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SEACOR Marine Announces Fourth Quarter 2024 Results

1. SMHI's Q4 2024 revenues decreased 4.5% year-on-year to $69.8 million. 2. The net loss for Q4 2024 was $26.2 million, compared to a profit in Q4 2023. 3. Average day rates increased to $18,901; utilization rose to 72%. 4. Refinancing of $328.7 million simplifies debt structure, maturing in 2029. 5. Plans to construct two new PSVs funded partially by vessel sale proceeds.

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FAQ

Why Bearish?

The significant net loss and revenue decrease may impact investor confidence and stock price. Historical data shows similar results in past quarters have negatively influenced stock performance.

How important is it?

Despite immediate bearish indicators, long-term strategies may stabilize performance, maintaining investor interest.

Why Long Term?

The restructuring and asset rotation may take time to show positive effects. Past examples, like fleet upgrades post-2020 downturn, suggest recovery can be protracted.

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CMREHOSBRS
February 26, 2025 17:27 ET  | Source: SEACOR Marine Holdings Inc. HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 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: 4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs. 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. 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  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                         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    _______________ (1)See full description of footnote above.(2)Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.      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    _______________ (1)See full description of footnote above.(2)Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.       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   _______________ (1)See full description of footnote above.(2)Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.      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                            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    _______________ (1)Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.      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                          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          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     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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