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]

Financial Performance - SEACOR Marine's consolidated operating revenues for Q3 2024 were $68.9 million, a 10.4% decrease from $76.9 million in Q3 2023 and a 1.4% decrease from $69.9 million in Q2 2024[2][3] - The company reported a net loss of $16.3 million in Q3 2024, compared to a net loss of $0.9 million in Q3 2023 and a net loss of $12.5 million in Q2 2024[4] - Direct vessel profit (DVP) was $16.0 million in Q3 2024, a significant decrease from $36.8 million in Q3 2023 and $20.3 million in Q2 2024[2] - DVP margin fell to 23.2% in Q3 2024, down from 47.8% in Q3 2023 and 29.1% in Q2 2024, impacted by $8.3 million in drydocking and major repairs[3] - The company reported a loss before income tax of $(17,871), compared to a loss of $(14,131) in the previous quarter[13] - SEACOR Marine reported a net loss of $16,346 thousand for the quarter ended September 30, 2024, compared to a net loss of $12,483 thousand in the previous quarter[25] Revenue and Costs - Average day rates increased by 4.6% to $18,879 compared to Q3 2023, but decreased by 1.4% from Q2 2024[3] - The company experienced a 9.9% increase in crewing costs and a 30.0% increase in maintenance costs compared to the year-to-date third quarter of 2023[5] - Average rates per day decreased to $18,879 from $19,141 in the previous quarter, representing a decline of 1.36%[13] - Operating revenues from time charter were $63,313, a decrease of 3.6% compared to $65,649 in the previous quarter[13] - Fuel, lubes, and supplies costs rose significantly to $6,574, compared to $3,966 in the previous quarter, marking a 65.8% increase[13] - Other marine services revenue increased to $5,231, up from $3,854 in the previous quarter, a growth of 35.6%[13] Utilization and Fleet Performance - Utilization rate dropped to 67% in Q3 2024, down from 73% in Q3 2023 and 69% in Q2 2024[3] - Fleet utilization was reported at 67%, down from 69% in the prior quarter[13] - Fleet utilization in the United States improved to 42% from 37% in the previous quarter, indicating a positive trend[15] - Fleet utilization in Africa and Europe improved to 77% from 74% in the previous quarter, indicating stronger performance[15] - Fleet utilization in the Middle East and Asia decreased to 71% from 82% in the previous quarter[17] - Fleet utilization in Latin America decreased to 63% from 71% in the previous quarter[17] Assets and Liabilities - Total current assets decreased to $131,164,000 from $164,686,000 year-over-year, a decline of 20.3%[23] - Cash and cash equivalents decreased to $35,601,000 from $67,455,000 year-over-year, a decline of 47.3%[23] - Total liabilities decreased to $384,436,000 from $414,428,000 year-over-year, a decline of 7.2%[23] - Long-term debt decreased to $272,325,000 from $291,843,000 year-over-year, a decline of 6.7%[23] - Total assets decreased to $709,444,000 from $780,065,000 year-over-year, a decline of 9.1%[23] Operational Efficiency - The company continues to face challenges related to shipyard and vendor capacity issues, affecting overall utilization and operating expenses[5] - Average rates per day worked in the United States decreased to $17,188 from $22,356 in the previous quarter, a decline of 23.5%[15] - Direct vessel profit in the United States showed a loss of $4,774, worsening from a loss of $4,591 in the previous quarter[15] - Average rates per day worked in Africa and Europe increased to $18,875 from $18,580, reflecting a growth of 1.6%[15] - Average rates per day worked in the Middle East and Asia increased to $17,825 from $17,083 in the previous quarter, representing a 4.3% increase[17] Cash Flow and Financing - The company generated net cash provided by operating activities of $626 thousand, a significant improvement from a cash used of $12,247 thousand in the prior quarter[25] - Payments on long-term debt amounted to $7,770 thousand, an increase from $6,533 thousand in the previous quarter[25] - SEACOR Marine's accounts receivable increased by $7,411 thousand during the quarter, indicating potential cash flow challenges[25] Miscellaneous - SEACOR Marine has a contracted revenue backlog, including options, exceeding $360.0 million[5] - A premium liftboat in the U.S. Gulf of Mexico is set to return to work in early November after maintenance, with increased inquiries for decommissioning work expected in 2025-2026[6] - The fleet count as of September 30, 2024, included 53 owned vessels, 1 leased-in vessel, and 1 managed vessel, totaling 55 vessels[27] - The company recorded a gain from equipment sales of $1,821 thousand, compared to a loss of $18,057 thousand in the same quarter last year[25]

Core Insights - SEACOR Marine Holdings Inc. reported a consolidated operating revenue of $68.9 million for Q3 2024, a decrease of 10.4% from $76.9 million in Q3 2023 and a slight decrease of 1.4% from $69.9 million in Q2 2024 [2][3] - The company experienced an operating loss of $6.5 million in Q3 2024, compared to an operating income of $9.8 million in Q3 2023 and an operating loss of $3.9 million in Q2 2024 [2][4] - Direct vessel profit (DVP) for Q3 2024 was $16.0 million, down from $36.8 million in Q3 2023 and $20.3 million in Q2 2024, reflecting a DVP margin of 23.2% [2][3] Financial Performance - The net loss for Q3 2024 was $16.3 million, or $0.59 loss per share, compared to a net loss of $0.9 million ($0.03 loss per share) in Q3 2023 and a net loss of $12.5 million ($0.45 loss per share) in Q2 2024 [4][10] - Average day rates for the company were $18,879, which is a 4.6% increase from Q3 2023 but a 1.4% decrease from Q2 2024 [3][12] - Fleet utilization was reported at 67%, down from 73% in Q3 2023 and 69% in Q2 2024 [3][12] Operational Challenges - The decrease in utilization was attributed to a heavy maintenance schedule and lower-than-expected demand, particularly in the U.S. Gulf of Mexico and North Sea markets [5] - The company faced increased operating expenses, with crewing costs up by 9.9% and maintenance costs up by 30.0% compared to the same period in 2023 [5] - Drydocking and major repairs during the quarter amounted to $8.3 million, significantly higher than $2.0 million in Q3 2023 and comparable to $8.5 million in Q2 2024 [3][5] Future Outlook - The company anticipates a return to work for one of its premium liftboats in the U.S. Gulf of Mexico in early November 2024, following maintenance [6] - There is an increase in inquiries for decommissioning work for liftboats in the 2025-2026 timeframe, indicating potential future demand growth [6] - SEACOR Marine maintains a contracted revenue backlog, including options, exceeding $360.0 million, which may support future revenue stability [5][6]

Core Viewpoint - SEACOR Marine Holdings Inc. has expanded its Board of Directors by adding Lisa P. Young as an independent member, increasing the total number of board members from five to six [1]. Company Overview - SEACOR Marine is a leading provider of marine and support transportation services to offshore energy facilities globally, operating a diverse fleet of offshore support vessels [4]. Board Member Profile - Lisa P. Young has 36 years of international experience in public accounting and professional services, previously serving as a Senior Global Client Service Partner at Ernst & Young until her retirement in 2021 [2]. - Young currently holds board positions at Valo Health, Inc. and Accelus Inc., and has served on the board of Textainer Group Holdings Limited until it was taken private in March 2024 [2]. - She is a Certified Public Accountant with a BBA in Finance and Accounting from Texas Tech University [2]. Chairman's Statement - Andrew Morse, Chairman of the Board, welcomed Ms. Young, highlighting her extensive knowledge, experience, and successful leadership track record, expressing optimism for the company's future success with her on board [3].

Group 1 - Seacor Marine reported a quarterly loss of $0.45 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.16, representing an earnings surprise of -181.25% [1] - The company posted revenues of $69.87 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 2.43% and showing an increase from $66.89 million year-over-year [2] - Over the last four quarters, Seacor Marine has surpassed consensus EPS estimates only once, indicating inconsistent performance [2] Group 2 - The stock has gained approximately 7.6% since the beginning of the year, underperforming compared to the S&P 500's gain of 14% [3] - The current consensus EPS estimate for the upcoming quarter is $0.04 on revenues of $75.74 million, while for the current fiscal year, it is -$1.08 on revenues of $277.63 million [7] - The Zacks Industry Rank for Transportation - Shipping is currently in the top 30% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8] Group 3 - The estimate revisions trend for Seacor Marine is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - Another company in the same industry, ZIM Integrated Shipping Services, is expected to report quarterly earnings of $1.19 per share, reflecting a year-over-year change of +186.9% [9]

Core Insights - SEACOR Marine Holdings Inc. reported a consolidated operating revenue of $69.9 million for Q2 2024, reflecting a 2.3% increase from Q2 2023 and an 11.3% increase from Q1 2024 [2][3] - The company experienced an operating loss of $3.9 million in Q2 2024, compared to an operating income of $2.9 million in Q2 2023 and an operating loss of $10.6 million in Q1 2024 [2][3] - The net loss for Q2 2024 was $12.5 million, or $0.45 per share, compared to a net loss of $4.6 million ($0.17 per share) in Q2 2023 and a net loss of $23.1 million ($0.84 per share) in Q1 2024 [4][10] Financial Performance - Direct vessel profit (DVP) for Q2 2024 was $20.3 million, down from $30.6 million in Q2 2023 and up from $14.7 million in Q1 2024 [2][3] - Average day rates increased to $19,141, a 25.5% rise from Q2 2023, remaining consistent with Q1 2024 [3][11] - Fleet utilization was reported at 69%, a decrease from 78% in Q2 2023 but an increase from 62% in Q1 2024 [3][11] Operational Insights - The DVP margin for Q2 2024 was 29.1%, down from 44.8% in Q2 2023 but up from 23.4% in Q1 2024, influenced by $8.5 million in drydocking and major repairs during the quarter [3][12] - The company has a contracted revenue backlog of $403.9 million with an average contract duration of approximately one year [5] - SEACOR Marine plans to install hybrid battery systems on four of its platform supply vessels over the next 12 months, enhancing its fleet's technological capabilities [5] Market Conditions - The CEO noted that lower utilization was primarily due to planned drydockings and major repairs, alongside softer near-term demand in the U.S. and delays in project schedules, particularly in decommissioning and offshore wind sectors [4][5] - The company is optimistic about improved market fundamentals and utilization rates for the remainder of 2024 and into 2025 [5]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 SEACOR Marine Holdings Inc. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 47-2564547 | | --- | --- | | (State or Other Jurisdiction of | (IRS Employer | | Incorporation or Organization) | Identification No.) | | 12121 Wickchester Lane, Suite 500, Houston, TX | 77079 | | (Address of Principal Executive Office ...

Exhibit 99.1 PRESS RELEASE SEACOR MARINE ANNOUNCES FIRST QUARTER 2024 RESULTS Houston, Texas May 1, 2024 FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the "Company" or "SEACOR Marine"), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2024. SEACOR Marine's consolidated operating revenues for the first quarter of 2024 were $62.8 million, operating loss was $10.6 million, ...

Exhibit 99.1 PRESS RELEASE SEACOR MARINE ANNOUNCES FOURTH QUARTER 2023 RESULTS Houston, Texas February 29, 2024 FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the "Company" or "SEACOR Marine"), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its fourth quarter ended December 31, 2023. SEACOR Marine's consolidated operating revenues for the fourth quarter of 2023 were $73.1 million, operating income was $ ...