SEACOR Marine Holdings Inc

Previous wording

The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of June 30, 2024, the Company operated a diverse fleet of 56 support vessels, of which 55 were owned or leased-in and one was managed on behalf of an unaffiliated third party. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.

Current wording

The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of September 30, 2024, the Company operated a diverse fleet of 55 support vessels, of which 54 were owned or leased-in and one was managed on behalf of an unaffiliated third party. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.

Previous wording

Offshore oil and natural gas market conditions are highly volatile. Oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the six months ended June 30, 2024, WTI oil prices reached a high of $87 per barrel and a low of $70 per barrel, ending the period at $82 per barrel.

Current wording

Offshore oil and natural gas market conditions are highly volatile. Oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the nine months ended September 30, 2024, WTI oil prices reached a high of $87 per barrel and a low of $66 per barrel, ending the period at $68 per barrel.

Previous wording

The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of June 30, 2024, two of the Company’s 56 owned and leased-in vessels were cold-stacked worldwide, including one vessel classified as held for sale.

Current wording

The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of September 30, 2024, two of the Company’s 54 owned and leased-in vessels were cold-stacked worldwide.

Previous wording

The sections below provide an analysis of the Company’s results of operations for the three and six months (“Current Year Quarter” and “Current Year Six Months”) ended June 30, 2024 compared with the three and six months (“Prior Year Quarter” and “Prior Year Six Months”) ended June 30, 2023. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2023, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):

Current wording

The sections below provide an analysis of the Company’s results of operations for the three and nine months (“Current Year Quarter” and “Current Year Nine Months”) ended September 30, 2024 compared with the three and nine months (“Prior Year Quarter” and “Prior Year Nine Months”) ended September 30, 2023. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2023, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):

Previous wording

Total Assets by region does not include corporate assets of $40.8 million as of June 30, 2024.

Current wording

Total Assets by region does not include corporate assets of $36.0 million as of September 30, 2024.

Previous wording

Total Assets by region does not include corporate assets of $46.8 million as of June 30, 2023.

Current wording

Total Assets by region does not include corporate assets of $54.8 million as of September 30, 2023.

Previous wording

United States, primarily Gulf of Mexico. For the three and six months ended June 30, 2024 and 2023 the Company’s time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):

Current wording

United States, primarily Gulf of Mexico. For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel (loss) profit in the U.S. were as follows (in thousands, except statistics):

Previous wording

Operating Revenues. Charter revenues were $1.6 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.8 million higher due to increased day rates of the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”) and $0.2 million higher due to the repositioning of vessels between geographic regions. Charter revenues were $0.4 million lower due to net asset dispositions. Other marine services were $2.5 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Quarter and lower management fees in the Current Year Quarter. As of June 30, 2024, the Company had one of ten owned vessels (one liftboat) cold-stacked in this region compared with one of 13 owned and leased-in vessels (one liftboat) as of June 30, 2023.

Current wording

Operating Revenues. Charter revenues were $9.6 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $7.7 million lower due to reduced utilization and day rates of the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), $1.6 million lower due to the repositioning of vessels between geographic regions and $0.3 million lower due to net asset dispositions. Other marine services were $4.3 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Quarter and lower mobilization revenues and management fees in the Current Year Quarter. As of September 30, 2024, the Company had two of ten owned vessels (one liftboat and one FSV) cold-stacked in this region compared with two of 13 vessels (one liftboat and one FSV) as of September 30, 2023. In addition, the Company had no vessels classified as held for sale in this region as of September 30, 2024 compared with one vessel classified as held for sale as of September 30, 2023.

Previous wording

Direct Operating Expenses. Direct operating expenses were $1.4 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.5 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repairs expenditures, $0.1 million higher due to the repositioning of vessels between geographic regions and $1.2 million lower due to net asset dispositions.

Current wording

Direct Operating Expenses. Direct operating expenses were $2.2 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.2 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repairs expenditures, $1.4 million lower due to the repositioning of vessels between geographic regions and $0.6 million lower due to net asset dispositions.

Previous wording

Operating Revenues. Charter revenues were $2.0 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $2.4 million higher due to increased day rates for the Regional Core Fleet and $0.4 million lower due to net asset dispositions. Other marine services were $5.3 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Six Months and lower management fees in the Current Year Six Months.

Current wording

Operating Revenues. Charter revenues were $7.7 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $5.0 million lower due to reduced utilization for the Regional Core Fleet, $2.0 million lower due to the repositioning of vessels between geographic regions and $0.7 million lower due to net asset dispositions. Other marine services were $9.6 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Nine Months and lower mobilization revenues and management fees in the Current Year Nine Months.

Previous wording

Direct Operating Expenses. Direct operating expenses were $1.6 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $4.4 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repairs expenditures, $1.7 million lower due to net asset dispositions and $1.1 million lower due to the repositioning of vessels between geographic regions.

Current wording

Direct Operating Expenses. Direct operating expenses were $3.8 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $9.0 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repairs expenditures, $2.7 million lower due to the repositioning of vessels between geographic regions and $2.5 million lower due to net asset dispositions.

Previous wording

Africa and Europe. For the three and six months ended June 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):

Current wording

Africa and Europe. For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):

Previous wording

Direct Operating Expenses. Direct operating expenses were $2.7 million higher in the Current Year Quarter compared with the Prior Year Quarter primarily due to the repositioning of vessels between geographic regions.

Current wording

Direct Operating Expenses. Direct operating expenses were $4.1 million higher in the Current Year Quarter compared with the Prior Year Quarter primarily due to the repositioning of vessels between geographic regions.

Previous wording

Middle East and Asia. For the three and six months ended June 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in the Middle East and Asia were as follows (in thousands, except statistics):

Current wording

Middle East and Asia. For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in the Middle East and Asia were as follows (in thousands, except statistics):

Previous wording

Operating Revenues. Charter revenues were $1.5 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.2 million higher for the Regional Core Fleet as a result of increased liftboat and PSV day rates and utilization, $0.9 million lower due to net asset dispositions and $0.8 million lower due to the repositioning of vessels between geographic regions. Other marine services were $2.9 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Quarter. As of June 30, 2024, the Company had no vessels cold-stacked in this region.

Current wording

Operating Revenues. Charter revenues were $0.3 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.0 million higher for the Regional Core Fleet as a result of increased liftboat and PSV day rates and utilization, $0.9 million lower due to net asset dispositions and $0.8 million lower due to the repositioning of vessels between geographic regions. As of September 30, 2024 and 2023, the Company had no vessels cold-stacked in this region.

Previous wording

Direct Operating Expenses. Direct operating expenses were $6.6 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $7.0 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and insurance reimbursements related to expenses in prior periods, $0.3 million lower due to net asset dispositions and $0.1 million lower due to the repositioning of vessels between geographic regions.

Current wording

Direct Operating Expenses. Direct operating expenses were $1.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.7 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and insurance reimbursements related to expenses in prior periods, $0.5 million lower due to the repositioning of vessels between geographic regions and $0.4 million lower due to net asset dispositions.

Previous wording

Operating Revenues. Charter revenues were $2.0 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $4.8 million higher for the Regional Core Fleet as a result of increased liftboat and PSV day rates and utilization, $1.7 million lower due to net asset dispositions and $1.1 million lower due to the repositioning of vessels between geographic regions. Other marine services were $2.6 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Six Months.

Current wording

Operating Revenues. Charter revenues were $2.3 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $6.7 million higher for the Regional Core Fleet as a result of increased liftboat and PSV day rates and utilization, $2.6 million lower due to net asset dispositions and $1.8 million lower due to the repositioning of vessels between geographic regions. Other marine services were $2.5 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Nine Months.

Previous wording

Direct Operating Expenses. Direct operating expenses were $11.4 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $11.4 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and insurance reimbursements related to expenses in prior periods, $0.7 million higher due to the repositioning of vessels between geographic regions and $0.7 million lower due to net asset dispositions.

Current wording

Direct Operating Expenses. Direct operating expenses were $13.2 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $14.6 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and insurance reimbursements related to expenses in prior periods, $1.1 million lower due to net asset dispositions and $0.3 million lower due to the repositioning of vessels between geographic regions.

Previous wording

Latin America (Brazil, Mexico, Central and South America). For the three and six months ended June 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):

Current wording

Latin America (Brazil, Mexico, Central and South America). For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):

Previous wording

Operating Revenues. Charter revenues were $0.9 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.1 million lower for the Regional Core Fleet due to reduced fleet utilization and $0.2 million higher due to the repositioning of vessels between geographic regions. Other marine services were $1.3 million higher primarily due to higher mobilization revenues. As of June 30, 2024, the Company had no vessels cold-stacked in this region.

Current wording

Operating Revenues. Charter revenues were $2.3 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.1 million lower for the Regional Core Fleet primarily due to reduced fleet utilization and $0.8 million higher due to the repositioning of vessels between geographic regions. As of September 30, 2024 and 2023, the Company had no vessels cold-stacked in this region.

Previous wording

Direct Operating Expenses. Direct operating expenses were $1.1 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $0.6 million higher due to the repositioning of vessels between geographic regions and $0.5 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

Current wording

Direct Operating Expenses. Direct operating expenses were $4.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.7 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $1.0 million higher due to the repositioning of vessels between geographic regions.

Previous wording

Operating Revenues. Charter revenues were $0.6 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $1.4 million higher due to the repositioning of vessels between geographic regions and $0.8 million lower for the Regional Core Fleet due to reduced fleet utilization. Other marine services were $1.6 million higher primarily due to higher mobilization revenues.

Current wording

Operating Revenues. Charter revenues were $1.7 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $1.1 million lower due to the repositioning of vessels between geographic regions and $0.6 million lower for the Regional Core Fleet due to reduced fleet utilization. Other marine services were $2.0 million higher primarily due to higher catering revenues.

Previous wording

Direct Operating Expenses. Direct operating expenses were $5.0 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $2.6 million higher due to the repositioning of vessels between geographic regions and $2.4 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

Current wording

Direct Operating Expenses. Direct operating expenses were $9.8 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $6.9 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $2.9 million higher due to the repositioning of vessels between geographic regions.

Previous wording

Lease Expense. Leased-in equipment expense for the Current Year Quarter and Current Year Six Months was $0.2 million lower and $0.5 million lower compared to the Prior Year Quarter and Prior Year Six Months due to having one leased-in vessel in 2024 compared to two in 2023.

Current wording

Lease Expense. Leased-in equipment expense for the Current Year Quarter and Current Year Nine Months was $0.3 million lower and $0.7 million lower compared to the Prior Year Quarter and Prior Year Nine Months due to having one leased-in vessel in 2024 compared to two in 2023.

Previous wording

Administrative and general. Administrative and general expenses for the Current Year Quarter and Current Year Six Months were $2.8 million lower and $2.5 million lower compared to the Prior Year Quarter and Prior Year Six Months primarily due to decreases in allowance for credit losses.

Current wording

Administrative and general. Administrative and general expenses for the Current Year Quarter and Current Year Nine Months were $1.3 million lower and $3.8 million lower compared to the Prior Year Quarter and Prior Year Nine Months primarily due to decreases in allowance for credit losses.

Previous wording

Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Six Months were $0.6 million lower and $1.5 million lower compared to the Prior Year Quarter and Prior Year Six Months primarily due to net fleet changes.

Current wording

Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Nine Months were $0.5 million lower and $2.1 million lower compared to the Prior Year Quarter and Prior Year Nine Months primarily due to net fleet changes.

Previous wording

Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain. During the Prior Year Quarter, the Company sold one specialty vessel, previously removed from service, and other equipment for net cash proceeds of $0.4 million, after transaction costs, and a gain of $0.3 million.

Current wording

Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold one AHTS, previously classified as held for sale, and other equipment for net cash proceeds of $2.3 million, after transaction costs, and a gain of $1.8 million. During the Prior Year Quarter there were no vessel sales and the Company recognized impairment charges of $0.3 million for one AHTS to adjust for indicative future cash flows.

Previous wording

During the Current Six Months, the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain. During the Prior Year Six Months, the Company sold three liftboats, one specialty vessel, previously removed from service, and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for net cash proceeds of $8.0 million, after transaction costs, and a gain of $2.9 million.

Current wording

During the Current Year Nine Months, the Company sold one AHTS, previously classified as held for sale, and other equipment for net cash proceeds of $2.4 million, after transaction costs, and a gain of $1.9 million. During the Prior Year Nine Months, the Company sold three liftboats, one specialty vessel, previously removed from service, and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for net cash proceeds of $8.0 million, after transaction costs, and a gain of $2.7 million. In addition, during the Prior Year Nine Months, the Company recognized impairment charges of $0.3 million for one AHTS to adjust for indicative future cash flows.

Previous wording

For the three and six months ended June 30, 2024 and 2023, the Company’s other income (expense) was as follows (in thousands):

Current wording

For the three and nine months ended September 30, 2024 and 2023, the Company’s other income (expense) was as follows (in thousands):

Previous wording

Interest income. Interest income for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months was nearly flat.

Current wording

Interest income. Interest income for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months was nearly flat.

Previous wording

Interest expense. Interest expense was higher in the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months primarily due to a higher interest rate on the 2023 SMFH Credit Facility (which bears interest at a fixed rate of 11.75% per annum),which was entered into subsequent to June 30, 2023, as compared with the 2018 SMFH Credit Facility.

Current wording

Interest expense. Interest expense was higher in the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months primarily due to a higher interest rate on the 2023 SMFH Credit Facility (which bears interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023, as compared with the 2018 SMFH Credit Facility.

Previous wording

Derivative gains (losses), net. Net derivative gains (losses) for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months increased due to the Company entering into an open forward currency exchange contract in the fourth quarter of 2023.

Current wording

Derivative gains (losses), net. Net derivative gains (losses) for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months increased due to the Company entering into an open forward currency exchange contract in the fourth quarter of 2023.

Previous wording

Foreign currency losses, net. Net foreign currency losses for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months decreased primarily due to the strengthening of the pound sterling in relation to the U.S. dollar.

Current wording

Foreign currency (losses) gains, net. Net foreign currency losses for the Current Year Quarter and Current Year Nine Months compared with net foreign currency gains in the Prior Year Quarter and net foreign currency losses in the Prior Year Nine Months were higher primarily due to the strengthening of the pound sterling in relation to the U.S. dollar.

Previous wording

During the six months ended June 30, 2024, the Company’s effective income tax rate of 0.7% 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.

Current wording

During the nine months ended September 30, 2024, the Company’s effective income tax rate of (0.5)% 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.

Previous wording

Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.6 million lower and earnings for the Current Year Six Months compared with the Prior Year Six Months were $1.0 million lower due to the following changes in equity earnings (losses) (in thousands):

Current wording

Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $1.3 million lower and earnings for the Current Year Nine Months compared with the Prior Year Nine Months were $2.3 million lower due to the following changes in equity earnings (losses) (in thousands):

Previous wording

As of June 30, 2024 and June 30, 2023, the Company held balances of cash, cash equivalents and restricted cash totaling $42.9 million and $43.5 million, respectively.

Current wording

As of September 30, 2024 and September 30, 2023, the Company held balances of cash, cash equivalents and restricted cash totaling $37.9 million and $58.6 million, respectively.

Previous wording

As of June 30, 2024, the Company had outstanding debt of $306.3 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of June 30, 2024, are as follows (in thousands):

Current wording

As of September 30, 2024, the Company had outstanding debt of $300.9 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of September 30, 2024, are as follows (in thousands):

Previous wording

As of June 30, 2024, the Company had unfunded capital commitments of $12.2 million for miscellaneous vessel equipment, including $10.1 million in respect of hybrid battery power systems. Of the unfunded capital commitments, $6.9 million is payable during 2024 and $5.3 million is payable during 2025. In addition to the unfunded capital commitments above, the Company has indefinitely deferred an additional $9.2 million of capital commitments with respect to one FSV.

Current wording

As of September 30, 2024, the Company had unfunded capital commitments of $12.5 million for miscellaneous vessel equipment, including $9.6 million in respect of hybrid battery power systems. Of the unfunded capital commitments, $6.9 million is payable during 2024 and $5.6 million is payable during 2025. In addition to the unfunded capital commitments above, the Company has indefinitely deferred an additional $9.2 million of capital commitments with respect to one FSV.

Previous wording

The following is a summary of the Company’s cash flows for the six months ended June 30, 2024 and 2023 (in thousands):

Current wording

The following is a summary of the Company’s cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):

Previous wording

Cash flows used in operating activities increased by $22.7 million in the Current Year Six Months compared with the Prior Year Six Months primarily due to a decrease in utilization offset by changes in working capital. The components of cash flows provided by and/or used in operating activities during the Current Year Six Months and Prior Year Six Months were as follows (in thousands):

Current wording

Cash flows used in operating activities increased by $29.2 million in the Current Year Nine Months compared with the Prior Year Nine Months primarily due to a decrease in utilization and changes in working capital. The components of cash flows provided by and/or used in operating activities during the Current Year Nine Months and Prior Year Nine Months were as follows (in thousands):