 | 33 | (34 | ) | 4 | ||||||||||||||
| Gain on debt extinguishment | 10,429 | — | — | — | — | |||||||||||||||
| Foreign currency (losses) gains, net | (2,646 | ) | 2,314 | 1,170 | 821 | (357 | ) | |||||||||||||
| Gain (Loss) from return of investments in 50% or less owned companies and other, net | 137 | 659 | (41 | ) | — | — | ||||||||||||||
| 152 | (4,783 | ) | (5,637 | ) | (5,811 | ) | (6,676 | ) | ||||||||||||
| Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | (10,299 | ) | (15,681 | ) | (21,166 | ) | (22,932 | ) | (21,349 | ) | ||||||||||
| Income Tax Expense (Benefit) | 4,219 | 8,418 | (1,634 | ) | (2,421 | ) | (1,009 | ) | ||||||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (14,518 | ) | (24,099 | ) | (19,532 | ) | (20,511 | ) | (20,340 | ) | ||||||||||
| Equity in Earnings Gains (Losses) of 50% or Less Owned Companies | 1,176 | (254 | ) | 415 | 5,674 | 4,494 | ||||||||||||||
| Loss from Continuing Operations | (13,342 | ) | (24,353 | ) | (19,117 | ) | (14,837 | ) | (15,846 | ) | ||||||||||
| Net Loss | (13,342 | ) | (24,353 | ) | (19,117 | ) | (14,837 | ) | (15,846 | ) | ||||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries | — | (2 | ) | 3 | — | — | ||||||||||||||
| Net Loss Attributable to SEACOR Marine Holdings Inc. | $ | (13,342 | ) | $ | (24,351 | ) | $ | (19,120 | ) | $ | (14,837 | ) | $ | (15,846 | ) | |||||
| Net Loss Per Share from Continuing Operations: | ||||||||||||||||||||
| Basic | $ | (0.50 | ) | $ | (0.91 | ) | $ | (0.72 | ) | $ | (0.56 | ) | $ | (0.62 | ) | |||||
| Diluted | (0.50 | ) | (0.91 | ) | (0.72 | ) | (0.56 | ) | (0.62 | ) | ||||||||||
| Net Loss Per Share: | ||||||||||||||||||||
| Basic | $ | (0.50 | ) | $ | (0.91 | ) | $ | (0.72 | ) | $ | (0.56 | ) | $ | (0.62 | ) | |||||
| Diluted | $ | (0.50 | ) | $ | (0.91 | ) | $ | (0.72 | ) | $ | (0.56 | ) | $ | (0.62 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||||||
| Basic | 26,728 | 26,728 | 26,665 | 26,379 | 25,520 | |||||||||||||||
| Diluted | 26,728 | 26,728 | 26,665 | 26,379 | 25,520 | |||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 28,142 | 28,142 | 28,145 | 28,083 | 27,432 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| United States, primarily Gulf of Mexico | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 22,563 | $ | 21,551 | $ | 17,792 | $ | 15,595 | $ | 15,496 | ||||||||||
| Fleet utilization | 57 | % | 58 | % | 43 | % | 38 | % | 33 | % | ||||||||||
| Fleet available days | 1,288 | 1,363 | 1,277 | 1,314 | 1,043 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 108 | 199 | 284 | 205 | 95 | |||||||||||||||
| Out-of-service days for cold-stacked status | 242 | 259 | 313 | 404 | 399 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 16,574 | $ | 17,075 | $ | 9,759 | $ | 7,864 | $ | 5,290 | ||||||||||
| Bareboat charter | — | — | — | — | 386 | |||||||||||||||
| Other marine services | 2,916 | 2,161 | 2,399 | 2,052 | 1,119 | |||||||||||||||
| 19,490 | 19,236 | 12,158 | 9,916 | 6,795 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 7,262 | 7,243 | 5,773 | 4,923 | 3,136 | |||||||||||||||
| Repairs and maintenance | 2,666 | 2,002 | 1,280 | 1,101 | 1,085 | |||||||||||||||
| Drydocking | 472 | 1,549 | 4,090 | 2,867 | 191 | |||||||||||||||
| Insurance and loss reserves | 2,022 | 1,382 | 1,198 | 229 | 720 | |||||||||||||||
| Fuel, lubes and supplies | 746 | 1,143 | 794 | 662 | 501 | |||||||||||||||
| Other | 416 | 314 | 281 | 224 | 200 | |||||||||||||||
| 13,584 | 13,633 | 13,416 | 10,006 | 5,833 | ||||||||||||||||
| Direct Vessel Profit (Loss)(1) | $ | 5,906 | $ | 5,603 | $ | (1,258 | ) | $ | (90 | ) | $ | 962 | ||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 138 | $ | 278 | $ | 295 | $ | 287 | $ | 633 | ||||||||||
| Depreciation and amortization | 3,912 | 4,332 | 4,562 | 4,638 | 4,325 | |||||||||||||||
| Africa and Europe, Continuing Operations | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 11,241 | $ | 11,813 | $ | 11,279 | $ | 10,006 | $ | 9,530 | ||||||||||
| Fleet utilization | 82 | % | 91 | % | 85 | % | 82 | % | 88 | % | ||||||||||
| Fleet available days | 1,656 | 1,629 | 1,567 | 1,499 | 1,411 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 125 | 37 | 58 | 163 | 79 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 15,299 | $ | 17,551 | $ | 14,930 | $ | 12,280 | $ | 11,883 | ||||||||||
| Other marine services | (679 | ) | 60 | 1,072 | (616 | ) | (416 | ) | ||||||||||||
| 14,620 | 17,611 | 16,002 | 11,664 | 11,467 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 4,680 | 4,694 | 3,526 | 3,536 | 3,283 | |||||||||||||||
| Repairs and maintenance | 2,902 | 2,110 | 2,638 | 1,579 | 1,846 | |||||||||||||||
| Drydocking | 678 | 383 | 134 | 1,144 | 144 | |||||||||||||||
| Insurance and loss reserves | 366 | 359 | 329 | 124 | 245 | |||||||||||||||
| Fuel, lubes and supplies | 2,775 | 2,284 | 1,490 | 1,473 | 1,019 | |||||||||||||||
| Other | 1,896 | 1,580 | 1,871 | 1,828 | 1,740 | |||||||||||||||
| 13,297 | 11,410 | 9,988 | 9,684 | 8,277 | ||||||||||||||||
| Direct Vessel Profit(1) | $ | 1,323 | $ | 6,201 | $ | 6,014 | $ | 1,980 | $ | 3,190 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 378 | $ | 455 | $ | 456 | $ | 402 | $ | 371 | ||||||||||
| Depreciation and amortization | 3,683 | 3,461 | 3,306 | 3,258 | 2,948 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 11,090 | $ | 9,507 | $ | 9,673 | $ | 9,882 | $ | 9,612 | ||||||||||
| Fleet utilization | 75 | % | 79 | % | 87 | % | 77 | % | 81 | % | ||||||||||
| Fleet available days | 1,533 | 1,564 | 1,651 | 1,800 | 1,717 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 132 | 252 | 160 | 153 | 38 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 90 | 178 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 12,802 | $ | 11,712 | $ | 13,906 | $ | 13,660 | $ | 13,402 | ||||||||||
| Other marine services | (66 | ) | 319 | 460 | 49 | 50 | ||||||||||||||
| 12,736 | 12,031 | 14,366 | 13,709 | 13,452 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,270 | 5,384 | 5,691 | 6,031 | 5,756 | |||||||||||||||
| Repairs and maintenance | 1,958 | 1,776 | 2,545 | 1,832 | 1,382 | |||||||||||||||
| Drydocking | 244 | 3,113 | 2,250 | 962 | 232 | |||||||||||||||
| Insurance and loss reserves | 821 | 762 | 748 | 507 | 611 | |||||||||||||||
| Fuel, lubes and supplies | 1,335 | 1,426 | 1,318 | 1,010 | 1,042 | |||||||||||||||
| Other | 915 | 878 | 1,213 | 1,627 | 2,148 | |||||||||||||||
| 10,543 | 13,339 | 13,765 | 11,969 | 11,171 | ||||||||||||||||
| Direct Vessel (Loss) Profit(1) | $ | 2,193 | $ | (1,308 | ) | $ | 601 | $ | 1,740 | $ | 2,281 | |||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 52 | $ | 35 | $ | 38 | $ | 31 | $ | 38 | ||||||||||
| Depreciation and amortization | 3,783 | 3,974 | 4,229 | 4,345 | 4,156 | |||||||||||||||
| Latin America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 14,009 | $ | 14,010 | $ | 14,263 | $ | 13,450 | $ | 15,944 | ||||||||||
| Fleet utilization | 94 | % | 93 | % | 94 | % | 85 | % | 83 | % | ||||||||||
| Fleet available days | 767 | 780 | 816 | 787 | 889 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 14 | 12 | 6 | 59 | 113 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 10,114 | $ | 10,162 | $ | 10,909 | $ | 8,937 | $ | 11,714 | ||||||||||
| Bareboat charter | 376 | 332 | 48 | 618 | 2,484 | |||||||||||||||
| Other marine services | 590 | 419 | 534 | 747 | 2,055 | |||||||||||||||
| 11,080 | 10,913 | 11,491 | 10,302 | 16,253 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 3,637 | 2,831 | 3,356 | 3,945 | 4,923 | |||||||||||||||
| Repairs and maintenance | 1,422 | 1,489 | 1,917 | 2,279 | 2,469 | |||||||||||||||
| Drydocking | 273 | 1 | — | — | — | |||||||||||||||
| Insurance and loss reserves | 172 | 347 | 270 | 326 | 283 | |||||||||||||||
| Fuel, lubes and supplies | 938 | 563 | 748 | 584 | 692 | |||||||||||||||
| Other | 472 | 393 | 685 | 703 | 1,388 | |||||||||||||||
| 6,914 | 5,624 | 6,976 | 7,837 | 9,755 | ||||||||||||||||
| Direct Vessel Profit(1) | $ | 4,166 | $ | 5,289 | $ | 4,515 | $ | 2,465 | $ | 6,498 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 65 | $ | 400 | $ | 219 | $ | 340 | $ | 1,622 | ||||||||||
| ‘Depreciation and amortization | 2,246 | 1,987 | 2,111 | 2,130 | 2,769 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| Anchor handling towing supply | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,254 | $ | 8,848 | $ | 8,887 | $ | 8,908 | $ | 8,069 | ||||||||||
| Fleet utilization | 80 | % | 67 | % | 66 | % | 66 | % | 66 | % | ||||||||||
| Fleet available days | 460 | 552 | 546 | 540 | 552 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | 92 | 56 | 2 | 14 | |||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 92 | 131 | 180 | 92 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 3,406 | $ | 3,256 | $ | 3,191 | $ | 3,188 | $ | 2,926 | ||||||||||
| Other marine services | (168 | ) | (183 | ) | (143 | ) | (160 | ) | (129 | ) | ||||||||||
| 3,238 | 3,073 | 3,048 | 3,028 | 2,797 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 1,220 | $ | 1,022 | $ | 1,050 | $ | 1,136 | $ | 1,389 | ||||||||||
| Repairs and maintenance | 331 | 304 | 566 | 293 | 608 | |||||||||||||||
| Drydocking | 6 | 28 | (30 | ) | (7 | ) | 1 | |||||||||||||
| Insurance and loss reserves | 94 | 150 | 146 | (137 | ) | 148 | ||||||||||||||
| Fuel, lubes and supplies | 259 | 399 | 215 | 144 | 321 | |||||||||||||||
| Other | 283 | 228 | 435 | 439 | 556 | |||||||||||||||
| 2,193 | 2,131 | 2,382 | 1,868 | 3,023 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 300 | $ | 450 | $ | 450 | $ | 449 | $ | 353 | ||||||||||
| Depreciation and amortization | 300 | 494 | 495 | 494 | 495 | |||||||||||||||
| Fast support | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,905 | $ | 9,907 | $ | 9,201 | $ | 8,621 | $ | 8,464 | ||||||||||
| Fleet utilization | 86 | % | 90 | % | 85 | % | 80 | % | 79 | % | ||||||||||
| Fleet available days | 2,116 | 2,116 | 2,126 | 2,160 | 2,208 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 146 | 103 | 108 | 167 | 137 | |||||||||||||||
| Out-of-service days for cold-stacked status | 58 | 75 | 91 | 90 | 92 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 18,062 | $ | 18,837 | $ | 16,525 | $ | 14,900 | $ | 14,857 | ||||||||||
| Bareboat charter | — | — | — | — | 386 | |||||||||||||||
| Other marine services | (224 | ) | (15 | ) | (174 | ) | (254 | ) | (380 | ) | ||||||||||
| 17,838 | 18,822 | 16,351 | 14,646 | 14,863 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,140 | $ | 5,289 | $ | 4,880 | $ | 5,070 | $ | 5,581 | ||||||||||
| Repairs and maintenance | 2,957 | 2,738 | 2,458 | 1,800 | 2,151 | |||||||||||||||
| Drydocking | 1,434 | 656 | (201 | ) | 1,277 | 494 | ||||||||||||||
| Insurance and loss reserves | 453 | 410 | 372 | 260 | 390 | |||||||||||||||
| Fuel, lubes and supplies | 1,797 | 1,572 | 1,187 | 1,544 | 1,355 | |||||||||||||||
| Other | 1,638 | 1,284 | 1,311 | 1,941 | 2,156 | |||||||||||||||
| 13,419 | 11,949 | 10,007 | 11,892 | 12,127 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | — | $ | 353 | ||||||||||
| Depreciation and amortization | 4,972 | 4,972 | 5,010 | 4,945 | 4,929 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| PSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 13,519 | $ | 13,772 | $ | 13,422 | $ | 12,188 | $ | 11,586 | ||||||||||
| Fleet utilization | 69 | % | 78 | % | 86 | % | 72 | % | 79 | % | ||||||||||
| Fleet available days | 1,840 | 1,840 | 1,820 | 1,800 | 1,380 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 142 | 152 | 26 | 233 | 117 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | — | 117 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 17,194 | $ | 19,687 | $ | 20,983 | $ | 15,823 | $ | 12,675 | ||||||||||
| Bareboat charter | 376 | 332 | 48 | 618 | — | |||||||||||||||
| Other marine services | 222 | 720 | 575 | 44 | 410 | |||||||||||||||
| 17,792 | 20,739 | 21,606 | 16,485 | 13,085 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 8,961 | $ | 8,427 | $ | 7,889 | $ | 8,193 | $ | 6,141 | ||||||||||
| Repairs and maintenance | 2,998 | 2,839 | 3,184 | 3,701 | 2,191 | |||||||||||||||
| Drydocking | 770 | 1,025 | (32 | ) | 1,302 | — | ||||||||||||||
| Insurance and loss reserves | 552 | 734 | 551 | 428 | 280 | |||||||||||||||
| Fuel, lubes and supplies | 2,842 | 2,038 | 1,701 | 1,434 | 998 | |||||||||||||||
| Other | 1,420 | 1,275 | 1,631 | 1,348 | 1,957 | |||||||||||||||
| 17,543 | 16,338 | 14,924 | 16,406 | 11,567 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | 332 | $ | 154 | $ | 291 | $ | — | ||||||||||
| Depreciation and amortization | 4,099 | 3,810 | 3,785 | 3,786 | 3,155 | |||||||||||||||
| Specialty | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Fleet available days | — | — | — | 90 | 92 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 90 | 92 | |||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | — | $ | — | $ | — | $ | 1 | $ | 6 | ||||||||||
| Repairs and maintenance | — | — | — | — | (28 | ) | ||||||||||||||
| Insurance and loss reserves | — | — | — | 2 | 1 | |||||||||||||||
| Fuel, lubes and supplies | — | — | — | 2 | 2 | |||||||||||||||
| Other | — | — | — | 11 | 18 | |||||||||||||||
| — | — | — | 16 | (1 | ) | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| Liftboats | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 31,717 | $ | 27,447 | $ | 24,712 | $ | 22,416 | $ | 23,409 | ||||||||||
| Fleet utilization | 61 | % | 65 | % | 44 | % | 49 | % | 61 | % | ||||||||||
| Fleet available days | 828 | 828 | 819 | 810 | 828 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 90 | 154 | 318 | 179 | 58 | |||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 92 | 91 | 134 | 184 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 16,127 | $ | 14,720 | $ | 8,805 | $ | 8,830 | $ | 11,831 | ||||||||||
| Bareboat charter | — | — | — | — | 2,484 | |||||||||||||||
| Other marine services | 1,842 | 1,421 | 3,283 | 1,463 | 1,121 | |||||||||||||||
| 17,969 | 16,141 | 12,088 | 10,293 | 15,436 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,520 | $ | 5,419 | $ | 4,515 | $ | 4,035 | $ | 4,068 | ||||||||||
| Repairs and maintenance | 2,674 | 1,560 | 2,132 | 1,012 | 1,859 | |||||||||||||||
| Drydocking | (543 | ) | 3,337 | 6,737 | 2,401 | 72 | ||||||||||||||
| Insurance and loss reserves | 2,271 | 1,552 | 1,548 | 1,215 | 1,070 | |||||||||||||||
| Fuel, lubes and supplies | 896 | 1,408 | 1,230 | 605 | 589 | |||||||||||||||
| Other | 359 | 387 | 655 | 644 | 856 | |||||||||||||||
| 11,177 | 13,663 | 16,817 | 9,912 | 8,514 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | — | $ | 1,569 | ||||||||||
| Depreciation and amortization | 4,210 | 4,429 | 4,870 | 4,964 | 5,171 | |||||||||||||||
| Other Activity | ||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Other marine services | $ | 1,089 | $ | 1,016 | $ | 924 | $ | 1,139 | $ | 1,786 | ||||||||||
| 1,089 | 1,016 | 924 | 1,139 | 1,786 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 8 | $ | (5 | ) | $ | 12 | $ | — | $ | (87 | ) | ||||||||
| Repairs and maintenance | (12 | ) | (64 | ) | 40 | (15 | ) | 1 | ||||||||||||
| Insurance and loss reserves | 11 | 4 | (72 | ) | (582 | ) | (30 | ) | ||||||||||||
| Fuel, lubes and supplies | — | (1 | ) | 17 | — | (11 | ) | |||||||||||||
| Other | (1 | ) | (9 | ) | 18 | (1 | ) | (67 | ) | |||||||||||
| 6 | (75 | ) | 15 | (598 | ) | (194 | ) | |||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 333 | $ | 386 | $ | 404 | $ | 320 | $ | 389 | ||||||||||
| Depreciation and amortization | 43 | 49 | 48 | 182 | 448 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 39,963 | $ | 47,514 | $ | 22,608 | $ | 36,315 | $ | 37,619 | ||||||||||
| Restricted cash | 3,082 | 3,296 | 3,296 | 3,596 | 3,601 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Trade, net of allowance for credit loss accounts | 54,388 | 58,572 | 55,276 | 49,238 | 55,544 | |||||||||||||||
| Other | 7,638 | 6,647 | 7,437 | 8,799 | 6,118 | |||||||||||||||
| Note receivable | 15,000 | 20,000 | — | — | — | |||||||||||||||
| Tax receivable | 578 | 79 | 79 | 1,238 | 1,238 | |||||||||||||||
| Inventories | 2,123 | 2,059 | 1,723 | 1,297 | 928 | |||||||||||||||
| Prepaid expenses and other | 3,054 | 4,700 | 5,391 | 3,724 | 3,730 | |||||||||||||||
| Assets held for sale | 6,750 | 6,000 | — | — | 2,235 | |||||||||||||||
| Total current assets | 132,576 | 148,867 | 95,810 | 104,207 | 111,013 | |||||||||||||||
| Property and Equipment: | ||||||||||||||||||||
| Historical cost | 967,683 | 992,423 | 1,000,147 | 1,006,873 | 1,008,080 | |||||||||||||||
| Accumulated depreciation | (310,778 | ) | (321,898 | ) | (325,091 | ) | (316,444 | ) | (302,328 | ) | ||||||||||
| 656,905 | 670,525 | 675,056 | 690,429 | 705,752 | ||||||||||||||||
| Construction in progress | 8,111 | 8,422 | 15,576 | 15,550 | 15,531 | |||||||||||||||
| Net property and equipment | 665,016 | 678,947 | 690,632 | 705,979 | 721,283 | |||||||||||||||
| Right-of-use asset – operating leases | 6,206 | 4,419 | 5,686 | 6,238 | 6,608 | |||||||||||||||
| Right-of-use asset – finance leases | 6,813 | 6,972 | 7,131 | 7,290 | 100 | |||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 3,024 | 1,901 | 75,923 | 76,860 | 71,727 | |||||||||||||||
| Other assets | 1,995 | 1,887 | 1,932 | 2,057 | 1,771 | |||||||||||||||
| Total assets | $ | 815,630 | $ | 842,993 | $ | 877,114 | $ | 902,631 | $ | 912,502 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 2,358 | $ | 1,792 | $ | 2,010 | $ | 2,073 | $ | 1,986 | ||||||||||
| Current portion of finance lease liabilities | 468 | 374 | 282 | 190 | 33 | |||||||||||||||
| Current portion of long-term debt | 61,512 | 57,567 | 33,398 | 32,708 | 31,602 | |||||||||||||||
| Accounts payable and accrued expenses | 37,954 | 36,248 | 39,262 | 32,585 | 28,419 | |||||||||||||||
| Due to SEACOR Holdings | 264 | 264 | 264 | 264 | 274 | |||||||||||||||
| Other current liabilities | 18,869 | 22,032 | 22,171 | 23,723 | 22,351 | |||||||||||||||
| Total current liabilities | 121,425 | 118,277 | 97,387 | 91,543 | 84,665 | |||||||||||||||
| Long-term operating lease liabilities | 4,739 | 3,759 | 4,026 | 4,420 | 4,885 | |||||||||||||||
| Long-term finance lease liabilities | 6,781 | 6,916 | 7,050 | 7,183 | 76 | |||||||||||||||
| Long-term debt | 260,119 | 282,556 | 318,699 | 326,264 | 332,762 | |||||||||||||||
| Conversion option liability on convertible senior notes | — | — | 1 | 34 | — | |||||||||||||||
| Deferred income taxes | 40,779 | 39,823 | 33,743 | 37,153 | 40,682 | |||||||||||||||
| Deferred gains and other liabilities | 2,641 | 2,692 | 2,701 | 2,990 | 2,891 | |||||||||||||||
| Total liabilities | 436,484 | 454,023 | 463,607 | 469,587 | 465,961 | |||||||||||||||
| Equity: | ||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
| Common stock | 272 | 272 | 272 | 269 | 262 | |||||||||||||||
| Additional paid-in capital | 466,669 | 465,449 | 464,222 | 463,138 | 461,931 | |||||||||||||||
| Accumulated deficit | (93,111 | ) | (79,769 | ) | (55,418 | ) | (37,744 | ) | (22,907 | ) | ||||||||||
| Shares held in treasury | (1,852 | ) | (1,852 | ) | (1,852 | ) | (1,792 | ) | (1,120 | ) | ||||||||||
| Accumulated other comprehensive income, net of tax | 6,847 | 4,549 | 5,960 | 8,853 | 8,055 | |||||||||||||||
| 378,825 | 388,649 | 413,184 | 432,724 | 446,221 | ||||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 323 | 320 | 320 | |||||||||||||||
| Total equity | 379,146 | 388,970 | 413,507 | 433,044 | 446,541 | |||||||||||||||
| Total liabilities and equity | $ | 815,630 | $ | 842,993 | $ | 877,114 | $ | 902,631 | $ | 912,502 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended | ||||||||||||||||||||
| Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||||||||||||||||
| Cash Flows from Continuing Operating Activities: | ||||||||||||||||||||
| Net (Loss) Income | $ | (13,342 | ) | $ | (24,353 | ) | $ | (19,117 | ) | $ | (14,837 | ) | $ | (15,846 | ) | |||||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 13,624 | 13,754 | 14,208 | 14,371 | 14,198 | |||||||||||||||
| Deferred financing costs amortization | (997 | ) | 350 | 364 | 291 | 328 | ||||||||||||||
| Stock-based compensation expense | 1,220 | 1,227 | 1,076 | 1,074 | 1,243 | |||||||||||||||
| Debt discount amortization | 1,449 | 1,817 | 1,736 | 1,691 | 1,614 | |||||||||||||||
| Allowance for credit losses | 11 | (53 | ) | 701 | (170 | ) | 585 | |||||||||||||
| (Gain) loss from equipment sales, retirements or impairments | (1,017 | ) | 1,783 | (25 | ) | (2,139 | ) | — | ||||||||||||
| Gain on debt extinguishment | (12,700 | ) | — | — | — | — | ||||||||||||||
| Derivative (gains) losses | — | (1 | ) | (33 | ) | 34 | (4 | ) | ||||||||||||
| Interest on finance lease | 73 | 73 | 73 | 25 | 1 | |||||||||||||||
| Cash settlement payments on derivative transactions, net | 33 | (131 | ) | (278 | ) | (373 | ) | (403 | ) | |||||||||||
| Currency losses (gains) | 2,646 | (2,314 | ) | (1,170 | ) | (821 | ) | 357 | ||||||||||||
| Deferred income taxes | 957 | 6,079 | (3,410 | ) | (3,529 | ) | (2,781 | ) | ||||||||||||
| Equity (earnings) losses | (1,176 | ) | 254 | (415 | ) | (5,674 | ) | (4,494 | ) | |||||||||||
| Dividends received from equity investees | 74 | 1,096 | 1,162 | 725 | 817 | |||||||||||||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
| Accounts receivables | 2,304 | (2,384 | ) | (4,476 | ) | 3,904 | (1,157 | ) | ||||||||||||
| Other assets | 3,296 | 966 | (1,539 | ) | (164 | ) | 1,656 | |||||||||||||
| Accounts payable and accrued liabilities | 769 | (4,900 | ) | 4,925 | 6,707 | 7,915 | ||||||||||||||
| Net cash (used in) provided by operating activities | (2,776 | ) | (6,737 | ) | (6,218 | ) | 1,115 | 4,029 | ||||||||||||
| Cash Flows from Continuing Investing Activities: | ||||||||||||||||||||
| Purchases of property and equipment | (185 | ) | (240 | ) | (17 | ) | (20 | ) | (443 | ) | ||||||||||
| Proceeds from disposition of property and equipment | 53 | — | 1,371 | 5,310 | — | |||||||||||||||
| Net investing activities in property and equipment | (132 | ) | (240 | ) | 1,354 | 5,290 | (443 | ) | ||||||||||||
| Investments in and advances to 50% or less owned companies | — | — | — | — | (2,272 | ) | ||||||||||||||
| Principal payments on notes due from equity investees | — | 177 | 175 | 176 | (630 | ) | ||||||||||||||
| Cash received from acquisition of 50% or less owned company | — | — | — | — | 172 | |||||||||||||||
| Proceeds from sale of investment in equity investees | — | 66,000 | — | — | — | |||||||||||||||
| Notes due from others | — | (28,831 | ) | — | — | — | ||||||||||||||
| Principal payments on notes due from others | 5,000 | 8,831 | — | — | — | |||||||||||||||
| Net cash provided by (used in) investing activities | 4,868 | 45,937 | 1,529 | 5,466 | (3,173 | ) | ||||||||||||||
| Cash Flows from Continuing Financing Activities: | ||||||||||||||||||||
| Payments on long-term debt | (7,470 | ) | (14,182 | ) | (9,152 | ) | (7,348 | ) | (5,981 | ) | ||||||||||
| Payments on debt extinguishment cost | (2,271 | ) | — | — | — | — | ||||||||||||||
| Payments on finance leases | (114 | ) | (114 | ) | (114 | ) | (9 | ) | (9 | ) | ||||||||||
| Proceeds from exercise of stock options | — | — | 11 | 140 | — | |||||||||||||||
| Acquisition of common shares for tax withholding obligations | — | — | (60 | ) | (672 | ) | — | |||||||||||||
| Exercise of warrants | — | — | — | — | 1 | |||||||||||||||
| Net cash used in financing activities | (9,855 | ) | (14,296 | ) | (9,315 | ) | (7,889 | ) | (5,989 | ) | ||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | (2 | ) | 2 | (3 | ) | (1 | ) | (1 | ) | |||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (7,765 | ) | 24,906 | (14,007 | ) | (1,309 | ) | (5,134 | ) | |||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 50,810 | 25,904 | 39,911 | 41,220 | 46,354 | |||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 43,045 | $ | 50,810 | $ | 25,904 | $ | 39,911 | $ | 41,220 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
| Owned | Joint Ventured(1) | Leased-in | Managed | Total | ||||||||||||||||
| December 31, 2022 | ||||||||||||||||||||
| AHTS | 3 | — | 2 | — | 5 | |||||||||||||||
| FSV | 22 | — | 1 | 2 | 25 | |||||||||||||||
| PSV | 21 | — | — | — | 21 | |||||||||||||||
| Liftboats | 9 | — | — | — | 9 | |||||||||||||||
| 55 | — | 3 | 2 | 60 | ||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||
| AHTS | 4 | — | 2 | — | 6 | |||||||||||||||
| FSV | 23 | 5 | 1 | 1 | 30 | |||||||||||||||
| PSV | 20 | 15 | — | — | 35 | |||||||||||||||
| Specialty(2) | 1 | — | — | — | 1 | |||||||||||||||
| Liftboats(3) | 9 | — | — | — | 9 | |||||||||||||||
| 57 | 20 | 3 | 1 | 81 | ||||||||||||||||
(1) On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.
(2) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.
(3) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.
