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:

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			2,382			1,868			3,023
Other Costs and Expenses:
Lease expense	$	300		$	450		$	450		$	449		$	353
Depreciation and amortization		300			494			495			494			495

*Fast support*
Time Charter Statistics:
Average rates per day worked	$	9,905		$	9,907		$	9,201		$	8,621		$	8,464
Fleet utilization		86	%		90	%		85	%		80	%		79	%
Fleet available days		2,116			2,116			2,126			2,160			2,208
Out-of-service days for repairs, maintenance and drydockings		146			103			108			167			137
Out-of-service days for cold-stacked status		58			75			91			90			92
Operating Revenues:
Time charter	$	18,062		$	18,837		$	16,525		$	14,900		$	14,857
Bareboat charter		—			—			—			—			386
Other marine services		(224	)		(15	)		(174	)		(254	)		(380	)
		17,838			18,822			16,351			14,646			14,863
Direct Costs and Expenses:
Operating:
Personnel	$	5,140		$	5,289		$	4,880		$	5,070		$	5,581
Repairs and maintenance		2,957			2,738			2,458			1,800			2,151
Drydocking		1,434			656			(201	)		1,277			494
Insurance and loss reserves		453			410			372			260			390
Fuel, lubes and supplies		1,797			1,572			1,187			1,544			1,355
Other		1,638			1,284			1,311			1,941			2,156
		13,419			11,949			10,007			11,892			12,127
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	353
Depreciation and amortization		4,972			4,972			5,010			4,945			4,929

SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
*PSV*
Time Charter Statistics:
Average rates per day worked	$	13,519		$	13,772		$	13,422		$	12,188		$	11,586
Fleet utilization		69	%		78	%		86	%		72	%		79	%
Fleet available days		1,840			1,840			1,820			1,800			1,380
Out-of-service days for repairs, maintenance and drydockings		142			152			26			233			117
Out-of-service days for cold-stacked status		—			—			—			—			117
Operating Revenues:
Time charter	$	17,194		$	19,687		$	20,983		$	15,823		$	12,675
Bareboat charter		376			332			48			618			—
Other marine services		222			720			575			44			410
		17,792			20,739			21,606			16,485			13,085
Direct Costs and Expenses:
Operating:
Personnel	$	8,961		$	8,427		$	7,889		$	8,193		$	6,141
Repairs and maintenance		2,998			2,839			3,184			3,701			2,191
Drydocking		770			1,025			(32	)		1,302			—
Insurance and loss reserves		552			734			551			428			280
Fuel, lubes and supplies		2,842			2,038			1,701			1,434			998
Other		1,420			1,275			1,631			1,348			1,957
		17,543			16,338			14,924			16,406			11,567
Other Costs and Expenses:
Lease expense	$	—		$	332		$	154		$	291		$	—
Depreciation and amortization		4,099			3,810			3,785			3,786			3,155

*Specialty*
Time Charter Statistics:
Fleet available days		—			—			—			90			92
Out-of-service days for cold-stacked status		—			—			—			90			92
Direct Costs and Expenses:
Operating:
Personnel	$	—		$	—		$	—		$	1		$	6
Repairs and maintenance		—			—			—			—			(28	)
Insurance and loss reserves		—			—			—			2			1
Fuel, lubes and supplies		—			—			—			2			2
Other		—			—			—			11			18
		—			—			—			16			(1	)

SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	31,717		$	27,447		$	24,712		$	22,416		$	23,409
Fleet utilization		61	%		65	%		44	%		49	%		61	%
Fleet available days		828			828			819			810			828
Out-of-service days for repairs, maintenance and drydockings		90			154			318			179			58
Out-of-service days for cold-stacked status		92			92			91			134			184
Operating Revenues:
Time charter	$	16,127		$	14,720		$	8,805		$	8,830		$	11,831
Bareboat charter		—			—			—			—			2,484
Other marine services		1,842			1,421			3,283			1,463			1,121
		17,969			16,141			12,088			10,293			15,436
Direct Costs and Expenses:
Operating:
Personnel	$	5,520		$	5,419		$	4,515		$	4,035		$	4,068
Repairs and maintenance		2,674			1,560			2,132			1,012			1,859
Drydocking		(543	)		3,337			6,737			2,401			72
Insurance and loss reserves		2,271			1,552			1,548			1,215			1,070
Fuel, lubes and supplies		896			1,408			1,230			605			589
Other		359			387			655			644			856
		11,177			13,663			16,817			9,912			8,514
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	1,569
Depreciation and amortization		4,210			4,429			4,870			4,964			5,171

*Other Activity*
Operating Revenues:
Other marine services	$	1,089		$	1,016		$	924		$	1,139		$	1,786
		1,089			1,016			924			1,139			1,786
Direct Costs and Expenses:
Operating:
Personnel	$	8		$	(5	)	$	12		$	—		$	(87	)
Repairs and maintenance		(12	)		(64	)		40			(15	)		1
Insurance and loss reserves		11			4			(72	)		(582	)		(30	)
Fuel, lubes and supplies		—			(1	)		17			—			(11	)
Other		(1	)		(9	)		18			(1	)		(67	)
		6			(75	)		15			(598	)		(194	)
Other Costs and Expenses:
Lease expense	$	333		$	386		$	404		$	320		$	389
Depreciation and amortization		43			49			48			182			448

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents	$	39,963		$	47,514		$	22,608		$	36,315		$	37,619
Restricted cash		3,082			3,296			3,296			3,596			3,601
Receivables:
Trade, net of allowance for credit loss accounts		54,388			58,572			55,276			49,238			55,544
Other		7,638			6,647			7,437			8,799			6,118
Note receivable		15,000			20,000			—			—			—
Tax receivable		578			79			79			1,238			1,238
Inventories		2,123			2,059			1,723			1,297			928
Prepaid expenses and other		3,054			4,700			5,391			3,724			3,730
Assets held for sale		6,750			6,000			—			—			2,235
Total current assets		132,576			148,867			95,810			104,207			111,013
Property and Equipment:
Historical cost		967,683			992,423			1,000,147			1,006,873			1,008,080
Accumulated depreciation		(310,778	)		(321,898	)		(325,091	)		(316,444	)		(302,328	)
		656,905			670,525			675,056			690,429			705,752
Construction in progress		8,111			8,422			15,576			15,550			15,531
Net property and equipment		665,016			678,947			690,632			705,979			721,283
Right-of-use asset - operating leases		6,206			4,419			5,686			6,238			6,608
Right-of-use asset - finance leases		6,813			6,972			7,131			7,290			100
Investments, at equity, and advances to 50% or less owned companies		3,024			1,901			75,923			76,860			71,727
Other assets		1,995			1,887			1,932			2,057			1,771
Total assets	$	815,630		$	842,993		$	877,114		$	902,631		$	912,502
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	2,358		$	1,792		$	2,010		$	2,073		$	1,986
Current portion of finance lease liabilities		468			374			282			190			33
Current portion of long-term debt		61,512			57,567			33,398			32,708			31,602
Accounts payable and accrued expenses		37,954			36,248			39,262			32,585			28,419
Due to SEACOR Holdings		264			264			264			264			274
Other current liabilities		18,869			22,032			22,171			23,723			22,351
Total current liabilities		121,425			118,277			97,387			91,543			84,665
Long-term operating lease liabilities		4,739			3,759			4,026			4,420			4,885
Long-term finance lease liabilities		6,781			6,916			7,050			7,183			76
Long-term debt		260,119			282,556			318,699			326,264			332,762
Conversion option liability on convertible senior notes		—			—			1			34			—
Deferred income taxes		40,779			39,823			33,743			37,153			40,682
Deferred gains and other liabilities		2,641			2,692			2,701			2,990			2,891
Total liabilities		436,484			454,023			463,607			469,587			465,961
Equity:
SEACOR Marine Holdings Inc. stockholders' equity:
Common stock		272			272			272			269			262
Additional paid-in capital		466,669			465,449			464,222			463,138			461,931
Accumulated deficit		(93,111	)		(79,769	)		(55,418	)		(37,744	)		(22,907	)
Shares held in treasury		(1,852	)		(1,852	)		(1,852	)		(1,792	)		(1,120	)
Accumulated other comprehensive income, net of tax		6,847			4,549			5,960			8,853			8,055
		378,825			388,649			413,184			432,724			446,221
Noncontrolling interests in subsidiaries		321			321			323			320			320
Total equity		379,146			388,970			413,507			433,044			446,541
Total liabilities and equity	$	815,630		$	842,993		$	877,114		$	902,631		$	912,502

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended
	Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021
Cash Flows from Continuing Operating Activities:
Net (Loss) Income	$	(13,342	)	$	(24,353	)	$	(19,117	)	$	(14,837	)	$	(15,846	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		13,624			13,754			14,208			14,371			14,198
Deferred financing costs amortization		(997	)		350			364			291			328
Stock-based compensation expense		1,220			1,227			1,076			1,074			1,243
Debt discount amortization		1,449			1,817			1,736			1,691			1,614
Allowance for credit losses		11			(53	)		701			(170	)		585
(Gain) loss from equipment sales, retirements or impairments		(1,017	)		1,783			(25	)		(2,139	)		—
Gain on debt extinguishment		(12,700	)		—			—			—			—
Derivative (gains) losses		—			(1	)		(33	)		34			(4	)
Interest on finance lease		73			73			73			25			1
Cash settlement payments on derivative transactions, net		33			(131	)		(278	)		(373	)		(403	)
Currency losses (gains)		2,646			(2,314	)		(1,170	)		(821	)		357
Deferred income taxes		957			6,079			(3,410	)		(3,529	)		(2,781	)
Equity (earnings) losses		(1,176	)		254			(415	)		(5,674	)		(4,494	)
Dividends received from equity investees		74			1,096			1,162			725			817
Changes in Operating Assets and Liabilities:
Accounts receivables		2,304			(2,384	)		(4,476	)		3,904			(1,157	)
Other assets		3,296			966			(1,539	)		(164	)		1,656
Accounts payable and accrued liabilities		769			(4,900	)		4,925			6,707			7,915
Net cash (used in) provided by operating activities		(2,776	)		(6,737	)		(6,218	)		1,115			4,029
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment		(185	)		(240	)		(17	)		(20	)		(443	)
Proceeds from disposition of property and equipment		53			—			1,371			5,310			—
Net investing activities in property and equipment		(132	)		(240	)		1,354			5,290			(443	)
Investments in and advances to 50% or less owned companies		—			—			—			—			(2,272	)
Principal payments on notes due from equity investees		—			177			175			176			(630	)
Cash received from acquisition of 50% or less owned company		—			—			—			—			172
Proceeds from sale of investment in equity investees		—			66,000			—			—			—
Notes due from others		—			(28,831	)		—			—			—
Principal payments on notes due from others		5,000			8,831			—			—			—
Net cash provided by (used in) investing activities		4,868			45,937			1,529			5,466			(3,173	)
Cash Flows from Continuing Financing Activities:
Payments on long-term debt		(7,470	)		(14,182	)		(9,152	)		(7,348	)		(5,981	)
Payments on debt extinguishment cost		(2,271	)		—			—			—			—
Payments on finance leases		(114	)		(114	)		(114	)		(9	)		(9	)
Proceeds from exercise of stock options		—			—			11			140			—
Acquisition of common shares for tax withholding obligations		—			—			(60	)		(672	)		—
Exercise of warrants		—			—			—			—			1
Net cash used in financing activities		(9,855	)		(14,296	)		(9,315	)		(7,889	)		(5,989	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents		(2	)		2			(3	)		(1	)		(1	)
Net Change in Cash, Cash Equivalents and Restricted Cash		(7,765	)		24,906			(14,007	)		(1,309	)		(5,134	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		50,810			25,904			39,911			41,220			46,354
Cash, Restricted Cash and Cash Equivalents, End of Period	$	43,045		$	50,810		$	25,904		$	39,911		$	41,220

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

	Owned		Joint Ventured⁽¹⁾		Leased-in		Managed		Total
December 31, 2022
AHTS		3		—		2		—		5
FSV		22		—		1		2		25
PSV		21		—		—		—		21
Liftboats		9		—		—		—		9
		55		—		3		2		60
December 31, 2021
AHTS		4		—		2		—		6
FSV		23		5		1		1		30
PSV		20		15		—		—		35
Specialty⁽²⁾		1		—		—		—		1
Liftboats⁽³⁾		9		—		—		—		9
		57		20		3		1		81

(1) On September 29, 2022, the Company sold its equity interests in MexMar and OVH and acquired 100% of the equity interest in SEACOR Marlin LLC, resulting in the Company no longer operating joint-ventured vessels.

(2) One owned vessel classified as a CTV Operations as of December 31, 2020 was reclassified as a specialty vessel as of January 12, 2021 and removed from service in the second quarter of 2022. Removed from service vessels are not counted in active fleet count.

(3) In the second quarter of 2021, the Company removed from service four liftboats. Removed from service vessels are not counted in active fleet count.