Financial Performance - Consolidated operating revenues for Q4 2024 were $69.8 million, a 4.5% decrease from $73.1 million in Q4 2023, but a 1.3% increase from $68.9 million in Q3 2024[2] - Net loss for Q4 2024 was $26.2 million ($0.94 loss per share), compared to a net income of $5.7 million ($0.21 earnings per share) in Q4 2023 and a net loss of $16.3 million ($0.59 loss per share) in Q3 2024[3] - Operating revenues for the three months ended December 31, 2024, totaled $69.808 million, a slight increase from $68.916 million in the previous quarter[12] - Net loss for the quarter was $26.226 million, compared to a net loss of $16.346 million in the previous quarter, indicating a worsening financial position[12] - Basic net loss earnings per share were $(0.94), compared to $(0.59) in the previous quarter, reflecting a decline in shareholder value[12] - Total operating costs decreased to $46.726 million from $52.907 million in the previous quarter, a reduction of approximately 11.5%[12] - Interest expense remained stable at approximately $(10.001) million, consistent with the previous quarter[12] - The company reported gains on asset dispositions of $11.624 million, a significant increase from $1.821 million in the prior quarter[12] - The company recorded depreciation and amortization expenses of $12,879 million for the quarter ended December 31, 2024, slightly down from $12,928 million in the previous quarter[32] Operational Metrics - Average day rates increased to $18,901, a 4.8% rise from Q4 2023, remaining flat compared to Q3 2024[5] - Utilization rate improved to 72%, up from 71% in Q4 2023 and 67% in Q3 2024[5] - Direct vessel profit (DVP) was $23.1 million, down from $29.8 million in Q4 2023 but up from $16.0 million in Q3 2024[2] - DVP margin decreased to 33.1% from 40.8% in Q4 2023, but increased from 23.2% in Q3 2024, impacted by $3.5 million in drydocking and major repairs[5] - Average rates per day for time charters increased to $18,901, compared to $18,879 in the prior quarter, reflecting a 0.12% growth[12] - Fleet utilization improved to 72% in the latest quarter, up from 67% in the previous quarter[12] - Direct vessel profit for the quarter was $23.082 million, significantly higher than $16.009 million in the prior quarter, marking a 44.5% increase[12] Segment Performance - Operating revenues for the Middle East and Asia segment increased to $20,020,000 in Q4 2024, compared to $16,786,000 in Q3 2024, reflecting a growth of 19.3%[19] - Direct Vessel Profit for the Middle East and Asia segment rose to $8,253,000 in Q4 2024, significantly higher than $3,766,000 in Q3 2024, marking a 119.5% increase[19] - In Latin America, average rates per day worked decreased to $21,390 in Q4 2024 from $21,984 in Q3 2024, a decline of 2.7%[19] - Fleet utilization in Latin America improved to 73% in Q4 2024, up from 63% in Q3 2024[19] - Operating revenues for Latin America increased to $13,904,000 in Q4 2024, compared to $12,492,000 in Q3 2024, representing an increase of 11.3%[19] - Direct Vessel Profit for Latin America was $7,042,000 in Q4 2024, compared to $6,862,000 in Q3 2024, showing a growth of 2.6%[19] Asset Management - The company refinanced $328.7 million of principal indebtedness into a new credit facility due in Q4 2029, recognizing a one-time loss of $31.9 million on debt extinguishment[6] - Two anchor handling towing supply vessels were sold for $22.5 million, generating a gain of $15.6 million, to partially fund the construction of two new PSVs[5] - Total assets as of December 31, 2024, were $727,111 million, an increase from $709,444 million in September 30, 2024, representing a growth of 2.4%[30] - Total current liabilities rose to $85,042 million as of December 31, 2024, compared to $80,668 million in the previous quarter, indicating a 5.3% increase[30] - The total liabilities increased to $428,789 million as of December 31, 2024, from $384,436 million in the previous quarter, reflecting an increase of 11.5%[30] - The accumulated deficit grew to $(180,600) million as of December 31, 2024, compared to $(154,374) million in the previous quarter[30] - Cash and cash equivalents increased to $76,140 million at the end of the period, up from $37,864 million at the end of September 30, 2024, marking a significant increase of 101.5%[32] - Proceeds from the disposition of property and equipment amounted to $22,441 million for the quarter, a significant increase compared to $2,331 million in the previous quarter[32] Future Outlook - The company plans to commence permanent repairs on a U.S. flag premium liftboat at the end of Q3 2025, aiming to maximize utilization as seasonal activity improves[4] - The outlook for 2025 indicates healthy inquiry levels in most international markets, except for the North Sea and Mexico, with challenges anticipated in offshore wind activities in the U.S.[5] - Future outlook includes continued focus on fleet utilization and cost management strategies to improve profitability[12] Fleet Composition - As of December 31, 2024, the total fleet consists of 54 units, a decrease from 58 units as of December 31, 2023, representing a reduction of approximately 6.9%[35] - The number of AHTS (Anchor Handling Tug Supply) vessels decreased from 4 to 2, indicating a reduction of 50%[35] - The FSV (Fast Supply Vessel) count remained stable at 22 owned units, while the managed units decreased from 3 to 1, reflecting a 66.7% decline in managed FSVs[35] - The PSV (Platform Supply Vessel) fleet remained unchanged at 21 units, indicating stability in this segment[35] - The Liftboats segment maintained a consistent count of 8 units, showing no change year-over-year[35]

Core Viewpoint - SEACOR Marine Holdings Inc. has secured a new senior secured term loan of up to $391.0 million and entered into agreements to build two platform supply vessels (PSVs) for $41.0 million each, consolidating its debt and enhancing its fleet [1][4] Financing Details - The proceeds from the 2024 SMFH Credit Facility will refinance $203.7 million of principal indebtedness and $125.0 million of unsecured debt due in 2026, including $35.0 million of convertible debt [2] - The facility allows for up to $41.0 million in borrowings to finance 50% of the Shipbuilding Contracts, with an interest rate of 10.30% per annum and an initial repayment of $5.0 million starting March 2025 [2] Strategic Importance - The new financing consolidates all debt under a single facility maturing in 2029, addressing near-term maturities and eliminating approximately 10% of dilution overhang on the company's common stock [4] - The construction of the two PSVs is part of an asset rotation strategy aimed at renewing the fleet with high-specification, environmentally efficient assets [4] Vessel Specifications - Each PSV will have a deadweight of 4,650 tons, a deck area of 1,000 square meters, and will be equipped with medium-speed diesel engines and an integrated battery energy storage system [1] Asset Sales - The company will use $22.5 million from the sale of two anchor handling towing and supply (AHTS) vessels to partly fund the new construction program, marking its exit from the AHTS asset class effective January 2025 [4]

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]

Fleet Operations - As of September 30, 2024, the Company operated a fleet of 55 support vessels, with 54 owned or leased-in and one managed on behalf of a third party[88]. - The Company operates in four principal geographic regions: the U.S. (primarily Gulf of Mexico), Africa and Europe, the Middle East and Asia, and Latin America (primarily Mexico and Guyana)[90]. - The fleet count as of September 30, 2024, included 53 vessels, with 2 AHTS, 22 FSV, 21 PSV, and 8 Liftboats[117]. Market Conditions - During the nine months ended September 30, 2024, WTI oil prices fluctuated between a high of $87 per barrel and a low of $66 per barrel, ending the period at $68 per barrel[93]. - The Company closely monitors the offshore support vessel market, as demand and day rates are influenced by supply and demand dynamics, including oil and natural gas prices[95]. - The Company expects that alternative forms of energy, such as offshore wind farms, will continue to grow, supporting some of its operations[96]. Financial Performance - Operating revenues for time charter reached $63,313,000, a decrease of 7.5% from $68,668,000 in the prior year[103]. - Net loss for the quarter was $16,346,000, compared to a loss of $883,000 in the same period last year, marking a significant deterioration[103]. - The company reported a loss before income tax of $17,871,000, a significant increase from a loss of $796,000 in the prior year[103]. Cost Management - The Company adheres to a strategy of cold-stacking vessels to manage costs, considering factors such as regulatory inspections and market conditions[97]. - Personnel costs rose to $21,940,000, representing 32% of total operating expenses, up from 26% in the previous year[103]. - Total operating expenses increased to $77,218,000, a rise of 15.9% from $66,555,000 year-over-year[103]. Revenue and Utilization - Average daily rates increased to $18,879 for the three months ended September 30, 2024, compared to $18,046 in the same period last year, reflecting a growth of 4.6%[103]. - Fleet utilization decreased to 67% from 73% year-over-year, indicating a decline in operational efficiency[103]. - Average rates per day for time charter were $19,021, with fleet utilization at 66%[106]. Cash Flow and Liquidity - Cash flows used in operating activities for the nine months ended September 30, 2024, were $(18.8) million, a decrease of $29.2 million compared to the prior year[158]. - The Company held cash, cash equivalents, and restricted cash totaling $37.9 million, down from $58.6 million as of September 30, 2023[154]. - The Company believes that cash balances, cash generated from operations, and access to credit markets will provide sufficient liquidity for capital expenditures and debt service[163]. Debt and Financing - The Company had outstanding debt of $300.9 million as of September 30, 2024, with long-term debt maturities totaling $331.2 million[154]. - The Company made scheduled payments on long-term debt and other obligations totaling $21.8 million during the current year[161]. - The Company has approximately $24.9 million of remaining sales capacity under its ATM Program as of September 30, 2024, to support liquidity needs[153]. Regional Performance - Time charter revenues in Africa and Europe increased to $28.8 million in the Current Year Quarter, up from $22.5 million in the Prior Year Quarter[124]. - Charter revenues in the Current Year Quarter for the Middle East and Asia were $6.3 million higher, driven by repositioning of vessels and increased day rates[125]. - Direct vessel profit in the Middle East and Asia was $3.8 million in the Current Year Quarter, a decrease from $5.1 million in the Prior Year Quarter[130]. Future Outlook - The Company is focused on expanding its market presence and enhancing operational efficiency through strategic initiatives[115]. - Future outlook includes continued focus on market expansion and potential new product development to enhance service offerings[116].

Financial Performance - SEACOR Marine's consolidated operating revenues for Q3 2024 were $68.9 million, a 10.4% decrease from $76.9 million in Q3 2023 and a 1.4% decrease from $69.9 million in Q2 2024[2][3] - The company reported a net loss of $16.3 million in Q3 2024, compared to a net loss of $0.9 million in Q3 2023 and a net loss of $12.5 million in Q2 2024[4] - Direct vessel profit (DVP) was $16.0 million in Q3 2024, a significant decrease from $36.8 million in Q3 2023 and $20.3 million in Q2 2024[2] - DVP margin fell to 23.2% in Q3 2024, down from 47.8% in Q3 2023 and 29.1% in Q2 2024, impacted by $8.3 million in drydocking and major repairs[3] - The company reported a loss before income tax of $(17,871), compared to a loss of $(14,131) in the previous quarter[13] - SEACOR Marine reported a net loss of $16,346 thousand for the quarter ended September 30, 2024, compared to a net loss of $12,483 thousand in the previous quarter[25] Revenue and Costs - Average day rates increased by 4.6% to $18,879 compared to Q3 2023, but decreased by 1.4% from Q2 2024[3] - The company experienced a 9.9% increase in crewing costs and a 30.0% increase in maintenance costs compared to the year-to-date third quarter of 2023[5] - Average rates per day decreased to $18,879 from $19,141 in the previous quarter, representing a decline of 1.36%[13] - Operating revenues from time charter were $63,313, a decrease of 3.6% compared to $65,649 in the previous quarter[13] - Fuel, lubes, and supplies costs rose significantly to $6,574, compared to $3,966 in the previous quarter, marking a 65.8% increase[13] - Other marine services revenue increased to $5,231, up from $3,854 in the previous quarter, a growth of 35.6%[13] Utilization and Fleet Performance - Utilization rate dropped to 67% in Q3 2024, down from 73% in Q3 2023 and 69% in Q2 2024[3] - Fleet utilization was reported at 67%, down from 69% in the prior quarter[13] - Fleet utilization in the United States improved to 42% from 37% in the previous quarter, indicating a positive trend[15] - Fleet utilization in Africa and Europe improved to 77% from 74% in the previous quarter, indicating stronger performance[15] - Fleet utilization in the Middle East and Asia decreased to 71% from 82% in the previous quarter[17] - Fleet utilization in Latin America decreased to 63% from 71% in the previous quarter[17] Assets and Liabilities - Total current assets decreased to $131,164,000 from $164,686,000 year-over-year, a decline of 20.3%[23] - Cash and cash equivalents decreased to $35,601,000 from $67,455,000 year-over-year, a decline of 47.3%[23] - Total liabilities decreased to $384,436,000 from $414,428,000 year-over-year, a decline of 7.2%[23] - Long-term debt decreased to $272,325,000 from $291,843,000 year-over-year, a decline of 6.7%[23] - Total assets decreased to $709,444,000 from $780,065,000 year-over-year, a decline of 9.1%[23] Operational Efficiency - The company continues to face challenges related to shipyard and vendor capacity issues, affecting overall utilization and operating expenses[5] - Average rates per day worked in the United States decreased to $17,188 from $22,356 in the previous quarter, a decline of 23.5%[15] - Direct vessel profit in the United States showed a loss of $4,774, worsening from a loss of $4,591 in the previous quarter[15] - Average rates per day worked in Africa and Europe increased to $18,875 from $18,580, reflecting a growth of 1.6%[15] - Average rates per day worked in the Middle East and Asia increased to $17,825 from $17,083 in the previous quarter, representing a 4.3% increase[17] Cash Flow and Financing - The company generated net cash provided by operating activities of $626 thousand, a significant improvement from a cash used of $12,247 thousand in the prior quarter[25] - Payments on long-term debt amounted to $7,770 thousand, an increase from $6,533 thousand in the previous quarter[25] - SEACOR Marine's accounts receivable increased by $7,411 thousand during the quarter, indicating potential cash flow challenges[25] Miscellaneous - SEACOR Marine has a contracted revenue backlog, including options, exceeding $360.0 million[5] - A premium liftboat in the U.S. Gulf of Mexico is set to return to work in early November after maintenance, with increased inquiries for decommissioning work expected in 2025-2026[6] - The fleet count as of September 30, 2024, included 53 owned vessels, 1 leased-in vessel, and 1 managed vessel, totaling 55 vessels[27] - The company recorded a gain from equipment sales of $1,821 thousand, compared to a loss of $18,057 thousand in the same quarter last year[25]

Core Insights - SEACOR Marine Holdings Inc. reported a consolidated operating revenue of $68.9 million for Q3 2024, a decrease of 10.4% from $76.9 million in Q3 2023 and a slight decrease of 1.4% from $69.9 million in Q2 2024 [2][3] - The company experienced an operating loss of $6.5 million in Q3 2024, compared to an operating income of $9.8 million in Q3 2023 and an operating loss of $3.9 million in Q2 2024 [2][4] - Direct vessel profit (DVP) for Q3 2024 was $16.0 million, down from $36.8 million in Q3 2023 and $20.3 million in Q2 2024, reflecting a DVP margin of 23.2% [2][3] Financial Performance - The net loss for Q3 2024 was $16.3 million, or $0.59 loss per share, compared to a net loss of $0.9 million ($0.03 loss per share) in Q3 2023 and a net loss of $12.5 million ($0.45 loss per share) in Q2 2024 [4][10] - Average day rates for the company were $18,879, which is a 4.6% increase from Q3 2023 but a 1.4% decrease from Q2 2024 [3][12] - Fleet utilization was reported at 67%, down from 73% in Q3 2023 and 69% in Q2 2024 [3][12] Operational Challenges - The decrease in utilization was attributed to a heavy maintenance schedule and lower-than-expected demand, particularly in the U.S. Gulf of Mexico and North Sea markets [5] - The company faced increased operating expenses, with crewing costs up by 9.9% and maintenance costs up by 30.0% compared to the same period in 2023 [5] - Drydocking and major repairs during the quarter amounted to $8.3 million, significantly higher than $2.0 million in Q3 2023 and comparable to $8.5 million in Q2 2024 [3][5] Future Outlook - The company anticipates a return to work for one of its premium liftboats in the U.S. Gulf of Mexico in early November 2024, following maintenance [6] - There is an increase in inquiries for decommissioning work for liftboats in the 2025-2026 timeframe, indicating potential future demand growth [6] - SEACOR Marine maintains a contracted revenue backlog, including options, exceeding $360.0 million, which may support future revenue stability [5][6]

Core Viewpoint - SEACOR Marine Holdings Inc. has expanded its Board of Directors by adding Lisa P. Young as an independent member, increasing the total number of board members from five to six [1]. Company Overview - SEACOR Marine is a leading provider of marine and support transportation services to offshore energy facilities globally, operating a diverse fleet of offshore support vessels [4]. Board Member Profile - Lisa P. Young has 36 years of international experience in public accounting and professional services, previously serving as a Senior Global Client Service Partner at Ernst & Young until her retirement in 2021 [2]. - Young currently holds board positions at Valo Health, Inc. and Accelus Inc., and has served on the board of Textainer Group Holdings Limited until it was taken private in March 2024 [2]. - She is a Certified Public Accountant with a BBA in Finance and Accounting from Texas Tech University [2]. Chairman's Statement - Andrew Morse, Chairman of the Board, welcomed Ms. Young, highlighting her extensive knowledge, experience, and successful leadership track record, expressing optimism for the company's future success with her on board [3].

Group 1 - Seacor Marine reported a quarterly loss of $0.45 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.16, representing an earnings surprise of -181.25% [1] - The company posted revenues of $69.87 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 2.43% and showing an increase from $66.89 million year-over-year [2] - Over the last four quarters, Seacor Marine has surpassed consensus EPS estimates only once, indicating inconsistent performance [2] Group 2 - The stock has gained approximately 7.6% since the beginning of the year, underperforming compared to the S&P 500's gain of 14% [3] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $75.74 million, while for the current fiscal year, it is -$1.08 on revenues of $277.63 million [7] - The Zacks Industry Rank for Transportation - Shipping is currently in the top 30% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8] Group 3 - The estimate revisions trend for Seacor Marine is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - Another company in the same industry, ZIM Integrated Shipping Services, is expected to report quarterly earnings of $1.19 per share, reflecting a year-over-year change of +186.9% [9]

Core Viewpoint - SEACOR Marine Holdings Inc. reported a mixed performance in its second quarter of 2024, with a slight increase in revenues compared to the previous year but a significant net loss attributed to lower utilization and increased maintenance costs [2][4]. Financial Performance - Consolidated operating revenues for Q2 2024 were $69.9 million, up 2.3% from $68.3 million in Q2 2023 and up 11.3% from $62.8 million in Q1 2024 [2][3]. - The operating loss for Q2 2024 was $3.9 million, compared to an operating income of $2.9 million in Q2 2023 and an operating loss of $10.6 million in Q1 2024 [2][4]. - Direct vessel profit (DVP) for Q2 2024 was $20.3 million, down from $30.6 million in Q2 2023 but up from $14.7 million in Q1 2024 [2][3]. Key Metrics - Average day rates increased to $19,141, a 25.5% rise from Q2 2023 and consistent with Q1 2024 [3][11]. - Fleet utilization was 69%, down from 78% in Q2 2023 but up from 62% in Q1 2024 [3][11]. - DVP margin decreased to 29.1% from 44.8% in Q2 2023 but improved from 23.4% in Q1 2024 [3][11]. Net Loss and Future Outlook - The net loss for Q2 2024 was $12.5 million ($0.45 loss per share), compared to a net loss of $4.6 million ($0.17 loss per share) in Q2 2023 and a net loss of $23.1 million ($0.84 loss per share) in Q1 2024 [4][10]. - The company has a contracted revenue backlog of $403.9 million with an average contract duration of approximately one year, indicating potential for future revenue growth [5]. - SEACOR Marine plans to install hybrid battery systems on four of its platform supply vessels over the next 12 months, aiming to enhance fleet efficiency and performance [5].

HOUSTON, July 31, 2024 (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, 2024. SEACOR Marine's consolidated operating revenues for the second quarter of 2024 were $69.9 million, operating loss was $3.9 million, and direct vessel profit ("DVP")(1) was $20.3 million. This compares to consolidated o ...