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].

Core Viewpoint - Seacor Marine (SMHI) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts for the current and following years, highlighting the importance of earnings revisions in stock valuation [1][4]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, with institutional investors playing a role in this relationship by adjusting their valuations based on earnings estimates [4][5]. Recent Developments for Seacor Marine - Seacor Marine is projected to earn -$1.53 per share for the fiscal year ending December 2025, reflecting a year-over-year change of 19.9% [8]. - Over the past three months, the Zacks Consensus Estimate for Seacor Marine has increased by 24.6%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. - The upgrade of Seacor Marine to a Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term [10].

Group 1 - SEACOR Marine Holdings Inc. purchased approximately 9.1% of its outstanding shares and warrants from Carlyle for about $12.9 million, based on a trailing volume weighted average price [1][2] - The repurchase simplifies the company's capital structure by eliminating all outstanding warrants and was funded by proceeds from the sale of a 201-foot DP-2 platform supply vessel [2] - SEACOR Marine provides global marine and support transportation services to offshore energy facilities, operating a diverse fleet of offshore support vessels for various operations including offshore wind farms and emergency response services [2] Group 2 - The company acquired 1,355,761 common shares at $4.90 per share and warrants to purchase 1,280,195 shares at $4.89 per warrant, with an exercise price of $0.01 per warrant [4]

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]

Core Insights - SEACOR Marine Holdings Inc. reported a consolidated operating revenue of $69.8 million for Q4 2024, a decrease of 4.5% from $73.1 million in Q4 2023, but a slight increase from $68.9 million in Q3 2024 [2][5] - The company experienced a net loss of $26.2 million in Q4 2024, compared to a net income of $5.7 million in Q4 2023 and a net loss of $16.3 million in Q3 2024 [3][10] - The average day rates increased to $18,901, a 4.8% rise from Q4 2023, while fleet utilization improved to 72%, up from 71% in Q4 2023 and 67% in Q3 2024 [5][12] Financial Performance - Operating income for Q4 2024 was $10.6 million, down from $22.6 million in Q4 2023, but an improvement from an operating loss of $6.5 million in Q3 2024 [2][10] - Direct vessel profit (DVP) was reported at $23.1 million for Q4 2024, compared to $29.8 million in Q4 2023 and $16.0 million in Q3 2024 [2][5] - The DVP margin decreased to 33.1% in Q4 2024 from 40.8% in Q4 2023, but increased from 23.2% in Q3 2024 [5][10] Operational Highlights - The CEO noted improved operating performance due to fewer out-of-service days for repairs and drydockings, leading to better utilization across most segments [3][4] - The company plans to commence permanent repairs on one of its U.S. flag premium liftboats by the end of Q3 2025, which is expected to enhance utilization as seasonal activity increases in the Gulf of America [3][4] - SEACOR Marine has entered into a new senior secured term loan of up to $391 million, simplifying its debt structure and addressing $125 million of near-term maturities [5][6] Market Outlook - The company anticipates a healthy level of inquiries in most international markets, except for the North Sea and Mexico, where demand is subdued due to regulatory and financial challenges [4][5] - Significant challenges are expected for offshore wind activities in the U.S. in the near term, but a backlog of maintenance and decommissioning activities in the Gulf of America is projected to increase activity levels [4][5] - The company is optimistic about its fleet mix being well-positioned to meet current demand expectations despite a mid-cycle lull in offshore drilling activity worldwide [4][5]

Fleet Operations - As of December 31, 2024, the company operates a total fleet of 54 vessels, down from 58 in 2023 and 60 in 2022, indicating a strategic right-sizing of the fleet[30] - The company has 21 owned Platform Supply Vessels (PSVs), all equipped with DP-2 dynamic positioning systems, enhancing operational efficiency[20] - The Fast Support Vessels (FSVs) fleet includes 22 vessels, with 20 equipped with DP-2 and 2 with DP-3 systems, showcasing advancements in technology and fuel efficiency[22] - The company is currently constructing two foreign flag DP-2 PSVs, expected to be delivered in Q4 2026 and Q1 2027, indicating ongoing fleet expansion[21] - The company’s liftboat fleet, which is crucial for offshore operations, has seen a reduction in the number of vessels from 7 in 2022 to 5 in 2024, reflecting market adjustments[30] Revenue and Customer Base - In 2024, the company's principal customers accounted for approximately 76% of consolidated revenues, with two customers, Azule Energy Angola S.p.A. and SEACOR Marine Arabia LLC, each contributing over 10%[37] - For the years ended December 31, 2024, 2023, and 2022, 87%, 79%, and 72% of the Company's operating revenues were derived from foreign operations[42] - The company has seen an increase in capital expenditures from oil and natural gas customers in response to higher post-pandemic energy demand, indicating a potential growth opportunity[36] Environmental and Regulatory Compliance - The Company is subject to extensive environmental and safety laws, with potential penalties for violations that could be material[46] - Under the Oil Pollution Act of 1990, liability for non-tank vessels is limited to the greater of $1,300 per gross ton or $1,076,000[60] - The Company maintains pollution liability insurance with a cap of $1.0 billion to cover spill removal costs and damages[62] - The Company’s U.S.-flag vessels are subject to the Merchant Marine Act of 1920, which restricts ownership and operation in U.S. coastwise trade[49] - The Maritime Labour Convention, 2006 establishes minimum requirements for working conditions of seafarers, which the Company must comply with[52] - The Company’s vessels are subject to inspection and certification by international classification societies to ensure compliance with safety and pollution standards[53] - The Company is subject to the Clean Water Act, which imposes civil and criminal penalties for unauthorized discharges, potentially exposing it to additional liabilities[64] - The Company has filed a Notice of Intent to be covered by the 2013 Vessel General Permit for each of its ships operating in U.S. waters, which requires adherence to best management practices[65] - The Vessel Incidental Discharge Act extends the provisions of the 2013 Vessel General Permit, requiring compliance until new regulations are finalized[66] - The International Maritime Organization aims to reduce carbon intensity of international shipping by 40% by 2030 compared to 2008 levels[82] - The Company is required to comply with the Endangered Species Act, which may impose operational restrictions during certain periods[74] - The Company has implemented ballast water management plans to comply with U.S. regulations aimed at preventing the introduction of invasive species[72] - The Company is impacted by changes to MARPOL regulations, which limit the number of dangerous chemicals its vessels can carry[83] Insurance and Risk Management - The Company maintains various insurance policies, including hull, liability, and war risk insurance, to mitigate risks associated with vessel operations[90] - The Company believes its Protection and Indemnity insurance should cover liabilities under international conventions, subject to policy limitations[69] Workforce and Employee Relations - As of December 31, 2024, the Company employed 1,239 individuals, with no union members, and considers employee relations to be good[93] - In fiscal year 2024, the Company worked over 5.9 million man-hours, recording zero pollution incidents and a total recordable incident rate of 0.034[94] - As of December 31, 2024, 34% of the Company's onshore workforce was female, with efforts to increase female representation in the maritime industry[96] - The Company is committed to providing a variety of learning opportunities for employees, including leadership training and health, safety, and security training[97] - The Company offers competitive salaries and comprehensive benefits, including medical, dental, and retirement savings plans[98] Financial Exposure - The Company is exposed to foreign currency exchange risks but attempts to contract services in U.S. dollars to minimize financial impact[356] - The Company does not hedge against foreign currency rate fluctuations in normal business operations, exposing it to potential exchange rate losses[357] - The Company's outstanding debt consists of fixed interest rate instruments, eliminating exposure to interest rate fluctuations[358] Strategic Focus - The company’s fleet reconfiguration aims to focus on high-margin vessels and simplify capital structure, allowing for quicker responses to market changes[29] - The market for offshore marine services is highly fragmented and competitive, with key factors including pricing, availability, and equipment specifications[40] - The Company does not expect near-term capital outlays for regulatory compliance to materially affect its competitive position or financial results[46]

Financial Performance - Consolidated operating revenues for Q4 2024 were $69.8 million, a 4.5% decrease from $73.1 million in Q4 2023, but a 1.3% increase from $68.9 million in Q3 2024[2] - Net loss for Q4 2024 was $26.2 million ($0.94 loss per share), compared to a net income of $5.7 million ($0.21 earnings per share) in Q4 2023 and a net loss of $16.3 million ($0.59 loss per share) in Q3 2024[3] - Operating revenues for the three months ended December 31, 2024, totaled $69.808 million, a slight increase from $68.916 million in the previous quarter[12] - Net loss for the quarter was $26.226 million, compared to a net loss of $16.346 million in the previous quarter, indicating a worsening financial position[12] - Basic net loss earnings per share were $(0.94), compared to $(0.59) in the previous quarter, reflecting a decline in shareholder value[12] - Total operating costs decreased to $46.726 million from $52.907 million in the previous quarter, a reduction of approximately 11.5%[12] - Interest expense remained stable at approximately $(10.001) million, consistent with the previous quarter[12] - The company reported gains on asset dispositions of $11.624 million, a significant increase from $1.821 million in the prior quarter[12] - The company recorded depreciation and amortization expenses of $12,879 million for the quarter ended December 31, 2024, slightly down from $12,928 million in the previous quarter[32] Operational Metrics - Average day rates increased to $18,901, a 4.8% rise from Q4 2023, remaining flat compared to Q3 2024[5] - Utilization rate improved to 72%, up from 71% in Q4 2023 and 67% in Q3 2024[5] - Direct vessel profit (DVP) was $23.1 million, down from $29.8 million in Q4 2023 but up from $16.0 million in Q3 2024[2] - DVP margin decreased to 33.1% from 40.8% in Q4 2023, but increased from 23.2% in Q3 2024, impacted by $3.5 million in drydocking and major repairs[5] - Average rates per day for time charters increased to $18,901, compared to $18,879 in the prior quarter, reflecting a 0.12% growth[12] - Fleet utilization improved to 72% in the latest quarter, up from 67% in the previous quarter[12] - Direct vessel profit for the quarter was $23.082 million, significantly higher than $16.009 million in the prior quarter, marking a 44.5% increase[12] Segment Performance - Operating revenues for the Middle East and Asia segment increased to $20,020,000 in Q4 2024, compared to $16,786,000 in Q3 2024, reflecting a growth of 19.3%[19] - Direct Vessel Profit for the Middle East and Asia segment rose to $8,253,000 in Q4 2024, significantly higher than $3,766,000 in Q3 2024, marking a 119.5% increase[19] - In Latin America, average rates per day worked decreased to $21,390 in Q4 2024 from $21,984 in Q3 2024, a decline of 2.7%[19] - Fleet utilization in Latin America improved to 73% in Q4 2024, up from 63% in Q3 2024[19] - Operating revenues for Latin America increased to $13,904,000 in Q4 2024, compared to $12,492,000 in Q3 2024, representing an increase of 11.3%[19] - Direct Vessel Profit for Latin America was $7,042,000 in Q4 2024, compared to $6,862,000 in Q3 2024, showing a growth of 2.6%[19] Asset Management - The company refinanced $328.7 million of principal indebtedness into a new credit facility due in Q4 2029, recognizing a one-time loss of $31.9 million on debt extinguishment[6] - Two anchor handling towing supply vessels were sold for $22.5 million, generating a gain of $15.6 million, to partially fund the construction of two new PSVs[5] - Total assets as of December 31, 2024, were $727,111 million, an increase from $709,444 million in September 30, 2024, representing a growth of 2.4%[30] - Total current liabilities rose to $85,042 million as of December 31, 2024, compared to $80,668 million in the previous quarter, indicating a 5.3% increase[30] - The total liabilities increased to $428,789 million as of December 31, 2024, from $384,436 million in the previous quarter, reflecting an increase of 11.5%[30] - The accumulated deficit grew to $(180,600) million as of December 31, 2024, compared to $(154,374) million in the previous quarter[30] - Cash and cash equivalents increased to $76,140 million at the end of the period, up from $37,864 million at the end of September 30, 2024, marking a significant increase of 101.5%[32] - Proceeds from the disposition of property and equipment amounted to $22,441 million for the quarter, a significant increase compared to $2,331 million in the previous quarter[32] Future Outlook - The company plans to commence permanent repairs on a U.S. flag premium liftboat at the end of Q3 2025, aiming to maximize utilization as seasonal activity improves[4] - The outlook for 2025 indicates healthy inquiry levels in most international markets, except for the North Sea and Mexico, with challenges anticipated in offshore wind activities in the U.S.[5] - Future outlook includes continued focus on fleet utilization and cost management strategies to improve profitability[12] Fleet Composition - As of December 31, 2024, the total fleet consists of 54 units, a decrease from 58 units as of December 31, 2023, representing a reduction of approximately 6.9%[35] - The number of AHTS (Anchor Handling Tug Supply) vessels decreased from 4 to 2, indicating a reduction of 50%[35] - The FSV (Fast Supply Vessel) count remained stable at 22 owned units, while the managed units decreased from 3 to 1, reflecting a 66.7% decline in managed FSVs[35] - The PSV (Platform Supply Vessel) fleet remained unchanged at 21 units, indicating stability in this segment[35] - The Liftboats segment maintained a consistent count of 8 units, showing no change year-over-year[35]

Core Viewpoint - SEACOR Marine Holdings Inc. has secured a new senior secured term loan of up to $391.0 million and entered into agreements to build two platform supply vessels (PSVs) for $41.0 million each, consolidating its debt and enhancing its fleet [1][4] Financing Details - The proceeds from the 2024 SMFH Credit Facility will refinance $203.7 million of principal indebtedness and $125.0 million of unsecured debt due in 2026, including $35.0 million of convertible debt [2] - The facility allows for up to $41.0 million in borrowings to finance 50% of the Shipbuilding Contracts, with an interest rate of 10.30% per annum and an initial repayment of $5.0 million starting March 2025 [2] Strategic Importance - The new financing consolidates all debt under a single facility maturing in 2029, addressing near-term maturities and eliminating approximately 10% of dilution overhang on the company's common stock [4] - The construction of the two PSVs is part of an asset rotation strategy aimed at renewing the fleet with high-specification, environmentally efficient assets [4] Vessel Specifications - Each PSV will have a deadweight of 4,650 tons, a deck area of 1,000 square meters, and will be equipped with medium-speed diesel engines and an integrated battery energy storage system [1] Asset Sales - The company will use $22.5 million from the sale of two anchor handling towing and supply (AHTS) vessels to partly fund the new construction program, marking its exit from the AHTS asset class effective January 2025 [4]

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 navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2] - The individual has a background in auditing with PricewaterhouseCoopers before transitioning to day trading [2]