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SEACOR Marine Holdings Inc. (Symbol: SMHI) is a prominent entity in the marine transportation sector, with its primary operations based at 11200 Richmond Ave #400, Houston, Texas, United States. The company offers a broad spectrum of worldwide marine and support transportation services, aimed predominantly at offshore energy facilities. SEACOR Marine’s diverse fleet of offshore support vessels is instrumental in delivering cargo and personnel to offshore installations, including wind farms. These vessels also support a range of activities such as anchor handling, mooring equipment management, offshore rig and platform services, and more.
SEACOR Marine's operations span several key geographical segments, including the United States (Gulf of Mexico), Africa and Europe, the Middle East and Asia, and Latin America. This extensive geographical reach underscores the company’s capability to meet the global demands of offshore energy facilities.
The company is dedicated to enhancing operational efficiency and minimizing environmental impact, which is evident from its latest initiative to upgrade four of its Platform Supply Vessels (PSVs) to hybrid power. The vessels involved in this contract—SEACOR Ohio, SEACOR Alps, SEACOR Andes, and SEACOR Atlas—are set to be equipped with the Kongsberg Maritime UT771 CDL Design, featuring battery hybrid operation systems. This transformation, expected to commence in December 2024 and complete by the second quarter of 2025, will significantly reduce fuel consumption and greenhouse gas emissions.
SEACOR’s commitment to innovation and environmental stewardship is reflected in their investment in these energy storage systems, marking a substantial step towards a sustainable future. The company’s executive leadership, including CEO John Gellert, has emphasized the importance of these advancements in maintaining operational efficiency and reducing environmental footprints.
For the latest updates on SEACOR Marine’s projects and financial performance, investors and stakeholders can refer to their website and public 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.
SEACOR Marine Holdings (NYSE: SMHI) reported Q4 2024 results with operating revenues of $69.8 million, representing a 4.5% decrease from Q4 2023 but a 1.3% increase from Q3 2024. The company posted an operating income of $10.6 million and a net loss of $26.2 million ($0.94 loss per share).
Key metrics include average day rates of $18,901 (up 4.8% YoY), 72% utilization (up from 71% YoY), and DVP margin of 33.1%. Notable developments include refinancing of $328.7 million of debt into a single facility due 2029, sale of two AHTS vessels for $22.5 million, and orders for two new PSVs scheduled for delivery in Q4 2026 and Q1 2027.
The company reported improved operating performance due to fewer out-of-service days, though faced soft market conditions in the North Sea and customer delays in Mexico and the U.S.
SEACOR Marine Holdings (NYSE: SMHI) has secured a new $391.0 million senior secured term loan with EnTrust Global, maturing in Q4 2029. The company will use the funds to refinance $203.7 million of secured debt and $125.0 million of unsecured debt due in 2026. Additionally, SMHI ordered two platform supply vessels at $41.0 million each, with deliveries scheduled for Q4 2026 and Q1 2027. The vessels feature advanced fuel efficiency systems and will be partially financed through the new facility. The company also announced the sale of two anchor handling vessels for $22.5 million, marking its exit from the AHTS asset class by January 2025.
SEACOR Marine Holdings (NYSE: SMHI) reported Q3 2024 results with operating revenues of $68.9 million, representing a 10.4% decrease from Q3 2023. The company posted an operating loss of $6.5 million and a net loss of $16.3 million ($0.59 loss per share). Key metrics include average day rates of $18,879 (4.6% YoY increase), 67% utilization (down from 73% in Q3 2023), and Direct Vessel Profit (DVP) of $16.0 million with a 23.2% margin. The quarter was impacted by a heavy maintenance schedule, softer demand in key markets, and increased operating expenses, with crewing costs up 9.9% and maintenance costs rising 30.0% YoY.
SEACOR Marine Holdings Inc. (NYSE:SMHI), a leading provider of marine and support transportation services to offshore energy facilities worldwide, has expanded its Board of Directors from five to six members with the appointment of Lisa P. Young as an independent member. Ms. Young brings 36 years of cross-sector, international experience in public accounting and professional services, having retired as a senior partner from Ernst & Young in 2021.
Ms. Young currently serves on the boards of Valo Health, Inc. and Accelus Inc., and previously served on the board of Textainer Group Holdings She is a Certified Public Accountant with a BBA in Finance and Accounting from Texas Tech University. Andrew Morse, SEACOR Marine's Chairman of the Board, welcomed Ms. Young, highlighting her wealth of knowledge, experience, and proven leadership track record.
SEACOR Marine Holdings Inc. (NYSE: SMHI) reported its Q2 2024 results, showing mixed performance. The company's consolidated operating revenues increased to $69.9 million, up 2.3% year-over-year and 11.3% quarter-over-quarter. However, SMHI reported an operating loss of $3.9 million and a net loss of $12.5 million ($0.45 loss per share). Average day rates improved significantly to $19,141, a 25.5% increase from Q2 2023. Utilization decreased to 69% from 78% in Q2 2023 but improved from 62% in Q1 2024. The company's Direct Vessel Profit (DVP) margin decreased to 29.1% due to higher drydocking and repair expenses. SEACOR Marine reported a $403.9 million contracted revenue backlog and plans to install hybrid battery systems on four platform supply vessels over the next 12 months.
SEACOR Marine Holdings Inc. (NYSE: SMHI) reported its first quarter 2024 results, with operating revenues of $62.8 million and a net loss of $23.1 million. The company highlighted a 2.6% increase in revenues from the first quarter of 2023, despite a 14.1% decrease from the previous quarter. While average day rates increased by 33.0% year-over-year, the DVP margin decreased to 23.4% due to higher operating expenses. The CEO mentioned ongoing improvements in dayrates and anticipated enhanced utilization in the future.
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