GlobeNewswire Inc | May 6, 2021 06:30AM EDT

May 06, 2021

HOUSTON, May 06, 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 first quarter ended March 31, 2021.

Chief Executive Officer John Gellert provided the following statement: SEACOR Marine continues to grieve for our crew members, partners and the loved ones of those who were lost in the capsizing of the SEACOR Power. Their memories will live long in our hearts, minds and communities. We are grateful for the efforts of all those involved in our search and rescue efforts. As salvage operations continue, we remain focused on supporting our team members and their families and will keep them in our prayers.

SEACOR Marines consolidated operating revenues from continuing operations for the first quarter of 2021 were $36.5 million, operating loss was $16.6 million, and direct vessel profit (DVP)(1) was $10.2 million. This compares to consolidated operating revenues from continuing operations of $35.7 million, operating loss of $23.7 million, and DVP of $14.9 million in the first quarter of 2020. For the first quarter of 2021, net income attributable to SEACOR Marine was $6.0 million ($0.24 income per basic and diluted share), primarily due to a $22.8 million gain on the sale of Windcat Workboat Holdings Ltd. (Windcat). For the first quarter of 2021, the net loss attributable to SEACOR Marines continuing operations was $16.9 million ($0.67 loss per basic and diluted share). This compares to a net loss from continuing operations for the first quarter of 2020 of $17.9 million ($0.58 loss per basic and diluted share). Sequentially, thefirst quarter of 2021 results compare to consolidated operating revenues from continuing operations of $36.0 million, operating loss of $16.9 million, and DVP of $10.5 million in the fourth quarter of 2020. For the fourth quarter of 2020 the net loss attributable to SEACOR Marines continuing operations was $38.9 million ($1.54 loss per basic and diluted share).

Notable first quarter items include:

-- Operating results in the first quarter reflect continued improvement in market conditions across all international regions. -- Reduced operating loss by 30.3% compared to the first quarter of 2020 primarily driven by a reduction in impairments and lower lease expenses. -- Significantly improved liquidity position with $42.2 million of cash proceeds from the Windcat sale net of $1.6 million in transaction costs and other costs, and receipt of $12.5 million in unrestricted cash from tax refund claims under the CARES Act during the quarter.

After the first quarter, an additional aggregate amount of $19.8 million of tax refunds were received by SEACOR Marine completing the receipt of all expected tax refunds under the CARES Act. As a result of the Windcat sale and CARES Act tax refunds, since the beginning of 2021, SEACOR Marine has generated $74.5 million in cash and reduced debt by 20.4 million (equivalent to approximately $28.1 million based on the USD to GBP closing exchange rate on March 31, 2021).

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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 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 March31, 2021 2020 Operating Revenues $ 36,512 $ 35,667 Costs and Expenses: Operating 26,307 20,735 Administrative and general 8,611 9,394 Lease expense 1,078 3,325 Depreciation and amortization 14,798 13,362 50,794 46,816 Loss on Asset Dispositions and Impairments, Net (2,273 ) (12,572 )Operating Loss (16,555 ) (23,721 )Other Income (Expense): Interest income 986 662 Interest expense (8,018 ) (7,374 )SEACOR Holdings guarantee fees (7 ) (16 )Derivative gains, net 355 5,114 Foreign currency (losses) gains, net (466 ) 710 (7,150 ) (904 )Loss from Continuing Operations Before IncomeTax Benefit and Equity in Earnings of 50% or (23,705 ) (24,625 )Less Owned CompaniesIncome Tax Benefit (2,688 ) (6,662 )Loss from Continuing Operations Before Equity (21,017 ) (17,963 )in Earnings of 50% or Less Owned CompaniesEquity in Earnings of 50% or Less Owned 4,103 25 CompaniesLoss from Continuing Operations (16,914 ) (17,938 )Income (Loss) Income on DiscontinuedOperations, Net of Tax (Includes Gain on the 22,925 (2,054 )Sale of Windcat Workboats of $22,756)Net Income (Loss) 6,011 (19,992 )Net Income (Loss) attributable to ? (4,047 )Noncontrolling Interests in SubsidiariesNet Income (Loss) attributable to SEACOR Marine $ 6,011 $ (15,945 )Holdings Inc. Basic and Diluted Income (Loss) Per CommonShare and Warrants of SEACOR Marine Holdings Inc.Continuing operations $ (0.67 ) $ (0.58 )Discontinued operations 0.91 (0.08 ) $ 0.24 $ (0.66 )Weighted Average Common Shares and Warrants Outstanding:Basic and diluted shares 25,304,661 23,989,029

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

Mar.31, Dec.31, Sep.30, Jun.30, Mar.31, 2021 2020 2020 2020 2020Time Charter Statistics:Average Rates $ 11,323 $ 10,931 $ 11,052 $ 10,746 $ 10,886 Per DayFleet 55 % 51 % 54 % 57 % 57 %UtilizationFleet 5,505 5,824 5,807 5,258 5,361 Available DaysOperating Revenues:Time charter $ 34,290 $ 32,693 $ 34,824 $ 32,389 $ 33,549 Bareboat 729 732 677 723 724 charterOther marine 1,493 2,619 700 813 1,394 services 36,512 36,044 36,201 33,925 35,667 Costs and Expenses:Operating: Personnel 13,418 13,057 13,401 10,704 11,186 Repairs and 3,840 3,445 3,764 3,612 3,840 maintenanceDrydocking 2,217 1,753 585 566 1,365 Insurance and 1,958 1,670 1,764 1,489 840 loss reservesFuel, lubes 2,202 2,081 2,131 2,075 1,841 and suppliesOther 2,672 3,556 3,074 1,682 1,664 26,307 25,562 24,719 20,128 20,736 Direct Vessel 10,205 10,482 11,482 13,797 14,931 Profit^ (1)Other Costs and Expenses:Lease expense 1,078 1,798 1,200 1,202 3,325 Administrative 8,611 8,556 8,861 13,241 9,393 and generalDepreciationand 14,798 15,247 14,833 13,725 13,362 amortization 24,487 25,601 24,894 28,168 26,080 (Losses) Gainson AssetDispositions (2,273 ) (1,796 ) 233 (3,453 ) (12,572 )andImpairments,NetOperating Loss (16,555 ) (16,915 ) (13,179 ) (17,824 ) (23,721 )Other Income (Expense):Interest 986 61 34 516 662 incomeInterest (8,018 ) (8,288 ) (8,312 ) (6,717 ) (7,374 )expenseSEACORHoldings (7 ) (11 ) (11 ) (9 ) (16 )guarantee feesDerivativelosses 355 (894 ) 5 85 5,114 (gains), netForeigncurrency (466 ) (1,286 ) (911 ) 193 710 gains, netOther, net ? (19 ) ? ? ? (7,150 ) (10,437 ) (9,195 ) (5,932 ) (904 )Loss BeforefromContinuingOperationsBefore IncomeTax Benefit (23,705 ) (27,352 ) (22,374 ) (23,756 ) (24,625 )and Equity inEarnings of50% or LessOwnedCompaniesIncome Tax(Benefit) (2,688 ) 1,865 (3,120 ) (15,007 ) (6,662 )ExpenseLoss fromContinuingOperationsBefore Equity (21,017 ) (29,217 ) (19,254 ) (8,749 ) (17,963 )in Earnings of50% or LessOwnedCompaniesEquity inEarnings(Losses) of 4,103 (9,681 ) (588 ) 2,081 25 50% or LessOwnedCompaniesLoss fromContinuing (16,914 ) (38,898 ) (19,842 ) (6,668 ) (17,938 )OperationsIncome (Loss)fromDiscontinued 22,925 51 1,765 602 (2,054 )Operations,Net of TaxNet Income 6,011 (38,847 ) (18,077 ) (6,066 ) (19,992 )(Loss)Net (Loss)Incomeattributableto ? (31 ) 4 7 (4,047 )NoncontrollingInterests inSubsidiariesNet Income(Loss)attributable $ 6,011 $ (38,816 ) $ (18,081 ) $ (6,073 ) $ (15,945 )to SEACORMarineHoldings Inc. Basic andDiluted Income(Loss) PerCommon Share and Warrantsof SEACORMarineHoldings Inc.Continuing $ (0.67 ) $ (1.54 ) $ (0.79 ) $ (0.26 ) $ (0.58 )operationsDiscontinued 0.91 ? 0.07 0.02 (0.08 )operations $ 0.24 $ (1.54 ) $ (0.72 ) $ (0.24 ) $ (0.66 )WeightedAverage CommonShares and WarrantsOutstanding:Basic and 25,305 25,265 24,989 24,851 23,989 DilutedCommon Sharesand Warrants 25,683 24,919 24,996 24,899 24,854 Outstanding atPeriod End

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

Three Months Ended Mar.31, Dec.31, Sep. 30, Jun. 30, Mar. 31, 2021 2020 2020 2020 2020United States,primarily Gulf of MexicoTime Charter Statistics:Average rates $ 15,910 $ 18,405 $ 19,397 $ 15,574 $ 20,988 per day workedFleet 6 % 7 % 5 % 5 % 11 %utilizationFleet available 1,518 1,797 1,871 1,842 1,864 daysOut-of-servicedays forrepairs, 67 45 37 32 116 maintenance anddrydockingsOut-of-servicedays for 1,270 1,472 1,576 1,465 1,301 cold-stackedstatusOperating Revenues:Time charter $ 1,489 $ 2,352 $ 1,668 $ 1,478 $ 4,375 Bareboat 729 732 731 723 724 charterOther marine 546 794 473 513 642 services 2,764 3,878 2,872 2,714 5,741 Direct Costs and Expenses:Operating: Personnel 1,744 2,372 2,481 2,284 2,928 Repairs and 654 386 338 314 617 maintenanceDrydocking 875 ? ? 110 1,057 Insurance and 527 507 778 354 135 loss reservesFuel, lubes and 199 208 251 189 524 suppliesOther 77 116 85 93 79 4,076 3,589 3,933 3,344 5,340 Direct Vessel(Loss) Profit^ $ (1,312 ) $ 289 $ (1,061 ) $ (630 ) $ 401 (1)Other Costs and Expenses:Lease expense $ 664 $ 677 $ 716 $ 741 $ 2,138 Depreciationand 4,164 5,854 4,961 5,254 5,358 amortization Africa andEurope, ContinuingOperationsTime Charter Statistics:Average rates $ 11,356 $ 10,837 $ 10,801 $ 10,918 $ 10,856 per day workedFleet 68 % 61 % 68 % 86 % 90 %utilizationFleet available 1,356 1,472 1,472 1,395 1,437 daysOut-of-servicedays forrepairs, 78 138 45 90 56 maintenance anddrydockingsOut-of-servicedays for 346 368 216 ? ? cold-stackedstatusOperating Revenues:Time charter $ 10,502 $ 9,796 $ 10,861 $ 13,055 $ 14,010 Bareboat ? ? (54 ) ? ? charterOther marine (269 ) 343 (279 ) (382 ) 184 services 10,233 10,139 10,528 12,673 14,194 Direct Costs and Expenses:Operating: Personnel 3,220 3,510 3,407 3,248 3,232 Repairs and 1,191 1,437 1,158 1,463 1,585 maintenanceDrydocking 304 1,269 481 256 8 Insurance and 433 512 397 600 297 loss reservesFuel, lubes and 572 853 1,091 799 517 suppliesOther 579 (674 ) 774 647 596 6,299 6,907 7,308 7,013 6,235 Direct Vessel $ 3,934 $ 3,232 $ 3,220 $ 5,660 $ 7,959 Profit^ (1)Other Costs and Expenses:Lease expense $ 356 $ 1,056 $ 430 $ 420 $ 1,133 Depreciationand 3,307 2,964 3,784 3,600 3,315 amortization

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

Three Months Ended Mar.31, Dec.31, Sep. 30, Jun. 30, Mar. 31, 2021 2020 2020 2020 2020Middle East and AsiaTime Charter Statistics:Average rates $ 9,308 $ 9,455 $ 9,670 $ 10,245 $ 9,634 per day workedFleet 73 % 75 % 78 % 82 % 73 %utilizationFleet available 1,852 1,840 1,809 1,613 1,671 daysOut-of-servicedays forrepairs, 115 68 89 113 200 maintenance anddrydockingsOut-of-servicedays for 239 169 76 61 48 cold-stackedstatusOperating Revenues:Time charter $ 12,575 $ 13,008 $ 13,672 $ 13,605 $ 11,767 Other marine 360 927 296 514 420 services 12,935 13,935 13,968 14,119 12,187 Direct Costs and Expenses:Operating: Personnel 5,208 5,411 5,171 3,795 3,811 Repairs and 903 842 1,564 1,580 1,246 maintenanceDrydocking 1,066 41 104 200 414 Insurance and 702 501 451 430 339 loss reservesFuel, lubes and 559 604 482 955 665 suppliesOther 1,144 3,618 1,771 819 683 9,582 11,017 9,543 7,779 7,158 Direct Vessel $ 3,353 $ 2,918 $ 4,425 $ 6,340 $ 5,029 Profit^ (1)Other Costs and Expenses:Lease expense $ 22 $ 47 $ 46 $ 32 $ 45 Depreciationand 4,710 4,505 4,379 3,921 3,790 amortization Latin America Time Charter Statistics:Average rates $ 14,751 $ 12,921 $ 13,355 $ 10,752 $ 9,397 per day workedFleet 85 % 82 % 99 % 97 % 93 %utilizationFleet available 779 716 655 408 389 daysOut-of-servicedays forrepairs, 94 66 7 ? 3 maintenance anddrydockingsOut-of-servicedays for ? ? ? ? ? cold-stackedstatusOperating Revenues:Time charter $ 9,724 $ 7,538 $ 8,621 $ 4,251 $ 3,396 Bareboat ? ? ? ? ? charterOther marine 856 555 212 168 149 services 10,580 8,093 8,833 4,419 3,545 Direct Costs and Expenses:Operating: Personnel 3,246 1,764 2,342 1,377 1,215 Repairs and 1,092 780 704 255 392 maintenanceDrydocking (28 ) 443 ? ? (114 )Insurance and 296 150 138 105 69 loss reservesFuel, lubes and 872 416 307 132 135 suppliesOther 872 497 444 123 305 6,350 4,050 3,935 1,992 2,002 Direct Vessel $ 4,230 $ 4,043 $ 4,898 $ 2,427 $ 1,543 Profit^ (1)Other Costs and Expenses:Lease expense $ 36 $ 18 $ 9 $ 9 $ 9 Depreciationand 2,617 1,924 1,708 950 899 amortization

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

Three Months Ended Mar.31, Dec.31, Sep. 30, Jun. 30, Mar. 31, 2021 2020 2020 2020 2020Anchor handling towing supplyTime Charter Statistics:Average rates $ 7,778 $ 7,967 $ 7,388 $ 8,383 $ 8,012 per day workedFleet 67 % 44 % 54 % 43 % 39 %utilizationFleet available 540 641 644 667 709 daysOut-of-servicedays forrepairs, ? 133 21 76 74 maintenance anddrydockingsOut-of-servicedays for 180 228 276 273 273 cold-stackedstatusOperating Revenues:Time charter $ 2,801 $ 2,236 $ 2,564 $ 2,413 $ 2,225 Other marine (130 ) 433 (147 ) (137 ) 559 services 2,671 2,669 2,417 2,276 2,784 Direct Costs and Expenses:Operating: Personnel 984 1,149 950 853 892 Repairs and 241 542 432 679 408 maintenanceDrydocking 54 847 (2 ) (19 ) 22 Insurance and 194 199 139 159 45 loss reservesFuel, lubes and 139 258 148 168 216 suppliesOther 270 535 370 341 259 1,882 3,530 2,037 2,181 1,842 Direct VesselProfit (Loss)^ $ 789 $ (861 ) $ 380 $ 95 $ 942 (1)Other Costs and Expenses:Lease expense $ 400 $ 1,127 $ 505 $ 518 $ 1,216 Depreciationand 494 494 495 500 561 amortization Fast support Time Charter Statistics:Average rates $ 7,888 $ 8,074 $ 8,421 $ 8,590 $ 8,472 per day workedFleet 61 % 60 % 63 % 72 % 76 %utilizationFleet available 2,207 2,300 2,300 2,426 2,521 daysOut-of-servicedays forrepairs, 182 155 71 137 156 maintenance anddrydockingsOut-of-servicedays for 584 549 421 285 273 cold-stackedstatusOperating Revenues:Time charter $ 10,657 $ 11,151 $ 12,212 $ 15,078 $ 16,284 Bareboat 729 732 731 723 724 charterOther marine (218 ) (283 ) (256 ) (372 ) (355 )services 11,168 11,600 12,687 15,429 16,653 Direct Costs and Expenses:Operating: Personnel 4,041 4,409 4,180 4,166 4,659 Repairs and 1,535 1,604 1,642 1,922 2,278 maintenanceDrydocking 1,178 912 587 274 36 Insurance and 466 471 353 304 332 loss reservesFuel, lubes and 726 836 976 1,180 904 suppliesOther 1,141 2,085 1,489 1,203 1,000 9,087 10,317 9,227 9,049 9,209 Direct Vessel $ 2,081 $ 1,283 $ 3,460 $ 6,380 $ 7,444 Profit^ (1)Other Costs and Expenses:Lease expense $ 352 $ 352 $ 351 $ 352 $ 352 Depreciationand 5,096 5,113 5,105 5,405 5,118 amortization

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

Three Months Ended Mar.31, Dec.31, Sep. 30, Jun. Mar. 2021 2020 2020 30, 31, 2020 2020Supply Time Charter Statistics:Average rates per $ 12,110 $ 11,373 $ 11,355 $ 8,477 $ 7,360 day workedFleet utilization 63 % 63 % 74 % 83 % 79 %Fleet available 1,319 1,360 1,257 527 433 daysOut-of-servicedays for repairs, 105 12 23 13 3 maintenance anddrydockingsOut-of-servicedays for 315 353 229 61 ? cold-stackedstatusOperating Revenues:Time charter $ 10,082 $ 9,714 $ 10,541 $ 3,713 $ 2,520 Bareboat charter ? ? (55 ) ? ? Other marine 346 482 92 (53 ) (69 )services 10,428 10,196 10,578 3,660 2,451 Direct Costs and Expenses:Operating: Personnel 4,158 3,364 3,821 1,591 1,206 Repairs and 1,135 735 968 375 348 maintenanceDrydocking 110 (2 ) ? 197 ? Insurance and 474 238 230 106 67 loss reservesFuel, lubes and 1,003 622 601 219 119 suppliesOther 880 1,205 1,022 246 397 7,760 6,162 6,642 2,734 2,137 Direct Vessel $ 2,668 $ 4,034 $ 3,936 $ 926 $ 314 Profit^ (1)Other Costs and Expenses:Lease expense $ ? $ ? $ ? $ ? $ ? Depreciation and 2,977 3,060 2,673 1,000 787 amortization Specialty Time Charter Statistics:Average rates per $ 1,890 $ 2,025 $ 2,025 $ 2,025 $ 1,982 day workedFleet utilization 100 % 100 % 69 % 50 % 38 %Fleet available 90 92 134 182 242 daysOut-of-servicedays for ? ? 42 91 139 cold-stackedstatusOperating Revenues:Time charter $ 170 187 187 184 180 Other marine 12 1 (9 ) (10 ) (19 )services 182 188 178 174 161 Direct Costs and Expenses:Operating: Personnel 89 69 72 47 85 Repairs and 8 34 51 102 103 maintenanceDrydocking ? (3 ) - - - Insurance and 4 (2 ) 13 16 20 loss reservesFuel, lubes and 8 3 (2 ) 8 26 suppliesOther 26 18 56 90 111 135 119 190 263 345 Direct VesselProfit (Loss)^ $ 47 $ 69 $ (12 ) $ (89 ) $ (184 )(1)Other Costs and Expenses:Depreciation and $ ? $ 1,541 $ 89 $ 189 $ 206 amortization

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

Three Months Ended Mar.31, Dec.31, Sep. 30, Jun. 30, Mar. 31, 2021 2020 2020 2020 2020Liftboats Time Charter Statistics:Average rates $ 26,792 $ 24,561 $ 27,947 $ 24,894 $ 27,513 per day workedFleet 29 % 27 % 23 % 30 % 31 %utilizationFleet available 1,350 1,432 1,472 1,456 1,456 daysOut-of-servicedays forrepairs, 67 18 64 9 141 maintenance anddrydockingsOut-of-servicedays for 776 880 899 816 664 cold-stackedstatusOperating Revenues:Time charter $ 10,580 $ 9,406 $ 9,319 $ 11,001 $ 12,339 Other marine 797 395 316 306 250 services 11,377 9,801 9,635 11,307 12,589 Direct Costs and Expenses:Operating: Personnel 3,806 3,742 3,963 3,545 4,097 Repairs and 894 524 624 407 650 maintenanceDrydocking 875 (1 ) ? 111 1,307 Insurance and 719 690 1,055 893 679 loss reservesFuel, lubes and 320 349 370 343 490 suppliesOther 677 1,642 538 219 147 7,291 6,946 6,550 5,518 7,370 Direct Vessel $ 4,086 $ 2,855 $ 3,085 $ 5,789 $ 5,219 Profit^ (1)Other Costs and Expenses:Lease expense $ 12 $ 19 $ 31 $ 44 $ 1,497 Depreciationand 5,659 6,009 5,980 6,081 6,128 amortization Other Activity Operating Revenues:Other marine $ 686 $ 1,591 $ 720 $ 1,056 $ 1,029 services 686 1,591 720 1,056 1,029 Direct Costs and Expenses:Operating: Personnel 340 324 415 502 247 Repairs and 27 6 47 128 53 maintenanceInsurance and 101 74 (26 ) 11 (303 )loss reservesFuel, lubes and 6 13 38 157 86 suppliesOther (322 ) (1,928 ) (401 ) (417 ) (251 ) 152 (1,511 ) 73 381 (168 )Direct Vessel $ 534 $ 3,102 $ 647 $ 675 $ 1,197 Profit^ (1)Other Costs and Expenses:Lease expense $ 314 $ 300 $ 335 $ 241 $ 260 Depreciationand 572 (970 ) 545 553 562 amortization

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

Mar.31, Dec.31, Sep. 30, Jun. 30, Mar. 31, 2021 2020 2020 2020 2020ASSETS Current Assets:Cash and cash $ 68,409 $ 32,666 $ 42,314 $ 51,888 $ 67,441 equivalentsRestricted 3,352 3,352 3,352 3,352 3,353 cashReceivables: Trade, net ofallowance for 42,680 45,325 48,294 52,169 43,602 doubtfulaccountsOther 11,265 10,924 18,365 13,814 27,249 Receivablesfrom SEACOR 19,332 18,832 18,814 14,394 ? HoldingsTax Receivable 1,498 13,556 11,770 ? ? Inventories 572 576 573 1,409 1,575 Prepaidexpenses and 2,326 3,230 3,438 2,835 2,092 otherOther Current 423 ? ? ? ? AssetsDiscontinued ? 50,235 46,768 44,616 54,182 operationsTotal current 149,857 178,696 193,688 184,477 199,494 assetsProperty and Equipment:Historical 1,000,430 1,012,873 996,370 987,741 857,118 costAccumulated (297,792 ) (291,538 ) (280,468 ) (271,097 ) (264,365 )depreciation 702,638 721,335 715,902 716,644 592,753 Construction 32,530 32,327 51,969 52,456 49,186 in progressNet property 735,168 753,662 767,871 769,100 641,939 and equipmentRight-of-UseAsset - 7,046 7,134 7,670 8,148 8,286 OperatingLeasesRight-of-UseAsset - 121 129 137 ? ? Finance LeaseInvestments,at Equity, andAdvances to 79,000 75,308 84,701 87,177 109,844 50% or LessOwnedCompaniesConstruction ? ? ? ? 3,745 Reserve FundsOther Assets 2,624 2,734 3,108 3,200 3,227 $ 973,816 $ 1,017,663 $ 1,057,175 $ 1,052,102 $ 966,535 LIABILITIES AND EQUITYCurrent Liabilities:Currentportion ofoperating $ 5,139 $ 7,030 $ 9,446 $ 11,579 $ 13,167 leaseliabilitiesCurrent leaseliability - 46 36 27 - ? FinanceCurrentportion of 34,888 32,377 52,108 51,793 37,084 long-term debtAccountspayable and 21,428 29,967 28,888 21,323 30,064 accruedexpensesDue to SEACOR ? ? ? ? 66 HoldingsOther current 29,719 31,467 29,548 29,642 29,154 liabilitiesDiscontinued ? 30,927 28,555 28,882 27,392 operationsTotal current 91,220 131,804 148,572 143,219 136,927 liabilitiesLong-TermOperating 4,778 4,345 5,239 6,067 7,352 LeaseLiabilitiesLong-TermFinance Lease 97 105 113 ? ? LiabilitiesLong-Term Debt 431,849 440,510 426,711 422,569 333,121 ConversionOptionLiability on 37 2 1 6 91 ConvertibleSenior NotesDeferred 31,766 35,822 36,075 23,740 25,793 Income TaxesDeferred Gainsand Other 4,910 3,239 3,810 5,137 7,940 LiabilitiesTotal 564,657 615,827 620,521 600,738 511,224 liabilitiesEquity: SEACOR MarineHoldings Inc. stockholders?equity:Common stock 243 235 235 232 231 Additionalpaid-in 452,290 451,179 450,320 449,116 447,425 capital(AccumulatedDeficit) (50,029 ) (51,839 ) (13,023 ) 5,058 11,131 RetainedearningsShares held in (1,110 ) (848 ) (848 ) (847 ) (844 )treasuryAccumulatedothercomprehensive 7,446 2,790 (380 ) (2,541 ) (2,971 )loss, net oftax 408,840 401,517 436,304 451,018 454,972 Noncontrollinginterests in 319 319 350 346 339 subsidiariesTotal equity 409,159 401,836 436,654 451,364 455,311 $ 973,816 $ 1,017,663 $ 1,057,175 $ 1,052,102 $ 966,535

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

Three Months Ended Mar.31, Dec.31, Sep. 30, Jun. 30, Mar. 31, 2021 2020 2020 2020 2020Cash Flows fromContinuing OperatingActivities:Net Income $ 6,011 $ (38,922 ) $ (19,818 ) $ (6,668 ) $ (17,938 )(Loss)Adjustments toreconcile netincome (loss)to net cash used inoperatingactivities:Depreciationand 14,798 15,247 14,833 13,725 13,362 amortizationDeferredfinancing costs 260 266 278 284 279 amortizationAmortization ofemployee share 1,111 859 1,204 937 1,069 awardsRestricted (262 ) ? ? (3 ) (175 )stock vestingDirector share ? ? ? 755 ? awardsDebt discount 1,892 1,917 1,797 1,480 1,478 amortizationBad debtrecoveries 24 (146 ) 185 271 (80 )(expense)Loss fromequipmentsales, 2,273 1,796 (233 ) 3,453 12,572 retirements orimpairmentsGain on theSale of Windcat (22,756 ) ? ? ? ? WorkboatsDerivative (355 ) 894 (5 ) (85 ) (5,114 )(gains) lossesCash settlementpayments onderivative (919 ) (441 ) (426 ) (265 ) (199 )transactions,netCurrency losses 466 1,286 911 (193 ) (710 )(gains)Deferred income (4,056 ) (254 ) 12,333 (2,053 ) (7,768 )taxesEquity(Earnings) (4,103 ) 9,681 588 (2,081 ) (25 )LossesDividendsreceived from ? ? 2,117 ? ? equityinvesteesChanges inOperating Assets andLiabilities:Accounts 11,345 7,668 (17,737 ) (8,326 ) (11,770 )receivablesOther assets 1,192 604 656 6,163 (893 )Accountspayable and (10,296 ) (2,806 ) 886 (21,197 ) 4,774 accruedliabilitiesNet cash usedin operating (3,375 ) (2,351 ) (2,431 ) (13,803 ) (11,138 )activitiesCash Flows fromContinuing InvestingActivities:Purchases ofproperty and (2,724 ) (2,500 ) (2,833 ) (7,019 ) (8,456 )equipmentProceeds fromdisposition of 3,266 ? 3,539 14,030 3,105 property andequipmentProceeds fromSale of WWH, 38,715 ? ? ? ? net cash soldConstructionreserve funds ? ? ? 3,745 ? transferred toshort-term cashPurchase ofsubsidiary from ? ? ? (8,445 ) ? joint ventureConstructionreserve funds ? ? ? ? 9,148 usedNet investingactivities in 39,257 (2,500 ) 706 2,311 3,797 property andequipmentInvestments inand advances to (736 ) (1,248 ) (713 ) ? (245 )50% or lessowned companiesPrincipalpayments onnotes due from 919 1,225 490 ? ? equityinvesteesNet cashprovided by(used in) 39,440 (2,523 ) 483 2,311 3,552 investingactivitiesCash Flows fromContinuing FinancingActivities:Payments on (8,302 ) (5,780 ) (8,246 ) (3,506 ) (5,069 )long-term debtProceeds fromissuance of ? 1 (1 ) ? ? debt, net ofoffering costsInterest on 2 1 ? ? ? Finance LeaseProceeds fromexercise of 8 ? 2 ? ? stock optionsand WarrantsNet cash usedin financing (8,292 ) (5,778 ) (8,245 ) (3,506 ) (5,069 )activitiesEffects ofExchange RateChanges on Cash 4,621 1,004 619 (557 ) (1,037 )and CashEquivalentsNet Change inCash, Cash 32,394 (9,648 ) (9,574 ) (15,554 ) (13,692 )Equivalents andRestricted CashCash Flows fromDiscontinued OperationsOperating (171 ) 1,895 1,518 2,255 2,549 ActivitiesInvesting ? (1,436 ) (2,527 ) (1,567 ) (2,788 )ActivitiesFinancing ? ? 1,090 4 (153 )ActivitiesEffects of FXRate Changes on ? 196 (26 ) 339 (390 )Cash and CashEquivalentsNet (Decrease)Increase inCash and CashEquivalents (171 ) 655 55 1,031 (782 )fromDiscontinuedOperations:Net Change inCash, Cash 32,223 (8,993 ) (9,519 ) (14,523 ) (14,474 )Equivalents andRestricted CashCash,Restricted Cashand Cash 39,538 48,531 58,050 72,573 87,047 Equivalents,Beginning ofPeriodCash,Restricted Cashand Cash $ 71,761 $ 39,538 $ 48,531 $ 58,050 $ 72,573 Equivalents,End of Period

SEACOR MARINE HOLDINGS INC.UNAUDITED FLEET COUNTS

Owned JointVentured Leased-in Managed TotalMarch31, 2021 AHTS 4 ? 2 ? 6FSV 24 5 1 1 31Supply 14 26 ? ? 40Specialty ^(1) 1 3 ? ? 4Liftboats 14 ? 1 ? 15 57 34 4 1 96December31, 2020 AHTS 4 ? 2 ? 6FSV 26 5 1 1 33Supply 15 27 ? 1 43Specialty ? 3 ? ? 3Liftboats 14 ? 1 ? 15Crew Transfer Assets 40 5 ? ? 45Held for SaleCrew transfer Continuing 1 ? ? ? 1Operations 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 March 31, 2021.