HOUSTON, Nov. 02, 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 third quarter ended September 30, 2022.
SEACOR Marine’s consolidated operating revenues for the third quarter of 2022 were $59.8 million, operating loss was $10.9 million, and direct vessel profit (“DVP”)(1) was $15.8 million. This compares to consolidated operating revenues of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021, and consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022.
Notable third quarter items include:
- Completion of the sale of our joint ventures in Mexico for gross cash proceeds of $66.0 million.
- Completion of refinancing transactions extending the maturity of our main senior secured credit facility from the third quarter of 2023 to the first quarter of 2026.
- Average utilization rates of 79%, the highest since the fourth quarter of 2013, an 11% improvement from the third quarter of 2021, and a 3% improvement from the second quarter of 2022.
- 37% improvement in revenues from the third quarter of 2021 and an 11% improvement from the second quarter of 2022.
- DVP margin increased 3% from the third quarter of 2021 and 8% from the second quarter of 2022, inclusive of all drydocking expenses during the periods.
For the third quarter of 2022, loss from continuing operations was $24.4 million ($0.91 loss per basic and diluted share). This compares to a loss from continuing operations for the third quarter of 2021 of $5.8 million ($0.23 loss per basic and diluted share). Sequentially, third quarter 2022 results compare to a loss from continuing operations of $19.1 million ($0.72 loss per basic and diluted share) in the second quarter of 2022.
Chief Executive Officer John Gellert commented:
“The Company’s third quarter continued the improvement in revenues, utilization and average dayrates, and the acceleration of DVP margins. In particular, the U.S. Gulf of Mexico had its highest DVP contribution since 2018 and we are seeing improved demand for next year for our liftboats in both offshore wind and oil and gas decommissioning activities.
The positive trends for the third quarter were partially offset by ongoing repair work on one of our premium liftboats in the Middle East, which we have fully expensed and which we expect to complete in the fourth quarter, as well as lower utilization for our PSV fleet, primarily as a result of both higher repair days and an early contract termination by one of our customers in the Middle East.
The capstone of the quarter was a series of transactions which substantially bolstered our liquidity and extended our debt maturities. The sale of our joint ventures in Mexico allowed us to unlock capital at an attractive value. The refinancing transactions completed during the quarter, as well as the exchange transaction with Carlyle for our convertible debt completed in early October, addressed our main 2023 maturities, and once again demonstrate SEACOR Marine’s ability to maintain a disciplined capital structure while preserving equity value for our shareholders.”
| (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 September 30, | Nine months ended September 30, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Operating Revenues | $ | 59,791 | $ | 43,663 | $ | 159,399 | $ | 122,974 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 44,006 | 33,448 | 127,647 | 92,370 | ||||||||||||
| Administrative and general | 9,978 | 9,134 | 30,112 | 26,897 | ||||||||||||
| Lease expense | 1,168 | 1,109 | 3,236 | 3,421 | ||||||||||||
| Depreciation and amortization | 13,754 | 14,306 | 42,333 | 43,197 | ||||||||||||
| 68,906 | 57,997 | 203,328 | 165,885 | |||||||||||||
| (Losses) Gains on Asset Dispositions and Impairments, Net | (1,783 | ) | 56 | 381 | 20,436 | |||||||||||
| Operating Loss | (10,898 | ) | (14,278 | ) | (43,548 | ) | (22,475 | ) | ||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | (123 | ) | 124 | 96 | 1,245 | |||||||||||
| Interest expense | (7,634 | ) | (6,403 | ) | (21,250 | ) | (21,731 | ) | ||||||||
| SEACOR Holdings guarantee fees | — | — | — | (7 | ) | |||||||||||
| Gain on debt extinguishment | — | — | — | 61,994 | ||||||||||||
| Derivative gains, net | 1 | 2 | — | 387 | ||||||||||||
| Foreign currency gains (losses), net | 2,314 | 245 | 4,305 | (878 | ) | |||||||||||
| Gain from return of investments in 50% or less owned companies and other, net | 659 | 9,442 | 618 | 9,441 | ||||||||||||
| (4,783 | ) | 3,410 | (16,231 | ) | 50,451 | |||||||||||
| (Loss) Income from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | (15,681 | ) | (10,868 | ) | (59,779 | ) | 27,976 | |||||||||
| Income Tax Expense (Benefit) | 8,418 | (725 | ) | 4,363 | 12,502 | |||||||||||
| (Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (24,099 | ) | (10,143 | ) | (64,142 | ) | 15,474 | |||||||||
| Equity in Earnings (Losses) Gains of 50% or Less Owned Companies | (254 | ) | 4,314 | 5,835 | 10,584 | |||||||||||
| (Loss) Income from Continuing Operations | (24,353 | ) | (5,829 | ) | (58,307 | ) | 26,058 | |||||||||
| Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756) | — | — | — | 22,925 | ||||||||||||
| Net (Loss) Income | (24,353 | ) | (5,829 | ) | (58,307 | ) | 48,983 | |||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries | (2 | ) | — | 1 | 1 | |||||||||||
| Net (Loss) Income Attributable to SEACOR Marine Holdings Inc. | $ | (24,351 | ) | $ | (5,829 | ) | $ | (58,308 | ) | $ | 48,982 | |||||
| Net (Loss) Income Per Common Share from Continuing Operations: | ||||||||||||||||
| Basic | $ | (0.91 | ) | $ | (0.23 | ) | $ | (2.19 | ) | $ | 1.03 | |||||
| Diluted | (0.91 | ) | (0.23 | ) | (2.19 | ) | 1.02 | |||||||||
| Net Earnings Per Share from Discontinued Operations: | ||||||||||||||||
| Basic | $ | — | $ | — | $ | — | $ | 0.90 | ||||||||
| Diluted | — | — | — | 0.90 | ||||||||||||
| Net (Loss) Earnings Per Share: | ||||||||||||||||
| Basic | $ | (0.91 | ) | $ | (0.23 | ) | $ | (2.19 | ) | $ | 1.93 | |||||
| Diluted | $ | (0.91 | ) | $ | (0.23 | ) | $ | (2.19 | ) | $ | 1.92 | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 26,727,864 | 25,515,569 | 26,591,911 | 25,419,303 | ||||||||||||
| Diluted | 26,727,864 | 25,515,569 | 26,591,911 | 25,430,762 | ||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average Rates Per Day | $ | 13,340 | $ | 12,149 | $ | 11,312 | $ | 11,376 | $ | 12,120 | ||||||||||
| Fleet Utilization | 79 | % | 77 | % | 70 | % | 73 | % | 68 | % | ||||||||||
| Fleet Available Days | 5,336 | 5,311 | 5,400 | 5,060 | 5,108 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 56,500 | $ | 49,504 | $ | 42,741 | $ | 42,289 | $ | 41,782 | ||||||||||
| Bareboat charter | 332 | 48 | 618 | 2,870 | — | |||||||||||||||
| Other marine services | 2,959 | 4,465 | 2,232 | 2,808 | 1,881 | |||||||||||||||
| 59,791 | 54,017 | 45,591 | 47,967 | 43,663 | ||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 20,152 | 18,346 | 18,435 | 17,098 | 15,051 | |||||||||||||||
| Repairs and maintenance | 7,377 | 8,380 | 6,791 | 6,782 | 6,536 | |||||||||||||||
| Drydocking | 5,046 | 6,474 | 4,973 | 567 | 771 | |||||||||||||||
| Insurance and loss reserves | 2,850 | 2,545 | 1,186 | 1,859 | 2,189 | |||||||||||||||
| Fuel, lubes and supplies | 5,416 | 4,350 | 3,729 | 3,254 | 3,684 | |||||||||||||||
| Other | 3,165 | 4,050 | 4,382 | 5,476 | 5,217 | |||||||||||||||
| 44,006 | 44,145 | 39,496 | 35,036 | 33,448 | ||||||||||||||||
| Direct Vessel Profit (1) | 15,785 | 9,872 | 6,095 | 12,931 | 10,215 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | 1,168 | 1,008 | 1,060 | 2,664 | 1,109 | |||||||||||||||
| Administrative and general | 9,978 | 10,210 | 9,924 | 10,742 | 9,134 | |||||||||||||||
| Depreciation and amortization | 13,754 | 14,208 | 14,371 | 14,198 | 14,306 | |||||||||||||||
| 24,900 | 25,426 | 25,355 | 27,604 | 24,549 | ||||||||||||||||
| (Losses) Gains on Asset Dispositions and Impairments, Net | (1,783 | ) | 25 | 2,139 | — | 56 | ||||||||||||||
| Operating Loss | (10,898 | ) | (15,529 | ) | (17,121 | ) | (14,673 | ) | (14,278 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | (123 | ) | 190 | 29 | 57 | 124 | ||||||||||||||
| Interest expense | (7,634 | ) | (6,989 | ) | (6,627 | ) | (6,380 | ) | (6,403 | ) | ||||||||||
| Derivative gains (losses), net | 1 | 33 | (34 | ) | 4 | 2 | ||||||||||||||
| Foreign currency gains (losses), net | 2,314 | 1,170 | 821 | (357 | ) | 245 | ||||||||||||||
| Gain from return of investments in 50% or less owned companies and other, net | 659 | (41 | ) | — | — | 9,442 | ||||||||||||||
| (4,783 | ) | (5,637 | ) | (5,811 | ) | (6,676 | ) | 3,410 | ||||||||||||
| Loss from Continuing Operations Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | (15,681 | ) | (21,166 | ) | (22,932 | ) | (21,349 | ) | (10,868 | ) | ||||||||||
| Income Tax Expense (Benefit) | 8,418 | (1,634 | ) | (2,421 | ) | (1,009 | ) | (725 | ) | |||||||||||
| Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies | (24,099 | ) | (19,532 | ) | (20,511 | ) | (20,340 | ) | (10,143 | ) | ||||||||||
| Equity in Earnings (Losses) Gains of 50% or Less Owned Companies | (254 | ) | 415 | 5,674 | 4,494 | 4,314 | ||||||||||||||
| Loss from Continuing Operations | (24,353 | ) | (19,117 | ) | (14,837 | ) | (15,846 | ) | (5,829 | ) | ||||||||||
| Net Loss | (24,353 | ) | (19,117 | ) | (14,837 | ) | (15,846 | ) | (5,829 | ) | ||||||||||
| Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries | (2 | ) | 3 | — | — | — | ||||||||||||||
| Net Loss Attributable to SEACOR Marine Holdings Inc. | $ | (24,351 | ) | $ | (19,120 | ) | $ | (14,837 | ) | $ | (15,846 | ) | $ | (5,829 | ) | |||||
| Net Loss Per Common Share from Continuing Operations: | ||||||||||||||||||||
| Basic | $ | (0.91 | ) | $ | (0.72 | ) | $ | (0.56 | ) | $ | (0.62 | ) | $ | (0.23 | ) | |||||
| Diluted | (0.91 | ) | (0.72 | ) | (0.56 | ) | (0.62 | ) | (0.23 | ) | ||||||||||
| Net Loss Per Share: | ||||||||||||||||||||
| Basic | $ | (0.91 | ) | $ | (0.72 | ) | $ | (0.56 | ) | $ | (0.62 | ) | $ | (0.23 | ) | |||||
| Diluted | $ | (0.91 | ) | $ | (0.72 | ) | $ | (0.56 | ) | $ | (0.62 | ) | $ | (0.23 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||||||
| Basic | 26,728 | 26,665 | 26,379 | 25,520 | 25,516 | |||||||||||||||
| Diluted | 26,728 | 26,665 | 26,379 | 25,520 | 25,516 | |||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 28,142 | 28,145 | 28,083 | 27,432 | 25,864 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| United States, primarily Gulf of Mexico | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 21,551 | $ | 17,792 | $ | 15,595 | $ | 15,496 | $ | 18,702 | ||||||||||
| Fleet utilization | 58 | % | 43 | % | 38 | % | 33 | % | 27 | % | ||||||||||
| Fleet available days | 1,363 | 1,277 | 1,314 | 1,043 | 1,062 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 199 | 284 | 205 | 95 | 246 | |||||||||||||||
| Out-of-service days for cold-stacked status | 259 | 313 | 404 | 399 | 469 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 17,075 | $ | 9,759 | $ | 7,864 | $ | 5,290 | $ | 5,289 | ||||||||||
| Bareboat charter | — | — | — | 386 | — | |||||||||||||||
| Other marine services | 2,161 | 2,399 | 2,052 | 1,119 | 1,215 | |||||||||||||||
| 19,236 | 12,158 | 9,916 | 6,795 | 6,504 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 7,243 | 5,773 | 4,923 | 3,136 | 2,428 | |||||||||||||||
| Repairs and maintenance | 2,002 | 1,280 | 1,101 | 1,085 | 1,266 | |||||||||||||||
| Drydocking | 1,549 | 4,090 | 2,867 | 191 | 239 | |||||||||||||||
| Insurance and loss reserves | 1,382 | 1,198 | 229 | 720 | 462 | |||||||||||||||
| Fuel, lubes and supplies | 1,143 | 794 | 662 | 501 | 259 | |||||||||||||||
| Other | 314 | 281 | 224 | 200 | 147 | |||||||||||||||
| 13,633 | 13,416 | 10,006 | 5,833 | 4,801 | ||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 5,603 | $ | (1,258 | ) | $ | (90 | ) | $ | 962 | $ | 1,703 | ||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 278 | $ | 295 | $ | 287 | $ | 633 | $ | 621 | ||||||||||
| Depreciation and amortization | 4,332 | 4,562 | 4,638 | 4,325 | 3,936 | |||||||||||||||
| Africa and Europe, Continuing Operations | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 11,813 | $ | 11,279 | $ | 10,006 | $ | 9,530 | $ | 9,551 | ||||||||||
| Fleet utilization | 91 | % | 85 | % | 82 | % | 88 | % | 77 | % | ||||||||||
| Fleet available days | 1,629 | 1,567 | 1,499 | 1,411 | 1,417 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 37 | 58 | 163 | 79 | 52 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | — | 29 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 17,551 | $ | 14,930 | $ | 12,280 | $ | 11,883 | $ | 10,446 | ||||||||||
| Other marine services | 60 | 1,072 | (616 | ) | (416 | ) | (429 | ) | ||||||||||||
| 17,611 | 16,002 | 11,664 | 11,467 | 10,017 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 4,694 | 3,526 | 3,536 | 3,283 | 3,147 | |||||||||||||||
| Repairs and maintenance | 2,110 | 2,638 | 1,579 | 1,846 | 1,540 | |||||||||||||||
| Drydocking | 383 | 134 | 1,144 | 144 | 337 | |||||||||||||||
| Insurance and loss reserves | 359 | 329 | 124 | 245 | 323 | |||||||||||||||
| Fuel, lubes and supplies | 2,284 | 1,490 | 1,473 | 1,019 | 1,631 | |||||||||||||||
| Other | 1,580 | 1,871 | 1,828 | 1,740 | 1,424 | |||||||||||||||
| 11,410 | 9,988 | 9,684 | 8,277 | 8,402 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 6,201 | $ | 6,014 | $ | 1,980 | $ | 3,190 | $ | 1,615 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 455 | $ | 456 | $ | 402 | $ | 371 | $ | 284 | ||||||||||
| Depreciation and amortization | 3,461 | 3,306 | 3,258 | 2,948 | 3,296 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,507 | $ | 9,673 | $ | 9,882 | $ | 9,612 | $ | 10,374 | ||||||||||
| Fleet utilization | 79 | % | 87 | % | 77 | % | 81 | % | 73 | % | ||||||||||
| Fleet available days | 1,564 | 1,651 | 1,800 | 1,717 | 1,780 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 252 | 160 | 153 | 38 | 134 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 90 | 178 | 214 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 11,712 | $ | 13,906 | $ | 13,660 | $ | 13,402 | $ | 13,417 | ||||||||||
| Other marine services | 319 | 460 | 49 | 50 | 85 | |||||||||||||||
| 12,031 | 14,366 | 13,709 | 13,452 | 13,502 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,384 | 5,691 | 6,031 | 5,756 | 5,849 | |||||||||||||||
| Repairs and maintenance | 1,776 | 2,545 | 1,832 | 1,382 | 1,610 | |||||||||||||||
| Drydocking | 3,113 | 2,250 | 962 | 232 | 156 | |||||||||||||||
| Insurance and loss reserves | 762 | 748 | 507 | 611 | 707 | |||||||||||||||
| Fuel, lubes and supplies | 1,426 | 1,318 | 1,010 | 1,042 | 777 | |||||||||||||||
| Other | 878 | 1,213 | 1,627 | 2,148 | 2,823 | |||||||||||||||
| 13,339 | 13,765 | 11,969 | 11,171 | 11,922 | ||||||||||||||||
| Direct Vessel (Loss) Profit (1) | $ | (1,308 | ) | $ | 601 | $ | 1,740 | $ | 2,281 | $ | 1,580 | |||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 35 | $ | 38 | $ | 31 | $ | 38 | $ | 377 | ||||||||||
| Depreciation and amortization | 3,974 | 4,229 | 4,345 | 4,156 | 4,456 | |||||||||||||||
| Latin America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 14,010 | $ | 14,263 | $ | 13,450 | $ | 15,944 | $ | 16,240 | ||||||||||
| Fleet utilization | 93 | % | 94 | % | 85 | % | 83 | % | 92 | % | ||||||||||
| Fleet available days | 780 | 816 | 787 | 889 | 849 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 12 | 6 | 59 | 113 | 58 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 10,162 | $ | 10,909 | $ | 8,937 | $ | 11,714 | $ | 12,630 | ||||||||||
| Bareboat charter | 332 | 48 | 618 | 2,484 | — | |||||||||||||||
| Other marine services | 419 | 534 | 747 | 2,055 | 1,010 | |||||||||||||||
| 10,913 | 11,491 | 10,302 | 16,253 | 13,640 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 2,831 | 3,356 | 3,945 | 4,923 | 3,627 | |||||||||||||||
| Repairs and maintenance | 1,489 | 1,917 | 2,279 | 2,469 | 2,120 | |||||||||||||||
| Drydocking | 1 | — | — | — | 39 | |||||||||||||||
| Insurance and loss reserves | 347 | 270 | 326 | 283 | 697 | |||||||||||||||
| Fuel, lubes and supplies | 563 | 748 | 584 | 692 | 1,017 | |||||||||||||||
| Other | 393 | 685 | 703 | 1,388 | 823 | |||||||||||||||
| 5,624 | 6,976 | 7,837 | 9,755 | 8,323 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 5,289 | $ | 4,515 | $ | 2,465 | $ | 6,498 | $ | 5,317 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 400 | $ | 219 | $ | 340 | $ | 1,622 | $ | (173 | ) | |||||||||
| 'Depreciation and amortization | 1,987 | 2,111 | 2,130 | 2,769 | 2,618 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| Anchor handling towing supply | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 8,848 | $ | 8,887 | $ | 8,908 | $ | 8,069 | $ | 14,346 | ||||||||||
| Fleet utilization | 67 | % | 66 | % | 66 | % | 66 | % | 66 | % | ||||||||||
| Fleet available days | 552 | 546 | 540 | 552 | 552 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 92 | 56 | 2 | 14 | 61 | |||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 131 | 180 | 92 | 92 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 3,256 | $ | 3,191 | $ | 3,188 | $ | 2,926 | $ | 5,224 | ||||||||||
| Other marine services | (183 | ) | (143 | ) | (160 | ) | (129 | ) | (151 | ) | ||||||||||
| 3,073 | 3,048 | 3,028 | 2,797 | 5,073 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 1,022 | $ | 1,050 | $ | 1,136 | $ | 1,389 | $ | 1,584 | ||||||||||
| Repairs and maintenance | 304 | 566 | 293 | 608 | 1,044 | |||||||||||||||
| Drydocking | 28 | (30 | ) | (7 | ) | 1 | (217 | ) | ||||||||||||
| Insurance and loss reserves | 150 | 146 | (137 | ) | 148 | 193 | ||||||||||||||
| Fuel, lubes and supplies | 399 | 215 | 144 | 321 | 388 | |||||||||||||||
| Other | 228 | 435 | 439 | 556 | 408 | |||||||||||||||
| 2,131 | 2,382 | 1,868 | 3,023 | 3,400 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 450 | $ | 450 | $ | 449 | $ | 353 | $ | 354 | ||||||||||
| Depreciation and amortization | 494 | 495 | 494 | 495 | 494 | |||||||||||||||
| Fast support | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 9,907 | $ | 9,201 | $ | 8,621 | $ | 8,464 | $ | 8,455 | ||||||||||
| Fleet utilization | 90 | % | 85 | % | 80 | % | 79 | % | 70 | % | ||||||||||
| Fleet available days | 2,116 | 2,126 | 2,160 | 2,208 | 2,208 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 103 | 108 | 167 | 137 | 300 | |||||||||||||||
| Out-of-service days for cold-stacked status | 75 | 91 | 90 | 92 | 178 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 18,837 | $ | 16,525 | $ | 14,900 | $ | 14,857 | $ | 13,007 | ||||||||||
| Bareboat charter | — | — | — | 386 | — | |||||||||||||||
| Other marine services | (15 | ) | (174 | ) | (254 | ) | (380 | ) | (121 | ) | ||||||||||
| 18,822 | 16,351 | 14,646 | 14,863 | 12,886 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,289 | $ | 4,880 | $ | 5,070 | $ | 5,581 | $ | 4,588 | ||||||||||
| Repairs and maintenance | 2,738 | 2,458 | 1,800 | 2,151 | 2,313 | |||||||||||||||
| Drydocking | 656 | (201 | ) | 1,277 | 494 | 965 | ||||||||||||||
| Insurance and loss reserves | 410 | 372 | 260 | 390 | 328 | |||||||||||||||
| Fuel, lubes and supplies | 1,572 | 1,187 | 1,544 | 1,355 | 1,390 | |||||||||||||||
| Other | 1,284 | 1,311 | 1,941 | 2,156 | 2,021 | |||||||||||||||
| 11,949 | 10,007 | 11,892 | 12,127 | 11,605 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | 353 | $ | 693 | ||||||||||
| Depreciation and amortization | 4,972 | 5,010 | 4,945 | 4,929 | 4,929 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| Supply | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 13,772 | $ | 13,422 | $ | 12,188 | $ | 11,586 | $ | 11,631 | ||||||||||
| Fleet utilization | 78 | % | 86 | % | 72 | % | 79 | % | 77 | % | ||||||||||
| Fleet available days | 1,840 | 1,820 | 1,800 | 1,380 | 1,372 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 152 | 26 | 233 | 117 | 64 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | 117 | 174 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 19,687 | $ | 20,983 | $ | 15,823 | $ | 12,675 | $ | 12,317 | ||||||||||
| Bareboat charter | 332 | 48 | 618 | — | — | |||||||||||||||
| Other marine services | 720 | 575 | 44 | 410 | 221 | |||||||||||||||
| 20,739 | 21,606 | 16,485 | 13,085 | 12,538 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 8,427 | $ | 7,889 | $ | 8,193 | $ | 6,141 | $ | 4,738 | ||||||||||
| Repairs and maintenance | 2,839 | 3,184 | 3,701 | 2,191 | 2,078 | |||||||||||||||
| Drydocking | 1,025 | (32 | ) | 1,302 | — | 23 | ||||||||||||||
| Insurance and loss reserves | 734 | 551 | 428 | 280 | 595 | |||||||||||||||
| Fuel, lubes and supplies | 2,038 | 1,701 | 1,434 | 998 | 1,221 | |||||||||||||||
| Other | 1,275 | 1,631 | 1,348 | 1,957 | 988 | |||||||||||||||
| 16,338 | 14,924 | 16,406 | 11,567 | 9,643 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 332 | $ | 154 | $ | 291 | $ | — | $ | — | ||||||||||
| Depreciation and amortization | 3,810 | 3,785 | 3,786 | 3,155 | 3,149 | |||||||||||||||
| Specialty | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Fleet available days | — | — | 90 | 92 | 92 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | — | — | — | 65 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 90 | 92 | — | |||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | — | $ | — | $ | 1 | $ | 6 | $ | 35 | ||||||||||
| Repairs and maintenance | — | — | — | (28 | ) | 7 | ||||||||||||||
| Insurance and loss reserves | — | — | 2 | 1 | 3 | |||||||||||||||
| Fuel, lubes and supplies | — | — | 2 | 2 | 6 | |||||||||||||||
| Other | — | — | 11 | 18 | 28 | |||||||||||||||
| — | — | 16 | (1 | ) | 79 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| Liftboats | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 27,447 | $ | 24,712 | $ | 22,416 | $ | 23,409 | $ | 23,137 | ||||||||||
| Fleet utilization | 65 | % | 44 | % | 49 | % | 61 | % | 55 | % | ||||||||||
| Fleet available days | 828 | 819 | 810 | 828 | 884 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 154 | 318 | 179 | 58 | 65 | |||||||||||||||
| Out-of-service days for cold-stacked status | 92 | 91 | 134 | 184 | 202 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 14,720 | $ | 8,805 | $ | 8,830 | $ | 11,831 | $ | 11,234 | ||||||||||
| Bareboat charter | — | — | — | 2,484 | — | |||||||||||||||
| Other marine services | 1,421 | 3,283 | 1,463 | 1,121 | 997 | |||||||||||||||
| 16,141 | 12,088 | 10,293 | 15,436 | 12,231 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,419 | $ | 4,515 | $ | 4,035 | $ | 4,068 | $ | 4,033 | ||||||||||
| Repairs and maintenance | 1,560 | 2,132 | 1,012 | 1,859 | 1,104 | |||||||||||||||
| Drydocking | 3,337 | 6,737 | 2,401 | 72 | — | |||||||||||||||
| Insurance and loss reserves | 1,552 | 1,548 | 1,215 | 1,070 | 1,170 | |||||||||||||||
| Fuel, lubes and supplies | 1,408 | 1,230 | 605 | 589 | 668 | |||||||||||||||
| Other | 387 | 655 | 644 | 856 | 1,672 | |||||||||||||||
| 13,663 | 16,817 | 9,912 | 8,514 | 8,647 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | 1,569 | $ | (200 | ) | |||||||||
| Depreciation and amortization | 4,429 | 4,870 | 4,964 | 5,171 | 5,170 | |||||||||||||||
| Other Activity | ||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Other marine services | $ | 1,016 | $ | 924 | $ | 1,139 | $ | 1,786 | $ | 935 | ||||||||||
| 1,016 | 924 | 1,139 | 1,786 | 935 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | (5 | ) | $ | 12 | $ | — | $ | (87 | ) | $ | 73 | ||||||||
| Repairs and maintenance | (64 | ) | 40 | (15 | ) | 1 | (10 | ) | ||||||||||||
| Insurance and loss reserves | 4 | (72 | ) | (582 | ) | (30 | ) | (100 | ) | |||||||||||
| Fuel, lubes and supplies | (1 | ) | 17 | — | (11 | ) | 11 | |||||||||||||
| Other | (9 | ) | 18 | (1 | ) | (67 | ) | 100 | ||||||||||||
| (75 | ) | 15 | (598 | ) | (194 | ) | 74 | |||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 386 | $ | 404 | $ | 320 | $ | 389 | $ | 262 | ||||||||||
| Depreciation and amortization | 49 | 48 | 182 | 448 | 564 | |||||||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 47,514 | $ | 22,608 | $ | 36,315 | $ | 37,619 | $ | 42,194 | ||||||||||
| Restricted cash | 3,296 | 3,296 | 3,596 | 3,601 | 4,160 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Trade, net of allowance for credit loss accounts | 58,572 | 55,276 | 49,238 | 55,544 | 50,343 | |||||||||||||||
| Other | 6,647 | 7,437 | 8,799 | 6,118 | 13,750 | |||||||||||||||
| Note receivable | 20,000 | — | — | — | — | |||||||||||||||
| Tax receivable | 79 | 79 | 1,238 | 1,238 | 101 | |||||||||||||||
| Inventories | 2,059 | 1,723 | 1,297 | 928 | 476 | |||||||||||||||
| Prepaid expenses and other | 4,700 | 5,391 | 3,724 | 3,730 | 3,851 | |||||||||||||||
| Assets held for sale | 6,000 | — | — | 2,235 | — | |||||||||||||||
| Total current assets | 148,867 | 95,810 | 104,207 | 111,013 | 114,875 | |||||||||||||||
| Property and Equipment: | ||||||||||||||||||||
| Historical cost | 992,423 | 1,000,147 | 1,006,873 | 1,006,052 | 989,910 | |||||||||||||||
| Accumulated depreciation | (321,898 | ) | (325,091 | ) | (316,444 | ) | (300,300 | ) | (303,178 | ) | ||||||||||
| 670,525 | 675,056 | 690,429 | 705,752 | 686,732 | ||||||||||||||||
| Construction in progress | 8,422 | 15,576 | 15,550 | 15,531 | 15,577 | |||||||||||||||
| Net property and equipment | 678,947 | 690,632 | 705,979 | 721,283 | 702,309 | |||||||||||||||
| Right-of-use asset - operating leases | 4,419 | 5,686 | 6,238 | 6,608 | 4,670 | |||||||||||||||
| Right-of-use asset - finance leases | 6,972 | 7,131 | 7,290 | 100 | 108 | |||||||||||||||
| Investments, at equity, and advances to 50% or less owned companies | 1,901 | 75,923 | 76,860 | 71,727 | 77,426 | |||||||||||||||
| Other assets | 1,887 | 1,932 | 2,057 | 1,771 | 2,672 | |||||||||||||||
| Total assets | $ | 842,993 | $ | 877,114 | $ | 902,631 | $ | 912,502 | $ | 902,060 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 1,792 | $ | 2,010 | $ | 2,073 | $ | 1,986 | $ | 1,269 | ||||||||||
| Current portion of financing lease liabilities | 374 | 282 | 190 | 33 | 32 | |||||||||||||||
| Current portion of long-term debt | 57,567 | 33,398 | 32,708 | 31,602 | 28,875 | |||||||||||||||
| Accounts payable and accrued expenses | 36,248 | 39,262 | 32,585 | 28,419 | 23,578 | |||||||||||||||
| Due to SEACOR Holdings | 264 | 264 | 264 | 274 | 276 | |||||||||||||||
| Other current liabilities | 22,032 | 22,171 | 23,723 | 22,351 | 21,109 | |||||||||||||||
| Total current liabilities | 118,277 | 97,387 | 91,543 | 84,665 | 75,139 | |||||||||||||||
| Long-term operating lease liabilities | 3,759 | 4,026 | 4,420 | 4,885 | 4,000 | |||||||||||||||
| Long-term financing lease liabilities | 6,916 | 7,050 | 7,183 | 76 | 84 | |||||||||||||||
| Long-term debt | 282,556 | 318,699 | 326,264 | 332,762 | 321,641 | |||||||||||||||
| Conversion option liability on convertible senior notes | — | 1 | 34 | — | 5 | |||||||||||||||
| Deferred income taxes | 39,823 | 33,743 | 37,153 | 40,682 | 43,463 | |||||||||||||||
| Deferred gains and other liabilities | 2,692 | 2,701 | 2,990 | 2,891 | 2,925 | |||||||||||||||
| Total liabilities | 454,023 | 463,607 | 469,587 | 465,961 | 447,257 | |||||||||||||||
| Equity: | ||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
| Common stock | 272 | 272 | 269 | 262 | 245 | |||||||||||||||
| Additional paid-in capital | 465,449 | 464,222 | 463,138 | 461,931 | 455,373 | |||||||||||||||
| Accumulated deficit | (79,769 | ) | (55,418 | ) | (37,744 | ) | (22,907 | ) | (7,059 | ) | ||||||||||
| Shares held in treasury | (1,852 | ) | (1,852 | ) | (1,792 | ) | (1,120 | ) | (1,120 | ) | ||||||||||
| Accumulated other comprehensive income, net of tax | 4,549 | 5,960 | 8,853 | 8,055 | 7,044 | |||||||||||||||
| 388,649 | 413,184 | 432,724 | 446,221 | 454,483 | ||||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 323 | 320 | 320 | 320 | |||||||||||||||
| Total equity | 388,970 | 413,507 | 433,044 | 446,541 | 454,803 | |||||||||||||||
| Total liabilities and equity | $ | 842,993 | $ | 877,114 | $ | 902,631 | $ | 912,502 | $ | 902,060 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | ||||||||||||||||
| Cash Flows from Continuing Operating Activities: | ||||||||||||||||||||
| Net (Loss) Income | $ | (24,353 | ) | $ | (19,117 | ) | $ | (14,837 | ) | $ | (15,846 | ) | $ | (5,829 | ) | |||||
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 13,754 | 14,208 | 14,371 | 14,198 | 14,306 | |||||||||||||||
| Deferred financing costs amortization | 350 | 364 | 291 | 328 | 255 | |||||||||||||||
| Stock-based compensation expense | 1,227 | 1,013 | 395 | 1,243 | 1,294 | |||||||||||||||
| Debt discount amortization | 1,817 | 1,736 | 1,691 | 1,614 | 1,573 | |||||||||||||||
| Allowance for credit losses | (53 | ) | 701 | (170 | ) | 585 | 122 | |||||||||||||
| Loss (Gain) from equipment sales, retirements or impairments | 1,783 | (25 | ) | (2,139 | ) | — | (56 | ) | ||||||||||||
| Gain from return of investment | — | — | — | — | (9,442 | ) | ||||||||||||||
| Derivative (gains) losses | (1 | ) | (33 | ) | 34 | (4 | ) | (2 | ) | |||||||||||
| Interest on finance leases | 73 | 73 | 25 | 1 | 1 | |||||||||||||||
| Cash settlement payments on derivative transactions, net | (131 | ) | (278 | ) | (373 | ) | (403 | ) | (414 | ) | ||||||||||
| Currency (gains) losses | (2,314 | ) | (1,170 | ) | (821 | ) | 357 | (245 | ) | |||||||||||
| Deferred income taxes | 6,079 | (3,410 | ) | (3,529 | ) | (2,781 | ) | (2,706 | ) | |||||||||||
| Equity losses (earnings) | 254 | (415 | ) | (5,674 | ) | (4,494 | ) | (4,314 | ) | |||||||||||
| Dividends received from equity investees | 1,096 | 1,162 | 725 | 817 | 4,515 | |||||||||||||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
| Accounts receivables | (2,384 | ) | (4,476 | ) | 3,904 | (1,157 | ) | (3,798 | ) | |||||||||||
| Other assets | 966 | (1,539 | ) | (164 | ) | 1,656 | 1,561 | |||||||||||||
| Accounts payable and accrued liabilities | (4,900 | ) | 4,925 | 6,707 | 7,915 | (1,416 | ) | |||||||||||||
| Net cash (used in) provided by operating activities | (6,737 | ) | (6,281 | ) | 436 | 4,029 | (4,595 | ) | ||||||||||||
| Cash Flows from Continuing Investing Activities: | ||||||||||||||||||||
| Purchases of property and equipment | (240 | ) | (17 | ) | (20 | ) | (443 | ) | (2,910 | ) | ||||||||||
| Proceeds from disposition of property and equipment | — | 1,371 | 5,310 | — | — | |||||||||||||||
| Net investing activities in property and equipment | (240 | ) | 1,354 | 5,290 | (443 | ) | (2,910 | ) | ||||||||||||
| Investments in and advances to 50% or less owned companies | — | — | — | (2,272 | ) | — | ||||||||||||||
| Excess distributions from equity investees | — | — | — | — | 9,442 | |||||||||||||||
| Principal payments on notes due from equity investees | 177 | 175 | 176 | (630 | ) | 179 | ||||||||||||||
| Cash received from acquisition of 50% or less owned company | — | — | — | 172 | — | |||||||||||||||
| Proceeds from sale of investment in equity investees | 66,000 | — | — | — | — | |||||||||||||||
| Issuance of notes due from others | (28,831 | ) | — | — | — | — | ||||||||||||||
| Principal payments on notes due from others | 8,831 | — | — | — | — | |||||||||||||||
| Net cash provided by (used in) investing activities | 45,937 | 1,529 | 5,466 | (3,173 | ) | 6,711 | ||||||||||||||
| Cash Flows from Continuing Financing Activities: | ||||||||||||||||||||
| Payments on long-term debt | (14,182 | ) | (9,152 | ) | (7,348 | ) | (5,981 | ) | (7,054 | ) | ||||||||||
| Payments on finance leases | (114 | ) | (114 | ) | (9 | ) | (9 | ) | (9 | ) | ||||||||||
| Proceeds from exercise of stock options | — | 11 | 140 | — | ||||||||||||||||
| Issuance of stock | — | 3 | 7 | — | — | |||||||||||||||
| Exercise of warrants | — | — | — | 1 | — | |||||||||||||||
| Net cash used in financing activities | (14,296 | ) | (9,252 | ) | (7,210 | ) | (5,989 | ) | (7,063 | ) | ||||||||||
| Effects of Exchange Rate Changes on Cash and Cash Equivalents | 2 | (3 | ) | (1 | ) | (1 | ) | — | ||||||||||||
| Net Change in Cash, Cash Equivalents and Restricted Cash | 24,906 | (14,007 | ) | (1,309 | ) | (5,134 | ) | (4,947 | ) | |||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 25,904 | 39,911 | 41,220 | 46,354 | 51,301 | |||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 50,810 | $ | 25,904 | $ | 39,911 | $ | 41,220 | $ | 46,354 | ||||||||||
SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
| Owned | Joint Ventured (1) | Leased-in | Managed | Total | ||||||
| September 30, 2022 | ||||||||||
| AHTS | 3 | — | 2 | — | 5 | |||||
| FSV | 22 | — | 1 | 2 | 25 | |||||
| Supply | 21 | — | — | — | 21 | |||||
| Liftboats | 9 | — | — | — | 9 | |||||
| 55 | — | 3 | 2 | 60 | ||||||
| December 31, 2021 | ||||||||||
| AHTS | 4 | — | 2 | — | 6 | |||||
| FSV | 23 | 5 | 1 | 1 | 30 | |||||
| Supply | 20 | 15 | — | — | 35 | |||||
| Specialty (2) | 1 | — | — | — | 1 | |||||
| Liftboats (3) | 9 | — | — | — | 9 | |||||
| 57 | 20 | 3 | 1 | 81 |
| (1) | On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels. |
| (2) | One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count. |
| (3) | In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count. |
