SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR
Marine”), a leading provider of marine and support transportation
services to offshore energy facilities worldwide, today announced
results for its first quarter ended March 31, 2023.
SEACOR Marine’s consolidated operating revenues
for the first quarter of 2023 were $60.0 million, operating income
was $0.2 million, and direct vessel profit (“DVP”)(1) was $22.7
million. This compares to consolidated operating revenues of $45.6
million, operating loss of $17.1 million, and DVP of $6.1 million
in the first quarter of 2022, and 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.
Notable first quarter items include:
- 31.5% improvement in revenues from
the first quarter of 2022 and a 3.5% increase from the fourth
quarter of 2022.
- Average utilization rate of 76%,
the highest for a first quarter since 2014, a 6.0% improvement from
the first quarter of 2022, and flat from the fourth quarter of
2022.
- Average day rates of $14,314, the
highest since the fourth quarter of 2015, a 26.5% improvement from
the first quarter of 2022, and a 3.8% increase from the fourth
quarter of 2022.
- DVP margin increased 272.4% from
the first quarter of 2022 and increased 67.1% from the fourth
quarter of 2022.
For the first quarter of 2023, net loss was $9.6
million ($0.36 loss per basic and diluted share). This compares to
a net loss for the first quarter of 2022 of $14.8 million ($0.56
loss per basic and diluted share). Sequentially, first quarter 2023
results compare to a net loss of $13.3 million ($0.50 loss per
basic and diluted share) in the fourth quarter of 2022.
Chief Executive Officer John Gellert
commented:
“The Company’s first quarter demonstrated the
building momentum in this cyclical recovery and was our fifth
consecutive quarter of improved average day rates. Additionally,
the first quarter produced higher revenues and DVP than each
quarter of 2022, despite being the historically slowest quarterly
period of activity.
The increase in DVP was primarily due to higher
rates and utilization as well as lower operating expenses. This
improvement demonstrates our ability to execute on the re-pricing
opportunities in the market as contracts roll off from prior cycle
commitments. All business segments and asset classes made positive
contributions, despite the seasonally lower levels of activity in
the first quarter and one of our premium liftboats in the US
remaining offhire for previously reported extended repairs.
On April 21, 2023, the Company announced it was
exploring a potential offering of new USD denominated 5-year senior
secured bonds. The Company has determined not to pursue the bond
offering at this time as the indicative terms and conditions were
not sufficiently attractive for the Company. In the third and
fourth quarter of 2022 the Company extended the maturity of its
main senior secured and unsecured debt facilities to 2026, which
has provided us with the flexibility needed to opportunistically
pursue refinancing opportunities as the cycle evolves in order to
ensure optimal terms and conditions for the Company.
I remain optimistic about 2023, as evidenced by
the Company’s performance in the first quarter and the increased
demand across all segments of our business.”___________________
(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 March 31, |
|
|
|
2023 |
|
|
2022 |
|
Operating Revenues |
|
$ |
59,973 |
|
|
$ |
45,591 |
|
Costs and Expenses: |
|
|
|
|
|
|
Operating |
|
|
37,273 |
|
|
|
39,496 |
|
Administrative and general |
|
|
11,632 |
|
|
|
9,924 |
|
Lease expense |
|
|
720 |
|
|
|
1,060 |
|
Depreciation and amortization |
|
|
13,762 |
|
|
|
14,371 |
|
|
|
|
63,387 |
|
|
|
64,851 |
|
Gains on Asset Dispositions and
Impairments, Net |
|
|
3,599 |
|
|
|
2,139 |
|
Operating Income (Loss) |
|
|
185 |
|
|
|
(17,121 |
) |
Other Income (Expense): |
|
|
|
|
|
|
Interest income |
|
|
460 |
|
|
|
29 |
|
Interest expense |
|
|
(8,788 |
) |
|
|
(6,627 |
) |
Derivative losses, net |
|
|
— |
|
|
|
(34 |
) |
Foreign currency (losses) gains, net |
|
|
(825 |
) |
|
|
821 |
|
|
|
|
(9,153 |
) |
|
|
(5,811 |
) |
Loss Before Income Tax Expense
(Benefit) and Equity in Earnings of 50% or Less Owned
Companies |
|
|
(8,968 |
) |
|
|
(22,932 |
) |
Income Tax Expense (Benefit) |
|
|
1,157 |
|
|
|
(2,421 |
) |
Loss Before Equity in Earnings of
50% or Less Owned Companies |
|
|
(10,125 |
) |
|
|
(20,511 |
) |
Equity in Earnings of 50% or Less
Owned Companies |
|
|
536 |
|
|
|
5,674 |
|
Net Loss Attributable to SEACOR
Marine Holdings Inc. |
|
$ |
(9,589 |
) |
|
$ |
(14,837 |
) |
|
|
|
|
|
|
|
Net Loss Per Share: |
|
|
|
|
|
|
Basic |
|
$ |
(0.36 |
) |
|
$ |
(0.56 |
) |
Diluted |
|
|
(0.36 |
) |
|
|
(0.56 |
) |
Weighted Average Common Stock and
Warrants Outstanding: |
|
|
|
|
|
|
Basic |
|
|
26,822,391 |
|
|
|
26,379,293 |
|
Diluted |
|
|
26,822,391 |
|
|
|
26,379,293 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(LOSS) (in thousands, except statistics and per
share data)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day |
|
$ |
14,314 |
|
|
$ |
13,794 |
|
|
$ |
13,340 |
|
|
$ |
12,149 |
|
|
$ |
11,312 |
|
|
Fleet Utilization |
|
|
76 |
% |
|
|
76 |
% |
|
|
79 |
% |
|
|
77 |
% |
|
|
70 |
% |
|
Fleet Available Days |
|
|
5,071 |
|
|
|
5,244 |
|
|
|
5,336 |
|
|
|
5,311 |
|
|
|
5,400 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
55,415 |
|
|
$ |
54,789 |
|
|
$ |
56,500 |
|
|
$ |
49,504 |
|
|
$ |
42,741 |
|
|
Bareboat charter |
|
|
360 |
|
|
|
376 |
|
|
|
332 |
|
|
|
48 |
|
|
|
618 |
|
|
Other marine services |
|
|
4,198 |
|
|
|
2,761 |
|
|
|
2,959 |
|
|
|
4,465 |
|
|
|
2,232 |
|
|
|
|
|
59,973 |
|
|
|
57,926 |
|
|
|
59,791 |
|
|
|
54,017 |
|
|
|
45,591 |
|
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
19,803 |
|
|
|
20,849 |
|
|
|
20,152 |
|
|
|
18,346 |
|
|
|
18,435 |
|
|
Repairs and maintenance |
|
|
6,011 |
|
|
|
8,948 |
|
|
|
7,377 |
|
|
|
8,380 |
|
|
|
6,791 |
|
|
Drydocking |
|
|
13 |
|
|
|
1,667 |
|
|
|
5,046 |
|
|
|
6,474 |
|
|
|
4,973 |
|
|
Insurance and loss reserves |
|
|
2,789 |
|
|
|
3,381 |
|
|
|
2,850 |
|
|
|
2,545 |
|
|
|
1,186 |
|
|
Fuel, lubes and supplies |
|
|
4,819 |
|
|
|
5,794 |
|
|
|
5,416 |
|
|
|
4,350 |
|
|
|
3,729 |
|
|
Other |
|
|
3,838 |
|
|
|
3,699 |
|
|
|
3,165 |
|
|
|
4,050 |
|
|
|
4,382 |
|
|
|
|
|
37,273 |
|
|
|
44,338 |
|
|
|
44,006 |
|
|
|
44,145 |
|
|
|
39,496 |
|
|
Direct Vessel Profit (1) |
|
|
22,700 |
|
|
|
13,588 |
|
|
|
15,785 |
|
|
|
9,872 |
|
|
|
6,095 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
720 |
|
|
|
633 |
|
|
|
1,168 |
|
|
|
1,008 |
|
|
|
1,060 |
|
|
Administrative and general |
|
|
11,632 |
|
|
|
10,799 |
|
|
|
9,978 |
|
|
|
10,210 |
|
|
|
9,924 |
|
|
Depreciation and amortization |
|
|
13,762 |
|
|
|
13,624 |
|
|
|
13,754 |
|
|
|
14,208 |
|
|
|
14,371 |
|
|
|
|
|
26,114 |
|
|
|
25,056 |
|
|
|
24,900 |
|
|
|
25,426 |
|
|
|
25,355 |
|
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
|
|
3,599 |
|
|
|
1,017 |
|
|
|
(1,783 |
) |
|
|
25 |
|
|
|
2,139 |
|
|
Operating Income (Loss) |
|
|
185 |
|
|
|
(10,451 |
) |
|
|
(10,898 |
) |
|
|
(15,529 |
) |
|
|
(17,121 |
) |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
460 |
|
|
|
688 |
|
|
|
(123 |
) |
|
|
190 |
|
|
|
29 |
|
|
Interest expense |
|
|
(8,788 |
) |
|
|
(8,456 |
) |
|
|
(7,634 |
) |
|
|
(6,989 |
) |
|
|
(6,627 |
) |
|
Derivative gains (losses), net |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
33 |
|
|
|
(34 |
) |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
10,429 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Foreign currency (losses) gains, net |
|
|
(825 |
) |
|
|
(2,646 |
) |
|
|
2,314 |
|
|
|
1,170 |
|
|
|
821 |
|
|
Other, net |
|
|
— |
|
|
|
137 |
|
|
|
659 |
|
|
|
(41 |
) |
|
|
— |
|
|
|
|
|
(9,153 |
) |
|
|
152 |
|
|
|
(4,783 |
) |
|
|
(5,637 |
) |
|
|
(5,811 |
) |
|
Loss from Operations Before
Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50%
or Less Owned Companies |
|
|
(8,968 |
) |
|
|
(10,299 |
) |
|
|
(15,681 |
) |
|
|
(21,166 |
) |
|
|
(22,932 |
) |
|
Income Tax Expense (Benefit) |
|
|
1,157 |
|
|
|
4,219 |
|
|
|
8,418 |
|
|
|
(1,634 |
) |
|
|
(2,421 |
) |
|
Loss from Operations Before
Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
(10,125 |
) |
|
|
(14,518 |
) |
|
|
(24,099 |
) |
|
|
(19,532 |
) |
|
|
(20,511 |
) |
|
Equity in Earnings (Losses) of
50% or Less Owned Companies |
|
|
536 |
|
|
|
1,176 |
|
|
|
(254 |
) |
|
|
415 |
|
|
|
5,674 |
|
|
Net Loss |
|
|
(9,589 |
) |
|
|
(13,342 |
) |
|
|
(24,353 |
) |
|
|
(19,117 |
) |
|
|
(14,837 |
) |
|
Net (Loss) Income Attributable to
Noncontrolling Interests in Subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
3 |
|
|
|
— |
|
|
Net Loss Attributable to SEACOR
Marine Holdings Inc. |
|
$ |
(9,589 |
) |
|
$ |
(13,342 |
) |
|
$ |
(24,351 |
) |
|
$ |
(19,120 |
) |
|
$ |
(14,837 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.36 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.56 |
) |
|
Diluted |
|
$ |
(0.36 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.91 |
) |
|
$ |
(0.72 |
) |
|
$ |
(0.56 |
) |
|
Weighted Average Common Stock and
Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,822 |
|
|
|
26,728 |
|
|
|
26,728 |
|
|
|
26,665 |
|
|
|
26,379 |
|
|
Diluted |
|
|
26,822 |
|
|
|
26,728 |
|
|
|
26,728 |
|
|
|
26,665 |
|
|
|
26,379 |
|
|
Common Shares and Warrants Outstanding at Period End |
|
|
28,428 |
|
|
|
28,142 |
|
|
|
28,142 |
|
|
|
28,145 |
|
|
|
28,083 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY
SEGMENT(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
United States,
primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
18,359 |
|
|
$ |
22,563 |
|
|
$ |
21,551 |
|
|
$ |
17,792 |
|
|
$ |
15,595 |
|
|
Fleet utilization |
|
|
35 |
% |
|
|
57 |
% |
|
|
58 |
% |
|
|
43 |
% |
|
|
38 |
% |
|
Fleet available days |
|
|
1,015 |
|
|
|
1,288 |
|
|
|
1,363 |
|
|
|
1,277 |
|
|
|
1,314 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
112 |
|
|
|
108 |
|
|
|
199 |
|
|
|
284 |
|
|
|
205 |
|
|
Out-of-service days for cold-stacked status |
|
|
211 |
|
|
|
242 |
|
|
|
259 |
|
|
|
313 |
|
|
|
404 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
6,564 |
|
|
$ |
16,574 |
|
|
$ |
17,075 |
|
|
$ |
9,759 |
|
|
$ |
7,864 |
|
|
Other marine services |
|
|
3,842 |
|
|
|
2,916 |
|
|
|
2,161 |
|
|
|
2,399 |
|
|
|
2,052 |
|
|
|
|
|
10,406 |
|
|
|
19,490 |
|
|
|
19,236 |
|
|
|
12,158 |
|
|
|
9,916 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
6,535 |
|
|
|
7,262 |
|
|
|
7,243 |
|
|
|
5,773 |
|
|
|
4,923 |
|
|
Repairs and maintenance |
|
|
1,194 |
|
|
|
2,666 |
|
|
|
2,002 |
|
|
|
1,280 |
|
|
|
1,101 |
|
|
Drydocking |
|
|
43 |
|
|
|
472 |
|
|
|
1,549 |
|
|
|
4,090 |
|
|
|
2,867 |
|
|
Insurance and loss reserves |
|
|
1,041 |
|
|
|
2,022 |
|
|
|
1,382 |
|
|
|
1,198 |
|
|
|
229 |
|
|
Fuel, lubes and supplies |
|
|
783 |
|
|
|
746 |
|
|
|
1,143 |
|
|
|
794 |
|
|
|
662 |
|
|
Other |
|
|
223 |
|
|
|
416 |
|
|
|
314 |
|
|
|
281 |
|
|
|
224 |
|
|
|
|
|
9,819 |
|
|
|
13,584 |
|
|
|
13,633 |
|
|
|
13,416 |
|
|
|
10,006 |
|
|
Direct Vessel Profit (Loss)
(1) |
|
$ |
587 |
|
|
$ |
5,906 |
|
|
$ |
5,603 |
|
|
$ |
(1,258 |
) |
|
$ |
(90 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
136 |
|
|
$ |
138 |
|
|
$ |
278 |
|
|
$ |
295 |
|
|
$ |
287 |
|
|
Depreciation and amortization |
|
|
3,535 |
|
|
|
3,912 |
|
|
|
4,332 |
|
|
|
4,562 |
|
|
|
4,638 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa and
Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
12,835 |
|
|
$ |
11,241 |
|
|
$ |
11,813 |
|
|
$ |
11,279 |
|
|
$ |
10,006 |
|
|
Fleet utilization |
|
|
87 |
% |
|
|
82 |
% |
|
|
91 |
% |
|
|
85 |
% |
|
|
82 |
% |
|
Fleet available days |
|
|
1,710 |
|
|
|
1,656 |
|
|
|
1,629 |
|
|
|
1,567 |
|
|
|
1,499 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
118 |
|
|
|
125 |
|
|
|
37 |
|
|
|
58 |
|
|
|
163 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
18,996 |
|
|
$ |
15,299 |
|
|
$ |
17,551 |
|
|
$ |
14,930 |
|
|
$ |
12,280 |
|
|
Other marine services |
|
|
(834 |
) |
|
|
(679 |
) |
|
|
60 |
|
|
|
1,072 |
|
|
|
(616 |
) |
|
|
|
|
18,162 |
|
|
|
14,620 |
|
|
|
17,611 |
|
|
|
16,002 |
|
|
|
11,664 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,505 |
|
|
|
4,680 |
|
|
|
4,694 |
|
|
|
3,526 |
|
|
|
3,536 |
|
|
Repairs and maintenance |
|
|
2,553 |
|
|
|
2,902 |
|
|
|
2,110 |
|
|
|
2,638 |
|
|
|
1,579 |
|
|
Drydocking |
|
|
1,184 |
|
|
|
678 |
|
|
|
383 |
|
|
|
134 |
|
|
|
1,144 |
|
|
Insurance and loss reserves |
|
|
318 |
|
|
|
366 |
|
|
|
359 |
|
|
|
329 |
|
|
|
124 |
|
|
Fuel, lubes and supplies |
|
|
2,215 |
|
|
|
2,775 |
|
|
|
2,284 |
|
|
|
1,490 |
|
|
|
1,473 |
|
|
Other |
|
|
1,690 |
|
|
|
1,896 |
|
|
|
1,580 |
|
|
|
1,871 |
|
|
|
1,828 |
|
|
|
|
|
12,465 |
|
|
|
13,297 |
|
|
|
11,410 |
|
|
|
9,988 |
|
|
|
9,684 |
|
|
Direct Vessel Profit (1) |
|
$ |
5,697 |
|
|
$ |
1,323 |
|
|
$ |
6,201 |
|
|
$ |
6,014 |
|
|
$ |
1,980 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
429 |
|
|
$ |
378 |
|
|
$ |
455 |
|
|
$ |
456 |
|
|
$ |
402 |
|
|
Depreciation and amortization |
|
|
3,925 |
|
|
|
3,683 |
|
|
|
3,461 |
|
|
|
3,306 |
|
|
|
3,258 |
|
|
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
Middle East and
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
13,562 |
|
|
$ |
11,090 |
|
|
$ |
9,507 |
|
|
$ |
9,673 |
|
|
$ |
9,882 |
|
|
Fleet utilization |
|
|
82 |
% |
|
|
75 |
% |
|
|
79 |
% |
|
|
87 |
% |
|
|
77 |
% |
|
Fleet available days |
|
|
1,440 |
|
|
|
1,533 |
|
|
|
1,564 |
|
|
|
1,651 |
|
|
|
1,800 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
76 |
|
|
|
132 |
|
|
|
252 |
|
|
|
160 |
|
|
|
153 |
|
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
16,028 |
|
|
$ |
12,802 |
|
|
$ |
11,712 |
|
|
$ |
13,906 |
|
|
$ |
13,660 |
|
|
Other marine services |
|
|
(142 |
) |
|
|
(66 |
) |
|
|
319 |
|
|
|
460 |
|
|
|
49 |
|
|
|
|
|
15,886 |
|
|
|
12,736 |
|
|
|
12,031 |
|
|
|
14,366 |
|
|
|
13,709 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
4,841 |
|
|
|
5,270 |
|
|
|
5,384 |
|
|
|
5,691 |
|
|
|
6,031 |
|
|
Repairs and maintenance |
|
|
677 |
|
|
|
1,958 |
|
|
|
1,776 |
|
|
|
2,545 |
|
|
|
1,832 |
|
|
Drydocking |
|
|
(1,095 |
) |
|
|
244 |
|
|
|
3,113 |
|
|
|
2,250 |
|
|
|
962 |
|
|
Insurance and loss reserves |
|
|
1,185 |
|
|
|
821 |
|
|
|
762 |
|
|
|
748 |
|
|
|
507 |
|
|
Fuel, lubes and supplies |
|
|
1,142 |
|
|
|
1,335 |
|
|
|
1,426 |
|
|
|
1,318 |
|
|
|
1,010 |
|
|
Other |
|
|
1,327 |
|
|
|
915 |
|
|
|
878 |
|
|
|
1,213 |
|
|
|
1,627 |
|
|
|
|
|
8,077 |
|
|
|
10,543 |
|
|
|
13,339 |
|
|
|
13,765 |
|
|
|
11,969 |
|
|
Direct Vessel Profit (Loss)
(1) |
|
$ |
7,809 |
|
|
$ |
2,193 |
|
|
$ |
(1,308 |
) |
|
$ |
601 |
|
|
$ |
1,740 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
76 |
|
|
$ |
52 |
|
|
$ |
35 |
|
|
$ |
38 |
|
|
$ |
31 |
|
|
Depreciation and amortization |
|
|
3,688 |
|
|
|
3,783 |
|
|
|
3,974 |
|
|
|
4,229 |
|
|
|
4,345 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
16,229 |
|
|
$ |
14,009 |
|
|
$ |
14,010 |
|
|
$ |
14,263 |
|
|
$ |
13,450 |
|
|
Fleet utilization |
|
|
94 |
% |
|
|
94 |
% |
|
|
93 |
% |
|
|
94 |
% |
|
|
85 |
% |
|
Fleet available days |
|
|
906 |
|
|
|
767 |
|
|
|
780 |
|
|
|
816 |
|
|
|
787 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
22 |
|
|
|
14 |
|
|
|
12 |
|
|
|
6 |
|
|
|
59 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
13,827 |
|
|
$ |
10,114 |
|
|
$ |
10,162 |
|
|
$ |
10,909 |
|
|
$ |
8,937 |
|
|
Bareboat charter |
|
|
360 |
|
|
|
376 |
|
|
|
332 |
|
|
|
48 |
|
|
|
618 |
|
|
Other marine services |
|
|
1,332 |
|
|
|
590 |
|
|
|
419 |
|
|
|
534 |
|
|
|
747 |
|
|
|
|
|
15,519 |
|
|
|
11,080 |
|
|
|
10,913 |
|
|
|
11,491 |
|
|
|
10,302 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
3,922 |
|
|
|
3,637 |
|
|
|
2,831 |
|
|
|
3,356 |
|
|
|
3,945 |
|
|
Repairs and maintenance |
|
|
1,587 |
|
|
|
1,422 |
|
|
|
1,489 |
|
|
|
1,917 |
|
|
|
2,279 |
|
|
Drydocking |
|
|
(119 |
) |
|
|
273 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
Insurance and loss reserves |
|
|
245 |
|
|
|
172 |
|
|
|
347 |
|
|
|
270 |
|
|
|
326 |
|
|
Fuel, lubes and supplies |
|
|
679 |
|
|
|
938 |
|
|
|
563 |
|
|
|
748 |
|
|
|
584 |
|
|
Other |
|
|
598 |
|
|
|
472 |
|
|
|
393 |
|
|
|
685 |
|
|
|
703 |
|
|
|
|
|
6,912 |
|
|
|
6,914 |
|
|
|
5,624 |
|
|
|
6,976 |
|
|
|
7,837 |
|
|
Direct Vessel Profit (1) |
|
$ |
8,607 |
|
|
$ |
4,166 |
|
|
$ |
5,289 |
|
|
$ |
4,515 |
|
|
$ |
2,465 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
79 |
|
|
$ |
65 |
|
|
$ |
400 |
|
|
$ |
219 |
|
|
$ |
340 |
|
|
'Depreciation and amortization |
|
|
2,614 |
|
|
|
2,246 |
|
|
|
1,987 |
|
|
|
2,111 |
|
|
|
2,130 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED PERFORMANCE BY VESSEL
CLASS(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
AHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,244 |
|
|
$ |
9,254 |
|
|
$ |
8,848 |
|
|
$ |
8,887 |
|
|
$ |
8,908 |
|
|
Fleet utilization |
|
|
81 |
% |
|
|
80 |
% |
|
|
67 |
% |
|
|
66 |
% |
|
|
66 |
% |
|
Fleet available days |
|
|
391 |
|
|
|
460 |
|
|
|
552 |
|
|
|
546 |
|
|
|
540 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
45 |
|
|
|
— |
|
|
|
92 |
|
|
|
56 |
|
|
|
2 |
|
|
Out-of-service days for cold-stacked status |
|
|
31 |
|
|
|
92 |
|
|
|
92 |
|
|
|
131 |
|
|
|
180 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
2,915 |
|
|
$ |
3,406 |
|
|
$ |
3,256 |
|
|
$ |
3,191 |
|
|
$ |
3,188 |
|
|
Other marine services |
|
|
(152 |
) |
|
|
(168 |
) |
|
|
(183 |
) |
|
|
(143 |
) |
|
|
(160 |
) |
|
|
|
|
2,763 |
|
|
|
3,238 |
|
|
|
3,073 |
|
|
|
3,048 |
|
|
|
3,028 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
995 |
|
|
$ |
1,220 |
|
|
$ |
1,022 |
|
|
$ |
1,050 |
|
|
$ |
1,136 |
|
|
Repairs and maintenance |
|
|
216 |
|
|
|
331 |
|
|
|
304 |
|
|
|
566 |
|
|
|
293 |
|
|
Drydocking |
|
|
420 |
|
|
|
6 |
|
|
|
28 |
|
|
|
(30 |
) |
|
|
(7 |
) |
|
Insurance and loss reserves |
|
|
68 |
|
|
|
94 |
|
|
|
150 |
|
|
|
146 |
|
|
|
(137 |
) |
|
Fuel, lubes and supplies |
|
|
476 |
|
|
|
259 |
|
|
|
399 |
|
|
|
215 |
|
|
|
144 |
|
|
Other |
|
|
295 |
|
|
|
283 |
|
|
|
228 |
|
|
|
435 |
|
|
|
439 |
|
|
|
|
|
2,470 |
|
|
|
2,193 |
|
|
|
2,131 |
|
|
|
2,382 |
|
|
|
1,868 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
331 |
|
|
$ |
300 |
|
|
$ |
450 |
|
|
$ |
450 |
|
|
$ |
449 |
|
|
Depreciation and amortization |
|
|
298 |
|
|
|
300 |
|
|
|
494 |
|
|
|
495 |
|
|
|
494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
10,609 |
|
|
$ |
9,905 |
|
|
$ |
9,907 |
|
|
$ |
9,201 |
|
|
$ |
8,621 |
|
|
Fleet utilization |
|
|
91 |
% |
|
|
86 |
% |
|
|
90 |
% |
|
|
85 |
% |
|
|
80 |
% |
|
Fleet available days |
|
|
2,070 |
|
|
|
2,116 |
|
|
|
2,116 |
|
|
|
2,126 |
|
|
|
2,160 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
66 |
|
|
|
146 |
|
|
|
103 |
|
|
|
108 |
|
|
|
167 |
|
|
Out-of-service days for cold-stacked status |
|
|
90 |
|
|
|
58 |
|
|
|
75 |
|
|
|
91 |
|
|
|
90 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
19,988 |
|
|
$ |
18,062 |
|
|
$ |
18,837 |
|
|
$ |
16,525 |
|
|
$ |
14,900 |
|
|
Other marine services |
|
|
(377 |
) |
|
|
(224 |
) |
|
|
(15 |
) |
|
|
(174 |
) |
|
|
(254 |
) |
|
|
|
|
19,611 |
|
|
|
17,838 |
|
|
|
18,822 |
|
|
|
16,351 |
|
|
|
14,646 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
4,861 |
|
|
$ |
5,140 |
|
|
$ |
5,289 |
|
|
$ |
4,880 |
|
|
$ |
5,070 |
|
|
Repairs and maintenance |
|
|
1,867 |
|
|
|
2,957 |
|
|
|
2,738 |
|
|
|
2,458 |
|
|
|
1,800 |
|
|
Drydocking |
|
|
128 |
|
|
|
1,434 |
|
|
|
656 |
|
|
|
(201 |
) |
|
|
1,277 |
|
|
Insurance and loss reserves |
|
|
334 |
|
|
|
453 |
|
|
|
410 |
|
|
|
372 |
|
|
|
260 |
|
|
Fuel, lubes and supplies |
|
|
1,382 |
|
|
|
1,797 |
|
|
|
1,572 |
|
|
|
1,187 |
|
|
|
1,544 |
|
|
Other |
|
|
1,236 |
|
|
|
1,638 |
|
|
|
1,284 |
|
|
|
1,311 |
|
|
|
1,941 |
|
|
|
|
|
9,808 |
|
|
|
13,419 |
|
|
|
11,949 |
|
|
|
10,007 |
|
|
|
11,892 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,946 |
|
|
|
4,972 |
|
|
|
4,972 |
|
|
|
5,010 |
|
|
|
4,945 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED PERFORMANCE BY VESSEL CLASS
(continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
PSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
14,827 |
|
|
$ |
13,519 |
|
|
$ |
13,772 |
|
|
$ |
13,422 |
|
|
$ |
12,188 |
|
|
Fleet utilization |
|
|
70 |
% |
|
|
69 |
% |
|
|
78 |
% |
|
|
86 |
% |
|
|
72 |
% |
|
Fleet available days |
|
|
1,800 |
|
|
|
1,840 |
|
|
|
1,840 |
|
|
|
1,820 |
|
|
|
1,800 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
124 |
|
|
|
142 |
|
|
|
152 |
|
|
|
26 |
|
|
|
233 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
18,800 |
|
|
$ |
17,194 |
|
|
$ |
19,687 |
|
|
$ |
20,983 |
|
|
$ |
15,823 |
|
|
Bareboat charter |
|
|
360 |
|
|
|
376 |
|
|
|
332 |
|
|
|
48 |
|
|
|
618 |
|
|
Other marine services |
|
|
840 |
|
|
|
222 |
|
|
|
720 |
|
|
|
575 |
|
|
|
44 |
|
|
|
|
|
20,000 |
|
|
|
17,792 |
|
|
|
20,739 |
|
|
|
21,606 |
|
|
|
16,485 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
8,849 |
|
|
$ |
8,961 |
|
|
$ |
8,427 |
|
|
$ |
7,889 |
|
|
$ |
8,193 |
|
|
Repairs and maintenance |
|
|
3,475 |
|
|
|
2,998 |
|
|
|
2,839 |
|
|
|
3,184 |
|
|
|
3,701 |
|
|
Drydocking |
|
|
609 |
|
|
|
770 |
|
|
|
1,025 |
|
|
|
(32 |
) |
|
|
1,302 |
|
|
Insurance and loss reserves |
|
|
419 |
|
|
|
552 |
|
|
|
734 |
|
|
|
551 |
|
|
|
428 |
|
|
Fuel, lubes and supplies |
|
|
2,331 |
|
|
|
2,842 |
|
|
|
2,038 |
|
|
|
1,701 |
|
|
|
1,434 |
|
|
Other |
|
|
2,314 |
|
|
|
1,420 |
|
|
|
1,275 |
|
|
|
1,631 |
|
|
|
1,348 |
|
|
|
|
|
17,997 |
|
|
|
17,543 |
|
|
|
16,338 |
|
|
|
14,924 |
|
|
|
16,406 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
332 |
|
|
$ |
154 |
|
|
$ |
291 |
|
|
Depreciation and amortization |
|
|
4,262 |
|
|
|
4,099 |
|
|
|
3,810 |
|
|
|
3,785 |
|
|
|
3,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fleet available days |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1 |
|
|
Insurance and loss reserves |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Fuel, lubes and supplies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED PERFORMANCE BY VESSEL CLASS
(continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
33,936 |
|
|
$ |
31,717 |
|
|
$ |
27,447 |
|
|
$ |
24,712 |
|
|
$ |
22,416 |
|
|
Fleet utilization |
|
|
50 |
% |
|
|
61 |
% |
|
|
65 |
% |
|
|
44 |
% |
|
|
49 |
% |
|
Fleet available days |
|
|
810 |
|
|
|
828 |
|
|
|
828 |
|
|
|
819 |
|
|
|
810 |
|
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
94 |
|
|
|
90 |
|
|
|
154 |
|
|
|
318 |
|
|
|
179 |
|
|
Out-of-service days for cold-stacked status |
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
134 |
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
13,712 |
|
|
$ |
16,127 |
|
|
$ |
14,720 |
|
|
$ |
8,805 |
|
|
$ |
8,830 |
|
|
Other marine services |
|
|
2,776 |
|
|
|
1,842 |
|
|
|
1,421 |
|
|
|
3,283 |
|
|
|
1,463 |
|
|
|
|
|
16,488 |
|
|
|
17,969 |
|
|
|
16,141 |
|
|
|
12,088 |
|
|
|
10,293 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
5,068 |
|
|
$ |
5,520 |
|
|
$ |
5,419 |
|
|
$ |
4,515 |
|
|
$ |
4,035 |
|
|
Repairs and maintenance |
|
|
499 |
|
|
|
2,674 |
|
|
|
1,560 |
|
|
|
2,132 |
|
|
|
1,012 |
|
|
Drydocking |
|
|
(1,141 |
) |
|
|
(543 |
) |
|
|
3,337 |
|
|
|
6,737 |
|
|
|
2,401 |
|
|
Insurance and loss reserves |
|
|
1,907 |
|
|
|
2,271 |
|
|
|
1,552 |
|
|
|
1,548 |
|
|
|
1,215 |
|
|
Fuel, lubes and supplies |
|
|
619 |
|
|
|
896 |
|
|
|
1,408 |
|
|
|
1,230 |
|
|
|
605 |
|
|
Other |
|
|
(28 |
) |
|
|
359 |
|
|
|
387 |
|
|
|
655 |
|
|
|
644 |
|
|
|
|
|
6,924 |
|
|
|
11,177 |
|
|
|
13,663 |
|
|
|
16,817 |
|
|
|
9,912 |
|
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,214 |
|
|
|
4,210 |
|
|
|
4,429 |
|
|
|
4,870 |
|
|
|
4,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
1,111 |
|
|
$ |
1,089 |
|
|
$ |
1,016 |
|
|
$ |
924 |
|
|
$ |
1,139 |
|
|
|
|
|
1,111 |
|
|
|
1,089 |
|
|
|
1,016 |
|
|
|
924 |
|
|
|
1,139 |
|
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
30 |
|
|
$ |
8 |
|
|
$ |
(5 |
) |
|
$ |
12 |
|
|
$ |
— |
|
|
Repairs and maintenance |
|
|
(46 |
) |
|
|
(12 |
) |
|
|
(64 |
) |
|
|
40 |
|
|
|
(15 |
) |
|
Drydocking |
|
|
(3 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Insurance and loss reserves |
|
|
61 |
|
|
|
11 |
|
|
|
4 |
|
|
|
(72 |
) |
|
|
(582 |
) |
|
Fuel, lubes and supplies |
|
|
11 |
|
|
|
— |
|
|
|
(1 |
) |
|
|
17 |
|
|
|
— |
|
|
Other |
|
|
21 |
|
|
|
(1 |
) |
|
|
(9 |
) |
|
|
18 |
|
|
|
(1 |
) |
|
|
|
|
74 |
|
|
|
6 |
|
|
|
(75 |
) |
|
|
15 |
|
|
|
(598 |
) |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
389 |
|
|
$ |
333 |
|
|
$ |
386 |
|
|
$ |
404 |
|
|
$ |
320 |
|
|
Depreciation and amortization |
|
|
42 |
|
|
|
43 |
|
|
|
49 |
|
|
|
48 |
|
|
|
182 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
40,570 |
|
|
$ |
39,963 |
|
|
$ |
47,514 |
|
|
$ |
22,608 |
|
|
$ |
36,315 |
|
|
Restricted cash |
|
|
3,082 |
|
|
|
3,082 |
|
|
|
3,296 |
|
|
|
3,296 |
|
|
|
3,596 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for credit loss accounts |
|
|
60,114 |
|
|
|
54,388 |
|
|
|
58,572 |
|
|
|
55,276 |
|
|
|
49,238 |
|
|
Other |
|
|
11,913 |
|
|
|
7,638 |
|
|
|
6,647 |
|
|
|
7,437 |
|
|
|
8,799 |
|
|
Note receivable |
|
|
10,000 |
|
|
|
15,000 |
|
|
|
20,000 |
|
|
|
— |
|
|
|
— |
|
|
Tax receivable |
|
|
445 |
|
|
|
578 |
|
|
|
79 |
|
|
|
79 |
|
|
|
1,238 |
|
|
Inventories |
|
|
2,207 |
|
|
|
2,123 |
|
|
|
2,059 |
|
|
|
1,723 |
|
|
|
1,297 |
|
|
Prepaid expenses and other |
|
|
3,233 |
|
|
|
3,054 |
|
|
|
4,700 |
|
|
|
5,391 |
|
|
|
3,724 |
|
|
Assets held for sale |
|
|
— |
|
|
|
6,750 |
|
|
|
6,000 |
|
|
|
— |
|
|
|
— |
|
|
Total current assets |
|
|
131,564 |
|
|
|
132,576 |
|
|
|
148,867 |
|
|
|
95,810 |
|
|
|
104,207 |
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
969,328 |
|
|
|
967,683 |
|
|
|
992,423 |
|
|
|
1,000,147 |
|
|
|
1,006,873 |
|
|
Accumulated depreciation |
|
|
(324,197 |
) |
|
|
(310,778 |
) |
|
|
(321,898 |
) |
|
|
(325,091 |
) |
|
|
(316,444 |
) |
|
|
|
|
645,131 |
|
|
|
656,905 |
|
|
|
670,525 |
|
|
|
675,056 |
|
|
|
690,429 |
|
|
Construction in progress |
|
|
8,540 |
|
|
|
8,111 |
|
|
|
8,422 |
|
|
|
15,576 |
|
|
|
15,550 |
|
|
Net property and equipment |
|
|
653,671 |
|
|
|
665,016 |
|
|
|
678,947 |
|
|
|
690,632 |
|
|
|
705,979 |
|
|
Right-of-use asset - operating
leases |
|
|
5,984 |
|
|
|
6,206 |
|
|
|
4,419 |
|
|
|
5,686 |
|
|
|
6,238 |
|
|
Right-of-use asset - finance
leases |
|
|
6,654 |
|
|
|
6,813 |
|
|
|
6,972 |
|
|
|
7,131 |
|
|
|
7,290 |
|
|
Investments, at equity, and
advances to 50% or less owned companies |
|
|
3,594 |
|
|
|
3,024 |
|
|
|
1,901 |
|
|
|
75,923 |
|
|
|
76,860 |
|
|
Other assets |
|
|
2,079 |
|
|
|
1,995 |
|
|
|
1,887 |
|
|
|
1,932 |
|
|
|
2,057 |
|
|
Total assets |
|
$ |
803,546 |
|
|
$ |
815,630 |
|
|
$ |
842,993 |
|
|
$ |
877,114 |
|
|
$ |
902,631 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
1,764 |
|
|
$ |
2,358 |
|
|
$ |
1,792 |
|
|
$ |
2,010 |
|
|
$ |
2,073 |
|
|
Current portion of finance lease liabilities |
|
|
563 |
|
|
|
468 |
|
|
|
374 |
|
|
|
282 |
|
|
|
190 |
|
|
Current portion of long-term debt |
|
|
60,523 |
|
|
|
61,512 |
|
|
|
57,567 |
|
|
|
33,398 |
|
|
|
32,708 |
|
|
Accounts payable and accrued expenses |
|
|
44,255 |
|
|
|
37,954 |
|
|
|
36,248 |
|
|
|
39,262 |
|
|
|
32,585 |
|
|
Due to SEACOR Holdings |
|
|
264 |
|
|
|
264 |
|
|
|
264 |
|
|
|
264 |
|
|
|
264 |
|
|
Other current liabilities |
|
|
20,185 |
|
|
|
18,869 |
|
|
|
22,032 |
|
|
|
22,171 |
|
|
|
23,723 |
|
|
Total current liabilities |
|
|
127,554 |
|
|
|
121,425 |
|
|
|
118,277 |
|
|
|
97,387 |
|
|
|
91,543 |
|
|
Long-term operating lease
liabilities |
|
|
4,474 |
|
|
|
4,739 |
|
|
|
3,759 |
|
|
|
4,026 |
|
|
|
4,420 |
|
|
Long-term finance lease
liabilities |
|
|
6,644 |
|
|
|
6,781 |
|
|
|
6,916 |
|
|
|
7,050 |
|
|
|
7,183 |
|
|
Long-term debt |
|
|
254,450 |
|
|
|
260,119 |
|
|
|
282,556 |
|
|
|
318,699 |
|
|
|
326,264 |
|
|
Conversion option liability on
convertible senior notes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
34 |
|
|
Deferred income taxes |
|
|
39,120 |
|
|
|
40,779 |
|
|
|
39,823 |
|
|
|
33,743 |
|
|
|
37,153 |
|
|
Deferred gains and other
liabilities |
|
|
2,264 |
|
|
|
2,641 |
|
|
|
2,692 |
|
|
|
2,701 |
|
|
|
2,990 |
|
|
Total liabilities |
|
|
434,506 |
|
|
|
436,484 |
|
|
|
454,023 |
|
|
|
463,607 |
|
|
|
469,587 |
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
279 |
|
|
|
272 |
|
|
|
272 |
|
|
|
272 |
|
|
|
269 |
|
|
Additional paid-in capital |
|
|
467,896 |
|
|
|
466,669 |
|
|
|
465,449 |
|
|
|
464,222 |
|
|
|
463,138 |
|
|
Accumulated deficit |
|
|
(102,700 |
) |
|
|
(93,111 |
) |
|
|
(79,769 |
) |
|
|
(55,418 |
) |
|
|
(37,744 |
) |
|
Shares held in treasury |
|
|
(4,119 |
) |
|
|
(1,852 |
) |
|
|
(1,852 |
) |
|
|
(1,852 |
) |
|
|
(1,792 |
) |
|
Accumulated other comprehensive income, net of tax |
|
|
7,363 |
|
|
|
6,847 |
|
|
|
4,549 |
|
|
|
5,960 |
|
|
|
8,853 |
|
|
|
|
|
368,719 |
|
|
|
378,825 |
|
|
|
388,649 |
|
|
|
413,184 |
|
|
|
432,724 |
|
|
Noncontrolling interests in
subsidiaries |
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
|
|
323 |
|
|
|
320 |
|
|
Total equity |
|
|
369,040 |
|
|
|
379,146 |
|
|
|
388,970 |
|
|
|
413,507 |
|
|
|
433,044 |
|
|
Total liabilities and equity |
|
$ |
803,546 |
|
|
$ |
815,630 |
|
|
$ |
842,993 |
|
|
$ |
877,114 |
|
|
$ |
902,631 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)
|
|
Three Months Ended |
|
|
|
|
Mar. 31, 2023 |
|
|
Dec. 31, 2022 |
|
|
Sep. 30, 2022 |
|
|
Jun. 30, 2022 |
|
|
Mar. 31, 2022 |
|
|
Cash Flows from Operating
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(9,589 |
) |
|
$ |
(13,342 |
) |
|
$ |
(24,353 |
) |
|
$ |
(19,117 |
) |
|
$ |
(14,837 |
) |
|
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
13,762 |
|
|
|
13,624 |
|
|
|
13,754 |
|
|
|
14,208 |
|
|
|
14,371 |
|
|
Deferred financing costs amortization |
|
|
418 |
|
|
|
(997 |
) |
|
|
350 |
|
|
|
364 |
|
|
|
291 |
|
|
Stock-based compensation expense |
|
|
1,227 |
|
|
|
1,220 |
|
|
|
1,227 |
|
|
|
1,076 |
|
|
|
1,074 |
|
|
Debt discount amortization |
|
|
1,558 |
|
|
|
1,449 |
|
|
|
1,817 |
|
|
|
1,736 |
|
|
|
1,691 |
|
|
Allowance for credit losses |
|
|
(104 |
) |
|
|
11 |
|
|
|
(53 |
) |
|
|
701 |
|
|
|
(170 |
) |
|
(Gain) loss from equipment sales, retirements or impairments |
|
|
(3,599 |
) |
|
|
(1,017 |
) |
|
|
1,783 |
|
|
|
(25 |
) |
|
|
(2,139 |
) |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
(12,700 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Derivative losses (gains) |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(33 |
) |
|
|
34 |
|
|
Interest on finance lease |
|
|
72 |
|
|
|
73 |
|
|
|
73 |
|
|
|
73 |
|
|
|
25 |
|
|
Settlements on derivative transactions, net |
|
|
154 |
|
|
|
33 |
|
|
|
(131 |
) |
|
|
(278 |
) |
|
|
(373 |
) |
|
Currency losses (gains) |
|
|
825 |
|
|
|
2,646 |
|
|
|
(2,314 |
) |
|
|
(1,170 |
) |
|
|
(821 |
) |
|
Deferred income taxes |
|
|
(1,659 |
) |
|
|
957 |
|
|
|
6,079 |
|
|
|
(3,410 |
) |
|
|
(3,529 |
) |
|
Equity (earnings) losses |
|
|
(536 |
) |
|
|
(1,176 |
) |
|
|
254 |
|
|
|
(415 |
) |
|
|
(5,674 |
) |
|
Dividends received from equity investees |
|
|
— |
|
|
|
74 |
|
|
|
1,096 |
|
|
|
1,162 |
|
|
|
725 |
|
|
Changes in Operating Assets
and Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivables |
|
|
(9,857 |
) |
|
|
2,304 |
|
|
|
(2,384 |
) |
|
|
(4,476 |
) |
|
|
3,904 |
|
|
Other assets |
|
|
45 |
|
|
|
3,296 |
|
|
|
966 |
|
|
|
(1,539 |
) |
|
|
(164 |
) |
|
Accounts payable and accrued liabilities |
|
|
6,731 |
|
|
|
769 |
|
|
|
(4,900 |
) |
|
|
4,925 |
|
|
|
6,707 |
|
|
Net cash (used in) provided by operating activities |
|
|
(552 |
) |
|
|
(2,776 |
) |
|
|
(6,737 |
) |
|
|
(6,218 |
) |
|
|
1,115 |
|
|
Cash Flows from Investing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(470 |
) |
|
|
(185 |
) |
|
|
(240 |
) |
|
|
(17 |
) |
|
|
(20 |
) |
|
Proceeds from disposition of property and equipment |
|
|
7,611 |
|
|
|
53 |
|
|
|
— |
|
|
|
1,371 |
|
|
|
5,310 |
|
|
Net investing activities in property and equipment |
|
|
7,141 |
|
|
|
(132 |
) |
|
|
(240 |
) |
|
|
1,354 |
|
|
|
5,290 |
|
|
Principal payments on notes due from equity investees |
|
|
— |
|
|
|
— |
|
|
|
177 |
|
|
|
175 |
|
|
|
176 |
|
|
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 |
|
|
|
5,000 |
|
|
|
8,831 |
|
|
|
— |
|
|
|
— |
|
|
Net cash provided by investing activities |
|
|
12,141 |
|
|
|
4,868 |
|
|
|
45,937 |
|
|
|
1,529 |
|
|
|
5,466 |
|
|
Cash Flows from Financing
Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
|
|
(8,608 |
) |
|
|
(7,470 |
) |
|
|
(14,182 |
) |
|
|
(9,152 |
) |
|
|
(7,348 |
) |
|
Payments on debt extinguishment cost |
|
|
— |
|
|
|
(2,271 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Payments on finance leases |
|
|
(114 |
) |
|
|
(114 |
) |
|
|
(114 |
) |
|
|
(114 |
) |
|
|
(9 |
) |
|
Proceeds from exercise of stock options |
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
|
11 |
|
|
|
140 |
|
|
Tax withholdings on restricted stock vesting and director share
awards |
|
|
(2,266 |
) |
|
|
— |
|
|
|
— |
|
|
|
(60 |
) |
|
|
(672 |
) |
|
Net cash used in financing activities |
|
|
(10,982 |
) |
|
|
(9,855 |
) |
|
|
(14,296 |
) |
|
|
(9,315 |
) |
|
|
(7,889 |
) |
|
Effects of Exchange Rate Changes
on Cash and Cash Equivalents |
|
|
— |
|
|
|
(2 |
) |
|
|
2 |
|
|
|
(3 |
) |
|
|
(1 |
) |
|
Net Change in Cash, Cash
Equivalents and Restricted Cash |
|
|
607 |
|
|
|
(7,765 |
) |
|
|
24,906 |
|
|
|
(14,007 |
) |
|
|
(1,309 |
) |
|
Cash, Restricted Cash and Cash
Equivalents, Beginning of Period |
|
|
43,045 |
|
|
|
50,810 |
|
|
|
25,904 |
|
|
|
39,911 |
|
|
|
41,220 |
|
|
Cash, Restricted Cash and Cash
Equivalents, End of Period |
|
$ |
43,652 |
|
|
$ |
43,045 |
|
|
$ |
50,810 |
|
|
$ |
25,904 |
|
|
$ |
39,911 |
|
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED FLEET COUNTS
|
|
Owned |
|
|
Leased-in |
|
|
Managed |
|
|
Total |
|
March 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
4 |
|
FSV |
|
|
22 |
|
|
|
1 |
|
|
|
2 |
|
|
|
25 |
|
PSV |
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
Liftboats |
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
|
55 |
|
|
|
2 |
|
|
|
2 |
|
|
|
59 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
3 |
|
|
|
2 |
|
|
|
— |
|
|
|
5 |
|
FSV |
|
|
22 |
|
|
|
1 |
|
|
|
2 |
|
|
|
25 |
|
PSV |
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
Liftboats |
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
|
55 |
|
|
|
3 |
|
|
|
2 |
|
|
|
60 |
|
SEACOR Marine (NYSE:SMHI)
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De Mar 2024 até Abr 2024
SEACOR Marine (NYSE:SMHI)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024