SEACOR MARINE ANNOUNCES THIRD QUARTER 2021 RESULTS - Form 8-K

SEACOR MARINE ANNOUNCES THIRD QUARTER 2021 RESULTS

Houston, Texas

November 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 third quarter ended September 30, 2021.

SEACOR Marine's consolidated operating revenues from continuing operations for the third quarter of 2021 were $43.7 million, operating loss was $14.3 million, and direct vessel profit ("DVP")⁽¹⁾ was $10.2 million. This compares to consolidated operating revenues from continuing operations of $36.2 million, operating loss of $13.2 million, and DVP of $11.5 million in the third quarter of 2020.

Notable third quarter items include:

•

The Company's laid-up fleet is down to 7 vessels compared to 20 in the third quarter of 2020.

•

The Company repositioned 4 vessels between regions for new contracts, including the reactivation of 2 vessels.

•

Increased utilization levels and moderate rate improvements were offset by higher out-of-service time and delays caused by Hurricane Ida in the U.S. Gulf of Mexico, as well as the early termination of a contract for one of our liftboats in Europe.

•

The Company continues to monitor the impact of COVID-19 on its global operations in general, including higher labor costs, crew shortages, and higher repair and maintenance expenses.

•

Positive contributions of $14.0 million from our 50% or less owned companies, primarily due to cash distributions from the sale of the Company's Brazilian joint venture, UP Offshore, in the second quarter of 2021.

For the third quarter of 2021, net loss attributable to SEACOR Marine was $5.8 million ($0.23 loss per basic share and $0.23 loss per diluted share). This compares to a net loss from continuing operations for the third quarter of 2020 of $18.1 million ($0.72 loss per basic and diluted share). Sequentially, the third quarter of 2021 results compare to consolidated operating revenues from continuing operations of $42.8 million, operating income of $8.4 million, and DVP of $10.2 million in the second quarter of 2021. For the second quarter of 2021 the net income attributable to SEACOR Marine's continuing operations was $48.8 million ($1.92 earnings per basic share and $1.79 earnings per diluted share), primarily due to gains on asset dispositions and the extinguishment of debt.

Chief Executive Officer John Gellert commented:

"The Company's business saw a noticeable improvement in activity during the third quarter, which translated into additional expenses as we prepared for new contracts. I am encouraged by the levels of tender activity as we plan our business for the rest of the year and 2022. Previously deferred activity from our customers due to COVID and improved commodity prices are providing a strong tailwind as we enter a change in the offshore cycle. We see substantial opportunity to participate in the market up-cycle given the limited supply of readily available tonnage and less than half of our fleet committed long-term."

___________________

(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 September 30,			Nine months ended September 30,
		2021			2020			2021			2020
Operating Revenues		$	43,663			$	36,224			$	122,974			$	105,816
Costs and Expenses:
Operating			33,448				24,719				92,370				65,583
Administrative and general			9,134				8,885				26,897				31,519
Lease expense			1,109				1,200				3,421				5,727
Depreciation and amortization			14,306				14,833				43,197				41,920
			57,997				49,637				165,885				144,749
Gains (Losses) on Asset Dispositions and Impairments, Net			56				233				20,436				(15,792	)
Operating Income (Loss)			(14,278	)			(13,180	)			(22,475	)			(54,725	)
Other Income (Expense):
Interest income			124				34				1,245				1,212
Interest expense			(6,403	)			(8,312	)			(21,731	)			(22,403	)
SEACOR Holdings guarantee fees			-				(11	)			(7	)			(36	)
Gain on debt Extinguishment			-				-				61,994				-
Derivative gains, net			2				5				387				5,204
Foreign currency gains (losses), net			245				(911	)			(878	)			(8	)
Gain from return of investments in 50% or less owned companies and other, net			9,442				-				9,441				-
			3,410				(9,195	)			50,451				(16,031	)
(Loss) Income from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(10,868	)			(22,375	)			27,976				(70,756	)
Income Tax (Benefit) Expense			(725	)			(3,120	)			12,502				(24,789	)
(Loss) Income from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(10,143	)			(19,255	)			15,474				(45,967	)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies			4,314				(588	)			10,584				1,518
(Loss) Income from Continuing Operations			(5,829	)			(19,843	)			26,058				(44,449	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			-				1,766				22,925				314
Net (Loss) Income			(5,829	)			(18,077	)			48,983				(44,135	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries			-				4				1				(4,036	)
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.		$	(5,829	)		$	(18,081	)		$	48,982			$	(40,099	)
Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic		$	(0.23	)		$	(0.79	)		$	1.03			$	(1.64	)
Diluted		$	(0.23	)		$	(0.79	)		$	1.02			$	(1.64	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic		$	-			$	0.07			$	0.90			$	0.01
Diluted		$	-			$	0.07			$	0.90			$	0.01
Net (Loss) Earnings per Share:
Basic		$	(0.23	)		$	(0.72	)		$	1.93			$	(1.63	)
Diluted		$	(0.23	)		$	(0.72	)		$	1.92			$	(1.63	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,515,569				24,989,977				25,419,303				24,611,666
Diluted			25,515,569				24,989,977				25,430,762				24,611,666

3

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Time Charter Statistics:
Average Rates Per Day		$	12,120			$	12,007			$	11,323			$	10,931			$	11,051
Fleet Utilization			68	%			67	%			55	%			51	%			54	%
Fleet Available Days			5,108				5,177				5,505				5,824				5,807
Operating Revenues:
Time charter		$	41,782			$	41,474			$	34,290			$	32,694			$	34,822
Bareboat charter			-				434				729				732				676
Other marine services			1,881				891				1,493				2,595				726
			43,663				42,799				36,512				36,021				36,224
Costs and Expenses:
Operating:
Personnel			15,051				14,353				13,418				13,058				13,401
Repairs and maintenance			6,536				6,959				3,840				3,445				3,764
Drydocking			771				2,792				2,217				1,753				585
Insurance and loss reserves			2,189				2,661				1,958				1,669				1,765
Fuel, lubes and supplies			3,684				2,893				2,202				2,081				2,131
Other			5,217				2,957				2,672				3,557				3,073
			33,448				32,615				26,307				25,563				24,719
Direct Vessel Profit (1)			10,215				10,184				10,205				10,458				11,505
Other Costs and Expenses:
Lease expense			1,109				1,234				1,078				1,798				1,200
Administrative and general			9,134				9,152				8,611				8,531				8,885
Depreciation and amortization			14,306				14,093				14,798				15,247				14,833
			24,549				24,479				24,487				25,576				24,918
Gains (Losses) on Asset Dispositions and Impairments, Net			56				22,653				(2,273	)			(1,796	)			233
Operating (Loss) Income			(14,278	)			8,358				(16,555	)			(16,914	)			(13,180	)
Other Income (Expense):
Interest income			124				135				986				61				34
Interest expense			(6,403	)			(7,310	)			(8,018	)			(8,288	)			(8,312	)
SEACOR Holdings guarantee fees			-				-				(7	)			(11	)			(11	)
Derivative gains (losses), net			2				30				355				(894	)			5
Gain on debt extinguishment			-				61,994				-				-				-
Foreign currency gains (losses), net			245				(657	)			(466	)			(1,286	)			(911	)
Other, net			9,442				(1	)			-				(19	)			-
			3,410				54,191				(7,150	)			(10,437	)			(9,195	)
(Loss) Income from Continuing Operations Before Income Tax Benefit and Equity in Earnings of 50% or Less Owned Companies			(10,868	)			62,549				(23,705	)			(27,351	)			(22,375	)
Income Tax (Benefit) Expense			(725	)			15,915				(2,688	)			1,865				(3,120	)
Income (Loss) from Continuing Operations Before Equity in Earnings of 50% or Less Owned Companies			(10,143	)			46,634				(21,017	)			(29,216	)			(19,255	)
Equity in Earnings Gains (Losses) of 50% or Less Owned Companies			4,314				2,167				4,103				(9,681	)			(588	)
(Loss) Income from Continuing Operations			(5,829	)			48,801				(16,914	)			(38,897	)			(19,843	)
Income (Loss) Income on Discontinued Operations, Net of Tax (Includes Gain on the Sale of Windcat Workboats of $22,756)			-				-				22,925				50				1,766
Net (Loss) Income			(5,829	)			48,801				6,011				(38,847	)			(18,077	)
Net Income (Loss) Attributable to Noncontrolling Interests in Subsidiaries			-				1				-				(31	)			4
Net (Loss) Income Attributable to SEACOR Marine Holdings Inc.		$	(5,829	)		$	48,800			$	6,011			$	(38,816	)		$	(18,081	)
Net (Loss) Earnings Per Common Share from Continuing Operations:
Basic		$	(0.23	)		$	1.92			$	(0.67	)		$	(1.54	)		$	(0.79	)
Diluted		$	(0.23	)		$	1.79			$	(0.67	)		$	(1.54	)		$	(0.79	)
Net Earnings (Loss) Per Share from Discontinued Operations:
Basic		$	-			$	-			$	0.91			$	-			$	0.07
Diluted		$	-			$	-			$	0.91			$	-			$	0.07
Net (Loss) Earnings per Share:
Basic		$	(0.23	)		$	1.92			$	0.24			$	(1.54	)		$	(0.72	)
Diluted		$	(0.23	)		$	1.79			$	0.24			$	(1.54	)		$	(0.72	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,516				25,435				25,305				25,265				24,990
Diluted			25,516				28,345				25,305				25,265				24,990
Common Shares and Warrants Outstanding at Period End			25,864				25,869				25,683				24,919				24,924

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SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT ("DVP") BY REGION

(in thousands, except statistics)

		Three Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked		$	18,702			$	17,058			$	15,910			$	18,405			$	19,397
Fleet utilization			27	%			18	%			6	%			7	%			5	%
Fleet available days			1,062				1,112				1,518				1,797				1,871
Out-of-service days for repairs, maintenance and drydockings			246				137				67				45			37
Out-of-service days for cold-stacked status			469				748				1,270				1,472				1,576
Operating Revenues:
Time charter		$	5,289			$	3,419			$	1,489			$	2,352			$	1,668
Bareboat charter			-				434				729				732				731
Other marine services			1,215				727				546				794				473
			6,504				4,580				2,764				3,878				2,872
Direct Costs and Expenses:
Operating:
Personnel			2,428				1,528				1,744				2,372				2,481
Repairs and maintenance			1,266				389				654				386				338
Drydocking			239				777				875				-				-
Insurance and loss reserves			462				923				527				507				778
Fuel, lubes and supplies			259				245				199				208				251
Other			147				224				77				116				85
			4,801				4,086				4,076				3,589				3,933
Direct Vessel(Loss) Profit (1)		$	1,703			$	494			$	(1,312	)		$	289			$	(1,061	)
Other Costs and Expenses:
Lease expense		$	621			$	703			$	664			$	677			$	716
Depreciation and amortization			3,936				3,287				4,164				5,854				4,961
Africa and Europe, Continuing Operations
Time Charter Statistics:
Average rates per day worked		$	9,551			$	11,231			$	11,356			$	10,837			$	10,801
Fleet utilization			77	%			75	%			68	%			61	%			68	%
Fleet available days			1,417				1,365				1,356				1,472				1,472
Out-of-service days for repairs, maintenance and drydockings			52				65				78				138				45
Out-of-service days for cold-stacked status			29				176				346				368				216
Operating Revenues:
Time charter		$	10,446			$	11,437			$	10,502			$	9,796			$	10,861
Bareboat charter			-				-				-				-				(55	)
Other marine services			(429	)			(224	)			(269	)			319				(255	)
			10,017				11,213				10,233				10,115				10,551
Direct Costs and Expenses:
Operating:
Personnel			3,147				4,253				3,220				3,511				3,407
Repairs and maintenance			1,540				2,195				1,191				1,437				1,158
Drydocking			337				374				304				1,269				481
Insurance and loss reserves			323				352				433				511				398
Fuel, lubes and supplies			1,631				887				572				853				1,091
Other			1,424				2,072				579				(674	)			773
			8,402				10,133				6,299				6,907				7,308
Direct Vessel Profit (1)		$	1,615			$	1,080			$	3,934			$	3,208			$	3,243
Other Costs and Expenses:
Lease expense		$	284			$	270			$	356			$	1,056			$	429
Depreciation and amortization			3,296				3,305				3,307				2,964				3,785

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SEACOR MARINE HOLDINGS INC.

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

(in thousands, except statistics)

		Three Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	10,374			$	9,292			$	9,308			$	9,455			$	9,670
Fleet utilization			73	%			81	%			73	%			75	%			78	%
Fleet available days			1,780				1,820				1,852				1,840				1,809
Out-of-service days for repairs, maintenance and drydockings			134				105				115			68			89
Out-of-service days for cold-stacked status			214				116				239			169			76
Operating Revenues:
Time charter		$	13,417			$	13,752			$	12,575			$	13,008			$	13,672
Other marine services			85				31				360				927				296
			13,502				13,783				12,935				13,935				13,968
Direct Costs and Expenses:
Operating:
Personnel			5,849				5,378				5,208				5,411				5,171
Repairs and maintenance			1,610				2,806				903				842				1,564
Drydocking			156				1,185				1,066				41				104
Insurance and loss reserves			707				461				702				501				451
Fuel, lubes and supplies			777				1,081				559				604				482
Other			2,823				43				1,144				3,618				1,771
			11,922				10,954				9,582				11,017				9,543
Direct Vessel Profit (1)		$	1,580			$	2,829			$	3,353			$	2,918			$	4,425
Other Costs and Expenses:
Lease expense		$	377			$	35			$	22			$	47			$	46
Depreciation and amortization			4,456				4,663				4,710				4,505				4,379
Latin America
Time Charter Statistics:
Average rates per day worked		$	16,240			$	17,034			$	14,751			$	12,921			$	13,355
Fleet utilization			92	%			86	%			85	%			82	%			99	%
Fleet available days			849				880				779				716				655
Out-of-service days for repairs, maintenance and drydockings			58				117				94				66				7
Operating Revenues:
Time charter		$	12,630			$	12,866			$	9,724			$	7,538			$	8,621
Other marine services			1,010				357				856				555				212
			13,640				13,223				10,580				8,093				8,833
Direct Costs and Expenses:
Operating:
Personnel			3,627				3,194				3,246				1,764				2,342
Repairs and maintenance			2,120				1,569				1,092				780				704
Drydocking			39				456				(28	)			443				-
Insurance and loss reserves			697				925				296				150				138
Fuel, lubes and supplies			1,017				680				872				416				307
Other			823				618				872				497				444
			8,323				7,442				6,350				4,050				3,935
Direct Vessel Profit (1)		$	5,317			$	5,781			$	4,230			$	4,043			$	4,898
Other Costs and Expenses:
Lease expense		$	(173	)		$	226			$	36			$	18			$	9
Depreciation and amortization			2,618				2,838				2,617				1,924				1,708

6

SEACOR MARINE HOLDINGS INC.

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

(in thousands, except statistics)

		Three Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Anchor handling towing supply
Time Charter Statistics:
Average rates per day worked		$	14,346			$	11,268			$	7,778			$	7,967			$	7,388
Fleet utilization			66	%			59	%			67	%			44	%			54	%
Fleet available days			552				546				540				641				644
Out-of-service days for repairs, maintenance and drydockings			61				105				-			133			21
Out-of-service days for cold-stacked status			92				118				180			228			276
Operating Revenues:
Time charter		$	5,224			$	3,640			$	2,801			$	2,236			$	2,564
Other marine services			(151	)			(157	)			(130	)			433				(147	)
			5,073				3,483				2,671				2,669				2,417
Direct Costs and Expenses:
Operating:
Personnel			1,584				1,513				984				1,149				950
Repairs and maintenance			1,044				471				241				542				432
Drydocking			(217	)			1,322				54				847				(2	)
Insurance and loss reserves			193				99				194				199				139
Fuel, lubes and supplies			388				344				139				258				148
Other			408				444				270				535				370
			3,400				4,193				1,882				3,530				2,037
Direct Vessel Profit (Loss) (1)		$	1,673			$	(710	)		$	789			$	(861	)		$	380
Other Costs and Expenses:
Lease expense		$	354			$	362			$	400			$	1,127			$	505
Depreciation and amortization			494				495				494				494				495
Fast support
Time Charter Statistics:
Average rates per day worked		$	8,455			$	7,962			$	7,888			$	8,074			$	8,421
Fleet utilization			70	%			71	%			61	%			60	%			63	%
Fleet available days			2,208				2,100				2,207				2,300				2,300
Out-of-service days for repairs, maintenance and drydockings			300				226				182			155			71
Out-of-service days for cold-stacked status			178				314				584			549			421
Operating Revenues:
Time charter		$	13,007			$	11,827			$	10,657			$	11,151			$	12,212
Bareboat charter			-				434				729				732				731
Other marine services			(121	)			(249	)			(218	)			(283	)			(256	)
			12,886				12,012				11,168				11,600				12,687
Direct Costs and Expenses:
Operating:
Personnel			4,588				4,802				4,041				4,409				4,180
Repairs and maintenance			2,313				3,618				1,535				1,604				1,642
Drydocking			965				1,178				1,178				912				587
Insurance and loss reserves			328				507				466				471				353
Fuel, lubes and supplies			1,390				1,154				726				836				976
Other			2,021				1,640				1,141				2,085				1,489
			11,605				12,899				9,087				10,317				9,227
Direct Vessel Profit (Loss) (1)		$	1,281			$	(887	)		$	2,081			$	1,283			$	3,460
Other Costs and Expenses:
Lease expense		$	693			$	352			$	352			$	352			$	351
Depreciation and amortization			4,929				4,931				5,096				5,113				5,105

7

SEACOR MARINE HOLDINGS INC.

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

(in thousands, except statistics)

		Three Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Supply
Time Charter Statistics:
Average rates per day worked		$	11,631			$	11,921			$	12,110			$	11,373			$	11,355
Fleet utilization			77	%			80	%			63	%			63	%			74	%
Fleet available days			1,372				1,274				1,319				1,360				1,257
Out-of-service days for repairs, maintenance and drydockings			64				11				105				12				23
Out-of-service days for cold-stacked status			174				91				315				353				229
Operating Revenues:
Time charter		$	12,317			$	12,179			$	10,082			$	9,714			$	10,541
Bareboat charter			-				-				-				-				(55	)
Other marine services			221				117				346				482				92
			12,538				12,296				10,428				10,196				10,578
Direct Costs and Expenses:
Operating:
Personnel			4,738				4,044				4,158				3,364				3,821
Repairs and maintenance			2,078				2,039				1,135				735				968
Drydocking			23				180				110				(2	)			-
Insurance and loss reserves			595				436				474				238				230
Fuel, lubes and supplies			1,221				1,034				1,003				622				601
Other			988				884				880				1,205				1,022
			9,643				8,617				7,760				6,162				6,642
Direct Vessel Profit (1)		$	2,895			$	3,679			$	2,668			$	4,034			$	3,936
Other Costs and Expenses:
Depreciation and amortization			3,149				2,936				2,977				3,060				2,673
Specialty
Time Charter Statistics:
Average rates per day worked		$	-			$	1,571			$	1,890			$	2,025			$	2,025
Fleet utilization			0	%			92	%			100	%			100	%			100	%
Fleet available days			92				91				90				92				134
Out-of-service days for repairs, maintenance and drydockings			65				8				-				-				-
Out-of-service days for cold-stacked status			-				-				-				-				42
Operating Revenues:
Time charter		$	-			$	131			$	170			$	187			$	186
Other marine services			-				23				12				(23	)			1
			-				154				182				164				187
Direct Costs and Expenses:
Operating:
Personnel			35				99				89				70				72
Repairs and maintenance			7				104				8				34				51
Drydocking			-				-				-				(3	)			-
Insurance and loss reserves			3				5				4				(3	)			14
Fuel, lubes and supplies			6				5				8				3				(2	)
Other			28				33				26				18				55
			79				246				135				119				190
Direct Vessel Profit (Loss) (1)		$	(79	)		$	(92	)		$	47			$	45			$	(3	)
Other Costs and Expenses:
Depreciation and amortization		$	-			$	-			$	-			$	1,541			$	27

8

SEACOR MARINE HOLDINGS INC.

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

(in thousands, except statistics)

		Three Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Liftboats
Time Charter Statistics:
Average rates per day worked		$	23,137			$	25,334			$	26,792			$	24,561			$	27,947
Fleet utilization			55	%			46	%			29	%			27	%			23	%
Fleet available days			884				1,167				1,350				1,432				1,472
Out-of-service days for repairs, maintenance and drydockings			65				75				67			18			64
Out-of-service days for cold-stacked status			202				517				776				880				899
Operating Revenues:
Time charter		$	11,234			$	13,697			$	10,580			$	9,406			$	9,319
Other marine services			997				688				797				395				316
			12,231				14,385				11,377				9,801				9,635
Direct Costs and Expenses:
Operating:
Personnel			4,033				3,916				3,806				3,742				3,963
Repairs and maintenance			1,104				716				894				524				624
Drydocking			-				112				875				(1	)			-
Insurance and loss reserves			1,170				1,752				719				690				1,055
Fuel, lubes and supplies			668				353				320				349				370
Other			1,672				(58	)			677				1,642				538
			8,647				6,791				7,291				6,946				6,550
Direct Vessel Profit (1)		$	3,584			$	7,594			$	4,086			$	2,855			$	3,085
Other Costs and Expenses:
Lease expense		$	(200	)		$	205			$	12			$	19			$	31
Depreciation and amortization			5,170				5,171				5,659				6,009				5,980
Other Activity
Operating Revenues:
Other marine services		$	935			$	469			$	686			$	1,591			$	720
			935				469				686				1,591				720
Direct Costs and Expenses:
Operating:
Personnel			73				(21	)			340				324				415
Repairs and maintenance			(10	)			11				27				6				47
Insurance and loss reserves			(100	)			(138	)			101				74				(26	)
Fuel, lubes and supplies			11				3				6				13				38
Other			100				14				(322	)			(1,928	)			(401	)
			74				(131	)			152				(1,511	)			73
Direct Vessel Profit (1)		$	861			$	600			$	534			$	3,102			$	647
Other Costs and Expenses:
Lease expense		$	262			$	315			$	314			$	300			$	313
Depreciation and amortization			564				560				572				(970	)			553

9

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
ASSETS
Current Assets:
Cash and cash equivalents		$	42,194			$	45,446			$	68,409			$	32,666			$	42,314
Restricted cash			4,160				5,855				3,352				3,352				3,352
Receivables:
Trade, net of allowance for doubtful accounts			50,343				47,082				42,680				45,325				48,294
Other			13,750				12,152				11,265				10,924				18,365
Receivables from SEACOR Holdings			-				-				19,332				18,832				18,814
Tax Receivable			101				1,497				1,498				13,556				11,770
Inventories			476				425				572				576				573
Prepaid expenses and other			3,851				4,527				2,326				3,230				3,438
Other Current Assets			-				-				423				-				-
Assets held for sale			-				-				-				50,235				46,768
Total current assets			114,875				116,984				149,857				178,696				193,688
Property and Equipment:
Historical cost			989,910				972,267				1,000,430				1,012,873				996,370
Accumulated depreciation			(303,178	)			(288,882	)			(297,792	)			(291,538	)			(280,468	)
			686,732				683,385				702,638				721,335				715,902
Construction in progress			15,577				32,903				32,530				32,327				51,969
Net property and equipment			702,309				716,288				735,168				753,662				767,871
Right-of-Use Asset - Operating Leases			4,670				5,469				7,046				7,134				7,670
Right-of-Use Asset - Finance Lease			108				116				121				129				137
Investments, at Equity, and Advances to 50% or Less Owned Companies			77,426				77,539				79,000				75,308				84,701
Other Assets			2,672				2,781				2,624				2,734				3,108
		$	902,060			$	919,177			$	973,816			$	1,017,663			$	1,057,175
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	1,269			$	2,885			$	5,139			$	7,030			$	9,446
Current lease liability - Finance			32				32				46				36				27
Current portion of long-term debt			28,875				28,419				34,888				32,377				52,108
Accounts payable and accrued expenses			23,578				27,163				21,428				29,967				28,888
Due to SEACOR Holdings			276				277				-				-				-
Other current liabilities			21,109				26,886				29,719				31,467				29,548
Discontinued operations			-				-				-				30,927				28,555
Total current liabilities			75,139				85,662				91,220				131,804				148,572
Long-Term Operating Lease Liabilities			4,000				4,072				4,778				4,345				5,239
Long-Term Finance Lease Liabilities			84				92				97				105				113
Long-Term Debt			321,641				320,823				431,849				440,510				426,711
Conversion Option Liability on Convertible Senior Notes			5				7				37				2				1
Deferred Income Taxes			43,463				46,169				31,766				35,822				36,075
Deferred Gains and Other Liabilities			2,925				2,951				4,910				3,239				3,810
Total liabilities			447,257				459,776				564,657				615,827				620,521
Equity:
SEACOR Marine Holdings Inc. stockholders' equity:
Common stock			245				245				243				235				235
Additional paid-in capital			455,373				454,079				452,290				451,179				450,320
(Accumulated Deficit) Retained earnings			(7,059	)			(1,230	)			(50,029	)			(51,839	)			(13,023	)
Shares held in treasury			(1,120	)			(1,120	)			(1,110	)			(848	)			(848	)
Accumulated other comprehensive loss, net of tax			7,044				7,107				7,446				2,790				(380	)
			454,483				459,081				408,840				401,517				436,304
Noncontrolling interests in subsidiaries			320				320				319				319				350
Total equity			454,803				459,401				409,159				401,836				436,654
		$	902,060			$	919,177			$	973,816			$	1,017,663			$	1,057,175

10

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

						Three Months Ended
		Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020
Cash Flows from Continuing Operating Activities:
Net Income (Loss)		$	(5,829	)		$	48,801			$	6,011			$	(38,897	)		$	(19,843	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization			14,306				14,093				14,798				15,247				14,833
Deferred financing costs amortization			255			254			260			266				278
Share-based compensation expense			1,294				1,779				849				859				1,204
Debt discount amortization			1,573				1,787				1,892				1,917				1,797
Bad debt recoveries			122				132				24				(146	)			185
Gain (Loss) from equipment sales, retirements or impairments			(56	)			(22,653	)			2,273				1,796				(233	)
Gain on the Sale of Windcat Workboats			-				-				(22,756	)			-				-
Gain on debt extinguishment, net			-				(62,749	)			-				-				-
Gain from return of investment			(9,442	)			-				-				-				-
Derivative (gains) losses			(2	)			(30	)			(355	)			894				(5	)
Cash settlement payments on derivative transactions, net			(414	)			(414	)			(919	)			(441	)			(426	)
Currency (gains) losses			(245	)		657			466				1,286				911
Deferred income taxes			(2,706	)			14,403				(4,056	)			(254	)			12,333
Equity (Earnings) Losses			(4,314	)			(2,167	)			(4,103	)			9,681				588
Dividends received from equity investees			4,515				-				-				-				2,117
Changes in Operating Assets and Liabilities:
Accounts receivables			(3,798	)			16,047				11,345				7,668				(17,737	)
Other assets			1,561				(1,296	)			1,192				605				655
Accounts payable and accrued liabilities			(1,416	)			4,268				(10,296	)			(2,807	)			887
Net cash provided by (used in) used in operating activities			(4,596	)			12,912				(3,375	)			(2,326	)			(2,456	)
Cash Flows from Continuing Investing Activities:
Purchases of property and equipment			(2,910	)			(926	)			(2,724	)			(2,500	)			(2,833	)
Proceeds from disposition of property and equipment			-				26,871				3,266				-				3,539
Proceeds from Sale of WWH, net cash sold			-				-				38,715				-				-
Net investing activities in property and equipment			(2,910	)			25,945				39,257				(2,500	)			706
Investments in and advances to 50% or less owned companies			-				-				(736	)			(1,248	)			(713	)
Excess distributions from equity investees			9,442				-				-				-				-
Principal payments on notes due from equity investees			179				2,877				919				1,225				490
Net cash provided by (used in) investing activities			6,711				28,822				39,440				(2,523	)			483
Cash Flows from Continuing Financing Activities:
Payments on long-term debt			(7,054	)			(56,787	)			(8,302	)			(5,780	)			(8,246	)
Payments on debt extinguishment cost			-				(755	)			-				-				-
Proceeds from issuance of debt, net of offering costs			-				-				-				1				(1	)
Payment on finance lease			(9	)			(12	)			-				-				-
Interest on finance lease			1				-				2				1				-
Issuance of stock			-				2				8				-				2
Net cash used in financing activities			(7,062	)			(57,552	)			(8,292	)			(5,778	)			(8,245	)
Effects of Exchange Rate Changes on Cash and Cash Equivalents			-				(4,642	)			4,621				979				644
Net Change in Cash, Cash Equivalents and Restricted Cash			(4,947	)			(20,460	)			32,394				(9,648	)			(9,574	)
Cash Flows from Discontinued Operations
Operating Activities			-				-				(171	)			1,870				1,543
Investing Activities			-				-				-				(1,436	)			(2,527	)
Financing Activities			-				-				-				-				1,090
Effects of FX Rate Changes on Cash and Cash Equivalents			-				-				-				221				(51	)
Net (Decrease) Increase in Cash and Cash Equivalents from Discontinued Operations:			-				-				(171	)			655				55
Net Change in Cash, Cash Equivalents and Restricted Cash			(4,947	)			(20,460	)			32,223				(8,993	)			(9,519	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			51,301				71,761				39,538				48,531				58,050
Cash, Restricted Cash and Cash Equivalents, End of Period		$	46,354			$	51,301			$	71,761			$	39,538			$	48,531

11

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

		Owned			Joint Ventured			Leased-in			Managed			Total
September 30, 2021
AHTS			4				-				2				-				6
FSV			23				5				1				2				31
Supply			15				20				-				-				35
Specialty (1)			1				-				-				-				1
Liftboats (2)			9				-				-				-				9
			52				25				3				2				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 Discontinued Operations			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 September 30, 2021.

(2)

As of September 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