SMHI 8-K
SEACOR Marine Holdings Inc. (SMHI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On May 1, 2024, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three months ended March 31, 2024 (the “Earnings Release”).
A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. |
Description |
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99.1 |
Press Release of SEACOR Marine Holdings Inc. dated May 1, 2024 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SEACOR Marine Holdings Inc. |
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May 1, 2024 |
By: |
/s/ John Gellert |
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Name: John Gellert |
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Title: President and Chief Executive Officer |
Exhibit 99.1
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PRESS RELEASE |
SEACOR MARINE ANNOUNCES FIRST QUARTER 2024 RESULTS
Houston, Texas
May 1, 2024
FOR IMMEDIATE RELEASE - 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, 2024.
SEACOR Marine’s consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, and direct vessel profit (“DVP”)(1) was $14.7 million. This compares to consolidated operating revenues of $61.2 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023, and consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023.
Notable first quarter items include:
For the first quarter of 2024, net loss was $23.1 million ($0.84 loss per basic and diluted share). This compares to a net loss for the first quarter of 2023 of $9.6 million ($0.36 loss per basic and diluted share). Sequentially, the first quarter 2024 results compare to a net income of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share) in the fourth quarter of 2023.
Chief Executive Officer John Gellert commented:
“The first quarter results reflect both continued improvement in dayrates as well as lower seasonal utilization. We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months. These efforts incurred higher operating expenses and lowered utilization, resulting in a decline of our DVP metric as we expense drydocking and major repairs as incurred. We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilization as we complete vessel repositioning and enter new contracts.
Other than our U.S. segment, all of our business segments delivered positive results. In the U.S., we continue to see limited permitting for offshore activity for our customers in the oil and gas sector as well as delays in decommissioning plans. Additionally, U.S. offshore windfarm projects that we have been targeting have been delayed. However, demand for our premium liftboats remains very strong, and we have opportunities to redeploy other assets to more active markets. Internationally, we completed the hybrid battery upgrade of one of our PSVs and also repositioned two vessels, with several more vessels expected to complete their mobilizations to new markets during the second quarter.
We continue to see tight supply and growing demand worldwide. I expect that our efforts during the first quarter of 2024 will place the Company in an optimal position to utilize its assets to their full potential.”
___________________
(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 |
1
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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 [email protected]
2
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
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Three Months Ended March 31, |
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2024 |
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2023 |
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Operating Revenues |
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$ |
62,770 |
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$ |
61,209 |
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Costs and Expenses: |
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Operating |
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48,099 |
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38,509 |
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Administrative and general |
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11,917 |
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11,632 |
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Lease expense |
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481 |
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720 |
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Depreciation and amortization |
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12,882 |
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13,762 |
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73,379 |
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64,623 |
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(Losses) Gains on Asset Dispositions and Impairments, Net |
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(1 |
) |
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3,599 |
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Operating (Loss) Income |
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(10,610 |
) |
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185 |
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Other Income (Expense): |
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Interest income |
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593 |
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460 |
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Interest expense |
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(10,309 |
) |
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(8,788 |
) |
Derivative losses, net |
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(543 |
) |
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— |
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Foreign currency losses, net |
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(80 |
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(825 |
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Other, net |
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(95 |
) |
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— |
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(10,434 |
) |
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(9,153 |
) |
Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies |
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(21,044 |
) |
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(8,968 |
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Income Tax Expense |
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925 |
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1,157 |
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Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies |
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(21,969 |
) |
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(10,125 |
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Equity in (Losses) Earnings of 50% or Less Owned Companies |
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(1,100 |
) |
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536 |
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Net Loss |
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$ |
(23,069 |
) |
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$ |
(9,589 |
) |
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Net Loss Per Share: |
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Basic |
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$ |
(0.84 |
) |
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$ |
(0.36 |
) |
Diluted |
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$ |
(0.84 |
) |
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$ |
(0.36 |
) |
Weighted Average Common Stock and Warrants Outstanding: |
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Basic |
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27,343,604 |
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26,822,391 |
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Diluted |
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27,343,604 |
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26,822,391 |
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3
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
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Three Months Ended |
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Mar. 31, 2024 |
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Dec. 31, 2023 |
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Sep. 30, 2023 |
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Jun. 30, 2023 |
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Mar. 31, 2023 |
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Time Charter Statistics: |
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Average Rates Per Day |
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$ |
19,042 |
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$ |
18,031 |
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$ |
18,046 |
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$ |
15,250 |
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$ |
14,314 |
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Fleet Utilization |
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62 |
% |
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71 |
% |
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73 |
% |
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78 |
% |
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76 |
% |
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Fleet Available Days |
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5,005 |
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5,170 |
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5,182 |
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5,096 |
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5,071 |
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Operating Revenues: |
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Time charter |
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$ |
59,263 |
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$ |
66,498 |
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$ |
68,668 |
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$ |
60,804 |
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$ |
55,415 |
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Bareboat charter |
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364 |
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368 |
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368 |
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364 |
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360 |
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Other marine services |
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3,143 |
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6,217 |
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7,864 |
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7,151 |
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5,434 |
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|
|
|
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62,770 |
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|
73,083 |
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76,900 |
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|
68,319 |
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61,209 |
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Costs and Expenses: |
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Operating: |
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Personnel |
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21,670 |
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22,080 |
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19,943 |
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19,944 |
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19,803 |
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Repairs and maintenance |
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9,763 |
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7,604 |
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7,418 |
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5,793 |
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6,011 |
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Drydocking |
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6,706 |
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|
2,561 |
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1,768 |
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|
|
2,256 |
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|
13 |
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Insurance and loss reserves |
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1,738 |
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2,944 |
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|
|
1,833 |
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|
|
2,390 |
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|
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2,789 |
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Fuel, lubes and supplies |
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4,523 |
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|
|
3,683 |
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|
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5,047 |
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3,638 |
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|
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4,819 |
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Other |
|
|
3,699 |
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|
|
4,397 |
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|
|
4,133 |
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|
|
3,709 |
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|
|
5,074 |
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|
|
|
|
48,099 |
|
|
|
43,269 |
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|
40,142 |
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|
37,730 |
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|
38,509 |
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Direct Vessel Profit (1) |
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14,671 |
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29,814 |
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|
36,758 |
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30,589 |
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|
|
22,700 |
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Other Costs and Expenses: |
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|||||
Lease expense |
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|
481 |
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|
|
679 |
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|
|
651 |
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|
|
698 |
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|
720 |
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Administrative and general |
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11,917 |
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|
|
11,547 |
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|
|
12,300 |
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|
|
13,704 |
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|
|
11,632 |
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Depreciation and amortization |
|
|
12,882 |
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|
|
13,022 |
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|
|
13,462 |
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|
|
13,575 |
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|
|
13,762 |
|
|
|
|
|
25,280 |
|
|
|
25,248 |
|
|
|
26,413 |
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|
|
27,977 |
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|
|
26,114 |
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(Losses) Gains on Asset Dispositions and Impairments, Net |
|
|
(1 |
) |
|
|
18,057 |
|
|
|
(512 |
) |
|
|
265 |
|
|
|
3,599 |
|
|
Operating (Loss) Income |
|
|
(10,610 |
) |
|
|
22,623 |
|
|
|
9,833 |
|
|
|
2,877 |
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|
|
185 |
|
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Interest income |
|
|
593 |
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|
|
222 |
|
|
|
340 |
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|
|
422 |
|
|
|
460 |
|
|
Interest expense |
|
|
(10,309 |
) |
|
|
(10,444 |
) |
|
|
(9,536 |
) |
|
|
(8,736 |
) |
|
|
(8,788 |
) |
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Derivative (losses) gains, net |
|
|
(543 |
) |
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|
608 |
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— |
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— |
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|
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— |
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Loss on debt extinguishment |
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— |
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— |
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(2,004 |
) |
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— |
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|
|
— |
|
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Foreign currency (losses) gains, net |
|
|
(80 |
) |
|
|
(1,276 |
) |
|
|
571 |
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|
|
(603 |
) |
|
|
(825 |
) |
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Other, net |
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|
(95 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
(10,434 |
) |
|
|
(10,890 |
) |
|
|
(10,629 |
) |
|
|
(8,917 |
) |
|
|
(9,153 |
) |
|
(Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies |
|
|
(21,044 |
) |
|
|
11,733 |
|
|
|
(796 |
) |
|
|
(6,040 |
) |
|
|
(8,968 |
) |
|
Income Tax Expense (Benefit) |
|
|
925 |
|
|
|
6,378 |
|
|
|
2,360 |
|
|
|
(1,096 |
) |
|
|
1,157 |
|
|
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies |
|
|
(21,969 |
) |
|
|
5,355 |
|
|
|
(3,156 |
) |
|
|
(4,944 |
) |
|
|
(10,125 |
) |
|
Equity in (Losses) Earnings of 50% or Less Owned Companies |
|
|
(1,100 |
) |
|
|
374 |
|
|
|
2,273 |
|
|
|
373 |
|
|
|
536 |
|
|
Net (Loss) Income |
|
$ |
(23,069 |
) |
|
$ |
5,729 |
|
|
$ |
(883 |
) |
|
$ |
(4,571 |
) |
|
$ |
(9,589 |
) |
|
|
|
|
|
|
|
|
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|
|
|
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|||||
Net (Loss) Earnings Per Share: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
$ |
(0.84 |
) |
|
$ |
0.21 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.36 |
) |
|
Diluted |
|
$ |
(0.84 |
) |
|
$ |
0.20 |
|
|
$ |
(0.03 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.36 |
) |
|
Weighted Average Common Stock and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Basic |
|
|
27,344 |
|
|
|
27,182 |
|
|
|
27,182 |
|
|
|
27,138 |
|
|
|
26,822 |
|
|
Diluted |
|
|
27,344 |
|
|
|
28,401 |
|
|
|
27,182 |
|
|
|
27,138 |
|
|
|
26,822 |
|
|
Common Shares and Warrants Outstanding at Period End |
|
|
28,906 |
|
|
|
28,489 |
|
|
|
28,481 |
|
|
|
28,481 |
|
|
|
28,428 |
|
|
4
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|||||
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
28,156 |
|
|
$ |
22,584 |
|
|
$ |
23,663 |
|
|
$ |
16,115 |
|
|
$ |
18,359 |
|
Fleet utilization |
|
|
27 |
% |
|
|
50 |
% |
|
|
57 |
% |
|
|
35 |
% |
|
|
35 |
% |
Fleet available days |
|
|
927 |
|
|
|
1,152 |
|
|
|
1,196 |
|
|
|
1,080 |
|
|
|
1,015 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
137 |
|
|
|
61 |
|
|
|
151 |
|
|
|
229 |
|
|
|
112 |
|
Out-of-service days for cold-stacked status (2) |
|
|
182 |
|
|
|
254 |
|
|
|
206 |
|
|
|
173 |
|
|
|
211 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
6,957 |
|
|
$ |
12,929 |
|
|
$ |
16,236 |
|
|
$ |
6,121 |
|
|
$ |
6,564 |
|
Other marine services |
|
|
1,026 |
|
|
|
5,346 |
|
|
|
5,478 |
|
|
|
3,004 |
|
|
|
3,850 |
|
|
|
|
7,983 |
|
|
|
18,275 |
|
|
|
21,714 |
|
|
|
9,125 |
|
|
|
10,414 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
5,781 |
|
|
|
6,906 |
|
|
|
6,712 |
|
|
|
5,957 |
|
|
|
6,535 |
|
Repairs and maintenance |
|
|
1,404 |
|
|
|
819 |
|
|
|
1,560 |
|
|
|
1,573 |
|
|
|
1,194 |
|
Drydocking |
|
|
1,968 |
|
|
|
303 |
|
|
|
462 |
|
|
|
1,506 |
|
|
|
43 |
|
Insurance and loss reserves |
|
|
396 |
|
|
|
1,297 |
|
|
|
332 |
|
|
|
1,082 |
|
|
|
1,041 |
|
Fuel, lubes and supplies |
|
|
667 |
|
|
|
1,032 |
|
|
|
958 |
|
|
|
924 |
|
|
|
783 |
|
Other |
|
|
(171 |
) |
|
|
475 |
|
|
|
375 |
|
|
|
346 |
|
|
|
231 |
|
|
|
|
10,045 |
|
|
|
10,832 |
|
|
|
10,399 |
|
|
|
11,388 |
|
|
|
9,827 |
|
Direct Vessel Profit (Loss) (1) |
|
$ |
(2,062 |
) |
|
$ |
7,443 |
|
|
$ |
11,315 |
|
|
$ |
(2,263 |
) |
|
$ |
587 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
138 |
|
|
$ |
141 |
|
|
$ |
116 |
|
|
$ |
143 |
|
|
$ |
136 |
|
Depreciation and amortization |
|
|
2,750 |
|
|
|
3,479 |
|
|
|
3,810 |
|
|
|
3,861 |
|
|
|
3,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Africa and Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
15,197 |
|
|
$ |
15,233 |
|
|
$ |
15,388 |
|
|
$ |
14,982 |
|
|
$ |
12,835 |
|
Fleet utilization |
|
|
76 |
% |
|
|
82 |
% |
|
|
84 |
% |
|
|
94 |
% |
|
|
87 |
% |
Fleet available days |
|
|
1,775 |
|
|
|
1,748 |
|
|
|
1,748 |
|
|
|
1,729 |
|
|
|
1,710 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
238 |
|
|
|
124 |
|
|
|
111 |
|
|
|
58 |
|
|
|
118 |
|
Out-of-service days for cold-stacked status (3) |
|
|
91 |
|
|
|
92 |
|
|
|
54 |
|
|
|
— |
|
|
|
— |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
20,555 |
|
|
$ |
21,791 |
|
|
$ |
22,528 |
|
|
$ |
24,414 |
|
|
$ |
18,996 |
|
Other marine services |
|
|
169 |
|
|
|
189 |
|
|
|
1,943 |
|
|
|
225 |
|
|
|
225 |
|
|
|
|
20,724 |
|
|
|
21,980 |
|
|
|
24,471 |
|
|
|
24,639 |
|
|
|
19,221 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
5,181 |
|
|
|
6,007 |
|
|
|
5,089 |
|
|
|
4,833 |
|
|
|
4,505 |
|
Repairs and maintenance |
|
|
3,209 |
|
|
|
2,807 |
|
|
|
2,214 |
|
|
|
2,050 |
|
|
|
2,553 |
|
Drydocking |
|
|
2,032 |
|
|
|
1,298 |
|
|
|
320 |
|
|
|
144 |
|
|
|
1,184 |
|
Insurance and loss reserves |
|
|
334 |
|
|
|
416 |
|
|
|
573 |
|
|
|
420 |
|
|
|
318 |
|
Fuel, lubes and supplies |
|
|
1,287 |
|
|
|
623 |
|
|
|
2,573 |
|
|
|
1,419 |
|
|
|
2,215 |
|
Other |
|
|
2,199 |
|
|
|
2,267 |
|
|
|
2,448 |
|
|
|
2,608 |
|
|
|
2,749 |
|
|
|
|
14,242 |
|
|
|
13,418 |
|
|
|
13,217 |
|
|
|
11,474 |
|
|
|
13,524 |
|
Direct Vessel Profit (1) |
|
$ |
6,482 |
|
|
$ |
8,562 |
|
|
$ |
11,254 |
|
|
$ |
13,165 |
|
|
$ |
5,697 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
178 |
|
|
$ |
289 |
|
|
$ |
372 |
|
|
$ |
408 |
|
|
$ |
429 |
|
Depreciation and amortization |
|
|
3,915 |
|
|
|
3,747 |
|
|
|
3,821 |
|
|
|
3,853 |
|
|
|
3,925 |
|
5
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|||||
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
16,934 |
|
|
$ |
17,590 |
|
|
$ |
16,313 |
|
|
$ |
13,245 |
|
|
$ |
13,562 |
|
Fleet utilization |
|
|
71 |
% |
|
|
69 |
% |
|
|
67 |
% |
|
|
86 |
% |
|
|
82 |
% |
Fleet available days |
|
|
1,365 |
|
|
|
1,461 |
|
|
|
1,472 |
|
|
|
1,456 |
|
|
|
1,440 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
224 |
|
|
|
360 |
|
|
|
297 |
|
|
|
58 |
|
|
|
76 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
16,477 |
|
|
$ |
17,729 |
|
|
$ |
16,087 |
|
|
$ |
16,563 |
|
|
$ |
16,028 |
|
Other marine services |
|
|
350 |
|
|
|
539 |
|
|
|
267 |
|
|
|
3,512 |
|
|
|
27 |
|
|
|
|
16,827 |
|
|
|
18,268 |
|
|
|
16,354 |
|
|
|
20,075 |
|
|
|
16,055 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
5,963 |
|
|
|
5,522 |
|
|
|
5,157 |
|
|
|
5,266 |
|
|
|
4,841 |
|
Repairs and maintenance |
|
|
2,712 |
|
|
|
2,590 |
|
|
|
2,623 |
|
|
|
1,219 |
|
|
|
677 |
|
Drydocking |
|
|
1,483 |
|
|
|
624 |
|
|
|
1,056 |
|
|
|
(684 |
) |
|
|
(1,095 |
) |
Insurance and loss reserves |
|
|
618 |
|
|
|
1,022 |
|
|
|
711 |
|
|
|
720 |
|
|
|
1,185 |
|
Fuel, lubes and supplies |
|
|
1,198 |
|
|
|
1,242 |
|
|
|
743 |
|
|
|
425 |
|
|
|
1,142 |
|
Other |
|
|
1,000 |
|
|
|
1,133 |
|
|
|
943 |
|
|
|
389 |
|
|
|
1,496 |
|
|
|
|
12,974 |
|
|
|
12,133 |
|
|
|
11,233 |
|
|
|
7,335 |
|
|
|
8,246 |
|
Direct Vessel Profit (1) |
|
$ |
3,853 |
|
|
$ |
6,135 |
|
|
$ |
5,121 |
|
|
$ |
12,740 |
|
|
$ |
7,809 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
85 |
|
|
$ |
158 |
|
|
$ |
59 |
|
|
$ |
67 |
|
|
$ |
76 |
|
Depreciation and amortization |
|
|
3,496 |
|
|
|
3,643 |
|
|
|
3,721 |
|
|
|
3,708 |
|
|
|
3,688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
28,308 |
|
|
$ |
20,745 |
|
|
$ |
20,656 |
|
|
$ |
18,846 |
|
|
$ |
16,229 |
|
Fleet utilization |
|
|
58 |
% |
|
|
84 |
% |
|
|
87 |
% |
|
|
88 |
% |
|
|
94 |
% |
Fleet available days |
|
|
938 |
|
|
|
809 |
|
|
|
766 |
|
|
|
831 |
|
|
|
906 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
— |
|
|
|
— |
|
|
|
67 |
|
|
|
79 |
|
|
|
22 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
15,274 |
|
|
$ |
14,049 |
|
|
$ |
13,817 |
|
|
$ |
13,706 |
|
|
$ |
13,827 |
|
Bareboat charter |
|
|
364 |
|
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
360 |
|
Other marine services |
|
|
1,598 |
|
|
|
143 |
|
|
|
176 |
|
|
|
410 |
|
|
|
1,332 |
|
|
|
|
17,236 |
|
|
|
14,560 |
|
|
|
14,361 |
|
|
|
14,480 |
|
|
|
15,519 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
4,745 |
|
|
|
3,645 |
|
|
|
2,985 |
|
|
|
3,888 |
|
|
|
3,922 |
|
Repairs and maintenance |
|
|
2,438 |
|
|
|
1,388 |
|
|
|
1,021 |
|
|
|
951 |
|
|
|
1,587 |
|
Drydocking |
|
|
1,223 |
|
|
|
336 |
|
|
|
(70 |
) |
|
|
1,290 |
|
|
|
(119 |
) |
Insurance and loss reserves |
|
|
390 |
|
|
|
209 |
|
|
|
217 |
|
|
|
168 |
|
|
|
245 |
|
Fuel, lubes and supplies |
|
|
1,371 |
|
|
|
786 |
|
|
|
773 |
|
|
|
870 |
|
|
|
679 |
|
Other |
|
|
671 |
|
|
|
522 |
|
|
|
367 |
|
|
|
366 |
|
|
|
598 |
|
|
|
|
10,838 |
|
|
|
6,886 |
|
|
|
5,293 |
|
|
|
7,533 |
|
|
|
6,912 |
|
Direct Vessel Profit (1) |
|
$ |
6,398 |
|
|
$ |
7,674 |
|
|
$ |
9,068 |
|
|
$ |
6,947 |
|
|
$ |
8,607 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
80 |
|
|
$ |
91 |
|
|
$ |
104 |
|
|
$ |
80 |
|
|
$ |
79 |
|
Depreciation and amortization |
|
|
2,721 |
|
|
|
2,153 |
|
|
|
2,110 |
|
|
|
2,153 |
|
|
|
2,614 |
|
6
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|||||
AHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
8,538 |
|
|
$ |
8,937 |
|
|
$ |
9,947 |
|
|
$ |
8,916 |
|
|
$ |
9,244 |
|
Fleet utilization |
|
|
75 |
% |
|
|
64 |
% |
|
|
50 |
% |
|
|
85 |
% |
|
|
81 |
% |
Fleet available days |
|
|
364 |
|
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
391 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
— |
|
|
|
41 |
|
|
|
111 |
|
|
|
13 |
|
|
|
45 |
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
92 |
|
|
|
54 |
|
|
|
— |
|
|
|
31 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
2,331 |
|
|
$ |
2,102 |
|
|
$ |
1,831 |
|
|
$ |
2,762 |
|
|
$ |
2,915 |
|
Other marine services |
|
|
— |
|
|
|
6 |
|
|
|
930 |
|
|
|
— |
|
|
|
— |
|
|
|
|
2,331 |
|
|
|
2,108 |
|
|
|
2,761 |
|
|
|
2,762 |
|
|
|
2,915 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
1,064 |
|
|
$ |
944 |
|
|
$ |
1,019 |
|
|
$ |
1,069 |
|
|
$ |
995 |
|
Repairs and maintenance |
|
|
220 |
|
|
|
612 |
|
|
|
484 |
|
|
|
186 |
|
|
|
216 |
|
Drydocking |
|
|
68 |
|
|
|
58 |
|
|
|
747 |
|
|
|
131 |
|
|
|
420 |
|
Insurance and loss reserves |
|
|
43 |
|
|
|
73 |
|
|
|
88 |
|
|
|
78 |
|
|
|
68 |
|
Fuel, lubes and supplies |
|
|
616 |
|
|
|
375 |
|
|
|
428 |
|
|
|
192 |
|
|
|
476 |
|
Other |
|
|
287 |
|
|
|
295 |
|
|
|
378 |
|
|
|
329 |
|
|
|
448 |
|
|
|
|
2,298 |
|
|
|
2,357 |
|
|
|
3,144 |
|
|
|
1,985 |
|
|
|
2,623 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
171 |
|
|
$ |
253 |
|
|
$ |
331 |
|
|
$ |
332 |
|
|
$ |
331 |
|
Depreciation and amortization |
|
|
175 |
|
|
|
175 |
|
|
|
249 |
|
|
|
298 |
|
|
|
298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
FSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
11,834 |
|
|
$ |
11,841 |
|
|
$ |
11,441 |
|
|
$ |
11,314 |
|
|
$ |
10,609 |
|
Fleet utilization |
|
|
72 |
% |
|
|
74 |
% |
|
|
79 |
% |
|
|
92 |
% |
|
|
91 |
% |
Fleet available days |
|
|
2,002 |
|
|
|
2,105 |
|
|
|
2,116 |
|
|
|
2,093 |
|
|
|
2,070 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
216 |
|
|
|
337 |
|
|
|
227 |
|
|
|
86 |
|
|
|
66 |
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
92 |
|
|
|
69 |
|
|
|
82 |
|
|
|
90 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
17,081 |
|
|
$ |
18,502 |
|
|
$ |
19,135 |
|
|
$ |
21,747 |
|
|
$ |
19,988 |
|
Other marine services |
|
|
126 |
|
|
|
163 |
|
|
|
652 |
|
|
|
71 |
|
|
|
190 |
|
|
|
|
17,207 |
|
|
|
18,665 |
|
|
|
19,787 |
|
|
|
21,818 |
|
|
|
20,178 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
5,649 |
|
|
$ |
5,320 |
|
|
$ |
5,144 |
|
|
$ |
5,083 |
|
|
$ |
4,861 |
|
Repairs and maintenance |
|
|
3,093 |
|
|
|
2,691 |
|
|
|
2,787 |
|
|
|
1,134 |
|
|
|
1,867 |
|
Drydocking |
|
|
1,869 |
|
|
|
1,710 |
|
|
|
870 |
|
|
|
1,342 |
|
|
|
128 |
|
Insurance and loss reserves |
|
|
277 |
|
|
|
507 |
|
|
|
185 |
|
|
|
337 |
|
|
|
334 |
|
Fuel, lubes and supplies |
|
|
1,051 |
|
|
|
1,441 |
|
|
|
1,501 |
|
|
|
1,108 |
|
|
|
1,382 |
|
Other |
|
|
1,649 |
|
|
|
1,632 |
|
|
|
1,552 |
|
|
|
1,536 |
|
|
|
1,803 |
|
|
|
|
13,588 |
|
|
|
13,301 |
|
|
|
12,039 |
|
|
|
10,540 |
|
|
|
10,375 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
$ |
4,744 |
|
|
$ |
4,879 |
|
|
$ |
5,002 |
|
|
$ |
4,952 |
|
|
$ |
4,946 |
|
7
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|||||
PSV |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
19,133 |
|
|
$ |
19,778 |
|
|
$ |
19,528 |
|
|
$ |
17,545 |
|
|
$ |
14,827 |
|
Fleet utilization |
|
|
53 |
% |
|
|
77 |
% |
|
|
78 |
% |
|
|
80 |
% |
|
|
70 |
% |
Fleet available days |
|
|
1,911 |
|
|
|
1,902 |
|
|
|
1,870 |
|
|
|
1,820 |
|
|
|
1,800 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
307 |
|
|
|
109 |
|
|
|
110 |
|
|
|
92 |
|
|
|
124 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
19,390 |
|
|
$ |
29,140 |
|
|
$ |
28,580 |
|
|
$ |
25,458 |
|
|
$ |
18,800 |
|
Bareboat charter |
|
|
364 |
|
|
|
368 |
|
|
|
368 |
|
|
|
364 |
|
|
|
360 |
|
Other marine services |
|
|
416 |
|
|
|
595 |
|
|
|
696 |
|
|
|
584 |
|
|
|
1,203 |
|
|
|
|
20,170 |
|
|
|
30,103 |
|
|
|
29,644 |
|
|
|
26,406 |
|
|
|
20,363 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
8,850 |
|
|
$ |
9,017 |
|
|
$ |
8,793 |
|
|
$ |
8,738 |
|
|
$ |
8,849 |
|
Repairs and maintenance |
|
|
4,393 |
|
|
|
3,520 |
|
|
|
2,504 |
|
|
|
2,998 |
|
|
|
3,475 |
|
Drydocking |
|
|
3,386 |
|
|
|
472 |
|
|
|
232 |
|
|
|
12 |
|
|
|
609 |
|
Insurance and loss reserves |
|
|
395 |
|
|
|
690 |
|
|
|
682 |
|
|
|
421 |
|
|
|
419 |
|
Fuel, lubes and supplies |
|
|
1,889 |
|
|
|
1,027 |
|
|
|
2,352 |
|
|
|
2,124 |
|
|
|
2,331 |
|
Other |
|
|
1,395 |
|
|
|
1,922 |
|
|
|
1,761 |
|
|
|
1,405 |
|
|
|
2,677 |
|
|
|
|
20,308 |
|
|
|
16,648 |
|
|
|
16,324 |
|
|
|
15,698 |
|
|
|
18,360 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
$ |
4,073 |
|
|
$ |
4,073 |
|
|
$ |
4,073 |
|
|
$ |
4,072 |
|
|
$ |
4,262 |
|
8
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|||||
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average rates per day worked |
|
$ |
53,506 |
|
|
$ |
40,181 |
|
|
$ |
39,419 |
|
|
$ |
35,623 |
|
|
$ |
33,936 |
|
Fleet utilization |
|
|
53 |
% |
|
|
52 |
% |
|
|
59 |
% |
|
|
37 |
% |
|
|
50 |
% |
Fleet available days |
|
|
728 |
|
|
|
795 |
|
|
|
828 |
|
|
|
819 |
|
|
|
810 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
78 |
|
|
|
60 |
|
|
|
111 |
|
|
|
233 |
|
|
|
94 |
|
Out-of-service days for cold-stacked status |
|
|
91 |
|
|
|
162 |
|
|
|
137 |
|
|
|
91 |
|
|
|
90 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
20,461 |
|
|
$ |
16,754 |
|
|
$ |
19,122 |
|
|
$ |
10,837 |
|
|
$ |
13,712 |
|
Other marine services |
|
|
1,772 |
|
|
|
4,666 |
|
|
|
4,710 |
|
|
|
5,495 |
|
|
|
2,930 |
|
|
|
|
22,233 |
|
|
|
21,420 |
|
|
|
23,832 |
|
|
|
16,332 |
|
|
|
16,642 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
6,140 |
|
|
$ |
5,316 |
|
|
$ |
4,983 |
|
|
$ |
5,065 |
|
|
$ |
5,068 |
|
Repairs and maintenance |
|
|
2,035 |
|
|
|
769 |
|
|
|
1,643 |
|
|
|
1,472 |
|
|
|
499 |
|
Drydocking |
|
|
1,383 |
|
|
|
321 |
|
|
|
(81 |
) |
|
|
849 |
|
|
|
(1,141 |
) |
Insurance and loss reserves |
|
|
1,282 |
|
|
|
1,554 |
|
|
|
1,148 |
|
|
|
1,418 |
|
|
|
1,907 |
|
Fuel, lubes and supplies |
|
|
967 |
|
|
|
838 |
|
|
|
766 |
|
|
|
219 |
|
|
|
619 |
|
Other |
|
|
343 |
|
|
|
531 |
|
|
|
445 |
|
|
|
441 |
|
|
|
125 |
|
|
|
|
12,150 |
|
|
|
9,329 |
|
|
|
8,904 |
|
|
|
9,464 |
|
|
|
7,077 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
3,866 |
|
|
|
3,867 |
|
|
|
4,099 |
|
|
|
4,215 |
|
|
|
4,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other marine services |
|
$ |
829 |
|
|
$ |
787 |
|
|
$ |
876 |
|
|
$ |
1,001 |
|
|
$ |
1,111 |
|
|
|
|
829 |
|
|
|
787 |
|
|
|
876 |
|
|
|
1,001 |
|
|
|
1,111 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
$ |
(33 |
) |
|
$ |
1,483 |
|
|
$ |
4 |
|
|
$ |
(11 |
) |
|
$ |
30 |
|
Repairs and maintenance |
|
|
22 |
|
|
|
12 |
|
|
|
— |
|
|
|
3 |
|
|
|
(46 |
) |
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(78 |
) |
|
|
(3 |
) |
Insurance and loss reserves |
|
|
(259 |
) |
|
|
120 |
|
|
|
(270 |
) |
|
|
136 |
|
|
|
61 |
|
Fuel, lubes and supplies |
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
11 |
|
Other |
|
|
25 |
|
|
|
17 |
|
|
|
(3 |
) |
|
|
(2 |
) |
|
|
21 |
|
|
|
|
(245 |
) |
|
|
1,634 |
|
|
|
(269 |
) |
|
|
43 |
|
|
|
74 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
310 |
|
|
$ |
426 |
|
|
$ |
320 |
|
|
$ |
366 |
|
|
$ |
389 |
|
Depreciation and amortization |
|
|
24 |
|
|
|
28 |
|
|
|
39 |
|
|
|
38 |
|
|
|
42 |
|
9
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
|||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cash and cash equivalents |
|
$ |
59,593 |
|
|
$ |
67,455 |
|
|
$ |
55,840 |
|
|
$ |
40,750 |
|
|
$ |
40,570 |
|
|
Restricted cash |
|
|
2,566 |
|
|
|
16,676 |
|
|
|
2,796 |
|
|
|
2,796 |
|
|
|
3,082 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Trade, net of allowance for credit loss |
|
|
58,272 |
|
|
|
63,728 |
|
|
|
63,246 |
|
|
|
60,022 |
|
|
|
60,114 |
|
|
Other |
|
|
12,210 |
|
|
|
11,049 |
|
|
|
8,662 |
|
|
|
12,032 |
|
|
|
11,650 |
|
|
Note receivable |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
10,000 |
|
|
Tax receivable |
|
|
983 |
|
|
|
983 |
|
|
|
445 |
|
|
|
445 |
|
|
|
445 |
|
|
Inventories |
|
|
2,516 |
|
|
|
1,609 |
|
|
|
1,738 |
|
|
|
1,653 |
|
|
|
2,207 |
|
|
Prepaid expenses and other |
|
|
3,425 |
|
|
|
2,686 |
|
|
|
2,957 |
|
|
|
3,112 |
|
|
|
3,233 |
|
|
Assets held for sale |
|
|
500 |
|
|
|
500 |
|
|
|
6,093 |
|
|
|
— |
|
|
|
— |
|
|
Total current assets |
|
|
140,065 |
|
|
|
164,686 |
|
|
|
141,777 |
|
|
|
125,810 |
|
|
|
131,301 |
|
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
|
919,139 |
|
|
|
918,823 |
|
|
|
936,520 |
|
|
|
966,338 |
|
|
|
969,328 |
|
|
Accumulated depreciation |
|
|
(337,001 |
) |
|
|
(324,141 |
) |
|
|
(318,549 |
) |
|
|
(334,678 |
) |
|
|
(324,197 |
) |
|
|
|
|
582,138 |
|
|
|
594,682 |
|
|
|
617,971 |
|
|
|
631,660 |
|
|
|
645,131 |
|
|
Construction in progress |
|
|
13,410 |
|
|
|
10,362 |
|
|
|
9,413 |
|
|
|
8,876 |
|
|
|
8,540 |
|
|
Net property and equipment |
|
|
595,548 |
|
|
|
605,044 |
|
|
|
627,384 |
|
|
|
640,536 |
|
|
|
653,671 |
|
|
Right-of-use asset - operating leases |
|
|
3,988 |
|
|
|
4,291 |
|
|
|
4,907 |
|
|
|
5,703 |
|
|
|
5,984 |
|
|
Right-of-use asset - finance leases |
|
|
29 |
|
|
|
37 |
|
|
|
45 |
|
|
|
6,495 |
|
|
|
6,654 |
|
|
Investments, at equity, and advances to 50% or less owned companies |
|
|
3,122 |
|
|
|
4,125 |
|
|
|
3,857 |
|
|
|
3,253 |
|
|
|
3,594 |
|
|
Other assets |
|
|
2,094 |
|
|
|
2,153 |
|
|
|
2,095 |
|
|
|
2,139 |
|
|
|
2,079 |
|
|
Total assets |
|
$ |
744,846 |
|
|
$ |
780,336 |
|
|
$ |
780,065 |
|
|
$ |
783,936 |
|
|
$ |
803,283 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Current portion of operating lease liabilities |
|
$ |
1,285 |
|
|
$ |
1,591 |
|
|
$ |
1,856 |
|
|
$ |
1,792 |
|
|
$ |
1,764 |
|
|
Current portion of finance lease liabilities |
|
|
33 |
|
|
|
35 |
|
|
|
35 |
|
|
|
611 |
|
|
|
563 |
|
|
Current portion of long-term debt |
|
|
28,605 |
|
|
|
28,365 |
|
|
|
28,005 |
|
|
|
63,959 |
|
|
|
60,523 |
|
|
Accounts payable |
|
|
23,453 |
|
|
|
27,562 |
|
|
|
32,468 |
|
|
|
39,013 |
|
|
|
44,256 |
|
|
Other current liabilities |
|
|
21,067 |
|
|
|
19,533 |
|
|
|
21,340 |
|
|
|
21,027 |
|
|
|
20,185 |
|
|
Total current liabilities |
|
|
74,443 |
|
|
|
77,086 |
|
|
|
83,704 |
|
|
|
126,402 |
|
|
|
127,291 |
|
|
Long-term operating lease liabilities |
|
|
3,390 |
|
|
|
3,529 |
|
|
|
3,571 |
|
|
|
4,030 |
|
|
|
4,474 |
|
|
Long-term finance lease liabilities |
|
|
— |
|
|
|
6 |
|
|
|
15 |
|
|
|
6,462 |
|
|
|
6,644 |
|
|
Long-term debt |
|
|
281,989 |
|
|
|
287,544 |
|
|
|
291,843 |
|
|
|
243,960 |
|
|
|
254,450 |
|
|
Deferred income taxes |
|
|
33,873 |
|
|
|
35,718 |
|
|
|
33,078 |
|
|
|
34,038 |
|
|
|
39,120 |
|
|
Deferred gains and other liabilities |
|
|
2,285 |
|
|
|
2,229 |
|
|
|
2,217 |
|
|
|
2,189 |
|
|
|
2,264 |
|
|
Total liabilities |
|
|
395,980 |
|
|
|
406,112 |
|
|
|
414,428 |
|
|
|
417,081 |
|
|
|
434,243 |
|
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Common stock |
|
|
286 |
|
|
|
280 |
|
|
|
280 |
|
|
|
280 |
|
|
|
279 |
|
|
Additional paid-in capital |
|
|
474,433 |
|
|
|
472,692 |
|
|
|
471,158 |
|
|
|
469,618 |
|
|
|
467,896 |
|
|
Accumulated deficit |
|
|
(125,609 |
) |
|
|
(102,425 |
) |
|
|
(108,154 |
) |
|
|
(107,271 |
) |
|
|
(102,700 |
) |
|
Shares held in treasury |
|
|
(8,071 |
) |
|
|
(4,221 |
) |
|
|
(4,221 |
) |
|
|
(4,221 |
) |
|
|
(4,119 |
) |
|
Accumulated other comprehensive income, net of tax |
|
|
7,506 |
|
|
|
7,577 |
|
|
|
6,253 |
|
|
|
8,128 |
|
|
|
7,363 |
|
|
|
|
|
348,545 |
|
|
|
373,903 |
|
|
|
365,316 |
|
|
|
366,534 |
|
|
|
368,719 |
|
|
Noncontrolling interests in subsidiaries |
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
|
|
321 |
|
|
Total equity |
|
|
348,866 |
|
|
|
374,224 |
|
|
|
365,637 |
|
|
|
366,855 |
|
|
|
369,040 |
|
|
Total liabilities and equity |
|
$ |
744,846 |
|
|
$ |
780,336 |
|
|
$ |
780,065 |
|
|
$ |
783,936 |
|
|
$ |
803,283 |
|
|
10
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
Three Months Ended |
|
|
|||||||||||||||||
|
|
Mar. 31, 2024 |
|
|
Dec. 31, 2023 |
|
|
Sep. 30, 2023 |
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
|||||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net (Loss) Income |
|
$ |
(23,069 |
) |
|
$ |
5,729 |
|
|
$ |
(883 |
) |
|
$ |
(4,571 |
) |
|
$ |
(9,589 |
) |
|
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
12,882 |
|
|
|
13,022 |
|
|
|
13,462 |
|
|
|
13,575 |
|
|
|
13,762 |
|
|
Deferred financing costs amortization |
|
|
295 |
|
|
|
279 |
|
|
|
459 |
|
|
|
423 |
|
|
|
418 |
|
|
Stock-based compensation expense |
|
|
1,645 |
|
|
|
1,510 |
|
|
|
1,540 |
|
|
|
1,723 |
|
|
|
1,227 |
|
|
Debt discount amortization |
|
|
1,926 |
|
|
|
1,862 |
|
|
|
1,714 |
|
|
|
1,627 |
|
|
|
1,558 |
|
|
Allowance for credit losses |
|
|
3 |
|
|
|
266 |
|
|
|
594 |
|
|
|
2,763 |
|
|
|
(104 |
) |
|
Loss (gain) from equipment sales, retirements or impairments |
|
|
1 |
|
|
|
(18,057 |
) |
|
|
512 |
|
|
|
(265 |
) |
|
|
(3,599 |
) |
|
Losses on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
|
— |
|
|
Derivative losses (gains) |
|
|
543 |
|
|
|
(608 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Interest on finance lease |
|
|
— |
|
|
|
1 |
|
|
|
59 |
|
|
|
70 |
|
|
|
72 |
|
|
Settlements on derivative transactions, net |
|
|
164 |
|
|
|
— |
|
|
|
197 |
|
|
|
226 |
|
|
|
154 |
|
|
Currency losses (gains) |
|
|
80 |
|
|
|
1,276 |
|
|
|
(571 |
) |
|
|
603 |
|
|
|
825 |
|
|
Deferred income taxes |
|
|
(1,845 |
) |
|
|
2,640 |
|
|
|
(960 |
) |
|
|
(5,082 |
) |
|
|
(1,659 |
) |
|
Equity losses (earnings) |
|
|
1,100 |
|
|
|
(374 |
) |
|
|
(2,273 |
) |
|
|
(373 |
) |
|
|
(536 |
) |
|
Dividends received from equity investees |
|
|
— |
|
|
|
166 |
|
|
|
1,031 |
|
|
|
1,044 |
|
|
|
— |
|
|
Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Accounts receivables |
|
|
4,291 |
|
|
|
(3,472 |
) |
|
|
(747 |
) |
|
|
(3,139 |
) |
|
|
(9,857 |
) |
|
Other assets |
|
|
(1,290 |
) |
|
|
733 |
|
|
|
493 |
|
|
|
1,017 |
|
|
|
45 |
|
|
Accounts payable and accrued liabilities |
|
|
(3,895 |
) |
|
|
(6,456 |
) |
|
|
(7,705 |
) |
|
|
(5,758 |
) |
|
|
6,731 |
|
|
Net cash (used in) provided by operating activities |
|
|
(7,169 |
) |
|
|
(1,483 |
) |
|
|
7,099 |
|
|
|
3,883 |
|
|
|
(552 |
) |
|
Cash Flows from Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Purchases of property and equipment |
|
|
(3,416 |
) |
|
|
(3,644 |
) |
|
|
(6,455 |
) |
|
|
(35 |
) |
|
|
(470 |
) |
|
Proceeds from disposition of property and equipment |
|
|
— |
|
|
|
36,692 |
|
|
|
— |
|
|
|
427 |
|
|
|
7,611 |
|
|
Net investing activities in property and equipment |
|
|
(3,416 |
) |
|
|
33,048 |
|
|
|
(6,455 |
) |
|
|
392 |
|
|
|
7,141 |
|
|
Principal payments on notes due from others |
|
|
— |
|
|
|
— |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
|
5,000 |
|
|
Net cash (used in) provided by investing activities |
|
|
(3,416 |
) |
|
|
33,048 |
|
|
|
(1,455 |
) |
|
|
5,392 |
|
|
|
12,141 |
|
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Payments on long-term debt |
|
|
(7,530 |
) |
|
|
(6,173 |
) |
|
|
(4,901 |
) |
|
|
(9,483 |
) |
|
|
(8,608 |
) |
|
Payments on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
(104,832 |
) |
|
|
(26,772 |
) |
|
|
— |
|
|
Payments on debt extinguishment cost |
|
|
— |
|
|
|
— |
|
|
|
(1,827 |
) |
|
|
— |
|
|
|
— |
|
|
Proceeds from issuance of long-term debt, net of issue costs |
|
|
— |
|
|
|
87 |
|
|
|
121,207 |
|
|
|
27,181 |
|
|
|
— |
|
|
Payments on finance leases |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(204 |
) |
|
|
(204 |
) |
|
|
(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 |
|
|
(3,850 |
) |
|
|
— |
|
|
|
— |
|
|
|
(102 |
) |
|
|
(2,266 |
) |
|
Net cash (used in) provided by financing activities |
|
|
(11,389 |
) |
|
|
(6,071 |
) |
|
|
9,443 |
|
|
|
(9,380 |
) |
|
|
(10,982 |
) |
|
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents |
|
|
2 |
|
|
|
1 |
|
|
|
3 |
|
|
|
(1 |
) |
|
|
— |
|
|
Net Change in Cash, Restricted Cash and Cash Equivalents |
|
|
(21,972 |
) |
|
|
25,495 |
|
|
|
15,090 |
|
|
|
(106 |
) |
|
|
607 |
|
|
Cash, Restricted Cash and Cash Equivalents, Beginning of Period |
|
|
84,131 |
|
|
|
58,636 |
|
|
|
43,546 |
|
|
|
43,652 |
|
|
|
43,045 |
|
|
Cash, Restricted Cash and Cash Equivalents, End of Period |
|
$ |
62,159 |
|
|
$ |
84,131 |
|
|
$ |
58,636 |
|
|
$ |
43,546 |
|
|
$ |
43,652 |
|
|
11
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
|
|
Owned |
|
|
Leased-in |
|
|
Managed |
|
|
Total |
|
||||
March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
AHTS |
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
4 |
|
FSV |
|
|
22 |
|
|
|
— |
|
|
|
1 |
|
|
|
23 |
|
PSV |
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
Liftboats |
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
|
54 |
|
|
|
1 |
|
|
|
1 |
|
|
|
56 |
|
December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
AHTS |
|
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
4 |
|
FSV |
|
|
22 |
|
|
|
— |
|
|
|
3 |
|
|
|
25 |
|
PSV |
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
21 |
|
Liftboats |
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
8 |
|
|
|
|
54 |
|
|
|
1 |
|
|
|
3 |
|
|
|
58 |
|
12