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SEACOR Marine Announces Fourth Quarter 2022 Results

SEACOR Marine Holdings Inc.
SEACOR Marine Holdings Inc.

HOUSTON, March 06, 2023 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2022.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.

Notable fourth quarter items include:

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  • Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.

  • Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.

  • 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.

  • DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.

For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.

The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.

The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.

I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”
___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)

 

 

Three Months Ended December 31,

 

 

Year ended December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating Revenues

 

$

57,926

 

 

$

47,967

 

 

$

217,325

 

 

$

170,941

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

44,338

 

 

 

35,036

 

 

 

171,985

 

 

 

127,406

 

Administrative and general

 

 

10,799

 

 

 

10,742

 

 

 

40,911

 

 

 

37,639

 

Lease expense

 

 

633

 

 

 

2,664

 

 

 

3,869

 

 

 

6,085

 

Depreciation and amortization

 

 

13,624

 

 

 

14,198

 

 

 

55,957

 

 

 

57,395

 

 

 

 

69,394

 

 

 

62,640

 

 

 

272,722

 

 

 

228,525

 

Gains on Asset Dispositions and Impairments, Net

 

 

1,017

 

 

 

 

 

 

1,398

 

 

 

20,436

 

Operating Loss

 

 

(10,451

)

 

 

(14,673

)

 

 

(53,999

)

 

 

(37,148

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

688

 

 

 

57

 

 

 

784

 

 

 

1,302

 

Interest expense

 

 

(8,456

)

 

 

(6,380

)

 

 

(29,706

)

 

 

(28,111

)

SEACOR Holdings guarantee fees

 

 

 

 

 

 

 

 

 

 

 

(7

)

Gain on debt extinguishment

 

 

10,429

 

 

 

 

 

 

10,429

 

 

 

61,994

 

Derivative gains, net

 

 

 

 

 

4

 

 

 

 

 

 

391

 

Foreign currency (losses) gains, net

 

 

(2,646

)

 

 

(357

)

 

 

1,659

 

 

 

(1,235

)

Gain from return of investments in 50% or less owned companies and other, net

 

 

137

 

 

 

 

 

 

755

 

 

 

9,441

 

 

 

 

152

 

 

 

(6,676

)

 

 

(16,079

)

 

 

43,775

 

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

 

 

(10,299

)

 

 

(21,349

)

 

 

(70,078

)

 

 

6,627

 

Income Tax Expense (Benefit)

 

 

4,219

 

 

 

(1,009

)

 

 

8,582

 

 

 

11,493

 

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

 

 

(14,518

)

 

 

(20,340

)

 

 

(78,660

)

 

 

(4,866

)

Equity in Earnings of 50% or Less Owned Companies

 

 

1,176

 

 

 

4,494

 

 

 

7,011

 

 

 

15,078

 

(Loss) Income from Continuing Operations

 

 

(13,342

)

 

 

(15,846

)

 

 

(71,649

)

 

 

10,212

 

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

 

 

 

 

 

 

 

 

 

 

 

22,925

 

Net (Loss) Income

 

 

(13,342

)

 

 

(15,846

)

 

 

(71,649

)

 

 

33,137

 

Net Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

 

 

 

1

 

 

 

1

 

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

 

$

(13,342

)

 

$

(15,846

)

 

$

(71,650

)

 

$

33,136

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Per Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.62

)

 

$

(2.69

)

 

$

0.40

 

Diluted

 

 

(0.50

)

 

 

(0.62

)

 

 

(2.69

)

 

 

0.40

 

Net Earnings Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

 

 

$

 

 

$

0.90

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

0.90

 

Net (Loss) Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.62

)

 

$

(2.69

)

 

$

1.30

 

Diluted

 

$

(0.50

)

 

$

(0.62

)

 

$

(2.69

)

 

$

1.30

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,727,864

 

 

 

25,520,034

 

 

 

26,626,179

 

 

 

25,444,693

 

Diluted

 

 

26,727,864

 

 

 

25,520,034

 

 

 

26,626,179

 

 

 

25,495,527

 

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

 

 

Three Months Ended

 

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

13,794

 

 

$

13,340

 

 

$

12,149

 

 

$

11,312

 

 

$

11,376

 

Fleet Utilization

 

 

76

%

 

 

79

%

 

 

77

%

 

 

70

%

 

 

73

%

Fleet Available Days

 

 

5,244

 

 

 

5,336

 

 

 

5,311

 

 

 

5,400

 

 

 

5,060

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

54,789

 

 

$

56,500

 

 

$

49,504

 

 

$

42,741

 

 

$

42,289

 

Bareboat charter

 

 

376

 

 

 

332

 

 

 

48

 

 

 

618

 

 

 

2,870

 

Other marine services

 

 

2,761

 

 

 

2,959

 

 

 

4,465

 

 

 

2,232

 

 

 

2,808

 

 

 

 

57,926

 

 

 

59,791

 

 

 

54,017

 

 

 

45,591

 

 

 

47,967

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

20,849

 

 

 

20,152

 

 

 

18,346

 

 

 

18,435

 

 

 

17,098

 

Repairs and maintenance

 

 

8,948

 

 

 

7,377

 

 

 

8,380

 

 

 

6,791

 

 

 

6,782

 

Drydocking

 

 

1,667

 

 

 

5,046

 

 

 

6,474

 

 

 

4,973

 

 

 

567

 

Insurance and loss reserves

 

 

3,381

 

 

 

2,850

 

 

 

2,545

 

 

 

1,186

 

 

 

1,859

 

Fuel, lubes and supplies

 

 

5,794

 

 

 

5,416

 

 

 

4,350

 

 

 

3,729

 

 

 

3,254

 

Other

 

 

3,699

 

 

 

3,165

 

 

 

4,050

 

 

 

4,382

 

 

 

5,476

 

 

 

 

44,338

 

 

 

44,006

 

 

 

44,145

 

 

 

39,496

 

 

 

35,036

 

Direct Vessel Profit(1)

 

 

13,588

 

 

 

15,785

 

 

 

9,872

 

 

 

6,095

 

 

 

12,931

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

633

 

 

 

1,168

 

 

 

1,008

 

 

 

1,060

 

 

 

2,664

 

Administrative and general

 

 

10,799

 

 

 

9,978

 

 

 

10,210

 

 

 

9,924

 

 

 

10,742

 

Depreciation and amortization

 

 

13,624

 

 

 

13,754

 

 

 

14,208

 

 

 

14,371

 

 

 

14,198

 

 

 

 

25,056

 

 

 

24,900

 

 

 

25,426

 

 

 

25,355

 

 

 

27,604

 

Gains (Losses) on Asset Dispositions and Impairments, Net

 

 

1,017

 

 

 

(1,783

)

 

 

25

 

 

 

2,139

 

 

 

 

Operating Loss

 

 

(10,451

)

 

 

(10,898

)

 

 

(15,529

)

 

 

(17,121

)

 

 

(14,673

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

688

 

 

 

(123

)

 

 

190

 

 

 

29

 

 

 

57

 

Interest expense

 

 

(8,456

)

 

 

(7,634

)

 

 

(6,989

)

 

 

(6,627

)

 

 

(6,380

)

Derivative gains (losses), net

 

 

 

 

 

1

 

 

 

33

 

 

 

(34

)

 

 

4

 

Gain on debt extinguishment

 

 

10,429

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency (losses) gains, net

 

 

(2,646

)

 

 

2,314

 

 

 

1,170

 

 

 

821

 

 

 

(357

)

Gain (Loss) from return of investments in 50% or less owned companies and other, net

 

 

137

 

 

 

659

 

 

 

(41

)

 

 

 

 

 

 

 

 

 

152

 

 

 

(4,783

)

 

 

(5,637

)

 

 

(5,811

)

 

 

(6,676

)

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

 

 

(10,299

)

 

 

(15,681

)

 

 

(21,166

)

 

 

(22,932

)

 

 

(21,349

)

Income Tax Expense (Benefit)

 

 

4,219

 

 

 

8,418

 

 

 

(1,634

)

 

 

(2,421

)

 

 

(1,009

)

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

 

 

(14,518

)

 

 

(24,099

)

 

 

(19,532

)

 

 

(20,511

)

 

 

(20,340

)

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

 

 

1,176

 

 

 

(254

)

 

 

415

 

 

 

5,674

 

 

 

4,494

 

Loss from Continuing Operations

 

 

(13,342

)

 

 

(24,353

)

 

 

(19,117

)

 

 

(14,837

)

 

 

(15,846

)

Net Loss

 

 

(13,342

)

 

 

(24,353

)

 

 

(19,117

)

 

 

(14,837

)

 

 

(15,846

)

Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

 

 

 

(2

)

 

 

3

 

 

 

 

 

 

 

Net Loss Attributable to SEACOR Marine Holdings Inc.

 

$

(13,342

)

 

$

(24,351

)

 

$

(19,120

)

 

$

(14,837

)

 

$

(15,846

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

Diluted

 

 

(0.50

)

 

 

(0.91

)

 

 

(0.72

)

 

 

(0.56

)

 

 

(0.62

)

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.50

)

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

Diluted

 

$

(0.50

)

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,728

 

 

 

26,728

 

 

 

26,665

 

 

 

26,379

 

 

 

25,520

 

Diluted

 

 

26,728

 

 

 

26,728

 

 

 

26,665

 

 

 

26,379

 

 

 

25,520

 

Common Shares and Warrants Outstanding at Period End

 

 

28,142

 

 

 

28,142

 

 

 

28,145

 

 

 

28,083

 

 

 

27,432

 

        

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

 

 

Three Months Ended

 

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

22,563

 

 

$

21,551

 

 

$

17,792

 

 

$

15,595

 

 

$

15,496

 

Fleet utilization

 

 

57

%

 

 

58

%

 

 

43

%

 

 

38

%

 

 

33

%

Fleet available days

 

 

1,288

 

 

 

1,363

 

 

 

1,277

 

 

 

1,314

 

 

 

1,043

 

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

 

 

108

 

 

 

199

 

 

 

284

 

 

 

205

 

 

 

95

 

Out-of-service days for cold-stacked status

 

 

242

 

 

 

259

 

 

 

313

 

 

 

404

 

 

 

399

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

16,574

 

 

$

17,075

 

 

$

9,759

 

 

$

7,864

 

 

$

5,290

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

386

 

Other marine services

 

 

2,916

 

 

 

2,161

 

 

 

2,399

 

 

 

2,052

 

 

 

1,119

 

 

 

 

19,490

 

 

 

19,236

 

 

 

12,158

 

 

 

9,916

 

 

 

6,795

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

7,262

 

 

 

7,243

 

 

 

5,773

 

 

 

4,923

 

 

 

3,136

 

Repairs and maintenance

 

 

2,666

 

 

 

2,002

 

 

 

1,280

 

 

 

1,101

 

 

 

1,085

 

Drydocking

 

 

472

 

 

 

1,549

 

 

 

4,090

 

 

 

2,867

 

 

 

191

 

Insurance and loss reserves

 

 

2,022

 

 

 

1,382

 

 

 

1,198

 

 

 

229

 

 

 

720

 

Fuel, lubes and supplies

 

 

746

 

 

 

1,143

 

 

 

794

 

 

 

662

 

 

 

501

 

Other

 

 

416

 

 

 

314

 

 

 

281

 

 

 

224

 

 

 

200

 

 

 

 

13,584

 

 

 

13,633

 

 

 

13,416

 

 

 

10,006

 

 

 

5,833

 

Direct Vessel Profit (Loss)(1)

 

$

5,906

 

 

$

5,603

 

 

$

(1,258

)

 

$

(90

)

 

$

962

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

138

 

 

$

278

 

 

$

295

 

 

$

287

 

 

$

633

 

Depreciation and amortization

 

 

3,912

 

 

 

4,332

 

 

 

4,562

 

 

 

4,638

 

 

 

4,325

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe, Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,241

 

 

$

11,813

 

 

$

11,279

 

 

$

10,006

 

 

$

9,530

 

Fleet utilization

 

 

82

%

 

 

91

%

 

 

85

%

 

 

82

%

 

 

88

%

Fleet available days

 

 

1,656

 

 

 

1,629

 

 

 

1,567

 

 

 

1,499

 

 

 

1,411

 

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

 

 

125

 

 

 

37

 

 

 

58

 

 

 

163

 

 

 

79

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

15,299

 

 

$

17,551

 

 

$

14,930

 

 

$

12,280

 

 

$

11,883

 

Other marine services

 

 

(679

)

 

 

60

 

 

 

1,072

 

 

 

(616

)

 

 

(416

)

 

 

 

14,620

 

 

 

17,611

 

 

 

16,002

 

 

 

11,664

 

 

 

11,467

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,680

 

 

 

4,694

 

 

 

3,526

 

 

 

3,536

 

 

 

3,283

 

Repairs and maintenance

 

 

2,902

 

 

 

2,110

 

 

 

2,638

 

 

 

1,579

 

 

 

1,846

 

Drydocking

 

 

678

 

 

 

383

 

 

 

134

 

 

 

1,144

 

 

 

144

 

Insurance and loss reserves

 

 

366

 

 

 

359

 

 

 

329

 

 

 

124

 

 

 

245

 

Fuel, lubes and supplies

 

 

2,775

 

 

 

2,284

 

 

 

1,490

 

 

 

1,473

 

 

 

1,019

 

Other

 

 

1,896

 

 

 

1,580

 

 

 

1,871

 

 

 

1,828

 

 

 

1,740

 

 

 

 

13,297

 

 

 

11,410

 

 

 

9,988

 

 

 

9,684

 

 

 

8,277

 

Direct Vessel Profit(1)

 

$

1,323

 

 

$

6,201

 

 

$

6,014

 

 

$

1,980

 

 

$

3,190

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

378

 

 

$

455

 

 

$

456

 

 

$

402

 

 

$

371

 

Depreciation and amortization

 

 

3,683

 

 

 

3,461

 

 

 

3,306

 

 

 

3,258

 

 

 

2,948

 

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

 

 

Three Months Ended

 

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

Middle East and Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,090

 

 

$

9,507

 

 

$

9,673

 

 

$

9,882

 

 

$

9,612

 

Fleet utilization

 

 

75

%

 

 

79

%

 

 

87

%

 

 

77

%

 

 

81

%

Fleet available days

 

 

1,533

 

 

 

1,564

 

 

 

1,651

 

 

 

1,800

 

 

 

1,717

 

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

 

 

132

 

 

 

252

 

 

 

160

 

 

 

153

 

 

 

38

 

Out-of-service days for cold-stacked status

 

 

 

 

 

 

 

 

 

 

 

90

 

 

 

178

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

12,802

 

 

$

11,712

 

 

$

13,906

 

 

$

13,660

 

 

$

13,402

 

Other marine services

 

 

(66

)

 

 

319

 

 

 

460

 

 

 

49

 

 

 

50

 

 

 

 

12,736

 

 

 

12,031

 

 

 

14,366

 

 

 

13,709

 

 

 

13,452

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,270

 

 

 

5,384

 

 

 

5,691

 

 

 

6,031

 

 

 

5,756

 

Repairs and maintenance

 

 

1,958

 

 

 

1,776

 

 

 

2,545

 

 

 

1,832

 

 

 

1,382

 

Drydocking

 

 

244

 

 

 

3,113

 

 

 

2,250

 

 

 

962

 

 

 

232

 

Insurance and loss reserves

 

 

821

 

 

 

762

 

 

 

748

 

 

 

507

 

 

 

611

 

Fuel, lubes and supplies

 

 

1,335

 

 

 

1,426

 

 

 

1,318

 

 

 

1,010

 

 

 

1,042

 

Other

 

 

915

 

 

 

878

 

 

 

1,213

 

 

 

1,627

 

 

 

2,148

 

 

 

 

10,543

 

 

 

13,339

 

 

 

13,765

 

 

 

11,969

 

 

 

11,171

 

Direct Vessel (Loss) Profit(1)

 

$

2,193

 

 

$

(1,308

)

 

$

601

 

 

$

1,740

 

 

$

2,281

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

52

 

 

$

35

 

 

$

38

 

 

$

31

 

 

$

38

 

Depreciation and amortization

 

 

3,783

 

 

 

3,974

 

 

 

4,229

 

 

 

4,345

 

 

 

4,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

14,009

 

 

$

14,010

 

 

$

14,263

 

 

$

13,450

 

 

$

15,944

 

Fleet utilization

 

 

94

%

 

 

93

%

 

 

94

%

 

 

85

%

 

 

83

%

Fleet available days

 

 

767

 

 

 

780

 

 

 

816

 

 

 

787

 

 

 

889

 

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

 

 

14

 

 

 

12

 

 

 

6

 

 

 

59

 

 

 

113

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

10,114

 

 

$

10,162

 

 

$

10,909

 

 

$

8,937

 

 

$

11,714

 

Bareboat charter

 

 

376

 

 

 

332

 

 

 

48

 

 

 

618

 

 

 

2,484

 

Other marine services

 

 

590

 

 

 

419

 

 

 

534

 

 

 

747

 

 

 

2,055

 

 

 

 

11,080

 

 

 

10,913

 

 

 

11,491

 

 

 

10,302

 

 

 

16,253

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

3,637

 

 

 

2,831

 

 

 

3,356

 

 

 

3,945

 

 

 

4,923

 

Repairs and maintenance

 

 

1,422

 

 

 

1,489

 

 

 

1,917

 

 

 

2,279

 

 

 

2,469

 

Drydocking

 

 

273

 

 

 

1

 

 

 

 

 

 

 

 

 

 

Insurance and loss reserves

 

 

172

 

 

 

347

 

 

 

270

 

 

 

326

 

 

 

283

 

Fuel, lubes and supplies

 

 

938

 

 

 

563

 

 

 

748

 

 

 

584

 

 

 

692

 

Other

 

 

472

 

 

 

393

 

 

 

685

 

 

 

703

 

 

 

1,388

 

 

 

 

6,914

 

 

 

5,624

 

 

 

6,976

 

 

 

7,837

 

 

 

9,755

 

Direct Vessel Profit(1)

 

$

4,166

 

 

$

5,289

 

 

$

4,515

 

 

$

2,465

 

 

$

6,498

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

65

 

 

$

400

 

 

$

219

 

 

$

340

 

 

$

1,622

 

'Depreciation and amortization

 

 

2,246

 

 

 

1,987

 

 

 

2,111

 

 

 

2,130

 

 

 

2,769

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Dec. 31, 2022

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

Anchor handling towing supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,254

 

 

$

8,848

 

 

$

8,887

 

 

$

8,908

 

 

$

8,069

 

Fleet utilization

 

 

80

%

 

 

67

%

 

 

66

%

 

 

66

%

 

 

66

%

Fleet available days

 

 

460

 

 

 

552

 

 

 

546

 

 

 

540

 

 

 

552

 

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

 

 

 

 

 

92

 

 

 

56

 

 

 

2

 

 

 

14

 

Out-of-service days for cold-stacked status

 

 

92

 

 

 

92

 

 

 

131

 

 

 

180

 

 

 

92

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

3,406

 

 

$

3,256

 

 

$

3,191

 

 

$

3,188

 

 

$

2,926

 

Other marine services

 

 

(168

)

 

 

(183

)

 

 

(143

)

 

 

(160

)

 

 

(129

)

 

 

 

3,238

 

 

 

3,073

 

 

 

3,048

 

 

 

3,028

 

 

 

2,797

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

1,220

 

 

$

1,022

 

 

$

1,050

 

 

$

1,136

 

 

$

1,389

 

Repairs and maintenance

 

 

331

 

 

 

304

 

 

 

566

 

 

 

293

 

 

 

608

 

Drydocking

 

 

6

 

 

 

28

 

 

 

(30

)

 

 

(7

)

 

 

1

 

Insurance and loss reserves

 

 

94

 

 

 

150

 

 

 

146

 

 

 

(137

)

 

 

148

 

Fuel, lubes and supplies

 

 

259

 

 

 

399

 

 

 

215

 

 

 

144

 

 

 

321

 

Other

 

 

283

 

 

 

228

 

 

 

435

 

 

 

439

 

 

 

556

 

 

 

 

2,193

 

 

 

2,131