SEACOR Marine Announces Fourth Quarter 2023 Results

Written by Customer Service on February 29, 2024. Posted in Earnings Releases And Operating Results.

HOUSTON, Feb. 29, 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 fourth quarter ended December 31, 2023.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $29.8 million. This compares to consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.

Notable fourth quarter items include:

26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.

For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.

All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.

We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.

Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.

Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________

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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,
	2023			2022			2023			2022
Operating Revenues	$	73,083		$	57,926		$	279,511		$	217,325
Costs and Expenses:
Operating		43,269			44,338			159,650			171,985
Administrative and general		11,547			10,799			49,183			40,911
Lease expense		679			633			2,748			3,869
Depreciation and amortization		13,022			13,624			53,821			55,957
		68,517			69,394			265,402			272,722
Gains on Asset Dispositions and Impairments, Net		18,057			1,017			21,409			1,398
Operating Income (Loss)		22,623			(10,451	)		35,518			(53,999	)
Other Income (Expense):
Interest income		222			688			1,444			784
Interest expense		(10,444	)		(8,456	)		(37,504	)		(29,706	)
Gain (loss) on debt extinguishment		—			10,429			(2,004	)		10,429
Derivative gains, net		608			—			608			—
Foreign currency (losses) gains, net		(1,276	)		(2,646	)		(2,133	)		1,659
Other, net		—			137			—			755
		(10,890	)		152			(39,589	)		(16,079	)
Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies		11,733			(10,299	)		(4,071	)		(70,078	)
Income Tax Expense		6,378			4,219			8,799			8,582
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		5,355			(14,518	)		(12,870	)		(78,660	)
Equity in Earnings of 50% or Less Owned Companies		374			1,176			3,556			7,011
Net Income (Loss)		5,729			(13,342	)		(9,314	)		(71,649	)
Net Income Attributable to Noncontrolling Interests in Subsidiaries		—			—			—			1
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.	$	5,729		$	(13,342	)	$	(9,314	)	$	(71,650	)

Net Earnings (Loss) Per Share:
Basic	$	0.21		$	(0.50	)	$	(0.34	)	$	(2.69	)
Diluted	$	0.20		$	(0.50	)	$	(0.34	)	$	(2.69	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,182,496			26,727,864			27,082,391			26,626,179
Diluted		28,400,684			26,727,864			27,082,391			26,626,179

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)

	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
Time Charter Statistics:
Average Rates Per Day	$	18,031		$	18,046		$	15,250		$	14,314		$	13,794
Fleet Utilization		71	%		73	%		78	%		76	%		76	%
Fleet Available Days		5,170			5,182			5,096			5,071			5,244
Operating Revenues:
Time charter	$	66,498		$	68,668		$	60,804		$	55,415		$	54,789
Bareboat charter		368			368			364			360			376
Other marine services		6,217			7,864			7,151			5,434			2,761
		73,083			76,900			68,319			61,209			57,926
Costs and Expenses:
Operating:
Personnel		22,080			19,943			19,944			19,803			20,849
Repairs and maintenance		7,604			7,418			5,793			6,011			8,948
Drydocking		2,561			1,768			2,256			13			1,667
Insurance and loss reserves		2,944			1,833			2,390			2,789			3,381
Fuel, lubes and supplies		3,683			5,047			3,638			4,819			5,794
Other		4,397			4,133			3,709			5,074			3,699
		43,269			40,142			37,730			38,509			44,338
Direct Vessel Profit⁽¹⁾		29,814			36,758			30,589			22,700			13,588
Other Costs and Expenses:
Lease expense		679			651			698			720			633
Administrative and general		11,547			12,300			13,704			11,632			10,799
Depreciation and amortization		13,022			13,462			13,575			13,762			13,624
		25,248			26,413			27,977			26,114			25,056
Gains (Losses) on Asset Dispositions and Impairments, Net		18,057			(512	)		265			3,599			1,017
Operating Income (Loss)		22,623			9,833			2,877			185			(10,451	)
Other Income (Expense):
Interest income		222			340			422			460			688
Interest expense		(10,444	)		(9,536	)		(8,736	)		(8,788	)		(8,456	)
Derivative gains, net		608			—			—			—			—
(Loss) gain on debt extinguishment		—			(2,004	)		—			—			10,429
Foreign currency (losses) gains, net		(1,276	)		571			(603	)		(825	)		(2,646	)
Other, net		—			—			—			—			137
		(10,890	)		(10,629	)		(8,917	)		(9,153	)		152
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		11,733			(796	)		(6,040	)		(8,968	)		(10,299	)
Income Tax Expense (Benefit)		6,378			2,360			(1,096	)		1,157			4,219
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		5,355			(3,156	)		(4,944	)		(10,125	)		(14,518	)
Equity in Earnings of 50% or Less Owned Companies		374			2,273			373			536			1,176
Net Income (Loss)	$	5,729		$	(883	)	$	(4,571	)	$	(9,589	)	$	(13,342	)

Net Earnings (Loss) Per Share:
Basic	$	0.21		$	(0.03	)	$	(0.17	)	$	(0.36	)	$	(0.50	)
Diluted	$	0.20		$	(0.03	)	$	(0.17	)	$	(0.36	)	$	(0.50	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,182			27,182			27,138			26,822			26,728
Diluted		28,401			27,182			27,138			26,822			26,728
Common Shares and Warrants Outstanding at Period End		28,489			28,481			28,481			28,428			28,142

(1) See full description of footnote above.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
*United States, primarily Gulf of Mexico*
Time Charter Statistics:
Average rates per day worked	$	22,584		$	23,663		$	16,115		$	18,359		$	22,563
Fleet utilization		50	%		57	%		35	%		35	%		57	%
Fleet available days		1,152			1,196			1,080			1,015			1,288
Out-of-service days for repairs, maintenance and drydockings		61			151			229			112			108
Out-of-service days for cold-stacked status ⁽²⁾		254			206			173			211			242
Operating Revenues:
Time charter	$	12,929		$	16,236		$	6,121		$	6,564		$	16,574
Other marine services		5,346			5,478			3,004			3,850			2,916
		18,275			21,714			9,125			10,414			19,490
Direct Costs and Expenses:
Operating:
Personnel		6,906			6,712			5,957			6,535			7,262
Repairs and maintenance		819			1,560			1,573			1,194			2,666
Drydocking		303			462			1,506			43			472
Insurance and loss reserves		1,297			332			1,082			1,041			2,022
Fuel, lubes and supplies		1,032			958			924			783			746
Other		475			375			346			231			416
		10,832			10,399			11,388			9,827			13,584
Direct Vessel Profit (Loss) ⁽¹⁾	$	7,443		$	11,315		$	(2,263	)	$	587		$	5,906
Other Costs and Expenses:
Lease expense	$	141		$	116		$	143		$	136		$	138
Depreciation and amortization		3,479			3,810			3,861			3,535			3,912

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	15,233		$	15,388		$	14,982		$	12,835		$	11,241
Fleet utilization		82	%		84	%		94	%		87	%		82	%
Fleet available days		1,748			1,748			1,729			1,710			1,656
Out-of-service days for repairs, maintenance and drydockings		124			111			58			118			125
Out-of-service days for cold-stacked status ⁽³⁾		92			54			—			—			—
Operating Revenues:
Time charter	$	21,791		$	22,528		$	24,414		$	18,996		$	15,299
Other marine services		189			1,943			225			225			(679	)
		21,980			24,471			24,639			19,221			14,620
Direct Costs and Expenses:
Operating:
Personnel		6,007			5,089			4,833			4,505			4,680
Repairs and maintenance		2,807			2,214			2,050			2,553			2,902
Drydocking		1,298			320			144			1,184			678
Insurance and loss reserves		416			573			420			318			366
Fuel, lubes and supplies		623			2,573			1,419			2,215			2,775
Other		2,267			2,448			2,608			2,749			1,896
		13,418			13,217			11,474			13,524			13,297
Direct Vessel Profit⁽¹⁾	$	8,562		$	11,254		$	13,165		$	5,697		$	1,323
Other Costs and Expenses:
Lease expense	$	289		$	372		$	408		$	429		$	378
Depreciation and amortization		3,747			3,821			3,853			3,925			3,683

See full description of footnote above.
Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,590		$	16,313		$	13,245		$	13,562		$	11,090
Fleet utilization		69	%		67	%		86	%		82	%		75	%
Fleet available days		1,461			1,472			1,456			1,440			1,533
Out-of-service days for repairs, maintenance and drydockings		360			297			58			76			132
Operating Revenues:
Time charter	$	17,729		$	16,087		$	16,563		$	16,028		$	12,802
Other marine services		539			267			3,512			27			(66	)
		18,268			16,354			20,075			16,055			12,736
Direct Costs and Expenses:
Operating:
Personnel		5,522			5,157			5,266			4,841			5,270
Repairs and maintenance		2,590			2,623			1,219			677			1,958
Drydocking		624			1,056			(684	)		(1,095	)		244
Insurance and loss reserves		1,022			711			720			1,185			821
Fuel, lubes and supplies		1,242			743			425			1,142			1,335
Other		1,133			943			389			1,496			915
		12,133			11,233			7,335			8,246			10,543
Direct Vessel Profit ⁽¹⁾	$	6,135		$	5,121		$	12,740		$	7,809		$	2,193
Other Costs and Expenses:
Lease expense	$	158		$	59		$	67		$	76		$	52
Depreciation and amortization		3,643			3,721			3,708			3,688			3,783

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	20,745		$	20,656		$	18,846		$	16,229		$	14,009
Fleet utilization		84	%		87	%		88	%		94	%		94	%
Fleet available days		809			766			831			906			767
Out-of-service days for repairs, maintenance and drydockings		—			67			79			22			14
Operating Revenues:
Time charter	$	14,049		$	13,817		$	13,706		$	13,827		$	10,114
Bareboat charter		368			368			364			360			376
Other marine services		143			176			410			1,332			590
		14,560			14,361			14,480			15,519			11,080
Direct Costs and Expenses:
Operating:
Personnel		3,645			2,985			3,888			3,922			3,637
Repairs and maintenance		1,388			1,021			951			1,587			1,422
Drydocking		336			(70	)		1,290			(119	)		273
Insurance and loss reserves		209			217			168			245			172
Fuel, lubes and supplies		786			773			870			679			938
Other		522			367			366			598			472
		6,886			5,293			7,533			6,912			6,914
Direct Vessel Profit⁽¹⁾	$	7,674		$	9,068		$	6,947		$	8,607		$	4,166
Other Costs and Expenses:
Lease expense	$	91		$	104		$	80		$	79		$	65
Depreciation and amortization		2,153			2,110			2,153			2,614			2,246

(1) See full description of footnote above.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	8,937		$	9,947		$	8,916		$	9,244		$	9,254
Fleet utilization		64	%		50	%		85	%		81	%		80	%
Fleet available days		368			368			364			391			460
Out-of-service days for repairs, maintenance and drydockings		41			111			13			45			—
Out-of-service days for cold-stacked status		92			54			—			31			92
Operating Revenues:
Time charter	$	2,102		$	1,831		$	2,762		$	2,915		$	3,406
Other marine services		6			930			—			—			(168	)
		2,108			2,761			2,762			2,915			3,238
Direct Costs and Expenses:
Operating:
Personnel	$	944		$	1,019		$	1,069		$	995		$	1,220
Repairs and maintenance		612			484			186			216			331
Drydocking		58			747			131			420			6
Insurance and loss reserves		73			88			78			68			94
Fuel, lubes and supplies		375			428			192			476			259
Other		295			378			329			448			283
		2,357			3,144			1,985			2,623			2,193
Other Costs and Expenses:
Lease expense	$	253		$	331		$	332		$	331		$	300
Depreciation and amortization		175			249			298			298			300

*FSV*
Time Charter Statistics:
Average rates per day worked	$	11,841		$	11,441		$	11,314		$	10,609		$	9,905
Fleet utilization		74	%		79	%		92	%		91	%		86	%
Fleet available days		2,105			2,116			2,093			2,070			2,116
Out-of-service days for repairs, maintenance and drydockings		337			227			86			66			146
Out-of-service days for cold-stacked status		92			69			82			90			58
Operating Revenues:
Time charter	$	18,502		$	19,135		$	21,747		$	19,988		$	18,062
Other marine services		163			652			71			190			(224	)
		18,665			19,787			21,818			20,178			17,838
Direct Costs and Expenses:
Operating:
Personnel	$	5,320		$	5,144		$	5,083		$	4,861		$	5,140
Repairs and maintenance		2,691			2,787			1,134			1,867			2,957
Drydocking		1,710			870			1,342			128			1,434
Insurance and loss reserves		507			185			337			334			453
Fuel, lubes and supplies		1,441			1,501			1,108			1,382			1,797
Other		1,632			1,552			1,536			1,803			1,638
		13,301			12,039			10,540			10,375			13,419
Other Costs and Expenses:
Depreciation and amortization		4,879			5,002			4,952			4,946			4,972

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
*PSV*
Time Charter Statistics:
Average rates per day worked	$	19,778		$	19,528		$	17,545		$	14,827		$	13,519
Fleet utilization		77	%		78	%		80	%		70	%		69	%
Fleet available days		1,902			1,870			1,820			1,800			1,840
Out-of-service days for repairs, maintenance and drydockings		109			110			92			124			142
Operating Revenues:
Time charter	$	29,140		$	28,580		$	25,458		$	18,800		$	17,194
Bareboat charter		368			368			364			360			376
Other marine services		595			696			584			1,203			222
		30,103			29,644			26,406			20,363			17,792
Direct Costs and Expenses:
Operating:
Personnel	$	9,017		$	8,793		$	8,738		$	8,849		$	8,961
Repairs and maintenance		3,520			2,504			2,998			3,475			2,998
Drydocking		472			232			12			609			770
Insurance and loss reserves		690			682			421			419			552
Fuel, lubes and supplies		1,027			2,352			2,124			2,331			2,842
Other		1,922			1,761			1,405			2,677			1,420
		16,648			16,324			15,698			18,360			17,543
Other Costs and Expenses:
Depreciation and amortization		4,073			4,073			4,072			4,262			4,099

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	40,181		$	39,419		$	35,623		$	33,936		$	31,717
Fleet utilization		52	%		59	%		37	%		50	%		61	%
Fleet available days		795			828			819			810			828
Out-of-service days for repairs, maintenance and drydockings		60			111			233			94			90
Out-of-service days for cold-stacked status		162			137			91			90			92
Operating Revenues:
Time charter	$	16,754		$	19,122		$	10,837		$	13,712		$	16,127
Other marine services		4,666			4,710			5,495			2,930			1,842
		21,420			23,832			16,332			16,642			17,969
Direct Costs and Expenses:
Operating:
Personnel	$	5,316		$	4,983		$	5,065		$	5,068		$	5,520
Repairs and maintenance		769			1,643			1,472			499			2,674
Drydocking		321			(81	)		849			(1,141	)		(543	)
Insurance and loss reserves		1,554			1,148			1,418			1,907			2,271
Fuel, lubes and supplies		838			766			219			619			896
Other		531			445			441			125			359
		9,329			8,904			9,464			7,077			11,177
Other Costs and Expenses:
Depreciation and amortization		3,867			4,099			4,215			4,214			4,210

*Other Activity*
Operating Revenues:
Other marine services	$	787		$	876		$	1,001		$	1,111		$	1,089
		787			876			1,001			1,111			1,089
Direct Costs and Expenses:
Operating:
Personnel	$	1,483		$	4		$	(11	)	$	30		$	8
Repairs and maintenance		12			—			3			(46	)		(12	)
Drydocking		—			—			(78	)		(3	)		—
Insurance and loss reserves		120			(270	)		136			61			11
Fuel, lubes and supplies		2			—			(5	)		11			—
Other		17			(3	)		(2	)		21			(1	)
		1,634			(269	)		43			74			6
Other Costs and Expenses:
Lease expense	$	426		$	320		$	366		$	389		$	333
Depreciation and amortization		28			39			38			42			43

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents	$	67,455		$	55,840		$	40,750		$	40,570		$	39,963
Restricted cash		16,676			2,796			2,796			3,082			3,082
Receivables:
Trade, net of allowance for credit loss accounts		63,728			63,246			60,022			60,114			54,388
Other		11,049			8,662			12,032			11,650			7,375
Note receivable		—			—			5,000			10,000			15,000
Tax receivable		983			445			445			445			578
Inventories		1,609			1,738			1,653			2,207			2,123
Prepaid expenses and other		2,686			2,957			3,112			3,233			3,054
Assets held for sale		500			6,093			—			—			6,750
Total current assets		164,686			141,777			125,810			131,301			132,313
Property and Equipment:
Historical cost		918,823			936,520			966,338			969,328			967,683
Accumulated depreciation		(324,141	)		(318,549	)		(334,678	)		(324,197	)		(310,778	)
		594,682			617,971			631,660			645,131			656,905
Construction in progress		10,362			9,413			8,876			8,540			8,111
Net property and equipment		605,044			627,384			640,536			653,671			665,016
Right-of-use asset – operating leases		4,291			4,907			5,703			5,984			6,206
Right-of-use asset – finance leases		37			45			6,495			6,654			6,813
Investments, at equity, and advances to 50% or less owned companies		4,125			3,857			3,253			3,594			3,024
Other assets		2,153			2,095			2,139			2,079			1,995
Total assets	$	780,336		$	780,065		$	783,936		$	803,283		$	815,367
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	1,591		$	1,856		$	1,792		$	1,764		$	2,358
Current portion of finance lease liabilities		35			35			611			563			468
Current portion of long-term debt		28,365			28,005			63,959			60,523			61,512
Accounts payable and accrued expenses		27,562			32,468			39,013			44,256			37,955
Other current liabilities		19,533			21,340			21,027			20,185			18,869
Total current liabilities		77,086			83,704			126,402			127,291			121,162
Long-term operating lease liabilities		3,529			3,571			4,030			4,474			4,739
Long-term finance lease liabilities		6			15			6,462			6,644			6,781
Long-term debt		287,544			291,843			243,960			254,450			260,119
Deferred income taxes		35,718			33,078			34,038			39,120			40,779
Deferred gains and other liabilities		2,229			2,217			2,189			2,264			2,641
Total liabilities		406,112			414,428			417,081			434,243			436,221
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		280			280			280			279			272
Additional paid-in capital		472,692			471,158			469,618			467,896			466,669
Accumulated deficit		(102,425	)		(108,154	)		(107,271	)		(102,700	)		(93,111	)
Shares held in treasury		(4,221	)		(4,221	)		(4,221	)		(4,119	)		(1,852	)
Accumulated other comprehensive income, net of tax		7,577			6,253			8,128			7,363			6,847
		373,903			365,316			366,534			368,719			378,825
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		374,224			365,637			366,855			369,040			379,146
Total liabilities and equity	$	780,336		$	780,065		$	783,936		$	803,283		$	815,367

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
	Three Months Ended
	Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022
Cash Flows from Operating Activities:
Net Income (Loss)	$	5,729		$	(883	)	$	(4,571	)	$	(9,589	)	$	(13,342	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		13,022			13,462			13,575			13,762			13,624
Deferred financing costs amortization		279			459			423			418			(997	)
Stock-based compensation expense		1,510			1,540			1,723			1,227			1,220
Debt discount amortization		1,862			1,714			1,627			1,558			1,449
Allowance for credit losses		266			594			2,763			(104	)		11
(Gain) loss from equipment sales, retirements or impairments		(18,057	)		512			(265	)		(3,599	)		(1,017	)
(Gains) losses on debt extinguishment		—			177			—			—			(12,700	)
Derivative gains		(608	)		—			—			—			—
Interest on finance lease		1			59			70			72			73
Settlements on derivative transactions, net		—			197			226			154			33
Currency losses (gains)		1,276			(571	)		603			825			2,646
Deferred income taxes		2,640			(960	)		(5,082	)		(1,659	)		957
Equity earnings		(374	)		(2,273	)		(373	)		(536	)		(1,176	)
Dividends received from equity investees		166			1,031			1,044			—			74
Changes in Operating Assets and Liabilities:
Accounts receivables		(3,472	)		(747	)		(3,139	)		(9,857	)		2,304
Other assets		733			493			1,017			45			3,296
Accounts payable and accrued liabilities		(6,456	)		(7,705	)		(5,758	)		6,731			769
Net cash (used in) provided by operating activities		(1,483	)		7,099			3,883			(552	)		(2,776	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(3,644	)		(6,455	)		(35	)		(470	)		(185	)
Proceeds from disposition of property and equipment		36,692			—			427			7,611			53
Net investing activities in property and equipment		33,048			(6,455	)		392			7,141			(132	)
Principal payments on notes due from others		—			5,000			5,000			5,000			5,000
Net cash provided by (used in) investing activities		33,048			(1,455	)		5,392			12,141			4,868
Cash Flows from Financing Activities:
Payments on long-term debt		(6,173	)		(4,901	)		(9,483	)		(8,608	)		(7,470	)
Payments on debt extinguishment		—			(104,832	)		(26,772	)		—			(2,271	)
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	)		(204	)		(204	)		(114	)		(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 and director share awards		—			—			(102	)		(2,266	)		—
Net cash (used in) provided by financing activities		(6,071	)		9,443			(9,380	)		(10,982	)		(9,855	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		1			3			(1	)		—			(2	)
Net Change in Cash, Cash Equivalents and Restricted Cash		25,495			15,090			(106	)		607			(7,765	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		58,636			43,546			43,652			43,045			50,810
Cash, Restricted Cash and Cash Equivalents, End of Period	$	84,131		$	58,636		$	43,546		$	43,652		$	43,045

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
	Owned	Leased-in	Managed	Total
December 31, 2023
AHTS	3	1	—	4
FSV	22	—	3	25
PSV	21	—	—	21
Liftboats	8	—	—	8
	54	1	3	58
December 31, 2022
AHTS	3	2	—	5
FSV	22	1	2	25
PSV	21	—	—	21
Liftboats	9	—	—	9
	55	3	2	60

SEACOR Marine Announces Fourth Quarter 2023 Results

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