Form 8-K - Current report

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 31, 2024

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	001-37966	47-2564547
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

12121 Wickchester Lane, Suite 500, Houston, TX	77079
(Address of Principal Executive Offices)	(Zip Code)
Registrant's telephone number, including area code	[phone]

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	SMHI	New York Stock Exchange (“NYSE”)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition

The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On July 31, 2024, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three and six months ended June 30, 2024 (the “Earnings Release”).

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.	Description
99.1	Press Release of SEACOR Marine Holdings Inc. dated July 31, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	SEACOR Marine Holdings Inc.
July 31, 2024	By:	/s/ John Gellert
		Name: John Gellert
		Title: President and Chief Executive Officer

 

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Exhibit 99.1

	PRESS RELEASE

SEACOR MARINE ANNOUNCES SECOND QUARTER 2024 RESULTS

Houston, Texas

July 31, 2024

FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its second quarter ended June 30, 2024.

 

SEACOR Marine’s consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit (“DVP”)(1) was $20.3 million. This compares to consolidated operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.

 

Notable second quarter items include:

•

2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.

•

Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.

•

69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.

•

DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.

 

For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.

 

Chief Executive Officer John Gellert commented:

 

“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.

 

Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”

___________________

(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.

 

1

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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 [e-mail]

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

		Three Months Ended June 30,								Six months ended June 30,
		2024				2023				2024				2023
Operating Revenues		$	69,867			$	68,319			$	132,637			$	129,528
Costs and Expenses:
Operating			49,520				37,730				97,619				76,239
Administrative and general			10,889				13,704				22,806				25,336
Lease expense			486				698				967				1,418
Depreciation and amortization			12,939				13,575				25,821				27,337
			73,834				65,707				147,213				130,330
Gains on Asset Dispositions and Impairments, Net			37				265				36				3,864
Operating (Loss) Income			(3,930	)			2,877				(14,540	)			3,062
Other Income (Expense):
Interest income			445				422				1,038				882
Interest expense			(10,190	)			(8,736	)			(20,499	)			(17,524	)
Derivative gains (losses), net			104				—				(439	)			—
Foreign currency losses, net			(560	)			(603	)			(640	)			(1,428	)
Other, net			—				—				(95	)			—
			(10,201	)			(8,917	)			(20,635	)			(18,070	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies			(14,131	)			(6,040	)			(35,175	)			(15,008	)
Income Tax (Benefit) Expense			(682	)			(1,096	)			243				61
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(13,449	)			(4,944	)			(35,418	)			(15,069	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			966				373				(134	)			909
Net Loss		$	(12,483	)		$	(4,571	)		$	(35,552	)		$	(14,160	)
Net Loss Per Share:
Basic		$	(0.45	)		$	(0.17	)		$	(1.29	)		$	(0.52	)
Diluted		$	(0.45	)		$	(0.17	)		$	(1.29	)		$	(0.52	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,729,033				27,137,873				27,536,319				26,981,004
Diluted			27,729,033				27,137,873				27,536,319				26,981,004

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

						Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Time Charter Statistics:
Average Rates Per Day		$	19,141			$	19,042			$	18,031			$	18,046			$	15,250
Fleet Utilization			69	%			62	%			71	%			73	%			78	%
Fleet Available Days (2)			4,994				5,005				5,170				5,182				5,096
Operating Revenues:
Time charter		$	65,649			$	59,263			$	66,498			$	68,668			$	60,804
Bareboat charter			364				364				368				368				364
Other marine services			3,854				3,143				6,217				7,864				7,151
			69,867				62,770				73,083				76,900				68,319
Costs and Expenses:
Operating:
Personnel			21,566				21,670				22,080				19,943				19,944
Repairs and maintenance			10,244				9,763				7,604				7,418				5,793
Drydocking			6,210				6,706				2,561				1,768				2,256
Insurance and loss reserves			3,099				1,738				2,944				1,833				2,390
Fuel, lubes and supplies			3,966				4,523				3,683				5,047				3,638
Other			4,435				3,699				4,397				4,133				3,709
			49,520				48,099				43,269				40,142				37,730
Direct Vessel Profit (1)			20,347				14,671				29,814				36,758				30,589
Other Costs and Expenses:
Lease expense			486				481				679				651				698
Administrative and general			10,889				11,917				11,547				12,300				13,704
Depreciation and amortization			12,939				12,882				13,022				13,462				13,575
			24,314				25,280				25,248				26,413				27,977
Gains (Losses) on Asset Dispositions and Impairments, Net			37				(1	)			18,057				(512	)			265
Operating (Loss) Income			(3,930	)			(10,610	)			22,623				9,833				2,877
Other Income (Expense):
Interest income			445				593				222				340				422
Interest expense			(10,190	)			(10,309	)			(10,444	)			(9,536	)			(8,736	)
Derivative gains (losses), net			104				(543	)			608				—				—
Loss on debt extinguishment			—				—				—				(2,004	)			—
Foreign currency (losses) gains, net			(560	)			(80	)			(1,276	)			571				(603	)
Other, net			—				(95	)			—				—				—
			(10,201	)			(10,434	)			(10,890	)			(10,629	)			(8,917	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies			(14,131	)			(21,044	)			11,733				(796	)			(6,040	)
Income Tax (Benefit) Expense			(682	)			925				6,378				2,360				(1,096	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(13,449	)			(21,969	)			5,355				(3,156	)			(4,944	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			966				(1,100	)			374				2,273				373
Net (Loss) Income		$	(12,483	)		$	(23,069	)		$	5,729			$	(883	)		$	(4,571	)
Net (Loss) Earnings Per Share:
Basic		$	(0.45	)		$	(0.84	)		$	0.21			$	(0.03	)		$	(0.17	)
Diluted		$	(0.45	)		$	(0.84	)		$	0.20			$	(0.03	)		$	(0.17	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,729				27,344				27,182				27,182				27,138
Diluted			27,729				27,344				28,401				27,182				27,138
Common Shares and Warrants Outstanding at Period End			28,941				28,906				28,489				28,481				28,481

 

(1)

See full description of footnote above.

(2)

Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	22,356			$	28,156			$	22,584			$	23,663			$	16,115
Fleet utilization			37	%			27	%			50	%			57	%			35	%
Fleet available days			921				927				1,152				1,196				1,080
Out-of-service days for repairs, maintenance and drydockings			179				137				61				151				229
Out-of-service days for cold-stacked status (2)			127				182				254				206				173
Operating Revenues:
Time charter		$	7,697			$	6,957			$	12,929			$	16,236			$	6,121
Other marine services			480				1,026				5,346				5,478				3,004
			8,177				7,983				18,275				21,714				9,125
Direct Costs and Expenses:
Operating:
Personnel			6,284				5,781				6,906				6,712				5,957
Repairs and maintenance			1,879				1,404				819				1,560				1,573
Drydocking			2,570				1,968				303				462				1,506
Insurance and loss reserves			943				396				1,297				332				1,082
Fuel, lubes and supplies			866				667				1,032				958				924
Other			226				(171	)			475				375				346
			12,768				10,045				10,832				10,399				11,388
Direct Vessel Profit (Loss) (1)		$	(4,591	)		$	(2,062	)		$	7,443			$	11,315			$	(2,263	)
Other Costs and Expenses:
Lease expense		$	141			$	138			$	141			$	116			$	143
Depreciation and amortization			3,194				2,750				3,479				3,810				3,861
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	18,580			$	15,197			$	15,233			$	15,388			$	14,982
Fleet utilization			74	%			76	%			82	%			84	%			94	%
Fleet available days			1,969				1,775				1,748				1,748				1,729
Out-of-service days for repairs, maintenance and drydockings			203				238				124				111				58
Out-of-service days for cold-stacked status (3)			91				91				92				54				—
Operating Revenues:
Time charter		$	27,047			$	20,555			$	21,791			$	22,528			$	24,414
Other marine services			1,028				169				189				1,943				225
			28,075				20,724				21,980				24,471				24,639
Direct Costs and Expenses:
Operating:
Personnel			4,969				5,181				6,007				5,089				4,833
Repairs and maintenance			3,161				3,209				2,807				2,214				2,050
Drydocking			1,226				2,032				1,298				320				144
Insurance and loss reserves			819				334				416				573				420
Fuel, lubes and supplies			1,170				1,287				623				2,573				1,419
Other			2,801				2,199				2,267				2,448				2,608
			14,146				14,242				13,418				13,217				11,474
Direct Vessel Profit (1)		$	13,929			$	6,482			$	8,562			$	11,254			$	13,165
Other Costs and Expenses:
Lease expense		$	172			$	178			$	289			$	372			$	408
Depreciation and amortization			4,565				3,915				3,747				3,821				3,853

 

(1)

See full description of footnote above.

(2)

Includes one liftboat cold-stacked in this region as of June 30, 2024.

(3)

Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024.

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	17,083			$	16,934			$	17,590			$	16,313			$	13,245
Fleet utilization			82	%			71	%			69	%			67	%			86	%
Fleet available days			1,296				1,365				1,461				1,472				1,456
Out-of-service days for repairs, maintenance and drydockings			168				224				360				297				58
Operating Revenues:
Time charter		$	18,073			$	16,477			$	17,729			$	16,087			$	16,563
Other marine services			619				350				539				267				3,512
			18,692				16,827				18,268				16,354				20,075
Direct Costs and Expenses:
Operating:
Personnel			6,930				5,963				5,522				5,157				5,266
Repairs and maintenance			3,443				2,712				2,590				2,623				1,219
Drydocking			707				1,483				624				1,056				(684	)
Insurance and loss reserves			798				618				1,022				711				720
Fuel, lubes and supplies			1,103				1,198				1,242				743				425
Other			989				1,000				1,133				943				389
			13,970				12,974				12,133				11,233				7,335
Direct Vessel Profit (1)		$	4,722			$	3,853			$	6,135			$	5,121			$	12,740
Other Costs and Expenses:
Lease expense		$	71			$	85			$	158			$	59			$	67
Depreciation and amortization			3,247				3,496				3,643				3,721				3,708
Latin America
Time Charter Statistics:
Average rates per day worked		$	22,437			$	28,308			$	20,745			$	20,656			$	18,846
Fleet utilization			71	%			58	%			84	%			87	%			88	%
Fleet available days (2)			808				938				809				766				831
Out-of-service days for repairs, maintenance and drydockings			41				1				—				67				79
Operating Revenues:
Time charter		$	12,832			$	15,274			$	14,049			$	13,817			$	13,706
Bareboat charter			364				364				368				368				364
Other marine services			1,727				1,598				143				176				410
			14,923				17,236				14,560				14,361				14,480
Direct Costs and Expenses:
Operating:
Personnel			3,383				4,745				3,645				2,985				3,888
Repairs and maintenance			1,761				2,438				1,388				1,021				951
Drydocking			1,707				1,223				336				(70	)			1,290
Insurance and loss reserves			539				390				209				217				168
Fuel, lubes and supplies			827				1,371				786				773				870
Other			419				671				522				367				366
			8,636				10,838				6,886				5,293				7,533
Direct Vessel Profit (1)		$	6,287			$	6,398			$	7,674			$	9,068			$	6,947
Other Costs and Expenses:
Lease expense		$	102			$	80			$	91			$	104			$	80
Depreciation and amortization			1,933				2,721				2,153				2,110				2,153

 

(1)

See full description of footnote above.

(2)

Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

 

 

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS

(in thousands, except statistics)

 

		Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
AHTS
Time Charter Statistics:
Average rates per day worked		$	8,125			$	8,538			$	8,937			$	9,947			$	8,916
Fleet utilization			49	%			75	%			64	%			50	%			85	%
Fleet available days			364				364				368				368				364
Out-of-service days for repairs, maintenance and drydockings			29				—				41				111				13
Out-of-service days for cold-stacked status			91				91				92				54				—
Operating Revenues:
Time charter		$	1,459			$	2,331			$	2,102			$	1,831			$	2,762
Other marine services			219				—				6				930				—
			1,678				2,331				2,108				2,761				2,762
Direct Costs and Expenses:
Operating:
Personnel		$	1,045			$	1,064			$	944			$	1,019			$	1,069
Repairs and maintenance			465				220				612				484				186
Drydocking			280				68				58				747				131
Insurance and loss reserves			97				43				73				88				78
Fuel, lubes and supplies			69				616				375				428				192
Other			230				287				295				378				329
			2,186				2,298				2,357				3,144				1,985
Other Costs and Expenses:
Lease expense		$	164			$	171			$	253			$	331			$	332
Depreciation and amortization			175				175				175				249				298
FSV
Time Charter Statistics:
Average rates per day worked		$	12,978			$	11,834			$	11,841			$	11,441			$	11,314
Fleet utilization			80	%			72	%			74	%			79	%			92	%
Fleet available days			2,002				2,002				2,105				2,116				2,093
Out-of-service days for repairs, maintenance and drydockings			128				216				337				227				86
Out-of-service days for cold-stacked status			36				91				92				69				82
Operating Revenues:
Time charter		$	20,698			$	17,081			$	18,502			$	19,135			$	21,747
Other marine services			516				126				163				652				71
			21,214				17,207				18,665				19,787				21,818
Direct Costs and Expenses:
Operating:
Personnel		$	5,829			$	5,649			$	5,320			$	5,144			$	5,083
Repairs and maintenance			4,572				3,093				2,691				2,787				1,134
Drydocking			457				1,869				1,710				870				1,342
Insurance and loss reserves			546				277				507				185				337
Fuel, lubes and supplies			993				1,051				1,441				1,501				1,108
Other			1,850				1,649				1,632				1,552				1,536
			14,247				13,588				13,301				12,039				10,540
Other Costs and Expenses:
Depreciation and amortization		$	4,746			$	4,744			$	4,879			$	5,002			$	4,952

 

7

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
PSV
Time Charter Statistics:
Average rates per day worked		$	20,952			$	19,133			$	19,778			$	19,528			$	17,545
Fleet utilization			66	%			53	%			77	%			78	%			80	%
Fleet available days (1)			1,900				1,911				1,902				1,870				1,820
Out-of-service days for repairs, maintenance and drydockings			291				307				109				110				92
Operating Revenues:
Time charter		$	26,390			$	19,390			$	29,140			$	28,580			$	25,458
Bareboat charter			364				364				368				368				364
Other marine services			2,266				416				595				696				584
			29,020				20,170				30,103				29,644				26,406
Direct Costs and Expenses:
Operating:
Personnel		$	8,979			$	8,850			$	9,017			$	8,793			$	8,738
Repairs and maintenance			3,151				4,393				3,520				2,504				2,998
Drydocking			2,616				3,386				472				232				12
Insurance and loss reserves			1,037				395				690				682				421
Fuel, lubes and supplies			1,575				1,889				1,027				2,352				2,124
Other			1,850				1,395				1,922				1,761				1,405
			19,208				20,308				16,648				16,324				15,698
Other Costs and Expenses:
Lease expense		$	3			$	—			$	—			$	—			$	—
Depreciation and amortization			4,128				4,073				4,073				4,073				4,072

 

(1)

Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

 

8

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

		Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Liftboats
Time Charter Statistics:
Average rates per day worked		$	43,204			$	53,506			$	40,181			$	39,419			$	35,623
Fleet utilization			54	%			53	%			52	%			59	%			37	%
Fleet available days			728				728				795				828				819
Out-of-service days for repairs, maintenance and drydockings			143				78				60				111				233
Out-of-service days for cold-stacked status			91				91				162				137				91
Operating Revenues:
Time charter		$	17,102			$	20,461			$	16,754			$	19,122			$	10,837
Other marine services			666				1,772				4,666				4,710				5,495
			17,768				22,233				21,420				23,832				16,332
Direct Costs and Expenses:
Operating:
Personnel		$	6,842			$	6,140			$	5,316			$	4,983			$	5,065
Repairs and maintenance			2,054				2,035				769				1,643				1,472
Drydocking			2,857				1,383				321				(81	)			849
Insurance and loss reserves			1,482				1,282				1,554				1,148				1,418
Fuel, lubes and supplies			1,329				967				838				766				219
Other			519				343				531				445				441
			15,083				12,150				9,329				8,904				9,464
Other Costs and Expenses:
Depreciation and amortization			3,865				3,866				3,867				4,099				4,215
Other Activity
Operating Revenues:
Other marine services		$	187			$	829			$	787			$	876			$	1,001
			187				829				787				876				1,001
Direct Costs and Expenses:
Operating:
Personnel		$	(1,129	)		$	(33	)		$	1,483			$	4			$	(11	)
Repairs and maintenance			2				22				12				—				3
Drydocking			—				—				—				—				(78	)
Insurance and loss reserves			(63	)			(259	)			120				(270	)			136
Fuel, lubes and supplies			—				—				2				—				(5	)
Other			(14	)			25				17				(3	)			(2	)
			(1,204	)			(245	)			1,634				(269	)			43
Other Costs and Expenses:
Lease expense		$	319			$	310			$	426			$	320			$	366
Depreciation and amortization			25				24				28				39				38

 

 

 

9

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	40,605			$	59,593			$	67,455			$	55,840			$	40,750
Restricted cash			2,255				2,566				16,676				2,796				2,796
Receivables:
Trade, net of allowance for credit loss			70,770				58,272				63,728				63,246				60,022
Other			6,210				12,210				11,049				8,662				12,032
Note receivable			—				—				—				—				5,000
Tax receivable			983				983				983				445				445
Inventories			3,117				2,516				1,609				1,738				1,653
Prepaid expenses and other			5,659				3,425				2,686				2,957				3,112
Assets held for sale			500				500				500				6,093				—
Total current assets			130,099				140,065				164,686				141,777				125,810
Property and Equipment:
Historical cost			921,443				919,139				918,823				936,520				966,338
Accumulated depreciation			(349,799	)			(337,001	)			(324,141	)			(318,549	)			(334,678	)
			571,644				582,138				594,682				617,971				631,660
Construction in progress			11,518				13,410				10,362				9,413				8,876
Net property and equipment			583,162				595,548				605,044				627,384				640,536
Right-of-use asset - operating leases			3,683				3,988				4,291				4,907				5,703
Right-of-use asset - finance leases			28				29				37				45				6,495
Investments, at equity, and advances to 50% or less owned companies			2,641				3,122				4,125				3,857				3,253
Other assets			1,953				2,094				2,153				2,095				2,139
Total assets		$	721,566			$	744,846			$	780,336			$	780,065			$	783,936
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	861			$	1,285			$	1,591			$	1,856			$	1,792
Current portion of finance lease liabilities			26				33				35				35				611
Current portion of long-term debt			28,605				28,605				28,365				28,005				63,959
Accounts payable			17,790				23,453				27,562				32,468				39,013
Other current liabilities			23,795				21,067				19,533				21,340				21,027
Total current liabilities			71,077				74,443				77,086				83,704				126,402
Long-term operating lease liabilities			3,276				3,390				3,529				3,571				4,030
Long-term finance lease liabilities			5				—				6				15				6,462
Long-term debt			277,740				281,989				287,544				291,843				243,960
Deferred income taxes			30,083				33,873				35,718				33,078				34,038
Deferred gains and other liabilities			1,447				2,285				2,229				2,217				2,189
Total liabilities			383,628				395,980				406,112				414,428				417,081
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			286				286				280				280				280
Additional paid-in capital			476,020				474,433				472,692				471,158				469,618
Accumulated deficit			(138,028	)			(125,609	)			(102,425	)			(108,154	)			(107,271	)
Shares held in treasury			(8,110	)			(8,071	)			(4,221	)			(4,221	)			(4,221	)
Accumulated other comprehensive income, net of tax			7,449				7,506				7,577				6,253				8,128
			337,617				348,545				373,903				365,316				366,534
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			337,938				348,866				374,224				365,637				366,855
Total liabilities and equity		$	721,566			$	744,846			$	780,336			$	780,065			$	783,936

 

 

10

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

						Three Months Ended
		Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Cash Flows from Operating Activities:
Net (Loss) Income		$	(12,483	)		$	(23,069	)		$	5,729			$	(883	)		$	(4,571	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization			12,939				12,882				13,022				13,462				13,575
Deferred financing costs amortization			297				295				279				459				423
Stock-based compensation expense			1,587				1,645				1,510				1,540				1,723
Debt discount amortization			1,993				1,926				1,862				1,714				1,627
Allowance for credit losses			39				3				266				594				2,763
(Gain) loss from equipment sales, retirements or impairments			(37	)			1				(18,057	)			512				(265	)
Losses on debt extinguishment			—				—				—				177				—
Derivative (gains) losses			(104	)			543				(608	)			—				—
Interest on finance lease			1				—				1				59				70
Settlements on derivative transactions, net			—				164				—				197				226
Currency losses (gains)			560				80				1,276				(571	)			603
Deferred income taxes			(3,790	)			(1,845	)			2,640				(960	)			(5,082	)
Equity (earnings) losses			(966	)			1,100				(374	)			(2,273	)			(373	)
Dividends received from equity investees			1,418				—				166				1,031				1,044
Changes in Operating Assets and Liabilities:
Accounts receivables			(6,928	)			4,291				(3,472	)			(747	)			(3,139	)
Other assets			(2,395	)			(1,290	)			733				493				1,017
Accounts payable and accrued liabilities			(4,378	)			(3,895	)			(6,456	)			(7,705	)			(5,758	)
Net cash (used in) provided by operating activities			(12,247	)			(7,169	)			(1,483	)			7,099				3,883
Cash Flows from Investing Activities:
Purchases of property and equipment			(658	)			(3,416	)			(3,644	)			(6,455	)			(35	)
Proceeds from disposition of property and equipment			86				—				36,692				—				427
Net investing activities in property and equipment			(572	)			(3,416	)			33,048				(6,455	)			392
Principal payments on notes due from others			—				—				—				5,000				5,000
Net cash (used in) provided by investing activities			(572	)			(3,416	)			33,048				(1,455	)			5,392
Cash Flows from Financing Activities:
Payments on long-term debt			(6,533	)			(7,530	)			(6,173	)			(4,901	)			(9,483	)
Payments on debt extinguishment			—				—				—				(104,832	)			(26,772	)
Payments on debt extinguishment cost			—				—				—				(1,827	)			—
Proceeds from issuance of long-term debt, net of issue costs			—				—				87				121,207				27,181
Payments on finance leases			(9	)			(9	)			(9	)			(204	)			(204	)
Proceeds from issuance of common stock, net of issue costs			—				—				24				—				—
Proceeds from exercise of stock options			102				—				—				—				—
Tax withholdings on restricted stock vesting			(39	)			(3,850	)			—				—				(102	)
Net cash (used in) provided by financing activities			(6,479	)			(11,389	)			(6,071	)			9,443				(9,380	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents			(1	)			2				1				3				(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents			(19,299	)			(21,972	)			25,495				15,090				(106	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			62,159				84,131				58,636				43,546				43,652
Cash, Restricted Cash and Cash Equivalents, End of Period		$	42,860			$	62,159			$	84,131			$	58,636			$	43,546

 

 

 

11

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SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

		Owned				Leased-in				Managed				Total
June 30, 2024
AHTS			3				1				—				4
FSV			22				—				1				23
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				1				56
December 31, 2023
AHTS			3				1				—				4
FSV			22				—				3				25
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				3				58

 

 

12

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Document and Entity Information	Jul. 31, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001690334
Document Type	8-K
Document Period End Date	Jul. 31, 2024
Entity Registrant Name	SEACOR Marine Holdings Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-37966
Entity Tax Identification Number	47-2564547
Entity Address, Address Line One	12121 Wickchester Lane
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	(346)
Local Phone Number	980-1700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common stock, par value $0.01 per share
Trading Symbol	SMHI
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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