STOCK TITAN

SEACOR Marine Announces Third Quarter 2024 Results

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags

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 (NYSE: SMHI) ha riportato i risultati del terzo trimestre 2024 con ricavi operativi di 68,9 milioni di dollari, che rappresentano una diminuzione del 10,4% rispetto al terzo trimestre 2023. L'azienda ha registrato una perdita operativa di 6,5 milioni di dollari e una perdita netta di 16,3 milioni di dollari (perdita di $0,59 per azione). Tra i dati chiave figurano le tariffe medie giornaliere di $18,879 (aumento del 4,6% su base annua), un tasso di utilizzo del 67% (in calo dal 73% nel terzo trimestre 2023) e un Profitto Diretto della Nave (DVP) di 16,0 milioni di dollari con un margine del 23,2%. Il trimestre è stato influenzato da un pesante programma di manutenzione, una domanda più debole in mercati chiave e un aumento delle spese operative, con i costi di equipaggio in aumento del 9,9% e i costi di manutenzione in crescita del 30,0% su base annua.

SEACOR Marine Holdings (NYSE: SMHI) informó los resultados del tercer trimestre de 2024 con ingresos operativos de 68.9 millones de dólares, lo que representa una disminución del 10.4% en comparación con el tercer trimestre de 2023. La compañía reportó una pérdida operativa de 6.5 millones de dólares y una pérdida neta de 16.3 millones de dólares (pérdida de $0.59 por acción). Las métricas clave incluyen tarifas diarias promedio de $18,879 (aumento del 4.6% interanual), 67% de utilización (bajo del 73% en el tercer trimestre de 2023) y una Ganancia Directa por Embarcación (DVP) de $16.0 millones con un margen del 23.2%. El trimestre se vio afectado por un intenso programa de mantenimiento, una demanda más suave en mercados clave y un aumento en los gastos operativos, con costos de tripulación en aumento del 9.9% y costos de mantenimiento en incremento del 30.0% interanual.

SEACOR Marine Holdings (NYSE: SMHI)은 2024년 3분기 결과를 보고하며 운영 수익이 6,890만 달러로 2023년 3분기 대비 10.4% 감소했다고 발표했습니다. 회사는 650만 달러의 운영 손실과 1,630만 달러의 순손실을 기록했습니다 ($0.59 주당 손실). 주요 지표로는 평균 일일 요금이 $18,879(전년 대비 4.6% 증가), 67%의 활용률(2023년 3분기 73%에서 감소), 그리고 1600만 달러의 직선 선박 이익(DVP)과 23.2%의 마진이 포함됩니다. 이번 분기는 잦은 유지 보수 일정, 주요 시장에서의 수요 감소, 그리고 운영 비용 증가의 영향을 받았으며, 승무원 비용이 9.9% 증가하고 유지 보수 비용이 전년 대비 30.0% 상승했습니다.

SEACOR Marine Holdings (NYSE: SMHI) a publié les résultats du 3ème trimestre 2024, avec des revenus opérationnels de 68,9 millions de dollars, représentant une baisse de 10,4% par rapport au 3ème trimestre 2023. L'entreprise a affiché une perte opérationnelle de 6,5 millions de dollars et une perte nette de 16,3 millions de dollars (perte de $0,59 par action). Les indicateurs clés comprennent des tarifs journaliers moyens de 18 879 $ (augmentation de 4,6% d'une année sur l'autre), un taux d'utilisation de 67% (en baisse par rapport à 73% au 3ème trimestre 2023), et un bénéfice net de navire (DVP) de 16,0 millions de dollars avec une marge de 23,2%. Le trimestre a été impacté par un programme de maintenance lourd, une demande plus faible sur les marchés clés et une augmentation des frais d'exploitation, les coûts d'équipage ayant augmenté de 9,9% et les coûts de maintenance ayant augmenté de 30,0% d'une année sur l'autre.

SEACOR Marine Holdings (NYSE: SMHI) hat die Ergebnisse für das 3. Quartal 2024 bekannt gegeben, mit Betriebseinnahmen von 68,9 Millionen Dollar, was einen Rückgang von 10,4% im Vergleich zum 3. Quartal 2023 darstellt. Das Unternehmen meldete einen Betriebsverlust von 6,5 Millionen Dollar und einen Nettoverlust von 16,3 Millionen Dollar (Verlust von $0,59 pro Aktie). Wichtige Kennzahlen umfassen durchschnittliche Tagesraten von $18,879 (4,6% Anstieg im Jahresvergleich), eine Auslastung von 67% (ein Rückgang von 73% im 3. Quartal 2023) und einen Direct Vessel Profit (DVP) von $16,0 Millionen bei einer Marge von 23,2%. Das Quartal wurde von einem hohen Wartungsaufwand, einer schwächeren Nachfrage in wichtigen Märkten und erhöhten Betriebskosten beeinflusst, bei denen die Crewkosten um 9,9% und die Wartungskosten im Jahresvergleich um 30,0% gestiegen sind.

Positive
  • Average day rates increased 4.6% YoY to $18,879
  • Contracted revenue backlog, including options, exceeds $360.0 million
Negative
  • Operating revenues decreased 10.4% YoY to $68.9 million
  • Net loss widened to $16.3 million from $0.9 million in Q3 2023
  • Utilization dropped to 67% from 73% YoY
  • DVP margin decreased to 23.2% from 47.8% YoY
  • Operating expenses increased with 9.9% higher crewing costs and 30.0% higher maintenance costs
  • Operating loss of $6.5 million compared to operating income of $9.8 million in Q3 2023

Insights

The Q3 2024 results reveal significant operational challenges for SEACOR Marine. Key concerns include a 10.4% year-over-year revenue decline to $68.9 million, alongside a substantial drop in DVP margin from 47.8% to 23.2%. The net loss widened to $16.3 million, compared to a $0.9 million loss in Q3 2023.

Several operational metrics deteriorated: utilization dropped to 67% from 73% year-over-year, while operating costs increased substantially with 9.9% higher crewing costs and 30% higher maintenance expenses. The $360 million contract backlog provides some stability, but ongoing shipyard delays and vendor capacity constraints continue to pressure margins.

The offshore energy services sector faces mixed dynamics. While SEACOR maintains a modern, fuel-efficient fleet positioning it well for future opportunities, current market conditions present challenges. The volatile commodity prices in 2024 have impacted demand, particularly in key markets like the U.S. Gulf of Mexico and North Sea. However, emerging opportunities in decommissioning work for 2025-2026 and increased charter inquiries suggest potential medium-term recovery.

The industry-wide challenges with shipyard capacity and skilled labor shortages are creating operational inefficiencies, affecting not just SEACOR but the entire sector. These structural issues may continue to pressure margins until supply chain constraints ease.

HOUSTON, Oct. 30, 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 third quarter ended September 30, 2024.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2024 were $68.9 million, operating loss was $6.5 million, and direct vessel profit (“DVP”)(1) was $16.0 million. This compares to consolidated operating revenues of $76.9 million, operating income of $9.8 million, and DVP of $36.8 million in the third quarter of 2023, and consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024.

Notable third quarter items include:

  • 10.4% decrease in revenues from the third quarter of 2023 and a 1.4% decrease from the second quarter of 2024.
  • Average day rates of $18,879, a 4.6% increase from the third quarter of 2023, and a 1.4% decrease from the second quarter of 2024.
  • 67% utilization, a decrease from 73% in the third quarter of 2023 and a decrease from 69% in the second quarter of 2024.
  • DVP margin of 23.2%, a decrease from 47.8% in the third quarter of 2023 and a decrease from 29.1% in the second quarter of 2024, due in part to $8.3 million of drydocking and major repairs during the quarter compared to $2.0 million in the third quarter of 2023 and $8.5 million in the second quarter of 2024, all of which are expensed as incurred.

For the third quarter of 2024, net loss was $16.3 million ($0.59 loss per basic and diluted share). This compares to a net loss for the third quarter of 2023 of $0.9 million ($0.03 loss per basic and diluted share). Sequentially, the third quarter 2024 results compare to a net loss of $12.5 million ($0.45 earnings per basic and diluted share) in the second quarter of 2024.

Chief Executive Officer John Gellert commented:

“The third quarter results reflect overall lower utilization driven by our heavy 2024 maintenance schedule and softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets. While we made progress in remarketing and repositioning our available tonnage, these efforts reduced the utilization of these vessels during the quarter. Our utilization figures were also affected by continuing work on drydockings and major repairs, some of which experienced additional delays as a result of ongoing shipyard and vendor capacity issues. We continue to see challenges as shipyards and other vendors expand their support teams, expertise and production capacity to respond to demand growth. In addition to lower utilization, these results also reflect higher operating expenses, driven mostly by 9.9% higher crewing costs and 30.0% higher maintenance costs relative to the year to date third quarter of 2023, both of which we attribute primarily to increased industry demand and vendor capacity constraints. Nevertheless, our average day rates held steady and we continued to add charters that will contribute improvements to our utilization, with contracted revenue backlog, including options, in excess of $360.0 million.

In the near term, one of our premium liftboats located in the U.S. Gulf of Mexico will return to work in early November after being in the shipyard for maintenance since April. We are also seeing a stronger volume of inquiries for decommissioning work for our liftboats in the 2025-2026 timeframe, which is coming from both the U.S. Gulf of Mexico as well as international markets. We own one of the youngest and most fuel efficient and versatile fleets of offshore vessels in the world. Although demand for our services remains highly correlated to the underlying commodity prices, which have been very volatile during 2024, we are well positioned to capture attractive opportunities servicing offshore energy.”
___________________

(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 September 30,  Nine months ended September 30, 
  2024  2023  2024  2023 
Operating Revenues $68,916  $76,900  $201,553  $206,428 
Costs and Expenses:            
Operating  52,907   40,142   150,526   116,381 
Administrative and general  11,019   12,300   33,825   37,636 
Lease expense  364   651   1,331   2,069 
Depreciation and amortization  12,928   13,462   38,749   40,799 
   77,218   66,555   224,431   196,885 
Gains (Losses) on Asset Dispositions and Impairments, Net  1,821   (512)  1,857   3,352 
Operating (Loss) Income  (6,481)  9,833   (21,021)  12,895 
Other Income (Expense):            
Interest income  358   340   1,396   1,222 
Interest expense  (10,127)  (9,536)  (30,626)  (27,060)
Loss on debt extinguishment     (2,004)     (2,004)
Derivative gains (losses), net  67      (372)   
Foreign currency (losses) gains, net  (1,717)  571   (2,357)  (857)
Other, net  29      (66)   
   (11,390)  (10,629)  (32,025)  (28,699)
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies  (17,871)  (796)  (53,046)  (15,804)
Income Tax (Benefit) Expense  (513)  2,360   (270)  2,421 
Loss Before Equity in Earnings of 50% or Less Owned Companies  (17,358)  (3,156)  (52,776)  (18,225)
Equity in Earnings of 50% or Less Owned Companies  1,012   2,273   878   3,182 
Net Loss $(16,346) $(883) $(51,898) $(15,043)
             
Net Loss Per Share:            
Basic $(0.59) $(0.03) $(1.88) $(0.56)
Diluted $(0.59) $(0.03) $(1.88) $(0.56)
Weighted Average Common Stock and Warrants Outstanding:            
Basic  27,772,733   27,181,754   27,615,699   27,048,656 
Diluted  27,772,733   27,181,754   27,615,699   27,048,656 


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

     Three Months Ended
  Sep. 30,
2024
  Jun. 30,
2024
  Mar. 31,
2024
  Dec. 31,
2023
  Sep. 30,
2023
  
Time Charter Statistics:                
Average Rates Per Day $18,879  $19,141  $19,042  $18,031  $18,046  
Fleet Utilization  67%  69%  62%  71%  73% 
Fleet Available Days(2)  5,026   4,994   5,005   5,170   5,182  
Operating Revenues:                
Time charter $63,313  $65,649  $59,263  $66,498  $68,668  
Bareboat charter  372   364   364   368   368  
Other marine services  5,231   3,854   3,143   6,217   7,864  
   68,916   69,867   62,770   73,083   76,900  
Costs and Expenses:                
Operating:                
Personnel  21,940   21,566   21,670   22,080   19,943  
Repairs and maintenance  9,945   10,244   9,763   7,604   7,418  
Drydocking  6,068   6,210   6,706   2,561   1,768  
Insurance and loss reserves  2,584   3,099   1,738   2,944   1,833  
Fuel, lubes and supplies  6,574   3,966   4,523   3,683   5,047  
Other  5,796   4,435   3,699   4,397   4,133  
   52,907   49,520   48,099   43,269   40,142  
Direct Vessel Profit(1)  16,009   20,347   14,671   29,814   36,758  
Other Costs and Expenses:                
Lease expense  364   486   481   679   651  
Administrative and general  11,019   10,889   11,917   11,547   12,300  
Depreciation and amortization  12,928   12,939   12,882   13,022   13,462  
   24,311   24,314   25,280   25,248   26,413  
Gains (Losses) on Asset Dispositions and Impairments, Net  1,821   37   (1)  18,057   (512) 
Operating (Loss) Income  (6,481)  (3,930)  (10,610)  22,623   9,833  
Other Income (Expense):                
Interest income  358   445   593   222   340  
Interest expense  (10,127)  (10,190)  (10,309)  (10,444)  (9,536) 
Derivative gains (losses), net  67   104   (543)  608     
Loss on debt extinguishment              (2,004) 
Foreign currency (losses) gains, net  (1,717)  (560)  (80)  (1,276)  571  
Other, net  29      (95)       
   (11,390)  (10,201)  (10,434)  (10,890)  (10,629) 
(Loss) Income Before Income Tax (Benefit) Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies  (17,871)  (14,131)  (21,044)  11,733   (796) 
Income Tax (Benefit) Expense  (513)  (682)  925   6,378   2,360  
(Loss) Income Before Equity in Earnings (Losses) of 50% or Less Owned Companies  (17,358)  (13,449)  (21,969)  5,355   (3,156) 
Equity in Earnings (Losses) of 50% or Less Owned Companies  1,012   966   (1,100)  374   2,273  
Net (Loss) Income $(16,346) $(12,483) $(23,069) $5,729  $(883) 
                 
Net (Loss) Earnings Per Share:                
Basic $(0.59) $(0.45) $(0.84) $0.21  $(0.03) 
Diluted $(0.59) $(0.45) $(0.84) $0.20  $(0.03) 
Weighted Average Common Stock and Warrants Outstanding:                
Basic  27,773   27,729   27,344   27,182   27,182  
Diluted  27,773   27,729   27,344   28,401   27,182  
Common Shares and Warrants Outstanding at Period End  28,950   28,941   28,906   28,489   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
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  
United States, primarily Gulf of Mexico                
Time Charter Statistics:                
Average rates per day worked $17,188  $22,356  $28,156  $22,584  $23,663  
Fleet utilization  42%  37%  27%  50%  57% 
Fleet available days  920   921   927   1,152   1,196  
Out-of-service days for repairs, maintenance and drydockings  116   179   137   61   151  
Out-of-service days for cold-stacked status(2)  175   127   182   254   206  
Operating Revenues:                
Time charter $6,593  $7,697  $6,957  $12,929  $16,236  
Other marine services  1,188   480   1,026   5,346   5,478  
   7,781   8,177   7,983   18,275   21,714  
Direct Costs and Expenses:                
Operating:                
Personnel  6,297   6,284   5,781   6,906   6,712  
Repairs and maintenance  1,655   1,879   1,404   819   1,560  
Drydocking  2,615   2,570   1,968   303   462  
Insurance and loss reserves  799   943   396   1,297   332  
Fuel, lubes and supplies  964   866   667   1,032   958  
Other  225   226   (171)  475   375  
   12,555   12,768   10,045   10,832   10,399  
Direct Vessel (Loss) Profit(1) $(4,774) $(4,591) $(2,062) $7,443  $11,315  
Other Costs and Expenses:                
Lease expense $140  $141  $138  $141  $116  
Depreciation and amortization  3,194   3,194   2,750   3,479   3,810  
                 
Africa and Europe                
Time Charter Statistics:                
Average rates per day worked $18,875  $18,580  $15,197  $15,233  $15,388  
Fleet utilization  77%  74%  76%  82%  84% 
Fleet available days  1,990   1,969   1,775   1,748   1,748  
Out-of-service days for repairs, maintenance and drydockings  203   203   238   124   111  
Out-of-service days for cold-stacked status  58   91   91   92   54  
Operating Revenues:                
Time charter $28,809  $27,047  $20,555  $21,791  $22,528  
Other marine services  3,048   1,028   169   189   1,943  
   31,857   28,075   20,724   21,980   24,471  
Direct Costs and Expenses:                
Operating:                
Personnel  6,083   4,969   5,181   6,007   5,089  
Repairs and maintenance  3,455   3,161   3,209   2,807   2,214  
Drydocking  681   1,226   2,032   1,298   320  
Insurance and loss reserves  599   819   334   416   573  
Fuel, lubes and supplies  2,514   1,170   1,287   623   2,573  
Other  3,975   2,801   2,199   2,267   2,448  
   17,307   14,146   14,242   13,418   13,217  
Direct Vessel Profit(1) $14,550  $13,929  $6,482  $8,562  $11,254  
Other Costs and Expenses:                
Lease expense $75  $172  $178  $289  $372  
Depreciation and amortization  4,540   4,565   3,915   3,747   3,821  

  ____________________
(1) See full description of footnote above.
(2) Includes one liftboat and one FSV cold-stacked in this region as of September 30, 2024.


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

 
  Three Months Ended 
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023 
Middle East and Asia               
Time Charter Statistics:               
Average rates per day worked $17,825  $17,083  $16,934  $17,590  $16,313 
Fleet utilization  71%  82%  71%  69%  67%
Fleet available days  1,288   1,296   1,365   1,461   1,472 
Out-of-service days for repairs, maintenance and drydockings  229   168   224   360   297 
Operating Revenues:               
Time charter $16,411  $18,073  $16,477  $17,729  $16,087 
Other marine services  375   619   350   539   267 
   16,786   18,692   16,827   18,268   16,354 
Direct Costs and Expenses:               
Operating:               
Personnel  5,769   6,930   5,963   5,522   5,157 
Repairs and maintenance  3,318   3,443   2,712   2,590   2,623 
Drydocking  832   707   1,483   624   1,056 
Insurance and loss reserves  927   798   618   1,022   711 
Fuel, lubes and supplies  1,043   1,103   1,198   1,242   743 
Other  1,131   989   1,000   1,133   943 
   13,020   13,970   12,974   12,133   11,233 
Direct Vessel Profit(1) $3,766  $4,722  $3,853  $6,135  $5,121 
Other Costs and Expenses:               
Lease expense $73  $71  $85  $158  $59 
Depreciation and amortization  3,261   3,247   3,496   3,643   3,721 
                
Latin America               
Time Charter Statistics:               
Average rates per day worked $21,984  $22,437  $28,308  $20,745  $20,656 
Fleet utilization  63%  71%  58%  84%  87%
Fleet available days(2)  828   808   938   809   766 
Out-of-service days for repairs, maintenance and drydockings  94   41   1      67 
Operating Revenues:               
Time charter $11,500  $12,832  $15,274  $14,049  $13,817 
Bareboat charter  372   364   364   368   368 
Other marine services  620   1,727   1,598   143   176 
   12,492   14,923   17,236   14,560   14,361 
Direct Costs and Expenses:               
Operating:               
Personnel  3,791   3,383   4,745   3,645   2,985 
Repairs and maintenance  1,517   1,761   2,438   1,388   1,021 
Drydocking  1,940   1,707   1,223   336   (70)
Insurance and loss reserves  259   539   390   209   217 
Fuel, lubes and supplies  2,053   827   1,371   786   773 
Other  465   419   671   522   367 
   10,025   8,636   10,838   6,886   5,293 
Direct Vessel Profit(1) $2,467  $6,287  $6,398  $7,674  $9,068 
Other Costs and Expenses:               
Lease expense $76  $102  $80  $91  $104 
Depreciation and amortization  1,933   1,933   2,721   2,153   2,110 

 _______________
(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
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  
AHTS                
Time Charter Statistics:                
Average rates per day worked $10,316  $8,125  $8,538  $8,937  $9,947  
Fleet utilization  46%  49%  75%  64%  50% 
Fleet available days  334   364   364   368   368  
Out-of-service days for repairs, maintenance and drydockings  87   29      41   111  
Out-of-service days for cold-stacked status  58   91   91   92   54  
Operating Revenues:                
Time charter $1,576  $1,459  $2,331  $2,102  $1,831  
Other marine services  13   219      6   930  
   1,589   1,678   2,331   2,108   2,761  
Direct Costs and Expenses:                
Operating:                
Personnel $981  $1,045  $1,064  $944  $1,019  
Repairs and maintenance  239   465   220   612   484  
Drydocking  436   280   68   58   747  
Insurance and loss reserves  66   97   43   73   88  
Fuel, lubes and supplies  90   69   616   375   428  
Other  263   230   287   295   378  
   2,075   2,186   2,298   2,357   3,144  
Other Costs and Expenses:                
Lease expense $4  $164  $171  $253  $331  
Depreciation and amortization  175   175   175   175   249  
                 
FSV                
Time Charter Statistics:                
Average rates per day worked $13,102  $12,978  $11,834  $11,841  $11,441  
Fleet utilization  81%  80%  72%  74%  79% 
Fleet available days  2,024   2,002   2,002   2,105   2,116  
Out-of-service days for repairs, maintenance and drydockings  96   128   216   337   227  
Out-of-service days for cold-stacked status  83   36   91   92   69  
Operating Revenues:                
Time charter $21,606  $20,698  $17,081  $18,502  $19,135  
Other marine services  1,012   516   126   163   652  
   22,618   21,214   17,207   18,665   19,787  
Direct Costs and Expenses:                
Operating:                
Personnel $5,637  $5,829  $5,649  $5,320  $5,144  
Repairs and maintenance  4,378   4,572   3,093   2,691   2,787  
Drydocking  448   457   1,869   1,710   870  
Insurance and loss reserves  532   546   277   507   185  
Fuel, lubes and supplies  1,962   993   1,051   1,441   1,501  
Other  2,238   1,850   1,649   1,632   1,552  
   15,195   14,247   13,588   13,301   12,039  
Other Costs and Expenses:                
Depreciation and amortization $4,744  $4,746  $4,744  $4,879  $5,002  


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

  Three Months Ended
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  
PSV                
Time Charter Statistics:                
Average rates per day worked $21,819  $20,952  $19,133  $19,778  $19,528  
Fleet utilization  58%  66%  53%  77%  78% 
Fleet available days(1)  1,932   1,900   1,911   1,902   1,870  
Out-of-service days for repairs, maintenance and drydockings  349   291   307   109   110  
Operating Revenues:                
Time charter $24,488  $26,390  $19,390  $29,140  $28,580  
Bareboat charter  372   364   364   368   368  
Other marine services  2,855   2,266   416   595   696  
   27,715   29,020   20,170   30,103   29,644  
Direct Costs and Expenses:                
Operating:                
Personnel $9,360  $8,979  $8,850  $9,017  $8,793  
Repairs and maintenance  3,798   3,151   4,393   3,520   2,504  
Drydocking  2,629   2,616   3,386   472   232  
Insurance and loss reserves  636   1,037   395   690   682  
Fuel, lubes and supplies  3,594   1,575   1,889   1,027   2,352  
Other  2,821   1,850   1,395   1,922   1,761  
   22,838   19,208   20,308   16,648   16,324  
Other Costs and Expenses:                
Lease expense $(3) $3  $  $  $  
Depreciation and amortization  4,117   4,128   4,073   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
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023  
Liftboats                
Time Charter Statistics:                
Average rates per day worked $36,423  $43,204  $53,506  $40,181  $39,419  
Fleet utilization  58%  54%  53%  52%  59% 
Fleet available days  736   728   728   795   828  
Out-of-service days for repairs, maintenance and drydockings  109   143   78   60   111  
Out-of-service days for cold-stacked status  92   91   91   162   137  
Operating Revenues:                
Time charter $15,643  $17,102  $20,461  $16,754  $19,122  
Other marine services  1,142   666   1,772   4,666   4,710  
   16,785   17,768   22,233   21,420   23,832  
Direct Costs and Expenses:                
Operating:                
Personnel $5,926  $6,842  $6,140  $5,316  $4,983  
Repairs and maintenance  1,531   2,054   2,035   769   1,643  
Drydocking  2,555   2,857   1,383   321   (81) 
Insurance and loss reserves  1,334   1,482   1,282   1,554   1,148  
Fuel, lubes and supplies  928   1,329   967   838   766  
Other  473   519   343   531   445  
   12,747   15,083   12,150   9,329   8,904  
Other Costs and Expenses:                
Depreciation and amortization  3,866   3,865   3,866   3,867   4,099  
                 
Other Activity                
Operating Revenues:                
Other marine services $209  $187  $829  $787  $876  
   209   187   829   787   876  
Direct Costs and Expenses:                
Operating:                
Personnel $36  $(1,129) $(33) $1,483  $4  
Repairs and maintenance  (1)  2   22   12     
Insurance and loss reserves  16   (63)  (259)  120   (270) 
Fuel, lubes and supplies           2     
Other  1   (14)  25   17   (3) 
   52   (1,204)  (245)  1,634   (269) 
Other Costs and Expenses:                
Lease expense $363  $319  $310  $426  $320  
Depreciation and amortization  26   25   24   28   39  


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

 
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023 
ASSETS               
Current Assets:               
Cash and cash equivalents $35,601  $40,605  $59,593  $67,455  $55,840 
Restricted cash  2,263   2,255   2,566   16,676   2,796 
Receivables:               
Trade, net of allowance for credit loss  76,497   70,770   58,272   63,728   63,246 
Other  7,841   6,210   12,210   11,049   8,662 
Tax receivable  983   983   983   983   445 
Inventories  3,139   3,117   2,516   1,609   1,738 
Prepaid expenses and other  4,840   5,659   3,425   2,686   2,957 
Assets held for sale     500   500   500   6,093 
Total current assets  131,164   130,099   140,065   164,686   141,777 
Property and Equipment:               
Historical cost  921,445   921,443   919,139   918,823   936,520 
Accumulated depreciation  (362,604)  (349,799)  (337,001)  (324,141)  (318,549)
   558,841   571,644   582,138   594,682   617,971 
Construction in progress  11,935   11,518   13,410   10,362   9,413 
Net property and equipment  570,776   583,162   595,548   605,044   627,384 
Right-of-use asset - operating leases  3,575   3,683   3,988   4,291   4,907 
Right-of-use asset - finance leases  19   28   29   37   45 
Investments, at equity, and advances to 50% or less owned companies  2,046   2,641   3,122   4,125   3,857 
Other assets  1,864   1,953   2,094   2,153   2,095 
Total assets $709,444  $721,566  $744,846  $780,336  $780,065 
LIABILITIES AND EQUITY               
Current Liabilities:               
Current portion of operating lease liabilities $494  $861  $1,285  $1,591  $1,856 
Current portion of finance lease liabilities  17   26   33   35   35 
Current portion of long-term debt  28,605   28,605   28,605   28,365   28,005 
Accounts payable  22,744   17,790   23,453   27,562   32,468 
Other current liabilities  28,808   23,795   21,067   19,533   21,340 
Total current liabilities  80,668   71,077   74,443   77,086   83,704 
Long-term operating lease liabilities  3,221   3,276   3,390   3,529   3,571 
Long-term finance lease liabilities  4   5      6   15 
Long-term debt  272,325   277,740   281,989   287,544   291,843 
Deferred income taxes  26,802   30,083   33,873   35,718   33,078 
Deferred gains and other liabilities  1,416   1,447   2,285   2,229   2,217 
Total liabilities  384,436   383,628   395,980   406,112   414,428 
Equity:               
SEACOR Marine Holdings Inc. stockholders’ equity:               
Common stock  287   286   286   280   280 
Additional paid-in capital  477,661   476,020   474,433   472,692   471,158 
Accumulated deficit  (154,374)  (138,028)  (125,609)  (102,425)  (108,154)
Shares held in treasury  (8,110)  (8,110)  (8,071)  (4,221)  (4,221)
Accumulated other comprehensive income, net of tax  9,223   7,449   7,506   7,577   6,253 
   324,687   337,617   348,545   373,903   365,316 
Noncontrolling interests in subsidiaries  321   321   321   321   321 
Total equity  325,008   337,938   348,866   374,224   365,637 
Total liabilities and equity $709,444  $721,566  $744,846  $780,336  $780,065 


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

     Three Months Ended
  Sep. 30, 2024  Jun. 30, 2024  Mar. 31, 2024  Dec. 31, 2023  Sep. 30, 2023 
Cash Flows from Operating Activities:               
Net (Loss) Income $(16,346) $(12,483) $(23,069) $5,729  $(883)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:               
Depreciation and amortization  12,928   12,939   12,882   13,022   13,462 
Deferred financing costs amortization  298   297   295   279   459 
Stock-based compensation expense  1,604   1,587   1,645   1,510   1,540 
Debt discount amortization  2,061   1,993   1,926   1,862   1,714 
Allowance for credit losses  101   39   3   266   594 
(Gain) loss from equipment sales, retirements or impairments  (1,821)  (37)  1   (18,057)  512 
Losses on debt extinguishment              177 
Derivative (gains) losses  (67)  (104)  543   (608)   
Interest on finance lease     1      1   59 
Settlements on derivative transactions, net        164      197 
Currency losses (gains)  1,717   560   80   1,276   (571)
Deferred income taxes  (3,281)  (3,790)  (1,845)  2,640   (960)
Equity (earnings) losses  (1,012)  (966)  1,100   (374)  (2,273)
Dividends received from equity investees  1,498   1,418      166   1,031 
Changes in Operating Assets and Liabilities:               
Accounts receivables  (7,411)  (6,928)  4,291   (3,472)  (747)
Other assets  1,032   (2,395)  (1,290)  733   493 
Accounts payable and accrued liabilities  9,325   (4,378)  (3,895)  (6,456)  (7,705)
Net cash provided by (used in) operating activities  626   (12,247)  (7,169)  (1,483)  7,099 
Cash Flows from Investing Activities:               
Purchases of property and equipment  (210)  (658)  (3,416)  (3,644)  (6,455)
Proceeds from disposition of property and equipment  2,331   86      36,692    
Net investing activities in property and equipment  2,121   (572)  (3,416)  33,048   (6,455)
Principal payments on notes due from others              5,000 
Net cash provided by (used in) investing activities  2,121   (572)  (3,416)  33,048   (1,455)
Cash Flows from Financing Activities:               
Payments on long-term debt  (7,770)  (6,533)  (7,530)  (6,173)  (4,901)
Payments on debt extinguishment              (104,832)
Payments on debt extinguishment cost              (1,827)
Proceeds from issuance of long-term debt, net of issue costs           87   121,207 
Payments on finance leases  (10)  (9)  (9)  (9)  (204)
Proceeds from issuance of common stock, net of issue costs           24    
Proceeds from exercise of stock options  38   102          
Tax withholdings on restricted stock vesting     (39)  (3,850)      
Net cash (used in) provided by financing activities  (7,742)  (6,479)  (11,389)  (6,071)  9,443 
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents  (1)  (1)  2   1   3 
Net Change in Cash, Restricted Cash and Cash Equivalents  (4,996)  (19,299)  (21,972)  25,495   15,090 
Cash, Restricted Cash and Cash Equivalents, Beginning of Period  42,860   62,159   84,131   58,636   43,546 
Cash, Restricted Cash and Cash Equivalents, End of Period $37,864  $42,860  $62,159  $84,131  $58,636 


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS

 
  Owned  Leased-in  Managed  Total 
September 30, 2024            
AHTS  2   1      3 
FSV  22      1   23 
PSV  21         21 
Liftboats  8         8 
   53   1   1   55 
December 31, 2023            
AHTS  3   1      4 
FSV  22      3   25 
PSV  21         21 
Liftboats  8         8 
   54   1   3   58 

FAQ

What was SEACOR Marine's (SMHI) revenue in Q3 2024?

SEACOR Marine reported operating revenues of $68.9 million in Q3 2024, a 10.4% decrease from Q3 2023.

What was SMHI's net loss per share in Q3 2024?

SEACOR Marine reported a net loss of $0.59 per basic and diluted share in Q3 2024.

What was SEACOR Marine's (SMHI) vessel utilization rate in Q3 2024?

SEACOR Marine's vessel utilization rate was 67% in Q3 2024, down from 73% in Q3 2023.

What is SEACOR Marine's (SMHI) current revenue backlog?

SEACOR Marine reported a contracted revenue backlog, including options, in excess of $360.0 million.

SEACOR Marine Holdings Inc.

NYSE:SMHI

SMHI Rankings

SMHI Latest News

SMHI Stock Data

170.52M
27.64M
12.47%
56.74%
2.11%
Marine Shipping
Deep Sea Foreign Transportation of Freight
Link
United States of America
HOUSTON