SMHI SEACOR Marine Holdings Inc

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 second quarter ended June 30, 2023.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2023 were $66.9 million, operating income was $2.9 million, and direct vessel profit (“DVP”)(1) was $30.6 million. This compares to consolidated operating revenues of $54.0 million, operating loss of $15.5 million, and DVP of $9.9 million in the second quarter of 2022, and consolidated operating revenues of $60.0 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023.

Notable second quarter items include:

• 23.8% improvement in revenues from the second quarter of 2022 and a 11.5% increase from the first quarter of 2023.
• Average utilization rate of 78%, the highest for a second quarter since 2013, a 1.0% improvement from the second quarter of 2022, and a 2% increase from the first quarter of 2023.
• Average day rates of $15,250, a 25.5% improvement from the second quarter of 2022, and a 6.5% increase from the first quarter of 2023, which was the highest day rate since the fourth quarter of 2015.
• DVP margin increased 209.9% from the second quarter of 2022 and increased 34.8% from the first quarter of 2023.

For the second quarter of 2023, net loss was $4.6 million ($0.17 loss per basic and diluted share). This compares to a net loss for the second quarter of 2022 of $19.1 million ($0.72 loss per basic and diluted share). Sequentially, second quarter 2023 results compare to a net loss of $9.6 million ($0.36 loss per basic and diluted share) in the first quarter of 2023.

Chief Executive Officer John Gellert commented:

“I am pleased with the Company’s second quarter results as the cyclical recovery continued with another consecutive quarter of improved average day rates and utilization. More importantly, the second quarter produced meaningful cash flows from operations through a strong conversion rate with the highest DVP the Company has generated since 2014.

The increase in DVP was primarily due to higher day rates and utilization as well as lower operating expenses. This quarterly improvement was driven by our international business segments, most notably Africa and Europe, which have been virtually sold out during the quarter, and the Middle East. We also continued to make progress in Latin America, despite slightly lower utilization due to scheduled drydockings.

Further improvement in our U.S. business was hampered in the second quarter by low activity levels on the shelf of the Gulf of Mexico, driven in part by the bankruptcy of a significant operator, as well as delays in contract startups for several offshore wind contracts in the Northeast. Additionally, one of our premium liftboats in the U.S. remained offhire for previously reported extended repairs. We expect that this vessel will return to service once temporary repairs are completed during the second half of 2023.

On June 20, 2023, the Company announced the refinancing of the debt associated with three of our modern PSVs that we acquired with shipyard financing during the trough of the cycle. We will continue to address near-term maturities and opportunistically pursue refinancing opportunities that reflect the improved outlook for the business.

I am optimistic about our ability to continue to improve our profitability in the current cycle given the margin available to improve utilization and the fact that average day rates have yet to reflect full cycle dynamics.” ___________________

(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 June 30,								Six months ended June 30,
		2023				2022				2023				2022
Operating Revenues		$	66,891			$	54,017			$	126,864			$	99,608
Costs and Expenses:
Operating			36,302				44,145				73,575				83,641
Administrative and general			13,704				10,210				25,336				20,134
Lease expense			698				1,008				1,418				2,068
Depreciation and amortization			13,575				14,208				27,337				28,579
			64,279				69,571				127,666				134,422
Gains on Asset Dispositions and Impairments, Net			265				25				3,864				2,164
Operating Income (Loss)			2,877				(15,529	)			3,062				(32,650	)
Other Income (Expense):
Interest income			422				190				882				219
Interest expense			(8,736	)			(6,989	)			(17,524	)			(13,616	)
Derivative gains (losses), net			—				33				—				(1	)
Foreign currency (losses) gains, net			(603	)			1,170				(1,428	)			1,991
Other, net			—				(41	)			—				(41	)
			(8,917	)			(5,637	)			(18,070	)			(11,448	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies			(6,040	)			(21,166	)			(15,008	)			(44,098	)
Income Tax (Benefit) Expense			(1,096	)			(1,634	)			61				(4,055	)
Loss Before Equity in Earnings of 50% or Less Owned Companies			(4,944	)			(19,532	)			(15,069	)			(40,043	)
Equity in Earnings of 50% or Less Owned Companies			373				415				909				6,089
Net Loss			(4,571	)			(19,117	)			(14,160	)			(33,954	)
Net Income Attributable to Noncontrolling Interests in Subsidiaries			—				3				—				3
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(4,571	)		$	(19,120	)		$	(14,160	)		$	(33,957	)
Net Loss Per Share:
Basic		$	(0.17	)		$	(0.72	)		$	(0.52	)		$	(1.28	)
Diluted		$	(0.17	)			(0.72	)		$	(0.52	)			(1.28	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,137,873				26,664,745				26,981,004				26,522,808
Diluted			27,137,873				26,664,745				26,981,004				26,522,808

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

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
Time Charter Statistics:
Average Rates Per Day		$	15,250			$	14,314			$	13,794			$	13,340			$	12,149
Fleet Utilization			78	%			76	%			76	%			79	%			77	%
Fleet Available Days			5,096				5,071				5,244				5,336				5,311
Operating Revenues:
Time charter		$	60,804			$	55,415			$	54,789			$	56,500			$	49,504
Bareboat charter			364				360				376				332				48
Other marine services			5,723				4,198				2,761				2,959				4,465
			66,891				59,973				57,926				59,791				54,017
Costs and Expenses:
Operating:
Personnel			19,944				19,803				20,849				20,152				18,346
Repairs and maintenance			5,793				6,011				8,948				7,377				8,380
Drydocking			2,256				13				1,667				5,046				6,474
Insurance and loss reserves			2,390				2,789				3,381				2,850				2,545
Fuel, lubes and supplies			3,638				4,819				5,794				5,416				4,350
Other			2,281				3,838				3,699				3,165				4,050
			36,302				37,273				44,338				44,006				44,145
Direct Vessel Profit (1)			30,589				22,700				13,588				15,785				9,872
Other Costs and Expenses:
Lease expense			698				720				633				1,168				1,008
Administrative and general			13,704				11,632				10,799				9,978				10,210
Depreciation and amortization			13,575				13,762				13,624				13,754				14,208
			27,977				26,114				25,056				24,900				25,426
Gains (Losses) on Asset Dispositions and Impairments, Net			265				3,599				1,017				(1,783	)			25
Operating Income (Loss)			2,877				185				(10,451	)			(10,898	)			(15,529	)
Other Income (Expense):
Interest income			422				460				688				(123	)			190
Interest expense			(8,736	)			(8,788	)			(8,456	)			(7,634	)			(6,989	)
Derivative gains, net			—				—				—				1				33
Gain on debt extinguishment			—				—				10,429				—				—
Foreign currency (losses) gains, net			(603	)			(825	)			(2,646	)			2,314				1,170
Other, net			—				—				137				659				(41	)
			(8,917	)			(9,153	)			152				(4,783	)			(5,637	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies			(6,040	)			(8,968	)			(10,299	)			(15,681	)			(21,166	)
Income Tax (Benefit) Expense			(1,096	)			1,157				4,219				8,418				(1,634	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(4,944	)			(10,125	)			(14,518	)			(24,099	)			(19,532	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			373				536				1,176				(254	)			415
Net Loss			(4,571	)			(9,589	)			(13,342	)			(24,353	)			(19,117	)
Net (Loss) Income Attributable to Noncontrolling Interests in Subsidiaries			—				—				—				(2	)			3
Net Loss Attributable to SEACOR Marine Holdings Inc.		$	(4,571	)		$	(9,589	)		$	(13,342	)		$	(24,351	)		$	(19,120	)
Net Loss Per Share:
Basic		$	(0.17	)		$	(0.36	)		$	(0.50	)		$	(0.91	)		$	(0.72	)
Diluted		$	(0.17	)		$	(0.36	)		$	(0.50	)		$	(0.91	)		$	(0.72	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			27,138				26,822				26,728				26,728				26,665
Diluted			27,138				26,822				26,728				26,728				26,665
Common Shares and Warrants Outstanding at Period End			28,481				28,428				28,142				28,142				28,145

        

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

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	16,115			$	18,359			$	22,563			$	21,551			$	17,792
Fleet utilization			35	%			35	%			57	%			58	%			43	%
Fleet available days			1,080				1,015				1,288				1,363				1,277
Out-of-service days for repairs, maintenance and drydockings			229				112				108				199				284
Out-of-service days for cold-stacked status			173				211				242				259				313
Operating Revenues:
Time charter		$	6,121			$	6,564			$	16,574			$	17,075			$	9,759
Other marine services			2,993				3,842				2,916				2,161				2,399
			9,114				10,406				19,490				19,236				12,158
Direct Costs and Expenses:
Operating:
Personnel			5,957				6,535				7,262				7,243				5,773
Repairs and maintenance			1,573				1,194				2,666				2,002				1,280
Drydocking			1,506				43				472				1,549				4,090
Insurance and loss reserves			1,082				1,041				2,022				1,382				1,198
Fuel, lubes and supplies			924				783				746				1,143				794
Other			335				223				416				314				281
			11,377				9,819				13,584				13,633				13,416
Direct Vessel (Loss) Profit (1)		$	(2,263	)		$	587			$	5,906			$	5,603			$	(1,258	)
Other Costs and Expenses:
Lease expense		$	143			$	136			$	138			$	278			$	295
Depreciation and amortization			3,861				3,535				3,912				4,332				4,562
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	14,982			$	12,835			$	11,241			$	11,813			$	11,279
Fleet utilization			94	%			87	%			82	%			91	%			85	%
Fleet available days			1,729				1,710				1,656				1,629				1,567
Out-of-service days for repairs, maintenance and drydockings			58				118				125				37				58
Operating Revenues:
Time charter		$	24,414			$	18,996			$	15,299			$	17,551			$	14,930
Other marine services			(1,037	)			(834	)			(679	)			60				1,072
			23,377				18,162				14,620				17,611				16,002
Direct Costs and Expenses:
Operating:
Personnel			4,833				4,505				4,680				4,694				3,526
Repairs and maintenance			2,050				2,553				2,902				2,110				2,638
Drydocking			144				1,184				678				383				134
Insurance and loss reserves			420				318				366				359				329
Fuel, lubes and supplies			1,419				2,215				2,775				2,284				1,490
Other			1,346				1,690				1,896				1,580				1,871
			10,212				12,465				13,297				11,410				9,988
Direct Vessel Profit (1)		$	13,165			$	5,697			$	1,323			$	6,201			$	6,014
Other Costs and Expenses:
Lease expense		$	408			$	429			$	378			$	455			$	456
Depreciation and amortization			3,853				3,925				3,683				3,461				3,306

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

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	13,245			$	13,562			$	11,090			$	9,507			$	9,673
Fleet utilization			86	%			82	%			75	%			79	%			87	%
Fleet available days			1,456				1,440				1,533				1,564				1,651
Out-of-service days for repairs, maintenance and drydockings			58				76				132				252				160
Operating Revenues:
Time charter		$	16,563			$	16,028			$	12,802			$	11,712			$	13,906
Other marine services			3,357				(142	)			(66	)			319				460
			19,920				15,886				12,736				12,031				14,366
Direct Costs and Expenses:
Operating:
Personnel			5,266				4,841				5,270				5,384				5,691
Repairs and maintenance			1,219				677				1,958				1,776				2,545
Drydocking			(684	)			(1,095	)			244				3,113				2,250
Insurance and loss reserves			720				1,185				821				762				748
Fuel, lubes and supplies			425				1,142				1,335				1,426				1,318
Other			234				1,327				915				878				1,213
			7,180				8,077				10,543				13,339				13,765
Direct Vessel Profit (Loss) (1)		$	12,740			$	7,809			$	2,193			$	(1,308	)		$	601
Other Costs and Expenses:
Lease expense		$	67			$	76			$	52			$	35			$	38
Depreciation and amortization			3,708				3,688				3,783				3,974				4,229
Latin America
Time Charter Statistics:
Average rates per day worked		$	18,846			$	16,229			$	14,009			$	14,010			$	14,263
Fleet utilization			88	%			94	%			94	%			93	%			94	%
Fleet available days			831				906				767				780				816
Out-of-service days for repairs, maintenance and drydockings			79				22				14				12				6
Operating Revenues:
Time charter		$	13,706			$	13,827			$	10,114			$	10,162			$	10,909
Bareboat charter			364				360				376				332				48
Other marine services			410				1,332				590				419				534
			14,480				15,519				11,080				10,913				11,491
Direct Costs and Expenses:
Operating:
Personnel			3,888				3,922				3,637				2,831				3,356
Repairs and maintenance			951				1,587				1,422				1,489				1,917
Drydocking			1,290				(119	)			273				1				—
Insurance and loss reserves			168				245				172				347				270
Fuel, lubes and supplies			870				679				938				563				748
Other			366				598				472				393				685
			7,533				6,912				6,914				5,624				6,976
Direct Vessel Profit (1)		$	6,947			$	8,607			$	4,166			$	5,289			$	4,515
Other Costs and Expenses:
Lease expense		$	80			$	79			$	65			$	400			$	219
Depreciation and amortization			2,153				2,614				2,246				1,987				2,111

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

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
AHTS
Time Charter Statistics:
Average rates per day worked		$	8,916			$	9,244			$	9,254			$	8,848			$	8,887
Fleet utilization			85	%			81	%			80	%			67	%			66	%
Fleet available days			364				391				460				552				546
Out-of-service days for repairs, maintenance and drydockings			13				45				—				92				56
Out-of-service days for cold-stacked status			—				31				92				92				131
Operating Revenues:
Time charter		$	2,762			$	2,915			$	3,406			$	3,256			$	3,191
Other marine services			(134	)			(152	)			(168	)			(183	)			(143	)
			2,628				2,763				3,238				3,073				3,048
Direct Costs and Expenses:
Operating:
Personnel		$	1,069			$	995			$	1,220			$	1,022			$	1,050
Repairs and maintenance			186				216				331				304				566
Drydocking			131				420				6				28				(30	)
Insurance and loss reserves			78				68				94				150				146
Fuel, lubes and supplies			192				476				259				399				215
Other			195				295				283				228				435
			1,851				2,470				2,193				2,131				2,382
Other Costs and Expenses:
Lease expense		$	332			$	331			$	300			$	450			$	450
Depreciation and amortization			298				298				300				494				495
FSV
Time Charter Statistics:
Average rates per day worked		$	11,314			$	10,609			$	9,905			$	9,907			$	9,201
Fleet utilization			92	%			91	%			86	%			90	%			85	%
Fleet available days			2,093				2,070				2,116				2,116				2,126
Out-of-service days for repairs, maintenance and drydockings			86				66				146				103				108
Out-of-service days for cold-stacked status			82				90				58				75				91
Operating Revenues:
Time charter		$	21,747			$	19,988			$	18,062			$	18,837			$	16,525
Other marine services			(518	)			(377	)			(224	)			(15	)			(174	)
			21,229				19,611				17,838				18,822				16,351
Direct Costs and Expenses:
Operating:
Personnel		$	5,083			$	4,861			$	5,140			$	5,289			$	4,880
Repairs and maintenance			1,134				1,867				2,957				2,738				2,458
Drydocking			1,342				128				1,434				656				(201	)
Insurance and loss reserves			337				334				453				410				372
Fuel, lubes and supplies			1,108				1,382				1,797				1,572				1,187
Other			947				1,236				1,638				1,284				1,311
			9,951				9,808				13,419				11,949				10,007
Other Costs and Expenses:
Depreciation and amortization			4,952				4,946				4,972				4,972				5,010

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

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
PSV
Time Charter Statistics:
Average rates per day worked		$	17,545			$	14,827			$	13,519			$	13,772			$	13,422
Fleet utilization			80	%			70	%			69	%			78	%			86	%
Fleet available days			1,820				1,800				1,840				1,840				1,820
Out-of-service days for repairs, maintenance and drydockings			92				124				142				152				26
Operating Revenues:
Time charter		$	25,458			$	18,800			$	17,194			$	19,687			$	20,983
Bareboat charter			364				360				376				332				48
Other marine services			19				840				222				720				575
			25,841				20,000				17,792				20,739				21,606
Direct Costs and Expenses:
Operating:
Personnel		$	8,738			$	8,849			$	8,961			$	8,427			$	7,889
Repairs and maintenance			2,998				3,475				2,998				2,839				3,184
Drydocking			12				609				770				1,025				(32	)
Insurance and loss reserves			421				419				552				734				551
Fuel, lubes and supplies			2,124				2,331				2,842				2,038				1,701
Other			840				2,314				1,420				1,275				1,631
			15,133				17,997				17,543				16,338				14,924
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	332			$	154
Depreciation and amortization			4,072				4,262				4,099				3,810				3,785

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

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
Liftboats
Time Charter Statistics:
Average rates per day worked		$	35,623			$	33,936			$	31,717			$	27,447			$	24,712
Fleet utilization			37	%			50	%			61	%			65	%			44	%
Fleet available days			819				810				828				828				819
Out-of-service days for repairs, maintenance and drydockings			233				94				90				154				318
Out-of-service days for cold-stacked status			91				90				92				92				91
Operating Revenues:
Time charter		$	10,837			$	13,712			$	16,127			$	14,720			$	8,805
Other marine services			5,355				2,776				1,842				1,421				3,283
			16,192				16,488				17,969				16,141				12,088
Direct Costs and Expenses:
Operating:
Personnel		$	5,065			$	5,068			$	5,520			$	5,419			$	4,515
Repairs and maintenance			1,472				499				2,674				1,560				2,132
Drydocking			849				(1,141	)			(543	)			3,337				6,737
Insurance and loss reserves			1,418				1,907				2,271				1,552				1,548
Fuel, lubes and supplies			219				619				896				1,408				1,230
Other			301				(28	)			359				387				655
			9,324				6,924				11,177				13,663				16,817
Other Costs and Expenses:
Depreciation and amortization			4,215				4,214				4,210				4,429				4,870
Other Activity
Operating Revenues:
Other marine services		$	1,001			$	1,111			$	1,089			$	1,016			$	924
			1,001				1,111				1,089				1,016				924
Direct Costs and Expenses:
Operating:
Personnel		$	(11	)		$	30			$	8			$	(5	)		$	12
Repairs and maintenance			3				(46	)			(12	)			(64	)			40
Drydocking			(78	)			(3	)			—				—				—
Insurance and loss reserves			136				61				11				4				(72	)
Fuel, lubes and supplies			(5	)			11				—				(1	)			17
Other			(2	)			21				(1	)			(9	)			18
			43				74				6				(75	)			15
Other Costs and Expenses:
Lease expense		$	366			$	389			$	333			$	386			$	404
Depreciation and amortization			38				42				43				49				48

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
ASSETS
Current Assets:
Cash and cash equivalents		$	40,750			$	40,570			$	39,963			$	47,514			$	22,608
Restricted cash			2,796				3,082				3,082				3,296				3,296
Receivables:
Trade, net of allowance for credit loss accounts			60,022				60,114				54,388				58,572				55,276
Other			12,295				11,913				7,638				6,647				7,437
Note receivable			5,000				10,000				15,000				20,000				—
Tax receivable			445				445				578				79				79
Inventories			1,653				2,207				2,123				2,059				1,723
Prepaid expenses and other			3,112				3,233				3,054				4,700				5,391
Assets held for sale			—				—				6,750				6,000				—
Total current assets			126,073				131,564				132,576				148,867				95,810
Property and Equipment:
Historical cost			966,338				969,328				967,683				992,423				1,000,147
Accumulated depreciation			(334,678	)			(324,197	)			(310,778	)			(321,898	)			(325,091	)
			631,660				645,131				656,905				670,525				675,056
Construction in progress			8,876				8,540				8,111				8,422				15,576
Net property and equipment			640,536				653,671				665,016				678,947				690,632
Right-of-use asset - operating leases			5,703				5,984				6,206				4,419				5,686
Right-of-use asset - finance leases			6,495				6,654				6,813				6,972				7,131
Investments, at equity, and advances to 50% or less owned companies			3,253				3,594				3,024				1,901				75,923
Other assets			2,139				2,079				1,995				1,887				1,932
Total assets		$	784,199			$	803,546			$	815,630			$	842,993			$	877,114
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,792			$	1,764			$	2,358			$	1,792			$	2,010
Current portion of finance lease liabilities			611				563				468				374				282
Current portion of long-term debt			63,959				60,523				61,512				57,567				33,398
Accounts payable and accrued expenses			39,012				44,255				37,954				36,248				39,262
Due to SEACOR Holdings			264				264				264				264				264
Other current liabilities			21,027				20,185				18,869				22,032				22,171
Total current liabilities			126,665				127,554				121,425				118,277				97,387
Long-term operating lease liabilities			4,030				4,474				4,739				3,759				4,026
Long-term finance lease liabilities			6,462				6,644				6,781				6,916				7,050
Long-term debt			243,960				254,450				260,119				282,556				318,699
Conversion option liability on convertible senior notes			—				—				—				—				1
Deferred income taxes			34,038				39,120				40,779				39,823				33,743
Deferred gains and other liabilities			2,189				2,264				2,641				2,692				2,701
Total liabilities			417,344				434,506				436,484				454,023				463,607
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			280				279				272				272				272
Additional paid-in capital			469,618				467,896				466,669				465,449				464,222
Accumulated deficit			(107,271	)			(102,700	)			(93,111	)			(79,769	)			(55,418	)
Shares held in treasury			(4,221	)			(4,119	)			(1,852	)			(1,852	)			(1,852	)
Accumulated other comprehensive income, net of tax			8,128				7,363				6,847				4,549				5,960
			366,534				368,719				378,825				388,649				413,184
Noncontrolling interests in subsidiaries			321				321				321				321				323
Total equity			366,855				369,040				379,146				388,970				413,507
Total liabilities and equity		$	784,199			$	803,546			$	815,630			$	842,993			$	877,114

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

		Three Months Ended
		Jun. 30, 2023				Mar. 31, 2023				Dec. 31, 2022				Sep. 30, 2022				Jun. 30, 2022
Cash Flows from Operating Activities:
Net Loss		$	(4,571	)		$	(9,589	)		$	(13,342	)		$	(24,353	)		$	(19,117	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization			13,575				13,762				13,624				13,754				14,208
Deferred financing costs amortization			423				418				(997	)			350				364
Stock-based compensation expense			1,723				1,227				1,220				1,227				1,076
Debt discount amortization			1,627				1,558				1,449				1,817				1,736
Allowance for credit losses			2,763				(104	)			11				(53	)			701
(Gain) loss from equipment sales, retirements or impairments			(265	)			(3,599	)			(1,017	)			1,783				(25	)
Gain on debt extinguishment			—				—				(12,700	)			—				—
Derivative gains			—				—				—				(1	)			(33	)
Interest on finance lease			70				72				73				73				73
Settlements on derivative transactions, net			226				154				33				(131	)			(278	)
Currency losses (gains)			603				825				2,646				(2,314	)			(1,170	)
Deferred income taxes			(5,082	)			(1,659	)			957				6,079				(3,410	)
Equity (earnings) losses			(373	)			(536	)			(1,176	)			254				(415	)
Dividends received from equity investees			1,044				—				74				1,096				1,162
Changes in Operating Assets and Liabilities:
Accounts receivables			(3,139	)			(9,857	)			2,304				(2,384	)			(4,476	)
Other assets			1,017				45				3,296				966				(1,539	)
Accounts payable and accrued liabilities			(5,758	)			6,731				769				(4,900	)			4,925
Net cash provided by (used in) operating activities			3,883				(552	)			(2,776	)			(6,737	)			(6,218	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(35	)			(470	)			(185	)			(240	)			(17	)
Proceeds from disposition of property and equipment			427				7,611				53				—				1,371
Net investing activities in property and equipment			392				7,141				(132	)			(240	)			1,354
Principal payments on notes due from equity investees			—				—				—				177				175
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				5,000				5,000				8,831				—
Net cash provided by investing activities			5,392				12,141				4,868				45,937				1,529
Cash Flows from Financing Activities:
Payments on long-term debt			(9,483	)			(8,608	)			(7,470	)			(14,182	)			(9,152	)
Payments on debt extinguishment			(26,772	)			—				(2,271	)			—				—
Proceeds from issuance of long-term debt, net of issuance costs			27,181				—				—				—				—
Payments on finance leases			(204	)			(114	)			(114	)			(114	)			(114	)
Proceeds from exercise of stock options			—				6				—				—				11
Tax withholdings on restricted stock vesting and director share awards			(102	)			(2,266	)			—				—				(60	)
Net cash used in financing activities			(9,380	)			(10,982	)			(9,855	)			(14,296	)			(9,315	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(1	)			—				(2	)			2				(3	)
Net Change in Cash, Cash Equivalents and Restricted Cash			(106	)			607				(7,765	)			24,906				(14,007	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			43,652				43,045				50,810				25,904				39,911
Cash, Restricted Cash and Cash Equivalents, End of Period		$	43,546			$	43,652			$	43,045			$	50,810			$	25,904

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

		Owned				Leased-in				Managed				Total
June 30, 2023
AHTS			3				1				—				4
FSV			22				1				2				25
PSV			21				—				—				21
Liftboats			9				—				—				9
			55				2				2				59
December 31, 2022
AHTS			3				2				—				5
FSV			22				1				2				25
PSV			21				—				—				21
Liftboats			9				—				—				9
			55				3				2				60