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SEACOR MARINE SEACOR Marine Announces First Quarter 2021 Results 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 Marine's 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 Marine's 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 , the first 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 Marine's 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 ) . ( 1 ) Direct vessel profit ( defined as operating revenues less operating costs and expenses , " DVP " ) is the Company's measure of segment profitability when applied to reportable segments and a non - GAAP measure when applied to individual vessels , fleet categories or the combined fleet . DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its individual vessels , fleet categories , regions and combined fleet , without regard to financing decisions ( depreciation and interest expense for owned vessels vs. leased - in expense for leased - in vessels ) . DVP is also useful when comparing the Company's fleet performance against those of our competitors who may have differing fleet financing structures . DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet , and it should not be considered in isolation or used as a substitute for our results as reported under GAAP . See page 4 for reconciliation of DVP to GAAP Operating Income ( Loss ) , its most comparable GAAP measure . SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide . SEACOR Marine and its joint ventures operate a diverse fleet of offshore support and specialty vessels that deliver cargo and personnel to offshore installations ; handle anchors and mooring equipment required to tether rigs to the seabed ; tow rigs and assist in placing them on location and moving them between regions ; provide construction , well workover and decommissioning support ; and carry and launch equipment used underwater in drilling and well installation , maintenance and repair . Additionally , SEACOR Marine's vessels provide accommodations for technicians and specialists , safety support and emergency response services . expectations , strategic 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 manag ectives , business prospects , anticipated economic performance and financial condition and other similar matters . Forward - looking statements are inherently uncertain and subject to a variety of assumptions , risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company . These statements are not guarantees of future performance and actual events or results may differ significantly from these statements . Actual events or results are subject to significant known and unknown risks , uncertainties and other important factors , many of which are beyond the Company's control and are described the Company's filings with the SEC . It should be understood that it is not possible to predict or identify all such factors . Given these risk factors , investors and analysts should not place undue reliance on forward - looking statements . Forward - looking statements speak only as of the date of the document in which they are made . The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward - looking statement to reflect any change in the Company's expectations or any change in events , conditions or circumstances on which the forward - looking statement is based , except as required by law . It is advisable , however , to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission , including Annual Reports on Form 10 - K , Quarterly Reports on