SEACOR Marine Announces Fourth Quarter 2024 Results

Источник: Nasdaq GlobeNewswire / 26 фев 2025 17:27:55 America/New_York

HOUSTON, Feb. 26, 2025 (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 fourth quarter ended December 31, 2024.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (“DVP”)⁽¹⁾ was $23.1 million. This compares to consolidated operating revenues of $73.1 million, operating income of $22.6 million, and DVP of $29.8 million in the fourth quarter of 2023, and consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024.

Notable fourth quarter items include:

4.5% decrease in revenues from the fourth quarter of 2023 and a 1.3% increase from the third quarter of 2024.
Average day rates of $18,901, a 4.8% increase from the fourth quarter of 2023, and flat from the third quarter of 2024.
72% utilization, an increase from 71% in the fourth quarter of 2023 and from 67% in the third quarter of 2024.
DVP margin of 33.1%, a decrease from 40.8% in the fourth quarter of 2023 and an increase from 23.2% in the third quarter of 2024, due in part to $3.5 million of drydocking and major repairs during the fourth quarter of 2024 compared to $1.7 million in the fourth quarter of 2023 and $8.3 million in the third quarter of 2024, all of which are expensed as incurred.
Refinancing of $328.7 million of principal indebtedness under multiple debt facilities, including $125.0 million previously due in 2026, into a single new credit facility due in the fourth quarter of 2029.
In connection with the refinancing, recognized a one-time loss of $31.9 million on debt extinguishment, of which $28.3 million was non-cash and primarily comprised of extinguishment of unamortized debt discounts.
Completed the sale of two anchor handling towing supply vessels (“AHTS”) for total proceeds of $22.5 million and a gain of $15.6 million, the proceeds of which will be used to partially fund the construction payments for two new PSVs.

For the fourth quarter of 2024, net loss was $26.2 million ($0.94 loss per basic and diluted share). This compares to a net income for the fourth quarter of 2023 of $5.7 million ($0.21 earnings per basic share and $0.20 earnings per diluted share). Sequentially, the fourth quarter 2024 results compare to a net loss of $16.3 million ($0.59 loss per basic and diluted share) in the third quarter of 2024.

Chief Executive Officer John Gellert commented:

“The fourth quarter results reflect a substantial improvement in operating performance compared with the prior quarters of 2024. This performance improvement was due mostly to fewer out-of-service days for repairs and drydockings which translated into improved utilization across most segments. We also benefited from having all our premium liftboats available and employed most of the quarter and currently plan to commence the permanent repairs of one of our U.S. flag premium liftboats at the end of the third quarter of 2025, which should provide us the opportunity to maximize utilization on these liftboats as seasonal activity improves in the Gulf of America. During the quarter, we did see soft market conditions in the North Sea as well as customer delays in programmed activities in Mexico and the U.S.

Looking at the rest of 2025, we continue to see a healthy level of inquiries across most of our international markets with the notable exception of the North Sea and Mexico, where regulatory or financial hurdles are subduing demand for oil and gas services. In the U.S., we see significant challenges for offshore wind in the near term, but the backlog of mandatory maintenance and decommissioning activity in the Gulf of America should ultimately lead to increased levels of activity on the shelf. Although we are not immune to the mid-cycle lull in offshore drilling activity worldwide, I remain optimistic that our fleet mix is well positioned to meet current demand expectations.

As previously announced, during the fourth quarter we entered into a new senior secured term loan of up to $391.0 million with an affiliate of EnTrust Global, which significantly simplified our debt capital structure into a single credit facility maturing in 2029. Importantly, this new credit facility addressed $125.0 million of near-term maturities previously due in 2026 to The Carlyle Group, inclusive of $35.0 million of convertible debt, eliminating approximately 10% of dilution overhang on the Company’s common stock. It also provided us with up to $41.0 million of borrowing capacity to finance the construction of two new PSVs, which we ordered during the fourth quarter of 2024. We had to fully amortize all debt discounts and issuance costs on the refinanced debt, including the shipyard financing with affiliates of COSCO, generating a $31.9 million one-time loss, of which $28.3 million was non-cash, but, in my view, the benefits of the refinancing and its support for the Company’s order for two new PSVs far outweigh the one-time loss.

I am particularly excited about this PSV order as we expand and complement our fleet of modern and fuel efficient PSVs. This is a continuation of our asset rotation strategy aimed at renewing our fleet with high-specification, environmentally efficient assets. The vessels are scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027, respectively. We will partly fund this new construction program with the $22.5 million of proceeds from the sale of our last remaining AHTS vessels, marking our exit from the AHTS asset class effective January 2025.”
_______________

(1)		Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global 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 operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

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 Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com


SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)

	Three Months Ended December 31,						Year ended December 31,
	2024			2023			2024			2023
Operating Revenues	$	69,808		$	73,083		$	271,361		$	279,511
Costs and Expenses:
Operating		46,726			43,269			197,252			159,650
Administrative and general		10,888			11,547			44,713			49,183
Lease expense		347			679			1,678			2,748
Depreciation and amortization		12,879			13,022			51,628			53,821
		70,840			68,517			295,271			265,402
Gains on Asset Dispositions and Impairments, Net		11,624			18,057			13,481			21,409
Operating Income (Loss)		10,592			22,623			(10,429	)		35,518
Other Income (Expense):
Interest income		372			222			1,768			1,444
Interest expense		(10,001	)		(10,444	)		(40,627	)		(37,504	)
Loss on debt extinguishment		(31,923	)		—			(31,923	)		(2,004	)
Derivative (losses) gains, net		(536	)		608			(908	)		608
Foreign currency gains (losses), net		1,308			(1,276	)		(1,049	)		(2,133	)
Other, net		187			—			121			—
		(40,593	)		(10,890	)		(72,618	)		(39,589	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies		(30,001	)		11,733			(83,047	)		(4,071	)
Income Tax (Benefit) Expense		(2,345	)		6,378			(2,615	)		8,799
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies		(27,656	)		5,355			(80,432	)		(12,870	)
Equity in Earnings of 50% or Less Owned Companies		1,430			374			2,308			3,556
Net (Loss) Income	$	(26,226	)	$	5,729		$	(78,124	)	$	(9,314	)

Net (Loss) Earnings Per Share:
Basic	$	(0.94	)	$	0.21		$	(2.82	)	$	(0.34	)
Diluted	$	(0.94	)	$	0.20		$	(2.82	)	$	(0.34	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,773,200			27,182,496			27,655,289			27,082,391
Diluted		27,773,200			28,400,684			27,655,289			27,082,391


SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)

				Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Time Charter Statistics:
Average Rates Per Day	$	18,901		$	18,879		$	19,141		$	19,042		$	18,031
Fleet Utilization		72	%		67	%		69	%		62	%		71	%
Fleet Available Days ⁽²⁾		4,870			5,026			4,994			5,005			5,170
Operating Revenues:
Time charter	$	66,095		$	63,313		$	65,649		$	59,263		$	66,498
Bareboat charter		364			372			364			364			368
Other marine services		3,349			5,231			3,854			3,143			6,217
		69,808			68,916			69,867			62,770			73,083
Costs and Expenses:
Operating:
Personnel		20,365			21,940			21,566			21,670			22,080
Repairs and maintenance		10,433			9,945			10,244			9,763			7,604
Drydocking		2,467			6,068			6,210			6,706			2,561
Insurance and loss reserves		2,473			2,584			3,099			1,738			2,944
Fuel, lubes and supplies		4,884			6,574			3,966			4,523			3,683
Other		6,104			5,796			4,435			3,699			4,397
		46,726			52,907			49,520			48,099			43,269
Direct Vessel Profit⁽¹⁾		23,082			16,009			20,347			14,671			29,814
Other Costs and Expenses:
Lease expense		347			364			486			481			679
Administrative and general		10,888			11,019			10,889			11,917			11,547
Depreciation and amortization		12,879			12,928			12,939			12,882			13,022
		24,114			24,311			24,314			25,280			25,248
Gains (Losses) on Asset Dispositions and Impairments, Net		11,624			1,821			37			(1	)		18,057
Operating Income (Loss)		10,592			(6,481	)		(3,930	)		(10,610	)		22,623
Other Income (Expense):
Interest income		372			358			445			593			222
Interest expense		(10,001	)		(10,127	)		(10,190	)		(10,309	)		(10,444	)
Derivative (losses) gains, net		(536	)		67			104			(543	)		608
Loss on debt extinguishment		(31,923	)		—			—			—			—
Foreign currency gains (losses), net		1,308			(1,717	)		(560	)		(80	)		(1,276	)
Other, net		187			29			—			(95	)		—
		(40,593	)		(11,390	)		(10,201	)		(10,434	)		(10,890	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(30,001	)		(17,871	)		(14,131	)		(21,044	)		11,733
Income Tax (Benefit) Expense		(2,345	)		(513	)		(682	)		925			6,378
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(27,656	)		(17,358	)		(13,449	)		(21,969	)		5,355
Equity in Earnings (Losses) of 50% or Less Owned Companies		1,430			1,012			966			(1,100	)		374
Net (Loss) Income	$	(26,226	)	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729

Net (Loss) Earnings Per Share:
Basic	$	(0.94	)	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.21
Diluted	$	(0.94	)	$	(0.59	)	$	(0.45	)	$	(0.84	)	$	0.20
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,773			27,773			27,729			27,344			27,182
Diluted		27,773			27,773			27,729			27,344			28,401
Common Shares and Warrants Outstanding at Period End		28,950			28,950			28,941			28,906			28,489

_______________

(1)	See full description of footnote above.
(2)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.


SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	26,116		$	17,188		$	22,356		$	28,156		$	22,584
Fleet utilization		45	%		42	%		37	%		27	%		50	%
Fleet available days		920			920			921			927			1,152
Out-of-service days for repairs, maintenance and drydockings		75			116			179			137			61
Out-of-service days for cold-stacked status ⁽²⁾		184			175			127			182			254
Operating Revenues:
Time charter	$	10,744		$	6,593		$	7,697		$	6,957		$	12,929
Other marine services		1,114			1,188			480			1,026			5,346
		11,858			7,781			8,177			7,983			18,275
Direct Costs and Expenses:
Operating:
Personnel		6,097			6,297			6,284			5,781			6,906
Repairs and maintenance		1,680			1,655			1,879			1,404			819
Drydocking		1,451			2,615			2,570			1,968			303
Insurance and loss reserves		854			799			943			396			1,297
Fuel, lubes and supplies		854			964			866			667			1,032
Other		229			225			226			(171	)		475
		11,165			12,555			12,768			10,045			10,832
Direct Vessel Profit (Loss) ⁽¹⁾	$	693		$	(4,774	)	$	(4,591	)	$	(2,062	)	$	7,443
Other Costs and Expenses:
Lease expense	$	136		$	140		$	141		$	138		$	141
Depreciation and amortization		3,196			3,194			3,194			2,750			3,479

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	16,895		$	18,875		$	18,580		$	15,197		$	15,233
Fleet utilization		73	%		77	%		74	%		76	%		82	%
Fleet available days		1,856			1,990			1,969			1,775			1,748
Out-of-service days for repairs, maintenance and drydockings		180			203			203			238			124
Out-of-service days for cold-stacked status		—			58			91			91			92
Operating Revenues:
Time charter	$	22,999		$	28,809		$	27,047		$	20,555		$	21,791
Other marine services		1,027			3,048			1,028			169			189
		24,026			31,857			28,075			20,724			21,980
Direct Costs and Expenses:
Operating:
Personnel		5,654			6,083			4,969			5,181			6,007
Repairs and maintenance		3,712			3,455			3,161			3,209			2,807
Drydocking		835			681			1,226			2,032			1,298
Insurance and loss reserves		577			599			819			334			416
Fuel, lubes and supplies		2,226			2,514			1,170			1,287			623
Other		3,748			3,975			2,801			2,199			2,267
		16,752			17,307			14,146			14,242			13,418
Direct Vessel Profit⁽¹⁾	$	7,274		$	14,550		$	13,929		$	6,482		$	8,562
Other Costs and Expenses:
Lease expense	$	82		$	75		$	172		$	178		$	289
Depreciation and amortization		4,477			4,540			4,565			3,915			3,747

_______________

(1)	See full description of footnote above.
(2)	Includes one liftboat and one FSV cold-stacked in this region as of December 31, 2024.


SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,337		$	17,825		$	17,083		$	16,934		$	17,590
Fleet utilization		88	%		71	%		82	%		71	%		69	%
Fleet available days		1,266			1,288			1,296			1,365			1,461
Out-of-service days for repairs, maintenance and drydockings		30			229			168			224			360
Operating Revenues:
Time charter	$	19,385		$	16,411		$	18,073		$	16,477		$	17,729
Other marine services		635			375			619			350			539
		20,020			16,786			18,692			16,827			18,268
Direct Costs and Expenses:
Operating:
Personnel		5,470			5,769			6,930			5,963			5,522
Repairs and maintenance		3,574			3,318			3,443			2,712			2,590
Drydocking		(226	)		832			707			1,483			624
Insurance and loss reserves		804			927			798			618			1,022
Fuel, lubes and supplies		840			1,043			1,103			1,198			1,242
Other		1,305			1,131			989			1,000			1,133
		11,767			13,020			13,970			12,974			12,133
Direct Vessel Profit ⁽¹⁾	$	8,253		$	3,766		$	4,722		$	3,853		$	6,135
Other Costs and Expenses:
Lease expense	$	72		$	73		$	71		$	85		$	158
Depreciation and amortization		3,272			3,261			3,247			3,496			3,643

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	21,390		$	21,984		$	22,437		$	28,308		$	20,745
Fleet utilization		73	%		63	%		71	%		58	%		84	%
Fleet available days ⁽²⁾		828			828			808			938			809
Out-of-service days for repairs, maintenance and drydockings		20			94			41			1			—
Operating Revenues:
Time charter	$	12,967		$	11,500		$	12,832		$	15,274		$	14,049
Bareboat charter		364			372			364			364			368
Other marine services		573			620			1,727			1,598			143
		13,904			12,492			14,923			17,236			14,560
Direct Costs and Expenses:
Operating:
Personnel		3,144			3,791			3,383			4,745			3,645
Repairs and maintenance		1,467			1,517			1,761			2,438			1,388
Drydocking		407			1,940			1,707			1,223			336
Insurance and loss reserves		238			259			539			390			209
Fuel, lubes and supplies		964			2,053			827			1,371			786
Other		822			465			419			671			522
		7,042			10,025			8,636			10,838			6,886
Direct Vessel Profit⁽¹⁾	$	6,862		$	2,467		$	6,287		$	6,398		$	7,674
Other Costs and Expenses:
Lease expense	$	57		$	76		$	102		$	80		$	91
Depreciation and amortization		1,934			1,933			1,933			2,721			2,153

_______________

(1)	See full description of footnote above.
(2)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.


SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	10,410		$	10,316		$	8,125		$	8,538		$	8,937
Fleet utilization		79	%		46	%		49	%		75	%		64	%
Fleet available days		178			334			364			364			368
Out-of-service days for repairs, maintenance and drydockings		28			87			29			—			41
Out-of-service days for cold-stacked status		—			58			91			91			92
Operating Revenues:
Time charter	$	1,465		$	1,576		$	1,459		$	2,331		$	2,102
Other marine services		—			13			219			—			6
		1,465			1,589			1,678			2,331			2,108
Direct Costs and Expenses:
Operating:
Personnel	$	595		$	981		$	1,045		$	1,064		$	944
Repairs and maintenance		128			239			465			220			612
Drydocking		5			436			280			68			58
Insurance and loss reserves		49			66			97			43			73
Fuel, lubes and supplies		25			90			69			616			375
Other		210			263			230			287			295
		1,012			2,075			2,186			2,298			2,357
Other Costs and Expenses:
Lease expense	$	7		$	4		$	164		$	171		$	253
Depreciation and amortization		122			175			175			175			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	13,643		$	13,102		$	12,978		$	11,834		$	11,841
Fleet utilization		72	%		81	%		80	%		72	%		74	%
Fleet available days		2,024			2,024			2,002			2,002			2,105
Out-of-service days for repairs, maintenance and drydockings		118			96			128			216			337
Out-of-service days for cold-stacked status		92			83			36			91			92
Operating Revenues:
Time charter	$	19,992		$	21,606		$	20,698		$	17,081		$	18,502
Other marine services		416			1,012			516			126			163
		20,408			22,618			21,214			17,207			18,665
Direct Costs and Expenses:
Operating:
Personnel	$	5,078		$	5,637		$	5,829		$	5,649		$	5,320
Repairs and maintenance		4,480			4,378			4,572			3,093			2,691
Drydocking		426			448			457			1,869			1,710
Insurance and loss reserves		422			532			546			277			507
Fuel, lubes and supplies		1,586			1,962			993			1,051			1,441
Other		2,456			2,238			1,850			1,649			1,632
		14,448			15,195			14,247			13,588			13,301
Other Costs and Expenses:
Depreciation and amortization	$	4,746		$	4,744		$	4,746		$	4,744		$	4,879


SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*PSV*
Time Charter Statistics:
Average rates per day worked	$	17,912		$	21,819		$	20,952		$	19,133		$	19,778
Fleet utilization		72	%		58	%		66	%		53	%		77	%
Fleet available days ⁽¹⁾		1,932			1,932			1,900			1,911			1,902
Out-of-service days for repairs, maintenance and drydockings		117			349			291			307			109
Operating Revenues:
Time charter	$	24,865		$	24,488		$	26,390		$	19,390		$	29,140
Bareboat charter		364			372			364			364			368
Other marine services		1,561			2,855			2,266			416			595
		26,790			27,715			29,020			20,170			30,103
Direct Costs and Expenses:
Operating:
Personnel	$	8,999		$	9,360		$	8,979		$	8,850		$	9,017
Repairs and maintenance		4,101			3,798			3,151			4,393			3,520
Drydocking		1,046			2,629			2,616			3,386			472
Insurance and loss reserves		618			636			1,037			395			690
Fuel, lubes and supplies		2,379			3,594			1,575			1,889			1,027
Other		2,566			2,821			1,850			1,395			1,922
		19,709			22,838			19,208			20,308			16,648
Other Costs and Expenses:
Lease expense	$	—		$	(3	)	$	3		$	—		$	—
Depreciation and amortization		4,122			4,117			4,128			4,073			4,073

_______________

(1)	Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.


SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	39,326		$	36,423		$	43,204		$	53,506		$	40,181
Fleet utilization		68	%		58	%		54	%		53	%		52	%
Fleet available days		736			736			728			728			795
Out-of-service days for repairs, maintenance and drydockings		41			109			143			78			60
Out-of-service days for cold-stacked status		92			92			91			91			162
Operating Revenues:
Time charter	$	19,773		$	15,643		$	17,102		$	20,461		$	16,754
Other marine services		1,177			1,142			666			1,772			4,666
		20,950			16,785			17,768			22,233			21,420
Direct Costs and Expenses:
Operating:
Personnel	$	5,678		$	5,926		$	6,842		$	6,140		$	5,316
Repairs and maintenance		1,722			1,531			2,054			2,035			769
Drydocking		990			2,555			2,857			1,383			321
Insurance and loss reserves		1,384			1,334			1,482			1,282			1,554
Fuel, lubes and supplies		894			928			1,329			967			838
Other		860			473			519			343			531
		11,528			12,747			15,083			12,150			9,329
Other Costs and Expenses:
Depreciation and amortization		3,866			3,866			3,865			3,866			3,867

*Other Activity*
Operating Revenues:
Other marine services	$	195		$	209		$	187		$	829		$	787
		195			209			187			829			787
Direct Costs and Expenses:
Operating:
Personnel	$	15		$	36		$	(1,129	)	$	(33	)	$	1,483
Repairs and maintenance		2			(1	)		2			22			12
Insurance and loss reserves		—			16			(63	)		(259	)		120
Fuel, lubes and supplies		—			—			—			—			2
Other		12			1			(14	)		25			17
		29			52			(1,204	)		(245	)		1,634
Other Costs and Expenses:
Lease expense	$	340		$	363		$	319		$	310		$	426
Depreciation and amortization		23			26			25			24			28


SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	59,491		$	35,601		$	40,605		$	59,593		$	67,455
Restricted cash		16,649			2,263			2,255			2,566			16,676
Receivables:
Trade, net of allowance for credit loss		69,888			76,497			70,770			58,272			63,728
Other		7,913			7,841			6,210			12,210			11,049
Tax receivable		1,601			983			983			983			983
Inventories		2,760			3,139			3,117			2,516			1,609
Prepaid expenses and other		4,406			4,840			5,659			3,425			2,686
Assets held for sale		10,943			—			500			500			500
Total current assets		173,651			131,164			130,099			140,065			164,686
Property and Equipment:
Historical cost		900,414			921,445			921,443			919,139			918,823
Accumulated depreciation		(367,448	)		(362,604	)		(349,799	)		(337,001	)		(324,141	)
		532,966			558,841			571,644			582,138			594,682
Construction in progress		11,904			11,935			11,518			13,410			10,362
Net property and equipment		544,870			570,776			583,162			595,548			605,044
Right-of-use asset - operating leases		3,436			3,575			3,683			3,988			4,291
Right-of-use asset - finance leases		36			19			28			29			37
Investments, at equity, and advances to 50% or less owned companies		3,541			2,046			2,641			3,122			4,125
Other assets		1,577			1,864			1,953			2,094			2,153
Total assets	$	727,111		$	709,444		$	721,566		$	744,846		$	780,336
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	606		$	494		$	861		$	1,285		$	1,591
Current portion of finance lease liabilities		17			17			26			33			35
Current portion of long-term debt		27,500			28,605			28,605			28,605			28,365
Accounts payable		29,236			22,744			17,790			23,453			27,562
Other current liabilities		27,683			28,808			23,795			21,067			19,533
Total current liabilities		85,042			80,668			71,077			74,443			77,086
Long-term operating lease liabilities		2,982			3,221			3,276			3,390			3,529
Long-term finance lease liabilities		20			4			5			—			6
Long-term debt		317,339			272,325			277,740			281,989			287,544
Deferred income taxes		22,037			26,802			30,083			33,873			35,718
Deferred gains and other liabilities		1,369			1,416			1,447			2,285			2,229
Total liabilities		428,789			384,436			383,628			395,980			406,112
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		287			287			286			286			280
Additional paid-in capital		479,283			477,661			476,020			474,433			472,692
Accumulated deficit		(180,600	)		(154,374	)		(138,028	)		(125,609	)		(102,425	)
Shares held in treasury		(8,110	)		(8,110	)		(8,110	)		(8,071	)		(4,221	)
Accumulated other comprehensive income, net of tax		7,141			9,223			7,449			7,506			7,577
		298,001			324,687			337,617			348,545			373,903
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		298,322			325,008			337,938			348,866			374,224
Total liabilities and equity	$	727,111		$	709,444		$	721,566		$	744,846		$	780,336


SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

				Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(26,226	)	$	(16,346	)	$	(12,483	)	$	(23,069	)	$	5,729
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization		12,879			12,928			12,939			12,882			13,022
Deferred financing costs amortization		254			298			297			295			279
Stock-based compensation expense		1,622			1,604			1,587			1,645			1,510
Debt discount amortization		1,799			2,061			1,993			1,926			1,862
Allowance for credit losses		59			101			39			3			266
(Gains) losses from equipment sales, retirements or impairments		(11,624	)		(1,821	)		(37	)		1			(18,057	)
Losses on debt extinguishment		28,252			—			—			—			—
Derivative losses (gains)		536			(67	)		(104	)		543			(608	)
Interest on finance lease		2			—			1			—			1
Settlements on derivative transactions, net		—			—			—			164			—
Currency (gains) losses		(1,308	)		1,717			560			80			1,276
Deferred income taxes		(4,766	)		(3,281	)		(3,790	)		(1,845	)		2,640
Equity (earnings) losses		(1,430	)		(1,012	)		(966	)		1,100			(374	)
Dividends received from equity investees		—			1,498			1,418			—			166
Changes in Operating Assets and Liabilities:
Accounts receivables		5,448			(7,411	)		(6,928	)		4,291			(3,472	)
Other assets		1,338			1,032			(2,395	)		(1,290	)		733
Accounts payable and accrued liabilities		1,693			9,325			(4,378	)		(3,895	)		(6,456	)
Net cash provided by (used in) operating activities		8,528			626			(12,247	)		(7,169	)		(1,483	)
Cash Flows from Investing Activities:
Purchases of property and equipment		(3,010	)		(210	)		(658	)		(3,416	)		(3,644	)
Proceeds from disposition of property and equipment		22,441			2,331			86			—			36,692
Net cash provided by (used in) investing activities		19,431			2,121			(572	)		(3,416	)		33,048
Cash Flows from Financing Activities:
Payments on long-term debt		(2,479	)		(7,770	)		(6,533	)		(7,530	)		(6,173	)
Payments on debt extinguishment		(328,712	)		—			—			—			—
Payments on debt extinguishment cost		(3,671	)		—			—			—			—
Proceeds from issuance of long-term debt, net of debt discount and issue costs		345,192			—			—			—			87
Payments on finance leases		(13	)		(10	)		(9	)		(9	)		(9	)
Proceeds from issuance of common stock, net of issue costs		—			—			—			—			24
Proceeds from exercise of stock options and warrants		—			38			102			—			—
Tax withholdings on restricted stock vesting		—			—			(39	)		(3,850	)		—
Net cash provided by (used in) financing activities		10,317			(7,742	)		(6,479	)		(11,389	)		(6,071	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		—			(1	)		(1	)		2			1
Net Change in Cash, Restricted Cash and Cash Equivalents		38,276			(4,996	)		(19,299	)		(21,972	)		25,495
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		37,864			42,860			62,159			84,131			58,636
Cash, Restricted Cash and Cash Equivalents, End of Period	$	76,140		$	37,864		$	42,860		$	62,159		$	84,131


SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Leased-in		Managed		Total
December 31, 2024
AHTS		—		—		2		2
FSV		22		—		1		23
PSV		21		—		—		21
Liftboats		8		—		—		8
		51		—		3		54
December 31, 2023
AHTS		3		1		—		4
FSV		22		—		3		25
PSV		21		—		—		21
Liftboats		8		—		—		8
		54		1		3		58

SEACOR Marine Announces Fourth Quarter 2024 Results

Set Language