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SEACOR Marine Announces First Quarter 2021 Results

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HOUSTON, May 06, 2021 (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 first quarter ended March 31, 2021.

Chief Executive Officer John Gellert provided the following statement: “SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.”

SEACOR Marine’s consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (“DVP”)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (“Windcat”). For the first quarter of 2021, the net loss attributable to SEACOR Marine’s continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, the first quarter of 2021 results compare 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. For the fourth quarter of 2020 the net loss attributable to SEACOR Marine’s continuing operations was $38.9 million ($1.54 loss per basic and diluted share).

Notable first quarter items include:

  • Operating results in the first quarter reflect continued improvement in market conditions across all international regions.

  • Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses.

  • Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.

After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by £20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company’s 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 LOSS
(in thousands, except share data)

Three Months Ended March 31,

2021

2020

Operating Revenues

$

36,512

$

35,667

Costs and Expenses:

Operating

26,307

20,735

Administrative and general

8,611

9,394

Lease expense

1,078

3,325

Depreciation and amortization

14,798

13,362

50,794

46,816

Loss on Asset Dispositions and Impairments, Net

(2,273

)

(12,572

)

Operating Loss

(16,555

)

(23,721

)

Other Income (Expense):

Interest income

986

662

Interest expense

(8,018

)

(7,374

)

SEACOR Holdings guarantee fees

(7

)

(16

)

Derivative gains, net

355

5,114

Foreign currency (losses) gains, net

(466

)

710

(7,150

)

(904

)

Loss from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

(23,705

)

(24,625

)

Income Tax Benefit

(2,688

)

(6,662

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

(21,017

)

(17,963

)

Equity in Earnings of 50% or Less Owned Companies

4,103

25

Loss from Continuing Operations

(16,914

)

(17,938

)

Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)

22,925

(2,054

)

Net Income (Loss)

6,011

(19,992

)

Net Income (Loss) attributable to Noncontrolling Interests in Subsidiaries

(4,047

)

Net Income (Loss) attributable to SEACOR Marine Holdings Inc.

$

6,011

$

(15,945

)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

Continuing operations

$

(0.67

)

$

(0.58

)

Discontinued operations

0.91

(0.08

)

$

0.24

$

(0.66

)

Weighted Average Common Shares and Warrants Outstanding:

Basic and diluted shares

25,304,661

23,989,029

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF LOSS
(in thousands, except statistics and per share data)

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Time Charter Statistics:

Average Rates Per Day

$

11,323

$

10,931

$

11,052

$

10,746

$

10,886

Fleet Utilization

55

%

51

%

54

%

57

%

57

%

Fleet Available Days

5,505

5,824

5,807

5,258

5,361

Operating Revenues:

Time charter

$

34,290

$

32,693

$

34,824

$

32,389

$

33,549

Bareboat charter

729

732

677

723

724

Other marine services

1,493

2,619

700

813

1,394

36,512

36,044

36,201

33,925

35,667

Costs and Expenses:

Operating:

Personnel

13,418

13,057

13,401

10,704

11,186

Repairs and maintenance

3,840

3,445

3,764

3,612

3,840

Drydocking

2,217

1,753

585

566

1,365

Insurance and loss reserves

1,958

1,670

1,764

1,489

840

Fuel, lubes and supplies

2,202

2,081

2,131

2,075

1,841

Other

2,672

3,556

3,074

1,682

1,664

26,307

25,562

24,719

20,128

20,736

Direct Vessel Profit (1)

10,205

10,482

11,482

13,797

14,931

Other Costs and Expenses:

Lease expense

1,078

1,798

1,200

1,202

3,325

Administrative and general

8,611

8,556

8,861

13,241

9,393

Depreciation and amortization

14,798

15,247

14,833

13,725

13,362

24,487

25,601

24,894

28,168

26,080

(Losses) Gains on Asset Dispositions and Impairments, Net

(2,273

)

(1,796

)

233

(3,453

)

(12,572

)

Operating Loss

(16,555

)

(16,915

)

(13,179

)

(17,824

)

(23,721

)

Other Income (Expense):

Interest income

986

61

34

516

662

Interest expense

(8,018

)

(8,288

)

(8,312

)

(6,717

)

(7,374

)

SEACOR Holdings guarantee fees

(7

)

(11

)

(11

)

(9

)

(16

)

Derivative losses (gains), net

355

(894

)

5

85

5,114

Foreign currency gains, net

(466

)

(1,286

)

(911

)

193

710

Other, net

(19

)

(7,150

)

(10,437

)

(9,195

)

(5,932

)

(904

)

Loss Before from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies

(23,705

)

(27,352

)

(22,374

)

(23,756

)

(24,625

)

Income Tax (Benefit) Expense

(2,688

)

1,865

(3,120

)

(15,007

)

(6,662

)

Loss from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies

(21,017

)

(29,217

)

(19,254

)

(8,749

)

(17,963

)

Equity in Earnings (Losses) of 50% or Less Owned Companies

4,103

(9,681

)

(588

)

2,081

25

Loss from Continuing Operations

(16,914

)

(38,898

)

(19,842

)

(6,668

)

(17,938

)

Income (Loss) from Discontinued Operations, Net of Tax

22,925

51

1,765

602

(2,054

)

Net Income (Loss)

6,011

(38,847

)

(18,077

)

(6,066

)

(19,992

)

Net (Loss) Income attributable to Noncontrolling Interests in Subsidiaries

(31

)

4

7

(4,047

)

Net Income (Loss) attributable to SEACOR Marine Holdings Inc.

$

6,011

$

(38,816

)

$

(18,081

)

$

(6,073

)

$

(15,945

)

Basic and Diluted Income (Loss) Per Common Share and Warrants of SEACOR Marine Holdings Inc.

Continuing operations

$

(0.67

)

$

(1.54

)

$

(0.79

)

$

(0.26

)

$

(0.58

)

Discontinued operations

0.91

0.07

0.02

(0.08

)

$

0.24

$

(1.54

)

$

(0.72

)

$

(0.24

)

$

(0.66

)

Weighted Average Common Shares and Warrants Outstanding:

Basic and Diluted

25,305

25,265

24,989

24,851

23,989

Common Shares and Warrants Outstanding at Period End

25,683

24,919

24,996

24,899

24,854

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION
(in thousands, except statistics)

Three Months Ended

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

United States, primarily Gulf of Mexico

Time Charter Statistics:

Average rates per day worked

$

15,910

$

18,405

$

19,397

$

15,574

$

20,988

Fleet utilization

6

%

7

%

5

%

5

%

11

%

Fleet available days

1,518

1,797

1,871

1,842

1,864

Out-of-service days for repairs, maintenance and drydockings

67

45

37

32

116

Out-of-service days for cold-stacked status

1,270

1,472

1,576

1,465

1,301

Operating Revenues:

Time charter

$

1,489

$

2,352

$

1,668

$

1,478

$

4,375

Bareboat charter

729

732

731

723

724

Other marine services

546

794

473

513

642

2,764

3,878

2,872

2,714

5,741

Direct Costs and Expenses:

Operating:

Personnel

1,744

2,372

2,481

2,284

2,928

Repairs and maintenance

654

386

338

314

617

Drydocking

875

110

1,057

Insurance and loss reserves

527

507

778

354

135

Fuel, lubes and supplies

199

208

251

189

524

Other

77

116

85

93

79

4,076

3,589

3,933

3,344

5,340

Direct Vessel (Loss) Profit (1)

$

(1,312

)

$

289

$

(1,061

)

$

(630

)

$

401

Other Costs and Expenses:

Lease expense

$

664

$

677

$

716

$

741

$

2,138

Depreciation and amortization

4,164

5,854

4,961

5,254

5,358

Africa and Europe, Continuing Operations

Time Charter Statistics:

Average rates per day worked

$

11,356

$

10,837

$

10,801

$

10,918

$

10,856

Fleet utilization

68

%

61

%

68

%

86

%

90

%

Fleet available days

1,356

1,472

1,472

1,395

1,437

Out-of-service days for repairs, maintenance and drydockings

78

138

45

90

56

Out-of-service days for cold-stacked status

346

368

216

Operating Revenues:

Time charter

$

10,502

$

9,796

$

10,861

$

13,055

$

14,010

Bareboat charter

(54

)

Other marine services

(269

)

343

(279

)

(382

)

184

10,233

10,139

10,528

12,673

14,194

Direct Costs and Expenses:

Operating:

Personnel

3,220

3,510

3,407

3,248

3,232

Repairs and maintenance

1,191

1,437

1,158

1,463

1,585

Drydocking

304

1,269

481

256

8

Insurance and loss reserves

433

512

397

600

297

Fuel, lubes and supplies

572

853

1,091

799

517

Other

579

(674

)

774

647

596

6,299

6,907

7,308

7,013

6,235

Direct Vessel Profit (1)

$

3,934

$

3,232

$

3,220

$

5,660

$

7,959

Other Costs and Expenses:

Lease expense

$

356

$

1,056

$

430

$

420

$

1,133

Depreciation and amortization

3,307

2,964

3,784

3,600

3,315

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY REGION (continued)
(in thousands, except statistics)

Three Months Ended

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Middle East and Asia

Time Charter Statistics:

Average rates per day worked

$

9,308

$

9,455

$

9,670

$

10,245

$

9,634

Fleet utilization

73

%

75

%

78

%

82

%

73

%

Fleet available days

1,852

1,840

1,809

1,613

1,671

Out-of-service days for repairs, maintenance and drydockings

115

68

89

113

200

Out-of-service days for cold-stacked status

239

169

76

61

48

Operating Revenues:

Time charter

$

12,575

$

13,008

$

13,672

$

13,605

$

11,767

Other marine services

360

927

296

514

420

12,935

13,935

13,968

14,119

12,187

Direct Costs and Expenses:

Operating:

Personnel

5,208

5,411

5,171

3,795

3,811

Repairs and maintenance

903

842

1,564

1,580

1,246

Drydocking

1,066

41

104

200

414

Insurance and loss reserves

702

501

451

430

339

Fuel, lubes and supplies

559

604

482

955

665

Other

1,144

3,618

1,771

819

683

9,582

11,017

9,543

7,779

7,158

Direct Vessel Profit (1)

$

3,353

$

2,918

$

4,425

$

6,340

$

5,029

Other Costs and Expenses:

Lease expense

$

22

$

47

$

46

$

32

$

45

Depreciation and amortization

4,710

4,505

4,379

3,921

3,790

Latin America

Time Charter Statistics:

Average rates per day worked

$

14,751

$

12,921

$

13,355

$

10,752

$

9,397

Fleet utilization

85

%

82

%

99

%

97

%

93

%

Fleet available days

779

716

655

408

389

Out-of-service days for repairs, maintenance and drydockings

94

66

7

3

Out-of-service days for cold-stacked status

Operating Revenues:

Time charter

$

9,724

$

7,538

$

8,621

$

4,251

$

3,396

Bareboat charter

Other marine services

856

555

212

168

149

10,580

8,093

8,833

4,419

3,545

Direct Costs and Expenses:

Operating:

Personnel

3,246

1,764

2,342

1,377

1,215

Repairs and maintenance

1,092

780

704

255

392

Drydocking

(28

)

443

(114

)

Insurance and loss reserves

296

150

138

105

69

Fuel, lubes and supplies

872

416

307

132

135

Other

872

497

444

123

305

6,350

4,050

3,935

1,992

2,002

Direct Vessel Profit (1)

$

4,230

$

4,043

$

4,898

$

2,427

$

1,543

Other Costs and Expenses:

Lease expense

$

36

$

18

$

9

$

9

$

9

Depreciation and amortization

2,617

1,924

1,708

950

899

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS
(in thousands, except statistics)

Three Months Ended

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Anchor handling towing supply

Time Charter Statistics:

Average rates per day worked

$

7,778

$

7,967

$

7,388

$

8,383

$

8,012

Fleet utilization

67

%

44

%

54

%

43

%

39

%

Fleet available days

540

641

644

667

709

Out-of-service days for repairs, maintenance and drydockings

133

21

76

74

Out-of-service days for cold-stacked status

180

228

276

273

273

Operating Revenues:

Time charter

$

2,801

$

2,236

$

2,564

$

2,413

$

2,225

Other marine services

(130

)

433

(147

)

(137

)

559

2,671

2,669

2,417

2,276

2,784

Direct Costs and Expenses:

Operating:

Personnel

984

1,149

950

853

892

Repairs and maintenance

241

542

432

679

408

Drydocking

54

847

(2

)

(19

)

22

Insurance and loss reserves

194

199

139

159

45

Fuel, lubes and supplies

139

258

148

168

216

Other

270

535

370

341

259

1,882

3,530

2,037

2,181

1,842

Direct Vessel Profit (Loss) (1)

$

789

$

(861

)

$

380

$

95

$

942

Other Costs and Expenses:

Lease expense

$

400

$

1,127

$

505

$

518

$

1,216

Depreciation and amortization

494

494

495

500

561

Fast support

Time Charter Statistics:

Average rates per day worked

$

7,888

$

8,074

$

8,421

$

8,590

$

8,472

Fleet utilization

61

%

60

%

63

%

72

%

76

%

Fleet available days

2,207

2,300

2,300

2,426

2,521

Out-of-service days for repairs, maintenance and drydockings

182

155

71

137

156

Out-of-service days for cold-stacked status

584

549

421

285

273

Operating Revenues:

Time charter

$

10,657

$

11,151

$

12,212

$

15,078

$

16,284

Bareboat charter

729

732

731

723

724

Other marine services

(218

)

(283

)

(256

)

(372

)

(355

)

11,168

11,600

12,687

15,429

16,653

Direct Costs and Expenses:

Operating:

Personnel

4,041

4,409

4,180

4,166

4,659

Repairs and maintenance

1,535

1,604

1,642

1,922

2,278

Drydocking

1,178

912

587

274

36

Insurance and loss reserves

466

471

353

304

332

Fuel, lubes and supplies

726

836

1,180

904

Other

1,141

2,085

1,489

1,203

1,000

9,087

10,317

9,227

9,049

9,209

Direct Vessel Profit (1)

$

2,081

$

1,283

$

3,460

$

6,380

$

7,444

Other Costs and Expenses:

Lease expense

$

352

$

352

$

351

$

352

$

352

Depreciation and amortization

5,096

5,113

5,105

5,405

5,118

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

Three Months Ended

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Supply

Time Charter Statistics:

Average rates per day worked

$

12,110

$

11,373

$

11,355

$

8,477

$

7,360

Fleet utilization

63

%

63

%

74

%

83

%

79

%

Fleet available days

1,319

1,360

1,257

527

433

Out-of-service days for repairs, maintenance and drydockings

105

12

23

13

3

Out-of-service days for cold-stacked status

315

353

229

61

Operating Revenues:

Time charter

$

10,082

$

9,714

$

10,541

$

3,713

$

2,520

Bareboat charter

(55

)

Other marine services

346

482

92

(53

)

(69

)

10,428

10,196

10,578

3,660

2,451

Direct Costs and Expenses:

Operating:

Personnel

4,158

3,364

3,821

1,591

1,206

Repairs and maintenance

1,135

735

968

375

348

Drydocking

110

(2

)

197

Insurance and loss reserves

474

238

230

106

67

Fuel, lubes and supplies

1,003

622

601

219

119

Other

880

1,205

1,022

246

397

7,760

6,162

6,642

2,734

2,137

Direct Vessel Profit (1)

$

2,668

$

4,034

$

3,936

$

926

$

314

Other Costs and Expenses:

Lease expense

$

$

$

$

$

Depreciation and amortization

2,977

3,060

2,673

1,000

787

Specialty

Time Charter Statistics:

Average rates per day worked

$

1,890

$

2,025

$

2,025

$

2,025

$

1,982

Fleet utilization

100

%

100

%

69

%

50

%

38

%

Fleet available days

90

92

134

182

242

Out-of-service days for cold-stacked status

42

91

139

Operating Revenues:

Time charter

$

170

187

187

184

180

Other marine services

12

1

(9

)

(10

)

(19

)

182

188

178

174

161

Direct Costs and Expenses:

Operating:

Personnel

89

69

72

47

85

Repairs and maintenance

8

34

51

102

103

Drydocking

(3

)

-

-

-

Insurance and loss reserves

4

(2

)

13

16

20

Fuel, lubes and supplies

8

3

(2

)

8

26

Other

26

18

56

90

111

135

119

190

263

345

Direct Vessel Profit (Loss) (1)

$

47

$

69

$

(12

)

$

(89

)

$

(184

)

Other Costs and Expenses:

Depreciation and amortization

$

$

1,541

$

89

$

189

$

206

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY VESSEL CLASS (continued)
(in thousands, except statistics)

Three Months Ended

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Liftboats

Time Charter Statistics:

Average rates per day worked

$

26,792

$

24,561

$

27,947

$

24,894

$

27,513

Fleet utilization

29

%

27

%

23

%

30

%

31

%

Fleet available days

1,350

1,432

1,472

1,456

1,456

Out-of-service days for repairs, maintenance and drydockings

67

18

64

9

141

Out-of-service days for cold-stacked status

776

880

899

816

664

Operating Revenues:

Time charter

$

10,580

$

9,406

$

9,319

$

11,001

$

12,339

Other marine services

797

395

316

306

250

11,377

9,801

9,635

11,307

12,589

Direct Costs and Expenses:

Operating:

Personnel

3,806

3,742

3,963

3,545

4,097

Repairs and maintenance

894

524

624

407

650

Drydocking

875

(1

)

111

1,307

Insurance and loss reserves

719

690

1,055

893

679

Fuel, lubes and supplies

320

349

370

343

490

Other

677

1,642

538

219

147

7,291

6,946

6,550

5,518

7,370

Direct Vessel Profit (1)

$

4,086

$

2,855

$

3,085

$

5,789

$

5,219

Other Costs and Expenses:

Lease expense

$

12

$

19

$

31

$

44

$

1,497

Depreciation and amortization

5,659

6,009

5,980

6,081

6,128

Other Activity

Operating Revenues:

Other marine services

$

686

$

1,591

$

720

$

1,056

$

1,029

686

1,591

720

1,056

1,029

Direct Costs and Expenses:

Operating:

Personnel

340

324

415

502

247

Repairs and maintenance

27

6

47

128

53

Insurance and loss reserves

101

74

(26

)

11

(303

)

Fuel, lubes and supplies

6

13

38

157

86

Other

(322

)

(1,928

)

(401

)

(417

)

(251

)

152

(1,511

)

73

381

(168

)

Direct Vessel Profit (1)

$

534

$

3,102

$

647

$

675

$

1,197

Other Costs and Expenses:

Lease expense

$

314

$

300

$

335

$

241

$

260

Depreciation and amortization

572

(970

)

545

553

562

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

ASSETS

Current Assets:

Cash and cash equivalents

$

68,409

$

32,666

$

42,314

$

51,888

$

67,441

Restricted cash

3,352

3,352

3,352

3,352

3,353

Receivables:

Trade, net of allowance for doubtful accounts

42,680

45,325

48,294

52,169

43,602

Other

11,265

10,924

18,365

13,814

27,249

Receivables from SEACOR Holdings

19,332

18,832

18,814

14,394

Tax Receivable

1,498

13,556

11,770

Inventories

572

576

573

1,409

1,575

Prepaid expenses and other

2,326

3,230

3,438

2,835

2,092

Other Current Assets

423

Discontinued operations

50,235

46,768

44,616

54,182

Total current assets

149,857

178,696

193,688

184,477

199,494

Property and Equipment:

Historical cost

1,000,430

1,012,873

996,370

987,741

857,118

Accumulated depreciation

(297,792

)

(291,538

)

(280,468

)

(271,097

)

(264,365

)

702,638

721,335

715,902

716,644

592,753

Construction in progress

32,530

32,327

51,969

52,456

49,186

Net property and equipment

735,168

753,662

767,871

769,100

641,939

Right-of-Use Asset - Operating Leases

7,046

7,134

7,670

8,148

8,286

Right-of-Use Asset - Finance Lease

121

129

137

Investments, at Equity, and Advances to 50% or Less Owned Companies

79,000

75,308

84,701

87,177

109,844

Construction Reserve Funds

3,745

Other Assets

2,624

2,734

3,108

3,200

3,227

$

973,816

$

1,017,663

$

1,057,175

$

1,052,102

$

966,535

LIABILITIES AND EQUITY

Current Liabilities:

Current portion of operating lease liabilities

$

5,139

$

7,030

$

9,446

$

11,579

$

13,167

Current lease liability - Finance

46

36

27

-

Current portion of long-term debt

34,888

32,377

52,108

51,793

37,084

Accounts payable and accrued expenses

21,428

29,967

28,888

21,323

30,064

Due to SEACOR Holdings

66

Other current liabilities

29,719

31,467

29,548

29,642

29,154

Discontinued operations

30,927

28,555

28,882

27,392

Total current liabilities

91,220

131,804

148,572

143,219

136,927

Long-Term Operating Lease Liabilities

4,778

4,345

5,239

6,067

7,352

Long-Term Finance Lease Liabilities

97

105

113

Long-Term Debt

431,849

440,510

426,711

422,569

333,121

Conversion Option Liability on Convertible Senior Notes

37

2

1

6

91

Deferred Income Taxes

31,766

35,822

36,075

23,740

25,793

Deferred Gains and Other Liabilities

4,910

3,239

3,810

5,137

7,940

Total liabilities

564,657

615,827

620,521

600,738

511,224

Equity:

SEACOR Marine Holdings Inc. stockholders’ equity:

Common stock

243

235

235

232

231

Additional paid-in capital

452,290

451,179

450,320

449,116

447,425

(Accumulated Deficit) Retained earnings

(50,029

)

(51,839

)

(13,023

)

5,058

11,131

Shares held in treasury

(1,110

)

(848

)

(848

)

(847

)

(844

)

Accumulated other comprehensive loss, net of tax

7,446

2,790

(380

)

(2,541

)

(2,971

)

408,840

401,517

436,304

451,018

454,972

Noncontrolling interests in subsidiaries

319

319

350

346

339

Total equity

409,159

401,836

436,654

451,364

455,311

$

973,816

$

1,017,663

$

1,057,175

$

1,052,102

$

966,535

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2020

Jun. 30, 2020

Mar. 31, 2020

Cash Flows from Continuing Operating Activities:

Net Income (Loss)

$

6,011

$

(38,922

)

$

(19,818

)

$

(6,668

)

$

(17,938

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Depreciation and amortization

14,798

15,247

14,833

13,725

13,362

Deferred financing costs amortization

260

266

278

284

279

Amortization of employee share awards

1,111

859

1,204

937

1,069

Restricted stock vesting

(262

)

(3

)

(175

)

Director share awards

755

Debt discount amortization

1,892

1,917

1,797

1,480

1,478

Bad debt recoveries (expense)

24

(146

)

185

271

(80

)

Loss from equipment sales, retirements or impairments

2,273

1,796

(233

)

3,453

12,572

Gain on the Sale of Windcat Workboats

(22,756

)

Derivative (gains) losses

(355

)

894

(5

)

(85

)

(5,114

)

Cash settlement payments on derivative transactions, net

(919

)

(441

)

(426

)

(265

)

(199

)

Currency losses (gains)

466

1,286

911

(193

)

(710

)

Deferred income taxes

(4,056

)

(254

)

12,333

(2,053

)

(7,768

)

Equity (Earnings) Losses

(4,103

)

9,681

588

(2,081

)

(25

)

Dividends received from equity investees

2,117

Changes in Operating Assets and Liabilities:

Accounts receivables

11,345

7,668

(17,737

)

(8,326

)

(11,770

)

Other assets

1,192

604

656

6,163

(893

)

Accounts payable and accrued liabilities

(10,296

)

(2,806

)

886

(21,197

)

4,774

Net cash used in operating activities

(3,375

)

(2,351

)

(2,431

)

(13,803

)

(11,138

)

Cash Flows from Continuing Investing Activities:

Purchases of property and equipment

(2,724

)

(2,500

)

(2,833

)

(7,019

)

(8,456

)

Proceeds from disposition of property and equipment

3,266

3,539

14,030

3,105

Proceeds from Sale of WWH, net cash sold

38,715

Construction reserve funds transferred to short-term cash

3,745

Purchase of subsidiary from joint venture

(8,445

)

Construction reserve funds used

9,148

Net investing activities in property and equipment

39,257

(2,500

)

706

2,311

3,797

Investments in and advances to 50% or less owned companies

(736

)

(1,248

)

(713

)

(245

)

Principal payments on notes due from equity investees

919

1,225

490

Net cash provided by (used in) investing activities

39,440

(2,523

)

483

2,311

3,552

Cash Flows from Continuing Financing Activities:

Payments on long-term debt

(8,302

)

(5,780

)

(8,246

)

(3,506

)

(5,069

)

Proceeds from issuance of debt, net of offering costs

1

(1

)

Interest on Finance Lease

2

1

Proceeds from exercise of stock options and Warrants

8

2

Net cash used in financing activities

(8,292

)

(5,778

)

(8,245

)

(3,506

)

(5,069

)

Effects of Exchange Rate Changes on Cash and Cash Equivalents

4,621

1,004

619

(557

)

(1,037

)

Net Change in Cash, Cash Equivalents and Restricted Cash

32,394

(9,648

)

(9,574

)

(15,554

)

(13,692

)

Cash Flows from Discontinued Operations

Operating Activities

(171

)

1,895

1,518

2,255

2,549

Investing Activities

(1,436

)

(2,527

)

(1,567

)

(2,788

)

Financing Activities

1,090

4

(153

)

Effects of FX Rate Changes on Cash and Cash Equivalents

196

(26

)

339

(390

)

Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:

(171

)

655

55

1,031

(782

)

Net Change in Cash, Cash Equivalents and Restricted Cash

32,223

(8,993

)

(9,519

)

(14,523

)

(14,474

)

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

39,538

48,531

58,050

72,573

87,047

Cash, Restricted Cash and Cash Equivalents, End of Period

$

71,761

$

39,538

$

48,531

$

58,050

$

72,573

SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

Owned

Joint Ventured

Leased-in

Managed

Total

March 31, 2021

AHTS

4

2

6

FSV

24

5

1

1

31

Supply

14

26

40

Specialty (1)

1

3

4

Liftboats

14

1

15

57

34

4

1

96

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

Crew Transfer Assets Held for Sale

40

5

45

Crew transfer Continuing Operations

1

1

100

40

4

2

146

(1) One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of March 31, 2021.