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]

Financial Performance - SEACOR Marine's consolidated operating revenues for Q1 2025 were $55.5 million, a 11.6% decrease from $62.8 million in Q1 2024 and a 20.5% decrease from $69.8 million in Q4 2024[2][6] - The net loss for Q1 2025 was $15.5 million ($0.56 loss per share), an improvement from a net loss of $23.1 million ($0.84 loss per share) in Q1 2024 and a net loss of $26.2 million ($0.94 loss per share) in Q4 2024[3][12] - Operating revenues for the three months ended March 31, 2025, were $55.499 million, a decrease of 20.5% compared to $69.808 million for the previous quarter[14] - Net loss for the period was $15.489 million, compared to a net loss of $26.226 million in the previous quarter, indicating a slight improvement[14] - Basic net loss per share was $0.56, an improvement from $0.94 in the previous quarter[14] Operational Metrics - Average day rates were $18,825, reflecting a 1.1% decrease from Q1 2024 and remaining flat compared to Q4 2024[6] - Utilization rate decreased to 60% in Q1 2025, down from 62% in Q1 2024 and 72% in Q4 2024[6] - Direct vessel profit (DVP) was $13.6 million, compared to $14.7 million in Q1 2024 and $23.1 million in Q4 2024[2] - DVP margin increased to 24.5% in Q1 2025, up from 23.4% in Q1 2024 but down from 33.1% in Q4 2024[6] - Average rates per day for time charters decreased to $18,825, down 0.4% from $18,901 in the previous quarter[14] - Fleet utilization dropped to 60%, a significant decline from 72% in the previous quarter[14] Segment Performance - Time charter revenues from the United States segment were $6.765 million, down from $10.744 million in the previous quarter[17] - Direct vessel profit in the Africa and Europe segment was $6.300 million, a decrease from $7.274 million in the previous quarter[17] - Operating revenues for the Middle East and Asia segment totaled $16,002, down from $20,020 in the previous quarter, reflecting a 20.1% decrease[19] - Direct vessel profit for the Middle East and Asia segment was $5,073, a decrease of 38.5% compared to $8,253 in the previous quarter[19] - Operating revenues for the Latin America segment decreased to $10,810 from $13,904 in the previous quarter, a decline of 22.3%[19] Asset and Liability Management - Total assets decreased to $694,164 million as of March 31, 2025, down from $727,111 million at December 31, 2024, representing a decline of approximately 4.5%[31] - Cash and cash equivalents decreased to $42,988 million from $59,491 million at the end of the previous quarter, a decline of approximately 27.7%[31] - Total current liabilities decreased to $75,410 million from $85,042 million at December 31, 2024, a reduction of about 11.5%[31] - Total liabilities decreased to $410,129 million from $428,789 million at December 31, 2024, a decrease of approximately 4.2%[31] - The accumulated deficit increased to $196,089 million as of March 31, 2025, compared to $180,600 million at the end of the previous quarter[31] Capital Expenditures and Cash Flow - The company reported a net cash used in operating activities of $11,466 million for the three months ended March 31, 2025, compared to net cash provided of $8,528 million in the previous quarter[33] - The company incurred $20,795 million in capital expenditures for property and equipment during the quarter, significantly higher than $3,010 million in the previous quarter[33] Shareholder Actions - SEACOR Marine repurchased shares and warrants representing 9.1% of outstanding shares for approximately $12.9 million[6][7] - The company completed the sale of a liftboat for $7.5 million, resulting in a gain of $5.6 million[6] - Three vessels were held for sale at the end of Q1 2025, with sales closing in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million[6]

Fleet Operations - As of March 31, 2025, the Company operated a fleet of 53 support vessels, with 50 owned and 3 managed on behalf of third parties [80]. - As of March 31, 2025, only one of the Company's 50 owned vessels was cold-stacked, indicating a relatively active fleet [89]. - The total number of vessels owned as of March 31, 2025, was 50, unchanged from December 31, 2024 [104]. - The company had one of 12 owned vessels cold-stacked in the U.S. region as of March 31, 2025, compared to two of ten vessels in the same region as of March 31, 2024 [106]. - The company had no vessels cold-stacked in any region as of March 31, 2025, compared to one vessel in the prior year [109]. Financial Performance - Operating revenues for the three months ended March 31, 2025, were $55,499, a decrease of 11.6% from $62,770 in the prior year [99]. - For the three months ended March 31, 2025, total operating revenues were $55.5 million, compared to $62.8 million for the same period in 2024, reflecting a decrease of approximately 11% [103]. - The net loss for the three months ended March 31, 2025, was $15,489, a reduction in loss of 32.5% from $23,069 in the prior year [99]. - The company reported an operating loss of $5,253 for the current quarter, an improvement from the operating loss of $10,610 in the prior year [99]. - The operating loss for Q1 2025 was $5.3 million, an improvement from the $10.6 million loss reported in Q1 2024 [105]. Revenue and Rates - Average rates per day for time charters decreased to $18,825 in 2025 from $19,042 in 2024, reflecting a decline of 1.1% [99]. - Average rates per day for AHTS vessels increased to $13,786 in Q1 2025 from $8,538 in Q1 2024, representing a growth of 61% [104]. - Time charter rates per day for AHTS in Africa and Europe dropped to $0 from $9,916 in the prior year, while overall rates increased to $17,294, up 13.8% from $15,197 [108]. Expenses and Costs - Personnel costs decreased to $18,537, accounting for 34% of total operating expenses, down from $21,670 and 35% in the prior year [99]. - Administrative and general expenses were $11,486, representing 21% of total costs, slightly up from 19% in the prior year [99]. - Direct operating expenses increased by $0.9 million in Q1 2025 compared to Q1 2024, with a notable increase of $3.6 million due to vessel repositioning [107]. - Direct vessel profit for the current quarter was $13,571, compared to $14,671 in the prior year, a decline of 7.5% [100]. Asset Management - The Company completed the sale of two 201-foot PSVs for total proceeds of $28.6 million, resulting in a gain of $17.6 million [92]. - Gains on asset dispositions and impairments for the current quarter were $5,809, compared to a loss of $1 in the prior year [99]. - The company reported a gain of $5.8 million from the sale of one liftboat and other equipment, with net cash proceeds of $8.5 million [118]. Debt and Financing - The 2024 SMFH Credit Facility provides for a senior secured term loan of up to $391.0 million, with Tranche A fully drawn to refinance $328.7 million of principal indebtedness [94][95]. - The company had outstanding debt of $340.1 million as of March 31, 2025, with long-term debt maturities totaling $345.0 million [126]. - Interest expense decreased to $9.6 million from $10.3 million, primarily due to a lower interest rate on the new credit facility [120]. - The company made scheduled payments on long-term debt and other obligations totaling $5.0 million in the current quarter [135]. Cash Flow and Liquidity - Cash flows used in operating activities increased to $11.5 million in Q1 2025, compared to $7.2 million in Q1 2024, primarily due to changes in working capital and decreases in utilization and day rates [128]. - Net cash used in investing activities was $12.3 million in Q1 2025, compared to a cash inflow of $3.4 million in Q1 2024 [129]. - Net cash used in financing activities was $6.9 million in Q1 2025, an improvement from $11.4 million in Q1 2024 [131]. - As of March 31, 2025, the company held cash, cash equivalents, and restricted cash totaling $45.4 million, down from $62.2 million as of March 31, 2024 [126]. Market Outlook - The Company experienced an increase in utilization and day rates due to rising oil and natural gas prices since the lows of the COVID-19 pandemic [85]. - The Company anticipates that demand for offshore wind farm support will increase as the renewable energy sector expands [87]. - The overall utilization rate in the Middle East and Asia improved to 75%, up from 71% in the prior year [111]. - Equity in earnings of 50% or less owned companies increased by $2.0 million, from a loss of $1.1 million in Q1 2024 to a gain of $0.889 million in Q1 2025 [124].