10-Q

The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”).

Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.

Recently Issued Accounting Standards.

On December 14, 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose information about their effective tax rate reconciliation and information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company has not yet determined the impact that the adoption of the standard will have on the Company’s consolidated financial position, results of operations and disclosures.

On November 27, 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company has not yet determined the impact that the adoption of the standard will have on the Company’s consolidated financial position, results of operations and disclosures.

On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the United States Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date is contingent on when the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company does not believe the adoption of the standard will have a material effect on the disclosures included herein.

Accounting Policies.

Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than 50% of the voting rights of a subsidiary. All significant intercompany accounts and transactions are eliminated in the combination and consolidation.

Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.

The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between 20% and 50% of the voting rights of a business venture but may exist when the Company’s ownership percentage is less than 20%. In certain circumstances, the Company may have an economic interest in excess of 50% but may not control and consolidate the business venture. Conversely, the Company may have an economic interest less than 50% but may control and consolidate the business venture. The Company reports its investments in and advances to these business ventures in the accompanying consolidated balance sheets as investments, at equity, and advances to 50% or less owned companies. The Company reports its share of earnings from investments in 50% or less owned companies in the accompanying consolidated statements of income (loss) as equity in earnings of 50% or less owned companies, net of tax.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.

Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates and those differences may be material.

Revenue Recognition. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue, net of sales taxes, based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.

The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of Mexico, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.

In the Company’s operating areas, contracts or charters vary in length from several days to multi-year periods. Many of the Company’s contracts and charters include cancellation clauses without early termination penalties. As a result of cancellations, options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.

The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.

Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in unearned revenue in the accompanying consolidated balance sheets, as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	2024			2023
Balance at beginning of period	$	687		$	2,333
Unearned revenues during the period		2,785			6,501
Revenues recognized during the period		(1,415	)		(8,147	)
Balance at end of period	$	2,057		$	687

As of March 31, 2024 and December 31, 2023, the Company had unearned revenue of $2.1 million and $0.7 million, respectively, primarily related to mobilization of vessels.

Direct Operating Expenses. Direct operating costs and expenses, other than leased-in equipment expense, consist primarily of costs and expenses such as: personnel; repairs and maintenance; drydocking; insurance and loss reserves; fuel, lubes and supplies; and other expenses, which include costs such as brokers’ commissions, communication costs, expenses incurred in mobilizing vessels between geographic regions, third party ship management fees, freight expenses, and customs and importation duties. Direct operating costs are expensed as incurred.

Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.

Restricted Cash. Restricted cash primarily relates to banking facility requirements.

Trade and Other Receivables and Allowance for Credit Losses. Customers are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for expected credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates.

After collection efforts have been exhausted, trade receivables that are deemed uncollectible are removed from both accounts receivable and the allowance for credit losses.

Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of the asset’s remaining useful life, typically the period until the next survey or certification date. As of March 31, 2024, the estimated useful life of the Company’s new offshore support vessels was 20 years.

Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.

Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. There was no capitalized interest recognized during the three months ended March 31, 2024 and 2023.

Assets Held for Sale. As of March 31, 2024, one anchor handling towing supply vessel (“AHTS”) previously included in the Africa and Europe segment, with a carrying value of $0.5 million, was classified as assets held for sale as the Company expects to sell the vessel within one year.

Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.

During the three months ended March 31, 2024 and 2023, the Company did not record impairment charges on any owned or leased-in vessels. Impairment charges are included in gains (losses) on asset dispositions and impairments in the accompanying consolidated statements of income (loss). Estimated fair values for the Company owned vessels were established by independent appraisers based on researched market information, replacement cost information and other data.

For vessel classes and individual vessels with indicators of impairment as of March 31, 2024, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce

the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.

Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the three months ended March 31, 2024 and 2023, the Company did not recognize any impairment charges related to its 50% or less owned companies.

Income Taxes. During the three months ended March 31, 2024, the Company’s effective income tax rate of 4.4% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit for U.S. income tax purposes.

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive income were as follows (in thousands):


	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments			Derivative Gains (Losses) on Cash Flow Hedges, net		Total Other Comprehensive Income
December 31, 2023	$	7,577		$	—	$	7,577
Other comprehensive loss		(71	)		—		(71	)
Balance as of March 31, 2024	$	7,506		$	—	$	7,506

Earnings (Loss) Per Share. Basic earnings/loss per share of Common Stock of SEACOR Marine is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $0.01 per share (“Warrants”) issued and outstanding during the relevant periods. The Warrants are included in the basic earnings/loss per share of Common Stock because the shares issuable upon exercise of the Warrants are issuable for de minimis cash consideration and therefore not anti-dilutive. Diluted earnings/loss per share of Common Stock is computed based on the weighted average number of shares of Common Stock and Warrants issued and outstanding plus the effect of other potentially dilutive securities through the application of the treasury stock method and the if-converted method that assumes all shares of Common Stock have been issued and outstanding during the relevant periods pursuant to the conversion of the New Convertible Notes unless anti-dilutive.

For the three months ended March 31, 2024 and 2023, diluted loss per share of Common Stock excluded 2,978,724 shares of Common Stock issuable upon conversion of the New Convertible Notes as the effect of their inclusion in the computation would be anti-dilutive.

In addition, for the three months ended March 31, 2024 and 2023 diluted loss per share of Common Stock excluded 1,378,797 and 1,672,932 shares of restricted stock, respectively, and 1,016,865 and 1,026,031 shares of Common Stock, respectively, issuable upon exercise of outstanding stock options, as the effect of their inclusion in the computation would be anti-dilutive.

EQUIPMENT ACQUISITIONS AND DISPOSITIONS

During the three months ended March 31, 2024, capital expenditures were $3.4 million and there were no equipment deliveries and no vessel sales. During the three months ended March 31, 2023, the Company sold three liftboats and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for net cash proceeds of $7.6 million, after transaction costs, and a gain of $2.6 million.

INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED COMPANIES

Investments, at equity, and advances to 50% or less owned companies as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	Ownership			2024		2023
Seabulk Angola		49.0	%	$	974	$	1,668
SEACOR Marine Arabia		45.0	%		2,078		2,385
Other	20.0% - 50.0%				70		72
				$	3,122	$	4,125

LONG-TERM DEBT

The Company’s long-term debt obligations as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024			December 31, 2023
Guaranteed Notes	$	90,000		$	90,000
New Convertible Notes		35,000			35,000
2023 SMFH Credit Facility		115,900			118,950
Sea-Cat Crewzer III Term Loan Facility		12,990			14,227
SEACOR Delta Shipyard Financing		66,424			68,647
SEACOR Alpine Credit Facility		25,180			26,200
Total principal due for long-term debt		345,494			353,024
Current portion due within one year		(28,605	)		(28,365	)
Unamortized debt discount		(30,959	)		(32,885	)
Deferred financing costs		(3,941	)		(4,230	)
Long-term debt, less current portion	$	281,989		$	287,544

As of March 31, 2024, the Company was in compliance with all debt covenants and lender requirements.

Letters of Credit. As of March 31, 2024, the Company had outstanding letters of credit of $0.4 million securing lease obligations, labor and performance guaranties.

LEASES

As of March 31, 2024, the Company leased-in one AHTS and certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. As of March 31, 2024, the remaining lease term of the vessel had a duration of six months. The lease terms of certain facilities and other equipment had a duration ranging from 11 to 273 months.

As of March 31, 2024, future minimum payments for leases for the remainder of 2024 and the years ended December 31, noted below, were as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2024	$	1,332		$	27
2025		746			6
2026		459			—
2027		400			—
2028		341			—
Years subsequent to 2028		2,872			—
		6,150			33
Interest component		(1,475	)		—
		4,675			33
Current portion of long-term lease liabilities		1,285			33
Long-term lease liabilities	$	3,390		$	—

For the three months ended March 31, 2024 and 2023 the components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease costs	$	394	$	546
Finance lease costs:
Amortization of finance lease assets (1)		10		160
Interest on finance lease liabilities (2)		—		72
Short-term lease costs		87		174
	$	491	$	952

(1)

Included in amortization costs in the consolidated statements of income (loss).

(2)

Included in interest expense in the consolidated statements of income (loss).

For the three months ended March 31, 2024 supplemental cash flow information related to leases was as follows (in thousands):


	2024
Operating cash outflows from operating leases	$	519
Financing cash outflows from finance leases		9
Right-of-use assets obtained for operating lease liabilities		—
Right-of-use assets obtained for finance lease liabilities		—

For the three months ended March 31, 2024 other information related to leases was as follows:


	2024
Weighted average remaining lease term, in years - operating leases		10.6
Weighted average remaining lease term, in years - finance leases		0.9
Weighted average discount rate - operating leases		6.5	%
Weighted average discount rate - finance leases		4.0	%

INCOME TAXES

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the three months ended March 31, 2024:


Statutory rate	(21.0	)%
Income (loss) of foreign subsidiaries not includable in U.S. return and foreign withholding tax	19.9	%
162(m) - Executive compensation	5.9	%
Other	(0.4	)%
Effective income tax rate	4.4	%

DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES

Derivative instruments are classified as either assets, which are included in other receivables in the accompanying consolidated balance sheets, or liabilities based on their individual fair values. The fair values of the Company’s derivative instruments were as follows (in thousands):


	March 31, 2024				December 31, 2023
	Derivative Asset		Derivative Liability		Derivative Asset		Derivative Liability
Derivatives not designated as hedging instruments:
Forward Exchange Contract	$	—	$	99	$	608	$	—

Economic Hedges. The Company may enter and settle forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond 12 to 18 months. During the fourth quarter of 2023, the Company entered into a forward exchange contract related to the purchase of hybrid battery power systems, the purchase price for which is denominated in Norwegian Kroner. During the three months ended March 31, 2024, the Company recognized losses of $0.5 million on this contract which were recognized in earnings.

Cash Flow Hedges. The Company may from time to time enter into interest rate swap agreements designated as cash flow hedges. By entering into interest rate swap agreements, the Company can convert the variable interest component of certain of their outstanding borrowings to a fixed interest rate. The Company recognized losses on derivative instruments designated as cash flow hedges of $0.2 million for the three months ended March 31, 2023 as a component of other comprehensive income (loss). As of March 31, 2024, there were no interest rate swaps held by the Company.

Other Derivative Instruments. The Company had no derivative instruments not designated as hedging instruments for the three months ended March 31, 2023 and recognized gains on derivative instruments not designated as hedging instruments for the three months ended March 31, 2024 as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Forward currency exchange, option, and future contracts	$	543	$	—

The forward currency exchange contract relates to the purchase of hybrid battery power systems discussed in economic hedges above.

FAIR VALUE MEASUREMENTS

The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.

The Company’s financial assets and liabilities as of March 31, 2024 and December 31, 2023 that are measured at fair value on a recurring basis were as follows (in thousands):


March 31, 2024	Level 1		Level 2		Level 3
LIABILITIES
Derivative instruments	$	—	$	99	$	—
December 31, 2023
ASSETS
Derivative instruments	$	—	$	608	$	—

The fair value of the Company’s derivative instruments was estimated by utilizing a spot rate as of the measurement date provided by an independent third party.

The estimated fair values of the Company’s other financial assets and liabilities as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


			Estimated Fair Value
March 31, 2024	Carrying Amount		Level 1		Level 2		Level 3
ASSETS
Cash, cash equivalents and restricted cash	$	62,159	$	62,159	$	—	$	—
LIABILITIES
Long-term debt, including current portion		310,594		—		305,027		—
December 31, 2023
ASSETS
Cash, cash equivalents and restricted cash	$	84,131	$	84,131	$	—	$	—
LIABILITIES
Long-term debt, including current portion		315,909		—		307,653		—

The carrying value of cash, cash equivalents, restricted cash and trade receivables approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Property and equipment. During the three months ended March 31, 2024, the Company recognized no impairment charges. During the year ended December 31, 2023, the Company recognized impairment charges totaling $0.7 million for one leased-in AHTS to adjust for indicative cash flows and the cost to return the vessel to its owner.

COMMITMENTS AND CONTINGENCIES

As of March 31, 2024, the Company had unfunded capital commitments of $12.5 million for miscellaneous vessel equipment, including $10.5 million in respect of hybrid battery power systems. Of the unfunded capital commitments, $7.3 million is payable during 2024 and $5.2 million is payable during 2025. The Company has indefinitely deferred an additional $9.2 million of orders with respect to one fast support vessel.

In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda, an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a 70%/30% cost allocation structure, and (ii) the tax inspector had incorrectly determined that values received from outside of Brazil could not be classified as expense

refunds. The initial appeal was dismissed by the Brazilian Federal Revenue Office and the Company appealed such dismissal and is currently awaiting an administrative trial. A local Brazilian law has been enacted that supports the Company’s position that such contribution requirements are not applicable, but it is uncertain whether such law will be taken into consideration with respect to administrative proceedings commenced prior to the enactment of the law. Accordingly, the success of Seabulk Offshore do Brasil in the administrative proceedings cannot be assured and the matter may need to be addressed through judicial court proceedings. The potential levy arising from the Deficiency Notice is R$23.9 million based on a historical potential levy of R$12.87 million (USD $4.8 million and USD $2.6 million, respectively, based on the exchange rate as of March 31, 2024).

In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect that such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.

Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of March 31, 2024, all invoices related to MNOPF and MNRPF have been settled in full.

On October 19, 2021, the Company was informed by the MNRPF that two issues had been identified during a review of the MNRPF by the applicable trustee that would potentially give rise to material additional liabilities for the MNRPF. On November 23, 2023, the trustee advised that following the tri-annual valuation, $1.5 million (£1.2 million) of the potential cumulative funding deficit of the MNRPF was allocated to the Company as a participating employer, including the additional liabilities mentioned above. During 2023, the Company recognized payroll related operating expenses of $1.5 million (£1.2 million) for its allocated share of the potential cumulative funding deficit, which the Company will be invoiced for during 2024 and 2025. On April 30, 2024, the Company was informed by the MNRPF that the Company’s allocated share of the potential cumulative funding deficit may be reduced due to changes in valuation assumptions. The MNRPF further advised that the final results of the valuation must be determined by the trustee by June 30, 2024, after which the Company and the other participating employers would be notified of their respective final allocation of such funding deficit.

10.

STOCK BASED COMPENSATION

Transactions in connection with the Company’s Equity Incentive Plans during the three months ended March 31, 2024 were as follows:


Restricted Stock Activity:
Outstanding as of December 31, 2023	1,642,084
Granted	563,271
Vested (1)	(826,618	)
Forfeited	—
Outstanding as of March 31, 2024 (2)	1,378,737

Stock Option Activity:
Outstanding as of December 31, 2023	1,026,031
Granted	—
Exercised	(9,166	)
Forfeited	—
Outstanding as of March 31, 2024	1,016,865

(1)

Includes 157,455 vested grants of performance-based stock.

(2)

Includes 184,930 grants of performance-based stock that satisfied the performance obligation and are therefore likely to vest and excludes 357,520 grants of performance-based stock units that are not considered outstanding until such time that they become probable to vest.

For the three months ended March 31, 2024, the Company acquired for treasury (i) 251,333 shares of Common Stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on share awards for an aggregate purchase price of $3.1 million, and (ii) 61,305 shares of Common Stock from its employees to cover their tax withholding obligations upon the lapsing of restrictions on performance-based share awards for an aggregate purchase price of $0.8 million. These shares were purchased in accordance with the terms of the Company’s 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.

11.

SEGMENT INFORMATION

The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2023 Annual Report. The following tables summarize the operating results, capital expenditures and assets of the Company’s reportable segments for the periods indicated (in thousands):


	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2024
Operating Revenues:
Time charter	$	6,957		$	20,555		$	16,477		$	15,274		$	59,263
Bareboat charter		—			—			—			364			364
Other marine services		1,026			169			350			1,598			3,143
		7,983			20,724			16,827			17,236			62,770
Direct Costs and Expenses:
Operating:
Personnel		5,781			5,181			5,963			4,745			21,670
Repairs and maintenance		1,404			3,209			2,712			2,438			9,763
Drydocking		1,968			2,032			1,483			1,223			6,706
Insurance and loss reserves		396			334			618			390			1,738
Fuel, lubes and supplies		667			1,287			1,198			1,371			4,523
Other		(171	)		2,199			1,000			671			3,699
		10,045			14,242			12,974			10,838			48,099
Direct Vessel (Loss) Profit	$	(2,062	)	$	6,482		$	3,853		$	6,398			14,671
Other Costs and Expenses:
Lease expense	$	138		$	178		$	85		$	80			481
Administrative and general														11,917
Depreciation and amortization		2,750			3,915			3,496			2,721			12,882
														25,280
Losses on asset dispositions and impairments, net														(1	)
Operating loss													$	(10,610	)
As of March 31, 2024
Property and Equipment:
Historical Cost	$	163,373		$	292,292		$	267,401		$	196,073		$	919,139
Accumulated Depreciation		(85,334	)		(100,578	)		(98,203	)		(52,886	)		(337,001	)
	$	78,039		$	191,714		$	169,198		$	143,187		$	582,138
Total Assets (1)	$	107,976		$	223,985		$	193,756		$	161,590		$	687,307

(1)

Total Assets by region does not include corporate assets of $57.5 million as of March 31, 2024.


	United States (primarily Gulf of Mexico)			Africa and Europe			Middle East and Asia			Latin America			Total
For the Three Months Ended March 31, 2023
Operating Revenues:
Time charter	$	6,564		$	18,996		$	16,028		$	13,827		$	55,415
Bareboat charter		—			—			—			360			360
Other		3,850			225			27			1,332			5,434
		10,414			19,221			16,055			15,519			61,209
Direct Costs and Expenses:
Operating:
Personnel		6,535			4,505			4,841			3,922			19,803
Repairs and maintenance		1,194			2,553			677			1,587			6,011
Drydocking		43			1,184			(1,095	)		(119	)		13
Insurance and loss reserves		1,041			318			1,185			245			2,789
Fuel, lubes and supplies		783			2,215			1,142			679			4,819
Other		231			2,749			1,496			598			5,074
		9,827			13,524			8,246			6,912			38,509
Direct Vessel Profit	$	587		$	5,697		$	7,809		$	8,607			22,700
Other Costs and Expenses:
Lease expense	$	136		$	429		$	76		$	79			720
Administrative and general														11,632
Depreciation and amortization		3,535			3,925			3,688			2,614			13,762
														26,114
Gains on asset dispositions and impairments, net														3,599
Operating income													$	185
As of March 31, 2023
Property and Equipment:
Historical Cost	$	208,241		$	287,168		$	286,795		$	187,124		$	969,328
Accumulated Depreciation		(99,165	)		(96,086	)		(93,132	)		(35,814	)		(324,197	)
	$	109,076		$	191,082		$	193,663		$	151,310		$	645,131
Total Assets (1)	$	146,209		$	216,899		$	213,461		$	172,575		$	749,144

(1)

Total Assets by region does not include corporate assets of $54.4 million as of March 31, 2023.

The Company’s investments in 50% or less owned companies, which are accounted for under the equity method, also contribute to its consolidated results of operations. As of March 31, 2024, and 2023, the Company’s investments, at equity and advances to 50% or less owned companies in its other 50% or less owned companies were $3.1 million and $3.6 million, respectively. Equity in (losses) earnings of 50% or less owned companies for the three months ended March 31, 2024 and 2023 were ($1.1) million and $0.5 million, respectively.

12.

SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements.

(1)

Total Assets by region does not include corporate assets of $57.5 million as of March 31, 2024.

(1)

Total Assets by region does not include corporate assets of $54.4 million as of March 31, 2023.

(1)

Anchor handling towing supply vessel (“AHTS”).

(2)

Fast support vessel (“FSV”).

(3)

Platform support vessel (“PSV”).

(1)

During the Current Year Quarter and the Prior Year Quarter, the Company paid no capitalized interest.

•

capital expenditures were $3.4 million;

•

capital expenditures were $0.5 million;

•

the Company sold other equipment for net cash proceeds of $7.6 million, after transaction costs, and a gain of $2.6 million; and

•

the Company received $5.0 million of principal payments under the MexMar Third A&R Facility Agreement.

•

the Company made scheduled payments on long-term debt and other obligations of $7.5 million;

•

the Company made payments on tax withholdings for restricted stock vesting of $3.9 million;

•

the Company made scheduled payments on long-term debt and other obligations of $8.6 million;

•

the Company made payments on finance leases of $0.1 million; and

•

the Company made payments on tax withholdings for restricted stock vesting of $2.3 million.

Document and Entity Information - shares

Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands

Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($)
$ in Thousands

Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands

Unaudited Condensed Consolidated Statements of Changes In Equity - USD ($)
$ in Thousands

Performance Stock [Member]

Common Stock [Member]

Performance Stock [Member]

Additional Paid-In Capital [Member]

Treasury Stock [Member]

Performance Stock [Member]

Accumulated Deficit [Member]

Accumulated Other Comprehensive Income [Member]

Non-Controlling Interests In Subsidiaries [Member]

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

Insider Trading Arrangements - Directors or Section 16 Officers

Basis of Presentation and Accounting Policies

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

Recently Issued Accounting Standards.

Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.


	2024			2023
Balance at beginning of period	$	687		$	2,333
Unearned revenues during the period		2,785			6,501
Revenues recognized during the period		(1,415	)		(8,147	)
Balance at end of period	$	2,057		$	687

As of March 31, 2024 and December 31, 2023, the Company had unearned revenue of $2.1 million and $0.7 million, respectively, primarily related to mobilization of vessels.

Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.

Restricted Cash. Restricted cash primarily relates to banking facility requirements.

After collection efforts have been exhausted, trade receivables that are deemed uncollectible are removed from both accounts receivable and the allowance for credit losses.

the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.

Accumulated Other Comprehensive Income (Loss). The components of accumulated other comprehensive income were as follows (in thousands):


	SEACOR Marine Holdings Inc. Stockholders’ Equity
	Foreign Currency Translation Adjustments			Derivative Gains (Losses) on Cash Flow Hedges, net		Total Other Comprehensive Income
December 31, 2023	$	7,577		$	—	$	7,577
Other comprehensive loss		(71	)		—		(71	)
Balance as of March 31, 2024	$	7,506		$	—	$	7,506

Equipment Acquisitions and Dispositions

EQUIPMENT ACQUISITIONS AND DISPOSITIONS

Investments, at Equity, and Advances to 50% or Less Owned Companies

INVESTMENTS, AT EQUITY AND ADVANCES TO 50% OR LESS OWNED COMPANIES

Investments, at equity, and advances to 50% or less owned companies as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	Ownership			2024		2023
Seabulk Angola		49.0	%	$	974	$	1,668
SEACOR Marine Arabia		45.0	%		2,078		2,385
Other	20.0% - 50.0%				70		72
				$	3,122	$	4,125

The Company’s long-term debt obligations as of March 31, 2024 and December 31, 2023 were as follows (in thousands):


	March 31, 2024			December 31, 2023
Guaranteed Notes	$	90,000		$	90,000
New Convertible Notes		35,000			35,000
2023 SMFH Credit Facility		115,900			118,950
Sea-Cat Crewzer III Term Loan Facility		12,990			14,227
SEACOR Delta Shipyard Financing		66,424			68,647
SEACOR Alpine Credit Facility		25,180			26,200
Total principal due for long-term debt		345,494			353,024
Current portion due within one year		(28,605	)		(28,365	)
Unamortized debt discount		(30,959	)		(32,885	)
Deferred financing costs		(3,941	)		(4,230	)
Long-term debt, less current portion	$	281,989		$	287,544

As of March 31, 2024, future minimum payments for leases for the remainder of 2024 and the years ended December 31, noted below, were as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2024	$	1,332		$	27
2025		746			6
2026		459			—
2027		400			—
2028		341			—
Years subsequent to 2028		2,872			—
		6,150			33
Interest component		(1,475	)		—
		4,675			33
Current portion of long-term lease liabilities		1,285			33
Long-term lease liabilities	$	3,390		$	—

For the three months ended March 31, 2024 and 2023 the components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Operating lease costs	$	394	$	546
Finance lease costs:
Amortization of finance lease assets (1)		10		160
Interest on finance lease liabilities (2)		—		72
Short-term lease costs		87		174
	$	491	$	952

(1)

Included in amortization costs in the consolidated statements of income (loss).

(2)

Included in interest expense in the consolidated statements of income (loss).

For the three months ended March 31, 2024 supplemental cash flow information related to leases was as follows (in thousands):


	2024
Operating cash outflows from operating leases	$	519
Financing cash outflows from finance leases		9
Right-of-use assets obtained for operating lease liabilities		—
Right-of-use assets obtained for finance lease liabilities		—

For the three months ended March 31, 2024 other information related to leases was as follows:


	2024
Weighted average remaining lease term, in years - operating leases		10.6
Weighted average remaining lease term, in years - finance leases		0.9
Weighted average discount rate - operating leases		6.5	%
Weighted average discount rate - finance leases		4.0	%

The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the three months ended March 31, 2024:


Statutory rate	(21.0	)%
Income (loss) of foreign subsidiaries not includable in U.S. return and foreign withholding tax	19.9	%
162(m) - Executive compensation	5.9	%
Other	(0.4	)%
Effective income tax rate	4.4	%


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


Delaware		47-2564547
(State or Other Jurisdiction of Incorporation or Organization)		(IRS Employer Identification No.)

12121 Wickchester Lane, Suite 500, Houston, TX		77079
(Address of Principal Executive Offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	SMHI	New York Stock Exchange


Large accelerated filer	☐	Accelerated filer	☒	Non-accelerated filer	☐	Smaller reporting company	☐	Emerging growth company	☐


Part I.	Financial Information		1

	Item 1.	Financial Statements (Unaudited)	1

		Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023	1

		Condensed Consolidated Statements of Income (Loss) for the Three Months Ended March 31, 2024 and 2023	2

		Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023	3

		Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023	4

		Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023	5

		Notes to Condensed Consolidated Financial Statements	6

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35

	Item 4.	Controls and Procedures	35

Part II.	Other Information		36

	Item 1.	Legal Proceedings	36

	Item 1A.	Risk Factors	36

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36

	Item 3.	Default Upon Senior Securities	36

	Item 4.	Mine Safety Disclosures	36

	Item 5.	Other Information	36

	Item 6.	Exhibits	37


	Three Months Ended
	March 31,
	2024			2023
Net Loss	$	(23,069	)	$	(9,589	)
Other Comprehensive (Loss) Income:
Foreign currency translation (losses) gains		(71	)		668
Derivative gains on cash flow hedges		—			14
Reclassification of derivative gains on cash flow hedges to interest expense		—			(166	)
		(71	)		516
Income Tax Expense		—			—
		(71	)		516
Comprehensive Loss	$	(23,140	)	$	(9,073	)


	Shares of Common Stock Outstanding			Common Stock		Additional Paid-In Capital		Shares Held in Treasury		Treasury Stock			Accumulated Deficit			Accumulated Other Comprehensive Income			Non- Controlling Interests In Subsidiaries		Total Equity
For the Three Months Ended March 31, 2024
December 31, 2023		27,184,778		$	280	$	472,692		481,014	$	(4,221	)	$	(102,425	)	$	7,577		$	321	$	374,224
Restricted stock grants		563,271			6		—		—		—			—			—			—		6
Amortization of share awards		—			—		1,639		—		—			—			—			—		1,639
Exercise of options		9,166			—		102		—		—			—			—			—		102
Restricted stock vesting		(251,333	)		—		—		251,333		(3,081	)		—			—			—		(3,081	)
Performance restricted stock vesting		96,150			—		—		61,305		(769	)		—			—			—		(769	)
Net loss		—			—		—		—		—			(23,069	)		—			—		(23,069	)
Other comprehensive loss		—			—		—		—		—			(115	)		(71	)		—		(186	)
March 31, 2024		27,602,032		$	286	$	474,433		793,652	$	(8,071	)	$	(125,609	)	$	7,506		$	321	$	348,866


	AHTS (1)			FSV (2)			PSV (3)			Liftboats			Other activity			Total
For the Three Months Ended March 31, 2024
Time Charter Statistics:
Average Rates Per Day	$	8,538		$	11,834		$	19,133		$	53,506		$	—		$	19,042
Fleet Utilization		75	%		72	%		53	%		53	%		—	%		62	%
Fleet Available Days		364			2,002			1,911			728			—			5,005
Operating Revenues:
Time charter	$	2,331		$	17,081		$	19,390		$	20,461		$	—		$	59,263
Bareboat charter		—			—			364			—			—			364
Other marine services		—			126			416			1,772			829			3,143
		2,331			17,207			20,170			22,233			829			62,770
Direct Costs and Expenses:
Operating:
Personnel		1,064			5,649			8,850			6,140			(33	)		21,670
Repairs and maintenance		220			3,093			4,393			2,035			22			9,763
Drydocking		68			1,869			3,386			1,383			—			6,706
Insurance and loss reserves		43			277			395			1,282			(259	)		1,738
Fuel, lubes and supplies		616			1,051			1,889			967			—			4,523
Other		287			1,649			1,395			343			25			3,699
		2,298			13,588			20,308			12,150			(245	)		48,099
Other Costs and Expenses:
Lease expense	$	171		$	—		$	—		$	—		$	310			481
Administrative and general																	11,917
Depreciation and amortization		175			4,744			4,073			3,866			24			12,882
																	25,280
Losses on asset dispositions and impairments, net																	(1	)
Operating loss																$	(10,610	)
As of March 31, 2024
Property and Equipment:
Historical cost	$	12,669		$	341,377		$	301,528		$	244,462		$	19,103		$	919,139
Accumulated depreciation		(5,310	)		(147,172	)		(57,235	)		(108,492	)		(18,792	)		(337,001	)
	$	7,359		$	194,205		$	244,293		$	135,970		$	311		$	582,138


	AHTS			FSV			PSV			Liftboats			Other activity			Total
For the Three Months Ended March 31, 2023
Time Charter Statistics:
Average Rates Per Day	$	9,244		$	10,609		$	14,827		$	33,936		$	—		$	14,314
Fleet Utilization		81	%		91	%		70	%		50	%		—	%		76	%
Fleet Available Days		391			2,070			1,800			810			—			5,071
Operating Revenues:
Time charter	$	2,915		$	19,988		$	18,800		$	13,712		$	—		$	55,415
Bareboat charter		—			—			360			—			—			360
Other marine services		—			190			1,203			2,930			1,111			5,434
		2,915			20,178			20,363			16,642			1,111			61,209
Direct Costs and Expenses:
Operating:
Personnel		995			4,861			8,849			5,068			30			19,803
Repairs and maintenance		216			1,867			3,475			499			(46	)		6,011
Drydocking		420			128			609			(1,141	)		(3	)		13
Insurance and loss reserves		68			334			419			1,907			61			2,789
Fuel, lubes and supplies		476			1,382			2,331			619			11			4,819
Other		448			1,803			2,677			125			21			5,074
		2,623			10,375			18,360			7,077			74			38,509
Other Costs and Expenses:
Lease expense	$	331		$	—		$	—		$	—		$	389			720
Administrative and general																	11,632
Depreciation and amortization		298			4,946			4,262			4,214			42			13,762
																	26,114
Gains on asset dispositions and impairments, net																	3,599
Operating income																$	185
As of March 31, 2023
Property and Equipment:
Historical cost	$	27,646		$	352,889		$	301,423		$	265,309		$	22,061		$	969,328
Accumulated depreciation		(18,890	)		(135,192	)		(40,943	)		(107,537	)		(21,635	)		(324,197	)
	$	8,756		$	217,697		$	260,480		$	157,772		$	426		$	645,131


	Owned		Leased-in		Managed		Total
March 31, 2024
AHTS		3		1		—		4
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		1		56
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58


	For the Three Months Ended March 31,
	2024					2023
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$	—				$	—
FSV		9,452					9,539
PSV		13,832					15,100
Liftboats		43,962					27,065
Overall		28,156					18,359
Utilization:
AHTS				—	%			—	%
FSV				22	%			55	%
PSV				33	%			24	%
Liftboats				27	%			31	%
Overall				27	%			35	%
Available Days:
AHTS		—					31
FSV		273					270
PSV		182					171
Liftboats		472					543
Overall		927					1,015
Operating revenues:
Time charter	$	6,957		87	%	$	6,564	63	%
Other marine services		1,026		13	%		3,850	37	%
		7,983		100	%		10,414	100	%
Direct operating expenses:
Personnel		5,781		72	%		6,535	63	%
Repairs and maintenance		1,404		18	%		1,194	11	%
Drydocking		1,968		25	%		43	0	%
Insurance and loss reserves		396		5	%		1,041	10	%
Fuel, lubes and supplies		667		8	%		783	8	%
Other		(171	)	(2	)%		231	2	%
		10,045		126	%		9,827	94	%
Direct Vessel (Loss) Profit	$	(2,062	)	(26	)%	$	587	6	%


	Actual
Remainder 2024	$	20,835
2025		28,605
2026		152,405
2027		27,165
2028		110,257
Years subsequent to 2028		6,227
	$	345,494


	Total Number of Shares Purchased		Average Price per Share		Total Number of Shares Purchased as Part of a Publicly Announced Plan		Maximum Number of Shares that may be Purchased Under the Plan
January 1, 2024 to January 31, 2024		6,429	$	11.36		—		—
February 1, 2024 to February 29, 2024		—	$	—		—		—
March 1, 2024 to March 31, 2024		306,209	$	12.41		—		—



31.1		Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.

31.2		Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended.

32		Certification by the Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS**		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH**		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents.

104		The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, has been formatted in Inline XBRL.


			SEACOR Marine Holdings Inc.

Date:	May 1, 2024	By:	/s/ John Gellert
			John Gellert, President, Chief Executive Officer (Principal Executive Officer)

Date:	May 1, 2024	By:	/s/ Jesús Llorca
			Jesús Llorca, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
Date:	May 1, 2024	By:	/s/ Gregory S. Rossmiller
			Gregory S. Rossmiller, Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	SMHI
Entity Registrant Name	SEACOR Marine Holdings Inc.
Entity Central Index Key	0001690334
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		27,602,032
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-37966
Entity Tax Identification Number	47-2564547
Entity Address, Address Line One	12121 Wickchester Lane
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77079
City Area Code	346
Local Phone Number	980-1700
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common stock
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 59,593	$ 67,455
Restricted cash	2,566	16,676
Receivables:
Trade, net of allowance for credit loss of $4,546 and $4,543 as of March 31, 2024 and December 31, 2023, respectively	58,272	63,728
Other	12,210	11,049
Tax receivable	983	983
Inventories	2,516	1,609
Prepaid expenses and other	3,425	2,686
Assets held for sale	500	500
Total current assets	140,065	164,686
Property and Equipment:
Historical cost	919,139	918,823
Accumulated depreciation	(337,001)	(324,141)
Property and equipment	582,138	594,682
Construction in progress	13,410	10,362
Net property and equipment	595,548	605,044
Right-of-use asset - operating leases	3,988	4,291
Right-of-use asset - finance leases	29	37
Investments, at equity, and advances to 50% or less owned companies	3,122	4,125
Other assets	2,094	2,153
Total assets	744,846	780,336
Current Liabilities:
Current portion of operating lease liabilities	1,285	1,591
Current portion of finance lease liabilities	33	35
Current portion of long-term debt	28,605	28,365
Accounts payable	23,453	27,562
Accrued wages and benefits	3,133	5,083
Accrued interest	3,876	1,850
Unearned revenue	2,057	687
Accrued capital, repair, and maintenance expenditures	3,402	2,471
Accrued insurance deductibles and premiums	2,636	3,189
Derivatives	99	0
Other current liabilities	5,864	6,253
Total current liabilities	74,443	77,086
Long-term operating lease liabilities	3,390	3,529
Long-term finance lease liabilities	0	6
Long-term debt	281,989	287,544
Deferred income taxes	33,873	35,718
Deferred gains and other liabilities	2,285	2,229
Total liabilities	395,980	406,112
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock, $.01 par value, 60,000,000 shares authorized; 28,395,684 and 27,665,792 shares issued as of March 31, 2024 and December 31, 2023, respectively	286	280
Additional paid-in capital	474,433	472,692
Accumulated deficit	(125,609)	(102,425)
Shares held in treasury of 793,652 and 418,014 as of March 31, 2024 and December 31, 2023, respectively, at cost	(8,071)	(4,221)
Accumulated other comprehensive income, net of tax	7,506	7,577
Total stockholders equity	348,545	373,903
Noncontrolling interests in subsidiaries	321	321
Total equity	348,866	374,224
Total liabilities and equity	$ 744,846	$ 780,336

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Trade receivables, allowance for credit loss	$ 4,546	$ 4,543
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	60,000,000	60,000,000
Common stock, shares issued (in shares)	28,395,684	27,665,792
Shares held in treasury (in shares)	793,652	418,014

Unaudited Condensed Consolidated Statements of Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Operating Revenues	$ 62,770	$ 61,209
Costs and Expenses:
Operating	48,099	38,509
Administrative and general	11,917	11,632
Lease expense	481	720
Depreciation and amortization	12,882	13,762
Costs and expenses	73,379	64,623
(Losses) Gains on Asset Dispositions and Impairments, Net	(1)	3,599
Operating (Loss) Income	(10,610)	185
Other Income (Expense):
Interest income	593	460
Interest expense	(10,309)	(8,788)
Derivative losses, net	(543)	0
Foreign currency losses, net	(80)	(825)
Other, net	(95)	0
Nonoperating income expense	(10,434)	(9,153)
Loss Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies	(21,044)	(8,968)
Income Tax Expense	925	1,157
Loss Before Equity in (Losses) Earnings of 50% or Less Owned Companies	(21,969)	(10,125)
Equity in (Losses) Earnings of 50% or Less Owned Companies	(1,100)	536
Net Loss	$ (23,069)	$ (9,589)
Net Loss Per Share:
Basic	$ (0.84)	$ (0.36)
Diluted	$ (0.84)	$ (0.36)
Weighted Average Common Stock and Warrants Outstanding:
Basic	27,343,604	26,822,391
Diluted	27,343,604	26,822,391

Unaudited Condensed Consolidated Statements of Changes In Equity - USD ($) $ in Thousands	Total	Performance Stock [Member]	Common Stock [Member]	Common Stock [Member] Performance Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Treasury Stock [Member] Performance Stock [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Non-Controlling Interests In Subsidiaries [Member]
Balance at Dec. 31, 2022	$ 379,146		$ 272		$ 466,669	$ (1,852)		$ (93,111)	$ 6,847	$ 321
Balance (in shares) at Dec. 31, 2022			26,702,161			248,638
Restricted stock grants	6		$ 6
Restricted stock grants (in shares)			520,396
Amortization of share awards	1,221				1,221
Exercise of options	6				6
Exercise of options (in shares)			834
Exercise of warrants			$ 1			$ (1)
Exercise of warrants (in shares)			117,394			121
Restricted stock vesting	(2,266)					$ (2,266)
Restricted stock vesting (in shares)			(220,207)			220,207
Forfeiture of employee share awards (in shares)			(15,000)
Net Loss	(9,589)							(9,589)
Other comprehensive (loss) income	516								516
Balance at Mar. 31, 2023	369,040		$ 279		467,896	$ (4,119)		(102,700)	7,363	321
Balance (in shares) at Mar. 31, 2023			27,105,578			468,966
Balance at Dec. 31, 2023	$ 374,224		$ 280		472,692	$ (4,221)		(102,425)	7,577	321
Balance (in shares) at Dec. 31, 2023	27,665,792		27,184,778			481,014
Restricted stock grants	$ 6		$ 6
Restricted stock grants (in shares)			563,271
Amortization of share awards	1,639				1,639
Exercise of options	$ 102				102
Exercise of options (in shares)	9,166		9,166
Restricted stock vesting	$ (3,081)	$ (769)				$ (3,081)	$ (769)
Restricted stock vesting (in shares)			(251,333)	96,150		251,333	61,305
Net Loss	(23,069)							(23,069)
Other comprehensive (loss) income	(186)							(115)	(71)
Balance at Mar. 31, 2024	$ 348,866		$ 286		$ 474,433	$ (8,071)		$ (125,609)	$ 7,506	$ 321
Balance (in shares) at Mar. 31, 2024	28,395,684		27,602,032			793,652

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net Loss	$ (23,069)	$ (9,589)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	12,882	13,762
Deferred financing costs amortization	295	418
Stock-based compensation expense	1,645	1,227
Debt discount amortization	1,926	1,558
Allowance for credit losses	3	(104)
Loss (gain) from equipment sales, retirements or impairments	1	(3,599)
Derivative losses	543	0
Interest on finance leases	0	72
Settlement on derivative transactions, net	164	154
Currency losses	80	825
Deferred income taxes	(1,845)	(1,659)
Equity losses (earnings)	1,100	(536)
Changes in Operating Assets and Liabilities:
Accounts receivables	4,291	(9,857)
Other assets	(1,290)	45
Accounts payable and accrued liabilities	(3,895)	6,731
Net cash used in operating activities	(7,169)	(552)
Cash Flows from Investing Activities:
Purchases of property and equipment	(3,416)	(470)
Proceeds from disposition of property and equipment	0	7,611
Principal payments on notes due from others	0	5,000
Net cash (used in) provided by investing activities	(3,416)	12,141
Cash Flows from Financing Activities:
Payments on long-term debt	(7,530)	(8,608)
Payments on finance leases	(9)	(114)
Proceeds from exercise of stock options	0	6
Tax withholdings on restricted stock vesting and director share awards	(3,850)	(2,266)
Net cash used in financing activities	(11,389)	(10,982)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents	2	0
Net Change in Cash, Restricted Cash and Cash Equivalents	(21,972)	607
Cash, Restricted Cash and Cash Equivalents, Beginning of Period	84,131	43,045
Cash, Restricted Cash and Cash Equivalents, End of Period	62,159	43,652
Supplemental disclosures:
Cash paid for interest, excluding capitalized interest	6,062	5,955
Income taxes paid, net	0	446
Noncash Investing and Financing Activities:
Increase in capital expenditures in accounts payable and accrued liabilities	133	51
Recognition of a new right-of-use asset - operating leases	$ 0	$ 196

Insider Trading Arrangements - Directors or Section 16 Officers	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equipment Acquisitions and Dispositions	3 Months Ended
Equipment Acquisitions and Dispositions	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Equipment Acquisitions and Dispositions	2. EQUIPMENT ACQUISITIONS AND DISPOSITIONS During the three months ended March 31, 2024, capital expenditures were $3.4 million and there were no equipment deliveries and no vessel sales. During the three months ended March 31, 2023, the Company sold three liftboats and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for net cash proceeds of $7.6 million, after transaction costs, and a gain of $2.6 million.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	12. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements.

Basis of Presentation and Accounting Policies - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	$ 374,224	$ 379,146
Other comprehensive loss	(71)	516
Balance	348,866	369,040
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	7,577
Other comprehensive loss	(71)
Balance	7,506
Derivative Gains (Losses) on Cash Flow Hedges, net Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	0
Other comprehensive loss	0
Balance	0
AOCI Attributable to Parent
Accumulated Other Comprehensive Income Loss [Line Items]
Balance	7,577	6,847
Other comprehensive loss	(71)
Balance	$ 7,506	$ 7,363

Equipment Acquisitions and Dispositions - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) Vessel Equipment	Mar. 31, 2023 USD ($) Liftboat
Property Plant And Equipment [Line Items]
Number of equipment deliveries \| Equipment	0
Proceeds from disposition of property and equipment	$ 0	$ 7,611
Platform Supply Vessels
Property Plant And Equipment [Line Items]
Payments to acquire property, plant, and equipment, including fair value hedges	$ 3,400
Vessel
Property Plant And Equipment [Line Items]
Number of equipment sold \| Vessel	0
Liftboat
Property Plant And Equipment [Line Items]
Number of equipment sold, classified as held for sale \| Liftboat		3
Platform Supply Vessels And Fast Support Vessels
Property Plant And Equipment [Line Items]
Proceeds from disposition of property and equipment		$ 7,600
Gain (loss) on disposition of property, plant and equipment		$ 2,600

Investments, at Equity, and Advances to 50% or Less Owned Companies - Schedule of Equity Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Schedule Of Investments [Line Items]
Investments at equity	$ 3,122	$ 4,125	$ 3,600
Seabulk Angola
Schedule Of Investments [Line Items]
Ownership percentage	49.00%
Investments at equity	$ 974	1,668
SEACOR Marine Arabia
Schedule Of Investments [Line Items]
Ownership percentage	45.00%
Investments at equity	$ 2,078	2,385
Other Offshore Marine Services Joint Ventures
Schedule Of Investments [Line Items]
Investments at equity	$ 70	$ 72
Other Offshore Marine Services Joint Ventures \| Minimum
Schedule Of Investments [Line Items]
Ownership percentage	20.00%
Other Offshore Marine Services Joint Ventures \| Maximum
Schedule Of Investments [Line Items]
Ownership percentage	50.00%		50.00%

Long Term Debt - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 345,494	$ 353,024
Current portion due within one year	(28,605)	(28,365)
Unamortized debt discount	(30,959)	(32,885)
Deferred financing costs	(3,941)	(4,230)
Long-term debt, less current portion	281,989	287,544
Guaranteed Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	90,000	90,000
New Convertible Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	35,000	35,000
2023 SMFH Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	115,900	118,950
Sea-Cat Crewzer III Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	12,990	14,227
SEACOR Delta Shipyard Financing
Debt Instrument [Line Items]
Long-term Debt, Gross	66,424	68,647
SEACOR Alpine Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 25,180	$ 26,200

Long Term Debt - Additional Information (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 0.4