Seacor Marine Ho Stock Price, News & Analysis

SEACOR Marine Holdings (NYSE:SMHI) has signed the Neptune Declaration on Seafarer Wellbeing, joining over 700 organizations. This initiative addresses the crew change crisis exacerbated by the pandemic, calling for seafarers to be recognized as key workers with priority access to Covid-19 vaccines, improved health protocols, enhanced collaboration for crew changes, and better air connectivity. By supporting these measures, SEACOR aims to safeguard the mental and physical well-being of seafarers, crucial for the maritime industry's resilience.

SEACOR Marine Holdings Inc. (NYSE:SMHI) completed the sale of Windcat Workboats Holdings Limited to Compagnie Maritime Belge on January 12, 2021. The sale brought in £32.8 million in cash and transferred £20.4 million in debt. After transaction costs and foreign exchange impacts, SEACOR Marine netted approximately US$42.6 million. This transaction is part of SEACOR's strategy to enhance its marine and support transportation services for offshore oil, gas, and wind energy industries.

SEACOR Marine Holdings (NYSE:SMHI) announced a definitive sale agreement to sell Windcat Workboats to Compagnie Maritime Belge (CMB) for £32.8 million in cash, plus assuming £20.4 million debt, totaling approximately $44.6 million. The transaction, expected to close by January 12, 2021, allows SEACOR to enhance liquidity and reduce costs while continuing to develop opportunities in core markets. Windcat, a leading provider in the offshore wind sector, will maintain its operational leadership post-sale. This strategic move aligns with SEACOR's objectives in the offshore wind market.

SEACOR Marine Holdings Inc. (NYSE:SMHI) reported a net loss of $18.1 million for Q3 2020, reflecting challenges from COVID-19 and hurricanes. Average dayrates rose to $11,323, driven by improved fleet mix and acquisition of SEACOSCO, adding eight vessels. However, operating revenues decreased to $45.7 million from $54.7 million year-over-year, with an operating loss of $11.4 million. The company successfully completed its Transformation Plan, achieving $8 million in annual savings. Caution remains due to ongoing volatility in oil prices and demand fluctuations.

SEACOR Marine Holdings (NYSE:SMHI) reported its second quarter results for 2020, revealing a net loss of $6.1 million ($0.24 loss per share) and an operating loss of $16.7 million. The company acquired the remaining 50% stake in SEACOSCO Offshore for $28.2 million, adding eight modern supply vessels to its fleet. Average dayrates increased to $11,018, up from $10,387 in Q2 2019. Despite challenges from COVID-19 and volatile oil prices, SEACOR Marine expects the new vessels to enhance cash flow and anticipates a $31.2 million tax refund from the CARES Act.

SEACOR Marine Holdings (NYSE: SMHI) has successfully acquired the remaining 50% equity interests in SEACOSCO Offshore LLC from COSCO SHIPPING GROUP, enhancing its fleet consolidation. This acquisition modernizes SEACOR Marine’s operations by integrating eight Rolls-Royce designed platform supply vessels (PSVs), with deliveries expected to complete this year. The company has also amended its $130 million loan facility to support this acquisition. CEO John Gellert expressed confidence in the growth potential following this strategic move.

SEACOR Marine Holdings Inc. (NYSE: SMHI) announced it expects to receive about $28.2 million in cash from tax refunds under the CARES Act, primarily due to net operating losses from 2018 and 2019. Of this amount, $23.7 million is anticipated within the next nine months. A Tax Refund and Indemnification Agreement was signed with its former parent, allowing this carryback. A $3.0 million fee will be paid to SEACOR Holdings for cooperation in the refund claims. This additional liquidity aims to support SEACOR Marine's financial stability amid COVID-19 impacts.

SEACOR Marine Holdings (NYSE: SMHI) announced the acquisition of the remaining 50% equity interest in SEACOSCO Offshore LLC from COSCO SHIPPING GROUP, resulting in full ownership of SEACOSCO. The $28.15 million transaction enhances the company's fleet with eight modern platform supply vessels, improving efficiency with hybrid battery systems.

This acquisition is projected to generate approximately $7 million EBITDA in 2020 and $18.5 million in 2021. The company expects to benefit from favorable debt terms associated with these vessels, significantly growing its asset base.