SEACOR Marine Announces First Quarter 2022 Results
May 04 2022 - 4:48PM
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, 2022.
SEACOR Marine’s consolidated operating revenues
from continuing operations for the first quarter of 2022 were $45.6
million, operating loss was $17.1 million, and direct vessel profit
(“DVP”)(1) was $6.1 million. This compares to consolidated
operating revenues from continuing operations of $36.5 million,
operating loss of $16.6 million, and DVP of $10.2 million in the
first quarter of 2021.
Notable first quarter items include:
- Average utilization rates of 70%,
the highest for our seasonally low first quarter since 2014.
- 25% improvement in revenues
compared to the first quarter of 2021.
- Increases in drydocking and major
repairs of 60% from the fourth quarter of 2021 to prepare fleet for
increasing activity levels.
For the first quarter of 2022, net loss from
continuing operations was $14.8 million ($0.56 loss per basic and
diluted share). This compares to a net loss from continuing
operations for the first quarter of 2021 of $16.9 million ($0.67
loss per basic and diluted share). Sequentially, first quarter 2022
results compare to consolidated operating revenues from continuing
operations of $48.0 million, operating loss from continuing
operations of $14.7 million, and DVP of $12.9 million in the fourth
quarter of 2021. For the fourth quarter of 2021, net loss from
continuing operations was $15.8 million ($0.62 loss per basic and
diluted share).
Chief Executive Officer John Gellert
commented:
“Demand for our services remains strong and we
expect that our strategy will generate positive operating cash
flows as the year progresses. The first quarter results reflect our
strategy of preparing and positioning our fleet during the
seasonally low months of the year to participate fully in the
market up-cycle. As a result, we had a substantial increase in
drydocking and repair and maintenance expenses, which resulted in
our DVP being down relative to prior quarters since we expense
these items as incurred.” ___________________
(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 March 31, |
|
|
|
2022 |
|
|
2021 |
|
Operating Revenues |
|
$ |
45,591 |
|
|
$ |
36,512 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
Operating |
|
|
39,496 |
|
|
|
26,307 |
|
Administrative and general |
|
|
9,924 |
|
|
|
8,611 |
|
Lease expense |
|
|
1,060 |
|
|
|
1,078 |
|
Depreciation and amortization |
|
|
14,371 |
|
|
|
14,798 |
|
|
|
|
64,851 |
|
|
|
50,794 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
|
|
2,139 |
|
|
|
(2,273 |
) |
Operating (Loss) |
|
|
(17,121 |
) |
|
|
(16,555 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
Interest income |
|
|
29 |
|
|
|
986 |
|
Interest expense |
|
|
(6,627 |
) |
|
|
(8,018 |
) |
SEACOR Holdings guarantee fees |
|
|
— |
|
|
|
(7 |
) |
Derivative (losses) gains, net |
|
|
(34 |
) |
|
|
355 |
|
Foreign currency gains (losses), net |
|
|
821 |
|
|
|
(466 |
) |
|
|
|
(5,811 |
) |
|
|
(7,150 |
) |
Loss from Continuing Operations
Before Income Tax Benefit and Equity in Earnings of 50% or Less
Owned Companies |
|
|
(22,932 |
) |
|
|
(23,705 |
) |
Income Tax Benefit |
|
|
(2,421 |
) |
|
|
(2,688 |
) |
Loss from Continuing Operations
Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(20,511 |
) |
|
|
(21,017 |
) |
Equity in Earnings Gains of 50%
or Less Owned Companies |
|
|
5,674 |
|
|
|
4,103 |
|
Loss from Continuing
Operations |
|
|
(14,837 |
) |
|
|
(16,914 |
) |
Income on Discontinued
Operations, Net of Tax (Includes Gain on the Sale of Windcat
Workboats of $22,756) |
|
|
— |
|
|
|
22,925 |
|
Net (Loss) Income |
|
|
(14,837 |
) |
|
|
6,011 |
|
Net Income Attributable to
Noncontrolling Interests in Subsidiaries |
|
|
— |
|
|
|
— |
|
Net (Loss) Income Attributable to
SEACOR Marine Holdings Inc. |
|
$ |
(14,837 |
) |
|
$ |
6,011 |
|
|
|
|
|
|
|
|
|
|
Net Loss Per Common Share from
Continuing Operations: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.56 |
) |
|
$ |
(0.67 |
) |
Diluted |
|
|
(0.56 |
) |
|
|
(0.67 |
) |
Net Earnings Per Share from
Discontinued Operations: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
$ |
0.91 |
|
Diluted |
|
|
— |
|
|
|
0.91 |
|
Net (Loss) Earnings per
Share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.56 |
) |
|
$ |
0.24 |
|
Diluted |
|
$ |
(0.56 |
) |
|
$ |
0.24 |
|
Weighted Average Common Stock and
Warrants Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
26,379,293 |
|
|
|
25,304,661 |
|
Diluted |
|
|
26,379,293 |
|
|
|
25,304,661 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(LOSS)(in thousands, except statistics and per
share
data)
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Rates Per Day |
|
$ |
11,312 |
|
|
$ |
11,376 |
|
|
$ |
12,120 |
|
|
$ |
12,007 |
|
|
$ |
11,323 |
|
Fleet Utilization |
|
|
70 |
% |
|
|
73 |
% |
|
|
68 |
% |
|
|
67 |
% |
|
|
55 |
% |
Fleet Available Days |
|
|
5,400 |
|
|
|
5,060 |
|
|
|
5,108 |
|
|
|
5,177 |
|
|
|
5,505 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
42,741 |
|
|
$ |
42,289 |
|
|
$ |
41,782 |
|
|
$ |
41,474 |
|
|
$ |
34,290 |
|
Bareboat charter |
|
|
618 |
|
|
|
2,870 |
|
|
|
— |
|
|
|
434 |
|
|
|
729 |
|
Other marine services |
|
|
2,232 |
|
|
|
2,808 |
|
|
|
1,881 |
|
|
|
891 |
|
|
|
1,493 |
|
|
|
|
45,591 |
|
|
|
47,967 |
|
|
|
43,663 |
|
|
|
42,799 |
|
|
|
36,512 |
|
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
|
18,435 |
|
|
|
17,098 |
|
|
|
15,051 |
|
|
|
14,353 |
|
|
|
13,418 |
|
Repairs and maintenance |
|
|
6,791 |
|
|
|
6,782 |
|
|
|
6,536 |
|
|
|
6,959 |
|
|
|
3,840 |
|
Drydocking |
|
|
4,973 |
|
|
|
567 |
|
|
|
771 |
|
|
|
2,792 |
|
|
|
2,217 |
|
Insurance and loss reserves |
|
|
1,186 |
|
|
|
1,859 |
|
|
|
2,189 |
|
|
|
2,661 |
|
|
|
1,958 |
|
Fuel, lubes and supplies |
|
|
3,729 |
|
|
|
3,254 |
|
|
|
3,684 |
|
|
|
2,893 |
|
|
|
2,202 |
|
Other |
|
|
4,382 |
|
|
|
5,476 |
|
|
|
5,217 |
|
|
|
2,957 |
|
|
|
2,672 |
|
|
|
|
39,496 |
|
|
|
35,036 |
|
|
|
33,448 |
|
|
|
32,615 |
|
|
|
26,307 |
|
Direct Vessel Profit (1) |
|
|
6,095 |
|
|
|
12,931 |
|
|
|
10,215 |
|
|
|
10,184 |
|
|
|
10,205 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
|
1,060 |
|
|
|
2,664 |
|
|
|
1,109 |
|
|
|
1,234 |
|
|
|
1,078 |
|
Administrative and general |
|
|
9,924 |
|
|
|
10,742 |
|
|
|
9,134 |
|
|
|
9,152 |
|
|
|
8,611 |
|
Depreciation and amortization |
|
|
14,371 |
|
|
|
14,198 |
|
|
|
14,306 |
|
|
|
14,093 |
|
|
|
14,798 |
|
|
|
|
25,355 |
|
|
|
27,604 |
|
|
|
24,549 |
|
|
|
24,479 |
|
|
|
24,487 |
|
Gains (Losses) on Asset
Dispositions and Impairments, Net |
|
|
2,139 |
|
|
|
— |
|
|
|
56 |
|
|
|
22,653 |
|
|
|
(2,273 |
) |
Operating (Loss) Income |
|
|
(17,121 |
) |
|
|
(14,673 |
) |
|
|
(14,278 |
) |
|
|
8,358 |
|
|
|
(16,555 |
) |
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
29 |
|
|
|
57 |
|
|
|
124 |
|
|
|
135 |
|
|
|
986 |
|
Interest expense |
|
|
(6,627 |
) |
|
|
(6,380 |
) |
|
|
(6,403 |
) |
|
|
(7,310 |
) |
|
|
(8,018 |
) |
SEACOR Holdings guarantee fees |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
Derivative (losses) gains, net |
|
|
(34 |
) |
|
|
4 |
|
|
|
2 |
|
|
|
30 |
|
|
|
355 |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
61,994 |
|
|
|
— |
|
Foreign currency gains (losses), net |
|
|
821 |
|
|
|
(357 |
) |
|
|
245 |
|
|
|
(657 |
) |
|
|
(466 |
) |
Gain (Loss) from return of investments in 50% or less owned
companies and other, net |
|
|
— |
|
|
|
— |
|
|
|
9,442 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
|
(5,811 |
) |
|
|
(6,676 |
) |
|
|
3,410 |
|
|
|
54,191 |
|
|
|
(7,150 |
) |
(Loss) Income from Continuing
Operations Before Income Tax (Benefit) Expense and Equity in
Earnings of 50% or Less Owned Companies |
|
|
(22,932 |
) |
|
|
(21,349 |
) |
|
|
(10,868 |
) |
|
|
62,549 |
|
|
|
(23,705 |
) |
Income Tax (Benefit) Expense |
|
|
(2,421 |
) |
|
|
(1,009 |
) |
|
|
(725 |
) |
|
|
15,915 |
|
|
|
(2,688 |
) |
(Loss) Income from Continuing
Operations Before Equity in Earnings of 50% or Less Owned
Companies |
|
|
(20,511 |
) |
|
|
(20,340 |
) |
|
|
(10,143 |
) |
|
|
46,634 |
|
|
|
(21,017 |
) |
Equity in Earnings Gains of 50%
or Less Owned Companies |
|
|
5,674 |
|
|
|
4,494 |
|
|
|
4,314 |
|
|
|
2,167 |
|
|
|
4,103 |
|
(Loss) Income from Continuing
Operations |
|
|
(14,837 |
) |
|
|
(15,846 |
) |
|
|
(5,829 |
) |
|
|
48,801 |
|
|
|
(16,914 |
) |
Income on Discontinued
Operations, Net of Tax (Includes Gain on the Sale of Windcat
Workboats of $22,756) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,925 |
|
Net (Loss) Income |
|
|
(14,837 |
) |
|
|
(15,846 |
) |
|
|
(5,829 |
) |
|
|
48,801 |
|
|
|
6,011 |
|
Net Income Attributable to
Noncontrolling Interests in Subsidiaries |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Net (Loss) Income Attributable to
SEACOR Marine Holdings Inc. |
|
$ |
(14,837 |
) |
|
$ |
(15,846 |
) |
|
$ |
(5,829 |
) |
|
$ |
48,800 |
|
|
$ |
6,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Earnings Per Common
Share from Continuing Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.56 |
) |
|
$ |
(0.62 |
) |
|
$ |
(0.23 |
) |
|
$ |
1.92 |
|
|
$ |
(0.67 |
) |
Diluted |
|
|
(0.56 |
) |
|
|
(0.62 |
) |
|
|
(0.23 |
) |
|
|
1.79 |
|
|
|
(0.67 |
) |
Net Earnings Per Share from
Discontinued Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
0.91 |
|
Diluted |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.91 |
|
Net (Loss) Earnings per
Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.56 |
) |
|
$ |
(0.62 |
) |
|
$ |
(0.23 |
) |
|
$ |
1.92 |
|
|
$ |
0.24 |
|
Diluted |
|
$ |
(0.56 |
) |
|
$ |
(0.62 |
) |
|
$ |
(0.23 |
) |
|
$ |
1.79 |
|
|
$ |
0.24 |
|
Weighted Average Common Stock and
Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,379 |
|
|
|
25,520 |
|
|
|
25,516 |
|
|
|
25,435 |
|
|
|
25,305 |
|
Diluted |
|
|
26,379 |
|
|
|
25,520 |
|
|
|
25,516 |
|
|
|
28,345 |
|
|
|
25,305 |
|
Common Shares and Warrants Outstanding at Period End |
|
|
28,083 |
|
|
|
27,432 |
|
|
|
25,864 |
|
|
|
25,869 |
|
|
|
25,683 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY
SEGMENT(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
United States, primarily Gulf of Mexico |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
15,595 |
|
|
$ |
15,496 |
|
|
$ |
18,702 |
|
|
$ |
17,058 |
|
|
$ |
15,910 |
|
Fleet utilization |
|
|
38 |
% |
|
|
33 |
% |
|
|
27 |
% |
|
|
18 |
% |
|
|
6 |
% |
Fleet available days |
|
|
1,314 |
|
|
|
1,043 |
|
|
|
1,062 |
|
|
|
1,112 |
|
|
|
1,518 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
205 |
|
|
|
95 |
|
|
|
246 |
|
|
|
137 |
|
|
|
67 |
|
Out-of-service days for cold-stacked status |
|
|
404 |
|
|
|
399 |
|
|
|
469 |
|
|
|
748 |
|
|
|
1,270 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
7,864 |
|
|
$ |
5,290 |
|
|
$ |
5,289 |
|
|
$ |
3,419 |
|
|
$ |
1,489 |
|
Bareboat charter |
|
|
— |
|
|
|
386 |
|
|
|
— |
|
|
|
434 |
|
|
|
729 |
|
Other marine services |
|
|
2,052 |
|
|
|
1,119 |
|
|
|
1,215 |
|
|
|
727 |
|
|
|
546 |
|
|
|
|
9,916 |
|
|
|
6,795 |
|
|
|
6,504 |
|
|
|
4,580 |
|
|
|
2,764 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
4,923 |
|
|
$ |
3,136 |
|
|
$ |
2,428 |
|
|
$ |
1,528 |
|
|
$ |
1,744 |
|
Repairs and maintenance |
|
|
1,101 |
|
|
|
1,085 |
|
|
|
1,266 |
|
|
|
389 |
|
|
|
654 |
|
Drydocking |
|
|
2,867 |
|
|
|
191 |
|
|
|
239 |
|
|
|
777 |
|
|
|
875 |
|
Insurance and loss reserves |
|
|
229 |
|
|
|
720 |
|
|
|
462 |
|
|
|
923 |
|
|
|
527 |
|
Fuel, lubes and supplies |
|
|
662 |
|
|
|
501 |
|
|
|
259 |
|
|
|
245 |
|
|
|
199 |
|
Other |
|
|
224 |
|
|
|
200 |
|
|
|
147 |
|
|
|
224 |
|
|
|
77 |
|
|
|
|
10,006 |
|
|
|
5,833 |
|
|
|
4,801 |
|
|
|
4,086 |
|
|
|
4,076 |
|
Direct Vessel (Loss) Profit
(1) |
|
$ |
(90 |
) |
|
$ |
962 |
|
|
$ |
1,703 |
|
|
$ |
494 |
|
|
$ |
(1,312 |
) |
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
287 |
|
|
$ |
633 |
|
|
$ |
621 |
|
|
$ |
703 |
|
|
$ |
664 |
|
Depreciation and amortization |
|
|
4,638 |
|
|
|
4,325 |
|
|
|
3,936 |
|
|
|
3,287 |
|
|
|
4,164 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Africa and Europe,
Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
10,006 |
|
|
$ |
9,530 |
|
|
$ |
9,551 |
|
|
$ |
11,231 |
|
|
$ |
11,356 |
|
Fleet utilization |
|
|
82 |
% |
|
|
88 |
% |
|
|
77 |
% |
|
|
75 |
% |
|
|
68 |
% |
Fleet available days |
|
|
1,499 |
|
|
|
1,411 |
|
|
|
1,417 |
|
|
|
1,365 |
|
|
|
1,356 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
163 |
|
|
|
79 |
|
|
|
52 |
|
|
|
65 |
|
|
|
78 |
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
— |
|
|
|
29 |
|
|
|
176 |
|
|
|
346 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
12,280 |
|
|
$ |
11,883 |
|
|
$ |
10,446 |
|
|
$ |
11,437 |
|
|
$ |
10,502 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
(616 |
) |
|
|
(416 |
) |
|
|
(429 |
) |
|
|
(224 |
) |
|
|
(269 |
) |
|
|
|
11,664 |
|
|
|
11,467 |
|
|
|
10,017 |
|
|
|
11,213 |
|
|
|
10,233 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
3,536 |
|
|
$ |
3,283 |
|
|
$ |
3,147 |
|
|
$ |
4,253 |
|
|
$ |
3,220 |
|
Repairs and maintenance |
|
|
1,579 |
|
|
|
1,846 |
|
|
|
1,540 |
|
|
|
2,195 |
|
|
|
1,191 |
|
Drydocking |
|
|
1,144 |
|
|
|
144 |
|
|
|
337 |
|
|
|
374 |
|
|
|
304 |
|
Insurance and loss reserves |
|
|
124 |
|
|
|
245 |
|
|
|
323 |
|
|
|
352 |
|
|
|
433 |
|
Fuel, lubes and supplies |
|
|
1,473 |
|
|
|
1,019 |
|
|
|
1,631 |
|
|
|
887 |
|
|
|
572 |
|
Other |
|
|
1,828 |
|
|
|
1,740 |
|
|
|
1,424 |
|
|
|
2,072 |
|
|
|
579 |
|
|
|
|
9,684 |
|
|
|
8,277 |
|
|
|
8,402 |
|
|
|
10,133 |
|
|
|
6,299 |
|
Direct Vessel Profit (1) |
|
$ |
1,980 |
|
|
$ |
3,190 |
|
|
$ |
1,615 |
|
|
$ |
1,080 |
|
|
$ |
3,934 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
402 |
|
|
$ |
371 |
|
|
$ |
284 |
|
|
$ |
270 |
|
|
$ |
356 |
|
Depreciation and amortization |
|
|
3,258 |
|
|
|
2,948 |
|
|
|
3,296 |
|
|
|
3,305 |
|
|
|
3,307 |
|
SEACOR MARINE HOLDINGS
INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”)
BY SEGMENT (continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
Middle East and Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
9,882 |
|
|
$ |
9,612 |
|
|
$ |
10,374 |
|
|
$ |
9,292 |
|
|
$ |
9,308 |
|
Fleet utilization |
|
|
77 |
% |
|
|
81 |
% |
|
|
73 |
% |
|
|
81 |
% |
|
|
73 |
% |
Fleet available days |
|
|
1,800 |
|
|
|
1,717 |
|
|
|
1,780 |
|
|
|
1,820 |
|
|
|
1,852 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
153 |
|
|
|
38 |
|
|
|
134 |
|
|
|
105 |
|
|
|
115 |
|
Out-of-service days for cold-stacked status |
|
|
90 |
|
|
|
178 |
|
|
|
214 |
|
|
|
116 |
|
|
|
239 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
13,660 |
|
|
$ |
13,402 |
|
|
$ |
13,417 |
|
|
$ |
13,752 |
|
|
$ |
12,575 |
|
Other marine services |
|
|
49 |
|
|
|
50 |
|
|
|
85 |
|
|
|
31 |
|
|
|
360 |
|
|
|
|
13,709 |
|
|
|
13,452 |
|
|
|
13,502 |
|
|
|
13,783 |
|
|
|
12,935 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
6,031 |
|
|
$ |
5,756 |
|
|
$ |
5,849 |
|
|
$ |
5,378 |
|
|
$ |
5,208 |
|
Repairs and maintenance |
|
|
1,832 |
|
|
|
1,382 |
|
|
|
1,610 |
|
|
|
2,806 |
|
|
|
903 |
|
Drydocking |
|
|
962 |
|
|
|
232 |
|
|
|
156 |
|
|
|
1,185 |
|
|
|
1,066 |
|
Insurance and loss reserves |
|
|
507 |
|
|
|
611 |
|
|
|
707 |
|
|
|
461 |
|
|
|
702 |
|
Fuel, lubes and supplies |
|
|
1,010 |
|
|
|
1,042 |
|
|
|
777 |
|
|
|
1,081 |
|
|
|
559 |
|
Other |
|
|
1,627 |
|
|
|
2,148 |
|
|
|
2,823 |
|
|
|
43 |
|
|
|
1,144 |
|
|
|
|
11,969 |
|
|
|
11,171 |
|
|
|
11,922 |
|
|
|
10,954 |
|
|
|
9,582 |
|
Direct Vessel Profit (1) |
|
$ |
1,740 |
|
|
$ |
2,281 |
|
|
$ |
1,580 |
|
|
$ |
2,829 |
|
|
$ |
3,353 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
31 |
|
|
$ |
38 |
|
|
$ |
377 |
|
|
$ |
35 |
|
|
$ |
22 |
|
Depreciation and amortization |
|
|
4,345 |
|
|
|
4,156 |
|
|
|
4,456 |
|
|
|
4,663 |
|
|
|
4,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Latin
America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
13,450 |
|
|
$ |
15,944 |
|
|
$ |
16,240 |
|
|
$ |
17,034 |
|
|
$ |
14,751 |
|
Fleet utilization |
|
|
85 |
% |
|
|
83 |
% |
|
|
92 |
% |
|
|
86 |
% |
|
|
85 |
% |
Fleet available days |
|
|
787 |
|
|
|
889 |
|
|
|
849 |
|
|
|
880 |
|
|
|
779 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
59 |
|
|
|
113 |
|
|
|
58 |
|
|
|
117 |
|
|
|
94 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
8,937 |
|
|
$ |
11,714 |
|
|
$ |
12,630 |
|
|
$ |
12,866 |
|
|
$ |
9,724 |
|
Bareboat charter |
|
|
618 |
|
|
|
2,484 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
747 |
|
|
|
2,055 |
|
|
|
1,010 |
|
|
|
357 |
|
|
|
856 |
|
|
|
|
10,302 |
|
|
|
16,253 |
|
|
|
13,640 |
|
|
|
13,223 |
|
|
|
10,580 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
3,945 |
|
|
$ |
4,923 |
|
|
$ |
3,627 |
|
|
$ |
3,194 |
|
|
$ |
3,246 |
|
Repairs and maintenance |
|
|
2,279 |
|
|
|
2,469 |
|
|
|
2,120 |
|
|
|
1,569 |
|
|
|
1,092 |
|
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
39 |
|
|
|
456 |
|
|
|
(28 |
) |
Insurance and loss reserves |
|
|
326 |
|
|
|
283 |
|
|
|
697 |
|
|
|
925 |
|
|
|
296 |
|
Fuel, lubes and supplies |
|
|
584 |
|
|
|
692 |
|
|
|
1,017 |
|
|
|
680 |
|
|
|
872 |
|
Other |
|
|
703 |
|
|
|
1,388 |
|
|
|
823 |
|
|
|
618 |
|
|
|
872 |
|
|
|
|
7,837 |
|
|
|
9,755 |
|
|
|
8,323 |
|
|
|
7,442 |
|
|
|
6,350 |
|
Direct Vessel Profit (1) |
|
$ |
2,465 |
|
|
$ |
6,498 |
|
|
$ |
5,317 |
|
|
$ |
5,781 |
|
|
$ |
4,230 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
340 |
|
|
$ |
1,622 |
|
|
$ |
(173 |
) |
|
$ |
226 |
|
|
$ |
36 |
|
'Depreciation and amortization |
|
|
2,130 |
|
|
|
2,769 |
|
|
|
2,618 |
|
|
|
2,838 |
|
|
|
2,617 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED PERFORMANCE BY VESSEL
CLASS(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
Anchor handling towing supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,908 |
|
|
$ |
8,069 |
|
|
$ |
14,346 |
|
|
$ |
11,268 |
|
|
$ |
7,778 |
|
Fleet utilization |
|
|
66 |
% |
|
|
66 |
% |
|
|
66 |
% |
|
|
59 |
% |
|
|
67 |
% |
Fleet available days |
|
|
540 |
|
|
|
552 |
|
|
|
552 |
|
|
|
546 |
|
|
|
540 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
2 |
|
|
|
14 |
|
|
|
61 |
|
|
|
105 |
|
|
|
— |
|
Out-of-service days for cold-stacked status |
|
|
180 |
|
|
|
92 |
|
|
|
92 |
|
|
|
118 |
|
|
|
180 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
3,188 |
|
|
$ |
2,926 |
|
|
$ |
5,224 |
|
|
$ |
3,640 |
|
|
$ |
2,801 |
|
Other marine services |
|
|
(160 |
) |
|
|
(129 |
) |
|
|
(151 |
) |
|
|
(157 |
) |
|
|
(130 |
) |
|
|
|
3,028 |
|
|
|
2,797 |
|
|
|
5,073 |
|
|
|
3,483 |
|
|
|
2,671 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
1,136 |
|
|
$ |
1,389 |
|
|
$ |
1,584 |
|
|
$ |
1,513 |
|
|
$ |
984 |
|
Repairs and maintenance |
|
|
293 |
|
|
|
608 |
|
|
|
1,044 |
|
|
|
471 |
|
|
|
241 |
|
Drydocking |
|
|
(7 |
) |
|
|
1 |
|
|
|
(217 |
) |
|
|
1,322 |
|
|
|
54 |
|
Insurance and loss reserves |
|
|
(137 |
) |
|
|
148 |
|
|
|
193 |
|
|
|
99 |
|
|
|
194 |
|
Fuel, lubes and supplies |
|
|
144 |
|
|
|
321 |
|
|
|
388 |
|
|
|
344 |
|
|
|
139 |
|
Other |
|
|
439 |
|
|
|
556 |
|
|
|
408 |
|
|
|
444 |
|
|
|
270 |
|
|
|
|
1,868 |
|
|
|
3,023 |
|
|
|
3,400 |
|
|
|
4,193 |
|
|
|
1,882 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
449 |
|
|
$ |
353 |
|
|
$ |
354 |
|
|
$ |
362 |
|
|
$ |
400 |
|
Depreciation and amortization |
|
|
494 |
|
|
|
495 |
|
|
|
494 |
|
|
|
495 |
|
|
|
494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fast
support |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
8,621 |
|
|
$ |
8,464 |
|
|
$ |
8,455 |
|
|
$ |
7,962 |
|
|
$ |
7,888 |
|
Fleet utilization |
|
|
80 |
% |
|
|
79 |
% |
|
|
70 |
% |
|
|
71 |
% |
|
|
61 |
% |
Fleet available days |
|
|
2,160 |
|
|
|
2,208 |
|
|
|
2,208 |
|
|
|
2,100 |
|
|
|
2,207 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
167 |
|
|
|
137 |
|
|
|
300 |
|
|
|
226 |
|
|
|
182 |
|
Out-of-service days for cold-stacked status |
|
|
90 |
|
|
|
92 |
|
|
|
178 |
|
|
|
314 |
|
|
|
584 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
14,900 |
|
|
$ |
14,857 |
|
|
$ |
13,007 |
|
|
$ |
11,827 |
|
|
$ |
10,657 |
|
Bareboat charter |
|
|
— |
|
|
|
386 |
|
|
|
— |
|
|
|
434 |
|
|
|
729 |
|
Other marine services |
|
|
(254 |
) |
|
|
(380 |
) |
|
|
(121 |
) |
|
|
(249 |
) |
|
|
(218 |
) |
|
|
|
14,646 |
|
|
|
14,863 |
|
|
|
12,886 |
|
|
|
12,012 |
|
|
|
11,168 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
5,070 |
|
|
$ |
5,581 |
|
|
$ |
4,588 |
|
|
$ |
4,802 |
|
|
$ |
4,041 |
|
Repairs and maintenance |
|
|
1,800 |
|
|
|
2,151 |
|
|
|
2,313 |
|
|
|
3,618 |
|
|
|
1,535 |
|
Drydocking |
|
|
1,277 |
|
|
|
494 |
|
|
|
965 |
|
|
|
1,178 |
|
|
|
1,178 |
|
Insurance and loss reserves |
|
|
260 |
|
|
|
390 |
|
|
|
328 |
|
|
|
507 |
|
|
|
466 |
|
Fuel, lubes and supplies |
|
|
1,544 |
|
|
|
1,355 |
|
|
|
1,390 |
|
|
|
1,154 |
|
|
|
726 |
|
Other |
|
|
1,941 |
|
|
|
2,156 |
|
|
|
2,021 |
|
|
|
1,640 |
|
|
|
1,141 |
|
|
|
|
11,892 |
|
|
|
12,127 |
|
|
|
11,605 |
|
|
|
12,899 |
|
|
|
9,087 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
353 |
|
|
$ |
693 |
|
|
$ |
352 |
|
|
$ |
352 |
|
Depreciation and amortization |
|
|
4,945 |
|
|
|
4,929 |
|
|
|
4,929 |
|
|
|
4,931 |
|
|
|
5,096 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED PERFORMANCE BY VESSEL CLASS
(continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
Supply |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
12,188 |
|
|
$ |
11,586 |
|
|
$ |
11,631 |
|
|
$ |
11,921 |
|
|
$ |
12,110 |
|
Fleet utilization |
|
|
72 |
% |
|
|
79 |
% |
|
|
77 |
% |
|
|
80 |
% |
|
|
63 |
% |
Fleet available days |
|
|
1,800 |
|
|
|
1,380 |
|
|
|
1,372 |
|
|
|
1,274 |
|
|
|
1,319 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
233 |
|
|
|
117 |
|
|
|
64 |
|
|
|
11 |
|
|
|
105 |
|
Out-of-service days for cold-stacked status |
|
|
— |
|
|
|
117 |
|
|
|
174 |
|
|
|
91 |
|
|
|
315 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
15,823 |
|
|
$ |
12,675 |
|
|
$ |
12,317 |
|
|
$ |
12,179 |
|
|
$ |
10,082 |
|
Bareboat charter |
|
|
618 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
44 |
|
|
|
410 |
|
|
|
221 |
|
|
|
117 |
|
|
|
346 |
|
|
|
|
16,485 |
|
|
|
13,085 |
|
|
|
12,538 |
|
|
|
12,296 |
|
|
|
10,428 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
8,193 |
|
|
$ |
6,141 |
|
|
$ |
4,738 |
|
|
$ |
4,044 |
|
|
$ |
4,158 |
|
Repairs and maintenance |
|
|
3,701 |
|
|
|
2,191 |
|
|
|
2,078 |
|
|
|
2,039 |
|
|
|
1,135 |
|
Drydocking |
|
|
1,302 |
|
|
|
— |
|
|
|
23 |
|
|
|
180 |
|
|
|
110 |
|
Insurance and loss reserves |
|
|
428 |
|
|
|
280 |
|
|
|
595 |
|
|
|
436 |
|
|
|
474 |
|
Fuel, lubes and supplies |
|
|
1,434 |
|
|
|
998 |
|
|
|
1,221 |
|
|
|
1,034 |
|
|
|
1,003 |
|
Other |
|
|
1,348 |
|
|
|
1,957 |
|
|
|
988 |
|
|
|
884 |
|
|
|
880 |
|
|
|
|
16,406 |
|
|
|
11,567 |
|
|
|
9,643 |
|
|
|
8,617 |
|
|
|
7,760 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
291 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Depreciation and amortization |
|
|
3,786 |
|
|
|
3,155 |
|
|
|
3,149 |
|
|
|
2,936 |
|
|
|
2,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,571 |
|
|
$ |
1,890 |
|
Fleet utilization |
|
|
— |
% |
|
|
— |
% |
|
|
— |
% |
|
|
92 |
% |
|
|
100 |
% |
Fleet available days |
|
|
90 |
|
|
|
92 |
|
|
|
92 |
|
|
|
91 |
|
|
|
90 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
— |
|
|
|
— |
|
|
|
65 |
|
|
|
8 |
|
|
|
— |
|
Out-of-service days for cold-stacked status |
|
|
90 |
|
|
|
92 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
131 |
|
|
$ |
170 |
|
Other marine services |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
23 |
|
|
|
12 |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
154 |
|
|
|
182 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
1 |
|
|
$ |
6 |
|
|
$ |
35 |
|
|
$ |
99 |
|
|
$ |
89 |
|
Repairs and maintenance |
|
|
— |
|
|
|
(28 |
) |
|
|
7 |
|
|
|
104 |
|
|
|
8 |
|
Drydocking |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Insurance and loss reserves |
|
|
2 |
|
|
|
1 |
|
|
|
3 |
|
|
|
5 |
|
|
|
4 |
|
Fuel, lubes and supplies |
|
|
2 |
|
|
|
2 |
|
|
|
6 |
|
|
|
5 |
|
|
|
8 |
|
Other |
|
|
11 |
|
|
|
18 |
|
|
|
28 |
|
|
|
33 |
|
|
|
26 |
|
|
|
|
16 |
|
|
|
(1 |
) |
|
|
79 |
|
|
|
246 |
|
|
|
135 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED PERFORMANCE BY VESSEL CLASS
(continued)(in thousands, except
statistics)
|
|
Three Months Ended |
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
Liftboats |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average rates per day worked |
|
$ |
22,416 |
|
|
$ |
23,409 |
|
|
$ |
23,137 |
|
|
$ |
25,334 |
|
|
$ |
26,792 |
|
Fleet utilization |
|
|
49 |
% |
|
|
61 |
% |
|
|
55 |
% |
|
|
46 |
% |
|
|
29 |
% |
Fleet available days |
|
|
810 |
|
|
|
828 |
|
|
|
884 |
|
|
|
1,167 |
|
|
|
1,350 |
|
Out-of-service days for repairs, maintenance and drydockings |
|
|
179 |
|
|
|
58 |
|
|
|
65 |
|
|
|
75 |
|
|
|
67 |
|
Out-of-service days for cold-stacked status |
|
|
134 |
|
|
|
184 |
|
|
|
202 |
|
|
|
517 |
|
|
|
776 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter |
|
$ |
8,830 |
|
|
$ |
11,831 |
|
|
$ |
11,234 |
|
|
$ |
13,697 |
|
|
$ |
10,580 |
|
Bareboat charter |
|
|
— |
|
|
|
2,484 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other marine services |
|
|
1,463 |
|
|
|
1,121 |
|
|
|
997 |
|
|
|
688 |
|
|
|
797 |
|
|
|
|
10,293 |
|
|
|
15,436 |
|
|
|
12,231 |
|
|
|
14,385 |
|
|
|
11,377 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
4,035 |
|
|
$ |
4,068 |
|
|
$ |
4,033 |
|
|
$ |
3,916 |
|
|
$ |
3,806 |
|
Repairs and maintenance |
|
|
1,012 |
|
|
|
1,859 |
|
|
|
1,104 |
|
|
|
716 |
|
|
|
894 |
|
Drydocking |
|
|
2,401 |
|
|
|
72 |
|
|
|
— |
|
|
|
112 |
|
|
|
875 |
|
Insurance and loss reserves |
|
|
1,215 |
|
|
|
1,070 |
|
|
|
1,170 |
|
|
|
1,752 |
|
|
|
719 |
|
Fuel, lubes and supplies |
|
|
605 |
|
|
|
589 |
|
|
|
668 |
|
|
|
353 |
|
|
|
320 |
|
Other |
|
|
644 |
|
|
|
856 |
|
|
|
1,672 |
|
|
|
(58 |
) |
|
|
677 |
|
|
|
|
9,912 |
|
|
|
8,514 |
|
|
|
8,647 |
|
|
|
6,791 |
|
|
|
7,291 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
— |
|
|
$ |
1,569 |
|
|
$ |
(200 |
) |
|
$ |
205 |
|
|
$ |
12 |
|
Depreciation and amortization |
|
|
4,964 |
|
|
|
5,171 |
|
|
|
5,170 |
|
|
|
5,171 |
|
|
|
5,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Activity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other marine services |
|
$ |
1,139 |
|
|
$ |
1,786 |
|
|
$ |
935 |
|
|
$ |
469 |
|
|
$ |
686 |
|
|
|
|
1,139 |
|
|
|
1,786 |
|
|
|
935 |
|
|
|
469 |
|
|
|
686 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel |
|
$ |
— |
|
|
$ |
(87 |
) |
|
$ |
73 |
|
|
$ |
(21 |
) |
|
$ |
340 |
|
Repairs and maintenance |
|
|
(15 |
) |
|
|
1 |
|
|
|
(10 |
) |
|
|
11 |
|
|
|
27 |
|
Insurance and loss reserves |
|
|
(582 |
) |
|
|
(30 |
) |
|
|
(100 |
) |
|
|
(138 |
) |
|
|
101 |
|
Fuel, lubes and supplies |
|
|
— |
|
|
|
(11 |
) |
|
|
11 |
|
|
|
3 |
|
|
|
6 |
|
Other |
|
|
(1 |
) |
|
|
(67 |
) |
|
|
100 |
|
|
|
14 |
|
|
|
(322 |
) |
|
|
|
(598 |
) |
|
|
(194 |
) |
|
|
74 |
|
|
|
(131 |
) |
|
|
152 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease expense |
|
$ |
320 |
|
|
$ |
389 |
|
|
$ |
262 |
|
|
$ |
315 |
|
|
$ |
314 |
|
Depreciation and amortization |
|
|
182 |
|
|
|
448 |
|
|
|
564 |
|
|
|
560 |
|
|
|
572 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE
SHEETS(in thousands)
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
36,315 |
|
|
$ |
37,619 |
|
|
$ |
42,194 |
|
|
$ |
45,446 |
|
|
$ |
68,409 |
|
Restricted cash |
|
|
3,596 |
|
|
|
3,601 |
|
|
|
4,160 |
|
|
|
5,855 |
|
|
|
3,352 |
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade, net of allowance for credit loss accounts |
|
|
49,238 |
|
|
|
55,544 |
|
|
|
50,343 |
|
|
|
47,082 |
|
|
|
42,680 |
|
Other |
|
|
8,799 |
|
|
|
6,118 |
|
|
|
13,750 |
|
|
|
12,152 |
|
|
|
11,265 |
|
Receivables from SEACOR Holdings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
19,332 |
|
Tax receivable |
|
|
1,238 |
|
|
|
1,238 |
|
|
|
101 |
|
|
|
1,497 |
|
|
|
1,498 |
|
Inventories |
|
|
1,297 |
|
|
|
928 |
|
|
|
476 |
|
|
|
425 |
|
|
|
572 |
|
Prepaid expenses and other |
|
|
3,724 |
|
|
|
3,730 |
|
|
|
3,851 |
|
|
|
4,527 |
|
|
|
2,326 |
|
Other current assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
423 |
|
Assets held for sale |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total current assets |
|
|
104,207 |
|
|
|
108,778 |
|
|
|
114,875 |
|
|
|
116,984 |
|
|
|
149,857 |
|
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
|
1,006,873 |
|
|
|
1,025,284 |
|
|
|
989,910 |
|
|
|
972,267 |
|
|
|
1,000,430 |
|
Accumulated depreciation |
|
|
(316,444 |
) |
|
|
(317,297 |
) |
|
|
(303,178 |
) |
|
|
(288,882 |
) |
|
|
(297,792 |
) |
|
|
|
690,429 |
|
|
|
707,987 |
|
|
|
686,732 |
|
|
|
683,385 |
|
|
|
702,638 |
|
Construction in progress |
|
|
15,550 |
|
|
|
15,531 |
|
|
|
15,577 |
|
|
|
32,903 |
|
|
|
32,530 |
|
Net property and equipment |
|
|
705,979 |
|
|
|
723,518 |
|
|
|
702,309 |
|
|
|
716,288 |
|
|
|
735,168 |
|
Right-of-use asset - operating
leases |
|
|
6,238 |
|
|
|
6,608 |
|
|
|
4,670 |
|
|
|
5,469 |
|
|
|
7,046 |
|
Right-of-use asset - finance
leases |
|
|
7,290 |
|
|
|
100 |
|
|
|
108 |
|
|
|
116 |
|
|
|
121 |
|
Investments, at equity, and
advances to 50% or less owned companies |
|
|
76,860 |
|
|
|
71,727 |
|
|
|
77,426 |
|
|
|
77,539 |
|
|
|
79,000 |
|
Other assets |
|
|
2,057 |
|
|
|
1,771 |
|
|
|
2,672 |
|
|
|
2,781 |
|
|
|
2,624 |
|
Total assets |
|
$ |
902,631 |
|
|
$ |
912,502 |
|
|
$ |
902,060 |
|
|
$ |
919,177 |
|
|
$ |
973,816 |
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of operating lease liabilities |
|
$ |
2,073 |
|
|
$ |
1,986 |
|
|
$ |
1,269 |
|
|
$ |
2,885 |
|
|
$ |
5,139 |
|
Current portion of finance lease liabilities |
|
|
190 |
|
|
|
33 |
|
|
|
32 |
|
|
|
32 |
|
|
|
46 |
|
Current portion of long-term debt |
|
|
32,708 |
|
|
|
31,602 |
|
|
|
28,875 |
|
|
|
28,419 |
|
|
|
34,888 |
|
Accounts payable and accrued expenses |
|
|
32,585 |
|
|
|
28,419 |
|
|
|
23,578 |
|
|
|
27,163 |
|
|
|
21,428 |
|
Due to SEACOR Holdings |
|
|
264 |
|
|
|
274 |
|
|
|
276 |
|
|
|
277 |
|
|
|
— |
|
Other current liabilities |
|
|
23,723 |
|
|
|
22,351 |
|
|
|
21,109 |
|
|
|
26,886 |
|
|
|
29,719 |
|
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total current liabilities |
|
|
91,543 |
|
|
|
84,665 |
|
|
|
75,139 |
|
|
|
85,662 |
|
|
|
91,220 |
|
Long-term operating lease
liabilities |
|
|
4,420 |
|
|
|
4,885 |
|
|
|
4,000 |
|
|
|
4,072 |
|
|
|
4,778 |
|
Long-term finance lease
liabilities |
|
|
7,183 |
|
|
|
76 |
|
|
|
84 |
|
|
|
92 |
|
|
|
97 |
|
Long-term debt |
|
|
326,264 |
|
|
|
332,762 |
|
|
|
321,641 |
|
|
|
320,823 |
|
|
|
431,849 |
|
Conversion option liability on
convertible senior notes |
|
|
34 |
|
|
|
— |
|
|
|
5 |
|
|
|
7 |
|
|
|
37 |
|
Deferred income taxes |
|
|
37,153 |
|
|
|
40,682 |
|
|
|
43,463 |
|
|
|
46,169 |
|
|
|
31,766 |
|
Deferred gains and other
liabilities |
|
|
2,990 |
|
|
|
2,891 |
|
|
|
2,925 |
|
|
|
2,951 |
|
|
|
4,910 |
|
Total liabilities |
|
|
469,587 |
|
|
|
465,961 |
|
|
|
447,257 |
|
|
|
459,776 |
|
|
|
564,657 |
|
Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEACOR Marine Holdings Inc. stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
269 |
|
|
|
262 |
|
|
|
245 |
|
|
|
245 |
|
|
|
243 |
|
Additional paid-in capital |
|
|
463,138 |
|
|
|
461,931 |
|
|
|
455,373 |
|
|
|
454,079 |
|
|
|
452,290 |
|
Accumulated Deficit |
|
|
(37,744 |
) |
|
|
(22,907 |
) |
|
|
(7,059 |
) |
|
|
(1,230 |
) |
|
|
(50,029 |
) |
Shares held in treasury |
|
|
(1,792 |
) |
|
|
(1,120 |
) |
|
|
(1,120 |
) |
|
|
(1,120 |
) |
|
|
(1,110 |
) |
Accumulated other comprehensive loss, net of tax |
|
|
8,853 |
|
|
|
8,055 |
|
|
|
7,044 |
|
|
|
7,107 |
|
|
|
7,446 |
|
|
|
|
432,724 |
|
|
|
446,221 |
|
|
|
454,483 |
|
|
|
459,081 |
|
|
|
408,840 |
|
Noncontrolling interests in
subsidiaries |
|
|
320 |
|
|
|
320 |
|
|
|
320 |
|
|
|
320 |
|
|
|
319 |
|
Total equity |
|
|
433,044 |
|
|
|
446,541 |
|
|
|
454,803 |
|
|
|
459,401 |
|
|
|
409,159 |
|
Total liabilities and equity |
|
$ |
902,631 |
|
|
$ |
912,502 |
|
|
$ |
902,060 |
|
|
$ |
919,177 |
|
|
$ |
973,816 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS(in thousands)
|
|
Three Months Ended |
|
|
Mar. 31, 2022 |
|
|
Dec. 31, 2021 |
|
|
Sep. 30, 2021 |
|
|
Jun. 30, 2021 |
|
|
Mar. 31, 2021 |
|
Cash Flows from Continuing Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (Loss) Income |
|
$ |
(14,837 |
) |
|
$ |
(15,846 |
) |
|
$ |
(5,829 |
) |
|
$ |
48,801 |
|
|
$ |
6,011 |
|
Adjustments to reconcile net (loss) income to net cash provided by
(used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
14,371 |
|
|
|
14,198 |
|
|
|
14,306 |
|
|
|
14,093 |
|
|
|
14,798 |
|
Deferred financing costs amortization |
|
|
291 |
|
|
|
328 |
|
|
|
255 |
|
|
254 |
|
|
260 |
|
Stock-based compensation expense |
|
|
395 |
|
|
|
1,243 |
|
|
|
1,294 |
|
|
|
1,779 |
|
|
|
849 |
|
Debt discount amortization |
|
|
1,691 |
|
|
|
1,614 |
|
|
|
1,573 |
|
|
|
1,787 |
|
|
|
1,892 |
|
Allowance for credit losses |
|
|
(170 |
) |
|
|
585 |
|
|
|
122 |
|
|
|
132 |
|
|
|
24 |
|
(Gain) Loss from equipment sales, retirements or impairments |
|
|
(2,139 |
) |
|
|
— |
|
|
|
(56 |
) |
|
|
(22,653 |
) |
|
|
2,273 |
|
Gain on the sale of Windcat Workboats |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(22,756 |
) |
Gain on debt extinguishment, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(62,749 |
) |
|
|
— |
|
Gain from return of investment |
|
|
— |
|
|
|
— |
|
|
|
(9,442 |
) |
|
|
— |
|
|
|
— |
|
Derivative losses (gains) |
|
|
34 |
|
|
|
(4 |
) |
|
|
(2 |
) |
|
|
(30 |
) |
|
|
(355 |
) |
Interest on finance lease |
|
|
25 |
|
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
Cash settlement payments on derivative transactions, net |
|
|
(373 |
) |
|
|
(403 |
) |
|
|
(414 |
) |
|
|
(414 |
) |
|
|
(919 |
) |
Currency (gains) losses |
|
|
(821 |
) |
|
|
357 |
|
|
|
(245 |
) |
|
657 |
|
|
466 |
|
Deferred income taxes |
|
|
(3,529 |
) |
|
|
(2,781 |
) |
|
|
(2,706 |
) |
|
|
14,403 |
|
|
|
(4,056 |
) |
Equity earnings |
|
|
(5,674 |
) |
|
|
(4,494 |
) |
|
|
(4,314 |
) |
|
|
(2,167 |
) |
|
|
(4,103 |
) |
Dividends received from equity investees |
|
|
725 |
|
|
|
817 |
|
|
|
4,515 |
|
|
|
— |
|
|
|
— |
|
Changes in Operating Assets
and Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivables |
|
|
3,904 |
|
|
|
(1,157 |
) |
|
|
(3,798 |
) |
|
|
16,047 |
|
|
|
11,345 |
|
Other assets |
|
|
(164 |
) |
|
|
1,656 |
|
|
|
1,561 |
|
|
|
(1,296 |
) |
|
|
1,192 |
|
Accounts payable and accrued liabilities |
|
|
6,707 |
|
|
|
7,915 |
|
|
|
(1,416 |
) |
|
|
4,268 |
|
|
|
(10,296 |
) |
Net cash provided by (used in) operating activities |
|
|
436 |
|
|
|
4,029 |
|
|
|
(4,595 |
) |
|
|
12,912 |
|
|
|
(3,373 |
) |
Cash Flows from Continuing
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(20 |
) |
|
|
(443 |
) |
|
|
(2,910 |
) |
|
|
(926 |
) |
|
|
(2,724 |
) |
Proceeds from disposition of property and equipment |
|
|
5,310 |
|
|
|
— |
|
|
|
— |
|
|
|
26,871 |
|
|
|
3,266 |
|
Proceeds from sale of Windcat Workboats, net cash sold |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
38,715 |
|
Net investing activities in property and equipment |
|
|
5,290 |
|
|
|
(443 |
) |
|
|
(2,910 |
) |
|
|
25,945 |
|
|
|
39,257 |
|
Investments in and advances to 50% or less owned companies |
|
|
— |
|
|
|
(2,272 |
) |
|
|
— |
|
|
|
— |
|
|
|
(736 |
) |
Excess distributions from equity investees |
|
|
— |
|
|
|
— |
|
|
|
9,442 |
|
|
|
— |
|
|
|
— |
|
Principal payments on notes due from equity investees |
|
|
176 |
|
|
|
(630 |
) |
|
|
179 |
|
|
|
2,877 |
|
|
|
919 |
|
Cash received from acquisition of 50% or less owned company |
|
|
— |
|
|
|
172 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
|
5,466 |
|
|
|
(3,173 |
) |
|
|
6,711 |
|
|
|
28,822 |
|
|
|
39,440 |
|
Cash Flows from Continuing
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments on long-term debt |
|
|
(7,348 |
) |
|
|
(5,981 |
) |
|
|
(7,054 |
) |
|
|
(56,787 |
) |
|
|
(8,302 |
) |
Payments on debt extinguishment cost |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(755 |
) |
|
|
— |
|
Payments on finance lease |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(9 |
) |
|
|
(12 |
) |
|
|
— |
|
Proceeds from exercise of stock options |
|
|
140 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of stock |
|
|
7 |
|
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
8 |
|
Excerise of warrants |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
'Net cash used in financing activities |
|
|
(7,210 |
) |
|
|
(5,989 |
) |
|
|
(7,063 |
) |
|
|
(57,552 |
) |
|
|
(8,294 |
) |
Effects of Exchange Rate Changes
on Cash and Cash Equivalents |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
(4,642 |
) |
|
|
4,621 |
|
Net Change in Cash, Cash
Equivalents and Restricted Cash |
|
|
(1,309 |
) |
|
|
(5,134 |
) |
|
|
(4,947 |
) |
|
|
(20,460 |
) |
|
|
32,394 |
|
Cash Flows from Discontinued
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Activities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(171 |
) |
Investing Activities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Financing Activities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Effects of FX Rate Changes on Cash and Cash Equivalents |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Decrease in Cash and Cash Equivalents from Discontinued
Operations: |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(171 |
) |
Net Change in Cash, Cash
Equivalents and Restricted Cash |
|
|
(1,309 |
) |
|
|
(5,134 |
) |
|
|
(4,947 |
) |
|
|
(20,460 |
) |
|
|
32,223 |
|
Cash, Restricted Cash and Cash
Equivalents, Beginning of Period |
|
|
41,220 |
|
|
|
46,354 |
|
|
|
51,301 |
|
|
|
71,761 |
|
|
|
39,538 |
|
Cash, Restricted Cash and Cash
Equivalents, End of Period |
|
$ |
39,911 |
|
|
$ |
41,220 |
|
|
$ |
46,354 |
|
|
$ |
51,301 |
|
|
$ |
71,761 |
|
SEACOR MARINE HOLDINGS
INC.UNAUDITED FLEET COUNTS
|
|
Owned |
|
|
Joint Ventured |
|
|
Leased-in |
|
|
Managed |
|
|
Total |
|
March 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
4 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
6 |
|
FSV |
|
|
23 |
|
|
|
5 |
|
|
|
1 |
|
|
|
2 |
|
|
|
31 |
|
Supply |
|
|
20 |
|
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
Specialty |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Liftboats |
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
|
57 |
|
|
|
20 |
|
|
|
3 |
|
|
|
2 |
|
|
|
82 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AHTS |
|
|
4 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
6 |
|
FSV |
|
|
23 |
|
|
|
5 |
|
|
|
1 |
|
|
|
1 |
|
|
|
30 |
|
Supply |
|
|
20 |
|
|
|
15 |
|
|
|
— |
|
|
|
— |
|
|
|
35 |
|
Specialty (1) |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Liftboats (2) |
|
|
9 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
|
57 |
|
|
|
20 |
|
|
|
3 |
|
|
|
1 |
|
|
|
81 |
|
(1) One owned vessel classified as a CTV Operations as of
December 31, 2020 was reclassified as a specialty vessel as of
January 12, 2021.(2) In the second quarter of 2021, the
Company removed from service four liftboats. Removed from service
vessels are not counted in active fleet count.
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