SEACOR Marine(US:SMHI)2025-10-29 20:34Fleet 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].