GlobeNewswire Inc | Nov 5, 2020 06:30AM EST

November 05, 2020

HOUSTON, Nov. 05, 2020 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the Company or SEACOR Marine), a leading provider of marine and support transportation services to offshore oil and natural gas and wind farm facilities worldwide, today announced results for its third quarter ended September 30, 2020.

Notable third quarter items include:

-- Average dayrates, excluding those for the wind crew transfer vessel fleet, were $11,323 in the third quarter of 2020 compared to $10,946 in the third quarter of 2019. The year-over-year improvement in average dayrates reflect an improved fleet mix and the full quarter contribution from the acquisition of the remaining 50% of the equity interests in SEACOSCO Offshore LLC (SEACOSCO). This acquisition added eight modern platform supply vessels to SEACOR Marines owned vessel fleet, six of which are equipped with a state-of-the-art battery energy storage system designed to reduce fuel consumption and enhance the safety and redundancy of the vessels systems. -- Multiple hurricanes in the U.S. Gulf of Mexico, the COVID-19 pandemic and volatility in oil prices impacted revenues for the third quarter of 2020. SEACOR Marine expects this volatility to continue for at least the remainder of this year. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly. -- Administrative and general expenses in the third quarter were $10.2 million, including a one-time restructuring charge of $0.25 million as a result of SEACOR Marines cost reduction initiative. During the third quarter of 2020, SEACOR Marine completed its Transformation Plan which resulted in the achievement of the previously announced target of $8.0 million in annual savings. SEACOR Marine continues to evaluate additional opportunities for further cost reductions to continue adapting to changing conditions.

SEACOR Marines consolidated operating revenues for the third quarter of 2020 were $45.7 million, operating loss was $11.4 million, and direct vessel profit (DVP)(1) was $16.6 million. This compares to consolidated operating revenues of $54.7 million, operating loss of $3.4 million, and DVP of $27.5 million in the third quarter of 2019. The reduction in DVP in the third quarter of 2020 was primarily driven by lower revenues in the United States.

Chief Executive Officer John Gellert commented on SEACOR Marine's third quarter results:

SEACOR Marine continued to execute its strategy of prudent cost control and improving its fleet and geographic mix during a quarter marked by the ongoing challenges of COVID-19 and a very active hurricane season in the U.S. Gulf of Mexico. Our U.S. operations experienced their lowest utilization levels on record, mainly driven by the effects of the most active hurricane season since 2005, with five storms having disrupted operations in the region so far this year. Internationally, our West Africa and Middle East operations experienced weakened demand driven by the effects of low commodity prices and disruptions from the COVID-19 pandemic, as well as higher drydocking and repair time. However, we are encouraged that our operations in Latin America reflect the positive contribution of several vessels recently acquired as part of our SEACOSCO transaction, and that our offshore wind operations in Europe continued to meet our expectations, even in a difficult COVID-19 environment.

I want to emphasize the importance of the two transactions that we executed at the end of last quarter, which will enhance our results and strengthen our liquidity. The acquisition of our partners interest in SEACOSCO is already accretive to our results this quarter, and the ability to carry back net operating losses pursuant to the CARES Act will add over $30 million of liquidity once received. We are well positioned to navigate this very challenging environment and create value for our stakeholders over the long term.

COVID-19 continues to create significant challenges to our logistics, especially our crew rotations. SEACOR Marine is devoting significant resources to ensure the safety of our crews and the service of our fleet. Although the situation is greatly improved from the first half of the year, much progress needs to be made before we can return to the pre-COVID environment. We need a consistent approach across the offshore industry and better coordination with government authorities in order to facilitate the safe transit of our employees. I again want to thank our crews and shore-based employees for their continued dedication to maintaining safe and reliable operations in a difficult environment.

For the third quarter of 2020, net loss attributable to SEACOR Marine was $18.1 million ($0.72 loss per basic and diluted share) and operating loss was $11.4 million. Net loss attributable to SEACOR Marines continuing operations for the third quarter of 2019 was $10.3 million ($0.34 loss per basic and diluted share) and operating loss was $3.4 million.

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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(1) (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 theownership 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 oil and natural gas and windfarm 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 Marines 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 managements 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 Companys control and are described in the Companys 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 Companys 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 Companys cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marines website at www.seacormarine.com for additional information.For all other requests, contact Connie Morinello at (346) 980-1700 or InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF LOSS(in thousands, except share data)

Three Months Ended Nine months ended September30, September30, 2020 2019 2020 2019 Operating $ 45,697 $ 54,700 $ 129,318 $ 152,422 RevenuesCosts and Expenses:Operating 29,128 27,211 77,661 97,747 Administrative 10,155 11,462 35,480 32,798 and generalLease expense 1,390 4,153 6,152 12,589 Depreciationand 16,613 16,091 46,927 48,600 amortization 57,286 58,917 166,220 191,734 (Loss) Gain onAssetDispositions 233 861 (15,792 ) (2,719 )andImpairments,NetOperating Loss (11,356 ) (3,356 ) (52,694 ) (42,031 )Other Income (Expense):Interest 50 317 1,255 886 incomeInterest (8,598 ) (7,362 ) (23,231 ) (22,659 )expenseSEACORHoldings (11 ) (26 ) (36 ) (87 )guarantee feesDerivativegains 5 3,057 5,204 734 (losses), netForeigncurrency (853 ) (370 ) (959 ) (624 )gains, net (9,407 ) (4,384 ) (17,767 ) (21,750 )Loss fromContinuingOperationsBefore IncomeTax Benefit (20,763 ) (7,740 ) (70,461 ) (63,781 )and Equity inEarnings of50% or LessOwnedCompaniesIncome Tax (3,119 ) 1,277 (24,868 ) (5,606 )BenefitLoss fromContinuingOperationsBefore Equity (17,644 ) (9,017 ) (45,593 ) (58,175 )in Earnings of50% or LessOwnedCompaniesEquity inLosses of 50% (433 ) (1,325 ) 1,458 (11,879 )or Less OwnedCompaniesLoss fromContinuing (18,077 ) (10,342 ) (44,135 ) (70,054 )Operations(Loss) IncomeonDiscontinued ? (7,899 ) ? (6,724 )Operations,Net of TaxNet Loss (18,077 ) (18,241 ) (44,135 ) (76,778 )Net Lossattributableto 4 204 (4,036 ) (4,395 )NoncontrollingInterests inSubsidiariesNet Lossattributableto SEACOR $ (18,081 ) $ (18,445 ) $ (40,099 ) $ (72,383 )MarineHoldings Inc. Basic andDiluted LossPer CommonShare and Warrants ofSEACOR MarineHoldings Inc.Continuing $ (0.72 ) $ (0.34 ) $ (1.63 ) $ (2.80 )operationsDiscontinued ? (0.44 ) ? $ (0.29 )operations $ (0.72 ) $ (0.78 ) $ (1.63 ) $ (3.09 )WeightedAverage CommonShares and WarrantsOutstanding:Basic and 24,989,977 23,740,718 24,611,666 23,406,759 diluted shares

SEACOR MARINE HOLDINGS INC.UNAUDITED CONSOLIDATED STATEMENTS OF LOSS(in thousands, except statistics and per share data)

Sep.30, Jun.30, Mar.31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019Time Charter Statistics:Average RatesPer Day Worked $ 11,323 $ 11,018 $ 11,157 $ 11,071 $ 10,946 (excludingcrew transfer)Average Rates $ 6,656 $ 6,648 $ 7,163 $ 7,260 $ 6,981 Per DayFleetUtilization 54 % 57 % 57 % 62 % 64 %(excludingcrew transfer)Fleet 70 % 69 % 63 % 68 % 74 %UtilizationFleetAvailable Days 5,715 5,167 5,210 5,542 6,048 (excludingcrew transfer)Fleet 9,379 8,688 8,668 9,007 9,578 Available DaysOperating Revenues:Time charter $ 43,586 $ 39,807 $ 39,290 $ 44,465 $ 49,747 Bareboat 676 723 724 834 1,765 charterOther marine 1,435 1,348 1,729 3,771 3,188 services 45,697 41,878 41,743 49,070 54,700 Costs and Expenses:Operating: Personnel 16,513 13,378 13,706 15,096 15,879 Repairs and 4,639 4,311 4,804 3,983 5,495 maintenanceDrydocking 585 566 1,365 766 515 Insurance and 1,873 1,589 939 1,663 1,198 loss reservesFuel, lubes 2,388 2,295 2,067 2,409 2,910 and suppliesOther 3,130 1,774 1,739 2,061 1,214 29,128 23,913 24,620 25,978 27,211 Direct Vessel 16,569 17,965 17,123 23,092 27,489 Profit^ (1)Other Costs and Expenses:Lease expense 1,390 1,355 3,407 3,570 4,153 Administrative 10,155 14,560 10,765 11,928 11,462 and generalDepreciationand 16,613 15,313 15,001 15,412 16,091 amortization 28,158 31,228 29,173 30,910 31,706 (Losses) Gainson AssetDispositions 233 (3,453 ) (12,572 ) (2,679 ) 862 andImpairments,NetOperating Loss (11,356 ) (16,716 ) (24,622 ) (10,497 ) (3,355 )Other Income (Expense):Interest 50 529 676 559 317 incomeInterest (8,598 ) (6,995 ) (7,638 ) (7,397 ) (7,362 )expenseSEACORHoldings (11 ) (9 ) (16 ) (21 ) (26 )guarantee feesDerivativelosses 5 85 5,114 (663 ) 3,057 (gains), netForeigncurrency (853 ) (171 ) 65 (1,037 ) (370 )gains, netOther, net ? ? ? (1 ) ? (9,407 ) (6,561 ) (1,799 ) (8,560 ) (4,384 )Loss BeforefromContinuingOperationsBefore IncomeTax Benefit (20,763 ) (23,277 ) (26,421 ) (19,057 ) (7,739 )and Equity inEarnings of50% or LessOwnedCompaniesIncome Tax(Benefit) (3,119 ) (15,081 ) (6,668 ) (2,306 ) 1,277 ExpenseLoss fromContinuingOperationsBefore Equity (17,644 ) (8,196 ) (19,753 ) (16,751 ) (9,016 )in Earnings of50% or LessOwnedCompaniesEquity inLosses of 50% (433 ) 2,130 (239 ) (2,425 ) (1,325 )or Less OwnedCompaniesLoss fromContinuing (18,077 ) (6,066 ) (19,992 ) (19,176 ) (10,341 )Operations(Loss) IncomefromDiscontinued ? ? ? (2,742 ) (7,899 )Operations,Net of TaxNet Loss (18,077 ) (6,066 ) (19,992 ) (21,918 ) (18,240 )Net (Loss)Incomeattributableto 4 7 (4,047 ) (1,463 ) 204 NoncontrollingInterests inSubsidiariesNet Lossattributableto SEACOR $ (18,081 ) $ (6,073 ) $ (15,945 ) $ (20,455 ) $ (18,444 )MarineHoldings Inc. Basic andDiluted Income(Loss) PerCommon Share and Warrantsof SEACORMarineHoldings Inc.Continuing $ (0.72 ) $ (0.24 ) $ (0.66 ) $ (0.74 ) $ (0.49 )operationsDiscontinued ? ? ? (0.12 ) (0.29 )operations $ (0.72 ) $ (0.24 ) $ (0.66 ) $ (0.86 ) $ (0.78 )WeightedAverage CommonShares and WarrantsOutstanding:Basic and 24,989 24,851 23,989 23,832 23,741 DilutedCommon Sharesand Warrants 24,996 24,899 24,854 23,708 23,653 Outstanding atPeriod End

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY REGION(in thousands, except statistics)

Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019United States,primarily Gulf of MexicoTime Charter Statistics:Average rates $ 19,397 $ 15,574 $ 20,988 $ 19,285 $ 17,851 per day workedFleet 5 % 5 % 11 % 20 % 26 %utilizationFleet available 1,871 1,842 1,864 1,956 2,340 daysOut-of-servicedays forrepairs, 37 32 116 6 159 maintenance anddrydockingsOut-of-servicedays for 1,576 1,465 1,301 1,301 1,131 cold-stackedstatusOperating Revenues:Time charter $ 1,668 $ 1,478 $ 4,375 $ 7,408 $ 10,914 Bareboat charter 731 723 724 732 597 Other marine 473 513 642 516 838 services 2,872 2,714 5,741 8,656 12,349 Direct Costs and Expenses:Operating: Personnel 2,481 2,284 2,928 3,432 4,353 Repairs and 338 314 617 782 1,508 maintenanceDrydocking - 110 1,057 252 547 Insurance and 778 354 135 566 371 loss reservesFuel, lubes and 251 189 524 407 739 suppliesOther 85 93 79 102 88 3,933 3,344 5,340 5,541 7,606 Direct VesselProfit (Loss)^ $ (1,061 ) $ (630 ) $ 401 $ 3,115 $ 4,743 (1)Other Costs and Expenses:Lease expense $ 716 $ 741 $ 2,138 $ 2,283 $ 2,758 Depreciation and 4,961 5,254 5,358 5,474 5,634 amortization Africa,primarily West AfricaTime Charter Statistics:Average rates $ 8,364 $ 9,001 $ 9,249 $ 9,435 $ 9,316 per day workedFleet 71 % 85 % 89 % 88 % 91 %utilizationFleet available 1,288 1,304 1,346 1,349 1,380 daysOut-of-servicedays forrepairs, 45 90 56 68 ? maintenance anddrydockingsOut-of-servicedays for 124 ? ? ? ? cold-stackedstatusOperating Revenues:Time charter $ 7,641 $ 9,944 $ 11,095 $ 11,249 $ 11,738 Other marine (385 ) (480 ) 167 1,216 129 services 7,256 9,464 11,262 12,465 11,867 Direct Costs and Expenses:Operating: Personnel 2,597 2,546 2,695 3,230 3,308 Repairs and 1,066 1,379 1,435 1,242 1,323 maintenanceDrydocking 481 256 8 253 (53 )Insurance and 267 188 193 369 230 loss reservesFuel, lubes and 994 727 472 817 961 suppliesOther 686 565 571 976 499 6,091 5,661 5,374 6,887 6,268 Direct Vessel $ 1,165 $ 3,803 $ 5,888 $ 5,578 $ 5,599 Profit^ (1)Other Costs and Expenses:Lease expense $ 430 $ 417 $ 1,126 $ 757 $ 761 Depreciation and 2,667 2,889 2,604 2,608 2,681 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY REGION (continued)(in thousands, except statistics)

Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019Middle East and AsiaTime Charter Statistics:Average rates $ 9,670 $ 10,245 $ 9,634 $ 8,843 $ 8,795 per day workedFleet 78 % 82 % 73 % 82 % 83 %utilizationFleet available 1,809 1,613 1,671 1,901 2,020 daysOut-of-servicedays forrepairs, 89 113 200 15 129 maintenance anddrydockingsOut-of-servicedays for 76 61 48 153 184 cold-stackedstatusOperating Revenues:Time charter $ 13,672 $ 13,605 $ 11,767 $ 13,840 $ 14,798 Other marine 296 514 420 678 414 services 13,968 14,119 12,187 14,518 15,212 Direct Costs and Expenses:Operating: Personnel 5,171 3,795 3,811 4,129 4,023 Repairs and 1,564 1,580 1,246 973 1,387 maintenanceDrydocking 104 200 414 146 20 Insurance and 451 430 339 408 333 loss reservesFuel, lubes and 482 955 665 769 701 suppliesOther 1,771 819 683 635 567 9,543 7,779 7,158 7,060 7,031 Direct Vessel $ 4,425 $ 6,340 $ 5,029 $ 7,458 $ 8,181 Profit^ (1)Other Costs and Expenses:Lease expense $ 46 $ 32 $ 45 $ 42 $ 43 Depreciation and 4,379 3,921 3,790 3,963 3,914 amortization Latin America Time Charter Statistics:Average rates $ 13,355 $ 10,752 $ 9,397 $ 8,649 $ 6,867 per day workedFleet 99 % 97 % 93 % 69 % 71 %utilizationFleet available 655 408 389 429 399 daysOut-of-servicedays forrepairs, 7 ? 3 35 5 maintenance anddrydockingsOut-of-servicedays for ? ? ? 65 92 cold-stackedstatusOperating Revenues:Time charter $ 8,621 $ 4,251 $ 3,396 $ 2,541 $ 1,951 Bareboat charter ? ? - 102 1,168 Other marine 212 168 149 261 221 services 8,833 4,419 3,545 2,904 3,340 Direct Costs and Expenses:Operating: Personnel 2,342 1,377 1,215 1,081 846 Repairs and 704 255 392 234 298 maintenanceDrydocking ? ? (114 ) 114 ? Insurance and 138 105 69 79 31 loss reservesFuel, lubes and 307 132 135 127 187 suppliesOther 444 123 305 188 (87 ) 3,935 1,992 2,002 1,823 1,275 Direct Vessel $ 4,898 $ 2,427 $ 1,543 $ 1,081 $ 2,065 Profit^ (1)Other Costs and Expenses:Lease expense $ 9 $ 9 $ 9 $ 9 $ ? Depreciation and 1,708 950 899 1,037 1,573 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY REGION (continued)(in thousands, except statistics)

Three Months Ended Sep. 30, Jun. 30, Mar. Dec. 31, Sep. 30, 2020 2020 31, 2019 2019 2020Europe,Continuing OperationsTime Charter Statistics:Average rates per 3,434 3,436 3,471 3,505 3,146 day workedFleet utilization 93 % 87 % 73 % 80 % 96 %Fleet available 3,756 3,521 3,398 3,373 3,439 daysOut-of-servicedays for repairs, 81 117 122 107 3 maintenance anddrydockingsOut-of-servicedays for 92 ? ? ? 92 cold-stackedstatusOperating Revenues:Time charter $ 11,984 $ 10,529 $ 8,657 $ 9,427 $ 10,346 Bareboat charter (55 ) ? Other marine 839 633 351 1,100 1,586 services 12,768 11,162 9,008 10,527 11,932 Direct Costs and Expenses:Operating: Personnel 3,922 3,376 3,057 3,224 3,349 Repairs and 967 783 1,114 752 979 maintenanceDrydocking ? ? ? 1 1 Insurance and 239 512 203 241 233 loss reservesFuel, lubes and 354 292 271 289 322 suppliesOther 144 174 101 160 147 5,626 5,137 4,746 4,667 5,031 Direct VesselProfit for $ 7,142 $ 6,025 $ 4,262 $ 5,860 $ 6,901 ContinuingOperations^ (1)Other Costs and Expenses:Lease expense $ 189 $ 156 $ 89 $ 479 $ 591 Depreciation and 2,898 2,299 2,350 2,330 2,289 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY VESSEL CLASS(in thousands, except statistics)

Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019Anchorhandling towing supplyTime Charter Statistics:Average rates $ 7,388 $ 8,383 $ 8,012 $ 8,095 $ 7,790 per day workedFleet 54 % 43 % 39 % 48 % 53 %utilizationFleet 644 667 709 705 736 available daysOut-of-servicedays forrepairs, 21 76 74 33 10 maintenanceanddrydockingsOut-of-servicedays for 276 273 273 337 332 cold-stackedstatusOperating Revenues:Time charter $ 2,564 $ 2,413 $ 2,225 $ 2,714 $ 3,059 Other marine (147 ) (137 ) 559 1,076 365 services 2,417 2,276 2,784 3,790 3,424 Direct Costs and Expenses:Operating: Personnel 950 853 892 1,212 1,418 Repairs and 432 679 408 330 524 maintenanceDrydocking (2 ) (19 ) 22 - 8 Insurance and 139 159 45 208 179 loss reservesFuel, lubes 148 168 216 145 252 and suppliesOther 370 341 259 366 404 2,037 2,181 1,842 2,261 2,785 Direct VesselProfit (Loss)^ $ 380 $ 95 $ 942 $ 1,529 $ 639 (1)Other Costs and Expenses:Lease expense $ 505 $ 518 $ 1,216 $ 872 $ 1,357 Depreciationand 495 500 561 522 568 amortization Fast support Time Charter Statistics:Average rates $ 8,421 $ 8,590 $ 8,472 $ 8,257 $ 8,133 per day workedFleet 63 % 72 % 76 % 78 % 78 %utilizationFleet 2,300 2,426 2,521 2,935 3,156 available daysOut-of-servicedays forrepairs, 71 137 156 82 81 maintenanceanddrydockingsOut-of-servicedays for 421 285 273 341 459 cold-stackedstatusOperating Revenues:Time charter $ 12,212 $ 15,078 $ 16,284 $ 18,877 $ 20,079 Bareboat 731 723 724 732 597 charterOther marine (256 ) (372 ) (355 ) (40 ) (200 )services 12,687 15,429 16,653 19,569 20,476 Direct Costs and Expenses:Operating: Personnel 4,180 4,166 4,659 5,071 5,486 Repairs and 1,642 1,922 2,278 1,873 2,204 maintenanceDrydocking 587 274 36 357 (27 )Insurance and 353 304 332 541 347 loss reservesFuel, lubes 976 1,180 904 1,098 1,395 and suppliesOther 1,489 1,203 1,000 1,346 959 9,227 9,049 9,209 10,286 10,364 Direct Vessel $ 3,460 $ 6,380 $ 7,444 $ 9,283 $ 10,112 Profit^ (1)Other Costs and Expenses:Lease expense $ 351 $ 352 $ 352 $ 352 $ 351 Depreciationand 5,105 5,405 5,118 5,447 5,646 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY VESSEL CLASS (continued)(in thousands, except statistics)

Three Months Ended Sep. 30, Jun. Mar. Dec. Sep. 2020 30, 31, 31, 30, 2020 2020 2019 2019Supply Time Charter Statistics:Average rates per $ 11,355 $ 8,477 $ 7,360 $ 7,179 $ 6,755 day workedFleet utilization 74 % 83 % 79 % 87 % 96 %Fleet available days 1,257 527 2,521 338 398 Out-of-service daysfor repairs, 23 13 3 ? ? maintenance anddrydockingsOut-of-service daysfor cold-stacked 229 61 ? ? ? statusOperating Revenues: Time charter $ 10,541 $ 3,713 $ 2,520 $ 2,114 $ 2,589 Bareboat charter (55 ) ? ? 102 1,168 Other marine 92 (53 ) (69 ) 582 863 services 10,578 3,660 2,451 2,798 4,620 Direct Costs and Expenses:Operating: Personnel 3,821 1,591 1,206 1,369 1,266 Repairs and 968 375 348 159 276 maintenanceDrydocking ? 197 ? 142 1 Insurance and loss 230 106 67 65 66 reservesFuel, lubes and 601 219 119 377 205 suppliesOther 1,022 246 397 314 57 6,642 2,734 2,137 2,426 1,871 Direct Vessel Profit $ 3,936 $ 926 $ 314 $ 372 $ 2,749 (Loss)^ (1)Other Costs and Expenses:Lease expense $ ? $ ? $ ? $ 381 $ 517 Depreciation and 2,673 1,000 787 823 1,167 amortization Specialty Time Charter Statistics:Fleet available days 42 91 91 92 92 Out-of-service daysfor cold-stacked 42 91 91 92 92 statusOperating Revenues: Other marine $ ? $ ? $ ? $ ? $ ? services Direct Costs and Expenses:Operating: Personnel ? ? 13 6 13 Repairs and 35 46 11 5 1 maintenanceInsurance and loss 13 16 20 9 18 reservesFuel, lubes and (8 ) (2 ) 22 ? 2 suppliesOther 32 67 101 64 75 72 127 167 84 109 Direct Vessel Loss^ $ (72 ) $ (127 ) $ (167 ) $ (84 ) $ (109 )(1)Other Costs and Expenses:Operating: Depreciation and $ 27 $ 127 $ 128 $ 128 $ 128 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY VESSEL CLASS (continued)(in thousands, except statistics)

Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019Liftboats Time Charter Statistics:Average rates $ 27,947 $ 24,894 $ 27,513 $ 27,453 $ 26,172 per day workedFleet 23 % 30 % 31 % 36 % 39 %utilizationFleet available 1,472 1,456 1,456 1,472 1,665 daysOut-of-servicedays forrepairs, 64 9 141 6 153 maintenance anddrydockingsOut-of-servicedays for 899 816 664 657 432 cold-stackedstatusOperating Revenues:Time charter $ 9,319 $ 11,001 $ 12,339 $ 14,375 $ 16,830 Other marine 316 306 250 732 795 services 9,635 11,307 12,589 15,107 17,625 Direct Costs and Expenses:Operating: Personnel 3,963 3,545 4,097 4,588 4,824 Repairs and 624 407 650 776 1,656 maintenanceDrydocking ? 111 1,307 267 532 Insurance and 1,055 893 679 711 484 loss reservesFuel, lubes and 370 343 490 550 899 suppliesOther 538 219 147 338 221 6,550 5,518 7,370 7,230 8,616 Direct Vessel $ 3,085 $ 5,789 $ 5,219 $ 7,877 $ 9,009 Profit^ (1)Other Costs and Expenses:Lease expense $ 31 $ 44 $ 1,497 $ 1,497 $ 1,498 Depreciation and 5,980 6,081 6,128 6,136 6,247 amortization Crew transfer Time Charter Statistics:Average rates $ 2,565 $ 2,481 $ 2,375 $ 2,378 $ 2,220 per day workedFleet 95 % 87 % 72 % 77 % 92 %utilizationFleet available 3,664 3,521 3,458 3,465 3,531 daysOut-of-servicedays forrepairs, 81 117 122 111 52 maintenance anddrydockingsOut-of-servicedays for ? ? 48 92 184 cold-stackedstatusOperating Revenues:Time charter $ 8,950 $ 7,602 $ 5,922 $ 6,385 $ 7,190 Other marine 710 548 315 389 577 services 9,660 8,150 6,237 6,774 7,767 Direct Costs and Expenses:Operating: Personnel 3,184 2,721 2,592 2,435 2,432 Repairs and 891 754 1,056 693 775 maintenanceDrydocking ? 3 ? ? ? Insurance and 109 100 99 124 113 loss reservesFuel, lubes and 263 230 230 220 152 suppliesOther 80 115 86 75 96 4,527 3,923 4,063 3,547 3,568 Direct Vessel $ 5,133 $ 4,227 $ 2,174 $ 3,227 $ 4,199 Profit^ (1)Other Costs and Expenses:Lease expense $ 107 $ 67 $ - $ - $ - Depreciation and 1,766 1,637 1,717 1,837 1,819 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED DIRECT VESSEL PROFIT (DVP) BY VESSEL CLASS (continued)(in thousands, except statistics)

Three Months Ended Sep. Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2019 30, 2020 2019Other ActivityOperating Revenues:Other marine $ 720 $ 1,056 $ 1,029 $ 1,032 $ 788 services 720 1,056 1,029 1,032 788 Direct Costsand Expenses:Operating: Personnel 415 502 247 415 440 Repairs and 47 128 53 147 59 maintenanceInsuranceand loss (26 ) 11 (303 ) 5 (9 )reservesFuel, lubes 38 157 86 19 5 and suppliesOther (401 ) (417 ) (251 ) (442 ) (598 ) 73 381 (168 ) 144 (102 )DirectVessel $ 647 $ 675 $ 1,197 $ 888 $ 890 Profit^ (1)Other Costsand Expenses:Lease $ 396 $ 374 $ 342 $ 468 $ 430 expenseDepreciationand 567 563 562 519 516 amortization

SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (NON-GAAP PRESENTATION)(in thousands)

Three Months Ended Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019Cash FlowsfromContinuing OperatingActivities:DVP ^(1) 16,569 17,965 17,123 23,092 27,489 Operating,leased-inequipment(excluding (3,600 ) (3,814 ) (3,838 ) (4,648 ) (4,963 )amortizationof deferredgains)Administrativeand general(excludingprovisions for (8,766 ) (13,352 ) (9,776 ) (10,773 ) (9,160 )bad debts andamortizationof shareawards)SEACORHoldings (11 ) (9 ) (16 ) (21 ) (26 )management andguarantee feesDividendsreceived from50% or less 2,117 ? ? 800 873 ownedcompaniesOther, net(excluding ? ? ? (2 ) ? non-cashlosses) 6,309 790 3,493 8,448 14,213 Changes inoperatingassets andliabilities 74 (9,293 ) (7,144 ) 7,758 (7,236 )beforeinterest andincome taxesDirector share ? 755 ? ? ? awardsRestricted ? (3 ) (175 ) (55 ) (240 )stock vestedCashsettlements onderivative (445 ) (279 ) (214 ) (190 ) (546 )transactions,netInterest paid,excluding (6,071 ) (4,529 ) (4,744 ) (6,255 ) (5,633 )capitalizedinterest ^(1)Interest 50 529 676 560 316 receivedIncome taxes (829 ) ? ? ? ? refunded, netNet cash (usedin) provided (912 ) (12,030 ) (8,108 ) 10,266 874 operatingactivitiesCash FlowsfromContinuing InvestingActivities:Purchases ofproperty and (5,166 ) (8,530 ) (11,244 ) (5,890 ) (9,547 )equipmentProceeds fromdisposition of 3,539 14,030 3,105 36,418 10,119 property andequipmentProceeds fromthe sale of ? ? ? 27,390 ? ERRV fleetCash Impact ofsale of ERRV ? ? ? (5,140 ) ? fleetConstructionreserve fundstransferred to ? 3,745 ? ? ? short-termcashPurchase ofsubsidiary ? (8,445 ) ? ? ? from jointventureConstructionreserve funds ? ? 9,148 5,268 1,951 usedNet investingactivities in (1,627 ) 800 1,009 58,046 2,523 property andequipmentInvestments inand advancesto 50% or less (907 ) (56 ) (245 ) (6,062 ) (8,686 )ownedcompaniesCapitaldistributions ? ? ? 48 413 from equityinvesteesPrincipalpayments onnotes due from 490 ? ? ? 22 equityinvesteesNet cashprovided by(used in) (2,044 ) 744 764 52,032 (5,728 )investingactivitiesCash FlowsfromContinuing FinancingActivities:Payments on (8,246 ) (3,502 ) (5,222 ) (3,899 ) (11,976 )long-term debtProceeds fromissuance of 1,089 ? ? ? ? debt, net ofoffering costsProceeds fromexercise of 2 ? ? 340 973 stock optionsand WarrantsNet cash (usedin) provided (7,155 ) (3,502 ) (5,222 ) (3,559 ) (11,003 )by financingactivitiesEffects ofExchange RateChanges on 592 265 (1,908 ) (19,238 ) (472 )Cash and CashEquivalentsNet Change inCash, CashEquivalents (9,519 ) (14,523 ) (14,474 ) 39,501 (16,329 )and RestrictedCashCash Flowsfrom DiscontinuedOperationsOperating ? ? ? 4,297 (446 )ActivitiesInvesting ? ? ? (4,462 ) (116 )ActivitiesEffects of FXRate Changeson Cash and ? ? ? 3,322 268 CashEquivalentsNet Decreasein Cash andCashEquivalents ? ? ? 3,157 (294 )fromDiscontinuedOperations:Net Change inCash, CashEquivalents (9,519 ) (14,523 ) (14,474 ) 42,658 (16,623 )and RestrictedCashCash,RestrictedCash and Cash 58,050 72,573 87,047 44,389 61,012 Equivalents,Beginning ofPeriodCash,RestrictedCash and Cash $ 48,531 $ 58,050 $ 72,573 $ 87,047 $ 44,389 Equivalents,End of Period

SEACOR MARINE HOLDINGS INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)

Sep. 30, Jun. 30, Mar. 31, Dec. 31, Sep. 30, 2020 2020 2020 2019 2019ASSETS Current Assets:Cash and cash $ 45,179 $ 54,698 $ 69,220 $ 83,943 $ 38,155 equivalentsRestricted 3,352 3,352 3,353 3,104 4,016 cashReceivables: Trade, net ofallowance for 54,935 57,892 48,192 49,128 58,954 doubtfulaccountsOther 17,914 14,362 27,872 18,531 6,835 Receivablesfrom SEACOR 18,814 14,394 ? ? ? HoldingsTax Receivable 11,770 Inventories 573 1,409 1,575 1,228 1,408 Prepaidexpenses and 3,598 3,218 2,653 2,612 3,146 otherDiscontinued ? ? ? ? 13,127 operationsTotal current 156,135 149,325 152,865 158,546 125,641 assetsProperty and Equipment:Historical 1,078,169 1,066,239 930,264 976,978 1,063,290 costAccumulated (334,387 ) (322,378 ) (312,911 ) (358,962 ) (400,628 )depreciation 743,782 743,861 617,353 618,016 662,662 Construction 56,709 55,955 55,302 74,344 70,275 in progressNet property 800,491 799,816 672,655 692,360 732,937 and equipmentRight-of-UseAsset - 8,327 8,818 8,990 17,313 18,774 OperatingLeasesRight-of-UseAsset - 137 Finance LeaseInvestments,at Equity, andAdvances to 88,933 90,900 125,010 124,680 118,222 50% or LessOwnedCompaniesConstruction ? ? 3,745 12,893 18,161 Reserve FundsOther Assets 3,152 3,243 3,270 3,401 3,422 Discontinued ? ? ? ? 23,349 operations $ 1,057,175 $ 1,052,102 $ 966,535 $ 1,009,193 $ 1,040,506 LIABILITIES AND EQUITYCurrent Liabilities:Currentportion ofoperating $ 9,632 $ 11,765 $ 13,359 $ 15,099 $ 15,182 leaseliabilitiesCurrent leaseliability - 27 - - - - FinanceCurrentportion of 52,108 51,793 37,084 17,802 23,446 long-term debtAccountspayable and 29,542 22,382 32,023 25,691 26,507 accruedexpensesDue to SEACOR ? ? 66 74 77 HoldingsOther current 30,178 30,162 29,949 36,151 42,372 liabilitiesDiscontinued ? ? ? ? 3,813 operationsTotal current 121,487 116,102 112,481 94,817 111,397 liabilitiesLong-TermOperating 5,694 6,545 7,859 9,822 12,878 LeaseLiabilitiesLong-TermFinance Lease 113 - - - - LiabilitiesLong-Term Debt 452,964 447,663 356,729 380,251 375,772 ConversionOptionLiability on 1 6 91 5,205 4,543 ConvertibleSenior NotesDeferred 36,452 24,101 26,113 33,905 36,921 Income TaxesDeferred Gainsand Other 3,810 6,321 7,951 6,269 4,848 LiabilitiesTotal 620,521 600,738 511,224 530,269 546,359 liabilitiesEquity: SEACOR MarineHoldings Inc. stockholders?equity:Common stock 235 232 231 219 219 Additionalpaid-in 450,320 449,116 447,425 429,318 427,823 capital(AccumulatedDeficit) (13,023 ) 5,058 11,131 27,076 64,929 RetainedearningsShares held in (848 ) (847 ) (844 ) (669 ) (614 )treasuryAccumulatedothercomprehensive (380 ) (2,541 ) (2,971 ) 1,548 (21,105 )loss, net oftax 436,304 451,018 454,972 457,492 471,252 Noncontrollinginterests in 350 346 339 21,432 22,895 subsidiariesTotal equity 436,654 451,364 455,311 478,924 494,147 $ 1,057,175 $ 1,052,102 $ 966,535 $ 1,009,193 $ 1,040,506

SEACOR MARINE HOLDINGS INC.UNAUDITED FLEET COUNTS

Owned JointVentured Leased-in Managed Total September30, 2020AHTS 4 ? 3 ? 7 FSV 26 5 1 1 33 Supply 14 27 ? 2 43 Specialty ? 3 ? 3 Liftboats 14 ? 2 ? 16 Crew transfer 41 4 ? ? 45 99 39 6 3 147 June30, 2020 AHTS 4 ? 3 ? 7 FSV 26 5 1 1 33 Supply 13 27 ? 2 42 Specialty 1 3 ? ? 4 Liftboats 14 ? 2 ? 16 Crew transfer 39 5 ? ? 44 97 40 6 3 146