HOUSTON, Nov. 01, 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 third quarter ended September 30, 2023.
SEACOR Marine’s consolidated operating revenues for the third quarter of 2023 were $75.6 million, operating income was $9.8 million, and direct vessel profit (“DVP”)(1) was $36.8 million. This compares to 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, and consolidated operating revenues of $66.9 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023.
Notable third quarter items include:
- 26.4% improvement in revenues from the third quarter of 2022 and a 13.0% improvement from the second quarter of 2023.
- Average day rates of $18,046, a 35.3% improvement from the third quarter of 2022, and a 18.3% improvement from the second quarter of 2023.
- DVP margin increased 132.9% from the third quarter of 2022 and increased 20.2% from the second quarter of 2023.
- Comprehensive refinancing of our debt capital structure by refinancing $104.8 million of indebtedness maturing in the 2023-2026 period with a new $122.0 million senior secured term loan facility maturing in 2028. The remaining proceeds were used to, among other things, acquire 100% ownership of a 2014-built FSV previously under lease.
For the third quarter of 2023, net loss was $0.9 million ($0.03 loss per basic and diluted share). This compares to a net loss for the third quarter of 2022 of $24.4 million ($0.91 loss per basic and diluted share). Sequentially, third quarter 2023 results compare to a net loss of $4.6 million ($0.17 loss per basic and diluted share) in the second quarter of 2023.
Chief Executive Officer John Gellert commented:
“The Company’s third quarter results reflect continued progress in the cyclical recovery with a meaningful improvement in average day rates. The third quarter also illustrates the strong recovery in cash flows from operations with another consecutive quarter of meaningful increase in DVP, reaching levels not seen since 2014.
All our business segments contributed positively to the quarterly improvement in revenues and DVP. Our U.S. business segment showed very strong growth, driven by higher levels of activity and improved average day rates, especially in windfarm support. We have a differentiated and high-quality fleet in the U.S that serves both the offshore oil and gas and wind markets, which we believe will yield improved returns for this business segment if customer demand in both markets continues to improve over the next year. Our international segments also generated improved DVP compared to the third quarter of 2022, despite lower utilization driven mostly by downtime for repairs and scheduled drydockings. Tendering activity in all our international segments remains strong, and recent fixtures reflect improved terms and pricing. The third quarter is our seasonally busy time of year and we do expect some slow down both domestically and internationally as we enter the winter months for scheduled maintenance and vessel repositioning.
On September 11, 2023, the Company announced a new $122.0 million credit facility with EnTrust Global that matures in 2028 and, among other things, refinanced five separate debt facilities maturing in the 2023-2026 period. This transaction strengthened our capital structure and provides us with the financial flexibility to take advantage of the favorable market conditions we have been experiencing over the past several quarters. Absent a $2.0 million one-time charge in connection with our recently completed refinancing efforts, we would have reported positive net income for the third quarter.”
Today the Company also announced that it has entered into an at-the-market sales agreement with B. Riley Securities, Inc. (“B. Riley”), as sales agent, under which the Company may from time to time offer and sell shares of its common stock (the “Shares”) having an aggregate offering price of up to $25.0 million through an “at-the-market” equity offering program (the “ATM Program”), and the Company will file a prospectus supplement with the Securities and Exchange Commission with respect thereto. The Company currently intends to use the net proceeds from any sales of Shares under the ATM Program for general corporate purposes, which may include additions to working capital, capital expenditures, repayment of debt, or the financing of possible acquisitions and investments. The timing and amount of any sales will depend on a variety of factors to be determined by the Company.
The Shares will be offered through B. Riley. B. Riley may sell Shares by any method permitted by law deemed to be an “at-the-market offering” as defined in Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation, sales made directly on the New York Stock Exchange, on any other existing trading market for the Shares, to or through a market maker or in negotiated transactions. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices or at negotiated prices and, as a result, sales prices may vary.
The public offering of Shares in the at-the-market program is being made pursuant to Company’s effective shelf registration statement on Form S-3 (Registration No. 333-268175), including a base prospectus, filed with the Securities and Exchange Commission (the "SEC"). The offering is being made only by means of a prospectus supplement and the accompanying base prospectus. Prospective investors should read the prospectus supplement and the accompanying base prospectus in that registration statement and other documents that the Company has filed or will file with the SEC for information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC's website at www.sec.gov. Alternatively, copies of the prospectus supplement and the base prospectus may be obtained by contacting B. Riley Securities, Inc. at 299 Park Avenue, New York, New York 10171, by telephone at (800) 846-5050 or by email at prospectuses@brileyfin.com.
___________________
| (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 September 30, | Nine months ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Operating Revenues | $ | 75,574 | $ | 59,791 | $ | 202,438 | $ | 159,399 | ||||||||
| Costs and Expenses: | �� | |||||||||||||||
| Operating | 38,816 | 44,006 | 112,391 | 127,647 | ||||||||||||
| Administrative and general | 12,300 | 9,978 | 37,636 | 30,112 | ||||||||||||
| Lease expense | 651 | 1,168 | 2,069 | 3,236 | ||||||||||||
| Depreciation and amortization | 13,462 | 13,754 | 40,799 | 42,333 | ||||||||||||
| 65,229 | 68,906 | 192,895 | 203,328 | |||||||||||||
| (Losses) Gains on Asset Dispositions and Impairments, Net | (512 | ) | (1,783 | ) | 3,352 | 381 | ||||||||||
| Operating Income (Loss) | 9,833 | (10,898 | ) | 12,895 | (43,548 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 340 | (123 | ) | 1,222 | 96 | |||||||||||
| Interest expense | (9,536 | ) | (7,634 | ) | (27,060 | ) | (21,250 | ) | ||||||||
| Loss on debt extinguishment | (2,004 | ) | — | (2,004 | ) | — | ||||||||||
| Derivative gains, net | — | 1 | — | — | ||||||||||||
| Foreign currency gains (losses), net | 571 | 2,314 | (857 | ) | 4,305 | |||||||||||
| Other, net | — | 659 | — | 618 | ||||||||||||
| (10,629 | ) | (4,783 | ) | (28,699 | ) | (16,231 | ) | |||||||||
| Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies | (796 | ) | (15,681 | ) | (15,804 | ) | (59,779 | ) | ||||||||
| Income Tax Expense | 2,360 | 8,418 | 2,421 | 4,363 | ||||||||||||
| Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (3,156 | ) | (24,099 | ) | (18,225 | ) | (64,142 | ) | ||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 2,273 | (254 | ) | 3,182 | 5,835 | |||||||||||
| Net Loss | (883 | ) | (24,353 | ) | (15,043 | ) | (58,307 | ) | ||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries | — | (2 | ) | — | 1 | |||||||||||
| Net Loss Attributable to SEACOR Marine Holdings Inc. | $ | (883 | ) | $ | (24,351 | ) | $ | (15,043 | ) | $ | (58,308 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic | $ | (0.03 | ) | $ | (0.91 | ) | $ | (0.56 | ) | $ | (2.19 | ) | ||||
| Diluted | $ | (0.03 | ) | $ | (0.91 | ) | $ | (0.56 | ) | $ | (2.19 | ) | ||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 27,181,754 | 26,727,864 | 27,048,656 | 26,591,911 | ||||||||||||
| Diluted | 27,181,754 | 26,727,864 | 27,048,656 | 26,591,911 | ||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average Rates Per Day | $ | 18,046 | $ | 15,250 | $ | 14,314 | $ | 13,794 | $ | 13,340 | ||||||||||
| Fleet Utilization | 73 | % | 78 | % | 76 | % | 76 | % | 79 | % | ||||||||||
| Fleet Available Days | 5,182 | 5,096 | 5,071 | 5,244 | 5,336 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 68,668 | $ | 60,804 | $ | 55,415 | $ | 54,789 | $ | 56,500 | ||||||||||
| Bareboat charter | 368 | 364 | 360 | 376 | 332 | |||||||||||||||
| Other marine services | 6,538 | 5,723 | 4,198 | 2,761 | 2,959 | |||||||||||||||
| 75,574 | 66,891 | 59,973 | 57,926 | 59,791 | ||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 19,943 | 19,944 | 19,803 | 20,849 | 20,152 | |||||||||||||||
| Repairs and maintenance | 7,418 | 5,793 | 6,011 | 8,948 | 7,377 | |||||||||||||||
| Drydocking | 1,768 | 2,256 | 13 | 1,667 | 5,046 | |||||||||||||||
| Insurance and loss reserves | 1,833 | 2,390 | 2,789 | 3,381 | 2,850 | |||||||||||||||
| Fuel, lubes and supplies | 5,047 | 3,638 | 4,819 | 5,794 | 5,416 | |||||||||||||||
| Other | 2,807 | 2,281 | 3,838 | 3,699 | 3,165 | |||||||||||||||
| 38,816 | 36,302 | 37,273 | 44,338 | 44,006 | ||||||||||||||||
| Direct Vessel Profit (1) | 36,758 | 30,589 | 22,700 | 13,588 | 15,785 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | 651 | 698 | 720 | 633 | 1,168 | |||||||||||||||
| Administrative and general | 12,300 | 13,704 | 11,632 | 10,799 | 9,978 | |||||||||||||||
| Depreciation and amortization | 13,462 | 13,575 | 13,762 | 13,624 | 13,754 | |||||||||||||||
| 26,413 | 27,977 | 26,114 | 25,056 | 24,900 | ||||||||||||||||
| (Losses) Gains on Asset Dispositions and Impairments, Net | (512 | ) | 265 | 3,599 | 1,017 | (1,783 | ) | |||||||||||||
| Operating Income (Loss) | 9,833 | 2,877 | 185 | (10,451 | ) | (10,898 | ) | |||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 340 | 422 | 460 | 688 | (123 | ) | ||||||||||||||
| Interest expense | (9,536 | ) | (8,736 | ) | (8,788 | ) | (8,456 | ) | (7,634 | ) | ||||||||||
| Derivative gains, net | — | — | — | — | 1 | |||||||||||||||
| (Loss) gain on debt extinguishment | (2,004 | ) | — | — | 10,429 | — | ||||||||||||||
| Foreign currency gains (losses), net | 571 | (603 | ) | (825 | ) | (2,646 | ) | 2,314 | ||||||||||||
| Other, net | — | — | — | 137 | 659 | |||||||||||||||
| (10,629 | ) | (8,917 | ) | (9,153 | ) | 152 | (4,783 | ) | ||||||||||||
| Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies | (796 | ) | (6,040 | ) | (8,968 | ) | (10,299 | ) | (15,681 | ) | ||||||||||
| Income Tax Expense (Benefit) | 2,360 | (1,096 | ) | 1,157 | 4,219 | 8,418 | ||||||||||||||
| Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies | (3,156 | ) | (4,944 | ) | (10,125 | ) | (14,518 | ) | (24,099 | ) | ||||||||||
| Equity in Earnings (Losses) of 50% or Less Owned Companies | 2,273 | 373 | 536 | 1,176 | (254 | ) | ||||||||||||||
| Net Loss | (883 | ) | (4,571 | ) | (9,589 | ) | (13,342 | ) | (24,353 | ) | ||||||||||
| Net Loss Attributable to Noncontrolling Interests in Subsidiaries | — | — | — | — | (2 | ) | ||||||||||||||
| Net Loss Attributable to SEACOR Marine Holdings Inc. | $ | (883 | ) | $ | (4,571 | ) | $ | (9,589 | ) | $ | (13,342 | ) | $ | (24,351 | ) | |||||
| Net Loss Per Share: | ||||||||||||||||||||
| Basic | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.36 | ) | $ | (0.50 | ) | $ | (0.91 | ) | |||||
| Diluted | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.36 | ) | $ | (0.50 | ) | $ | (0.91 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||||||
| Basic | 27,182 | 27,138 | 26,822 | 26,728 | 26,728 | |||||||||||||||
| Diluted | 27,182 | 27,138 | 26,822 | 26,728 | 26,728 | |||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 28,481 | 28,481 | 28,428 | 28,142 | 28,142 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| United States, primarily Gulf of Mexico | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 23,663 | $ | 16,115 | $ | 18,359 | $ | 22,563 | $ | 21,551 | ||||||||||
| Fleet utilization | 57 | % | 35 | % | 35 | % | 57 | % | 58 | % | ||||||||||
| Fleet available days | 1,196 | 1,080 | 1,015 | 1,288 | 1,363 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 151 | 229 | 112 | 108 | 199 | |||||||||||||||
| Out-of-service days for cold-stacked status | 206 | 173 | 211 | 242 | 259 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 16,236 | $ | 6,121 | $ | 6,564 | $ | 16,574 | $ | 17,075 | ||||||||||
| Other marine services | 5,444 | 2,993 | 3,842 | 2,916 | 2,161 | |||||||||||||||
| 21,680 | 9,114 | 10,406 | 19,490 | 19,236 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 6,712 | 5,957 | 6,535 | 7,262 | 7,243 | |||||||||||||||
| Repairs and maintenance | 1,560 | 1,573 | 1,194 | 2,666 | 2,002 | |||||||||||||||
| Drydocking | 462 | 1,506 | 43 | 472 | 1,549 | |||||||||||||||
| Insurance and loss reserves | 332 | 1,082 | 1,041 | 2,022 | 1,382 | |||||||||||||||
| Fuel, lubes and supplies | 958 | 924 | 783 | 746 | 1,143 | |||||||||||||||
| Other | 341 | 335 | 223 | 416 | 314 | |||||||||||||||
| 10,365 | 11,377 | 9,819 | 13,584 | 13,633 | ||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 11,315 | $ | (2,263 | ) | $ | 587 | $ | 5,906 | $ | 5,603 | |||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 116 | $ | 143 | $ | 136 | $ | 138 | $ | 278 | ||||||||||
| Depreciation and amortization | 3,810 | 3,861 | 3,535 | 3,912 | 4,332 | |||||||||||||||
| Africa and Europe | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 15,388 | $ | 14,982 | $ | 12,835 | $ | 11,241 | $ | 11,813 | ||||||||||
| Fleet utilization | 84 | % | 94 | % | 87 | % | 82 | % | 91 | % | ||||||||||
| Fleet available days | 1,748 | 1,729 | 1,710 | 1,656 | 1,629 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 111 | 58 | 118 | 125 | 37 | |||||||||||||||
| Out-of-service days for cold-stacked status | 54 | — | — | — | — | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 22,528 | $ | 24,414 | $ | 18,996 | $ | 15,299 | $ | 17,551 | ||||||||||
| Other marine services | 815 | (1,037 | ) | (834 | ) | (679 | ) | 60 | ||||||||||||
| 23,343 | 23,377 | 18,162 | 14,620 | 17,611 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,089 | 4,833 | 4,505 | 4,680 | 4,694 | |||||||||||||||
| Repairs and maintenance | 2,214 | 2,050 | 2,553 | 2,902 | 2,110 | |||||||||||||||
| Drydocking | 320 | 144 | 1,184 | 678 | 383 | |||||||||||||||
| Insurance and loss reserves | 573 | 420 | 318 | 366 | 359 | |||||||||||||||
| Fuel, lubes and supplies | 2,573 | 1,419 | 2,215 | 2,775 | 2,284 | |||||||||||||||
| Other | 1,320 | 1,346 | 1,690 | 1,896 | 1,580 | |||||||||||||||
| 12,089 | 10,212 | 12,465 | 13,297 | 11,410 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 11,254 | $ | 13,165 | $ | 5,697 | $ | 1,323 | $ | 6,201 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 372 | $ | 408 | $ | 429 | $ | 378 | $ | 455 | ||||||||||
| Depreciation and amortization | 3,821 | 3,853 | 3,925 | 3,683 | 3,461 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 16,313 | $ | 13,245 | $ | 13,562 | $ | 11,090 | $ | 9,507 | ||||||||||
| Fleet utilization | 67 | % | 86 | % | 82 | % | 75 | % | 79 | % | ||||||||||
| Fleet available days | 1,472 | 1,456 | 1,440 | 1,533 | 1,564 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 297 | 58 | 76 | 132 | 252 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 16,087 | $ | 16,563 | $ | 16,028 | $ | 12,802 | $ | 11,712 | ||||||||||
| Other marine services | 103 | 3,357 | (142 | ) | (66 | ) | 319 | |||||||||||||
| 16,190 | 19,920 | 15,886 | 12,736 | 12,031 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,157 | 5,266 | 4,841 | 5,270 | 5,384 | |||||||||||||||
| Repairs and maintenance | 2,623 | 1,219 | 677 | 1,958 | 1,776 | |||||||||||||||
| Drydocking | 1,056 | (684 | ) | (1,095 | ) | 244 | 3,113 | |||||||||||||
| Insurance and loss reserves | 711 | 720 | 1,185 | 821 | 762 | |||||||||||||||
| Fuel, lubes and supplies | 743 | 425 | 1,142 | 1,335 | 1,426 | |||||||||||||||
| Other | 779 | 234 | 1,327 | 915 | 878 | |||||||||||||||
| 11,069 | 7,180 | 8,077 | 10,543 | 13,339 | ||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 5,121 | $ | 12,740 | $ | 7,809 | $ | 2,193 | $ | (1,308 | ) | |||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 59 | $ | 67 | $ | 76 | $ | 52 | $ | 35 | ||||||||||
| Depreciation and amortization | 3,721 | 3,708 | 3,688 | 3,783 | 3,974 | |||||||||||||||
| Latin America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 20,656 | $ | 18,846 | $ | 16,229 | $ | 14,009 | $ | 14,010 | ||||||||||
| Fleet utilization | 87 | % | 88 | % | 94 | % | 94 | % | 93 | % | ||||||||||
| Fleet available days | 766 | 831 | 906 | 767 | 780 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 67 | 79 | 22 | 14 | 12 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 13,817 | $ | 13,706 | $ | 13,827 | $ | 10,114 | $ | 10,162 | ||||||||||
| Bareboat charter | 368 | 364 | 360 | 376 | 332 | |||||||||||||||
| Other marine services | 176 | 410 | 1,332 | 590 | 419 | |||||||||||||||
| 14,361 | 14,480 | 15,519 | 11,080 | 10,913 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 2,985 | 3,888 | 3,922 | 3,637 | 2,831 | |||||||||||||||
| Repairs and maintenance | 1,021 | 951 | 1,587 | 1,422 | 1,489 | |||||||||||||||
| Drydocking | (70 | ) | 1,290 | (119 | ) | 273 | 1 | |||||||||||||
| Insurance and loss reserves | 217 | 168 | 245 | 172 | 347 | |||||||||||||||
| Fuel, lubes and supplies | 773 | 870 | 679 | 938 | 563 | |||||||||||||||
| Other | 367 | 366 | 598 | 472 | 393 | |||||||||||||||
| 5,293 | 7,533 | 6,912 | 6,914 | 5,624 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 9,068 | $ | 6,947 | $ | 8,607 | $ | 4,166 | $ | 5,289 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 104 | $ | 80 | $ | 79 | $ | 65 | $ | 400 | ||||||||||
| Depreciation and amortization | 2,110 | 2,153 | 2,614 | 2,246 | 1,987 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| AHTS | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,947 | $ | 8,916 | $ | 9,244 | $ | 9,254 | $ | 8,848 | ||||||||||
| Fleet utilization | 50 | % | 85 | % | 81 | % | 80 | % | 67 | % | ||||||||||
| Fleet available days | 368 | 364 | 391 | 460 | 552 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 111 | 13 | 45 | — | 92 | |||||||||||||||
| Out-of-service days for cold-stacked status | 54 | — | 31 | 92 | 92 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 1,831 | $ | 2,762 | $ | 2,915 | $ | 3,406 | $ | 3,256 | ||||||||||
| Other marine services | 818 | (134 | ) | (152 | ) | (168 | ) | (183 | ) | |||||||||||
| 2,649 | 2,628 | 2,763 | 3,238 | 3,073 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 1,019 | $ | 1,069 | $ | 995 | $ | 1,220 | $ | 1,022 | ||||||||||
| Repairs and maintenance | 484 | 186 | 216 | 331 | 304 | |||||||||||||||
| Drydocking | 747 | 131 | 420 | 6 | 28 | |||||||||||||||
| Insurance and loss reserves | 88 | 78 | 68 | 94 | 150 | |||||||||||||||
| Fuel, lubes and supplies | 428 | 192 | 476 | 259 | 399 | |||||||||||||||
| Other | 266 | 195 | 295 | 283 | 228 | |||||||||||||||
| 3,032 | 1,851 | 2,470 | 2,193 | 2,131 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 331 | $ | 332 | $ | 331 | $ | 300 | $ | 450 | ||||||||||
| Depreciation and amortization | 249 | 298 | 298 | 300 | 494 | |||||||||||||||
| FSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 11,441 | $ | 11,314 | $ | 10,609 | $ | 9,905 | $ | 9,907 | ||||||||||
| Fleet utilization | 79 | % | 92 | % | 91 | % | 86 | % | 90 | % | ||||||||||
| Fleet available days | 2,116 | 2,093 | 2,070 | 2,116 | 2,116 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 227 | 86 | 66 | 146 | 103 | |||||||||||||||
| Out-of-service days for cold-stacked status | 69 | 82 | 90 | 58 | 75 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 19,135 | $ | 21,747 | $ | 19,988 | $ | 18,062 | $ | 18,837 | ||||||||||
| Other marine services | 157 | (518 | ) | (377 | ) | (224 | ) | (15 | ) | |||||||||||
| 19,292 | 21,229 | 19,611 | 17,838 | 18,822 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,144 | $ | 5,083 | $ | 4,861 | $ | 5,140 | $ | 5,289 | ||||||||||
| Repairs and maintenance | 2,787 | 1,134 | 1,867 | 2,957 | 2,738 | |||||||||||||||
| Drydocking | 870 | 1,342 | 128 | 1,434 | 656 | |||||||||||||||
| Insurance and loss reserves | 185 | 337 | 334 | 453 | 410 | |||||||||||||||
| Fuel, lubes and supplies | 1,501 | 1,108 | 1,382 | 1,797 | 1,572 | |||||||||||||||
| Other | 1,057 | 947 | 1,236 | 1,638 | 1,284 | |||||||||||||||
| 11,544 | 9,951 | 9,808 | 13,419 | 11,949 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Depreciation and amortization | 5,002 | 4,952 | 4,946 | 4,972 | 4,972 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| PSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 19,528 | $ | 17,545 | $ | 14,827 | $ | 13,519 | $ | 13,772 | ||||||||||
| Fleet utilization | 78 | % | 80 | % | 70 | % | 69 | % | 78 | % | ||||||||||
| Fleet available days | 1,870 | 1,820 | 1,800 | 1,840 | 1,840 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 110 | 92 | 124 | 142 | 152 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 28,580 | $ | 25,458 | $ | 18,800 | $ | 17,194 | $ | 19,687 | ||||||||||
| Bareboat charter | 368 | 364 | 360 | 376 | 332 | |||||||||||||||
| Other marine services | 149 | 19 | 840 | 222 | 720 | |||||||||||||||
| 29,097 | 25,841 | 20,000 | 17,792 | 20,739 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 8,793 | $ | 8,738 | $ | 8,849 | $ | 8,961 | $ | 8,427 | ||||||||||
| Repairs and maintenance | 2,504 | 2,998 | 3,475 | 2,998 | 2,839 | |||||||||||||||
| Drydocking | 232 | 12 | 609 | 770 | 1,025 | |||||||||||||||
| Insurance and loss reserves | 682 | 421 | 419 | 552 | 734 | |||||||||||||||
| Fuel, lubes and supplies | 2,352 | 2,124 | 2,331 | 2,842 | 2,038 | |||||||||||||||
| Other | 1,214 | 840 | 2,314 | 1,420 | 1,275 | |||||||||||||||
| 15,777 | 15,133 | 17,997 | 17,543 | 16,338 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | — | $ | 332 | ||||||||||
| Depreciation and amortization | 4,073 | 4,072 | 4,262 | 4,099 | 3,810 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| Liftboats | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 39,419 | $ | 35,623 | $ | 33,936 | $ | 31,717 | $ | 27,447 | ||||||||||
| Fleet utilization | 59 | % | 37 | % | 50 | % | 61 | % | 65 | % | ||||||||||
| Fleet available days | 828 | 819 | 810 | 828 | 828 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 111 | 233 | 94 | 90 | 154 | |||||||||||||||
| Out-of-service days for cold-stacked status | 137 | 91 | 90 | 92 | 92 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 19,122 | $ | 10,837 | $ | 13,712 | $ | 16,127 | $ | 14,720 | ||||||||||
| Other marine services | 4,538 | 5,355 | 2,776 | 1,842 | 1,421 | |||||||||||||||
| 23,660 | 16,192 | 16,488 | 17,969 | 16,141 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 4,983 | $ | 5,065 | $ | 5,068 | $ | 5,520 | $ | 5,419 | ||||||||||
| Repairs and maintenance | 1,643 | 1,472 | 499 | 2,674 | 1,560 | |||||||||||||||
| Drydocking | (81 | ) | 849 | (1,141 | ) | (543 | ) | 3,337 | ||||||||||||
| Insurance and loss reserves | 1,148 | 1,418 | 1,907 | 2,271 | 1,552 | |||||||||||||||
| Fuel, lubes and supplies | 766 | 219 | 619 | 896 | 1,408 | |||||||||||||||
| Other | 273 | 301 | (28 | ) | 359 | 387 | ||||||||||||||
| 8,732 | 9,324 | 6,924 | 11,177 | 13,663 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Depreciation and amortization | 4,099 | 4,215 | 4,214 | 4,210 | 4,429 | |||||||||||||||
| Other Activity | ||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Other marine services | $ | 876 | $ | 1,001 | $ | 1,111 | $ | 1,089 | $ | 1,016 | ||||||||||
| 876 | 1,001 | 1,111 | 1,089 | 1,016 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 4 | $ | (11 | ) | $ | 30 | $ | 8 | $ | (5 | ) | ||||||||
| Repairs and maintenance | — | 3 | (46 | ) | (12 | ) | (64 | ) | ||||||||||||
| Drydocking | — | (78 | ) | (3 | ) | — | — | |||||||||||||
| Insurance and loss reserves | (270 | ) | 136 | 61 | 11 | 4 | ||||||||||||||
| Fuel, lubes and supplies | — | (5 | ) | 11 | — | (1 | ) | |||||||||||||
| Other | (3 | ) | (2 | ) | 21 | (1 | ) | (9 | ) | |||||||||||
| (269 | ) | 43 | 74 | 6 | (75 | ) | ||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 320 | $ | 366 | $ | 389 | $ | 333 | $ | 386 | ||||||||||
| Depreciation and amortization | 39 | 38 | 42 | 43 | 49 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Current Assets: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 55,840 | $ | 40,750 | $ | 40,570 | $ | 39,963 | $ | 47,514 | |||||||||||
| Restricted cash | 2,796 | 2,796 | 3,082 | 3,082 | 3,296 | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Trade, net of allowance for credit loss accounts | 63,246 | 60,022 | 60,114 | 54,388 | 58,572 | ||||||||||||||||
| Other | 8,924 | 12,295 | 11,913 | 7,638 | 6,647 | ||||||||||||||||
| Note receivable | — | 5,000 | 10,000 | 15,000 | 20,000 | ||||||||||||||||
| Tax receivable | 445 | 445 | 445 | 578 | 79 | ||||||||||||||||
| Inventories | 1,738 | 1,653 | 2,207 | 2,123 | 2,059 | ||||||||||||||||
| Prepaid expenses and other | 2,957 | 3,112 | 3,233 | 3,054 | 4,700 | ||||||||||||||||
| Assets held for sale | 6,093 | — | — | 6,750 | 6,000 | ||||||||||||||||
| Total current assets | 142,039 | 126,073 | 131,564 | 132,576 | 148,867 | ||||||||||||||||
| Property and Equipment: | |||||||||||||||||||||
| Historical cost | 936,520 | 966,338 | 969,328 | 967,683 | 992,423 | ||||||||||||||||
| Accumulated depreciation | (318,549 | ) | (334,678 | ) | (324,197 | ) | (310,778 | ) | (321,898 | ) | |||||||||||
| 617,971 | 631,660 | 645,131 | 656,905 | 670,525 | |||||||||||||||||
| Construction in progress | 9,413 | 8,876 | 8,540 | 8,111 | 8,422 | ||||||||||||||||
| Net property and equipment | 627,384 | 640,536 | 653,671 | 665,016 | 678,947 | ||||||||||||||||
| Right-of-use asset - operating leases | 4,907 | 5,703 | 5,984 | 6,206 | 4,419 | ||||||||||||||||
| Right-of-use asset - finance leases | 45 | 6,495 | 6,654 | 6,813 | 6,972 | ||||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 3,857 | 3,253 | 3,594 | 3,024 | 1,901 | ||||||||||||||||
| Other assets | 2,095 | 2,139 | 2,079 | 1,995 | 1,887 | ||||||||||||||||
| Total assets | $ | 780,327 | $ | 784,199 | $ | 803,546 | $ | 815,630 | $ | 842,993 | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 1,856 | $ | 1,792 | $ | 1,764 | $ | 2,358 | $ | 1,792 | |||||||||||
| Current portion of finance lease liabilities | 35 | 611 | 563 | 468 | 374 | ||||||||||||||||
| Current portion of long-term debt | 28,005 | 63,959 | 60,523 | 61,512 | 57,567 | ||||||||||||||||
| Accounts payable and accrued expenses | 32,466 | 39,012 | 44,255 | 37,954 | 36,248 | ||||||||||||||||
| Due to SEACOR Holdings | 264 | 264 | 264 | 264 | 264 | ||||||||||||||||
| Other current liabilities | 21,340 | 21,027 | 20,185 | 18,869 | 22,032 | ||||||||||||||||
| Total current liabilities | 83,966 | 126,665 | 127,554 | 121,425 | 118,277 | ||||||||||||||||
| Long-term operating lease liabilities | 3,571 | 4,030 | 4,474 | 4,739 | 3,759 | ||||||||||||||||
| Long-term finance lease liabilities | 15 | 6,462 | 6,644 | 6,781 | 6,916 | ||||||||||||||||
| Long-term debt | 291,843 | 243,960 | 254,450 | 260,119 | 282,556 | ||||||||||||||||
| Deferred income taxes | 33,078 | 34,038 | 39,120 | 40,779 | 39,823 | ||||||||||||||||
| Deferred gains and other liabilities | 2,217 | 2,189 | 2,264 | 2,641 | 2,692 | ||||||||||||||||
| Total liabilities | 414,690 | 417,344 | 434,506 | 436,484 | 454,023 | ||||||||||||||||
| Equity: | |||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
| Common stock | 280 | 280 | 279 | 272 | 272 | ||||||||||||||||
| Additional paid-in capital | 471,158 | 469,618 | 467,896 | 466,669 | 465,449 | ||||||||||||||||
| Accumulated deficit | (108,154 | ) | (107,271 | ) | (102,700 | ) | (93,111 | ) | (79,769 | ) | |||||||||||
| Shares held in treasury | (4,221 | ) | (4,221 | ) | (4,119 | ) | (1,852 | ) | (1,852 | ) | |||||||||||
| Accumulated other comprehensive income, net of tax | 6,253 | 8,128 | 7,363 | 6,847 | 4,549 | ||||||||||||||||
| 365,316 | 366,534 | 368,719 | 378,825 | 388,649 | |||||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | ||||||||||||||||
| Total equity | 365,637 | 366,855 | 369,040 | 379,146 | 388,970 | ||||||||||||||||
| Total liabilities and equity | $ | 780,327 | $ | 784,199 | $ | 803,546 | $ | 815,630 | $ | 842,993 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | ||||||||||||||||
| Cash Flows from Operating Activities: | ||||||||||||||||||||
| Net Loss | $ | (883 | ) | $ | (4,571 | ) | $ | (9,589 | ) | $ | (13,342 | ) | $ | (24,353 | ) | |||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 13,462 | 13,575 | 13,762 | 13,624 | 13,754 | |||||||||||||||
| Deferred financing costs amortization | 459 | 423 | 418 | (997 | ) | 350 | ||||||||||||||
| Stock-based compensation expense | 1,540 | 1,723 | 1,227 | 1,220 | 1,227 | |||||||||||||||
| Debt discount amortization | 1,714 | 1,627 | 1,558 | 1,449 | 1,817 | |||||||||||||||
| Allowance for credit losses | 594 | 2,763 | (104 | ) | 11 | (53 | ) | |||||||||||||
| Loss (gain) from equipment sales, retirements or impairments | 512 | (265 | ) | (3,599 | ) | (1,017 | ) | 1,783 | ||||||||||||
| Loss (gain) on debt extinguishment | 177 | — | — | (12,700 | ) | — | ||||||||||||||
| Derivative gains | — | — | — | — | (1 | ) | ||||||||||||||
| Interest on finance lease | 59 | 70 | 72 | 73 | 73 | |||||||||||||||
| Settlements on derivative transactions, net | 197 | 226 | 154 | 33 | (131 | ) | ||||||||||||||
| Currency (gains) losses | (571 | ) | 603 | 825 | 2,646 | (2,314 | ) | |||||||||||||
| Deferred income taxes | (960 | ) | (5,082 | ) | (1,659 | ) | 957 | 6,079 | ||||||||||||
| Equity (earnings) losses | (2,273 | ) | (373 | ) | (536 | ) | (1,176 | ) | 254 | |||||||||||
| Dividends received from equity investees | 1,031 | 1,044 | — | 74 | 1,096 | |||||||||||||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
| Accounts receivables | (747 | ) | (3,139 | ) | (9,857 | ) | 2,304 | (2,384 | ) | |||||||||||
| Other assets | 493 | 1,017 | 45 | 3,296 | 966 | |||||||||||||||
| Accounts payable and accrued liabilities | (7,705 | ) | (5,758 | ) | 6,731 | 769 | (4,900 | ) | ||||||||||||
| Net cash provided by (used in) operating activities | 7,099 | 3,883 | (552 | ) | (2,776 | ) | (6,737 | ) | ||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||
| Purchases of property and equipment | (6,455 | ) | (35 | ) | (470 | ) | (185 | ) | (240 | ) | ||||||||||
| Proceeds from disposition of property and equipment | — | 427 | 7,611 | 53 | — | |||||||||||||||
| Net investing activities in property and equipment | (6,455 | ) | 392 | 7,141 | (132 | ) | (240 | ) | ||||||||||||
| Principal payments on notes due from equity investees | — | — | — | — | 177 | |||||||||||||||
| 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 | 5,000 | 5,000 | 8,831 | |||||||||||||||
| Net cash (used in) provided by investing activities | (1,455 | ) | 5,392 | 12,141 | 4,868 | 45,937 | ||||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||
| Payments on long-term debt | (4,901 | ) | (9,483 | ) | (8,608 | ) | (7,470 | ) | (14,182 | ) | ||||||||||
| 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 issuance costs | 121,207 | 27,181 | — | — | — | |||||||||||||||
| Payments on finance leases | (204 | ) | (204 | ) | (114 | ) | (114 | ) | (114 | ) | ||||||||||
| Proceeds from exercise of stock options | — | — | 6 | — | — | |||||||||||||||
| Tax withholdings on restricted stock vesting and director share awards | — | (102 | ) | (2,266 | ) | — | — | |||||||||||||
| Net cash provided by (used in) financing activities | 9,443 | (9,380 | ) | (10,982 | ) | (9,855 | ) | (14,296 | ) | |||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | 3 | (1 | ) | — | (2 | ) | 2 | |||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | 15,090 | (106 | ) | 607 | (7,765 | ) | 24,906 | |||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 43,546 | 43,652 | 43,045 | 50,810 | 25,904 | |||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 58,636 | $ | 43,546 | $ | 43,652 | $ | 43,045 | $ | 50,810 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
| Owned | Leased-in | Managed | Total | |||||||||||||
| September 30, 2023 | ||||||||||||||||
| AHTS | 3 | 1 | — | 4 | ||||||||||||
| FSV | 23 | — | 2 | 25 | ||||||||||||
| PSV | 21 | — | — | 21 | ||||||||||||
| Liftboats | 9 | — | — | 9 | ||||||||||||
| 56 | 1 | 2 | 59 | |||||||||||||
| December 31, 2022 | ||||||||||||||||
| AHTS | 3 | 2 | — | 5 | ||||||||||||
| FSV | 22 | 1 | 2 | 25 | ||||||||||||
| PSV | 21 | — | — | 21 | ||||||||||||
| Liftboats | 9 | — | — | 9 | ||||||||||||
| 55 | 3 | 2 | 60 | |||||||||||||
