SEACOR MARINE : ANNOUNCES SECOND QUARTER 2021 RESULTS (Form 8-K)

SEACOR MARINE ANNOUNCES SECOND QUARTER 2021 RESULTS

Houston, Texas

August 4, 2021

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 second quarter ended June 30, 2021.

SEACOR Marine's consolidated operating revenues from continuing operations for the second quarter of 2021 were $42.8 million, operating income was $8.4 million, and direct vessel profit ('DVP')⁽¹⁾ was $10.2 million. This compares to consolidated operating revenues from continuing operations of $33.9 million, operating loss of $17.8 million, and DVP of $13.8 million in the second quarter of 2020.

Notable second quarter items include:

•

Operating results in the second quarter reflect increased levels of activity across all regions, especially in international markets. Increased utilization levels and moderate rate improvements were offset by higher expenses associated with reactivation and repositioning of 10 vessels in our fleet, COVID-19 related expenses including repairs and maintenance previously deferred due to COVID-19 and higher labor and rotation costs. The Company continues to monitor the impact of COVID-19 on its global operations, including the most recent Delta variant.

•

Entered into an agreement with Chase to extinguish $117.3 million of debt for a cash payment of $50.0 million, consisting of $25.0 million of cash on hand and $25.0 million of insurance proceeds from the SEACOR Power, resulting in a 25% decrease in Company's long-term debt.

•

Gains on asset dispositions of $22.7 million, primarily due to the recovery of insurance proceeds relating to the SEACOR POWER incident.

For the second quarter of 2021, net income attributable to SEACOR Marine was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to a $22.7 million gain on asset dispositions and a $62.0 million gain on debt extinguishment described above. This compares to a net loss from continuing operations for the second quarter of 2020 of $6.7 million ($0.27 loss per basic and diluted share). Sequentially, the second quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.5 million, operating loss of $16.6 million, and DVP of $10.2 million in the first quarter of 2021. For the first quarter of 2021 the net loss attributable to SEACOR Marine's continuing operations was $16.9 million ($0.67 loss per basic and diluted share).

Chief Executive Officer John Gellert provided the following statement: 'The second quarter of 2021 will be forever marked by the tragic loss of the SEACOR POWER. We continue to support our team members and their families, and cooperate with the NTSB and the U.S. Coast Guard throughout their ongoing investigations.'

___________________

(1)

Direct vessel profit (defined as operating revenues less operating costs and expenses, 'DVP') is the Company's measure of segment profitability when applied to reportable segments and a non-GAAP measure when applied to individual vessels, fleet categories or the combined fleet. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels, fleet categories, regions and combined fleet, without regard to financing decisions (depreciation and interest expense for owned vessels vs. leased-in expense for leased-in vessels). DVP is also useful when comparing the Company's 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.

1

* * * * *

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations; handle anchors and mooring equipment required to tether rigs to the seabed; tow rigs and assist in placing them on location and moving them between regions; provide construction, well workover and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance and repair. Additionally, SEACOR Marine's vessels provide accommodations for technicians and specialists, safety support and emergency response services.

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 [e-mail]

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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,
		2021			2020			2021			2020
Operating Revenues		$	42,799			$	33,925			$	79,311			$	69,592
Costs and Expenses:
Operating			32,615				20,128				58,922				40,864
Administrative and general			9,152				13,241				17,763				22,634
Lease expense			1,234				1,202				2,312				4,527
Depreciation and amortization			14,093				13,725				28,891				27,087
			57,094				48,296				107,888				95,112
Gains (Losses) on Asset Dispositions and Impairments, Net			22,653				(3,453	)			20,380				(16,025	)
Operating Income (Loss)			8,358				(17,824	)			(8,197	)			(41,545	)
Other Income (Expense):
Interest income			135				516				1,121				1,178
Interest expense			(7,310	)			(6,717	)			(15,328	)			(14,091	)
SEACOR Holdings guarantee fees			-				(9	)			(7	)			(25	)
Gain on debt Extinguishment			61,994				-				61,994				-
Derivative gains, net			30				85				385				5,199
Foreign currency gains (losses), net			(657	)			193				(1,123	)			903
Other, net			(1	)			-				(1	)			-
			54,191				(5,932	)			47,041				(6,836	)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			62,549				(23,756	)			38,844				(48,381	)
Income Tax Expense (Benefit)			15,915				(15,007	)			13,227				(21,669	)
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			46,634				(8,749	)			25,617				(26,712	)
Equity in Earnings of 50% or Less Owned Companies			2,167				2,081				6,270				2,106
Income (Loss) from Continuing Operations			48,801				(6,668	)			31,887				(24,606	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			-				602				22,925				(1,452	)
Net Income (Loss)			48,801				(6,066	)			54,812				(26,058	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries			1				7				1				(4,040	)
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.		$	48,800			$	(6,073	)		$	54,811			$	(22,018	)
Net Earnings (Loss) Per Common Share from Continuing Operations:
Basic		$	1.92			$	(0.27	)		$	1.26			$	(0.84	)
Diluted		$	1.79			$	(0.27	)		$	1.26			$	(0.84	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic		$	-			$	0.03			$	0.90			$	(0.06	)
Diluted		$	-			$	0.03			$	0.90			$	(0.06	)
Net Earnings (Loss) per Share:
Basic		$	1.92			$	(0.24	)		$	2.16			$	(0.90	)
Diluted		$	1.79			$	(0.24	)		$	2.16			$	(0.90	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,435,362				24,851,834				25,370,372				24,420,432
Diluted			28,345,155				24,851,834				25,371,185				24,420,432

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SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Time Charter Statistics:
Average Rates Per Day		$	12,007			$	11,323			$	10,931			$	11,052			$	10,746
Fleet Utilization			67	%			55	%			51	%			54	%			57	%
Fleet Available Days			5,177				5,505				5,824				5,807				5,258
Operating Revenues:
Time charter		$	41,474			$	34,290			$	32,693			$	34,824			$	32,389
Bareboat charter			434				729				732				677				723
Other marine services			891				1,493				2,619				700				813
			42,799				36,512				36,044				36,201				33,925
Costs and Expenses:
Operating:
Personnel			14,353				13,418				13,057				13,401				10,704
Repairs and maintenance			6,959				3,840				3,445				3,764				3,612
Drydocking			2,792				2,217				1,753				585				566
Insurance and loss reserves			2,661				1,958				1,670				1,764				1,489
Fuel, lubes and supplies			2,893				2,202				2,081				2,131				2,075
Other			2,957				2,672				3,556				3,074				1,682
			32,615				26,307				25,562				24,719				20,128
Direct Vessel Profit (1)			10,184				10,205				10,482				11,482				13,797
Other Costs and Expenses:
Lease expense			1,234				1,078				1,798				1,200				1,202
Administrative and general			9,152				8,611				8,556				8,861				13,241
Depreciation and amortization			14,093				14,798				15,247				14,833				13,725
			24,479				24,487				25,601				24,894				28,168
Gains (Losses) on Asset Dispositions and Impairments, Net			22,653				(2,273	)			(1,796	)			233				(3,453	)
Operating Income (Loss)			8,358				(16,555	)			(16,915	)			(13,179	)			(17,824	)
Other Income (Expense):
Interest income			135				986				61				34				516
Interest expense			(7,310	)			(8,018	)			(8,288	)			(8,312	)			(6,717	)
SEACOR Holdings guarantee fees			-				(7	)			(11	)			(11	)			(9	)
Derivative gains (losses), net			30				355				(894	)			5				85
Gain on debt extinguishment			61,994				-				-				-				-
Foreign currency gains (losses), net			(657	)			(466	)			(1,286	)			(911	)			193
Other, net			(1	)			-				(19	)			-				-
			54,191				(7,150	)			(10,437	)			(9,195	)			(5,932	)
Income (Loss) from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			62,549				(23,705	)			(27,352	)			(22,374	)			(23,756	)
Income Tax Expense (Benefit)			15,915				(2,688	)			1,865				(3,120	)			(15,007	)
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			46,634				(21,017	)			(29,217	)			(19,254	)			(8,749	)
Equity in Earnings (Loss) of 50% or Less Owned Companies			2,167				4,103				(9,681	)			(588	)			2,081
Income (Loss) from Continuing Operations			48,801				(16,914	)			(38,898	)			(19,842	)			(6,668	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			-				22,925				51				1,765				602
Net Income (Loss)			48,801				6,011				(38,847	)			(18,077	)			(6,066	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries			1				-				(31	)			4				7
Net Income (Loss) Attributable to SEACOR Marine Holdings Inc.		$	48,800			$	6,011			$	(38,816	)		$	(18,081	)		$	(6,073	)
Net Earnings (Loss) Per Common Share from Continuing Operations:
Basic		$	1.92			$	(0.67	)		$	(1.54	)		$	(0.79	)		$	(0.26	)
Diluted		$	1.79			$	(0.67	)		$	(1.54	)		$	(0.79	)		$	(0.26	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic		$	-			$	0.91			$	-			$	0.07			$	0.02
Diluted		$	-			$	0.91			$	-			$	0.07			$	0.02
Net Earnings (Loss) per Share:
Basic		$	1.92			$	0.24			$	(1.54	)		$	(0.72	)		$	(0.24	)
Diluted		$	1.79			$	0.24			$	(1.54	)		$	(0.72	)		$	(0.24	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,435				25,305				25,265				24,989				24,851
Diluted			28,345				25,305				25,265				24,989				24,851
Common Shares and Warrants Outstanding at Period End			25,869				25,683				24,919				24,996				24,899

4

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ('DVP') BY REGION

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	17,058			$	15,910			$	18,405			$	19,397			$	15,574
Fleet utilization			18	%			6	%			7	%			5	%			5	%
Fleet available days			1,112				1,518				1,797				1,871				1,842
Out-of-service days for repairs, maintenance and drydockings			137				67				45			37			32
Out-of-service days for cold-stacked status			748				1,270				1,472				1,576				1,465
Operating Revenues:
Time charter		$	3,419			$	1,489			$	2,352			$	1,668			$	1,478
Bareboat charter			434				729				732				731				723
Other marine services			727				546				794				473				513
			4,580				2,764				3,878				2,872				2,714
Direct Costs and Expenses:
Operating:
Personnel			1,528				1,744				2,372				2,481				2,284
Repairs and maintenance			389				654				386				338				314
Drydocking			777				875				-				-				110
Insurance and loss reserves			923				527				507				778				354
Fuel, lubes and supplies			245				199				208				251				189
Other			224				77				116				85				93
			4,086				4,076				3,589				3,933				3,344
Direct Vessel(Loss) Profit (1)		$	494			$	(1,312	)		$	289			$	(1,061	)		$	(630	)
Other Costs and Expenses:
Lease expense		$	703			$	664			$	677			$	716			$	741
Depreciation and amortization			3,287				4,164				5,854				4,961				5,254
Africa and Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked		$	11,231			$	11,356			$	10,837			$	10,801			$	10,918
Fleet utilization			75	%			68	%			61	%			68	%			86	%
Fleet available days			1,365				1,356				1,472				1,472				1,395
Out-of-service days for repairs, maintenance and drydockings			65				78				138				45				90
Out-of-service days for cold-stacked status			176				346				368				216				-
Operating Revenues:
Time charter		$	11,437			$	10,502			$	9,796			$	10,861			$	13,055
Bareboat charter			-				-				-				(54	)			-
Other marine services			(224	)			(269	)			343				(279	)			(382	)
			11,213				10,233				10,139				10,528				12,673
Direct Costs and Expenses:
Operating:
Personnel			4,253				3,220				3,510				3,407				3,248
Repairs and maintenance			2,195				1,191				1,437				1,158				1,463
Drydocking			374				304				1,269				481				256
Insurance and loss reserves			352				433				512				397				600
Fuel, lubes and supplies			887				572				853				1,091				799
Other			2,072				579				(674	)			774				647
			10,133				6,299				6,907				7,308				7,013
Direct Vessel Profit (1)		$	1,080			$	3,934			$	3,232			$	3,220			$	5,660
Other Costs and Expenses:
Lease expense		$	270			$	356			$	1,056			$	430			$	420
Depreciation and amortization			3,305				3,307				2,964				3,784				3,600

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ('DVP') BY REGION (continued)

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	9,292			$	9,308			$	9,455			$	9,670			$	10,245
Fleet utilization			81	%			73	%			75	%			78	%			82	%
Fleet available days			1,820				1,852				1,840				1,809				1,613
Out-of-service days for repairs, maintenance and drydockings			105				115			68			89			113
Out-of-service days for cold-stacked status			116				239			169			76			61
Operating Revenues:
Time charter		$	13,752			$	12,575			$	13,008			$	13,672			$	13,605
Other marine services			31				360				927				296				514
			13,783				12,935				13,935				13,968				14,119
Direct Costs and Expenses:
Operating:
Personnel			5,378				5,208				5,411				5,171				3,795
Repairs and maintenance			2,806				903				842				1,564				1,580
Drydocking			1,185				1,066				41				104				200
Insurance and loss reserves			461				702				501				451				430
Fuel, lubes and supplies			1,081				559				604				482				955
Other			43				1,144				3,618				1,771				819
			10,954				9,582				11,017				9,543				7,779
Direct Vessel Profit (1)		$	2,829			$	3,353			$	2,918			$	4,425			$	6,340
Other Costs and Expenses:
Lease expense		$	35			$	22			$	47			$	46			$	32
Depreciation and amortization			4,663				4,710				4,505				4,379				3,921
Latin America
Time Charter Statistics:
Average rates per day worked		$	17,034			$	14,751			$	12,921			$	13,355			$	10,752
Fleet utilization			86	%			85	%			82	%			99	%			97	%
Fleet available days			880				779				716				655				408
Out-of-service days for repairs, maintenance and drydockings			117				94				66				7				-
Out-of-service days for cold-stacked status			-				-				-				-				-
Operating Revenues:
Time charter		$	12,866			$	9,724			$	7,538			$	8,621			$	4,251
Bareboat charter			-				-				-				-				-
Other marine services			357				856				555				212				168
			13,223				10,580				8,093				8,833				4,419
Direct Costs and Expenses:
Operating:
Personnel			3,194				3,246				1,764				2,342				1,377
Repairs and maintenance			1,569				1,092				780				704				255
Drydocking			456				(28	)			443				-				-
Insurance and loss reserves			925				296				150				138				105
Fuel, lubes and supplies			680				872				416				307				132
Other			618				872				497				444				123
			7,442				6,350				4,050				3,935				1,992
Direct Vessel Profit (1)		$	5,781			$	4,230			$	4,043			$	4,898			$	2,427
Other Costs and Expenses:
Lease expense		$	226			$	36			$	18			$	9			$	9
Depreciation and amortization			2,838				2,617				1,924				1,708				950

6

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ('DVP') BY VESSEL CLASS

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	11,268			$	7,778			$	7,967			$	7,388			$	8,383
Fleet utilization			59	%			67	%			44	%			54	%			43	%
Fleet available days			546				540				641				644				667
Out-of-service days for repairs, maintenance and drydockings			105				-			133			21			76
Out-of-service days for cold-stacked status			118				180			228			276			273
Operating Revenues:
Time charter		$	3,640			$	2,801			$	2,236			$	2,564			$	2,413
Other marine services			(157	)			(130	)			433				(147	)			(137	)
			3,483				2,671				2,669				2,417				2,276
Direct Costs and Expenses:
Operating:
Personnel			1,513				984				1,149				950				853
Repairs and maintenance			471				241				542				432				679
Drydocking			1,322				54				847				(2	)			(19	)
Insurance and loss reserves			99				194				199				139				159
Fuel, lubes and supplies			344				139				258				148				168
Other			444				270				535				370				341
			4,193				1,882				3,530				2,037				2,181
Direct Vessel Profit (Loss) (1)		$	(710	)		$	789			$	(861	)		$	380			$	95
Other Costs and Expenses:
Lease expense		$	362			$	400			$	1,127			$	505			$	518
Depreciation and amortization			495				494				494				495				500
Fast support
Time Charter Statistics:
Average rates per day worked		$	7,962			$	7,888			$	8,074			$	8,421			$	8,590
Fleet utilization			71	%			61	%			60	%			63	%			72	%
Fleet available days			2,100				2,207				2,300				2,300				2,426
Out-of-service days for repairs, maintenance and drydockings			226				182			155			71			137
Out-of-service days for cold-stacked status			314				584			549			421			285
Operating Revenues:
Time charter		$	11,827			$	10,657			$	11,151			$	12,212			$	15,078
Bareboat charter			434				729				732				731				723
Other marine services			(249	)			(218	)			(283	)			(256	)			(372	)
			12,012				11,168				11,600				12,687				15,429
Direct Costs and Expenses:
Operating:
Personnel			4,802				4,041				4,409				4,180				4,166
Repairs and maintenance			3,618				1,535				1,604				1,642				1,922
Drydocking			1,178				1,178				912				587				274
Insurance and loss reserves			507				466				471				353				304
Fuel, lubes and supplies			1,154				726				836				976				1,180
Other			1,640				1,141				2,085				1,489				1,203
			12,899				9,087				10,317				9,227				9,049
Direct Vessel Profit (Loss) (1)		$	(887	)		$	2,081			$	1,283			$	3,460			$	6,380
Other Costs and Expenses:
Lease expense		$	352			$	352			$	352			$	351			$	352
Depreciation and amortization			4,931				5,096				5,113				5,105				5,405

7

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ('DVP') BY VESSEL CLASS (continued)

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Supply
Time Charter Statistics:
Average rates per day worked		$	11,921			$	12,110			$	11,373			$	11,355			$	8,477
Fleet utilization			80	%			63	%			63	%			74	%			83	%
Fleet available days			1,274				1,319				1,360				1,257				527
Out-of-service days for repairs, maintenance and drydockings			11				105				12				23				13
Out-of-service days for cold-stacked status			91				315				353				229				61
Operating Revenues:
Time charter		$	12,179			$	10,082			$	9,714			$	10,541			$	3,713
Bareboat charter			-				-				-				(55	)			-
Other marine services			117				346				482				92				(53	)
			12,296				10,428				10,196				10,578				3,660
Direct Costs and Expenses:
Operating:
Personnel			4,044				4,158				3,364				3,821				1,591
Repairs and maintenance			2,039				1,135				735				968				375
Drydocking			180				110				(2	)			-				197
Insurance and loss reserves			436				474				238				230				106
Fuel, lubes and supplies			1,034				1,003				622				601				219
Other			884				880				1,205				1,022				246
			8,617				7,760				6,162				6,642				2,734
Direct Vessel Profit (1)		$	3,679			$	2,668			$	4,034			$	3,936			$	926
Other Costs and Expenses:
Lease expense		$	-			$	-			$	-			$	-			$	-
Depreciation and amortization			2,936				2,977				3,060				2,673				1,000
Specialty
Time Charter Statistics:
Average rates per day worked		$	1,571			$	1,890			$	2,025			$	2,025			$	2,025
Fleet utilization			92	%			100	%			100	%			69	%			50	%
Fleet available days			91				90				92				134				182
Out-of-service days for repairs, maintenance and drydockings			8				-				-				-				-
Out-of-service days for cold-stacked status			-				-				-				42				91
Operating Revenues:
Time charter		$	131			$	170				187				187				184
Other marine services			23				12				1				(9	)			(10	)
			154				182				188				178				174
Direct Costs and Expenses:
Operating:
Personnel			99				89				69				72				47
Repairs and maintenance			104				8				34				51				102
Drydocking			-				-				(3	)			-				-
Insurance and loss reserves			5				4				(2	)			13				16
Fuel, lubes and supplies			5				8				3				(2	)			8
Other			33				26				18				56				90
			246				135				119				190				263
Direct Vessel Profit (Loss) (1)		$	(92	)		$	47			$	69			$	(12	)		$	(89	)
Other Costs and Expenses:
Depreciation and amortization		$	-			$	-			$	1,541			$	89			$	189

8

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ('DVP') BY VESSEL CLASS (continued)

(in thousands, except statistics)

		Three Months Ended
		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Liftboats
Time Charter Statistics:
Average rates per day worked		$	25,334			$	26,792			$	24,561			$	27,947			$	24,894
Fleet utilization			46	%			29	%			27	%			23	%			30	%
Fleet available days			1,167				1,350				1,432				1,472				1,456
Out-of-service days for repairs, maintenance and drydockings			75				67			18			64			9
Out-of-service days for cold-stacked status			517				776				880				899				816
Operating Revenues:
Time charter		$	13,697			$	10,580			$	9,406			$	9,319			$	11,001
Other marine services			688				797				395				316				306
			14,385				11,377				9,801				9,635				11,307
Direct Costs and Expenses:
Operating:
Personnel			3,916				3,806				3,742				3,963				3,545
Repairs and maintenance			716				894				524				624				407
Drydocking			112				875				(1	)			-				111
Insurance and loss reserves			1,752				719				690				1,055				893
Fuel, lubes and supplies			353				320				349				370				343
Other			(58	)			677				1,642				538				219
			6,791				7,291				6,946				6,550				5,518
Direct Vessel Profit (1)		$	7,594			$	4,086			$	2,855			$	3,085			$	5,789
Other Costs and Expenses:
Lease expense		$	205			$	12			$	19			$	31			$	44
Depreciation and amortization			5,171				5,659				6,009				5,980				6,081
Other Activity
Operating Revenues:
Other marine services		$	469			$	686			$	1,591			$	720			$	1,056
			469				686				1,591				720				1,056
Direct Costs and Expenses:
Operating:
Personnel			(21	)			340				324				415				502
Repairs and maintenance			11				27				6				47				128
Insurance and loss reserves			(138	)			101				74				(26	)			11
Fuel, lubes and supplies			3				6				13				38				157
Other			14				(322	)			(1,928	)			(401	)			(417	)
			(131	)			152				(1,511	)			73				381
Direct Vessel Profit (1)		$	600			$	534			$	3,102			$	647			$	675
Other Costs and Expenses:
Lease expense		$	315			$	314			$	300			$	335			$	241
Depreciation and amortization			560				572				(970	)			545				553

9

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
ASSETS
Current Assets:
Cash and cash equivalents		$	45,446			$	68,409			$	32,666			$	42,314			$	51,888
Restricted cash			5,855				3,352				3,352				3,352				3,352
Receivables:
Trade, net of allowance for doubtful accounts			47,082				42,680				45,325				48,294				52,169
Other			12,152				11,265				10,924				18,365				13,814
Receivables from SEACOR Holdings			-				19,332				18,832				18,814				14,394
Tax Receivable			1,497				1,498				13,556				11,770				-
Inventories			425				572				576				573				1,409
Prepaid expenses and other			4,527				2,326				3,230				3,438				2,835
Other Current Assets			-				423				-				-				-
Assets held for sale			-				-				50,235				46,768				44,616
Total current assets			116,984				149,857				178,696				193,688				184,477
Property and Equipment:
Historical cost			972,267				1,000,430				1,012,873				996,370				987,741
Accumulated depreciation			(288,882	)			(297,792	)			(291,538	)			(280,468	)			(271,097	)
			683,385				702,638				721,335				715,902				716,644
Construction in progress			32,903				32,530				32,327				51,969				52,456
Net property and equipment			716,288				735,168				753,662				767,871				769,100
Right-of-Use Asset - Operating Leases			5,469				7,046				7,134				7,670				8,148
Right-of-Use Asset - Finance Lease			116				121				129				137				-
Investments, at Equity, and Advances to 50% or Less Owned Companies			77,539				79,000				75,308				84,701				87,177
Other Assets			2,781				2,624				2,734				3,108				3,200
		$	919,177			$	973,816			$	1,017,663			$	1,057,175			$	1,052,102
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	2,885			$	5,139			$	7,030			$	9,446			$	11,579
Current lease liability - Finance			32				46				36				27				-
Current portion of long-term debt			28,419				34,888				32,377				52,108				51,793
Accounts payable and accrued expenses			27,163				21,428				29,967				28,888				21,323
Due to SEACOR Holdings			277				-				-				-				-
Other current liabilities			26,886				29,719				31,467				29,548				29,642
Discontinued operations			-				-				30,927				28,555				28,882
Total current liabilities			85,662				91,220				131,804				148,572				143,219
Long-Term Operating Lease Liabilities			4,072				4,778				4,345				5,239				6,067
Long-Term Finance Lease Liabilities			92				97				105				113				-
Long-Term Debt			320,823				431,849				440,510				426,711				422,569
Conversion Option Liability on Convertible Senior Notes			7				37				2				1				6
Deferred Income Taxes			46,169				31,766				35,822				36,075				23,740
Deferred Gains and Other Liabilities			2,951				4,910				3,239				3,810				5,137
Total liabilities			459,776				564,657				615,827				620,521				600,738
Equity:
SEACOR Marine Holdings Inc. stockholders' equity:
Common stock			245				243				235				235				232
Additional paid-in capital			454,079				452,290				451,179				450,320				449,116
(Accumulated Deficit) Retained earnings			(1,230	)			(50,029	)			(51,839	)			(13,023	)			5,058
Shares held in treasury			(1,120	)			(1,110	)			(848	)			(848	)			(847	)
Accumulated other comprehensive loss, net of tax			7,107				7,446				2,790				(380	)			(2,541	)
			459,081				408,840				401,517				436,304				451,018
Noncontrolling interests in subsidiaries			320				319				319				350				346
Total equity			459,401				409,159				401,836				436,654				451,364
		$	919,177			$	973,816			$	1,017,663			$	1,057,175			$	1,052,102

10

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

		Three Months Ended
		Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020
Cash Flows from Continuing Operating Activities:
Net Income (Loss)		$	48,801			$	6,011			$	(38,922	)		$	(19,818	)		$	(6,668	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization			14,093				14,798				15,247				14,833				13,725
Deferred financing costs amortization		254			260			266			278			284
Amortization of employee share awards			1,354				1,111				859				1,204				937
Restricted stock vesting			(10	)			(262	)			-				-				(3	)
Director share awards			435				-				-				-				755
Debt discount amortization			1,787				1,892				1,917				1,797				1,480
Bad debt recoveries			132				24				(146	)			185				271
Gain (Loss) from equipment sales, retirements or impairments			(22,653	)			2,273				1,796				(233	)			3,453
Gain on the Sale of Windcat Workboats			-				(22,756	)			-				-				-
Gain on debt extinguishment, net			(62,749	)			-				-				-				-
Derivative (gains) losses			(30	)			(355	)			894				(5	)			(85	)
Cash settlement payments on derivative transactions, net			(414	)			(919	)			(441	)			(426	)			(265	)
Currency (gains) losses		657			466				1,286			911				(193	)
Deferred income taxes			14,403				(4,056	)			(254	)			12,333				(2,053	)
Equity (Earnings) Losses			(2,167	)			(4,103	)			9,681				588				(2,081	)
Dividends received from equity investees			-				-				-				2,117				-
Changes in Operating Assets and Liabilities:
Accounts receivables			16,047				11,345				7,668				(17,737	)			(8,326	)
Other assets			(1,296	)			1,192				604				656				6,163
Accounts payable and accrued liabilities			4,268				(10,296	)			(2,806	)			886				(21,197	)
Net cash provided by (used in) used in operating activities			12,912				(3,375	)			(2,351	)			(2,431	)			(13,803	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment			(926	)			(2,724	)			(2,500	)			(2,833	)			(7,019	)
Proceeds from disposition of property and equipment			26,871				3,266				-				3,539				14,030
Proceeds from Sale of WWH, net cash sold			-				38,715				-				-				-
Construction reserve funds transferred to short-term cash			-				-				-				-				3,745
Purchase of subsidiary from joint venture			-				-				-				-				(8,445	)
Net investing activities in property and equipment			25,945				39,257				(2,500	)			706				2,311
Investments in and advances to 50% or less owned companies			-				(736	)			(1,248	)			(713	)			-
Principal payments on notes due from equity investees			2,877				919				1,225				490				-
Net cash provided by (used in) investing activities			28,822				39,440				(2,523	)			483				2,311
Cash Flows from Continuing Financing Activities:
Payments on long-term debt			(56,787	)			(8,302	)			(5,780	)			(8,246	)			(3,506	)
Payments on debt extinguishment cost			(755	)			-				-				-				-
Proceeds from issuance of debt, net of offering costs			-				-				1				(1	)			-
Payment on finance lease			(12	)			-				-				-				-
Interest on finance lease			-				2				1				-				-
Issuance of stock			2				8				-				2				-
Net cash used in financing activities			(57,552	)			(8,292	)			(5,778	)			(8,245	)			(3,506	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			(4,642	)			4,621				1,004				619				(557	)
Net Change in Cash, Cash Equivalents and Restricted Cash			(20,460	)			32,394				(9,648	)			(9,574	)			(15,554	)
Cash Flows from Discontinued Operations
Operating Activities			-				(171	)			1,895				1,518				2,255
Investing Activities			-				-				(1,436	)			(2,527	)			(1,567	)
Financing Activities			-				-				-				1,090			4
Effects of FX Rate Changes on Cash and Cash Equivalents			-				-				196				(26	)			339
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:			-				(171	)			655				55				1,031
Net Change in Cash, Cash Equivalents and Restricted Cash			(20,460	)			32,223				(8,993	)			(9,519	)			(14,523	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			71,761				39,538				48,531				58,050				72,573
Cash, Restricted Cash and Cash Equivalents, End of Period		$	51,301			$	71,761			$	39,538			$	48,531			$	58,050

11

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

		Owned			Joint Ventured			Leased-in			Managed			Total
June 30, 2021
AHTS			4				-				2				-				6
FSV			23				5				1				1				30
Supply			14				21				-				-				35
Specialty (1)			1				-				-				-				1
Liftboats (2)			9				-				1				-				10
			51				26				4				1				82
December 31, 2020
AHTS			4				-				2				-				6
FSV			26				5				1				1				33
Supply			15				27				-				1				43
Specialty			-				3				-				-				3
Liftboats			14				-				1				-				15
Crew Transfer Assets Held for Sale			40				5				-				-				45
Crew transfer Continuing Operations			1				-				-				-				1
			100				40				4				2				146

(1)

One owned vessel classified as a Crew Transfer Continuing Operations as of December 31, 2020 was reclassified as a Specialty Vessel as of June 30, 2021.

(2)

As of June 30, 2021, the Company removed from service four vessels (four liftboats) in this class. Removed from service vessels are not counted in active fleet count.

12