SEACOR Marine(SMHI) - 2024 Q4 - Annual Results

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]