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SEACOR Marine Announces Third Quarter 2022 Results

SEACOR Marine Holdings Inc.
SEACOR Marine Holdings Inc.

HOUSTON, Nov. 02, 2022 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its third quarter ended September 30, 2022.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2022 were $59.8 million, operating loss was $10.9 million, and direct vessel profit (“DVP”)(1) was $15.8 million. This compares to consolidated operating revenues of $43.7 million, operating loss of $14.3 million, and DVP of $10.2 million in the third quarter of 2021, and consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022.

Notable third quarter items include:

  • Completion of the sale of our joint ventures in Mexico for gross cash proceeds of $66.0 million.

  • Completion of refinancing transactions extending the maturity of our main senior secured credit facility from the third quarter of 2023 to the first quarter of 2026.

  • Average utilization rates of 79%, the highest since the fourth quarter of 2013, an 11% improvement from the third quarter of 2021, and a 3% improvement from the second quarter of 2022.

  • 37% improvement in revenues from the third quarter of 2021 and an 11% improvement from the second quarter of 2022.

  • DVP margin increased 3% from the third quarter of 2021 and 8% from the second quarter of 2022, inclusive of all drydocking expenses during the periods.

For the third quarter of 2022, loss from continuing operations was $24.4 million ($0.91 loss per basic and diluted share). This compares to a loss from continuing operations for the third quarter of 2021 of $5.8 million ($0.23 loss per basic and diluted share). Sequentially, third quarter 2022 results compare to a loss from continuing operations of $19.1 million ($0.72 loss per basic and diluted share) in the second quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s third quarter continued the improvement in revenues, utilization and average dayrates, and the acceleration of DVP margins. In particular, the U.S. Gulf of Mexico had its highest DVP contribution since 2018 and we are seeing improved demand for next year for our liftboats in both offshore wind and oil and gas decommissioning activities.

The positive trends for the third quarter were partially offset by ongoing repair work on one of our premium liftboats in the Middle East, which we have fully expensed and which we expect to complete in the fourth quarter, as well as lower utilization for our PSV fleet, primarily as a result of both higher repair days and an early contract termination by one of our customers in the Middle East.

The capstone of the quarter was a series of transactions which substantially bolstered our liquidity and extended our debt maturities. The sale of our joint ventures in Mexico allowed us to unlock capital at an attractive value. The refinancing transactions completed during the quarter, as well as the exchange transaction with Carlyle for our convertible debt completed in early October, addressed our main 2023 maturities, and once again demonstrate SEACOR Marine’s ability to maintain a disciplined capital structure while preserving equity value for our shareholders.”

(1)

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


SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine’s vessels provide accommodations for technicians and specialists, safety support and emergency response services.

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

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


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

 

 

Three Months Ended
September 30,

 

 

Nine months ended
September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating Revenues

 

$

59,791

 

 

$

43,663

 

 

$

159,399

 

 

$

122,974

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

44,006

 

 

 

33,448

 

 

 

127,647

 

 

 

92,370

 

Administrative and general

 

 

9,978

 

 

 

9,134

 

 

 

30,112

 

 

 

26,897

 

Lease expense

 

 

1,168

 

 

 

1,109

 

 

 

3,236

 

 

 

3,421

 

Depreciation and amortization

 

 

13,754

 

 

 

14,306

 

 

 

42,333

 

 

 

43,197

 

 

 

 

68,906

 

 

 

57,997

 

 

 

203,328

 

 

 

165,885

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(1,783

)

 

 

56

 

 

 

381

 

 

 

20,436

 

Operating Loss

 

 

(10,898

)

 

 

(14,278

)

 

 

(43,548

)

 

 

(22,475

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(123

)

 

 

124

 

 

 

96

 

 

 

1,245

 

Interest expense

 

 

(7,634

)

 

 

(6,403

)

 

 

(21,250

)

 

 

(21,731

)

SEACOR Holdings guarantee fees

 

 

 

 

 

 

 

 

 

 

 

(7

)

Gain on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

61,994

 

Derivative gains, net

 

 

1

 

 

 

2

 

 

 

 

 

 

387

 

Foreign currency gains (losses), net

 

 

2,314

 

 

 

245

 

 

 

4,305

 

 

 

(878

)

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

 

 

659

 

 

 

9,442

 

 

 

618

 

 

 

9,441

 

 

 

 

(4,783

)

 

 

3,410

 

 

 

(16,231

)

 

 

50,451

 

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

 

 

(15,681

)

 

 

(10,868

)

 

 

(59,779

)

 

 

27,976

 

Income Tax Expense (Benefit)

 

 

8,418

 

 

 

(725

)

 

 

4,363

 

 

 

12,502

 

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

 

 

(24,099

)

 

 

(10,143

)

 

 

(64,142

)

 

 

15,474

 

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

 

 

(254

)

 

 

4,314

 

 

 

5,835

 

 

 

10,584

 

(Loss) Income from Continuing Operations

 

 

(24,353

)

 

 

(5,829

)

 

 

(58,307

)

 

 

26,058

 

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

 

 

 

 

 

 

 

 

 

 

 

22,925

 

Net (Loss) Income

 

 

(24,353

)

 

 

(5,829

)

 

 

(58,307

)

 

 

48,983

 

Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

(2

)

 

 

 

 

 

1

 

 

 

1

 

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

 

$

(24,351

)

 

$

(5,829

)

 

$

(58,308

)

 

$

48,982

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (Loss) Income Per Common Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.91

)

 

$

(0.23

)

 

$

(2.19

)

 

$

1.03

 

Diluted

 

 

(0.91

)

 

 

(0.23

)

 

 

(2.19

)

 

 

1.02

 

Net Earnings Per Share from Discontinued Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

 

 

$

 

 

$

0.90

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

0.90

 

Net (Loss) Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.91

)

 

$

(0.23

)

 

$

(2.19

)

 

$

1.93

 

Diluted

 

$

(0.91

)

 

$

(0.23

)

 

$

(2.19

)

 

$

1.92

 

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,727,864

 

 

 

25,515,569

 

 

 

26,591,911

 

 

 

25,419,303

 

Diluted

 

 

26,727,864

 

 

 

25,515,569

 

 

 

26,591,911

 

 

 

25,430,762

 


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

 

 

Three Months Ended

 

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

 

Sep. 30, 2021

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

13,340

 

 

$

12,149

 

 

$

11,312

 

 

$

11,376

 

 

$

12,120

 

Fleet Utilization

 

 

79

%

 

 

77

%

 

 

70

%

 

 

73

%

 

 

68

%

Fleet Available Days

 

 

5,336

 

 

 

5,311

 

 

 

5,400

 

 

 

5,060

 

 

 

5,108

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

56,500

 

 

$

49,504

 

 

$

42,741

 

 

$

42,289

 

 

$

41,782

 

Bareboat charter

 

 

332

 

 

 

48

 

 

 

618

 

 

 

2,870

 

 

 

 

Other marine services

 

 

2,959

 

 

 

4,465

 

 

 

2,232

 

 

 

2,808

 

 

 

1,881

 

 

 

 

59,791

 

 

 

54,017

 

 

 

45,591

 

 

 

47,967

 

 

 

43,663

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

20,152

 

 

 

18,346

 

 

 

18,435

 

 

 

17,098

 

 

 

15,051

 

Repairs and maintenance

 

 

7,377

 

 

 

8,380

 

 

 

6,791

 

 

 

6,782

 

 

 

6,536

 

Drydocking

 

 

5,046

 

 

 

6,474

 

 

 

4,973

 

 

 

567

 

 

 

771

 

Insurance and loss reserves

 

 

2,850

 

 

 

2,545

 

 

 

1,186

 

 

 

1,859

 

 

 

2,189

 

Fuel, lubes and supplies

 

 

5,416

 

 

 

4,350

 

 

 

3,729

 

 

 

3,254

 

 

 

3,684

 

Other

 

 

3,165

 

 

 

4,050

 

 

 

4,382

 

 

 

5,476

 

 

 

5,217

 

 

 

 

44,006

 

 

 

44,145

 

 

 

39,496

 

 

 

35,036

 

 

 

33,448

 

Direct Vessel Profit (1)

 

 

15,785

 

 

 

9,872

 

 

 

6,095

 

 

 

12,931

 

 

 

10,215

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

1,168

 

 

 

1,008

 

 

 

1,060

 

 

 

2,664

 

 

 

1,109

 

Administrative and general

 

 

9,978

 

 

 

10,210

 

 

 

9,924

 

 

 

10,742

 

 

 

9,134

 

Depreciation and amortization

 

 

13,754

 

 

 

14,208

 

 

 

14,371

 

 

 

14,198

 

 

 

14,306

 

 

 

 

24,900

 

 

 

25,426

 

 

 

25,355

 

 

 

27,604

 

 

 

24,549

 

(Losses) Gains on Asset Dispositions and Impairments, Net

 

 

(1,783

)

 

 

25

 

 

 

2,139

 

 

 

 

 

 

56

 

Operating Loss

 

 

(10,898

)

 

 

(15,529

)

 

 

(17,121

)

 

 

(14,673

)

 

 

(14,278

)

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

(123

)

 

 

190

 

 

 

29

 

 

 

57

 

 

 

124

 

Interest expense

 

 

(7,634

)

 

 

(6,989

)

 

 

(6,627

)

 

 

(6,380

)

 

 

(6,403

)

Derivative gains (losses), net

 

 

1

 

 

 

33

 

 

 

(34

)

 

 

4

 

 

 

2

 

Foreign currency gains (losses), net

 

 

2,314

 

 

 

1,170

 

 

 

821

 

 

 

(357

)

 

 

245

 

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

 

 

659

 

 

 

(41

)

 

 

 

 

 

 

 

 

9,442

 

 

 

 

(4,783

)

 

 

(5,637

)

 

 

(5,811

)

 

 

(6,676

)

 

 

3,410

 

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

 

 

(15,681

)

 

 

(21,166

)

 

 

(22,932

)

 

 

(21,349

)

 

 

(10,868

)

Income Tax Expense (Benefit)

 

 

8,418

 

 

 

(1,634

)

 

 

(2,421

)

 

 

(1,009

)

 

 

(725

)

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

 

 

(24,099

)

 

 

(19,532

)

 

 

(20,511

)

 

 

(20,340

)

 

 

(10,143

)

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

 

 

(254

)

 

 

415

 

 

 

5,674

 

 

 

4,494

 

 

 

4,314

 

Loss from Continuing Operations

 

 

(24,353

)

 

 

(19,117

)

 

 

(14,837

)

 

 

(15,846

)

 

 

(5,829

)

Net Loss

 

 

(24,353

)

 

 

(19,117

)

 

 

(14,837

)

 

 

(15,846

)

 

 

(5,829

)

Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries

 

 

(2

)

 

 

3

 

 

 

 

 

 

 

 

 

 

Net Loss Attributable to SEACOR Marine Holdings Inc.

 

$

(24,351

)

 

$

(19,120

)

 

$

(14,837

)

 

$

(15,846

)

 

$

(5,829

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Common Share from Continuing Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

 

$

(0.23

)

Diluted

 

 

(0.91

)

 

 

(0.72

)

 

 

(0.56

)

 

 

(0.62

)

 

 

(0.23

)

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

 

$

(0.23

)

Diluted

 

$

(0.91

)

 

$

(0.72

)

 

$

(0.56

)

 

$

(0.62

)

 

$

(0.23

)

Weighted Average Common Stock and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,728

 

 

 

26,665

 

 

 

26,379

 

 

 

25,520

 

 

 

25,516

 

Diluted

 

 

26,728

 

 

 

26,665

 

 

 

26,379

 

 

 

25,520

 

 

 

25,516

 

Common Shares and Warrants Outstanding at Period End

 

 

28,142

 

 

 

28,145

 

 

 

28,083

 

 

 

27,432

 

 

 

25,864

 

        

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

 

 

Three Months Ended

 

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

 

Sep. 30, 2021

 

United States, primarily Gulf of Mexico

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

21,551

 

 

$

17,792

 

 

$

15,595

 

 

$

15,496

 

 

$

18,702

 

Fleet utilization

 

 

58

%

 

 

43

%

 

 

38

%

 

 

33

%

 

 

27

%

Fleet available days

 

 

1,363

 

 

 

1,277

 

 

 

1,314

 

 

 

1,043

 

 

 

1,062

 

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

 

 

199

 

 

 

284

 

 

 

205

 

 

 

95

 

 

 

246

 

Out-of-service days for cold-stacked status

 

 

259

 

 

 

313

 

 

 

404

 

 

 

399

 

 

 

469

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

17,075

 

 

$

9,759

 

 

$

7,864

 

 

$

5,290

 

 

$

5,289

 

Bareboat charter

 

 

 

 

 

 

 

 

 

 

 

386

 

 

 

 

Other marine services

 

 

2,161

 

 

 

2,399

 

 

 

2,052

 

 

 

1,119

 

 

 

1,215

 

 

 

 

19,236

 

 

 

12,158

 

 

 

9,916

 

 

 

6,795

 

 

 

6,504

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

7,243

 

 

 

5,773

 

 

 

4,923

 

 

 

3,136

 

 

 

2,428

 

Repairs and maintenance

 

 

2,002

 

 

 

1,280

 

 

 

1,101

 

 

 

1,085

 

 

 

1,266

 

Drydocking

 

 

1,549

 

 

 

4,090

 

 

 

2,867

 

 

 

191

 

 

 

239

 

Insurance and loss reserves

 

 

1,382

 

 

 

1,198

 

 

 

229

 

 

 

720

 

 

 

462

 

Fuel, lubes and supplies

 

 

1,143

 

 

 

794

 

 

 

662

 

 

 

501

 

 

 

259

 

Other

 

 

314

 

 

 

281

 

 

 

224

 

 

 

200

 

 

 

147

 

 

 

 

13,633

 

 

 

13,416

 

 

 

10,006

 

 

 

5,833

 

 

 

4,801

 

Direct Vessel Profit (Loss) (1)

 

$

5,603

 

 

$

(1,258

)

 

$

(90

)

 

$

962

 

 

$

1,703

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

278

 

 

$

295

 

 

$

287

 

 

$

633

 

 

$

621

 

Depreciation and amortization

 

 

4,332

 

 

 

4,562

 

 

 

4,638

 

 

 

4,325

 

 

 

3,936

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe, Continuing Operations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

11,813

 

 

$

11,279

 

 

$

10,006

 

 

$

9,530

 

 

$

9,551

 

Fleet utilization

 

 

91

%

 

 

85

%

 

 

82

%

 

 

88

%

 

 

77

%

Fleet available days

 

 

1,629

 

 

 

1,567

 

 

 

1,499

 

 

 

1,411

 

 

 

1,417

 

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

 

 

37

 

 

 

58

 

 

 

163

 

 

 

79

 

 

 

52

 

Out-of-service days for cold-stacked status

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

17,551

 

 

$

14,930

 

 

$

12,280

 

 

$

11,883

 

 

$

10,446

 

Other marine services

 

 

60

 

 

 

1,072

 

 

 

(616

)

 

 

(416

)

 

 

(429

)

 

 

 

17,611

 

 

 

16,002

 

 

 

11,664

 

 

 

11,467

 

 

 

10,017

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,694

 

 

 

3,526

 

 

 

3,536

 

 

 

3,283

 

 

 

3,147

 

Repairs and maintenance

 

 

2,110

 

 

 

2,638

 

 

 

1,579

 

 

 

1,846

 

 

 

1,540

 

Drydocking

 

 

383

 

 

 

134

 

 

 

1,144

 

 

 

144

 

 

 

337

 

Insurance and loss reserves

 

 

359

 

 

 

329

 

 

 

124

 

 

 

245

 

 

 

323

 

Fuel, lubes and supplies

 

 

2,284

 

 

 

1,490

 

 

 

1,473

 

 

 

1,019

 

 

 

1,631

 

Other

 

 

1,580

 

 

 

1,871

 

 

 

1,828

 

 

 

1,740

 

 

 

1,424

 

 

 

 

11,410

 

 

 

9,988

 

 

 

9,684

 

 

 

8,277

 

 

 

8,402

 

Direct Vessel Profit (1)

 

$

6,201

 

 

$

6,014

 

 

$

1,980

 

 

$

3,190

 

 

$

1,615

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

455

 

 

$

456

 

 

$

402

 

 

$

371

 

 

$

284

 

Depreciation and amortization

 

 

3,461

 

 

 

3,306

 

 

 

3,258

 

 

 

2,948

 

 

 

3,296

 


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

 

 

Three Months Ended

 

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

 

Sep. 30, 2021

 

Middle East and Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

9,507

 

 

$

9,673

 

 

$

9,882

 

 

$

9,612

 

 

$

10,374

 

Fleet utilization

 

 

79

%

 

 

87

%

 

 

77

%

 

 

81

%

 

 

73

%

Fleet available days

 

 

1,564

 

 

 

1,651

 

 

 

1,800

 

 

 

1,717

 

 

 

1,780

 

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

 

 

252

 

 

 

160

 

 

 

153

 

 

 

38

 

 

 

134

 

Out-of-service days for cold-stacked status

 

 

 

 

 

 

 

 

90

 

 

 

178

 

 

 

214

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

11,712

 

 

$

13,906

 

 

$

13,660

 

 

$

13,402

 

 

$

13,417

 

Other marine services

 

 

319

 

 

 

460

 

 

 

49

 

 

 

50

 

 

 

85

 

 

 

 

12,031

 

 

 

14,366

 

 

 

13,709

 

 

 

13,452

 

 

 

13,502

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,384

 

 

 

5,691

 

 

 

6,031

 

 

 

5,756

 

 

 

5,849

 

Repairs and maintenance

 

 

1,776

 

 

 

2,545

 

 

 

1,832

 

 

 

1,382

 

 

 

1,610

 

Drydocking

 

 

3,113

 

 

 

2,250

 

 

 

962

 

 

 

232

 

 

 

156

 

Insurance and loss reserves

 

 

762

 

 

 

748

 

 

 

507

 

 

 

611

 

 

 

707

 

Fuel, lubes and supplies

 

 

1,426

 

 

 

1,318

 

 

 

1,010

 

 

 

1,042

 

 

 

777

 

Other

 

 

878

 

 

 

1,213

 

 

 

1,627

 

 

 

2,148

 

 

 

2,823

 

 

 

 

13,339

 

 

 

13,765

 

 

 

11,969

 

 

 

11,171

 

 

 

11,922

 

Direct Vessel (Loss) Profit (1)

 

$

(1,308

)

 

$

601

 

 

$

1,740

 

 

$

2,281

 

 

$

1,580

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

35

 

 

$

38

 

 

$

31

 

 

$

38

 

 

$

377

 

Depreciation and amortization

 

 

3,974

 

 

 

4,229

 

 

 

4,345

 

 

 

4,156

 

 

 

4,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Latin America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

14,010

 

 

$

14,263

 

 

$

13,450

 

 

$

15,944

 

 

$

16,240

 

Fleet utilization

 

 

93

%

 

 

94

%

 

 

85

%

 

 

83

%

 

 

92

%

Fleet available days

 

 

780

 

 

 

816

 

 

 

787

 

 

 

889

 

 

 

849

 

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

 

 

12

 

 

 

6

 

 

 

59

 

 

 

113

 

 

 

58

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

10,162

 

 

$

10,909

 

 

$

8,937

 

 

$

11,714

 

 

$

12,630

 

Bareboat charter

 

 

332

 

 

 

48

 

 

 

618

 

 

 

2,484

 

 

 

 

Other marine services

 

 

419

 

 

 

534

 

 

 

747

 

 

 

2,055

 

 

 

1,010

 

 

 

 

10,913

 

 

 

11,491

 

 

 

10,302

 

 

 

16,253

 

 

 

13,640

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

2,831

 

 

 

3,356

 

 

 

3,945

 

 

 

4,923

 

 

 

3,627

 

Repairs and maintenance

 

 

1,489

 

 

 

1,917

 

 

 

2,279

 

 

 

2,469

 

 

 

2,120

 

Drydocking

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

39

 

Insurance and loss reserves

 

 

347

 

 

 

270

 

 

 

326

 

 

 

283

 

 

 

697

 

Fuel, lubes and supplies

 

 

563

 

 

 

748

 

 

 

584

 

 

 

692

 

 

 

1,017

 

Other

 

 

393

 

 

 

685

 

 

 

703

 

 

 

1,388

 

 

 

823

 

 

 

 

5,624

 

 

 

6,976

 

 

 

7,837

 

 

 

9,755

 

 

 

8,323

 

Direct Vessel Profit (1)

 

$

5,289

 

 

$

4,515

 

 

$

2,465

 

 

$

6,498

 

 

$

5,317

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

400

 

 

$

219

 

 

$

340

 

 

$

1,622

 

 

$

(173

)

'Depreciation and amortization

 

 

1,987

 

 

 

2,111

 

 

 

2,130

 

 

 

2,769

 

 

 

2,618

 


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

 

 

Three Months Ended

 

 

 

Sep. 30, 2022

 

 

Jun. 30, 2022

 

 

Mar. 31, 2022

 

 

Dec. 31, 2021

 

 

Sep. 30, 2021

 

Anchor handling towing supply

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

8,848

 

 

$

8,887

 

 

$

8,908

 

 

$

8,069

 

 

$

14,346

 

Fleet utilization

 

 

67

%

 

 

66

%

 

 

66

%

 

 

66

%

 

 

66

%

Fleet available days

 

 

552

 

 

 

546

 

 

 

540

 

 

 

552

 

 

 

552

 

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

 

 

92

 

 

 

56

 

 

 

2

 

 

 

14

 

 

 

61

 

Out-of-service days for cold-stacked status

 

 

92

 

 

 

131

 

 

 

180

 

 

 

92

 

 

 

92

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

3,256

 

 

$

3,191

 

 

$

3,188

 

 

$

2,926

 

 

$

5,224

 

Other marine services

 

 

(183

)

 

 

(143

)

 

 

(160

)

 

 

(129

)

 

 

(151

)

 

 

 

3,073

 

 

 

3,048

 

 

 

3,028

 

 

 

2,797

 

 

 

5,073

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

1,022

 

 

$

1,050

 

 

$

1,136

 

 

$

1,389

 

 

$

1,584

 

Repairs and maintenance

 

 

304

 

 

 

566

 

 

 

293

 

 

 

608

 

 

 

1,044

 

Drydocking

 

 

28

 

 

 

(30

)

 

 

(7

)

 

 

1

 

 

 

(217

)

Insurance and loss reserves

 

 

150

 

 

 

146

 

 

 

(137

)

 

 

148

 

 

 

193

 

Fuel, lubes and supplies

 

 

399

 

 

 

215

 

 

 

144

 

 

 

321

 

 

 

388

 

Other

 

 

228