Core Viewpoint - SEACOR Marine Holdings Inc. has announced the sale of two liftboats for a total of $76.0 million, which is expected to enhance its financial position and reduce exposure to volatile markets [1][2][3] Group 1: Transaction Details - The company has entered into definitive agreements for the sale of two 335-foot class liftboats to JAD Construction Limited for total gross proceeds of $76.0 million in cash [1] - The estimated gain from this transaction is $30.5 million, with net proceeds being unencumbered [1] - The transaction is expected to close in the third quarter of 2025, pending customary closing conditions and regulatory approvals [1] Group 2: Strategic Implications - This sale is part of the company's strategic shift away from high volatility markets, allowing for capital redeployment into more attractive assets [2] - The proceeds from the sale will enable the company to explore consolidation opportunities and improve its cost structure and balance sheet [2] - The sale reduces the company's exposure to offshore wind and decommissioning markets, which have faced prolonged periods of softer demand [3] Group 3: Operational Impact - The transaction is expected to improve overall fleet utilization and eliminate anticipated costs and downtime associated with repairs scheduled for one of the vessels [3] - The company maintains one of the youngest and highest specification fleets in the industry, positioning it well for future opportunities in dynamic offshore markets [4]

Seacor Marine operates a diverse fleet of offshore support vessels, including platform supply vessels (PSVs), fast support vessels (FSVs), and liftboats. Its vessels are specialized for transporting equipment, supplies, and personnel to offshore energy facilities around the world. The company's core operations span major energy markets, leveraging technological enhancements like hybrid power systems and dynamic positioning technology to serve global oil and gas, as well as renewable energy, customers. In re ...

Group 1 - The focus has shifted towards offshore drilling, supply industry, and shipping, including tankers, containers, and dry bulk [1] - The fuel cell industry is being monitored as it is still in its early stages of development [1] Group 2 - The individual has extensive experience in auditing and trading, having navigated significant market events such as the dotcom bubble and the subprime crisis [2] - The research provided aims to maintain high quality despite language barriers [2]

Company Performance - Seacor Marine reported a quarterly loss of $0.26 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.27, and an improvement from a loss of $0.45 per share a year ago, resulting in an earnings surprise of +3.70% [1] - The company posted revenues of $60.81 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 12.31%, and down from $69.87 million in the same quarter last year [2] - Over the last four quarters, Seacor Marine has surpassed consensus EPS estimates three times, but has only topped consensus revenue estimates once [2] Stock Performance - Seacor Marine shares have declined approximately 18.5% since the beginning of the year, contrasting with the S&P 500's gain of 8.3% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.41 on revenues of $67.17 million, and for the current fiscal year, it is -$1.76 on revenues of $255.97 million [7] Industry Outlook - The Transportation - Shipping industry, to which Seacor Marine belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Seacor Marine's stock performance [5]

Core Viewpoint - SEACOR Marine Holdings Inc. reported its second quarter results for 2025, showing improvements in operating revenues and direct vessel profit compared to the previous year and the first quarter of 2025, despite a net loss for the quarter [2][3]. Financial Performance - Consolidated operating revenues for Q2 2025 were $60.8 million, a decrease of 13.0% from $69.9 million in Q2 2024, but an increase of 9.6% from $55.5 million in Q1 2025 [2][7]. - Operating income was $6.1 million in Q2 2025, compared to an operating loss of $3.9 million in Q2 2024 and an operating loss of $5.3 million in Q1 2025 [2][12]. - Direct vessel profit (DVP) for Q2 2025 was $11.3 million, down from $20.3 million in Q2 2024 and $13.6 million in Q1 2025 [2][12]. Net Loss and Share Performance - The net loss for Q2 2025 was $6.7 million, or $0.26 loss per share, an improvement from a net loss of $12.5 million ($0.45 loss per share) in Q2 2024 and a net loss of $15.5 million ($0.56 loss per share) in Q1 2025 [3][12]. - The company repurchased shares and warrants representing 9.1% of outstanding shares for approximately $12.9 million [7]. Fleet and Market Performance - The PSV fleet achieved a 30.3% DVP margin, with improved average rates and utilization, despite two premium PSVs being out of service for repairs [4]. - In the Middle East, ongoing repairs to a premium liftboat affected results, but market activity remains healthy [5]. - The U.S. market saw improvements driven by higher day rates and utilization for liftboats, although offset by increased drydocking expenses [6]. Future Outlook - The company plans to adapt and reposition into markets with lower volatility and better returns ahead of new PSV deliveries scheduled for late 2026 and early 2027 [8].

[Financial Highlights and CEO Commentary](index=1&type=section&id=Financial%20Highlights%20and%20CEO%20Commentary) [Q2 2025 Overall Performance](index=1&type=section&id=Q2%202025%20Overall%20Performance) SEACOR Marine reported improved Q2 2025 operating income and narrowed net loss, significantly aided by asset sales gains Q2 2025 Key Financial Metrics Comparison | Metric | Q2 2025 ($) | Q2 2024 ($) | Q1 2025 ($) | | :--- | :--- | :--- | :--- | | Operating Revenues | $60.8M | $69.9M | $55.5M | | Operating Income (Loss) | $6.1M | $(3.9)M | $(5.3)M | | Direct Vessel Profit (DVP) | $11.3M | $20.3M | $13.6M | | Net Loss | $(6.7)M | $(12.5)M | $(15.5)M | | Loss Per Share | $(0.26) | $(0.45) | $(0.56) | Q2 2025 Key Operational Metrics | Metric | Q2 2025 | YoY Change | QoQ Change | | :--- | :--- | :--- | :--- | | Average Day Rates ($) | $19,731 | +3.1% | +4.8% | | Fleet Utilization | 68% | -1 ppt | +8 ppts | | DVP Margin | 18.6% | -10.5 ppts | -5.9 ppts | - During Q2 2025, the company sold two Platform Supply Vessels (PSVs) and one Fast Supply Vessel (FSV) for total proceeds of **$33.4 million**, realizing a gain of **$19.1 million**[7](index=7&type=chunk) [CEO Commentary and Strategy](index=1&type=section&id=CEO%20Commentary%20and%20Strategy) CEO commentary highlights asset rotation, fleet repositioning, and capital structure simplification, with a focus on future market adaptation - The company is actively implementing an asset rotation and repositioning strategy to optimize its fleet[4](index=4&type=chunk) - The PSV fleet showed strong improvement in average rates and utilization, with significant contributions from Latin America and West Africa[5](index=5&type=chunk) - Middle East results were negatively impacted by ongoing repairs to a premium liftboat, which is expected back in service in September 2025[6](index=6&type=chunk) - On April 4, 2025, the company repurchased shares and warrants from Carlyle for approximately **$12.9 million**, simplifying the capital structure[9](index=9&type=chunk) - The company plans to redeploy three laid-up FSVs from the U.S. to international markets in Q3 and Q4 2025[8](index=8&type=chunk) [Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) [Statements of Income (Loss)](index=4&type=section&id=Statements%20of%20Income%20%28Loss%29) Q2 2025 saw a reversal to operating income and a narrowed net loss, primarily driven by a significant gain on asset dispositions Condensed Income Statement (Q2 2025 vs. Q2 2024, in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Operating Revenues | $60,810 | $69,867 | | Total Costs and Expenses | $73,906 | $73,834 | | Gains on Asset Dispositions | $19,163 | $37 | | **Operating Income (Loss)** | **$6,067** | **$(3,930)** | | Interest Expense | $(8,844) | $(10,190) | | **Net Loss** | **$(6,727)** | **$(12,483)** | Quarterly Time Charter Statistics | Metric | Q2 2025 | Q1 2025 | Q2 2024 | | :--- | :--- | :--- | :--- | | Average Rates Per Day ($) | $19,731 | $18,825 | $19,141 | | Fleet Utilization | 68% | 60% | 69% | [Balance Sheets](index=11&type=section&id=Balance%20Sheets) As of June 30, 2025, total assets decreased to $680.0 million, with total equity declining to $267.8 million due to accumulated deficit Condensed Balance Sheet (in thousands) | Account | Jun. 30, 2025 | Jun. 30, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $34,381 | $40,605 | | Net property and equipment | $541,915 | $583,162 | | **Total Assets** | **$680,030** | **$721,566** | | Total current liabilities | $81,473 | $71,077 | | Long-term debt | $310,980 | $277,740 | | **Total Liabilities** | **$412,234** | **$383,628** | | **Total Equity** | **$267,796** | **$337,938** | [Statements of Cash Flows](index=12&type=section&id=Statements%20of%20Cash%20Flows) Q2 2025 cash flows showed an operating outflow, significant investing inflow from asset sales, and financing outflow for share repurchases Condensed Statement of Cash Flows (Q2 2025, in thousands) | Cash Flow Category | Amount | | :--- | :--- | | Net cash used in operating activities | $(2,077) | | Net cash provided by investing activities | $21,379 | | Net cash used in financing activities | $(13,175) | | **Net Change in Cash** | **$6,127** | - Cash from investing activities was primarily driven by **$31.6 million** in proceeds from the disposition of property and equipment[36](index=36&type=chunk) - Cash used in financing activities included payments of **$7.1 million** for stock repurchase and **$6.7 million** for warrant repurchase[36](index=36&type=chunk) [Segment and Vessel Performance](index=6&type=section&id=Segment%20and%20Vessel%20Performance) [Performance by Geographic Segment](index=6&type=section&id=Performance%20by%20Geographic%20Segment) Africa & Europe and Latin America segments drove Q2 2025 DVP, while U.S. and Middle East & Asia segments incurred losses due to high costs Direct Vessel Profit (DVP) by Segment - Q2 2025 (in thousands) | Segment | Operating Revenues | Direct Vessel Profit (Loss) | | :--- | :--- | :--- | | United States | $13,380 | $(1,816) | | Africa and Europe | $25,341 | $9,309 | | Middle East and Asia | $12,797 | $(1,290) | | Latin America | $9,292 | $5,114 | - The U.S. segment's loss was driven by high operating costs, including **$3.7 million** in drydocking expenses[20](index=20&type=chunk) - The Middle East & Asia segment's loss was primarily due to a surge in repairs and maintenance costs to **$6.3 million**, up from **$3.4 million** in Q2 2024[23](index=23&type=chunk) [Performance by Vessel Class](index=8&type=section&id=Performance%20by%20Vessel%20Class) PSVs and FSVs were key revenue contributors in Q2 2025, while Liftboats incurred an operating loss due to high repair costs PSV Performance - Q2 2025 | Metric | Value | | :--- | :--- | | Average Rates Per Day ($) | $22,231 | | Fleet Utilization | 68% | | Operating Revenues ($M) | $27.7M | | Direct Operating Costs ($M) | $19.3M | FSV Performance - Q2 2025 | Metric | Value | | :--- | :--- | | Average Rates Per Day ($) | $13,468 | | Fleet Utilization | 67% | | Operating Revenues ($M) | $18.1M | | Direct Operating Costs ($M) | $12.3M | Liftboat Performance - Q2 2025 | Metric | Value | | :--- | :--- | | Average Rates Per Day ($) | $31,904 | | Fleet Utilization | 67% | | Operating Revenues ($M) | $14.9M | | Direct Operating Costs ($M) | $17.5M | [Fleet Information](index=13&type=section&id=Fleet%20Information) [Fleet Count](index=13&type=section&id=Fleet%20Count) The total fleet decreased to 49 vessels by June 30, 2025, reflecting strategic asset sales during the first half of the year Fleet Count Comparison | Vessel Type | June 30, 2025 | Dec. 31, 2024 | | :--- | :--- | :--- | | AHTS | 1 | 2 | | FSV | 22 | 23 | | PSV | 19 | 21 | | Liftboats | 7 | 8 | | **Total** | **49** | **54** |

[Part I. Financial Information](index=3&type=section&id=Part%20I.%20Financial%20Information) [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements) Net loss improved to $22.2 million in H1 2025, driven by a $25.0 million gain on asset dispositions, offsetting lower revenues and negative operating cash flow [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | $34,381 | $59,491 | ($25,110) | | Assets held for sale | $0 | $10,943 | ($10,943) | | Net property and equipment | $541,915 | $544,870 | ($2,955) | | **Total Assets** | **$680,030** | **$727,111** | **($47,081)** | | **Liabilities & Equity** | | | | | Current portion of long-term debt | $30,000 | $27,500 | $2,500 | | Long-term debt | $310,980 | $317,339 | ($6,359) | | **Total Liabilities** | **$412,234** | **$428,789** | **($16,555)** | | **Total Equity** | **$267,796** | **$298,322** | **($30,526)** | [Condensed Consolidated Statements of Income (Loss)](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Loss%29) Income Statement Summary (in thousands, except EPS) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenues | $60,810 | $69,867 | $116,309 | $132,637 | | Gains on Asset Dispositions | $19,163 | $37 | $24,972 | $36 | | Operating Income (Loss) | $6,067 | ($3,930) | $814 | ($14,540) | | Net Loss | ($6,727) | ($12,483) | ($22,216) | ($35,552) | | Net Loss Per Share (Basic) | ($0.26) | ($0.45) | ($0.83) | ($1.29) | - The company shifted from an operating loss to operating income year-over-year for both the three and six-month periods, primarily due to significant gains on asset dispositions totaling **$19.2 million in Q2 2025** and **$25.0 million in H1 2025**[9](index=9&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($13,543) | ($19,416) | | Net cash provided by (used in) investing activities | $9,056 | ($3,988) | | Net cash used in financing activities | ($20,098) | ($17,868) | | **Net Change in Cash** | **($24,585)** | **($41,271)** | - Investing activities provided **$9.1 million** in cash, driven by **$40.1 million** in proceeds from property dispositions, which offset **$31.0 million** in equipment purchases[14](index=14&type=chunk) - Financing activities used **$20.1 million**, including **$12.5 million** in debt payments and **$13.8 million** for stock and warrant repurchases[14](index=14&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - During the first six months of 2025, the company sold one fast support vessel (FSV), two platform supply vessels (PSV), one liftboat, and other equipment for net cash proceeds of **$40.1 million**, recognizing a gain of **$25.0 million**[46](index=46&type=chunk) - On April 4, 2025, the company repurchased **1,355,761 shares** of its common stock and all outstanding warrants from Carlyle-affiliated funds for an aggregate price of approximately **$12.9 million**[61](index=61&type=chunk) - As of June 30, 2025, the company had unfunded capital commitments of **$65.1 million**, primarily for the construction of two PSVs (**$59.3 million**), partially funded by restricted cash and a dedicated credit facility tranche[62](index=62&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Operating revenue decreased by 12.3% in H1 2025, but the company achieved operating income due to a $25.0 million gain on asset sales, while managing liquidity and capital commitments [Recent Developments](index=29&type=section&id=Recent%20Developments) - Completed a Securities Repurchase from Carlyle affiliates for approximately **$12.9 million**, buying back approximately **1.36 million shares** and approximately **1.28 million warrants**, eliminating all outstanding warrants[86](index=86&type=chunk) - Sold two PSVs for **$28.8 million** (gain of **$16.1 million**) and one FSV for **$4.6 million** (gain of **$3.0 million**) in April 2025, with proceeds used for securities repurchase and new vessel construction[87](index=87&type=chunk)[88](index=88&type=chunk) - Entered into a new **$391.0 million** credit facility in November 2024 to refinance existing debt and secure funding for two newbuild PSVs, expected to be delivered in Q4 2026 and Q1 2027[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) [Consolidated Results of Operations](index=32&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated Operations Comparison (in thousands) | Metric | Six Months 2025 | Six Months 2024 | Change | | :--- | :--- | :--- | :--- | | Operating Revenues | $116,309 | $132,637 | -12.3% | | Operating Expenses | $91,421 | $97,619 | -6.3% | | Gains on Asset Dispositions | $24,972 | $36 | +69,267% | | Operating Income (Loss) | $814 | ($14,540) | Improved by $15.4M | | Net Loss | ($22,216) | ($35,552) | Improved by $13.3M | - Overall fleet utilization decreased slightly to **64%** in H1 2025 from **65%** in H1 2024, while average day rates increased to **$19,291** from **$19,094**[95](index=95&type=chunk) [Segment Performance Analysis](index=40&type=section&id=Segment%20Performance%20Analysis) - **United States:** Direct vessel loss narrowed to **($5.7 million)** in H1 2025 from **($6.7 million)** in H1 2024, despite lower utilization (**36% vs 32%**), due to cost control and fleet composition changes[106](index=106&type=chunk)[109](index=109&type=chunk) - **Africa and Europe:** Direct vessel profit decreased to **$15.6 million** in H1 2025 from **$20.4 million** in H1 2024, primarily due to lower utilization and timing of repair expenditures, despite higher average day rates[111](index=111&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk) - **Middle East and Asia:** Direct vessel profit fell to **$3.8 million** in H1 2025 from **$8.6 million** in H1 2024, driven by lower charter revenues from asset dispositions and lower day rates for the core fleet[117](index=117&type=chunk)[120](index=120&type=chunk) - **Latin America:** Direct vessel profit decreased to **$11.2 million** in H1 2025 from **$12.7 million** in H1 2024, as vessel repositioning led to significantly lower revenues, partially offset by higher day rates and utilization for the remaining core fleet[122](index=122&type=chunk)[125](index=125&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2025, the company held **$51.6 million** in cash, cash equivalents, and restricted cash[139](index=139&type=chunk) - The company has unfunded capital commitments of **$65.1 million** as of June 30, 2025, mainly for two new PSVs, with funding sources including restricted cash (**$16.5 million**) and a dedicated credit facility tranche (**$32.8 million** remaining)[139](index=139&type=chunk)[92](index=92&type=chunk) Contractual Long-Term Debt Maturities (in thousands) | Period | Amount | | :--- | :--- | | Remainder 2025 | $15,000 | | 2026 | $30,000 | | 2027 | $30,677 | | 2028 | $30,621 | | 2029 | $239,402 | | **Total** | **$345,700** | [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company states there has been no material change in its exposure to market risk during the six months ended June 30, 2025 - There has been no material change in the Company's exposure to market risk during the six months ended June 30, 2025[149](index=149&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2025 - The company's principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of June 30, 2025[150](index=150&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[152](index=152&type=chunk) [Part II. Other Information](index=53&type=section&id=Part%20II.%20Other%20Information) [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is appealing a Brazilian tax dispute for R$26.7 million (approx. $4.9 million USD), with other litigation not expected to be material - A Brazilian subsidiary is appealing a tax-deficiency notice from 2015 related to contributions from 2011-2012, with a potential levy of **R$26.7 million** (approximately **$4.9 million USD**)[63](index=63&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors from those disclosed in its 2024 Annual Report on Form 10-K - There have been no material changes in the Company's risk factors during the current quarter from those disclosed in the 2024 Annual Report[155](index=155&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales in Q2 2025, but repurchased 2,011 shares from directors for tax withholding - The company did not have any unregistered sales of equity securities in Q2 2025[156](index=156&type=chunk) - During Q2 2025, the company repurchased **2,011 shares** from directors to cover tax withholding obligations on vested restricted stock awards, at an aggregate price of **$11,523**[156](index=156&type=chunk) [Other Items (3, 4, 5, 6)](index=53&type=section&id=Other%20Items%20%283%2C%204%2C%205%2C%206%29) The company reported no defaults on senior securities, no mine safety disclosures, and no new or terminated Rule 10b5-1 trading arrangements - The company reported no defaults upon senior securities (Item 3), no mine safety disclosures (Item 4), and no new or terminated Rule 10b5-1 trading arrangements by executives (Item 5)[157](index=157&type=chunk)[158](index=158&type=chunk)[159](index=159&type=chunk)

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Company Performance - Seacor Marine reported a quarterly loss of $0.56 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.57, and an improvement from a loss of $0.84 per share a year ago, indicating an earnings surprise of 1.75% [1] - The company posted revenues of $55.5 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 15%, and down from $62.77 million in the same quarter last year [2] - Over the last four quarters, Seacor Marine has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Seacor Marine shares have declined approximately 22.6% since the beginning of the year, compared to a decline of 5.5% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of $73.5 million, and for the current fiscal year, it is -$1.53 on revenues of $277.01 million [7] Industry Outlook - The Transportation - Shipping industry, to which Seacor Marine belongs, is currently ranked in the bottom 10% of over 250 Zacks industries, suggesting potential challenges ahead [8] - The performance of Seacor Marine's stock may be influenced by the overall outlook for the industry, as research indicates that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8]

Core Insights - SEACOR Marine Holdings Inc. reported consolidated operating revenues of $55.5 million for Q1 2025, a decrease of 11.6% from $62.8 million in Q1 2024 and a 20.5% decrease from $69.8 million in Q4 2024 [2][8] - The company experienced an operating loss of $5.3 million in Q1 2025, an improvement from a loss of $10.6 million in Q1 2024 and a loss of $6.5 million in Q4 2024 [2][3] - The net loss for Q1 2025 was $15.5 million, or $0.56 per share, compared to a net loss of $23.1 million ($0.84 per share) in Q1 2024 and a net loss of $26.2 million ($0.94 per share) in Q4 2024 [3][8] Financial Performance - Direct vessel profit (DVP) for Q1 2025 was $13.6 million, down from $14.7 million in Q1 2024 and significantly lower than $23.1 million in Q4 2024 [2][8] - Average day rates were $18,825, reflecting a 1.1% decrease from Q1 2024 and remaining flat compared to Q4 2024 [8] - Fleet utilization was reported at 60%, down from 62% in Q1 2024 and 72% in Q4 2024 [8] Operational Highlights - The CEO noted that the first quarter results were impacted by lower utilization during the seasonally low period and flat average rates, with maintenance and drydocking activities contributing to the utilization loss [4][5] - The company has seen healthy tendering activity in international markets, particularly in South America, West Africa, and the Middle East, while reducing exposure in the North Sea [5][6] - SEACOR Marine completed the sale of a liftboat for $7.5 million and had three vessels held for sale, which closed in April 2025 for total proceeds of $33.2 million [8][6] Strategic Actions - On April 4, 2025, SEACOR Marine repurchased shares and warrants representing 9.1% of its outstanding shares for approximately $12.9 million, funded by proceeds from the sale of a PSV [6][8] - The company is focused on simplifying its capital structure by eliminating all outstanding warrants [6] - SEACOR Marine is confident in its positioning for the remainder of 2025, having rotated out of markets with high spot exposure and lower specification assets [7]