SEACOR Marine(US:SMHI)2025-04-30 20:24Fleet 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].