SEACOR Marine Announces Fourth Quarter 2024 Results

Core Insights - SEACOR Marine Holdings Inc. reported a consolidated operating revenue of $69.8 million for Q4 2024, a decrease of 4.5% from $73.1 million in Q4 2023, but a slight increase from $68.9 million in Q3 2024 [2][5] - The company experienced a net loss of $26.2 million in Q4 2024, compared to a net income of $5.7 million in Q4 2023 and a net loss of $16.3 million in Q3 2024 [3][10] - The average day rates increased to $18,901, a 4.8% rise from Q4 2023, while fleet utilization improved to 72%, up from 71% in Q4 2023 and 67% in Q3 2024 [5][12] Financial Performance - Operating income for Q4 2024 was $10.6 million, down from $22.6 million in Q4 2023, but an improvement from an operating loss of $6.5 million in Q3 2024 [2][10] - Direct vessel profit (DVP) was reported at $23.1 million for Q4 2024, compared to $29.8 million in Q4 2023 and $16.0 million in Q3 2024 [2][5] - The DVP margin decreased to 33.1% in Q4 2024 from 40.8% in Q4 2023, but increased from 23.2% in Q3 2024 [5][10] Operational Highlights - The CEO noted improved operating performance due to fewer out-of-service days for repairs and drydockings, leading to better utilization across most segments [3][4] - The company plans to commence permanent repairs on one of its U.S. flag premium liftboats by the end of Q3 2025, which is expected to enhance utilization as seasonal activity increases in the Gulf of America [3][4] - SEACOR Marine has entered into a new senior secured term loan of up to $391 million, simplifying its debt structure and addressing $125 million of near-term maturities [5][6] Market Outlook - The company anticipates a healthy level of inquiries in most international markets, except for the North Sea and Mexico, where demand is subdued due to regulatory and financial challenges [4][5] - Significant challenges are expected for offshore wind activities in the U.S. in the near term, but a backlog of maintenance and decommissioning activities in the Gulf of America is projected to increase activity levels [4][5] - The company is optimistic about its fleet mix being well-positioned to meet current demand expectations despite a mid-cycle lull in offshore drilling activity worldwide [4][5]