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SEACOR MARINE SEACOR Marine Announces Third Quarter 2021 Results HOUSTON , Nov. 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 third quarter ended September 30 , 2021 . SEACOR Marine's consolidated operating revenues from continuing operations for the third quarter of 2021 were $ 43.7 million , operating loss was $ 14.3 million , and direct vessel profit ( " DVP " ) ( 1 ) was $ 10.2 million . This compares to consolidated operating revenues from continuing operations of $ 36.2 million , operating loss of $ 13.2 million , and DVP of $ 11.5 million in the third quarter of 2020 . Notable third quarter items include : • The Company's laid - up fleet is down to 7 vessels compared to 20 in the third quarter of 2020 . • The Company repositioned 4 vessels between regions for new contracts , including the reactivation of 2 vessels . • Increased utilization levels and moderate rate improvements were offset by higher out - of - service time and delays caused by Hurricane Ida in the U.S. Gulf of Mexico , as well as the early termination of a contract for one of our liftboats in Europe . • The Company continues to monitor the impact of COVID - 19 on its global operations in general , including higher labor costs , crew shortages , and higher repair and maintenance expenses . • Positive contributions of $ 14.0 million from our 50 % or less owned companies , primarily due to cash distributions from the sale of the Company's Brazilian joint venture , UP Offshore , in the second quarter of 2021 . For the third quarter of 2021 , net loss attributable to SEACOR Marine was $ 5.8 million ( $ 0.23 loss per basic share and $ 0.23 loss per diluted share ) . This compares to a net loss from continuing operations for the third quarter of 2020 of $ 18.1 million ( $ 0.72 loss per basic and diluted share ) . Sequentially , the third quarter of 2021 results compare to consolidated operating revenues from continuing operations of $ 42.8 millio operating income of $ 8.4 million , and DVP of $ 10.2 million in the second quarter of 2021. For the second quarter of 2021 the net income attributable to SEACOR Marine's continuing operations was $ 48.8 million ( $ 1.92 earnings per basic share and $ 1.79 earnings per diluted share ) , primarily due to gains on asset dispositions and the extinguishment of debt . Chief Executive Officer John Gellert commented : " The Company's business saw a noticeable improvement in activity during the third quarter , which translated into additional expenses as we prepared for new contracts . I am encouraged by the levels of tender activity as we plan our business for the rest of the year and 2022. Previously deferred activity from our customers due to COVID and improved commodity prices are providing a strong tailwind as we enter a change in the offshore cycle . We see substantial opportunity to participate in the market up - cycle given the limited supply of readily available tonnage and less than half of our fleet committed long - term . " ( 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 . 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 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