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Core Viewpoint - SEACOR Marine Holdings Inc. has published its 2024-2025 Sustainability Report, emphasizing its commitment to environmental responsibility, employee welfare, and community engagement [1][2]. Environmental Commitment - The report highlights SEACOR Marine's efforts to enhance environmental sustainability and operational efficiency, including the expansion of its hybrid platform supply vessel fleet and investments in green technologies [6]. - The company is focused on waste reduction initiatives both on vessels and in offices, aiming to integrate sustainable practices throughout its operations [6]. Employee Welfare - SEACOR Marine is dedicated to fostering a safe and inclusive work environment, with initiatives aimed at promoting the mental and emotional well-being of seafarers, including high-speed satellite internet across its fleet [6]. - The company continues to pursue its GOAL ZERO safety vision, which has led to measurable improvements in safety performance [6]. Community Engagement - SEACOR Marine supports local organizations and social welfare initiatives through financial contributions and volunteer efforts, ensuring meaningful impact in the communities where it operates [6]. - The company prioritizes partnerships with local suppliers and collaborates with community stakeholders to drive shared progress [6]. Industry Standards - The sustainability report aligns with the industry-specific standards set by the Sustainability Accounting Standards Board (SASB) and identifies relevant United Nations Sustainable Development Goals (UN SDGs) [3].

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We also offer income-focused picks for those who prefer lower-risk firms with steady dividend payouts. Our 10-year track record proves the ability of our analyst team to outperform across all market conditions.Value Investor's Edge provides the world's best energy, shipping, and offshore market research. Over the past decade, we have achieved an annualized return of almost 40% with a long-only model portfolio return of over 23x.I have covered SEACOR Marine Holdings Inc., or “Seacor Marine” ( SMHI ), previou ...

分组1 - Seacor Marine reported quarterly earnings of $0.17 per share, exceeding the Zacks Consensus Estimate of a loss of $0.59 per share, marking an earnings surprise of +128.81% [1] - The company posted revenues of $59.19 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 10.16% and down from $68.92 million year-over-year [2] - Seacor Marine has surpassed consensus EPS estimates in all four of the last quarters, but has only topped revenue estimates once in the same period [2] 分组2 - The stock has underperformed the market, losing about 8.8% since the beginning of the year compared to the S&P 500's gain of 17.2% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.65 on revenues of $63.43 million, and for the current fiscal year, it is -$2.08 on revenues of $245.62 million [7] - The Transportation - Shipping industry, to which Seacor Marine belongs, is currently in the top 35% of Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Core Insights - SEACOR Marine Holdings Inc. reported a net income of $9.0 million for Q3 2025, a significant recovery from a net loss of $16.3 million in Q3 2024 and a loss of $6.7 million in Q2 2025 [3][2][8] Financial Performance - Consolidated operating revenues for Q3 2025 were $59.2 million, down 14.1% from $68.9 million in Q3 2024, but slightly up from $60.8 million in Q2 2025 [2][8] - Operating income for Q3 2025 was $18.1 million, compared to an operating loss of $6.5 million in Q3 2024 and an operating income of $6.1 million in Q2 2025 [2][8] - Direct vessel profit (DVP) for Q3 2025 was $11.5 million, compared to $16.0 million in Q3 2024 and $11.3 million in Q2 2025 [2][8] Operational Highlights - The average day rate for the fleet was $19,490, a 3.2% increase from Q3 2024 but a 1.2% decrease from Q2 2025 [8] - Fleet utilization was 66%, down from 67% in Q3 2024 and 68% in Q2 2025 [8] - The platform supply vessel (PSV) fleet achieved a DVP margin of 24.8%, despite soft market conditions in the North Sea [7][8] Strategic Developments - The company completed the sale of two 335' class liftboats for total proceeds of $76.0 million, resulting in a gain of $30.5 million [8][4] - SEACOR Marine is focusing on a strategic shift away from high volatility markets and plans to utilize improved liquidity to fund a newbuild PSV program [8][9] Segment Performance - The fast supply vessel (FSV) fleet saw improved utilization and dayrate performance, with two of three previously cold-stacked FSVs reactivated [6][8] - Multi-year contracts were awarded in Brazil for two large hybrid-powered PSVs, set to commence in Q1 2026, which will reduce the company's presence in the North Sea [7][8]

Fleet Operations - As of September 30, 2025, the Company operated a fleet of 45 owned support vessels, primarily serving major oil and gas companies and offshore wind farm operators [82]. - As of September 30, 2025, only one of the 45 vessels was cold-stacked, indicating a strategy to manage costs during periods of low utilization [91]. - The fleet count as of September 30, 2025, included 21 FSV, 19 PSV, and 5 Liftboats, totaling 45 vessels [112]. Financial Performance - For the three months ended September 30, 2025, operating revenues were $59,194, a decrease of 13.5% compared to $68,916 in the same period of 2024 [102]. - Operating income for the three months ended September 30, 2025, was $18,066, compared to a loss of $6,481 in the same period of 2024, marking a significant turnaround [102]. - Net income for the three months ended September 30, 2025, was $8,994, compared to a loss of $16,346 in the same period of 2024 [102]. - For the nine months ended September 30, 2025, total operating revenues reached $175.503 million, with time charter revenues contributing $165.564 million [104]. - The Company reported cash flows used in operating activities of $24.2 million for the nine months ended September 30, 2025, compared to $18.8 million for the same period in 2024, reflecting an increase of $5.4 million [150]. Revenue and Utilization - Average rates per day for time charters increased to $19,490 in 2025 from $18,879 in 2024, reflecting a growth of 3.2% [102]. - Fleet utilization decreased slightly to 66% in 2025 from 67% in 2024 [102]. - Average rates per day for time charters were $19,358, with fleet utilization at 65% across all regions [104]. - The average daily rates for the nine months ended September 30, 2025, were $13,758 for AHTS, $21,117 for FSV, and $34,601 for PSV [110]. Asset Management - The Company completed the sale of two liftboats for total proceeds of $76.0 million, resulting in a net cash gain of $30.5 million [93]. - The Company has exited the AHTS asset class, selling two AHTS for total proceeds of $22.5 million, which partially funded newbuild contracts [96]. - The historical cost of property and equipment as of September 30, 2025, was $797,381, with accumulated depreciation of $344,899 [110]. Debt and Liquidity - The 2024 SMFH Credit Facility, totaling $391.0 million, was established to refinance existing debt and support new vessel construction [98][99]. - The Company had outstanding debt of $341.9 million as of September 30, 2025, with scheduled long-term debt maturities totaling $346.4 million [148]. - The Company made scheduled payments on long-term debt and other obligations totaling $20.0 million during the nine months ended September 30, 2025 [153]. - The Company has $25.0 million in remaining sales capacity under the ATM Program to support liquidity needs [153]. Cost Management - Personnel costs for the three months ended September 30, 2025, were $17,616, a decrease from $21,940 in 2024, representing a reduction of 19.8% [102]. - Direct operating expenses for the nine months ended September 30, 2025, were $14.6 million lower than the prior year, mainly due to vessel repositioning [134]. - Direct operating expenses increased by $0.8 million in the Current Year Quarter, with $2.9 million higher expenses for the Regional Core Fleet due to timing of drydocking and repair expenditures [121]. Market Trends - The Company has noted macro drivers such as underspending by oil producers and improved extraction technologies that may support future demand [89]. - The Company continues to evaluate possible acquisitions and dispositions of certain businesses and assets to enhance its market position [153].

Financial Performance - Consolidated operating revenues for Q3 2025 were $59.2 million, a 14.1% decrease from $68.9 million in Q3 2024 and a 2.7% decrease from $60.8 million in Q2 2025[2][8] - Net income for Q3 2025 was $9.0 million ($0.35 earnings per share), compared to a net loss of $16.3 million ($0.59 loss per share) in Q3 2024 and a net loss of $6.7 million ($0.26 loss per share) in Q2 2025[3][16] - Operating revenues for the three months ended September 30, 2025, totaled $59.194 million, a decrease from $60.810 million in the previous quarter[18] - Net income for the quarter was $8.994 million, a significant recovery from a net loss of $6.727 million in the previous quarter[18] - Basic net earnings per share were $0.35, compared to a loss of $0.26 per share in the previous quarter[18] Vessel Performance - Direct vessel profit (DVP) for Q3 2025 was $11.5 million, down from $16.0 million in Q3 2024 and up from $11.3 million in Q2 2025[2][8] - Average day rates were $19,490, reflecting a 3.2% increase from Q3 2024 but a 1.2% decrease from Q2 2025[8] - Utilization rate was 66%, a decrease from 67% in Q3 2024 and 68% in Q2 2025[8] - Direct vessel profit for the quarter was $11.510 million, compared to $11.317 million in the previous quarter, indicating a slight increase of 1.7%[18] - Gains on asset dispositions and impairments increased to $30.230 million from $19.163 million in the previous quarter, marking a substantial rise[18] Regional Performance - Operating revenues for the Middle East and Asia segment totaled $12,925, a slight increase from $12,797 in the previous quarter, reflecting a growth of 1%[25] - Direct vessel profit for the Middle East and Asia segment showed a loss of $847, compared to a loss of $1,290 in the previous quarter, improving by 34.4%[25] - In Latin America, average rates per day worked rose to $25,541 in Q3 2025 from $23,764 in Q2 2025, marking an increase of 7.5%[25] - Fleet utilization in Latin America improved to 68% in Q3 2025 from 66% in Q2 2025, an increase of 3%[25] - Operating revenues for Latin America reached $12,047, up from $9,292 in the previous quarter, representing a significant increase of 29.9%[25] Cost and Expenses - Personnel costs for the quarter were $17.616 million, down from $18.969 million in the previous quarter, reflecting a decrease of approximately 7.1%[18] - Total direct costs and expenses for PSV were $19,451,000 in Q3 2025, slightly up from $19,322,000 in Q2 2025[31] - Total direct costs and expenses for liftboats were $12,294,000 in Q3 2025, down from $17,472,000 in Q2 2025, a decrease of 29.8%[34] Asset and Liquidity Management - Total assets as of September 30, 2025, amounted to $692.5 million, a slight increase from $680.0 million in the previous quarter[36] - Cash and cash equivalents increased to $108.2 million from $51.6 million at the end of the previous quarter, reflecting a net change of $56.7 million[38] - Total current assets rose to $194.3 million, compared to $133.0 million in the previous quarter, indicating a 46% increase[36] - The company reported a net cash used in operating activities of $10.7 million for the quarter, an increase from $2.1 million used in the prior quarter[38] - Proceeds from the disposition of property and equipment were $76.1 million, significantly higher than $31.6 million in the previous quarter[38] Fleet and Vessels - The company owned a total of 45 vessels as of September 30, 2025, unchanged from the previous reporting period[40] - Long-term debt remained stable at approximately $311.9 million, compared to $310.9 million in the previous quarter[36] - The accumulated deficit decreased to $193.8 million from $202.8 million, indicating an improvement in retained earnings[36]

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]

Core Insights - Seacor Marine reported Q2 2025 GAAP revenue of $60.8 million, missing analyst expectations by 12.3%, while GAAP loss per share was $(0.26), slightly better than the anticipated $(0.27) [1][5] - The company experienced a 13.0% decline in GAAP operating revenue compared to Q2 2024, with direct vessel profit margins pressured by high repair and drydocking expenses [1][5] Financial Performance - GAAP revenue for Q2 2025 was $60.8 million, down from $69.9 million in Q2 2024, reflecting a 13.0% year-over-year decrease [2] - Direct vessel profit fell to $11.3 million, a 44.3% decline from $20.3 million in Q2 2024, with margins decreasing to 18.6% from 29.1% [2][5] - Operating income improved to $6.1 million from a loss of $(3.9) million in Q2 2024, influenced by nonrecurring gains from asset sales [5] Operational Overview - Seacor Marine operates a diverse fleet of offshore support vessels, including PSVs, FSVs, and liftboats, focusing on transporting equipment and personnel to offshore energy facilities [3] - The company has prioritized fleet modernization, asset rotation, and capital structure simplification, involving the sale of older vessels and investment in newbuilds with advanced technologies [4] Segment Performance - The PSV fleet achieved a 30.3% direct vessel profit margin, benefiting from hybrid power management upgrades, while other vessel classes faced downtime and rising operating expenses [6] - In Africa and Europe, non-GAAP direct vessel profit reached $9.3 million with fleet utilization at 77%, while the U.S. segment faced higher drydocking expenses [7] Key Events - The sale of two PSVs and one FSV for $33.4 million generated a $19.1 million gain, contributing to the bottom line and enabling share repurchases [8] - The company ended the quarter with negative operating cash flow of $2.08 million, indicating underlying operational pressures [8] Future Outlook - Management did not provide quantitative guidance for the next quarter but emphasized continued focus on fleet modernization and environmental upgrades [10] - The company remains optimistic about new PSV deliveries in 2026 and 2027 [10]