HOUSTON, March 10, 2022 (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, 2021.
SEACOR Marine’s consolidated operating revenues from continuing operations for the fourth quarter of 2021 were $48.0 million, operating loss was $14.7 million, and direct vessel profit (“DVP”)(1) was $12.9 million. This compares to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020.
Notable fourth quarter items include:
- Increased utilization across all regions and asset classes, with average utilization rates of 73%, the highest since the third quarter of 2014.
- The Company was down to five laid-up vessels at the end of 2021.
- 27% and 24% improvement in consolidated DVP compared to the third quarter of 2021 and the fourth quarter of 2020, respectively.
For the fourth quarter of 2021, net loss attributable to SEACOR Marine was $15.8 million ($0.62 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2020 of $38.8 million ($1.54 loss per basic and diluted share). Sequentially, fourth quarter 2021 results compare to consolidated operating revenues from continuing operations of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021. For the third quarter of 2021, net loss attributable to SEACOR Marine’s continuing operations was $5.8 million ($0.23 loss per basic and diluted share), primarily due to gains on asset dispositions and the extinguishment of debt with no similar transactions in the fourth quarter.
Chief Executive Officer John Gellert commented:
“The Company’s business continued to improve during the fourth quarter. Despite our usual seasonally lower activity, we saw very healthy levels of both contracted activity and tendering activity. I am encouraged by the levels of inquiries. Our focus during recent months has been to prepare and position the fleet to participate fully in the market up-cycle. The recent acquisition of an additional five PSVs, which were previously part of an unconsolidated joint venture, are further bolstering our participation in this up-cycle.
Our active efforts over the last three years to simplify our structure and maximize cost efficiencies while expanding our fleet should position us well for an improved market. Strong commodity prices are creating increasing demand for our services.
Finally, I want to address the recent tragic events in Ukraine. The war could disrupt access to a major source of qualified labor in the maritime industry and we are preparing accordingly. The Company employs over 100 mariners from the region and we are working diligently to support them and their families in these troubled times. Our thoughts and prayers are with them.”
___________________
| (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 and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.
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, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Operating Revenues | $ | 47,967 | $ | 36,021 | $ | 170,941 | $ | 141,837 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 35,036 | 25,563 | 127,406 | 91,145 | ||||||||||||
| Administrative and general | 10,742 | 8,531 | 37,639 | 40,051 | ||||||||||||
| Lease expense | 2,664 | 1,798 | 6,085 | 7,525 | ||||||||||||
| Depreciation and amortization | 14,198 | 15,247 | 57,395 | 57,167 | ||||||||||||
| 62,640 | 51,139 | 228,525 | 195,888 | |||||||||||||
| (Losses) Gains on Asset Dispositions and Impairments, Net | — | (1,796 | ) | 20,436 | (17,588 | ) | ||||||||||
| Operating Loss | (14,673 | ) | (16,914 | ) | (37,148 | ) | (71,639 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 57 | 61 | 1,302 | 1,273 | ||||||||||||
| Interest expense | (6,380 | ) | (8,288 | ) | (28,111 | ) | (30,691 | ) | ||||||||
| SEACOR Holdings guarantee fees | — | (11 | ) | (7 | ) | (47 | ) | |||||||||
| Gain on debt extinguishment | — | — | 61,994 | — | ||||||||||||
| Derivative gains (losses), net | 4 | (894 | ) | 391 | 4,310 | |||||||||||
| Foreign currency (losses), net | (357 | ) | (1,286 | ) | (1,235 | ) | (1,294 | ) | ||||||||
| (Loss) Gain from return of investments in 50% or less owned companies and other, net | — | (19 | ) | 9,441 | (19 | ) | ||||||||||
| (6,676 | ) | (10,437 | ) | 43,775 | (26,468 | ) | ||||||||||
| (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies | (21,349 | ) | (27,351 | ) | 6,627 | (98,107 | ) | |||||||||
| Income Tax (Benefit) Expense | (1,009 | ) | 1,865 | 11,493 | (22,924 | ) | ||||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (20,340 | ) | (29,216 | ) | (4,866 | ) | (75,183 | ) | ||||||||
| Equity in Earnings Gains (Losses) of 50% or Less Owned Companies | 4,494 | (9,681 | ) | 15,078 | (8,163 | ) | ||||||||||
| (Loss) Income from Continuing Operations | (15,846 | ) | (38,897 | ) | 10,212 | (83,346 | ) | |||||||||
| Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) | — | 50 | 22,925 | 364 | ||||||||||||
| Net (Loss) Income | (15,846 | ) | (38,847 | ) | 33,137 | (82,982 | ) | |||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries | — | (31 | ) | 1 | (4,067 | ) | ||||||||||
| Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ | (15,846 | ) | $ | (38,816 | ) | $ | 33,136 | $ | (78,915 | ) | |||||
| Net (Loss) Earnings Per Common Share from Continuing Operations: | ||||||||||||||||
| Basic | $ | (0.62 | ) | $ | (1.54 | ) | $ | 0.40 | $ | (3.20 | ) | |||||
| Diluted | (0.62 | ) | (1.54 | ) | 0.40 | (3.20 | ) | |||||||||
| Net Earnings Per Share from Discontinued Operations: | ||||||||||||||||
| Basic | $ | — | $ | — | $ | 0.90 | $ | 0.02 | ||||||||
| Diluted | — | — | 0.90 | 0.02 | ||||||||||||
| Net (Loss) Earnings per Share: | ||||||||||||||||
| Basic | $ | (0.62 | ) | $ | (1.54 | ) | $ | 1.30 | $ | (3.18 | ) | |||||
| Diluted | $ | (0.62 | ) | $ | (1.54 | ) | $ | 1.30 | $ | (3.18 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 25,520,034 | 25,265,812 | 25,444,693 | 24,785,744 | ||||||||||||
| Diluted | 25,520,034 | 25,265,812 | 25,495,527 | 24,785,744 | ||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average Rates Per Day | $ | 11,376 | $ | 12,120 | $ | 12,007 | $ | 11,323 | $ | 10,931 | |||||||||||
| Fleet Utilization | 73 | % | 68 | % | 67 | % | 55 | % | 51 | % | |||||||||||
| Fleet Available Days | 5,060 | 5,108 | 5,177 | 5,505 | 5,824 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 42,289 | $ | 41,782 | $ | 41,474 | $ | 34,290 | $ | 32,694 | |||||||||||
| Bareboat charter | 2,870 | — | 434 | 729 | 732 | ||||||||||||||||
| Other marine services | 2,808 | 1,881 | 891 | 1,493 | 2,595 | ||||||||||||||||
| 47,967 | 43,663 | 42,799 | 36,512 | 36,021 | |||||||||||||||||
| Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | 17,098 | 15,051 | 14,353 | 13,418 | 13,058 | ||||||||||||||||
| Repairs and maintenance | 6,782 | 6,536 | 6,959 | 3,840 | 3,445 | ||||||||||||||||
| Drydocking | 567 | 771 | 2,792 | 2,217 | 1,753 | ||||||||||||||||
| Insurance and loss reserves | 1,859 | 2,189 | 2,661 | 1,958 | 1,669 | ||||||||||||||||
| Fuel, lubes and supplies | 3,254 | 3,684 | 2,893 | 2,202 | 2,081 | ||||||||||||||||
| Other | 5,476 | 5,217 | 2,957 | 2,672 | 3,557 | ||||||||||||||||
| 35,036 | 33,448 | 32,615 | 26,307 | 25,563 | |||||||||||||||||
| Direct Vessel Profit (1) | 12,931 | 10,215 | 10,184 | 10,205 | 10,458 | ||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | 2,664 | 1,109 | 1,234 | 1,078 | 1,798 | ||||||||||||||||
| Administrative and general | 10,742 | 9,134 | 9,152 | 8,611 | 8,531 | ||||||||||||||||
| Depreciation and amortization | 14,198 | 14,306 | 14,093 | 14,798 | 15,247 | ||||||||||||||||
| 27,604 | 24,549 | 24,479 | 24,487 | 25,576 | |||||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | — | 56 | 22,653 | (2,273 | ) | (1,796 | ) | ||||||||||||||
| Operating (Loss) Income | (14,673 | ) | (14,278 | ) | 8,358 | (16,555 | ) | (16,914 | ) | ||||||||||||
| Other Income (Expense): | |||||||||||||||||||||
| Interest income | 57 | 124 | 135 | 986 | 61 | ||||||||||||||||
| Interest expense | (6,380 | ) | (6,403 | ) | (7,310 | ) | (8,018 | ) | (8,288 | ) | |||||||||||
| SEACOR Holdings guarantee fees | — | — | — | (7 | ) | (11 | ) | ||||||||||||||
| Derivative gains (losses), net | 4 | 2 | 30 | 355 | (894 | ) | |||||||||||||||
| Gain on debt extinguishment | — | — | 61,994 | — | — | ||||||||||||||||
| Foreign currency (losses) gains, net | (357 | ) | 245 | (657 | ) | (466 | ) | (1,286 | ) | ||||||||||||
| Gain (Loss) from return of investments in 50% or less owned companies and other, net | — | 9,442 | (1 | ) | — | (19 | ) | ||||||||||||||
| (6,676 | ) | 3,410 | 54,191 | (7,150 | ) | (10,437 | ) | ||||||||||||||
| (Loss) Income from Continuing Operations Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies | (21,349 | ) | (10,868 | ) | 62,549 | (23,705 | ) | (27,351 | ) | ||||||||||||
| Income Tax (Benefit) Expense | (1,009 | ) | (725 | ) | 15,915 | (2,688 | ) | 1,865 | |||||||||||||
| (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (20,340 | ) | (10,143 | ) | 46,634 | (21,017 | ) | (29,216 | ) | ||||||||||||
| Equity in Earnings Gains (Losses) of 50% or Less Owned Companies | 4,494 | 4,314 | 2,167 | 4,103 | (9,681 | ) | |||||||||||||||
| (Loss) Income from Continuing Operations | (15,846 | ) | (5,829 | ) | 48,801 | (16,914 | ) | (38,897 | ) | ||||||||||||
| Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) | — | — | — | 22,925 | 50 | ||||||||||||||||
| Net (Loss) Income | (15,846 | ) | (5,829 | ) | 48,801 | 6,011 | (38,847 | ) | |||||||||||||
| Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries | — | — | 1 | — | (31 | ) | |||||||||||||||
| Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ | (15,846 | ) | $ | (5,829 | ) | $ | 48,800 | $ | 6,011 | $ | (38,816 | ) | ||||||||
| Net (Loss) Earnings Per Common Share from Continuing Operations: | |||||||||||||||||||||
| Basic | $ | (0.62 | ) | $ | (0.23 | ) | $ | 1.92 | $ | (0.67 | ) | $ | (1.54 | ) | |||||||
| Diluted | (0.62 | ) | (0.23 | ) | 1.79 | (0.67 | ) | (1.54 | ) | ||||||||||||
| Net Earnings Per Share from Discontinued Operations: | |||||||||||||||||||||
| Basic | $ | — | $ | — | $ | — | $ | 0.91 | $ | — | |||||||||||
| Diluted | — | — | — | 0.91 | — | ||||||||||||||||
| Net (Loss) Earnings per Share: | |||||||||||||||||||||
| Basic | $ | (0.62 | ) | $ | (0.23 | ) | $ | 1.92 | $ | 0.24 | $ | (1.54 | ) | ||||||||
| Diluted | $ | (0.62 | ) | $ | (0.23 | ) | $ | 1.79 | $ | 0.24 | $ | (1.54 | ) | ||||||||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||||||||
| Basic | 25,520 | 25,516 | 25,435 | 25,305 | 25,265 | ||||||||||||||||
| Diluted | 25,520 | 25,516 | 28,345 | 25,305 | 25,265 | ||||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 27,432 | 25,864 | 25,869 | 25,683 | 24,919 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| United States, primarily Gulf of Mexico | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 15,496 | $ | 18,702 | $ | 17,058 | $ | 15,910 | $ | 18,405 | |||||||||||
| Fleet utilization | 33 | % | 27 | % | 18 | % | 6 | % | 7 | % | |||||||||||
| Fleet available days | 1,043 | 1,062 | 1,112 | 1,518 | 1,797 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 95 | 246 | 137 | 67 | 45 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 399 | 469 | 748 | 1,270 | 1,472 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 5,290 | $ | 5,289 | $ | 3,419 | $ | 1,489 | $ | 2,352 | |||||||||||
| Bareboat charter | 386 | — | 434 | 729 | 732 | ||||||||||||||||
| Other marine services | 1,119 | 1,215 | 727 | 546 | 794 | ||||||||||||||||
| 6,795 | 6,504 | 4,580 | 2,764 | 3,878 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 3,136 | $ | 2,428 | $ | 1,528 | $ | 1,744 | $ | 2,372 | |||||||||||
| Repairs and maintenance | 1,085 | 1,266 | 389 | 654 | 386 | ||||||||||||||||
| Drydocking | 191 | 239 | 777 | 875 | — | ||||||||||||||||
| Insurance and loss reserves | 720 | 462 | 923 | 527 | 507 | ||||||||||||||||
| Fuel, lubes and supplies | 501 | 259 | 245 | 199 | 208 | ||||||||||||||||
| Other | 200 | 147 | 224 | 77 | 116 | ||||||||||||||||
| 5,833 | 4,801 | 4,086 | 4,076 | 3,589 | |||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 962 | $ | 1,703 | $ | 494 | $ | (1,312 | ) | $ | 289 | ||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 633 | $ | 621 | $ | 703 | $ | 664 | $ | 677 | |||||||||||
| Depreciation and amortization | 4,325 | 3,936 | 3,287 | 4,164 | 5,854 | ||||||||||||||||
| Africa and Europe, Continuing Operations | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 9,530 | $ | 9,551 | $ | 11,231 | $ | 11,356 | $ | 10,837 | |||||||||||
| Fleet utilization | 88 | % | 77 | % | 75 | % | 68 | % | 61 | % | |||||||||||
| Fleet available days | 1,411 | 1,417 | 1,365 | 1,356 | 1,472 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 79 | 52 | 65 | 78 | 138 | ||||||||||||||||
| Out-of-service days for cold-stacked status | — | 29 | 176 | 346 | 368 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 11,883 | $ | 10,446 | $ | 11,437 | $ | 10,502 | $ | 9,796 | |||||||||||
| Bareboat charter | — | — | — | — | — | ||||||||||||||||
| Other marine services | (416 | ) | (429 | ) | (224 | ) | (269 | ) | 319 | ||||||||||||
| 11,467 | 10,017 | 11,213 | 10,233 | 10,115 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 3,283 | $ | 3,147 | $ | 4,253 | $ | 3,220 | $ | 3,511 | |||||||||||
| Repairs and maintenance | 1,846 | 1,540 | 2,195 | 1,191 | 1,437 | ||||||||||||||||
| Drydocking | 144 | 337 | 374 | 304 | 1,269 | ||||||||||||||||
| Insurance and loss reserves | 245 | 323 | 352 | 433 | 511 | ||||||||||||||||
| Fuel, lubes and supplies | 1,019 | 1,631 | 887 | 572 | 853 | ||||||||||||||||
| Other | 1,740 | 1,424 | 2,072 | 579 | (674 | ) | |||||||||||||||
| 8,277 | 8,402 | 10,133 | 6,299 | 6,907 | |||||||||||||||||
| Direct Vessel Profit (1) | $ | 3,190 | $ | 1,615 | $ | 1,080 | $ | 3,934 | $ | 3,208 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 371 | $ | 284 | $ | 270 | $ | 356 | $ | 1,056 | |||||||||||
| Depreciation and amortization | 2,948 | 3,296 | 3,305 | 3,307 | 2,964 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| Middle East and Asia | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 9,612 | $ | 10,374 | $ | 9,292 | $ | 9,308 | $ | 9,455 | |||||||||||
| Fleet utilization | 81 | % | 73 | % | 81 | % | 73 | % | 75 | % | |||||||||||
| Fleet available days | 1,717 | 1,780 | 1,820 | 1,852 | 1,840 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 38 | 134 | 105 | 115 | 68 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 178 | 214 | 116 | 239 | 169 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 13,402 | $ | 13,417 | $ | 13,752 | $ | 12,575 | $ | 13,008 | |||||||||||
| Other marine services | 50 | 85 | 31 | 360 | 927 | ||||||||||||||||
| 13,452 | 13,502 | 13,783 | 12,935 | 13,935 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 5,756 | $ | 5,849 | $ | 5,378 | $ | 5,208 | $ | 5,411 | |||||||||||
| Repairs and maintenance | 1,382 | 1,610 | 2,806 | 903 | 842 | ||||||||||||||||
| Drydocking | 232 | 156 | 1,185 | 1,066 | 41 | ||||||||||||||||
| Insurance and loss reserves | 611 | 707 | 461 | 702 | 501 | ||||||||||||||||
| Fuel, lubes and supplies | 1,042 | 777 | 1,081 | 559 | 604 | ||||||||||||||||
| Other | 2,148 | 2,823 | 43 | 1,144 | 3,618 | ||||||||||||||||
| 11,171 | 11,922 | 10,954 | 9,582 | 11,017 | |||||||||||||||||
| Direct Vessel Profit (1) | $ | 2,281 | $ | 1,580 | $ | 2,829 | $ | 3,353 | $ | 2,918 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 38 | $ | 377 | $ | 35 | $ | 22 | $ | 47 | |||||||||||
| Depreciation and amortization | 4,156 | 4,456 | 4,663 | 4,710 | 4,505 | ||||||||||||||||
| Latin America | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 15,944 | $ | 16,240 | $ | 17,034 | $ | 14,751 | $ | 12,921 | |||||||||||
| Fleet utilization | 83 | % | 92 | % | 86 | % | 85 | % | 82 | % | |||||||||||
| Fleet available days | 889 | 849 | 880 | 779 | 716 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 113 | 58 | 117 | 94 | 66 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 11,714 | $ | 12,630 | $ | 12,866 | $ | 9,724 | $ | 7,538 | |||||||||||
| Bareboat charter | 2,484 | — | — | — | — | ||||||||||||||||
| Other marine services | 2,055 | 1,010 | 357 | 856 | 555 | ||||||||||||||||
| 16,253 | 13,640 | 13,223 | 10,580 | 8,093 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 4,923 | $ | 3,627 | $ | 3,194 | $ | 3,246 | $ | 1,764 | |||||||||||
| Repairs and maintenance | 2,469 | 2,120 | 1,569 | 1,092 | 780 | ||||||||||||||||
| Drydocking | — | 39 | 456 | (28 | ) | 443 | |||||||||||||||
| Insurance and loss reserves | 283 | 697 | 925 | 296 | 150 | ||||||||||||||||
| Fuel, lubes and supplies | 692 | 1,017 | 680 | 872 | 416 | ||||||||||||||||
| Other | 1,388 | 823 | 618 | 872 | 497 | ||||||||||||||||
| 9,755 | 8,323 | 7,442 | 6,350 | 4,050 | |||||||||||||||||
| Direct Vessel Profit (1) | $ | 6,498 | $ | 5,317 | $ | 5,781 | $ | 4,230 | $ | 4,043 | |||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 1,622 | $ | (173 | ) | $ | 226 | $ | 36 | $ | 18 | ||||||||||
| 'Depreciation and amortization | 2,769 | 2,618 | 2,838 | 2,617 | 1,924 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| Anchor handling towing supply | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 8,069 | $ | 14,346 | $ | 11,268 | $ | 7,778 | $ | 7,967 | |||||||||||
| Fleet utilization | 66 | % | 66 | % | 59 | % | 67 | % | 44 | % | |||||||||||
| Fleet available days | 552 | 552 | 546 | 540 | 641 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 14 | 61 | 105 | — | 133 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 92 | 118 | 180 | 228 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 2,926 | $ | 5,224 | $ | 3,640 | $ | 2,801 | $ | 2,236 | |||||||||||
| Other marine services | (129 | ) | (151 | ) | (157 | ) | (130 | ) | 433 | ||||||||||||
| 2,797 | 5,073 | 3,483 | 2,671 | 2,669 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 1,389 | $ | 1,584 | $ | 1,513 | $ | 984 | $ | 1,149 | |||||||||||
| Repairs and maintenance | 608 | 1,044 | 471 | 241 | 542 | ||||||||||||||||
| Drydocking | 1 | (217 | ) | 1,322 | 54 | 847 | |||||||||||||||
| Insurance and loss reserves | 148 | 193 | 99 | 194 | 199 | ||||||||||||||||
| Fuel, lubes and supplies | 321 | 388 | 344 | 139 | 258 | ||||||||||||||||
| Other | 556 | 408 | 444 | 270 | 535 | ||||||||||||||||
| 3,023 | 3,400 | 4,193 | 1,882 | 3,530 | |||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 353 | $ | 354 | $ | 362 | $ | 400 | $ | 1,127 | |||||||||||
| Depreciation and amortization | 495 | 494 | 495 | 494 | 494 | ||||||||||||||||
| Fast support | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 8,464 | $ | 8,455 | $ | 7,962 | $ | 7,888 | $ | 8,074 | |||||||||||
| Fleet utilization | 79 | % | 70 | % | 71 | % | 61 | % | 60 | % | |||||||||||
| Fleet available days | 2,208 | 2,208 | 2,100 | 2,207 | 2,300 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 137 | 300 | 226 | 182 | 155 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 178 | 314 | 584 | 549 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 14,857 | $ | 13,007 | $ | 11,827 | $ | 10,657 | $ | 11,151 | |||||||||||
| Bareboat charter | 386 | — | 434 | 729 | 732 | ||||||||||||||||
| Other marine services | (380 | ) | (121 | ) | (249 | ) | (218 | ) | (283 | ) | |||||||||||
| 14,863 | 12,886 | 12,012 | 11,168 | 11,600 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 5,581 | $ | 4,588 | $ | 4,802 | $ | 4,041 | $ | 4,409 | |||||||||||
| Repairs and maintenance | 2,151 | 2,313 | 3,618 | 1,535 | 1,604 | ||||||||||||||||
| Drydocking | 494 | 965 | 1,178 | 1,178 | 912 | ||||||||||||||||
| Insurance and loss reserves | 390 | 328 | 507 | 466 | 471 | ||||||||||||||||
| Fuel, lubes and supplies | 1,355 | 1,390 | 1,154 | 726 | 836 | ||||||||||||||||
| Other | 2,156 | 2,021 | 1,640 | 1,141 | 2,085 | ||||||||||||||||
| 12,127 | 11,605 | 12,899 | 9,087 | 10,317 | |||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 353 | $ | 693 | $ | 352 | $ | 352 | $ | 352 | |||||||||||
| Depreciation and amortization | 4,929 | 4,929 | 4,931 | 5,096 | 5,113 | ||||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| Supply | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 11,586 | $ | 11,631 | $ | 11,921 | $ | 12,110 | $ | 11,373 | |||||||||||
| Fleet utilization | 79 | % | 77 | % | 80 | % | 63 | % | 63 | % | |||||||||||
| Fleet available days | 1,380 | 1,372 | 1,274 | 1,319 | 1,360 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 117 | 64 | 11 | 105 | 12 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 117 | 174 | 91 | 315 | 353 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 12,675 | $ | 12,317 | $ | 12,179 | $ | 10,082 | $ | 9,714 | |||||||||||
| Other marine services | 410 | 221 | 117 | 346 | 482 | ||||||||||||||||
| 13,085 | 12,538 | 12,296 | 10,428 | 10,196 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 6,141 | $ | 4,738 | $ | 4,044 | $ | 4,158 | $ | 3,364 | |||||||||||
| Repairs and maintenance | 2,191 | 2,078 | 2,039 | 1,135 | 735 | ||||||||||||||||
| Drydocking | — | 23 | 180 | 110 | (2 | ) | |||||||||||||||
| Insurance and loss reserves | 280 | 595 | 436 | 474 | 238 | ||||||||||||||||
| Fuel, lubes and supplies | 998 | 1,221 | 1,034 | 1,003 | 622 | ||||||||||||||||
| Other | 1,957 | 988 | 884 | 880 | 1,205 | ||||||||||||||||
| 11,567 | 9,643 | 8,617 | 7,760 | 6,162 | |||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Depreciation and amortization | 3,155 | 3,149 | 2,936 | 2,977 | 3,060 | ||||||||||||||||
| Specialty | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | — | $ | — | $ | 1,571 | $ | 1,890 | $ | 2,025 | |||||||||||
| Fleet utilization | — | % | — | % | 92 | % | 100 | % | 100 | % | |||||||||||
| Fleet available days | 92 | 92 | 91 | 90 | 92 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | 65 | 8 | — | — | ||||||||||||||||
| Out-of-service days for cold-stacked status | 92 | — | — | — | — | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | — | $ | — | $ | 131 | $ | 170 | $ | 187 | |||||||||||
| Other marine services | — | — | 23 | 12 | (23 | ) | |||||||||||||||
| — | — | 154 | 182 | 164 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 6 | $ | 35 | $ | 99 | $ | 89 | $ | 70 | |||||||||||
| Repairs and maintenance | (28 | ) | 7 | 104 | 8 | 34 | |||||||||||||||
| Drydocking | — | — | — | — | (3 | ) | |||||||||||||||
| Insurance and loss reserves | 1 | 3 | 5 | 4 | (3 | ) | |||||||||||||||
| Fuel, lubes and supplies | 2 | 6 | 5 | 8 | 3 | ||||||||||||||||
| Other | 18 | 28 | 33 | 26 | 18 | ||||||||||||||||
| (1 | ) | 79 | 246 | 135 | 119 | ||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Depreciation and amortization | $ | — | $ | — | $ | — | $ | — | $ | 1,541 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| Liftboats | |||||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||||
| Average rates per day worked | $ | 23,409 | $ | 23,137 | $ | 25,334 | $ | 26,792 | $ | 24,561 | |||||||||||
| Fleet utilization | 61 | % | 55 | % | 46 | % | 29 | % | 27 | % | |||||||||||
| Fleet available days | 828 | 884 | 1,167 | 1,350 | 1,432 | ||||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 58 | 65 | 75 | 67 | 18 | ||||||||||||||||
| Out-of-service days for cold-stacked status | 184 | 202 | 517 | 776 | 880 | ||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Time charter | $ | 11,831 | $ | 11,234 | $ | 13,697 | $ | 10,580 | $ | 9,406 | |||||||||||
| Bareboat charter | 2,484 | — | — | — | — | ||||||||||||||||
| Other marine services | 1,121 | 997 | 688 | 797 | 395 | ||||||||||||||||
| 15,436 | 12,231 | 14,385 | 11,377 | 9,801 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | 4,068 | $ | 4,033 | $ | 3,916 | $ | 3,806 | $ | 3,742 | |||||||||||
| Repairs and maintenance | 1,859 | 1,104 | 716 | 894 | 524 | ||||||||||||||||
| Drydocking | 72 | — | 112 | 875 | (1 | ) | |||||||||||||||
| Insurance and loss reserves | 1,070 | 1,170 | 1,752 | 719 | 690 | ||||||||||||||||
| Fuel, lubes and supplies | 589 | 668 | 353 | 320 | 349 | ||||||||||||||||
| Other | 856 | 1,672 | (58 | ) | 677 | 1,642 | |||||||||||||||
| 8,514 | 8,647 | 6,791 | 7,291 | 6,946 | |||||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 1,569 | $ | (200 | ) | $ | 205 | $ | 12 | $ | 19 | ||||||||||
| Depreciation and amortization | 5,171 | 5,170 | 5,171 | 5,659 | 6,009 | ||||||||||||||||
| Other Activity | |||||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||||
| Other marine services | $ | 1,786 | $ | 935 | $ | 469 | $ | 686 | $ | 1,591 | |||||||||||
| 1,786 | 935 | 469 | 686 | 1,591 | |||||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||||
| Operating: | |||||||||||||||||||||
| Personnel | $ | (87 | ) | $ | 73 | $ | (21 | ) | $ | 340 | $ | 324 | |||||||||
| Repairs and maintenance | 1 | (10 | ) | 11 | 27 | 6 | |||||||||||||||
| Insurance and loss reserves | (30 | ) | (100 | ) | (138 | ) | 101 | 74 | |||||||||||||
| Fuel, lubes and supplies | (11 | ) | 11 | 3 | 6 | 13 | |||||||||||||||
| Other | (67 | ) | 100 | 14 | (322 | ) | (1,928 | ) | |||||||||||||
| (194 | ) | 74 | (131 | ) | 152 | (1,511 | ) | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||||
| Lease expense | $ | 389 | $ | 262 | $ | 315 | $ | 314 | $ | 300 | |||||||||||
| Depreciation and amortization | 448 | 564 | 560 | 572 | (970 | ) | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Current Assets: | |||||||||||||||||||||
| Cash and cash equivalents | $ | 37,619 | $ | 42,194 | $ | 45,446 | $ | 68,409 | $ | 32,666 | |||||||||||
| Restricted cash | 3,601 | 4,160 | 5,855 | 3,352 | 3,352 | ||||||||||||||||
| Receivables: | |||||||||||||||||||||
| Trade, net of allowance for credit loss accounts | 55,544 | 50,343 | 47,082 | 42,680 | 45,325 | ||||||||||||||||
| Other | 6,118 | 13,750 | 12,152 | 11,265 | 10,924 | ||||||||||||||||
| Receivables from SEACOR Holdings | — | — | — | 19,332 | 18,832 | ||||||||||||||||
| Tax receivable | 1,238 | 101 | 1,497 | 1,498 | 13,556 | ||||||||||||||||
| Inventories | 928 | 476 | 425 | 572 | 576 | ||||||||||||||||
| Prepaid expenses and other | 3,730 | 3,851 | 4,527 | 2,326 | 3,230 | ||||||||||||||||
| Other current assets | — | — | — | 423 | — | ||||||||||||||||
| Assets held for sale | — | — | — | — | 50,235 | ||||||||||||||||
| Total current assets | 108,778 | 114,875 | 116,984 | 149,857 | 178,696 | ||||||||||||||||
| Property and Equipment: | |||||||||||||||||||||
| Historical cost | 1,025,284 | 989,910 | 972,267 | 1,000,430 | 1,012,873 | ||||||||||||||||
| Accumulated depreciation | (317,297 | ) | (303,178 | ) | (288,882 | ) | (297,792 | ) | (291,538 | ) | |||||||||||
| 707,987 | 686,732 | 683,385 | 702,638 | 721,335 | |||||||||||||||||
| Construction in progress | 15,531 | 15,577 | 32,903 | 32,530 | 32,327 | ||||||||||||||||
| Net property and equipment | 723,518 | 702,309 | 716,288 | 735,168 | 753,662 | ||||||||||||||||
| Right-of-use asset - operating leases | 6,608 | 4,670 | 5,469 | 7,046 | 7,134 | ||||||||||||||||
| Right-of-use asset - finance leases | 100 | 108 | 116 | 121 | 129 | ||||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 71,727 | 77,426 | 77,539 | 79,000 | 75,308 | ||||||||||||||||
| Other assets | 1,771 | 2,672 | 2,781 | 2,624 | 2,734 | ||||||||||||||||
| Total assets | $ | 912,502 | $ | 902,060 | $ | 919,177 | $ | 973,816 | $ | 1,017,663 | |||||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 1,986 | $ | 1,269 | $ | 2,885 | $ | 5,139 | $ | 7,030 | |||||||||||
| Current portion of finance lease liabilities | 33 | 32 | 32 | 46 | 36 | ||||||||||||||||
| Current portion of long-term debt | 31,602 | 28,875 | 28,419 | 34,888 | 32,377 | ||||||||||||||||
| Accounts payable and accrued expenses | 28,419 | 23,578 | 27,163 | 21,428 | 29,967 | ||||||||||||||||
| Due to SEACOR Holdings | 274 | 276 | 277 | — | — | ||||||||||||||||
| Other current liabilities | 22,351 | 21,109 | 26,886 | 29,719 | 31,467 | ||||||||||||||||
| Discontinued operations | — | — | — | — | 30,927 | ||||||||||||||||
| Total current liabilities | 84,665 | 75,139 | 85,662 | 91,220 | 131,804 | ||||||||||||||||
| Long-term operating lease liabilities | 4,885 | 4,000 | 4,072 | 4,778 | 4,345 | ||||||||||||||||
| Long-term finance lease liabilities | 76 | 84 | 92 | 97 | 105 | ||||||||||||||||
| Long-term debt | 332,762 | 321,641 | 320,823 | 431,849 | 440,510 | ||||||||||||||||
| Conversion option liability on convertible senior notes | — | 5 | 7 | 37 | 2 | ||||||||||||||||
| Deferred income taxes | 40,682 | 43,463 | 46,169 | 31,766 | 35,822 | ||||||||||||||||
| Deferred gains and other liabilities | 2,891 | 2,925 | 2,951 | 4,910 | 3,239 | ||||||||||||||||
| Total liabilities | 465,961 | 447,257 | 459,776 | 564,657 | 615,827 | ||||||||||||||||
| Equity: | |||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
| Common stock | 262 | 245 | 245 | 243 | 235 | ||||||||||||||||
| Additional paid-in capital | 461,931 | 455,373 | 454,079 | 452,290 | 451,179 | ||||||||||||||||
| Accumulated Deficit | (22,907 | ) | (7,059 | ) | (1,230 | ) | (50,029 | ) | (51,839 | ) | |||||||||||
| Shares held in treasury | (1,120 | ) | (1,120 | ) | (1,120 | ) | (1,110 | ) | (848 | ) | |||||||||||
| Accumulated other comprehensive loss, net of tax | 8,055 | 7,044 | 7,107 | 7,446 | 2,790 | ||||||||||||||||
| 446,221 | 454,483 | 459,081 | 408,840 | 401,517 | |||||||||||||||||
| Noncontrolling interests in subsidiaries | 320 | 320 | 320 | 319 | 319 | ||||||||||||||||
| Total equity | 446,541 | 454,803 | 459,401 | 409,159 | 401,836 | ||||||||||||||||
| Total liabilities and equity | $ | 912,502 | $ | 902,060 | $ | 919,177 | $ | 973,816 | $ | 1,017,663 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended | |||||||||||||||||||||
| Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |||||||||||||||||
| Cash Flows from Continuing Operating Activities: | |||||||||||||||||||||
| Net (Loss) Income | $ | (15,846 | ) | $ | (5,829 | ) | $ | 48,801 | $ | 6,011 | $ | (38,897 | ) | ||||||||
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||||||||||||||||||||
| Depreciation and amortization | 14,198 | 14,306 | 14,093 | 14,798 | 15,247 | ||||||||||||||||
| Deferred financing costs amortization | 328 | 255 | 254 | 260 | 266 | ||||||||||||||||
| Stock-based compensation expense | 1,243 | 1,294 | 1,779 | 849 | 859 | ||||||||||||||||
| Debt discount amortization | 1,614 | 1,573 | 1,787 | 1,892 | 1,917 | ||||||||||||||||
| Allowance for credit losses | 585 | 122 | 132 | 24 | (146 | ) | |||||||||||||||
| (Gain) Loss from equipment sales, retirements or impairments | — | (56 | ) | (22,653 | ) | 2,273 | 1,796 | ||||||||||||||
| Gain on the sale of Windcat Workboats | — | — | — | (22,756 | ) | — | |||||||||||||||
| Gain on debt extinguishment, net | — | — | (62,749 | ) | — | — | |||||||||||||||
| Gain from return of investment | — | (9,442 | ) | — | — | — | |||||||||||||||
| Derivative (gains) losses | (4 | ) | (2 | ) | (30 | ) | (355 | ) | 894 | ||||||||||||
| Interest on finance lease | 1 | 1 | — | 2 | 1 | ||||||||||||||||
| Cash settlement payments on derivative transactions, net | (403 | ) | (414 | ) | (414 | ) | (919 | ) | (441 | ) | |||||||||||
| Currency losses (gains) | 357 | (245 | ) | 657 | 466 | 1,286 | |||||||||||||||
| Deferred income taxes | (2,781 | ) | (2,706 | ) | 14,403 | (4,056 | ) | (254 | ) | ||||||||||||
| Equity (earnings) losses | (4,494 | ) | (4,314 | ) | (2,167 | ) | (4,103 | ) | 9,681 | ||||||||||||
| Dividends received from equity investees | 817 | 4,515 | — | — | — | ||||||||||||||||
| Changes in Operating Assets and Liabilities: | |||||||||||||||||||||
| Accounts receivables | (1,157 | ) | (3,798 | ) | 16,047 | 11,345 | 7,668 | ||||||||||||||
| Other assets | 1,656 | 1,561 | (1,296 | ) | 1,192 | 605 | |||||||||||||||
| Accounts payable and accrued liabilities | 7,915 | (1,416 | ) | 4,268 | (10,296 | ) | (2,807 | ) | |||||||||||||
| Net cash provided by (used in) operating activities | 4,029 | (4,595 | ) | 12,912 | (3,373 | ) | (2,325 | ) | |||||||||||||
| Cash Flows from Continuing Investing Activities: | |||||||||||||||||||||
| Purchases of property and equipment | (443 | ) | (2,910 | ) | (926 | ) | (2,724 | ) | (2,500 | ) | |||||||||||
| Proceeds from disposition of property and equipment | — | — | 26,871 | 3,266 | — | ||||||||||||||||
| Proceeds from sale of Windcat Workboats, net cash sold | — | — | — | 38,715 | — | ||||||||||||||||
| Net investing activities in property and equipment | (443 | ) | (2,910 | ) | 25,945 | 39,257 | (2,500 | ) | |||||||||||||
| Investments in and advances to 50% or less owned companies | (2,272 | ) | — | — | (736 | ) | (1,248 | ) | |||||||||||||
| Excess distributions from equity investees | — | 9,442 | — | — | — | ||||||||||||||||
| Principal payments on notes due from equity investees | (630 | ) | 179 | 2,877 | 919 | 1,225 | |||||||||||||||
| Cash received from acquisition of 50% or less owned company | 172 | — | — | — | — | ||||||||||||||||
| Net cash (used in) provided by investing activities | (3,173 | ) | 6,711 | 28,822 | 39,440 | (2,523 | ) | ||||||||||||||
| Cash Flows from Continuing Financing Activities: | |||||||||||||||||||||
| Payments on long-term debt | (5,981 | ) | (7,054 | ) | (56,787 | ) | (8,302 | ) | (5,780 | ) | |||||||||||
| Payments on debt extinguishment cost | — | — | (755 | ) | — | — | |||||||||||||||
| Proceeds from issuance of debt, net of offering costs | — | — | — | — | 1 | ||||||||||||||||
| Payment on finance lease | (9 | ) | (9 | ) | (12 | ) | — | — | |||||||||||||
| Issuance of stock | — | — | 2 | 8 | — | ||||||||||||||||
| Excerise of warrants | 1 | — | — | — | — | ||||||||||||||||
| Net cash (used in) financing activities | (5,989 | ) | (7,063 | ) | (57,552 | ) | (8,294 | ) | (5,779 | ) | |||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | (1 | ) | — | (4,642 | ) | 4,621 | 979 | ||||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (5,134 | ) | (4,947 | ) | (20,460 | ) | 32,394 | (9,648 | ) | ||||||||||||
| Cash Flows from Discontinued Operations | |||||||||||||||||||||
| Operating Activities | — | — | — | (171 | ) | 1,870 | |||||||||||||||
| Investing Activities | — | — | — | — | (1,436 | ) | |||||||||||||||
| Financing Activities | — | — | — | — | — | ||||||||||||||||
| Effects of FX Rate Changes on Cash and Cash Equivalents | — | — | — | — | 221 | ||||||||||||||||
| Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations: | — | — | — | (171 | ) | 655 | |||||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | (5,134 | ) | (4,947 | ) | (20,460 | ) | 32,223 | (8,993 | ) | ||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 46,354 | 51,301 | 71,761 | 39,538 | 48,531 | ||||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 41,220 | $ | 46,354 | $ | 51,301 | $ | 71,761 | $ | 39,538 | |||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
| Owned | Joint Ventured | Leased-in | Managed | Total | ||||||||||||||||
| December 31, 2021 | ||||||||||||||||||||
| AHTS | 4 | — | 2 | — | 6 | |||||||||||||||
| FSV | 23 | 5 | 1 | 1 | 30 | |||||||||||||||
| Supply | 20 | 15 | — | — | 35 | |||||||||||||||
| Specialty (1) | 1 | — | — | — | 1 | |||||||||||||||
| Liftboats (2) | 9 | — | — | — | 9 | |||||||||||||||
| 57 | 20 | 3 | 1 | 81 | ||||||||||||||||
| December 31, 2020 | ||||||||||||||||||||
| AHTS | 4 | — | 2 | — | 6 | |||||||||||||||
| FSV | 26 | 5 | 1 | 1 | 33 | |||||||||||||||
| Supply | 15 | 27 | — | 1 | 43 | |||||||||||||||
| Specialty | — | 3 | — | — | 3 | |||||||||||||||
| Liftboats | 14 | — | 1 | — | 15 | |||||||||||||||
| CTV Discontinued Operations (1) | 40 | 5 | — | — | 45 | |||||||||||||||
| CTV Continuing Operations | 1 | — | — | — | 1 | |||||||||||||||
| 100 | 40 | 4 | 2 | 146 | ||||||||||||||||
(1) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021.
(2) In the second quarter of 2021, the Company removed from service four liftboats in this class. Removed from service vessels are not counted in active fleet count.
