EX-99.1 2 smhi-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

SEACOR MARINE HOLDINGS INC.

UNAUDITED PRO FORMA FINANCIAL INFORMATION

 

 

Introduction

On September 29, 2025, SEACOR Marine Holdings Inc. (the “Company”), through two wholly-owned subsidiaries, Falcon Global Jill LLC and Falcon Global Robert LLC, respectively, completed the previously announced sale (the “Liftboat Sales”) of the U.S. flag liftboat L/B Jill and the U.S. flag liftboat L/B Robert. Aggregate gross proceeds from the Liftboat Sales were $76.0 million. This disposition is considered a significant disposition for purposes of Item 2.01 of Form 8-K. In addition, concurrently with the closing of the Liftboat Sales, the Company sold to the same counterparty certain uninstalled vessel equipment for an aggregate purchase price of approximately $1.0 million (the “Equipment Sale” and, together with the Liftboat Sales, the “Transaction”).

Pro Forma Financial Information

The following unaudited pro forma financial statements are derived from the Company’s historical financial statements. The pro forma adjustments give effect to the Transaction as described in the notes to the unaudited pro forma financial statements. The unaudited pro forma balance sheet as of June 30, 2025, gives effect to the Transaction as if it had occurred on June 30, 2025. The unaudited pro forma statements of income (loss) for the six months ended June 30, 2025 and for the fiscal year ended December 31, 2024 give effect to the Transaction as if it had occurred on January 1, 2024.

The unaudited pro forma financial information is subject to the assumptions and adjustments described in the accompanying notes. The assumptions and adjustments are based on information presently available. Actual adjustments may differ materially from the information presented. The unaudited pro forma financial information and accompanying notes should be read in connection with the historical financial statements of the Company included in its Annual Report on Form 10-K for the year ended December 31, 2024, and its Quarterly Report on Form 10-Q for the period ended June 30, 2025.

The unaudited pro forma financial information presented is for informational purposes only. It is not intended to represent or be indicative of the consolidated results of operations or financial condition that would have occurred had the Transaction been completed as of the dates presented, nor is it intended to purport to project future results of operations or financial condition.

 

SEACOR MARINE HOLDINGS INC.

PRO FORMA CONSOLIDATED BALANCE SHEET

June 30, 2025

(in thousands, unaudited)

 

 

 

 

Historical

 

 

Transaction Accounting Adjustments

 

 

Notes

 

Pro Forma

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

$

51,555

 

 

$

76,995

 

 

(a)

 

$

128,550

 

Trade and other receivables, net of allowance for credit loss of $4,125 in 2025

 

 

73,726

 

 

 

—

 

 

 

 

 

73,726

 

Other current assets

 

 

7,762

 

 

 

—

 

 

 

 

 

7,762

 

Total current assets

 

 

133,043

 

 

 

76,995

 

 

 

 

 

210,038

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

 

887,408

 

 

 

(88,098

)

 

(b)

 

 

799,310

 

Accumulated depreciation

 

 

(377,265

)

 

 

43,852

 

 

(b)

 

 

(333,413

)

 

 

510,143

 

 

 

(44,246

)

 

 

 

 

465,897

 

Construction in progress

 

 

31,772

 

 

 

(1,426

)

 

(b)

 

 

30,346

 

Net property and equipment

 

 

541,915

 

 

 

(45,672

)

 

 

 

 

496,243

 

Other assets

 

 

5,072

 

 

 

—

 

 

 

 

 

5,072

 

Total assets

 

$

680,030

 

 

$

31,323

 

 

 

 

$

711,353

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

 

30,000

 

 

 

—

 

 

 

 

 

30,000

 

Other current liabilities

 

 

51,473

 

 

 

860

 

 

(b)

 

 

52,333

 

Total current liabilities

 

 

81,473

 

 

 

860

 

 

 

 

 

82,333

 

Long-term debt

 

 

310,980

 

 

 

—

 

 

 

 

 

310,980

 

Deferred income taxes

 

 

18,330

 

 

 

6,397

 

 

(c)

 

 

24,727

 

Deferred gains and other liabilities

 

 

1,451

 

 

 

—

 

 

 

 

 

1,451

 

Total liabilities

 

 

412,234

 

 

 

7,257

 

 

 

 

 

419,491

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 60,000,000 shares authorized; 28,066,298
   and 28,466,326 shares issued in 2025 and 2024, respectively

 

 

281

 

 

 

—

 

 

 

 

 

281

 

Additional paid-in capital

 

 

468,669

 

 

 

—

 

 

 

 

 

468,669

 

Accumulated deficit

 

 

(202,816

)

 

 

24,066

 

 

(d)

 

 

(178,750

)

Shares held in treasury of 1,090,039 and 796,965 in 2025 and 2024, respectively, at cost

 

 

(9,639

)

 

 

—

 

 

 

 

 

(9,639

)

Accumulated other comprehensive income, net of tax

 

 

10,980

 

 

 

—

 

 

 

 

 

10,980

 

 

 

267,475

 

 

 

24,066

 

 

 

 

 

291,541

 

Noncontrolling interests in subsidiaries

 

 

321

 

 

 

—

 

 

 

 

 

321

 

Total equity

 

 

267,796

 

 

 

24,066

 

 

 

 

 

291,862

 

Total liabilities and equity

 

$

680,030

 

 

$

31,323

 

 

 

 

$

711,353

 

 

The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.

 

SEACOR MARINE HOLDINGS INC.

PRO FORMA CONSOLIDATED STATEMENT OF INCOME (LOSS)

June 30, 2025

(in thousands, except share data, unaudited)

 

 

 

 

Historical

 

 

Transaction Accounting Adjustments

 

 

Notes

 

Pro Forma

 

Operating Revenues

 

$

116,309

 

 

$

(12,964

)

 

(e)

 

$

103,345

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

91,421

 

 

 

(9,500

)

 

(e)

 

 

81,921

 

Administrative and general

 

 

23,484

 

 

 

(1

)

 

(e)

 

 

23,483

 

Lease expense

 

 

662

 

 

 

—

 

 

 

 

 

662

 

Depreciation and amortization

 

 

24,900

 

 

 

(2,788

)

 

(e)

 

 

22,112

 

 

 

140,467

 

 

 

(12,289

)

 

 

 

 

128,178

 

Gains on Asset Dispositions and Impairments, Net

 

 

24,972

 

 

 

—

 

 

 

 

 

24,972

 

Operating Income

 

 

814

 

 

 

(675

)

 

 

 

 

139

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(18,430

)

 

 

—

 

 

 

 

 

(18,430

)

Other, net

 

 

(2,295

)

 

 

(6

)

 

(e)

 

 

(2,301

)

 

 

(20,725

)

 

 

(6

)

 

 

 

 

(20,731

)

Loss Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

 

 

(19,911

)

 

 

(681

)

 

 

 

 

(20,592

)

Income Tax Expense

 

 

3,412

 

 

 

(156

)

 

(f)

 

 

3,256

 

Loss Before Equity in Earnings of 50% or Less Owned Companies

 

 

(23,323

)

 

 

(525

)

 

 

 

 

(23,848

)

Equity in Earnings of 50% or Less Owned Companies

 

 

1,107

 

 

 

—

 

 

 

 

 

1,107

 

Net Loss

 

$

(22,216

)

 

$

(525

)

 

 

 

$

(22,741

)

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.83

)

 

 

 

 

 

 

$

(0.85

)

Diluted

 

 

(0.83

)

 

 

 

 

 

 

 

(0.85

)

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,791,291

 

 

 

 

 

 

 

 

26,791,291

 

Diluted

 

 

26,791,291

 

 

 

 

 

 

 

 

26,791,291

 

 

 

The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.

SEACOR MARINE HOLDINGS INC.

PRO FORMA CONSOLIDATED STATEMENT OF INCOME (LOSS)

December 31, 2024

(in thousands, except share data, unaudited)

 

 

 

Historical

 

 

Transaction Accounting Adjustments

 

 

Notes

 

Pro Forma

 

Operating Revenues

 

$

271,361

 

 

$

(28,638

)

 

(g)

 

$

242,723

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

197,252

 

 

 

(26,322

)

 

(g)

 

 

170,930

 

Administrative and general

 

 

44,713

 

 

 

—

 

 

 

 

 

44,713

 

Lease expense

 

 

1,678

 

 

 

—

 

 

 

 

 

1,678

 

Depreciation and amortization

 

 

51,628

 

 

 

(5,577

)

 

(g)

 

 

46,051

 

 

 

295,271

 

 

 

(31,899

)

 

 

 

 

263,372

 

Gains on Asset Dispositions and Impairments, Net

 

 

13,481

 

 

 

30,463

 

 

(h)

 

 

43,944

 

Operating Loss

 

 

(10,429

)

 

 

33,724

 

 

 

 

 

23,295

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(40,627

)

 

 

—

 

 

 

 

 

(40,627

)

Losses on debt extinguishment

 

 

(31,923

)

 

 

—

 

 

 

 

 

(31,923

)

Other, net

 

 

(68

)

 

 

3

 

 

(g)

 

 

(65

)

 

 

(72,618

)

 

 

3

 

 

 

 

 

(72,615

)

Loss Before Tax Benefit and Equity in
   Earnings of 50% or Less Owned Companies

 

 

(83,047

)

 

 

33,727

 

 

 

 

 

(49,320

)

Income Tax Benefit

 

 

(2,615

)

 

 

7,083

 

 

(i)

 

 

4,468

 

Loss Before Equity in Earnings of 50% or Less Owned Companies

 

 

(80,432

)

 

 

26,644

 

 

 

 

 

(53,788

)

Equity in Earnings of 50% or Less Owned Companies

 

 

2,308

 

 

 

—

 

 

 

 

 

2,308

 

Net Loss

 

$

(78,124

)

 

$

26,644

 

 

 

 

$

(51,480

)

 

 

 

 

 

 

 

 

 

 

 

Net Loss Per Common Share:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(2.82

)

 

 

 

 

 

 

$

(1.86

)

Diluted

 

 

(2.82

)

 

 

 

 

 

 

 

(1.86

)

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Common Shares and Warrants Outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,655,289

 

 

 

 

 

 

 

 

27,655,289

 

Diluted

 

 

27,655,289

 

 

 

 

 

 

 

 

27,655,289

 

 

The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.

SEACOR MARINE HOLDINGS INC.

NOTES TO PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

(in thousands, unaudited)

 

Pro Forma Consolidated Balance Sheet at June 30, 2025 Adjustments

(a) This adjustment represents the receipt of cash consideration as a result of the completion of the Transaction.

(b) These adjustments reflect the elimination of assets and liabilities attributable to the completion of the Transaction.

(c) This adjustment reflects the estimated income tax effect of the pro forma adjustments. The tax effect of the pro forma adjustments was calculated using the historical statutory rates in effect for the periods presented.

(d) This adjustment reflects the gain of $24.1 million, net of $6.4 million of taxes, arising from the completion of the Transaction as of September 29, 2025. No adjustment has been made to the sale proceeds to give effect to any potential post-closing adjustments under the terms of the asset purchase agreement.

Pro Forma Consolidated Statement of Income (Loss) for the six months ended June 30, 2025 Adjustments

(e) These adjustments reflect the elimination of revenues, operating costs, administrative and general expenses, and depreciation for the six months ended June 30, 2025, which are removed as a result of the completion of the Transaction.

(f) This adjustment reflects the estimated income tax effect of the pro forma adjustments. The tax effect of the pro forma adjustments was calculated using the historical statutory rates in effect for the periods presented.

Pro Forma Consolidated Statement of Income (Loss) for the year ended December 31, 2024 Adjustments

(g) These adjustments reflect the elimination of revenues, operating costs, administrative and general expenses, and depreciation for the year ended December 31, 2025, which are removed as a result of the completion of the Transaction.

(h) This adjustment reflects the gain of $30.5 million arising from the completion of the Transaction as of September 29, 2025. No adjustment has been made to the sale proceeds to give effect to any potential post-closing adjustments under the terms of the asset purchase agreement.

(i) This adjustment reflects the estimated income tax effect of the pro forma adjustments. The tax effect of the pro forma adjustments was calculated using the historical statutory rates in effect for the periods presented.

Management’s adjustments for any additional costs or costs savings expected as a result of the completion of the Transaction are excluded from this illustration.