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SEACOR Marine Announces Fourth Quarter 2024 Results

HOUSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the 鈥淐ompany鈥� or 鈥淪EACOR Marine鈥�), 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鈥檚 consolidated operating revenues for the fourth quarter of 2024 were $69.8 million, operating income was $10.6 million, and direct vessel profit (鈥淒VP鈥�)⁽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 (鈥淎HTS鈥�) 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:

鈥淭he 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鈥檚 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鈥檚 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.鈥�
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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鈥檚 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 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥減roject,鈥� 鈥渋ntend,鈥� 鈥渂elieve,鈥� 鈥減lan,鈥� 鈥渢arget,鈥� 鈥渇orecast鈥� and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management鈥檚 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鈥檚 control and are described in the Company鈥檚 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鈥檚 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鈥檚 cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine鈥檚 website at www.seacormarine.com for additional information.
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