SEACOR Marine Announces Second Quarter 2024 Results

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]