GlobeNewswire Inc | Mar 11, 2021 05:38PM EST

March 11, 2021

HOUSTON, March 11, 2021 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE:SMHI) (the Company or SEACOR Marine), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter and full year ended December 31, 2020.

Notable fourth quarter items include:

-- Entered into definitive agreement to sell Windcat Workboat Holdings Ltd. (Windcat) and its crew transfer business with the transaction closing on January 12, 2021. SEACOR Marine received net cash proceeds of approximately US$42.6 million. The buyer also assumed all of the approximately GBP20.4 million of debt outstanding under Windcats existing revolving credit facility. SEACOR Marine recognized a gain on the sale of approximately US$22.8 million, which will be reflected in SEACOR Marines financial results for the first quarter of 2021. -- Average dayrates, excluding those for the wind crew transfer vessel fleet, were $10,931 in the fourth quarter of 2020 compared to $10,846 in the fourth quarter of 2019. -- $9.7 million in equity in losses of 50% or less owned companies. These losses are mostly non-cash and non-recurring charges in our joint ventures in Latin America as a result of the recognition of losses originating in our investment in UP Offshore in Brazil. These charges will be offset by reduced income tax expense in current and future periods. -- Delivery and entry into service of a new platform supply vessel equipped with a hybrid battery power system. This was the last vessel delivery of the eight modern platform supply vessels acquired in connection with our SEACOSCO transaction. The vessel commenced a long-term charter in December. The average age for the Companys owned fleet is now seven years, one of the youngest in the industry. -- The COVID-19 pandemic has continued to impact revenues and costs for the fourth quarter of 2020. SEACOR Marine will continue to closely monitor the level of activity from its oil and gas customers and adjust its operations accordingly.

As a result of the announced sale of Windcat, SEACOR Marine classified the Windcat crew transfer assets as held for sale as of December 31, 2020. All of the results presented for all periods exclude the Windcat operations, which are classified as discontinued operations.

SEACOR Marines consolidated operating revenues from continuing operations for the fourth quarter of 2020 were $36 million, operating loss was $16.9 million, and direct vessel profit (DVP)(1) was $10.5 million. This compares to consolidated operating revenues from continuing operations of $42.5 million, operating loss of $10.6 million, and DVP of $19.9 million in the fourth quarter of 2019. The reduction in DVP in the fourth quarter of 2020 was primarily driven by lower revenues in the United States. For the fourth quarter of 2020, net loss attributable to SEACOR Marines continuing operations was $38.9 million ($1.54 loss per basic and diluted share). This compares to a net loss from continuing operations for the fourth quarter of 2019 of $19.5 million ($0.76 loss per basic and diluted share).

Chief Executive Officer John Gellert provided the following comments on SEACOR Marine's fourth quarter results:

I am very pleased with SEACOR Marines response to the most challenging year in the current industry cycle and thank all of our employees for their dedication and hard work during extremely difficult conditions in 2020.

The fourth quarter results reflect continued depressed levels of utilization, primarily for our liftboat fleet in the United States, higher expenses in connection with COVID-19 operating protocols, and seasonality.

Utilization for our fleet in the Gulf of Mexico during the fourth quarter was 7%, a slight improvement from 5% in the prior two quarters, but enough to generate positive DVP in the region for the first time since COVID-19 hit. I see this as a good example that marginal improvements will have significant positive impact on our results.

Internationally, revenues and utilization were mostly flat, except for higher out-of-service time. Expenses were $4.9 million higher than in the fourth quarter of 2019, mostly due to increased expenses associated with COVID-19 operating protocols and higher expenses in the Middle East.

Additionally, our results reflect our share of the equity losses in our joint ventures in Latin America primarily in our UP Offshore investment in Brazil. However, I want to note that these are non-recurring and non-cash losses, and will be offset by increased tax savings. Although the investment in UP Offshore has not met our expectations, our joint ventures in Latin America continue to perform well and closed the year generating substantial cash flow.

More broadly, I am optimistic about the future for SEACOR Marine:

-- Commodity prices supporting our oil and gas markets recovered substantially in the fourth quarter of 2020, reaching pre-pandemic levels for the first time, with continued upward momentum since the beginning of 2021. We are already seeing a welcome increase in inquiries from our customers as they regain confidence to carry out previously deferred capital expenditure plans or consider incremental offshore activity. -- COVID-19 operating protocols are getting clearer and better every day. Although we continue to see high expenses in connection with COVID-19 operating conditions, we also see better coordination in the countries where we operate. These measures, together with the worldwide vaccination campaign underway are positive. Nonetheless, difficulties remain, and we recently joined the Neptune Declaration urging the implementation of certain actions in support of seafarer wellbeing and crew changes. -- Our liquidity is strong with $42.6 million of net cash proceeds from the Windcat sale. Additionally, we expect to collect more than $30 million in tax refund claims under the CARES Act. We remain committed to managing our balance sheet prudently, including the use of non-recourse debt to efficiently allocate our capital. -- We have a diverse and technologically superior asset base with a dedicated and motivated team of employees. We have continued investing through the entire cycle and taken advantage of the opportunities to rejuvenate and enhance our fleet substantially.

SEACOR Marine is also uniquely positioned to benefit from an increasing focus on sustainability and the transition to a lower carbon economy. Among other initiatives, we have established a formal ESG Program, which is complemented by our unique fleet mix that includes liftboat assets that are poised to assist in the development of the U.S. offshore wind market, and modern platform support vessels with hybrid power systems that improve fuel efficiency and reduce emissions. We have been an early adopter of hybrid power vessel technology, with nine systems currently deployed. Additionally, we expect the heightened ESG focus in the industry to increase activity on meeting plug and abandonment, and decommissioning obligations in the Gulf of Mexico, for which our U.S. flag assets are well suited.

Lastly, I would like to acknowledge the crews and shore-based SEACOR Marine employees for their professionalism and commitment to maintaining safe and reliable operations in a difficult environment. They have continued to drive the business forward by providing uninterrupted service to our clients during unprecedented and challenging times. ___________________

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(1 ) 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 5 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine 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 InvestorRelations@seacormarine.com

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

Three Months Ended December31, Year ended December31, 2020 2019 2020 2019 Operating $ 36,044 $ 42,478 $ 141,837 $ 174,453 RevenuesCosts and Expenses:Operating 25,562 22,567 91,145 109,523 Administrative 8,556 10,577 40,051 39,791 and generalLease expense 1,798 3,477 7,525 15,840 Depreciationand 15,247 13,733 57,167 57,166 amortization 51,163 50,354 195,888 222,320 (Loss) Gain onAssetDispositions (1,796 ) (2,679 ) (17,588 ) (6,461 )andImpairments,NetOperating Loss (16,915 ) (10,555 ) (71,639 ) (54,328 )Other Income (Expense):Interest 61 546 1,273 1,389 incomeInterest (8,288 ) (7,130 ) (30,691 ) (28,956 )expenseSEACORHoldings (11 ) (21 ) (47 ) (108 )guarantee feesDerivativegains (894 ) (663 ) 4,310 71 (losses), netForeigncurrency (1,286 ) (1,657 ) (1,294 ) (2,541 )gains, netOther, net (19 ) (1 ) (19 ) (1 ) (10,437 ) (8,926 ) (26,468 ) (30,146 )Loss fromContinuingOperationsBefore IncomeTax Benefit (27,352 ) (19,481 ) (98,107 ) (84,474 )and Equity inEarnings of50% or LessOwnedCompaniesIncome Tax 1,865 (2,319 ) (22,924 ) (7,969 )BenefitLoss fromContinuingOperationsBefore Equity (29,217 ) (17,162 ) (75,183 ) (76,505 )in Earnings of50% or LessOwnedCompaniesEquity inLosses of 50% (9,681 ) (2,277 ) (8,163 ) (14,459 )or Less OwnedCompaniesLoss fromContinuing (38,898 ) (19,439 ) (83,346 ) (90,964 )Operations(Loss) IncomeonDiscontinued 51 (2,479 ) 364 (7,731 )Operations,Net of TaxNet Loss (38,847 ) (21,918 ) (82,982 ) (98,695 )Net Lossattributableto (31 ) (1,463 ) (4,067 ) (5,858 )NoncontrollingInterests inSubsidiariesNet Lossattributableto SEACOR $ (38,816 ) $ (20,455 ) $ (78,915 ) $ (92,837 )MarineHoldings Inc. Basic andDiluted LossPer CommonShare and Warrants ofSEACOR MarineHoldings Inc.Continuing $ (1.54 ) $ (0.76 ) $ (3.20 ) $ (3.62 )operationsDiscontinued - (0.10 ) 0.02 $ (0.33 )operations $ (1.54 ) $ (0.86 ) $ (3.18 ) $ (3.95 )WeightedAverage CommonShares and WarrantsOutstanding:Basic and 25,265,812 23,831,920 24,785,744 23,513,925 diluted shares

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

Dec.31, Sep.30, Jun.30, Mar.31, Dec. 31, 2020 2020 2020 2020 2019Time Charter Statistics:Average Rates $ 10,931 $ 11,052 $ 10,746 $ 10,886 $ 10,846 Per DayFleet 51 % 54 % 57 % 57 % 62 %UtilizationFleet 5,824 5,807 5,258 5,361 5,726 Available DaysOperating Revenues:Time charter $ 32,693 $ 34,824 $ 32,389 $ 33,549 $ 38,259 Bareboat 732 677 723 724 834 charterOther marine 2,619 700 813 1,394 3,385 services 36,044 36,201 33,925 35,667 42,478 Costs and Expenses:Operating: Personnel 13,057 13,401 10,704 11,186 12,726 Repairs and 3,445 3,764 3,612 3,840 3,318 maintenanceDrydocking 1,753 585 566 1,365 766 Insurance and 1,670 1,764 1,489 840 1,557 loss reservesFuel, lubes 2,081 2,131 2,075 1,841 2,193 and suppliesOther 3,556 3,074 1,682 1,664 2,007 25,562 24,719 20,128 20,736 22,567 Direct Vessel 10,482 11,482 13,797 14,931 19,911 Profit^ (1)Other Costs and Expenses:Lease expense 1,798 1,200 1,202 3,325 3,477 Administrative 8,556 8,861 13,241 9,393 10,577 and generalDepreciationand 15,247 14,833 13,725 13,362 13,733 amortization 25,601 24,894 28,168 26,080 27,787 (Losses) Gainson AssetDispositions (1,796 ) 233 (3,453 ) (12,572 ) (2,679 )andImpairments,NetOperating Loss (16,915 ) (13,179 ) (17,824 ) (23,721 ) (10,555 )Other Income (Expense):Interest 61 34 516 662 546 incomeInterest (8,288 ) (8,312 ) (6,717 ) (7,374 ) (7,130 )expenseSEACORHoldings (11 ) (11 ) (9 ) (16 ) (21 )guarantee feesDerivativelosses (894 ) 5 85 5,114 (663 )(gains), netForeigncurrency (1,286 ) (911 ) 193 710 (1,657 )gains, netOther, net (19 ) ? ? ? (1 ) (10,437 ) (9,195 ) (5,932 ) (904 ) (8,926 )Loss BeforefromContinuingOperationsBefore IncomeTax Benefit (27,352 ) (22,374 ) (23,756 ) (24,625 ) (19,481 )and Equity inEarnings of50% or LessOwnedCompaniesIncome Tax(Benefit) 1,865 (3,120 ) (15,007 ) (6,662 ) (2,319 )ExpenseLoss fromContinuingOperationsBefore Equity (29,217 ) (19,254 ) (8,749 ) (17,963 ) (17,162 )in Earnings of50% or LessOwnedCompaniesEquity inLosses of 50% (9,681 ) (588 ) 2,081 25 (2,277 )or Less OwnedCompaniesLoss fromContinuing (38,898 ) (19,842 ) (6,668 ) (17,938 ) (19,439 )Operations(Loss) IncomefromDiscontinued 51 1,765 602 (2,054 ) (2,479 )Operations,Net of TaxNet Loss (38,847 ) (18,077 ) (6,066 ) (19,992 ) (21,918 )Net (Loss)Incomeattributableto (31 ) 4 7 (4,047 ) (1,463 )NoncontrollingInterests inSubsidiariesNet Lossattributableto SEACOR $ (38,816 ) $ (18,081 ) $ (6,073 ) $ (15,945 ) $ (20,455 )MarineHoldings Inc. Basic andDiluted Income(Loss) PerCommon Share and Warrantsof SEACORMarineHoldings Inc.Continuing $ (1.54 ) $ (0.79 ) $ (0.26 ) $ (0.58 ) $ (0.76 )operationsDiscontinued ? 0.07 0.02 (0.08 ) (0.10 )operations $ (1.54 ) $ (0.72 ) $ (0.24 ) $ (0.66 ) $ (0.86 )WeightedAverage CommonShares and WarrantsOutstanding:Basic and 25,265 24,989 24,851 23,989 23,832 DilutedCommon Sharesand Warrants 24,919 24,996 24,899 24,854 23,708 Outstanding atPeriod End

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

Three Months Ended Dec.31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019United States,primarily Gulf of MexicoTime Charter Statistics:Average rates $ 18,405 $ 19,397 $ 15,574 $ 20,988 $ 19,285 per day workedFleet 7 % 5 % 5 % 11 % 20 %utilizationFleet 1,797 1,871 1,842 1,864 1,956 available daysOut-of-servicedays forrepairs, 45.25 37 32 116 6 maintenanceanddrydockingsOut-of-servicedays for 1,472 1,576 1,465 1,301 1,301 cold-stackedstatusOperating Revenues:Time charter $ 2,352 $ 1,668 $ 1,478 $ 4,375 $ 7,408 Bareboat 732 731 723 724 732 charterOther marine 794 473 513 642 516 services 3,878 2,872 2,714 5,741 8,656 Direct Costs and Expenses:Operating: Personnel 2,372 2,481 2,284 2,928 3,432 Repairs and 386 338 314 617 782 maintenanceDrydocking - - 110 1,057 252 Insurance and 507 778 354 135 566 loss reservesFuel, lubes 208 251 189 524 407 and suppliesOther 116 85 93 79 102 3,589 3,933 3,344 5,340 5,541 Direct VesselProfit (Loss)^ $ 289 $ (1,061 ) $ (630 ) $ 401 $ 3,115 (1)Other Costs and Expenses:Lease expense $ 677 $ 716 $ 741 $ 2,138 $ 2,283 Depreciationand 5,854 4,961 5,254 5,358 5,474 amortization Africa,primarily West AfricaTime Charter Statistics:Average rates $ 8,674 $ 8,364 $ 9,001 $ 9,249 $ 9,435 per day workedFleet 64 % 71 % 85 % 89 % 88 %utilizationFleet 1,288 1,288 1,304 1,346 1,349 available daysOut-of-servicedays forrepairs, 120 45 90 56 68 maintenanceanddrydockingsOut-of-servicedays for 276 124 ? ? ? cold-stackedstatusOperating Revenues:Time charter $ 7,196 $ 7,641 $ 9,944 $ 11,095 $ 11,249 Other marine 233 (385 ) (480 ) 167 1,216 services 7,429 7,256 9,464 11,262 12,465 Direct Costs and Expenses:Operating: Personnel 2,714 2,597 2,546 2,695 3,230 Repairs and 1,295 1,066 1,379 1,435 1,242 maintenanceDrydocking 1,269 481 256 8 253 Insurance and 378 267 188 193 369 loss reservesFuel, lubes 747 994 727 472 817 and suppliesOther (838 ) 686 565 571 976 5,565 6,091 5,661 5,374 6,887 Direct Vessel $ 1,864 $ 1,165 $ 3,803 $ 5,888 $ 5,578 Profit^ (1)Other Costs and Expenses:Lease expense $ 1,056 $ 430 $ 417 $ 1,126 $ 757 Depreciationand 2,673 2,667 2,889 2,604 2,608 amortization

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

Three Months Ended Dec.31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019Middle East and AsiaTime Charter Statistics:Average rates $ 9,455 $ 9,670 $ 10,245 $ 9,634 $ 8,843 per day workedFleet 75 % 78 % 82 % 73 % 82 %utilizationFleet 1,840 1,809 1,613 1,671 1,901 available daysOut-of-servicedays forrepairs, 68 89 113 200 15 maintenanceanddrydockingsOut-of-servicedays for 169 76 61 48 153 cold-stackedstatusOperating Revenues:Time charter $ 13,008 $ 13,672 $ 13,605 $ 11,767 $ 13,840 Other marine 927 296 514 420 678 services 13,935 13,968 14,119 12,187 14,518 Direct Costs and Expenses:Operating: Personnel 5,411 5,171 3,795 3,811 4,129 Repairs and 842 1,564 1,580 1,246 973 maintenanceDrydocking 41 104 200 414 146 Insurance and 501 451 430 339 408 loss reservesFuel, lubes 604 482 955 665 769 and suppliesOther 3,618 1,771 819 683 635 11,017 9,543 7,779 7,158 7,060 Direct Vessel $ 2,918 $ 4,425 $ 6,340 $ 5,029 $ 7,458 Profit^ (1)Other Costs and Expenses:Lease expense $ 47 $ 46 $ 32 $ 45 $ 42 Depreciationand 4,505 4,379 3,921 3,790 3,963 amortization Latin America Time Charter Statistics:Average rates $ 12,921 $ 13,355 $ 10,752 $ 9,397 $ 8,649 per day workedFleet 82 % 99 % 97 % 93 % 69 %utilizationFleet 716 655 408 389 429 available daysOut-of-servicedays forrepairs, 66 7 ? 3 35 maintenanceanddrydockingsOut-of-servicedays for ? ? ? ? 65 cold-stackedstatusOperating Revenues:Time charter $ 7,538 $ 8,621 $ 4,251 $ 3,396 $ 2,541 Bareboat ? ? ? ? 102 charterOther marine 555 212 168 149 261 services 8,093 8,833 4,419 3,545 2,904 Direct Costs and Expenses:Operating: Personnel 1,764 2,342 1,377 1,215 1,081 Repairs and 780 704 255 392 234 maintenanceDrydocking 443 ? ? (114 ) 114 Insurance and 150 138 105 69 79 loss reservesFuel, lubes 416 307 132 135 127 and suppliesOther 497 444 123 305 188 4,050 3,935 1,992 2,002 1,823 Direct Vessel $ 4,043 $ 4,898 $ 2,427 $ 1,543 $ 1,081 Profit^ (1)Other Costs and Expenses:Lease expense $ 18 $ 9 $ 9 $ 9 $ 9 Depreciationand 1,924 1,708 950 899 1,037 amortization

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

Three Months Ended Dec.31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019Europe,Continuing OperationsTime Charter Statistics:Average rates 34,999 35,000 34,192 32,038 35,000 per day workedFleet 40 % 50 % 100 % 100 % 100 %utilizationFleet 184 184 91 91 92 available daysOut-of-servicedays forrepairs, 18 ? ? ? ? maintenanceanddrydockingsOut-of-servicedays for 92 92 ? ? ? cold-stackedstatusOperating Revenues:Time charter $ 2,600 $ 3,220 $ 3,111 $ 2,916 $ 3,221 Bareboat ? (54 ) ? ? ? charterOther marine 110 106 98 16 714 services 2,710 3,272 3,209 2,932 3,935 Direct Costs and Expenses:Operating: Personnel 796 810 702 537 854 Repairs and 142 92 84 150 87 maintenanceDrydocking ? ? ? ? 1 Insurance and 134 130 412 104 135 loss reservesFuel, lubes 106 97 72 45 73 and suppliesOther 164 88 82 26 106 1,342 1,217 1,352 862 1,256 Direct VesselProfit forContinuing $ 1,368 $ 2,055 $ 1,857 $ 2,070 $ 2,679 Operations^(1)Other Costs and Expenses:Lease expense $ - $ - $ 3 $ 7 $ 386 Depreciationand 291 1,117 711 711 651 amortization

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

Three Months Ended Dec.31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019Anchorhandling towing supplyTime Charter Statistics:Average rates $ 7,967 $ 7,388 $ 8,383 $ 8,012 $ 8,095 per day workedFleet 44 % 54 % 43 % 39 % 48 %utilizationFleet 641 644 667 709 705 available daysOut-of-servicedays forrepairs, 133 21 76 74 33 maintenanceanddrydockingsOut-of-servicedays for 228 276 273 273 337 cold-stackedstatusOperating Revenues:Time charter $ 2,236 $ 2,564 $ 2,413 $ 2,225 $ 2,714 Other marine 433 (147 ) (137 ) 559 1,076 services 2,669 2,417 2,276 2,784 3,790 Direct Costs and Expenses:Operating: Personnel 1,149 950 853 892 1,212 Repairs and 542 432 679 408 330 maintenanceDrydocking 847 (2 ) (19 ) 22 - Insurance and 199 139 159 45 208 loss reservesFuel, lubes 258 148 168 216 145 and suppliesOther 535 370 341 259 366 3,530 2,037 2,181 1,842 2,261 Direct VesselProfit (Loss)^ $ (861 ) $ 380 $ 95 $ 942 $ 1,529 (1)Other Costs and Expenses:Lease expense $ 1,127 $ 505 $ 518 $ 1,216 $ 872 Depreciationand 494 495 500 561 522 amortization Fast support Time Charter Statistics:Average rates $ 8,074 $ 8,421 $ 8,590 $ 8,472 $ 8,257 per day workedFleet 60 % 63 % 72 % 76 % 78 %utilizationFleet 2,300 2,300 2,426 2,521 2,935 available daysOut-of-servicedays forrepairs, 155 71 137 156 82 maintenanceanddrydockingsOut-of-servicedays for 549 421 285 273 341 cold-stackedstatusOperating Revenues:Time charter $ 11,151 $ 12,212 $ 15,078 $ 16,284 $ 18,877 Bareboat 732 731 723 724 732 charterOther marine (283 ) (256 ) (372 ) (355 ) (40 )services 11,600 12,687 15,429 16,653 19,569 Direct Costs and Expenses:Operating: Personnel 4,409 4,180 4,166 4,659 5,071 Repairs and 1,604 1,642 1,922 2,278 1,873 maintenanceDrydocking 912 587 274 36 357 Insurance and 471 353 304 332 541 loss reservesFuel, lubes 836 976 1,180 904 1,098 and suppliesOther 2,085 1,489 1,203 1,000 1,346 10,317 9,227 9,049 9,209 10,286 Direct Vessel $ 1,283 $ 3,460 $ 6,380 $ 7,444 $ 9,283 Profit^ (1)Other Costs and Expenses:Lease expense $ 352 $ 351 $ 352 $ 352 $ 352 Depreciationand 5,113 5,105 5,405 5,118 5,447 amortization

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

Three Months Ended Dec.31, Sep. 30, Jun. Mar. Dec. 2020 2020 30, 31, 31, 2020 2020 2019Supply Time Charter Statistics:Average rates per $ 11,373 $ 11,355 $ 8,477 $ 7,360 $ 7,179 day workedFleet utilization 63 % 74 % 83 % 79 % 87 %Fleet available 1,360 1,257 527 2,521 338 daysOut-of-servicedays for repairs, 12 23 13 3 ? maintenance anddrydockingsOut-of-servicedays for 353 229 61 ? ? cold-stackedstatusOperating Revenues:Time charter $ 9,714 $ 10,541 $ 3,713 $ 2,520 $ 2,114 Bareboat charter ? (55 ) ? ? 102 Other marine 482 92 (53 ) (69 ) 582 services 10,196 10,578 3,660 2,451 2,798 Direct Costs and Expenses:Operating: Personnel 3,364 3,821 1,591 1,206 1,369 Repairs and 735 968 375 348 159 maintenanceDrydocking (2 ) ? 197 ? 142 Insurance and 238 230 106 67 65 loss reservesFuel, lubes and 622 601 219 119 377 suppliesOther 1,205 1,022 246 397 314 6,162 6,642 2,734 2,137 2,426 Direct VesselProfit (Loss)^ $ 4,034 $ 3,936 $ 926 $ 314 $ 372 (1)Other Costs and Expenses:Lease expense $ ? $ ? $ ? $ ? $ 381 Depreciation and 3,060 2,673 1,000 787 823 amortization Specialty Time Charter Statistics:Fleet available ? 42 91 91 92 daysOut-of-servicedays for ? 42 91 91 92 cold-stackedstatusOperating Revenues:Other marine $ ? $ ? $ ? $ ? $ ? services Direct Costs and Expenses:Operating: Personnel ? ? ? 13 6 Repairs and ? 35 46 11 5 maintenanceInsurance and (7 ) 13 16 20 9 loss reservesFuel, lubes and ? (8 ) (2 ) 22 ? suppliesOther ? 32 67 101 64 (7 ) 72 127 167 84 Direct Vessel $ 7 $ (72 ) $ (127 ) $ (167 ) $ (84 )Loss^ (1)Other Costs and Expenses:Operating: Depreciation and $ ? $ 27 $ 127 $ 128 $ 128 amortization

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

Three Months Ended Dec.31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019Liftboats Time Charter Statistics:Average rates $ 24,561 $ 27,947 $ 24,894 $ 27,513 $ 27,453 per day workedFleet 27 % 23 % 30 % 31 % 36 %utilizationFleet 1,432 1,472 1,456 1,456 1,472 available daysOut-of-servicedays forrepairs, 18 64 9 141 6 maintenanceanddrydockingsOut-of-servicedays for 880 899 816 664 657 cold-stackedstatusOperating Revenues:Time charter $ 9,406 $ 9,319 $ 11,001 $ 12,339 $ 14,375 Other marine 395 316 306 250 732 services 9,801 9,635 11,307 12,589 15,107 Direct Costs and Expenses:Operating: Personnel 3,742 3,963 3,545 4,097 4,588 Repairs and 524 624 407 650 776 maintenanceDrydocking (1 ) ? 111 1,307 267 Insurance and 690 1,055 893 679 711 loss reservesFuel, lubes 349 370 343 490 550 and suppliesOther 1,642 538 219 147 338 6,946 6,550 5,518 7,370 7,230 Direct Vessel $ 2,855 $ 3,085 $ 5,789 $ 5,219 $ 7,877 Profit^ (1)Other Costs and Expenses:Lease expense $ 19 $ 31 $ 44 $ 1,497 $ 1,497 Depreciationand 6,009 5,980 6,081 6,128 6,136 amortization Crew transfer Time Charter Statistics:Average rates $ 2,025 $ 2,025 $ 2,025 $ 1,982 $ 2,023 per day workedFleet 100 % 100 % 100 % 60 % 48 %utilizationFleet 92 92 91 151 184 available daysOut-of-servicedays forrepairs, ? ? ? ? 4 maintenanceanddrydockingsOut-of-servicedays for ? ? ? 48 92 cold-stackedstatusOperating Revenues:Time charter $ 187 $ 187 $ 184 $ 181 $ 179 Other marine 1 (9 ) (10 ) (12 ) 3 services 188 178 174 169 182 Direct Costs and Expenses:Operating: Personnel 69 72 47 72 65 Repairs and 34 16 56 92 28 maintenanceDrydocking (3 ) ? ? ? ? Insurance and 5 - ? ? 18 loss reservesFuel, lubes 3 6 10 4 4 and suppliesOther 18 24 23 11 21 126 118 136 179 136 Direct Vessel $ 62 $ 60 $ 38 $ (10 ) $ 46 Profit^ (1)Other Costs and Expenses:Lease expense ? ? ? ? ? Depreciationand 1,541 62.0 62 31 170 amortization

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

Three Months Ended Dec.31, Sep. Jun. 30, Mar. 31, Dec. 31, 2020 30, 2020 2020 2019 2020Other ActivityOperating Revenues:Other marine $ 1,591 $ 720 $ 1,056 $ 1,029 $ 1,032 services 1,591 720 1,056 1,029 1,032 Direct Costsand Expenses:Operating: Personnel 324 415 502 247 415 Repairs and 6 47 128 53 147 maintenanceInsuranceand loss 74 (26 ) 11 (303 ) 5 reservesFuel, lubes 13 38 157 86 19 and suppliesOther (1,928 ) (401 ) (417 ) (251 ) (442 ) (1,511 ) 73 381 (168 ) 144 DirectVessel $ 3,102 $ 647 $ 675 $ 1,197 $ 888 Profit^ (1)Other Costsand Expenses:Lease $ 300 $ 335 $ 241 $ 285 $ 375 expenseDepreciationand (970 ) 545 553 552 507 amortization

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

Dec.31, Sep. 30, Jun. 30, Mar. 31, Dec. 31, 2020 2020 2020 2020 2019ASSETS Current Assets:Cash and cash $ 32,666 $ 42,314 $ 51,888 $ 67,441 $ 81,382 equivalentsRestricted 3,352 3,352 3,352 3,353 3,104 cashReceivables: Trade, net ofallowance for 45,325 48,294 52,169 43,602 43,050 doubtfulaccountsOther 10,924 18,365 13,814 27,249 18,239 Receivablesfrom SEACOR 18,832 18,814 14,394 ? ? HoldingsTax Receivable 13,556 11,770 ? ? ? Inventories 576 573 1,409 1,575 1,228 Prepaidexpenses and 3,230 3,438 2,835 2,092 1,940 otherAssets held 50,235 46,768 44,616 54,182 45,718 for saleTotal current 178,696 193,688 184,477 199,494 194,661 assetsProperty and Equipment:Historical 1,012,873 996,370 987,741 857,118 899,024 costAccumulated (291,538 ) (280,468 ) (271,097 ) (264,365 ) (308,917 )depreciation 721,335 715,902 716,644 592,753 590,107 Construction 32,327 51,969 52,456 49,186 70,806 in progressNet property 753,662 767,871 769,100 641,939 660,913 and equipmentRight-of-UseAsset - 7,134 7,670 8,148 8,286 16,537 OperatingLeasesRight-of-UseAsset - 129 137 ? ? ? Finance LeaseInvestments,at Equity, andAdvances to 75,308 84,701 87,177 109,844 120,831 50% or LessOwnedCompaniesConstruction ? ? ? 3,745 12,893 Reserve FundsOther Assets 2,734 3,108 3,200 3,227 3,358 $ 1,017,663 $ 1,057,175 $ 1,052,102 $ 966,535 $ 1,009,193 LIABILITIES AND EQUITYCurrent Liabilities:Currentportion ofoperating $ 7,030 $ 9,446 $ 11,579 $ 13,167 $ 14,896 leaseliabilitiesCurrent leaseliability - 36 27 - ? ? FinanceCurrentportion of 32,377 52,108 51,793 37,084 17,802 long-term debtAccountspayable and 29,967 28,888 21,323 30,064 24,598 accruedexpensesDue to SEACOR ? ? ? 66 74 HoldingsOther current 31,467 29,548 29,642 29,154 35,387 liabilitiesLiabilities 30,927 28,555 28,882 27,392 27,540 held for saleTotal current 131,804 148,572 143,219 136,927 120,297 liabilitiesLong-TermOperating 4,345 5,239 6,067 7,352 9,255 LeaseLiabilitiesLong-TermFinance Lease 105 113 ? ? ? LiabilitiesLong-Term Debt 440,510 426,711 422,569 333,121 355,714 ConversionOptionLiability on 2 1 6 91 5,205 ConvertibleSenior NotesDeferred 35,822 36,075 23,740 25,793 33,564 Income TaxesDeferred Gainsand Other 3,239 3,810 5,137 7,940 6,234 LiabilitiesTotal 615,827 620,521 600,738 511,224 530,269 liabilitiesEquity: SEACOR MarineHoldings Inc. stockholders?equity:Common stock 235 235 232 231 219 Additionalpaid-in 451,179 450,320 449,116 447,425 429,318 capital(AccumulatedDeficit) (51,839 ) (13,023 ) 5,058 11,131 27,076 RetainedearningsShares held in (848 ) (848 ) (847 ) (844 ) (669 )treasuryAccumulatedothercomprehensive 2,790 (380 ) (2,541 ) (2,971 ) 1,548 loss, net oftax 401,517 436,304 451,018 454,972 457,492 Noncontrollinginterests in 319 350 346 339 21,432 subsidiariesTotal equity 401,836 436,654 451,364 455,311 478,924 $ 1,017,663 $ 1,057,175 $ 1,052,102 $ 966,535 $ 1,009,193

SEACOR MARINE HOLDINGS INC.UNAUDITED FLEET COUNTS

Owned JointVentured Leased-in Managed Total December31, 2020AHTS 4 ? 2 ? 6 FSV 26 5 1 1 33 Supply 15 27 ? 1 43 Specialty ? 3 ? ? 3 Liftboats 14 ? 1 ? 15 Crew TransferAssets Held 40 5 ? ? 45 for SaleCrew transferContinuing 1 ? ? ? 1 Operations 100 40 4 2 146 September30, 2020AHTS 4 ? 3 ? 7 FSV 26 5 1 1 33 Supply 14 27 ? 2 43 Specialty ? 3 ? ? 3 Liftboats 14 ? 2 ? 16 Crew TransferAssets Held 40 4 ? ? 44 for SaleCrew transferContinuing 1 ? ? ? 1 Operations 99 39 6 3 147