Financial News
SEACOR Marine Announces Fourth Quarter 2023 Results
HOUSTON, Feb. 29, 2024 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2023.
SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $22.6 million, and direct vessel profit (“DVP”)(1) was $29.8 million. This compares to consolidated operating revenues of $57.9 million, operating loss of $10.5 million, and DVP of $13.6 million in the fourth quarter of 2022, and consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023.
Notable fourth quarter items include:
- 26.2% improvement in revenues from the fourth quarter of 2022 and a 5.0% decrease from the third quarter of 2023.
- Average day rates of $18,031, a 30.7% improvement from the fourth quarter of 2022, and essentially flat from the third quarter of 2023.
- DVP margin of 40.8%, increasing from 23.5% in the fourth quarter of 2022, and declining from 47.8% in the third quarter of 2023.
- Gross proceeds on the sales of two non-core vessels for total proceeds of $36.5 million and gains of $18.3 million.
For the fourth quarter of 2023, net income was $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). This compares to a net loss for the fourth quarter of 2022 of $13.3 million ($0.50 loss per basic and diluted share). Sequentially, fourth quarter 2023 results compare to a net loss of $0.9 million ($0.03 loss per basic and diluted share) in the third quarter of 2023.
Chief Executive Officer John Gellert commented:
“I am pleased with the Company’s fourth quarter results, with average day rates holding from the recent high of the third quarter of 2023, and utilization softening marginally as we entered our seasonally lower winter season. DVP for the quarter maintained much of progress made in recent quarters and expanded significantly when compared to the fourth quarter of 2022.
All of our business segments continued to deliver positive results, even as some of our customers paused project activity for the winter, most notably in U.S. windfarms. After completing temporary repairs during this quarter, we also saw the return to service of one of our premium liftboats in the U.S. We expect to have all four large liftboats operating for most of 2024, which should be a meaningful contributor to our revenue generating capacity. Tendering activity remains high, particularly in international markets, and we expect to continue to charter vessels at improved terms and pricing as they roll off their contracts. As planned, we are taking advantage of the winter months for scheduled maintenance and vessel repositioning in order to maximize utilization the rest of the year.
We also completed the sales of a liftboat and a FSV during the fourth quarter, both considered non-core assets. The sales generated total proceeds of $36.5 million and gains of $18.3 million. These assets were not expected to have a meaningful impact on revenues or DVP in 2024, and were sold at compelling values.
Looking forward, we continue to see strong demand for our fleet in 2024. Recent announcements about project cancellations in the Middle East and U.S. wind are not expected to impact our vessels engaged in those areas, and we see growing demand from other regions.
Finally, we recently announced our commitment to acquire four state-of-the-art energy storage systems, which will be used to upgrade four of our newest PSVs to hybrid power. We currently plan to conduct these upgrades as the systems deliver in late 2024 and 2025. Once installed, more than 50% of our PSV fleet will be hybrid powered, furthering our efforts to enhance operational efficiency and reduce the environmental impact of our fleet.”
___________________
| (1 | ) | Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data) | |||||||||||||||
| Three Months Ended December 31, | Year ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Operating Revenues | $ | 73,083 | $ | 57,926 | $ | 279,511 | $ | 217,325 | |||||||
| Costs and Expenses: | |||||||||||||||
| Operating | 43,269 | 44,338 | 159,650 | 171,985 | |||||||||||
| Administrative and general | 11,547 | 10,799 | 49,183 | 40,911 | |||||||||||
| Lease expense | 679 | 633 | 2,748 | 3,869 | |||||||||||
| Depreciation and amortization | 13,022 | 13,624 | 53,821 | 55,957 | |||||||||||
| 68,517 | 69,394 | 265,402 | 272,722 | ||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 18,057 | 1,017 | 21,409 | 1,398 | |||||||||||
| Operating Income (Loss) | 22,623 | (10,451 | ) | 35,518 | (53,999 | ) | |||||||||
| Other Income (Expense): | |||||||||||||||
| Interest income | 222 | 688 | 1,444 | 784 | |||||||||||
| Interest expense | (10,444 | ) | (8,456 | ) | (37,504 | ) | (29,706 | ) | |||||||
| Gain (loss) on debt extinguishment | — | 10,429 | (2,004 | ) | 10,429 | ||||||||||
| Derivative gains, net | 608 | — | 608 | — | |||||||||||
| Foreign currency (losses) gains, net | (1,276 | ) | (2,646 | ) | (2,133 | ) | 1,659 | ||||||||
| Other, net | — | 137 | — | 755 | |||||||||||
| (10,890 | ) | 152 | (39,589 | ) | (16,079 | ) | |||||||||
| Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies | 11,733 | (10,299 | ) | (4,071 | ) | (70,078 | ) | ||||||||
| Income Tax Expense | 6,378 | 4,219 | 8,799 | 8,582 | |||||||||||
| Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies | 5,355 | (14,518 | ) | (12,870 | ) | (78,660 | ) | ||||||||
| Equity in Earnings of 50% or Less Owned Companies | 374 | 1,176 | 3,556 | 7,011 | |||||||||||
| Net Income (Loss) | 5,729 | (13,342 | ) | (9,314 | ) | (71,649 | ) | ||||||||
| Net Income Attributable to Noncontrolling Interests in Subsidiaries | — | — | — | 1 | |||||||||||
| Net Income (Loss) Attributable to SEACOR Marine Holdings Inc. | $ | 5,729 | $ | (13,342 | ) | $ | (9,314 | ) | $ | (71,650 | ) | ||||
| Net Earnings (Loss) Per Share: | |||||||||||||||
| Basic | $ | 0.21 | $ | (0.50 | ) | $ | (0.34 | ) | $ | (2.69 | ) | ||||
| Diluted | $ | 0.20 | $ | (0.50 | ) | $ | (0.34 | ) | $ | (2.69 | ) | ||||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||
| Basic | 27,182,496 | 26,727,864 | 27,082,391 | 26,626,179 | |||||||||||
| Diluted | 28,400,684 | 26,727,864 | 27,082,391 | 26,626,179 | |||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average Rates Per Day | $ | 18,031 | $ | 18,046 | $ | 15,250 | $ | 14,314 | $ | 13,794 | |||||||||
| Fleet Utilization | 71 | % | 73 | % | 78 | % | 76 | % | 76 | % | |||||||||
| Fleet Available Days | 5,170 | 5,182 | 5,096 | 5,071 | 5,244 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 66,498 | $ | 68,668 | $ | 60,804 | $ | 55,415 | $ | 54,789 | |||||||||
| Bareboat charter | 368 | 368 | 364 | 360 | 376 | ||||||||||||||
| Other marine services | 6,217 | 7,864 | 7,151 | 5,434 | 2,761 | ||||||||||||||
| 73,083 | 76,900 | 68,319 | 61,209 | 57,926 | |||||||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 22,080 | 19,943 | 19,944 | 19,803 | 20,849 | ||||||||||||||
| Repairs and maintenance | 7,604 | 7,418 | 5,793 | 6,011 | 8,948 | ||||||||||||||
| Drydocking | 2,561 | 1,768 | 2,256 | 13 | 1,667 | ||||||||||||||
| Insurance and loss reserves | 2,944 | 1,833 | 2,390 | 2,789 | 3,381 | ||||||||||||||
| Fuel, lubes and supplies | 3,683 | 5,047 | 3,638 | 4,819 | 5,794 | ||||||||||||||
| Other | 4,397 | 4,133 | 3,709 | 5,074 | 3,699 | ||||||||||||||
| 43,269 | 40,142 | 37,730 | 38,509 | 44,338 | |||||||||||||||
| Direct Vessel Profit (1) | 29,814 | 36,758 | 30,589 | 22,700 | 13,588 | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | 679 | 651 | 698 | 720 | 633 | ||||||||||||||
| Administrative and general | 11,547 | 12,300 | 13,704 | 11,632 | 10,799 | ||||||||||||||
| Depreciation and amortization | 13,022 | 13,462 | 13,575 | 13,762 | 13,624 | ||||||||||||||
| 25,248 | 26,413 | 27,977 | 26,114 | 25,056 | |||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 18,057 | (512 | ) | 265 | 3,599 | 1,017 | |||||||||||||
| Operating Income (Loss) | 22,623 | 9,833 | 2,877 | 185 | (10,451 | ) | |||||||||||||
| Other Income (Expense): | |||||||||||||||||||
| Interest income | 222 | 340 | 422 | 460 | 688 | ||||||||||||||
| Interest expense | (10,444 | ) | (9,536 | ) | (8,736 | ) | (8,788 | ) | (8,456 | ) | |||||||||
| Derivative gains, net | 608 | — | — | — | — | ||||||||||||||
| (Loss) gain on debt extinguishment | — | (2,004 | ) | — | — | 10,429 | |||||||||||||
| Foreign currency (losses) gains, net | (1,276 | ) | 571 | (603 | ) | (825 | ) | (2,646 | ) | ||||||||||
| Other, net | — | — | — | — | 137 | ||||||||||||||
| (10,890 | ) | (10,629 | ) | (8,917 | ) | (9,153 | ) | 152 | |||||||||||
| Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | 11,733 | (796 | ) | (6,040 | ) | (8,968 | ) | (10,299 | ) | ||||||||||
| Income Tax Expense (Benefit) | 6,378 | 2,360 | (1,096 | ) | 1,157 | 4,219 | |||||||||||||
| Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies | 5,355 | (3,156 | ) | (4,944 | ) | (10,125 | ) | (14,518 | ) | ||||||||||
| Equity in Earnings of 50% or Less Owned Companies | 374 | 2,273 | 373 | 536 | 1,176 | ||||||||||||||
| Net Income (Loss) | $ | 5,729 | $ | (883 | ) | $ | (4,571 | ) | $ | (9,589 | ) | $ | (13,342 | ) | |||||
| Net Earnings (Loss) Per Share: | |||||||||||||||||||
| Basic | $ | 0.21 | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.36 | ) | $ | (0.50 | ) | |||||
| Diluted | $ | 0.20 | $ | (0.03 | ) | $ | (0.17 | ) | $ | (0.36 | ) | $ | (0.50 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||||||
| Basic | 27,182 | 27,182 | 27,138 | 26,822 | 26,728 | ||||||||||||||
| Diluted | 28,401 | 27,182 | 27,138 | 26,822 | 26,728 | ||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 28,489 | 28,481 | 28,481 | 28,428 | 28,142 | ||||||||||||||
(1) See full description of footnote above.
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| United States, primarily Gulf of Mexico | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 22,584 | $ | 23,663 | $ | 16,115 | $ | 18,359 | $ | 22,563 | |||||||||
| Fleet utilization | 50 | % | 57 | % | 35 | % | 35 | % | 57 | % | |||||||||
| Fleet available days | 1,152 | 1,196 | 1,080 | 1,015 | 1,288 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 61 | 151 | 229 | 112 | 108 | ||||||||||||||
| Out-of-service days for cold-stacked status (2) | 254 | 206 | 173 | 211 | 242 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 12,929 | $ | 16,236 | $ | 6,121 | $ | 6,564 | $ | 16,574 | |||||||||
| Other marine services | 5,346 | 5,478 | 3,004 | 3,850 | 2,916 | ||||||||||||||
| 18,275 | 21,714 | 9,125 | 10,414 | 19,490 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 6,906 | 6,712 | 5,957 | 6,535 | 7,262 | ||||||||||||||
| Repairs and maintenance | 819 | 1,560 | 1,573 | 1,194 | 2,666 | ||||||||||||||
| Drydocking | 303 | 462 | 1,506 | 43 | 472 | ||||||||||||||
| Insurance and loss reserves | 1,297 | 332 | 1,082 | 1,041 | 2,022 | ||||||||||||||
| Fuel, lubes and supplies | 1,032 | 958 | 924 | 783 | 746 | ||||||||||||||
| Other | 475 | 375 | 346 | 231 | 416 | ||||||||||||||
| 10,832 | 10,399 | 11,388 | 9,827 | 13,584 | |||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 7,443 | $ | 11,315 | $ | (2,263 | ) | $ | 587 | $ | 5,906 | ||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 141 | $ | 116 | $ | 143 | $ | 136 | $ | 138 | |||||||||
| Depreciation and amortization | 3,479 | 3,810 | 3,861 | 3,535 | 3,912 | ||||||||||||||
| Africa and Europe | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 15,233 | $ | 15,388 | $ | 14,982 | $ | 12,835 | $ | 11,241 | |||||||||
| Fleet utilization | 82 | % | 84 | % | 94 | % | 87 | % | 82 | % | |||||||||
| Fleet available days | 1,748 | 1,748 | 1,729 | 1,710 | 1,656 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 124 | 111 | 58 | 118 | 125 | ||||||||||||||
| Out-of-service days for cold-stacked status (3) | 92 | 54 | — | — | — | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 21,791 | $ | 22,528 | $ | 24,414 | $ | 18,996 | $ | 15,299 | |||||||||
| Other marine services | 189 | 1,943 | 225 | 225 | (679 | ) | |||||||||||||
| 21,980 | 24,471 | 24,639 | 19,221 | 14,620 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 6,007 | 5,089 | 4,833 | 4,505 | 4,680 | ||||||||||||||
| Repairs and maintenance | 2,807 | 2,214 | 2,050 | 2,553 | 2,902 | ||||||||||||||
| Drydocking | 1,298 | 320 | 144 | 1,184 | 678 | ||||||||||||||
| Insurance and loss reserves | 416 | 573 | 420 | 318 | 366 | ||||||||||||||
| Fuel, lubes and supplies | 623 | 2,573 | 1,419 | 2,215 | 2,775 | ||||||||||||||
| Other | 2,267 | 2,448 | 2,608 | 2,749 | 1,896 | ||||||||||||||
| 13,418 | 13,217 | 11,474 | 13,524 | 13,297 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 8,562 | $ | 11,254 | $ | 13,165 | $ | 5,697 | $ | 1,323 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 289 | $ | 372 | $ | 408 | $ | 429 | $ | 378 | |||||||||
| Depreciation and amortization | 3,747 | 3,821 | 3,853 | 3,925 | 3,683 | ||||||||||||||
- See full description of footnote above.
- Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2023.
- Includes one AHTS cold-stacked in this region that is classified as held for sale as of December 31, 2023.
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| Middle East and Asia | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 17,590 | $ | 16,313 | $ | 13,245 | $ | 13,562 | $ | 11,090 | |||||||||
| Fleet utilization | 69 | % | 67 | % | 86 | % | 82 | % | 75 | % | |||||||||
| Fleet available days | 1,461 | 1,472 | 1,456 | 1,440 | 1,533 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 360 | 297 | 58 | 76 | 132 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 17,729 | $ | 16,087 | $ | 16,563 | $ | 16,028 | $ | 12,802 | |||||||||
| Other marine services | 539 | 267 | 3,512 | 27 | (66 | ) | |||||||||||||
| 18,268 | 16,354 | 20,075 | 16,055 | 12,736 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 5,522 | 5,157 | 5,266 | 4,841 | 5,270 | ||||||||||||||
| Repairs and maintenance | 2,590 | 2,623 | 1,219 | 677 | 1,958 | ||||||||||||||
| Drydocking | 624 | 1,056 | (684 | ) | (1,095 | ) | 244 | ||||||||||||
| Insurance and loss reserves | 1,022 | 711 | 720 | 1,185 | 821 | ||||||||||||||
| Fuel, lubes and supplies | 1,242 | 743 | 425 | 1,142 | 1,335 | ||||||||||||||
| Other | 1,133 | 943 | 389 | 1,496 | 915 | ||||||||||||||
| 12,133 | 11,233 | 7,335 | 8,246 | 10,543 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 6,135 | $ | 5,121 | $ | 12,740 | $ | 7,809 | $ | 2,193 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 158 | $ | 59 | $ | 67 | $ | 76 | $ | 52 | |||||||||
| Depreciation and amortization | 3,643 | 3,721 | 3,708 | 3,688 | 3,783 | ||||||||||||||
| Latin America | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 20,745 | $ | 20,656 | $ | 18,846 | $ | 16,229 | $ | 14,009 | |||||||||
| Fleet utilization | 84 | % | 87 | % | 88 | % | 94 | % | 94 | % | |||||||||
| Fleet available days | 809 | 766 | 831 | 906 | 767 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | 67 | 79 | 22 | 14 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 14,049 | $ | 13,817 | $ | 13,706 | $ | 13,827 | $ | 10,114 | |||||||||
| Bareboat charter | 368 | 368 | 364 | 360 | 376 | ||||||||||||||
| Other marine services | 143 | 176 | 410 | 1,332 | 590 | ||||||||||||||
| 14,560 | 14,361 | 14,480 | 15,519 | 11,080 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 3,645 | 2,985 | 3,888 | 3,922 | 3,637 | ||||||||||||||
| Repairs and maintenance | 1,388 | 1,021 | 951 | 1,587 | 1,422 | ||||||||||||||
| Drydocking | 336 | (70 | ) | 1,290 | (119 | ) | 273 | ||||||||||||
| Insurance and loss reserves | 209 | 217 | 168 | 245 | 172 | ||||||||||||||
| Fuel, lubes and supplies | 786 | 773 | 870 | 679 | 938 | ||||||||||||||
| Other | 522 | 367 | 366 | 598 | 472 | ||||||||||||||
| 6,886 | 5,293 | 7,533 | 6,912 | 6,914 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 7,674 | $ | 9,068 | $ | 6,947 | $ | 8,607 | $ | 4,166 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 91 | $ | 104 | $ | 80 | $ | 79 | $ | 65 | |||||||||
| Depreciation and amortization | 2,153 | 2,110 | 2,153 | 2,614 | 2,246 | ||||||||||||||
(1) See full description of footnote above.
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| AHTS | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 8,937 | $ | 9,947 | $ | 8,916 | $ | 9,244 | $ | 9,254 | |||||||||
| Fleet utilization | 64 | % | 50 | % | 85 | % | 81 | % | 80 | % | |||||||||
| Fleet available days | 368 | 368 | 364 | 391 | 460 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 41 | 111 | 13 | 45 | — | ||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 54 | — | 31 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 2,102 | $ | 1,831 | $ | 2,762 | $ | 2,915 | $ | 3,406 | |||||||||
| Other marine services | 6 | 930 | — | — | (168 | ) | |||||||||||||
| 2,108 | 2,761 | 2,762 | 2,915 | 3,238 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 944 | $ | 1,019 | $ | 1,069 | $ | 995 | $ | 1,220 | |||||||||
| Repairs and maintenance | 612 | 484 | 186 | 216 | 331 | ||||||||||||||
| Drydocking | 58 | 747 | 131 | 420 | 6 | ||||||||||||||
| Insurance and loss reserves | 73 | 88 | 78 | 68 | 94 | ||||||||||||||
| Fuel, lubes and supplies | 375 | 428 | 192 | 476 | 259 | ||||||||||||||
| Other | 295 | 378 | 329 | 448 | 283 | ||||||||||||||
| 2,357 | 3,144 | 1,985 | 2,623 | 2,193 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 253 | $ | 331 | $ | 332 | $ | 331 | $ | 300 | |||||||||
| Depreciation and amortization | 175 | 249 | 298 | 298 | 300 | ||||||||||||||
| FSV | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 11,841 | $ | 11,441 | $ | 11,314 | $ | 10,609 | $ | 9,905 | |||||||||
| Fleet utilization | 74 | % | 79 | % | 92 | % | 91 | % | 86 | % | |||||||||
| Fleet available days | 2,105 | 2,116 | 2,093 | 2,070 | 2,116 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 337 | 227 | 86 | 66 | 146 | ||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 69 | 82 | 90 | 58 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 18,502 | $ | 19,135 | $ | 21,747 | $ | 19,988 | $ | 18,062 | |||||||||
| Other marine services | 163 | 652 | 71 | 190 | (224 | ) | |||||||||||||
| 18,665 | 19,787 | 21,818 | 20,178 | 17,838 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 5,320 | $ | 5,144 | $ | 5,083 | $ | 4,861 | $ | 5,140 | |||||||||
| Repairs and maintenance | 2,691 | 2,787 | 1,134 | 1,867 | 2,957 | ||||||||||||||
| Drydocking | 1,710 | 870 | 1,342 | 128 | 1,434 | ||||||||||||||
| Insurance and loss reserves | 507 | 185 | 337 | 334 | 453 | ||||||||||||||
| Fuel, lubes and supplies | 1,441 | 1,501 | 1,108 | 1,382 | 1,797 | ||||||||||||||
| Other | 1,632 | 1,552 | 1,536 | 1,803 | 1,638 | ||||||||||||||
| 13,301 | 12,039 | 10,540 | 10,375 | 13,419 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | 4,879 | 5,002 | 4,952 | 4,946 | 4,972 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| PSV | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 19,778 | $ | 19,528 | $ | 17,545 | $ | 14,827 | $ | 13,519 | |||||||||
| Fleet utilization | 77 | % | 78 | % | 80 | % | 70 | % | 69 | % | |||||||||
| Fleet available days | 1,902 | 1,870 | 1,820 | 1,800 | 1,840 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 109 | 110 | 92 | 124 | 142 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 29,140 | $ | 28,580 | $ | 25,458 | $ | 18,800 | $ | 17,194 | |||||||||
| Bareboat charter | 368 | 368 | 364 | 360 | 376 | ||||||||||||||
| Other marine services | 595 | 696 | 584 | 1,203 | 222 | ||||||||||||||
| 30,103 | 29,644 | 26,406 | 20,363 | 17,792 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 9,017 | $ | 8,793 | $ | 8,738 | $ | 8,849 | $ | 8,961 | |||||||||
| Repairs and maintenance | 3,520 | 2,504 | 2,998 | 3,475 | 2,998 | ||||||||||||||
| Drydocking | 472 | 232 | 12 | 609 | 770 | ||||||||||||||
| Insurance and loss reserves | 690 | 682 | 421 | 419 | 552 | ||||||||||||||
| Fuel, lubes and supplies | 1,027 | 2,352 | 2,124 | 2,331 | 2,842 | ||||||||||||||
| Other | 1,922 | 1,761 | 1,405 | 2,677 | 1,420 | ||||||||||||||
| 16,648 | 16,324 | 15,698 | 18,360 | 17,543 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | 4,073 | 4,073 | 4,072 | 4,262 | 4,099 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| Liftboats | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 40,181 | $ | 39,419 | $ | 35,623 | $ | 33,936 | $ | 31,717 | |||||||||
| Fleet utilization | 52 | % | 59 | % | 37 | % | 50 | % | 61 | % | |||||||||
| Fleet available days | 795 | 828 | 819 | 810 | 828 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 60 | 111 | 233 | 94 | 90 | ||||||||||||||
| Out-of-service days for cold-stacked status | 162 | 137 | 91 | 90 | 92 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 16,754 | $ | 19,122 | $ | 10,837 | $ | 13,712 | $ | 16,127 | |||||||||
| Other marine services | 4,666 | 4,710 | 5,495 | 2,930 | 1,842 | ||||||||||||||
| 21,420 | 23,832 | 16,332 | 16,642 | 17,969 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 5,316 | $ | 4,983 | $ | 5,065 | $ | 5,068 | $ | 5,520 | |||||||||
| Repairs and maintenance | 769 | 1,643 | 1,472 | 499 | 2,674 | ||||||||||||||
| Drydocking | 321 | (81 | ) | 849 | (1,141 | ) | (543 | ) | |||||||||||
| Insurance and loss reserves | 1,554 | 1,148 | 1,418 | 1,907 | 2,271 | ||||||||||||||
| Fuel, lubes and supplies | 838 | 766 | 219 | 619 | 896 | ||||||||||||||
| Other | 531 | 445 | 441 | 125 | 359 | ||||||||||||||
| 9,329 | 8,904 | 9,464 | 7,077 | 11,177 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | 3,867 | 4,099 | 4,215 | 4,214 | 4,210 | ||||||||||||||
| Other Activity | |||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | 787 | $ | 876 | $ | 1,001 | $ | 1,111 | $ | 1,089 | |||||||||
| 787 | 876 | 1,001 | 1,111 | 1,089 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 1,483 | $ | 4 | $ | (11 | ) | $ | 30 | $ | 8 | ||||||||
| Repairs and maintenance | 12 | — | 3 | (46 | ) | (12 | ) | ||||||||||||
| Drydocking | — | — | (78 | ) | (3 | ) | — | ||||||||||||
| Insurance and loss reserves | 120 | (270 | ) | 136 | 61 | 11 | |||||||||||||
| Fuel, lubes and supplies | 2 | — | (5 | ) | 11 | — | |||||||||||||
| Other | 17 | (3 | ) | (2 | ) | 21 | (1 | ) | |||||||||||
| 1,634 | (269 | ) | 43 | 74 | 6 | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 426 | $ | 320 | $ | 366 | $ | 389 | $ | 333 | |||||||||
| Depreciation and amortization | 28 | 39 | 38 | 42 | 43 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Current Assets: | |||||||||||||||||||
| Cash and cash equivalents | $ | 67,455 | $ | 55,840 | $ | 40,750 | $ | 40,570 | $ | 39,963 | |||||||||
| Restricted cash | 16,676 | 2,796 | 2,796 | 3,082 | 3,082 | ||||||||||||||
| Receivables: | |||||||||||||||||||
| Trade, net of allowance for credit loss accounts | 63,728 | 63,246 | 60,022 | 60,114 | 54,388 | ||||||||||||||
| Other | 11,049 | 8,662 | 12,032 | 11,650 | 7,375 | ||||||||||||||
| Note receivable | — | — | 5,000 | 10,000 | 15,000 | ||||||||||||||
| Tax receivable | 983 | 445 | 445 | 445 | 578 | ||||||||||||||
| Inventories | 1,609 | 1,738 | 1,653 | 2,207 | 2,123 | ||||||||||||||
| Prepaid expenses and other | 2,686 | 2,957 | 3,112 | 3,233 | 3,054 | ||||||||||||||
| Assets held for sale | 500 | 6,093 | — | — | 6,750 | ||||||||||||||
| Total current assets | 164,686 | 141,777 | 125,810 | 131,301 | 132,313 | ||||||||||||||
| Property and Equipment: | |||||||||||||||||||
| Historical cost | 918,823 | 936,520 | 966,338 | 969,328 | 967,683 | ||||||||||||||
| Accumulated depreciation | (324,141 | ) | (318,549 | ) | (334,678 | ) | (324,197 | ) | (310,778 | ) | |||||||||
| 594,682 | 617,971 | 631,660 | 645,131 | 656,905 | |||||||||||||||
| Construction in progress | 10,362 | 9,413 | 8,876 | 8,540 | 8,111 | ||||||||||||||
| Net property and equipment | 605,044 | 627,384 | 640,536 | 653,671 | 665,016 | ||||||||||||||
| Right-of-use asset - operating leases | 4,291 | 4,907 | 5,703 | 5,984 | 6,206 | ||||||||||||||
| Right-of-use asset - finance leases | 37 | 45 | 6,495 | 6,654 | 6,813 | ||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 4,125 | 3,857 | 3,253 | 3,594 | 3,024 | ||||||||||||||
| Other assets | 2,153 | 2,095 | 2,139 | 2,079 | 1,995 | ||||||||||||||
| Total assets | $ | 780,336 | $ | 780,065 | $ | 783,936 | $ | 803,283 | $ | 815,367 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||
| Current portion of operating lease liabilities | $ | 1,591 | $ | 1,856 | $ | 1,792 | $ | 1,764 | $ | 2,358 | |||||||||
| Current portion of finance lease liabilities | 35 | 35 | 611 | 563 | 468 | ||||||||||||||
| Current portion of long-term debt | 28,365 | 28,005 | 63,959 | 60,523 | 61,512 | ||||||||||||||
| Accounts payable and accrued expenses | 27,562 | 32,468 | 39,013 | 44,256 | 37,955 | ||||||||||||||
| Other current liabilities | 19,533 | 21,340 | 21,027 | 20,185 | 18,869 | ||||||||||||||
| Total current liabilities | 77,086 | 83,704 | 126,402 | 127,291 | 121,162 | ||||||||||||||
| Long-term operating lease liabilities | 3,529 | 3,571 | 4,030 | 4,474 | 4,739 | ||||||||||||||
| Long-term finance lease liabilities | 6 | 15 | 6,462 | 6,644 | 6,781 | ||||||||||||||
| Long-term debt | 287,544 | 291,843 | 243,960 | 254,450 | 260,119 | ||||||||||||||
| Deferred income taxes | 35,718 | 33,078 | 34,038 | 39,120 | 40,779 | ||||||||||||||
| Deferred gains and other liabilities | 2,229 | 2,217 | 2,189 | 2,264 | 2,641 | ||||||||||||||
| Total liabilities | 406,112 | 414,428 | 417,081 | 434,243 | 436,221 | ||||||||||||||
| Equity: | |||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||
| Common stock | 280 | 280 | 280 | 279 | 272 | ||||||||||||||
| Additional paid-in capital | 472,692 | 471,158 | 469,618 | 467,896 | 466,669 | ||||||||||||||
| Accumulated deficit | (102,425 | ) | (108,154 | ) | (107,271 | ) | (102,700 | ) | (93,111 | ) | |||||||||
| Shares held in treasury | (4,221 | ) | (4,221 | ) | (4,221 | ) | (4,119 | ) | (1,852 | ) | |||||||||
| Accumulated other comprehensive income, net of tax | 7,577 | 6,253 | 8,128 | 7,363 | 6,847 | ||||||||||||||
| 373,903 | 365,316 | 366,534 | 368,719 | 378,825 | |||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | ||||||||||||||
| Total equity | 374,224 | 365,637 | 366,855 | 369,040 | 379,146 | ||||||||||||||
| Total liabilities and equity | $ | 780,336 | $ | 780,065 | $ | 783,936 | $ | 803,283 | $ | 815,367 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||||
| Net Income (Loss) | $ | 5,729 | $ | (883 | ) | $ | (4,571 | ) | $ | (9,589 | ) | $ | (13,342 | ) | |||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 13,022 | 13,462 | 13,575 | 13,762 | 13,624 | ||||||||||||||
| Deferred financing costs amortization | 279 | 459 | 423 | 418 | (997 | ) | |||||||||||||
| Stock-based compensation expense | 1,510 | 1,540 | 1,723 | 1,227 | 1,220 | ||||||||||||||
| Debt discount amortization | 1,862 | 1,714 | 1,627 | 1,558 | 1,449 | ||||||||||||||
| Allowance for credit losses | 266 | 594 | 2,763 | (104 | ) | 11 | |||||||||||||
| (Gain) loss from equipment sales, retirements or impairments | (18,057 | ) | 512 | (265 | ) | (3,599 | ) | (1,017 | ) | ||||||||||
| (Gains) losses on debt extinguishment | — | 177 | — | — | (12,700 | ) | |||||||||||||
| Derivative gains | (608 | ) | — | — | — | — | |||||||||||||
| Interest on finance lease | 1 | 59 | 70 | 72 | 73 | ||||||||||||||
| Settlements on derivative transactions, net | — | 197 | 226 | 154 | 33 | ||||||||||||||
| Currency losses (gains) | 1,276 | (571 | ) | 603 | 825 | 2,646 | |||||||||||||
| Deferred income taxes | 2,640 | (960 | ) | (5,082 | ) | (1,659 | ) | 957 | |||||||||||
| Equity earnings | (374 | ) | (2,273 | ) | (373 | ) | (536 | ) | (1,176 | ) | |||||||||
| Dividends received from equity investees | 166 | 1,031 | 1,044 | — | 74 | ||||||||||||||
| Changes in Operating Assets and Liabilities: | |||||||||||||||||||
| Accounts receivables | (3,472 | ) | (747 | ) | (3,139 | ) | (9,857 | ) | 2,304 | ||||||||||
| Other assets | 733 | 493 | 1,017 | 45 | 3,296 | ||||||||||||||
| Accounts payable and accrued liabilities | (6,456 | ) | (7,705 | ) | (5,758 | ) | 6,731 | 769 | |||||||||||
| Net cash (used in) provided by operating activities | (1,483 | ) | 7,099 | 3,883 | (552 | ) | (2,776 | ) | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||||
| Purchases of property and equipment | (3,644 | ) | (6,455 | ) | (35 | ) | (470 | ) | (185 | ) | |||||||||
| Proceeds from disposition of property and equipment | 36,692 | — | 427 | 7,611 | 53 | ||||||||||||||
| Net investing activities in property and equipment | 33,048 | (6,455 | ) | 392 | 7,141 | (132 | ) | ||||||||||||
| Principal payments on notes due from others | — | 5,000 | 5,000 | 5,000 | 5,000 | ||||||||||||||
| Net cash provided by (used in) investing activities | 33,048 | (1,455 | ) | 5,392 | 12,141 | 4,868 | |||||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||||
| Payments on long-term debt | (6,173 | ) | (4,901 | ) | (9,483 | ) | (8,608 | ) | (7,470 | ) | |||||||||
| Payments on debt extinguishment | — | (104,832 | ) | (26,772 | ) | — | (2,271 | ) | |||||||||||
| Payments on debt extinguishment cost | — | (1,827 | ) | — | — | — | |||||||||||||
| Proceeds from issuance of long-term debt, net of issue costs | 87 | 121,207 | 27,181 | — | — | ||||||||||||||
| Payments on finance leases | (9 | ) | (204 | ) | (204 | ) | (114 | ) | (114 | ) | |||||||||
| Proceeds from issuance of common stock, net of issue costs | 24 | — | — | — | — | ||||||||||||||
| Proceeds from exercise of stock options | — | — | — | 6 | — | ||||||||||||||
| Tax withholdings on restricted stock vesting and director share awards | — | — | (102 | ) | (2,266 | ) | — | ||||||||||||
| Net cash (used in) provided by financing activities | (6,071 | ) | 9,443 | (9,380 | ) | (10,982 | ) | (9,855 | ) | ||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | 1 | 3 | (1 | ) | — | (2 | ) | ||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | 25,495 | 15,090 | (106 | ) | 607 | (7,765 | ) | ||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 58,636 | 43,546 | 43,652 | 43,045 | 50,810 | ||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 84,131 | $ | 58,636 | $ | 43,546 | $ | 43,652 | $ | 43,045 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||
| Owned | Leased-in | Managed | Total | |||||
| December 31, 2023 | ||||||||
| AHTS | 3 | 1 | — | 4 | ||||
| FSV | 22 | — | 3 | 25 | ||||
| PSV | 21 | — | — | 21 | ||||
| Liftboats | 8 | — | — | 8 | ||||
| 54 | 1 | 3 | 58 | |||||
| December 31, 2022 | ||||||||
| AHTS | 3 | 2 | — | 5 | ||||
| FSV | 22 | 1 | 2 | 25 | ||||
| PSV | 21 | — | — | 21 | ||||
| Liftboats | 9 | — | — | 9 | ||||
| 55 | 3 | 2 | 60 | |||||
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