SEACOR Marine Holdings Inc., a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2022.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2022 were $57.9 million, operating loss was $10.5 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $48.0 million, operating loss of $14.7 million, and DVP of $12.9 million in the fourth quarter of 2021, and consolidated operating revenues of $59.8 million, operating loss of $10.9 million, and DVP of $15.8 million in the third quarter of 2022.

Notable fourth quarter items include:

• Extended the maturity of the $125.0 million of senior convertible debt issued to Carlyle in 2015 by three years by exchanging that debt for $90.0 million of new guaranteed unsecured notes and $35.0 million of new convertible notes, both due 2026.
• Average utilization rate of 76%, the highest for a fourth quarter since 2013, a 3.0% improvement from the fourth quarter of 2021, and a 3.0% decrease from the third quarter of 2022.
• 20.8% improvement in revenues from the fourth quarter of 2021 and a 3.1% decrease from the third quarter of 2022.
• DVP margin increased 5.1% from the fourth quarter of 2021 and decreased 13.9% from the third quarter of 2022, inclusive of all drydocking expenses during the periods.

For the fourth quarter of 2022, loss from continuing operations was $13.3 million ($0.50 loss per basic and diluted share). This compares to a loss from continuing operations for the fourth quarter of 2021 of $15.8 million ($0.62 loss per basic and diluted share). Sequentially, fourth quarter 2022 results compare to a loss from continuing operations of $24.4 million ($0.91 loss per basic and diluted share) in the third quarter of 2022.

Chief Executive Officer John Gellert commented:

“The Company’s fourth quarter continued the year-on-year improvement trend in revenues, utilization and average dayrates despite seasonally lower levels of activity, particularly in the North Sea.

The decrease in DVP was primarily due to higher maintenance and repair expenses in our PSV fleet, as well as low utilization of a few fully crewed and available vessels, particularly in the North Sea, in anticipation of improving market dynamics.

The activity of our liftboat fleet during the fourth quarter was particularly encouraging. During the quarter, we started our first offshore wind project in the U.S., and completed the repair of one of our premium liftboats in the Middle East with the vessel able to return to service immediately. These positive contributions were offset by weather related damage to one of our premium liftboats in the U.S., which was safely demobilized. The Company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain. The Company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.

I remain optimistic about the potential for SEACOR Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs. This activity should translate into a stronger DVP conversion rate. In light of these positive industry dynamics, we decided to build upon our industry leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion, bringing us to a total of seven hybrid PSVs (representing one-third of our PSV fleet). After this conversion, we will have four additional PSVs that could be upgraded with the same technology. Tendering activity remains healthy and we plan to capture further repricing opportunities as contracts rollover, particularly as our customers engage in additional project startups and seasonality factors improve.”

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.

Source: SEACOR Marine Holdings Inc.