HOUSTON, May 01, 2024 (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 first quarter ended March 31, 2024. SEACOR Marine's consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, and direct vessel profit ("DVP")(1) was $14.7 million. This compares to consolidated operating revenues of $61.2 million, operating income of $0.2 million, and DVP of $22.7 million in the first quarter of 2023, and 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. Notable first quarter items include: 2.6% increase in revenues from the first quarter of 2023 and a 14.1% decrease from the fourth quarter of 2023. Average day rates of $19,042, a 33.0% increase from the first quarter of 2023, and a 5.6% increase from the fourth quarter of 2023. DVP margin of 23.4%, decreasing from 37.1% in the first quarter of 2023 and 40.8% in the fourth quarter of 2023, due in part to $8.5 million of drydocking and major repairs during the quarter, which are expensed as incurred. For the first quarter of 2024, net loss was $23.1 million ($0.84 loss per basic and diluted share). This compares to a net loss for the first quarter of 2023 of $9.6 million ($0.36 loss per basic and diluted share). Sequentially, the first quarter 2024 results compare to a net income of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share) in the fourth quarter of 2023. Chief Executive Officer John Gellert commented: "The first quarter results reflect both continued improvement in dayrates as well as lower seasonal utilization. We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months. These efforts incurred higher operating expenses and lowered utilization, resulting in a decline of our DVP metric as we expense drydocking and major repairs as incurred. We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilization as we complete vessel repositioning and enter new contracts. Other than our U.S. segment, all of our business segments delivered positive results. In the U.S., we continue to see limited permitting for offshore activity for our customers in the oil and gas sector as well as delays in decommissioning plans. Additionally, U.S. offshore windfarm projects that we have been targeting have been delayed. However, demand for our premium liftboats remains very strong, and we have opportunities to redeploy other assets to more active markets. Internationally, we completed the hybrid battery upgrade of one of our PSVs and also repositioned two vessels, with several more vessels expected to complete their mobilizations to new markets during the second quarter. We continue to see tight supply and growing demand worldwide. I expect that our efforts during the first quarter of 2024 will place the Company in an optimal position to utilize its assets to their full potential."___________________ (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 SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)(in thousands, except share data)       Three Months Ended March 31,       2024     2023   Operating Revenues   $ 62,770     $ 61,209   Costs and Expenses:             Operating     48,099       38,509   Administrative and general     11,917       11,632   Lease expense     481       720   Depreciation and amortization     12,882       13,762         73,379       64,623   (Losses) Gains on Asset Dispositions and Impairments, Net     (1 )     3,599   Operating (Loss) Income     (10,610 )     185   Other Income (Expense):             Interest income     593       460   Interest expense     (10,309 )     (8,788 ) Derivative losses, net     (543 )     —   Foreign currency losses, net     (80 )     (825 ) Other, net     (95 )     —         (10,434 )     (9,153 ) Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies     (21,044 )     (8,968 ) Income Tax Expense     925       1,157   Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies     (21,969 )     (10,125 ) Equity in (Losses) Earnings of 50% or Less Owned Companies     (1,100 )     536   Net Loss   $ (23,069 )   $ (9,589 )               Net Loss Per Share:             Basic   $ (0.84 )   $ (0.36 ) Diluted   $ (0.84 )   $ (0.36 ) Weighted Average Common Stock and Warrants Outstanding:             Basic     27,343,604       26,822,391   Diluted     27,343,604       26,822,391   SEACOR MARINE HOLDINGS INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)         Three Months Ended         Mar. 31, 2024     Dec. 31, 2023     Sep. 30, 2023     Jun. 30, 2023     Mar. 31, 2023     Time Charter Statistics:                                 Average Rates Per Day   $ 19,042     $ 18,031     $ 18,046     $ 15,250     $ 14,314     Fleet Utilization     62 %     71 %     73 %     78 %     76 %   Fleet Available Days     5,005       5,170       5,182       5,096       5,071     Operating Revenues:                                 Time charter   $ 59,263     $ 66,498     $ 68,668     $ 60,804     $ 55,415     Bareboat charter     364       368       368       364       360     Other marine services     3,143       6,217       7,864       7,151       5,434           62,770       73,083       76,900       68,319       61,209     Costs and Expenses:                                 Operating:                                 Personnel     21,670       22,080       19,943       19,944       19,803     Repairs and maintenance     9,763       7,604       7,418       5,793       6,011     Drydocking     6,706       2,561       1,768       2,256       13     Insurance and loss reserves     1,738       2,944       1,833       2,390       2,789     Fuel, lubes and supplies     4,523       3,683       5,047       3,638       4,819     Other     3,699       4,397       4,133       3,709       5,074           48,099       43,269       40,142       37,730       38,509     Direct Vessel Profit(1)     14,671       29,814       36,758       30,589       22,700     Other Costs and Expenses:                                 Lease expense     481       679       651       698       720     Administrative and general     11,917       11,547       12,300       13,704       11,632     Depreciation and amortization     12,882       13,022       13,462       13,575       13,762           25,280       25,248       26,413       27,977       26,114     (Losses) Gains on Asset Dispositions and Impairments, Net     (1 )     18,057       (512 )     265       3,599     Operating (Loss) Income     (10,610 )     22,623       9,833       2,877       185     Other Income (Expense):                                 Interest income     593       222       340       422       460     Interest expense     (10,309 )     (10,444 )     (9,536 )     (8,736 )     (8,788 )   Derivative (losses) gains, net     (543 )     608       —       —       —     Loss on debt extinguishment     —       —       (2,004 )     —       —     Foreign currency (losses) gains, net     (80 )     (1,276 )     571       (603 )     (825 )   Other, net     (95 )     —       —       —       —           (10,434 )     (10,890 )     (10,629 )     (8,917 )     (9,153 )   (Loss) Income Before Income Tax Expense (Benefit) and Equity in (Losses) Earnings of 50% or Less Owned Companies     (21,044 )     11,733       (796 )     (6,040 )     (8,968 )   Income Tax Expense (Benefit)     925       6,378       2,360       (1,096 )     1,157     (Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies     (21,969 )     5,355       (3,156 )     (4,944 )     (10,125 )   Equity in (Losses) Earnings of 50% or Less Owned Companies     (1,100 )     374       2,273       373       536     Net (Loss) Income   $ (23,069 )   $ 5,729     $ (883 )   $ (4,571 )   $ (9,589 )                                     Net (Loss) Earnings Per Share:                                 Basic   $ (0.84 )   $ 0.21     $ (0.03 )   $ (0.17 )   $ (0.36 )   Diluted   $ (0.84 )   $ 0.20     $ (0.03 )   $ (0.17 )   $ (0.36 )   Weighted Average Common Stock and Warrants Outstanding:                                 Basic     27,344       27,182       27,182       27,138       26,822     Diluted     27,344       28,401       27,182       27,138       26,822     Common Shares and Warrants Outstanding at Period End     28,906       28,489       28,481       28,481       28,428     ______________________  (1) See full description of footnote above. SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY SEGMENT(in thousands, except statistics)       Three Months Ended       Mar. 31,2024     Dec. 31,2023     Sep. 30,2023     Jun. 30,2023     Mar. 31,2023   United States, primarily Gulf of Mexico                               Time Charter Statistics:                               Average rates per day worked   $ 28,156     $ 22,584     $ 23,663     $ 16,115     $ 18,359   Fleet utilization     27 %     50 %     57 %     35 %     35 % Fleet available days     927       1,152       1,196       1,080       1,015   Out-of-service days for repairs, maintenance and drydockings     137       61       151       229       112   Out-of-service days for cold-stacked status(2)     182       254       206       173       211   Operating Revenues:                               Time charter   $ 6,957     $ 12,929     $ 16,236     $ 6,121     $ 6,564   Other marine services     1,026       5,346       5,478       3,004       3,850         7,983       18,275       21,714       9,125       10,414   Direct Costs and Expenses:                               Operating:                               Personnel     5,781       6,906       6,712       5,957       6,535   Repairs and maintenance     1,404       819       1,560       1,573       1,194   Drydocking     1,968       303       462       1,506       43   Insurance and loss reserves     396       1,297       332       1,082       1,041   Fuel, lubes and supplies     667       1,032       958       924       783   Other     (171 )     475       375       346       231         10,045       10,832       10,399       11,388       9,827   Direct Vessel Profit (Loss)(1)   $ (2,062 )   $ 7,443     $ 11,315     $ (2,263 )   $ 587   Other Costs and Expenses:                               Lease expense   $ 138     $ 141     $ 116     $ 143     $ 136   Depreciation and amortization     2,750       3,479       3,810       3,861       3,535                                   Africa and Europe                               Time Charter Statistics:                               Average rates per day worked   $ 15,197     $ 15,233     $ 15,388     $ 14,982     $ 12,835   Fleet utilization     76 %     82 %     84 %     94 %     87 % Fleet available days     1,775       1,748       1,748       1,729       1,710   Out-of-service days for repairs, maintenance and drydockings     238       124       111       58       118   Out-of-service days for cold-stacked status(3)     91       92       54       —       —   Operating Revenues:                               Time charter   $ 20,555     $ 21,791     $ 22,528     $ 24,414     $ 18,996   Other marine services     169       189       1,943       225       225         20,724       21,980       24,471       24,639       19,221   Direct Costs and Expenses:                               Operating:                               Personnel     5,181       6,007       5,089       4,833       4,505   Repairs and maintenance     3,209       2,807       2,214       2,050       2,553   Drydocking     2,032       1,298       320       144       1,184   Insurance and loss reserves     334       416       573       420       318   Fuel, lubes and supplies     1,287       623       2,573       1,419       2,215   Other     2,199       2,267       2,448       2,608