Page 1

SEACOR MARINE SEACOR Marine Announces Second Quarter 2021 Results HOUSTON , Aug. 04 , 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 second quarter ended June 30 , 2021 . SEACOR Marine's consolidated operating revenues from continuing operations for the second quarter of 2021 were $ 42.8 million , operating income was $ 8.4 million , and direct vessel profit ( " DVP " ) ( 1 ) was $ 10.2 million . This compares to consolidated operating revenues from continuing operations of $ 33.9 million , operating loss of $ 17.8 million , and DVP of $ 13.8 million in the second quarter of 2020 . Notable second quarter items include : • Operating results in the second quarter reflect increased levels of activity across all regions , especially in international markets . Increased utilization levels and moderate rate improvements were offset by higher expenses associated with reactivation and repositioning of 10 vessels in our fleet , COVID - 19 related expenses including repairs and maintenance previously deferred due to COVID - 19 and higher labor and rotation costs . The Company continues to monitor the impact of COVID - 19 on its global operations , including the most recent Delta variant . • Entered into an agreement with Chase to extinguish $ 117.3 million of debt for a cash payment of $ 50.0 million , consisting of $ 25.0 million of cash on hand and $ 25.0 million of insurance proceeds from the SEACOR Power , resulting in a 25 % decrease in Company's long - term debt . • Gains on asset dispositions of $ 22.7 million , primarily due to the recovery of insurance proceeds relating to the SEACOR POWER incident . For the second quarter of 2021 , net income attributable to SEACOR Marine was $ 48.8 million ( $ 1.92 earnings per basic share and $ 1.79 earnings per diluted share ) , primarily due to a $ 22.7 million gain on asset dispositions and a $ 62.0 million gain on debt extinguishment described above . This compares to a net loss from continuing operations for the second quarter of 2020 of $ 6.7 million ( $ 0.27 loss per basic and diluted share ) . Sequentially , the second quarter of 2021 results compare to consolidated operating revenues from continuing operations of $ 36.5 million , operating loss of $ 16.6 million , and DVP of $ 10.2 million in the first quarter of 2021. 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 ) . Chief Executive Officer John Gellert provided the following statement : " The second quarter of 2021 will be forever marked by the tragic loss of the SEACOR POWER . We continue to support our team members and their families , and cooperate with the NTSB and the U.S. Coast Guard throughout their ongoing investigations . " ( 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 anci decisions ation 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 . 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 management's 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 Company's control and are described in 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