SMHI SEACOR Marine Holdings Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2025

SEACOR Marine Holdings Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	001-37966	47-2564547
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

12121 Wickchester Lane, Suite 500, Houston, TX	77079
(Address of Principal Executive Offices)	(Zip Code)
Registrant's telephone number, including area code	(346) 980-1700

 

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	SMHI	New York Stock Exchange (“NYSE”)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition

The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information in this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On February 26, 2025, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three and twelve months ended December 31, 2024 (the “Earnings Release”).

A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

 

Exhibit No.	Description
99.1	Press Release of SEACOR Marine Holdings Inc. dated February 26, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	SEACOR Marine Holdings Inc.
February 26, 2025	By:	/s/ John Gellert
		Name: John Gellert
		Title: President and Chief Executive Officer

 

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Exhibit 99.1

	PRESS RELEASE

SEACOR MARINE ANNOUNCES FOURTH QUARTER 2024 RESULTS

Houston, Texas

February 26, 2025

FOR IMMEDIATE RELEASE - 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, 2024.

 

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)(1) was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

 

Notable fourth quarter items include:

 

For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

 

Chief Executive Officer John Gellert commented:

 

“The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

 

Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

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As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

 

I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”

___________________

(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; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. 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

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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,
		2024				2023				2024				2023
Operating Revenues		$	69,808			$	73,083			$	271,361			$	279,511
Costs and Expenses:
Operating			46,726				43,269				197,252				159,650
Administrative and general			10,888				11,547				44,713				49,183
Lease expense			347				679				1,678				2,748
Depreciation and amortization			12,879				13,022				51,628				53,821
			70,840				68,517				295,271				265,402
Gains on Asset Dispositions and Impairments, Net			11,624				18,057				13,481				21,409
Operating Income (Loss)			10,592				22,623				(10,429	)			35,518
Other Income (Expense):
Interest income			372				222				1,768				1,444
Interest expense			(10,001	)			(10,444	)			(40,627	)			(37,504	)
Loss on debt extinguishment			(31,923	)			—				(31,923	)			(2,004	)
Derivative (losses) gains, net			(536	)			608				(908	)			608
Foreign currency gains (losses), net			1,308				(1,276	)			(1,049	)			(2,133	)
Other, net			187				—				121				—
			(40,593	)			(10,890	)			(72,618	)			(39,589	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies			(30,001	)			11,733				(83,047	)			(4,071	)
Income Tax (Benefit) Expense			(2,345	)			6,378				(2,615	)			8,799
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies			(27,656	)			5,355				(80,432	)			(12,870	)
Equity in Earnings of 50% or Less Owned Companies			1,430				374				2,308				3,556
Net (Loss) Income		$	(26,226	)		$	5,729			$	(78,124	)		$	(9,314	)
Net (Loss) Earnings Per Share:
Basic		$	(0.94	)		$	0.21			$	(2.82	)		$	(0.34	)
Diluted		$	(0.94	)		$	0.20			$	(2.82	)		$	(0.34	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,773,200				27,182,496				27,655,289				27,082,391
Diluted			27,773,200				28,400,684				27,655,289				27,082,391

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

						Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
Time Charter Statistics:
Average Rates Per Day		$	18,901			$	18,879			$	19,141			$	19,042			$	18,031
Fleet Utilization			72	%			67	%			69	%			62	%			71	%
Fleet Available Days (2)			4,870				5,026				4,994				5,005				5,170
Operating Revenues:
Time charter		$	66,095			$	63,313			$	65,649			$	59,263			$	66,498
Bareboat charter			364				372				364				364				368
Other marine services			3,349				5,231				3,854				3,143				6,217
			69,808				68,916				69,867				62,770				73,083
Costs and Expenses:
Operating:
Personnel			20,365				21,940				21,566				21,670				22,080
Repairs and maintenance			10,433				9,945				10,244				9,763				7,604
Drydocking			2,467				6,068				6,210				6,706				2,561
Insurance and loss reserves			2,473				2,584				3,099				1,738				2,944
Fuel, lubes and supplies			4,884				6,574				3,966				4,523				3,683
Other			6,104				5,796				4,435				3,699				4,397
			46,726				52,907				49,520				48,099				43,269
Direct Vessel Profit (1)			23,082				16,009				20,347				14,671				29,814
Other Costs and Expenses:
Lease expense			347				364				486				481				679
Administrative and general			10,888				11,019				10,889				11,917				11,547
Depreciation and amortization			12,879				12,928				12,939				12,882				13,022
			24,114				24,311				24,314				25,280				25,248
Gains (Losses) on Asset Dispositions and Impairments, Net			11,624				1,821				37				(1	)			18,057
Operating Income (Loss)			10,592				(6,481	)			(3,930	)			(10,610	)			22,623
Other Income (Expense):
Interest income			372				358				445				593				222
Interest expense			(10,001	)			(10,127	)			(10,190	)			(10,309	)			(10,444	)
Derivative (losses) gains, net			(536	)			67				104				(543	)			608
Loss on debt extinguishment			(31,923	)			—				—				—				—
Foreign currency gains (losses), net			1,308				(1,717	)			(560	)			(80	)			(1,276	)
Other, net			187				29				—				(95	)			—
			(40,593	)			(11,390	)			(10,201	)			(10,434	)			(10,890	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies			(30,001	)			(17,871	)			(14,131	)			(21,044	)			11,733
Income Tax (Benefit) Expense			(2,345	)			(513	)			(682	)			925				6,378
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(27,656	)			(17,358	)			(13,449	)			(21,969	)			5,355
Equity in Earnings (Losses) of 50% or Less Owned Companies			1,430				1,012				966				(1,100	)			374
Net (Loss) Income		$	(26,226	)		$	(16,346	)		$	(12,483	)		$	(23,069	)		$	5,729
Net (Loss) Earnings Per Share:
Basic		$	(0.94	)		$	(0.59	)		$	(0.45	)		$	(0.84	)		$	0.21
Diluted		$	(0.94	)		$	(0.59	)		$	(0.45	)		$	(0.84	)		$	0.20
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,773				27,773				27,729				27,344				27,182
Diluted			27,773				27,773				27,729				27,344				28,401
Common Shares and Warrants Outstanding at Period End			28,950				28,950				28,941				28,906				28,489

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

		Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked		$	26,116			$	17,188			$	22,356			$	28,156			$	22,584
Fleet utilization			45	%			42	%			37	%			27	%			50	%
Fleet available days			920				920				921				927				1,152
Out-of-service days for repairs, maintenance and drydockings			75				116				179				137				61
Out-of-service days for cold-stacked status (2)			184				175				127				182				254
Operating Revenues:
Time charter		$	10,744			$	6,593			$	7,697			$	6,957			$	12,929
Other marine services			1,114				1,188				480				1,026				5,346
			11,858				7,781				8,177				7,983				18,275
Direct Costs and Expenses:
Operating:
Personnel			6,097				6,297				6,284				5,781				6,906
Repairs and maintenance			1,680				1,655				1,879				1,404				819
Drydocking			1,451				2,615				2,570				1,968				303
Insurance and loss reserves			854				799				943				396				1,297
Fuel, lubes and supplies			854				964				866				667				1,032
Other			229				225				226				(171	)			475
			11,165				12,555				12,768				10,045				10,832
Direct Vessel Profit (Loss) (1)		$	693			$	(4,774	)		$	(4,591	)		$	(2,062	)		$	7,443
Other Costs and Expenses:
Lease expense		$	136			$	140			$	141			$	138			$	141
Depreciation and amortization			3,196				3,194				3,194				2,750				3,479
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	16,895			$	18,875			$	18,580			$	15,197			$	15,233
Fleet utilization			73	%			77	%			74	%			76	%			82	%
Fleet available days			1,856				1,990				1,969				1,775				1,748
Out-of-service days for repairs, maintenance and drydockings			180				203				203				238				124
Out-of-service days for cold-stacked status			—				58				91				91				92
Operating Revenues:
Time charter		$	22,999			$	28,809			$	27,047			$	20,555			$	21,791
Other marine services			1,027				3,048				1,028				169				189
			24,026				31,857				28,075				20,724				21,980
Direct Costs and Expenses:
Operating:
Personnel			5,654				6,083				4,969				5,181				6,007
Repairs and maintenance			3,712				3,455				3,161				3,209				2,807
Drydocking			835				681				1,226				2,032				1,298
Insurance and loss reserves			577				599				819				334				416
Fuel, lubes and supplies			2,226				2,514				1,170				1,287				623
Other			3,748				3,975				2,801				2,199				2,267
			16,752				17,307				14,146				14,242				13,418
Direct Vessel Profit (1)		$	7,274			$	14,550			$	13,929			$	6,482			$	8,562
Other Costs and Expenses:
Lease expense		$	82			$	75			$	172			$	178			$	289
Depreciation and amortization			4,477				4,540				4,565				3,915				3,747

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)

(in thousands, except statistics)

		Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	17,337			$	17,825			$	17,083			$	16,934			$	17,590
Fleet utilization			88	%			71	%			82	%			71	%			69	%
Fleet available days			1,266				1,288				1,296				1,365				1,461
Out-of-service days for repairs, maintenance and drydockings			30				229				168				224				360
Operating Revenues:
Time charter		$	19,385			$	16,411			$	18,073			$	16,477			$	17,729
Other marine services			635				375				619				350				539
			20,020				16,786				18,692				16,827				18,268
Direct Costs and Expenses:
Operating:
Personnel			5,470				5,769				6,930				5,963				5,522
Repairs and maintenance			3,574				3,318				3,443				2,712				2,590
Drydocking			(226	)			832				707				1,483				624
Insurance and loss reserves			804				927				798				618				1,022
Fuel, lubes and supplies			840				1,043				1,103				1,198				1,242
Other			1,305				1,131				989				1,000				1,133
			11,767				13,020				13,970				12,974				12,133
Direct Vessel Profit (1)		$	8,253			$	3,766			$	4,722			$	3,853			$	6,135
Other Costs and Expenses:
Lease expense		$	72			$	73			$	71			$	85			$	158
Depreciation and amortization			3,272				3,261				3,247				3,496				3,643
Latin America
Time Charter Statistics:
Average rates per day worked		$	21,390			$	21,984			$	22,437			$	28,308			$	20,745
Fleet utilization			73	%			63	%			71	%			58	%			84	%
Fleet available days (2)			828				828				808				938				809
Out-of-service days for repairs, maintenance and drydockings			20				94				41				1				—
Operating Revenues:
Time charter		$	12,967			$	11,500			$	12,832			$	15,274			$	14,049
Bareboat charter			364				372				364				364				368
Other marine services			573				620				1,727				1,598				143
			13,904				12,492				14,923				17,236				14,560
Direct Costs and Expenses:
Operating:
Personnel			3,144				3,791				3,383				4,745				3,645
Repairs and maintenance			1,467				1,517				1,761				2,438				1,388
Drydocking			407				1,940				1,707				1,223				336
Insurance and loss reserves			238				259				539				390				209
Fuel, lubes and supplies			964				2,053				827				1,371				786
Other			822				465				419				671				522
			7,042				10,025				8,636				10,838				6,886
Direct Vessel Profit (1)		$	6,862			$	2,467			$	6,287			$	6,398			$	7,674
Other Costs and Expenses:
Lease expense		$	57			$	76			$	102			$	80			$	91
Depreciation and amortization			1,934				1,933				1,933				2,721				2,153

 

 

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS

(in thousands, except statistics)

 

		Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
AHTS
Time Charter Statistics:
Average rates per day worked		$	10,410			$	10,316			$	8,125			$	8,538			$	8,937
Fleet utilization			79	%			46	%			49	%			75	%			64	%
Fleet available days			178				334				364				364				368
Out-of-service days for repairs, maintenance and drydockings			28				87				29				—				41
Out-of-service days for cold-stacked status			—				58				91				91				92
Operating Revenues:
Time charter		$	1,465			$	1,576			$	1,459			$	2,331			$	2,102
Other marine services			—				13				219				—				6
			1,465				1,589				1,678				2,331				2,108
Direct Costs and Expenses:
Operating:
Personnel		$	595			$	981			$	1,045			$	1,064			$	944
Repairs and maintenance			128				239				465				220				612
Drydocking			5				436				280				68				58
Insurance and loss reserves			49				66				97				43				73
Fuel, lubes and supplies			25				90				69				616				375
Other			210				263				230				287				295
			1,012				2,075				2,186				2,298				2,357
Other Costs and Expenses:
Lease expense		$	7			$	4			$	164			$	171			$	253
Depreciation and amortization			122				175				175				175				175
FSV
Time Charter Statistics:
Average rates per day worked		$	13,643			$	13,102			$	12,978			$	11,834			$	11,841
Fleet utilization			72	%			81	%			80	%			72	%			74	%
Fleet available days			2,024				2,024				2,002				2,002				2,105
Out-of-service days for repairs, maintenance and drydockings			118				96				128				216				337
Out-of-service days for cold-stacked status			92				83				36				91				92
Operating Revenues:
Time charter		$	19,992			$	21,606			$	20,698			$	17,081			$	18,502
Other marine services			416				1,012				516				126				163
			20,408				22,618				21,214				17,207				18,665
Direct Costs and Expenses:
Operating:
Personnel		$	5,078			$	5,637			$	5,829			$	5,649			$	5,320
Repairs and maintenance			4,480				4,378				4,572				3,093				2,691
Drydocking			426				448				457				1,869				1,710
Insurance and loss reserves			422				532				546				277				507
Fuel, lubes and supplies			1,586				1,962				993				1,051				1,441
Other			2,456				2,238				1,850				1,649				1,632
			14,448				15,195				14,247				13,588				13,301
Other Costs and Expenses:
Depreciation and amortization		$	4,746			$	4,744			$	4,746			$	4,744			$	4,879

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

		Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
PSV
Time Charter Statistics:
Average rates per day worked		$	17,912			$	21,819			$	20,952			$	19,133			$	19,778
Fleet utilization			72	%			58	%			66	%			53	%			77	%
Fleet available days (1)			1,932				1,932				1,900				1,911				1,902
Out-of-service days for repairs, maintenance and drydockings			117				349				291				307				109
Operating Revenues:
Time charter		$	24,865			$	24,488			$	26,390			$	19,390			$	29,140
Bareboat charter			364				372				364				364				368
Other marine services			1,561				2,855				2,266				416				595
			26,790				27,715				29,020				20,170				30,103
Direct Costs and Expenses:
Operating:
Personnel		$	8,999			$	9,360			$	8,979			$	8,850			$	9,017
Repairs and maintenance			4,101				3,798				3,151				4,393				3,520
Drydocking			1,046				2,629				2,616				3,386				472
Insurance and loss reserves			618				636				1,037				395				690
Fuel, lubes and supplies			2,379				3,594				1,575				1,889				1,027
Other			2,566				2,821				1,850				1,395				1,922
			19,709				22,838				19,208				20,308				16,648
Other Costs and Expenses:
Lease expense		$	—			$	(3	)		$	3			$	—			$	—
Depreciation and amortization			4,122				4,117				4,128				4,073				4,073

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

		Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
Liftboats
Time Charter Statistics:
Average rates per day worked		$	39,326			$	36,423			$	43,204			$	53,506			$	40,181
Fleet utilization			68	%			58	%			54	%			53	%			52	%
Fleet available days			736				736				728				728				795
Out-of-service days for repairs, maintenance and drydockings			41				109				143				78				60
Out-of-service days for cold-stacked status			92				92				91				91				162
Operating Revenues:
Time charter		$	19,773			$	15,643			$	17,102			$	20,461			$	16,754
Other marine services			1,177				1,142				666				1,772				4,666
			20,950				16,785				17,768				22,233				21,420
Direct Costs and Expenses:
Operating:
Personnel		$	5,678			$	5,926			$	6,842			$	6,140			$	5,316
Repairs and maintenance			1,722				1,531				2,054				2,035				769
Drydocking			990				2,555				2,857				1,383				321
Insurance and loss reserves			1,384				1,334				1,482				1,282				1,554
Fuel, lubes and supplies			894				928				1,329				967				838
Other			860				473				519				343				531
			11,528				12,747				15,083				12,150				9,329
Other Costs and Expenses:
Depreciation and amortization			3,866				3,866				3,865				3,866				3,867
Other Activity
Operating Revenues:
Other marine services		$	195			$	209			$	187			$	829			$	787
			195				209				187				829				787
Direct Costs and Expenses:
Operating:
Personnel		$	15			$	36			$	(1,129	)		$	(33	)		$	1,483
Repairs and maintenance			2				(1	)			2				22				12
Insurance and loss reserves			—				16				(63	)			(259	)			120
Fuel, lubes and supplies			—				—				—				—				2
Other			12				1				(14	)			25				17
			29				52				(1,204	)			(245	)			1,634
Other Costs and Expenses:
Lease expense		$	340			$	363			$	319			$	310			$	426
Depreciation and amortization			23				26				25				24				28

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents		$	59,491			$	35,601			$	40,605			$	59,593			$	67,455
Restricted cash			16,649				2,263				2,255				2,566				16,676
Receivables:
Trade, net of allowance for credit loss			69,888				76,497				70,770				58,272				63,728
Other			7,913				7,841				6,210				12,210				11,049
Tax receivable			1,601				983				983				983				983
Inventories			2,760				3,139				3,117				2,516				1,609
Prepaid expenses and other			4,406				4,840				5,659				3,425				2,686
Assets held for sale			10,943				—				500				500				500
Total current assets			173,651				131,164				130,099				140,065				164,686
Property and Equipment:
Historical cost			900,414				921,445				921,443				919,139				918,823
Accumulated depreciation			(367,448	)			(362,604	)			(349,799	)			(337,001	)			(324,141	)
			532,966				558,841				571,644				582,138				594,682
Construction in progress			11,904				11,935				11,518				13,410				10,362
Net property and equipment			544,870				570,776				583,162				595,548				605,044
Right-of-use asset - operating leases			3,436				3,575				3,683				3,988				4,291
Right-of-use asset - finance leases			36				19				28				29				37
Investments, at equity, and advances to 50% or less owned companies			3,541				2,046				2,641				3,122				4,125
Other assets			1,577				1,864				1,953				2,094				2,153
Total assets		$	727,111			$	709,444			$	721,566			$	744,846			$	780,336
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	606			$	494			$	861			$	1,285			$	1,591
Current portion of finance lease liabilities			17				17				26				33				35
Current portion of long-term debt			27,500				28,605				28,605				28,605				28,365
Accounts payable			29,236				22,744				17,790				23,453				27,562
Other current liabilities			27,683				28,808				23,795				21,067				19,533
Total current liabilities			85,042				80,668				71,077				74,443				77,086
Long-term operating lease liabilities			2,982				3,221				3,276				3,390				3,529
Long-term finance lease liabilities			20				4				5				—				6
Long-term debt			317,339				272,325				277,740				281,989				287,544
Deferred income taxes			22,037				26,802				30,083				33,873				35,718
Deferred gains and other liabilities			1,369				1,416				1,447				2,285				2,229
Total liabilities			428,789				384,436				383,628				395,980				406,112
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			287				287				286				286				280
Additional paid-in capital			479,283				477,661				476,020				474,433				472,692
Accumulated deficit			(180,600	)			(154,374	)			(138,028	)			(125,609	)			(102,425	)
Shares held in treasury			(8,110	)			(8,110	)			(8,110	)			(8,071	)			(4,221	)
Accumulated other comprehensive income, net of tax			7,141				9,223				7,449				7,506				7,577
			298,001				324,687				337,617				348,545				373,903
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			298,322				325,008				337,938				348,866				374,224
Total liabilities and equity		$	727,111			$	709,444			$	721,566			$	744,846			$	780,336

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

						Three Months Ended
		Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023
Cash Flows from Operating Activities:
Net (Loss) Income		$	(26,226	)		$	(16,346	)		$	(12,483	)		$	(23,069	)		$	5,729
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization			12,879				12,928				12,939				12,882				13,022
Deferred financing costs amortization			254				298				297				295				279
Stock-based compensation expense			1,622				1,604				1,587				1,645				1,510
Debt discount amortization			1,799				2,061				1,993				1,926				1,862
Allowance for credit losses			59				101				39				3				266
(Gains) losses from equipment sales, retirements or impairments			(11,624	)			(1,821	)			(37	)			1				(18,057	)
Losses on debt extinguishment			28,252				—				—				—				—
Derivative losses (gains)			536				(67	)			(104	)			543				(608	)
Interest on finance lease			2				—				1				—				1
Settlements on derivative transactions, net			—				—				—				164				—
Currency (gains) losses			(1,308	)			1,717				560				80				1,276
Deferred income taxes			(4,766	)			(3,281	)			(3,790	)			(1,845	)			2,640
Equity (earnings) losses			(1,430	)			(1,012	)			(966	)			1,100				(374	)
Dividends received from equity investees			—				1,498				1,418				—				166
Changes in Operating Assets and Liabilities:
Accounts receivables			5,448				(7,411	)			(6,928	)			4,291				(3,472	)
Other assets			1,338				1,032				(2,395	)			(1,290	)			733
Accounts payable and accrued liabilities			1,693				9,325				(4,378	)			(3,895	)			(6,456	)
Net cash provided by (used in) operating activities			8,528				626				(12,247	)			(7,169	)			(1,483	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(3,010	)			(210	)			(658	)			(3,416	)			(3,644	)
Proceeds from disposition of property and equipment			22,441				2,331				86				—				36,692
Net cash provided by (used in) investing activities			19,431				2,121				(572	)			(3,416	)			33,048
Cash Flows from Financing Activities:
Payments on long-term debt			(2,479	)			(7,770	)			(6,533	)			(7,530	)			(6,173	)
Payments on debt extinguishment			(328,712	)			—				—				—				—
Payments on debt extinguishment cost			(3,671	)			—				—				—				—
Proceeds from issuance of long-term debt, net of debt discount and issue costs			345,192				—				—				—				87
Payments on finance leases			(13	)			(10	)			(9	)			(9	)			(9	)
Proceeds from issuance of common stock, net of issue costs			—				—				—				—				24
Proceeds from exercise of stock options and warrants			—				38				102				—				—
Tax withholdings on restricted stock vesting			—				—				(39	)			(3,850	)			—
Net cash provided by (used in) financing activities			10,317				(7,742	)			(6,479	)			(11,389	)			(6,071	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents			—				(1	)			(1	)			2				1
Net Change in Cash, Restricted Cash and Cash Equivalents			38,276				(4,996	)			(19,299	)			(21,972	)			25,495
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			37,864				42,860				62,159				84,131				58,636
Cash, Restricted Cash and Cash Equivalents, End of Period		$	76,140			$	37,864			$	42,860			$	62,159			$	84,131

 

 

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SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

		Owned				Leased-in				Managed				Total
December 31, 2024
AHTS			—				—				2				2
FSV			22				—				1				23
PSV			21				—				—				21
Liftboats			8				—				—				8
			51				—				3				54
December 31, 2023
AHTS			3				1				—				4
FSV			22				—				3				25
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				3				58

 

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v3.25.0.1

Document and Entity Information	Feb. 26, 2025
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001690334
Document Type	8-K
Document Period End Date	Feb. 26, 2025
Entity Registrant Name	SEACOR Marine Holdings Inc.
Entity Incorporation State Country Code	DE
Entity File Number	001-37966
Entity Tax Identification Number	47-2564547
Entity Address, Address Line One	12121 Wickchester Lane
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	(346)
Local Phone Number	980-1700
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common stock, par value $0.01 per share
Trading Symbol	SMHI
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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