SEACOR Marine Announces Second Quarter 2024 Results

Rhea-AI Summary

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.

Positive

• Consolidated operating revenues increased by 2.3% year-over-year and 11.3% quarter-over-quarter to $69.9 million
• Average day rates improved by 25.5% year-over-year to $19,141
• Utilization increased from 62% in Q1 2024 to 69% in Q2 2024
• Contracted revenue backlog of $403.9 million with an average contract duration of approximately one year
• Plans to install hybrid battery systems on four platform supply vessels, enhancing fleet technology

Negative

• Operating loss of $3.9 million compared to operating income of $2.9 million in Q2 2023
• Net loss of $12.5 million ($0.45 loss per share) compared to a net loss of $4.6 million in Q2 2023
• DVP margin decreased to 29.1% from 44.8% in Q2 2023 due to higher drydocking and repair expenses
• Utilization decreased to 69% from 78% in Q2 2023
• Softer demand in the U.S. market and longer re-marketing time between jobs internationally

Insights

Financial Analyst

SEACOR Marine's Q2 2024 results present a mixed picture with some positive trends but ongoing challenges. The 2.3% year-over-year revenue increase to $69.9 million and 11.3% sequential growth indicate improving market conditions. However, the company swung to an operating loss of $3.9 million from a $2.9 million profit in Q2 2023.

The 25.5% increase in average day rates to $19,141 is a significant positive, reflecting stronger pricing power. However, this was offset by a drop in utilization to 69% from 78% year-over-year, primarily due to increased maintenance activities.

The Direct Vessel Profit (DVP) of $20.3 million represents a substantial 33.7% year-over-year decline, with margins compressing from 44.8% to 29.1%. This was largely due to higher drydocking and repair expenses of $8.5 million, up from $3.1 million in Q2 2023.

The net loss widened to $12.5 million ($0.45 per share) from $4.6 million ($0.17 per share) in Q2 2023, reflecting the impact of higher costs and lower utilization.

Looking ahead, the contracted revenue backlog of $403.9 million provides some visibility, but the average contract duration of one year suggests potential volatility. The company's focus on fleet modernization, including hybrid battery installations, could enhance competitiveness but may pressure near-term financials.

Market Research Analyst

SEACOR Marine's Q2 results reflect broader industry trends and regional dynamics in the offshore energy sector. The increase in day rates aligns with the general uptick in offshore activity, particularly in international markets. However, the utilization challenges in the U.S. highlight ongoing uncertainties in that market.

The company's mention of delays in decommissioning and offshore wind projects in the U.S. Gulf of Mexico is noteworthy. This suggests that the anticipated boom in these sectors may be materializing slower than expected, possibly due to regulatory uncertainties or economic considerations. The reference to decisions being deferred until after the U.S. election adds a layer of political risk to near-term prospects.

Internationally, the longer re-marketing time between jobs indicates that while demand is improving, it remains somewhat fragmented. This could lead to increased volatility in utilization rates and potentially impact pricing power in certain regions.

The company's investment in hybrid battery systems for its Platform Supply Vessels (PSVs) aligns with the industry's increasing focus on sustainability and efficiency. With 11 out of 21 PSVs soon to be hybrid-powered, SEACOR is positioning itself well for potential regulatory changes and client preferences for lower-emission vessels.

Overall, while the offshore energy market shows signs of recovery, it remains subject to regional variations and ongoing challenges in vessel utilization and cost management. The company's strategic focus on fleet modernization could provide a competitive edge in the medium to long term, but may require careful financial management in the short term.

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 operating revenues of $68.3 million, operating income of $2.9 million, and DVP of $30.6 million in the second quarter of 2023, and consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024.

Notable second quarter items include:

• 2.3% increase in revenues from the second quarter of 2023 and a 11.3% increase from the first quarter of 2024.
• Average day rates of $19,141, a 25.5% increase from the second quarter of 2023, and in line with the first quarter of 2024.
• 69% utilization, a decrease from 78% in the second quarter of 2023 and an increase from 62% in the first quarter of 2024.
• DVP margin of 29.1%, a decrease from 44.8% in the second quarter of 2023 and an increase from 23.4% in the first quarter of 2024, due in part to $8.5 million of drydocking and major repairs during the quarter compared to $3.1 million in the second quarter of 2023 and $8.5 million in the first quarter of 2024, all of which are expensed as incurred.

For the second quarter of 2024, net loss was $12.5 million ($0.45 loss per basic and diluted share). This compares to a net loss for the second quarter of 2023 of $4.6 million ($0.17 loss per basic and diluted share). Sequentially, the second quarter 2024 results compare to a net loss of $23.1 million ($0.84 earnings per basic and diluted share) in the first quarter of 2024.

Chief Executive Officer John Gellert commented:

“During the second quarter, we continued to reprice our fleet at significantly improved day rates while working through a period of lower utilization. Our lower utilization was primarily driven by planned drydockings and major repairs as part of a heavier 2024 maintenance schedule, some of which have taken longer than expected as shipyards and vendors continue to address various capacity challenges. Utilization was also affected by near-term softer demand in the U.S. and longer re-marketing time between jobs internationally. We observed delays in the project schedules of our customers in the U.S., particularly in decommissioning and offshore wind, as properties with asset removal obligations in the U.S. Gulf of Mexico rotate to new customers and decisions are more generally deferred until after the U.S. election.

Looking forward, we currently have $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year. We continue to hit the mark on average day rates and achieve improved pricing as contracts roll off. Despite various capacity challenges, we are well advanced in this year’s maintenance schedule, which should translate into improved utilization for the rest of 2024 and into 2025. Utilization improvement, coupled with the more favorable pricing we are already experiencing, should lead to significant improvements in performance. We also continue to invest in our fleet. Over the next 12 months we will install hybrid battery systems on four of our platform supply vessels (“PSVs”). Once installations are completed, 11 of our 21 PSVs will be hybrid powered, comprising one of the youngest and most technologically advanced PSV fleets in the industry. I am very optimistic about the position of our fleet to benefit from improved market fundamentals.”
___________________

(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; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. 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 June 30,								Six months ended June 30,
	2024				2023				2024				2023
Operating Revenues	$	69,867			$	68,319			$	132,637			$	129,528
Costs and Expenses:
Operating		49,520				37,730				97,619				76,239
Administrative and general		10,889				13,704				22,806				25,336
Lease expense		486				698				967				1,418
Depreciation and amortization		12,939				13,575				25,821				27,337
		73,834				65,707				147,213				130,330
Gains on Asset Dispositions and Impairments, Net		37				265				36				3,864
Operating (Loss) Income		(3,930	)			2,877				(14,540	)			3,062
Other Income (Expense):
Interest income		445				422				1,038				882
Interest expense		(10,190	)			(8,736	)			(20,499	)			(17,524	)
Derivative gains (losses), net		104				—				(439	)			—
Foreign currency losses, net		(560	)			(603	)			(640	)			(1,428	)
Other, net		—				—				(95	)			—
		(10,201	)			(8,917	)			(20,635	)			(18,070	)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(14,131	)			(6,040	)			(35,175	)			(15,008	)
Income Tax (Benefit) Expense		(682	)			(1,096	)			243				61
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(13,449	)			(4,944	)			(35,418	)			(15,069	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		966				373				(134	)			909
Net Loss	$	(12,483	)		$	(4,571	)		$	(35,552	)		$	(14,160	)
Net Loss Per Share:
Basic	$	(0.45	)		$	(0.17	)		$	(1.29	)		$	(0.52	)
Diluted	$	(0.45	)		$	(0.17	)		$	(1.29	)		$	(0.52	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,729,033				27,137,873				27,536,319				26,981,004
Diluted		27,729,033				27,137,873				27,536,319				26,981,004

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
					Three Months Ended
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Time Charter Statistics:
Average Rates Per Day	$	19,141			$	19,042			$	18,031			$	18,046			$	15,250
Fleet Utilization		69	%			62	%			71	%			73	%			78	%
Fleet Available Days(2)		4,994				5,005				5,170				5,182				5,096
Operating Revenues:
Time charter	$	65,649			$	59,263			$	66,498			$	68,668			$	60,804
Bareboat charter		364				364				368				368				364
Other marine services		3,854				3,143				6,217				7,864				7,151
		69,867				62,770				73,083				76,900				68,319
Costs and Expenses:
Operating:
Personnel		21,566				21,670				22,080				19,943				19,944
Repairs and maintenance		10,244				9,763				7,604				7,418				5,793
Drydocking		6,210				6,706				2,561				1,768				2,256
Insurance and loss reserves		3,099				1,738				2,944				1,833				2,390
Fuel, lubes and supplies		3,966				4,523				3,683				5,047				3,638
Other		4,435				3,699				4,397				4,133				3,709
		49,520				48,099				43,269				40,142				37,730
Direct Vessel Profit(1)		20,347				14,671				29,814				36,758				30,589
Other Costs and Expenses:
Lease expense		486				481				679				651				698
Administrative and general		10,889				11,917				11,547				12,300				13,704
Depreciation and amortization		12,939				12,882				13,022				13,462				13,575
		24,314				25,280				25,248				26,413				27,977
Gains (Losses) on Asset Dispositions and Impairments, Net		37				(1	)			18,057				(512	)			265
Operating (Loss) Income		(3,930	)			(10,610	)			22,623				9,833				2,877
Other Income (Expense):
Interest income		445				593				222				340				422
Interest expense		(10,190	)			(10,309	)			(10,444	)			(9,536	)			(8,736	)
Derivative gains (losses), net		104				(543	)			608				—				—
Loss on debt extinguishment		—				—				—				(2,004	)			—
Foreign currency (losses) gains, net		(560	)			(80	)			(1,276	)			571				(603	)
Other, net		—				(95	)			—				—				—
		(10,201	)			(10,434	)			(10,890	)			(10,629	)			(8,917	)
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies		(14,131	)			(21,044	)			11,733				(796	)			(6,040	)
Income Tax (Benefit) Expense		(682	)			925				6,378				2,360				(1,096	)
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies		(13,449	)			(21,969	)			5,355				(3,156	)			(4,944	)
Equity in Earnings (Losses) of 50% or Less Owned Companies		966				(1,100	)			374				2,273				373
Net (Loss) Income	$	(12,483	)		$	(23,069	)		$	5,729			$	(883	)		$	(4,571	)
Net (Loss) Earnings Per Share:
Basic	$	(0.45	)		$	(0.84	)		$	0.21			$	(0.03	)		$	(0.17	)
Diluted	$	(0.45	)		$	(0.84	)		$	0.20			$	(0.03	)		$	(0.17	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		27,729				27,344				27,182				27,182				27,138
Diluted		27,729				27,344				28,401				27,182				27,138
Common Shares and Warrants Outstanding at Period End		28,941				28,906				28,489				28,481				28,481

  ________________________

(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
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
United States, primarily Gulf of Mexico
Time Charter Statistics:
Average rates per day worked	$	22,356			$	28,156			$	22,584			$	23,663			$	16,115
Fleet utilization		37	%			27	%			50	%			57	%			35	%
Fleet available days		921				927				1,152				1,196				1,080
Out-of-service days for repairs, maintenance and drydockings		179				137				61				151				229
Out-of-service days for cold-stacked status(2)		127				182				254				206				173
Operating Revenues:
Time charter	$	7,697			$	6,957			$	12,929			$	16,236			$	6,121
Other marine services		480				1,026				5,346				5,478				3,004
		8,177				7,983				18,275				21,714				9,125
Direct Costs and Expenses:
Operating:
Personnel		6,284				5,781				6,906				6,712				5,957
Repairs and maintenance		1,879				1,404				819				1,560				1,573
Drydocking		2,570				1,968				303				462				1,506
Insurance and loss reserves		943				396				1,297				332				1,082
Fuel, lubes and supplies		866				667				1,032				958				924
Other		226				(171	)			475				375				346
		12,768				10,045				10,832				10,399				11,388
Direct Vessel Profit (Loss)(1)	$	(4,591	)		$	(2,062	)		$	7,443			$	11,315			$	(2,263	)
Other Costs and Expenses:
Lease expense	$	141			$	138			$	141			$	116			$	143
Depreciation and amortization		3,194				2,750				3,479				3,810				3,861
Africa and Europe
Time Charter Statistics:
Average rates per day worked	$	18,580			$	15,197			$	15,233			$	15,388			$	14,982
Fleet utilization		74	%			76	%			82	%			84	%			94	%
Fleet available days		1,969				1,775				1,748				1,748				1,729
Out-of-service days for repairs, maintenance and drydockings		203				238				124				111				58
Out-of-service days for cold-stacked status(3)		91				91				92				54				—
Operating Revenues:
Time charter	$	27,047			$	20,555			$	21,791			$	22,528			$	24,414
Other marine services		1,028				169				189				1,943				225
		28,075				20,724				21,980				24,471				24,639
Direct Costs and Expenses:
Operating:
Personnel		4,969				5,181				6,007				5,089				4,833
Repairs and maintenance		3,161				3,209				2,807				2,214				2,050
Drydocking		1,226				2,032				1,298				320				144
Insurance and loss reserves		819				334				416				573				420
Fuel, lubes and supplies		1,170				1,287				623				2,573				1,419
Other		2,801				2,199				2,267				2,448				2,608
		14,146				14,242				13,418				13,217				11,474
Direct Vessel Profit(1)	$	13,929			$	6,482			$	8,562			$	11,254			$	13,165
Other Costs and Expenses:
Lease expense	$	172			$	178			$	289			$	372			$	408
Depreciation and amortization		4,565				3,915				3,747				3,821				3,853

  ________________________

(1)	See full description of footnote above.
(2)	Includes one liftboat cold-stacked in this region as of June 30, 2024.
(3)	Includes one AHTS cold-stacked in this region that is classified as held for sale as of June 30, 2024.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
	Three Months Ended
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Middle East and Asia
Time Charter Statistics:
Average rates per day worked	$	17,083			$	16,934			$	17,590			$	16,313			$	13,245
Fleet utilization		82	%			71	%			69	%			67	%			86	%
Fleet available days		1,296				1,365				1,461				1,472				1,456
Out-of-service days for repairs, maintenance and drydockings		168				224				360				297				58
Operating Revenues:
Time charter	$	18,073			$	16,477			$	17,729			$	16,087			$	16,563
Other marine services		619				350				539				267				3,512
		18,692				16,827				18,268				16,354				20,075
Direct Costs and Expenses:
Operating:
Personnel		6,930				5,963				5,522				5,157				5,266
Repairs and maintenance		3,443				2,712				2,590				2,623				1,219
Drydocking		707				1,483				624				1,056				(684	)
Insurance and loss reserves		798				618				1,022				711				720
Fuel, lubes and supplies		1,103				1,198				1,242				743				425
Other		989				1,000				1,133				943				389
		13,970				12,974				12,133				11,233				7,335
Direct Vessel Profit(1)	$	4,722			$	3,853			$	6,135			$	5,121			$	12,740
Other Costs and Expenses:
Lease expense	$	71			$	85			$	158			$	59			$	67
Depreciation and amortization		3,247				3,496				3,643				3,721				3,708
Latin America
Time Charter Statistics:
Average rates per day worked	$	22,437			$	28,308			$	20,745			$	20,656			$	18,846
Fleet utilization		71	%			58	%			84	%			87	%			88	%
Fleet available days(2)		808				938				809				766				831
Out-of-service days for repairs, maintenance and drydockings		41				1				—				67				79
Operating Revenues:
Time charter	$	12,832			$	15,274			$	14,049			$	13,817			$	13,706
Bareboat charter		364				364				368				368				364
Other marine services		1,727				1,598				143				176				410
		14,923				17,236				14,560				14,361				14,480
Direct Costs and Expenses:
Operating:
Personnel		3,383				4,745				3,645				2,985				3,888
Repairs and maintenance		1,761				2,438				1,388				1,021				951
Drydocking		1,707				1,223				336				(70	)			1,290
Insurance and loss reserves		539				390				209				217				168
Fuel, lubes and supplies		827				1,371				786				773				870
Other		419				671				522				367				366
		8,636				10,838				6,886				5,293				7,533
Direct Vessel Profit(1)	$	6,287			$	6,398			$	7,674			$	9,068			$	6,947
Other Costs and Expenses:
Lease expense	$	102			$	80			$	91			$	104			$	80
Depreciation and amortization		1,933				2,721				2,153				2,110				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
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
AHTS
Time Charter Statistics:
Average rates per day worked	$	8,125			$	8,538			$	8,937			$	9,947			$	8,916
Fleet utilization		49	%			75	%			64	%			50	%			85	%
Fleet available days		364				364				368				368				364
Out-of-service days for repairs, maintenance and drydockings		29				—				41				111				13
Out-of-service days for cold-stacked status		91				91				92				54				—
Operating Revenues:
Time charter	$	1,459			$	2,331			$	2,102			$	1,831			$	2,762
Other marine services		219				—				6				930				—
		1,678				2,331				2,108				2,761				2,762
Direct Costs and Expenses:
Operating:
Personnel	$	1,045			$	1,064			$	944			$	1,019			$	1,069
Repairs and maintenance		465				220				612				484				186
Drydocking		280				68				58				747				131
Insurance and loss reserves		97				43				73				88				78
Fuel, lubes and supplies		69				616				375				428				192
Other		230				287				295				378				329
		2,186				2,298				2,357				3,144				1,985
Other Costs and Expenses:
Lease expense	$	164			$	171			$	253			$	331			$	332
Depreciation and amortization		175				175				175				249				298
FSV
Time Charter Statistics:
Average rates per day worked	$	12,978			$	11,834			$	11,841			$	11,441			$	11,314
Fleet utilization		80	%			72	%			74	%			79	%			92	%
Fleet available days		2,002				2,002				2,105				2,116				2,093
Out-of-service days for repairs, maintenance and drydockings		128				216				337				227				86
Out-of-service days for cold-stacked status		36				91				92				69				82
Operating Revenues:
Time charter	$	20,698			$	17,081			$	18,502			$	19,135			$	21,747
Other marine services		516				126				163				652				71
		21,214				17,207				18,665				19,787				21,818
Direct Costs and Expenses:
Operating:
Personnel	$	5,829			$	5,649			$	5,320			$	5,144			$	5,083
Repairs and maintenance		4,572				3,093				2,691				2,787				1,134
Drydocking		457				1,869				1,710				870				1,342
Insurance and loss reserves		546				277				507				185				337
Fuel, lubes and supplies		993				1,051				1,441				1,501				1,108
Other		1,850				1,649				1,632				1,552				1,536
		14,247				13,588				13,301				12,039				10,540
Other Costs and Expenses:
Depreciation and amortization	$	4,746			$	4,744			$	4,879			$	5,002			$	4,952

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
	Three Months Ended
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
PSV
Time Charter Statistics:
Average rates per day worked	$	20,952			$	19,133			$	19,778			$	19,528			$	17,545
Fleet utilization		66	%			53	%			77	%			78	%			80	%
Fleet available days (1)		1,900				1,911				1,902				1,870				1,820
Out-of-service days for repairs, maintenance and drydockings		291				307				109				110				92
Operating Revenues:
Time charter	$	26,390			$	19,390			$	29,140			$	28,580			$	25,458
Bareboat charter		364				364				368				368				364
Other marine services		2,266				416				595				696				584
		29,020				20,170				30,103				29,644				26,406
Direct Costs and Expenses:
Operating:
Personnel	$	8,979			$	8,850			$	9,017			$	8,793			$	8,738
Repairs and maintenance		3,151				4,393				3,520				2,504				2,998
Drydocking		2,616				3,386				472				232				12
Insurance and loss reserves		1,037				395				690				682				421
Fuel, lubes and supplies		1,575				1,889				1,027				2,352				2,124
Other		1,850				1,395				1,922				1,761				1,405
		19,208				20,308				16,648				16,324				15,698
Other Costs and Expenses:
Lease expense	$	3			$	—			$	—			$	—			$	—
Depreciation and amortization		4,128				4,073				4,073				4,073				4,072

________________________

(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
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Liftboats
Time Charter Statistics:
Average rates per day worked	$	43,204			$	53,506			$	40,181			$	39,419			$	35,623
Fleet utilization		54	%			53	%			52	%			59	%			37	%
Fleet available days		728				728				795				828				819
Out-of-service days for repairs, maintenance and drydockings		143				78				60				111				233
Out-of-service days for cold-stacked status		91				91				162				137				91
Operating Revenues:
Time charter	$	17,102			$	20,461			$	16,754			$	19,122			$	10,837
Other marine services		666				1,772				4,666				4,710				5,495
		17,768				22,233				21,420				23,832				16,332
Direct Costs and Expenses:
Operating:
Personnel	$	6,842			$	6,140			$	5,316			$	4,983			$	5,065
Repairs and maintenance		2,054				2,035				769				1,643				1,472
Drydocking		2,857				1,383				321				(81	)			849
Insurance and loss reserves		1,482				1,282				1,554				1,148				1,418
Fuel, lubes and supplies		1,329				967				838				766				219
Other		519				343				531				445				441
		15,083				12,150				9,329				8,904				9,464
Other Costs and Expenses:
Depreciation and amortization		3,865				3,866				3,867				4,099				4,215
Other Activity
Operating Revenues:
Other marine services	$	187			$	829			$	787			$	876			$	1,001
		187				829				787				876				1,001
Direct Costs and Expenses:
Operating:
Personnel	$	(1,129	)		$	(33	)		$	1,483			$	4			$	(11	)
Repairs and maintenance		2				22				12				—				3
Drydocking		—				—				—				—				(78	)
Insurance and loss reserves		(63	)			(259	)			120				(270	)			136
Fuel, lubes and supplies		—				—				2				—				(5	)
Other		(14	)			25				17				(3	)			(2	)
		(1,204	)			(245	)			1,634				(269	)			43
Other Costs and Expenses:
Lease expense	$	319			$	310			$	426			$	320			$	366
Depreciation and amortization		25				24				28				39				38

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
ASSETS
Current Assets:
Cash and cash equivalents	$	40,605			$	59,593			$	67,455			$	55,840			$	40,750
Restricted cash		2,255				2,566				16,676				2,796				2,796
Receivables:
Trade, net of allowance for credit loss		70,770				58,272				63,728				63,246				60,022
Other		6,210				12,210				11,049				8,662				12,032
Note receivable		—				—				—				—				5,000
Tax receivable		983				983				983				445				445
Inventories		3,117				2,516				1,609				1,738				1,653
Prepaid expenses and other		5,659				3,425				2,686				2,957				3,112
Assets held for sale		500				500				500				6,093				—
Total current assets		130,099				140,065				164,686				141,777				125,810
Property and Equipment:
Historical cost		921,443				919,139				918,823				936,520				966,338
Accumulated depreciation		(349,799	)			(337,001	)			(324,141	)			(318,549	)			(334,678	)
		571,644				582,138				594,682				617,971				631,660
Construction in progress		11,518				13,410				10,362				9,413				8,876
Net property and equipment		583,162				595,548				605,044				627,384				640,536
Right-of-use asset - operating leases		3,683				3,988				4,291				4,907				5,703
Right-of-use asset - finance leases		28				29				37				45				6,495
Investments, at equity, and advances to 50% or less owned companies		2,641				3,122				4,125				3,857				3,253
Other assets		1,953				2,094				2,153				2,095				2,139
Total assets	$	721,566			$	744,846			$	780,336			$	780,065			$	783,936
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	861			$	1,285			$	1,591			$	1,856			$	1,792
Current portion of finance lease liabilities		26				33				35				35				611
Current portion of long-term debt		28,605				28,605				28,365				28,005				63,959
Accounts payable		17,790				23,453				27,562				32,468				39,013
Other current liabilities		23,795				21,067				19,533				21,340				21,027
Total current liabilities		71,077				74,443				77,086				83,704				126,402
Long-term operating lease liabilities		3,276				3,390				3,529				3,571				4,030
Long-term finance lease liabilities		5				—				6				15				6,462
Long-term debt		277,740				281,989				287,544				291,843				243,960
Deferred income taxes		30,083				33,873				35,718				33,078				34,038
Deferred gains and other liabilities		1,447				2,285				2,229				2,217				2,189
Total liabilities		383,628				395,980				406,112				414,428				417,081
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		286				286				280				280				280
Additional paid-in capital		476,020				474,433				472,692				471,158				469,618
Accumulated deficit		(138,028	)			(125,609	)			(102,425	)			(108,154	)			(107,271	)
Shares held in treasury		(8,110	)			(8,071	)			(4,221	)			(4,221	)			(4,221	)
Accumulated other comprehensive income, net of tax		7,449				7,506				7,577				6,253				8,128
		337,617				348,545				373,903				365,316				366,534
Noncontrolling interests in subsidiaries		321				321				321				321				321
Total equity		337,938				348,866				374,224				365,637				366,855
Total liabilities and equity	$	721,566			$	744,846			$	780,336			$	780,065			$	783,936

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
					Three Months Ended
	Jun. 30, 2024				Mar. 31, 2024				Dec. 31, 2023				Sep. 30, 2023				Jun. 30, 2023
Cash Flows from Operating Activities:
Net (Loss) Income	$	(12,483	)		$	(23,069	)		$	5,729			$	(883	)		$	(4,571	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		12,939				12,882				13,022				13,462				13,575
Deferred financing costs amortization		297				295				279				459				423
Stock-based compensation expense		1,587				1,645				1,510				1,540				1,723
Debt discount amortization		1,993				1,926				1,862				1,714				1,627
Allowance for credit losses		39				3				266				594				2,763
(Gain) loss from equipment sales, retirements or impairments		(37	)			1				(18,057	)			512				(265	)
Losses on debt extinguishment		—				—				—				177				—
Derivative (gains) losses		(104	)			543				(608	)			—				—
Interest on finance lease		1				—				1				59				70
Settlements on derivative transactions, net		—				164				—				197				226
Currency losses (gains)		560				80				1,276				(571	)			603
Deferred income taxes		(3,790	)			(1,845	)			2,640				(960	)			(5,082	)
Equity (earnings) losses		(966	)			1,100				(374	)			(2,273	)			(373	)
Dividends received from equity investees		1,418				—				166				1,031				1,044
Changes in Operating Assets and Liabilities:
Accounts receivables		(6,928	)			4,291				(3,472	)			(747	)			(3,139	)
Other assets		(2,395	)			(1,290	)			733				493				1,017
Accounts payable and accrued liabilities		(4,378	)			(3,895	)			(6,456	)			(7,705	)			(5,758	)
Net cash (used in) provided by operating activities		(12,247	)			(7,169	)			(1,483	)			7,099				3,883
Cash Flows from Investing Activities:
Purchases of property and equipment		(658	)			(3,416	)			(3,644	)			(6,455	)			(35	)
Proceeds from disposition of property and equipment		86				—				36,692				—				427
Net investing activities in property and equipment		(572	)			(3,416	)			33,048				(6,455	)			392
Principal payments on notes due from others		—				—				—				5,000				5,000
Net cash (used in) provided by investing activities		(572	)			(3,416	)			33,048				(1,455	)			5,392
Cash Flows from Financing Activities:
Payments on long-term debt		(6,533	)			(7,530	)			(6,173	)			(4,901	)			(9,483	)
Payments on debt extinguishment		—				—				—				(104,832	)			(26,772	)
Payments on debt extinguishment cost		—				—				—				(1,827	)			—
Proceeds from issuance of long-term debt, net of issue costs		—				—				87				121,207				27,181
Payments on finance leases		(9	)			(9	)			(9	)			(204	)			(204	)
Proceeds from issuance of common stock, net of issue costs		—				—				24				—				—
Proceeds from exercise of stock options		102				—				—				—				—
Tax withholdings on restricted stock vesting		(39	)			(3,850	)			—				—				(102	)
Net cash (used in) provided by financing activities		(6,479	)			(11,389	)			(6,071	)			9,443				(9,380	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(1	)			2				1				3				(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		(19,299	)			(21,972	)			25,495				15,090				(106	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		62,159				84,131				58,636				43,546				43,652
Cash, Restricted Cash and Cash Equivalents, End of Period	$	42,860			$	62,159			$	84,131			$	58,636			$	43,546

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
		Owned				Leased-in				Managed				Total
June 30, 2024
AHTS			3				1				—				4
FSV			22				—				1				23
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				1				56
December 31, 2023
AHTS			3				1				—				4
FSV			22				—				3				25
PSV			21				—				—				21
Liftboats			8				—				—				8
			54				1				3				58

FAQ

What were SEACOR Marine's (SMHI) Q2 2024 financial results?

SEACOR Marine reported Q2 2024 consolidated operating revenues of $69.9 million, an operating loss of $3.9 million, and a net loss of $12.5 million ($0.45 loss per share).

How did SMHI's average day rates and utilization change in Q2 2024?

SMHI's average day rates increased by 25.5% year-over-year to $19,141. Utilization decreased to 69% from 78% in Q2 2023 but improved from 62% in Q1 2024.

What is SEACOR Marine's (SMHI) contracted revenue backlog as of Q2 2024?

SEACOR Marine reported a contracted revenue backlog of $403.9 million, including options, with an average contract duration of approximately one year.

How is SEACOR Marine (SMHI) investing in its fleet technology?

SEACOR Marine plans to install hybrid battery systems on four of its platform supply vessels over the next 12 months, enhancing its fleet's technological capabilities.