SEACOR Marine Announces First Quarter 2025 Results
SEACOR Marine reported mixed Q1 2025 results with operating revenues of $55.5 million, down 11.6% year-over-year and 20.5% quarter-over-quarter. The company posted an operating loss of $5.3 million and direct vessel profit of $13.6 million.
Key metrics showed average day rates at $18,825 (1.1% YoY decrease) and 60% fleet utilization (down from 62% in Q1 2024). Net loss was $15.5 million ($0.56 per share). Notable achievements include selling a 2005 liftboat for $7.5 million with a $5.6 million gain.
The company completed strategic moves in April 2025, including:
- Selling three vessels for $33.2 million with a $20.6 million gain
- Repurchasing shares and warrants from Carlyle (9.1% of outstanding shares) for $12.9 million
- Investing in two new PSVs scheduled for delivery in Q4 2026 and Q1 2027
SEACOR Marine ha riportato risultati contrastanti nel primo trimestre del 2025, con ricavi operativi di 55,5 milioni di dollari, in calo dell'11,6% su base annua e del 20,5% rispetto al trimestre precedente. La società ha registrato una perdita operativa di 5,3 milioni di dollari e un utile diretto dalle navi di 13,6 milioni di dollari.
I principali indicatori mostrano tariffe giornaliere medie di 18.825 dollari (diminuzione dell'1,1% su base annua) e un utilizzo della flotta del 60% (in calo rispetto al 62% del primo trimestre 2024). La perdita netta è stata di 15,5 milioni di dollari (0,56 dollari per azione). Tra i risultati degni di nota, la vendita di una liftboat del 2005 per 7,5 milioni di dollari con un guadagno di 5,6 milioni di dollari.
Ad aprile 2025, la società ha completato mosse strategiche, tra cui:
- La vendita di tre navi per 33,2 milioni di dollari con un guadagno di 20,6 milioni di dollari
- Il riacquisto di azioni e warrant da Carlyle (9,1% delle azioni in circolazione) per 12,9 milioni di dollari
- L'investimento in due nuove PSV con consegna prevista nel quarto trimestre 2026 e nel primo trimestre 2027
SEACOR Marine reportó resultados mixtos en el primer trimestre de 2025, con ingresos operativos de
Los indicadores clave mostraron tarifas diarias promedio de 18,825 dólares (una caída del 1.1% interanual) y una utilización de la flota del 60% (desde el 62% en el primer trimestre de 2024). La pérdida neta fue de 15.5 millones de dólares (0.56 dólares por acción). Entre los logros destacados está la venta de un liftboat de 2005 por 7.5 millones de dólares con una ganancia de 5.6 millones de dólares.
En abril de 2025, la empresa completó movimientos estratégicos que incluyen:
- La venta de tres embarcaciones por 33.2 millones de dólares con una ganancia de 20.6 millones de dólares
- La recompra de acciones y warrants de Carlyle (9.1% de las acciones en circulación) por 12.9 millones de dólares
- La inversión en dos nuevos PSV con entrega prevista para el cuarto trimestre de 2026 y el primer trimestre de 2027
SEACOR Marine은 2025년 1분기 혼조된 실적을 보고했습니다. 영업 수익은 5,550만 달러로 전년 동기 대비 11.6%, 전분기 대비 20.5% 감소했습니다. 회사는 530만 달러의 영업 손실과 1,360만 달러의 직접 선박 이익을 기록했습니다.
주요 지표로는 평균 일일 요율이 18,825달러(전년 대비 1.1% 감소), 선대 가동률은 60%(2024년 1분기 62%에서 하락)였습니다. 순손실은 1,550만 달러(주당 0.56달러)였습니다. 주목할 만한 성과로는 2005년형 리프트보트를 750만 달러에 매각하여 560만 달러의 이익을 얻은 점이 있습니다.
2025년 4월에 회사는 다음과 같은 전략적 조치를 완료했습니다:
- 3척의 선박을 3,320만 달러에 매각하여 2,060만 달러의 이익 실현
- Carlyle로부터 발행 주식의 9.1%에 해당하는 주식 및 워런트를 1,290만 달러에 재매입
- 2026년 4분기 및 2027년 1분기 인도를 예정한 두 척의 신규 PSV에 투자
SEACOR Marine a publié des résultats mitigés pour le premier trimestre 2025, avec des revenus d'exploitation de 55,5 millions de dollars, en baisse de 11,6 % en glissement annuel et de 20,5 % par rapport au trimestre précédent. La société a enregistré une perte d'exploitation de 5,3 millions de dollars et un bénéfice direct des navires de 13,6 millions de dollars.
Les principaux indicateurs montrent des tarifs journaliers moyens de 18 825 dollars (baisse de 1,1 % en glissement annuel) et un taux d'utilisation de la flotte de 60 % (en baisse par rapport à 62 % au premier trimestre 2024). La perte nette s'élève à 15,5 millions de dollars (0,56 dollar par action). Parmi les réalisations notables, la vente d'un liftboat de 2005 pour 7,5 millions de dollars avec un gain de 5,6 millions de dollars.
En avril 2025, la société a finalisé des actions stratégiques, notamment :
- La vente de trois navires pour 33,2 millions de dollars avec un gain de 20,6 millions de dollars
- Le rachat d'actions et de bons de souscription auprès de Carlyle (9,1 % des actions en circulation) pour 12,9 millions de dollars
- L'investissement dans deux nouveaux PSV prévus pour une livraison au quatrième trimestre 2026 et au premier trimestre 2027
SEACOR Marine meldete gemischte Ergebnisse für das erste Quartal 2025 mit operativen Umsätzen von 55,5 Millionen US-Dollar, was einem Rückgang von 11,6 % im Jahresvergleich und 20,5 % im Quartalsvergleich entspricht. Das Unternehmen verzeichnete einen operativen Verlust von 5,3 Millionen US-Dollar und einen direkten Schiffsgewinn von 13,6 Millionen US-Dollar.
Wichtige Kennzahlen zeigten durchschnittliche Tagessätze von 18.825 US-Dollar (ein Rückgang von 1,1 % im Jahresvergleich) und eine Flottenauslastung von 60 % (gegenüber 62 % im ersten Quartal 2024). Der Nettoverlust betrug 15,5 Millionen US-Dollar (0,56 US-Dollar pro Aktie). Bemerkenswerte Erfolge umfassen den Verkauf eines 2005er Hubbootes für 7,5 Millionen US-Dollar mit einem Gewinn von 5,6 Millionen US-Dollar.
Im April 2025 schloss das Unternehmen strategische Maßnahmen ab, darunter:
- Verkauf von drei Schiffen für 33,2 Millionen US-Dollar mit einem Gewinn von 20,6 Millionen US-Dollar
- Rückkauf von Aktien und Warrants von Carlyle (9,1 % der ausstehenden Aktien) für 12,9 Millionen US-Dollar
- Investition in zwei neue PSVs mit geplanter Lieferung im vierten Quartal 2026 und ersten Quartal 2027
- Improved DVP margin to 24.5% from 23.4% YoY
- Successful sale of liftboat generating $7.5M proceeds with $5.6M gain
- Strategic vessel sales in April 2025 generating $33.2M proceeds with $20.6M gain
- Reduced drydocking expenses to $5.2M from $8.5M YoY
- Share repurchase of 9.1% outstanding shares, simplifying capital structure
- Two new PSVs under construction for delivery in Q4 2026 and Q1 2027
- 11.6% YoY and 20.5% QoQ decrease in revenues to $55.5M
- Operating loss of $5.3M in Q1 2025
- Net loss of $15.5M ($0.56 per share)
- Utilization dropped to 60% from 62% YoY and 72% QoQ
- Average day rates decreased 1.1% YoY to $18,825
- Market softness in North Sea and Gulf of America regions
- Customer delays in Mexico operations
Insights
SEACOR Marine reported lower Q1 revenues, continued losses, but improved operating metrics and significant vessel sales that strengthen liquidity position.
SEACOR Marine's Q1 2025 financial results present a mixed picture with signs of operational improvement amid ongoing challenges. The company reported operating revenues of
The company's Direct Vessel Profit (DVP) of
A significant development was the company's strategic asset optimization, completing the sale of one liftboat for
The company's strategic repositioning away from weakening markets like the North Sea toward South America, West Africa, and the Middle East demonstrates adaptive management, though utilization decreased to
SEACOR's fleet repositioning and planned vessel upgrades reflect strategic adaptation to changing offshore market dynamics despite seasonal weakness.
SEACOR Marine's Q1 results reflect the typical seasonal patterns of the offshore support vessel (OSV) market, with the company strategically timing maintenance, drydocking, and fleet repositioning during this traditionally slow period. The slight decline in utilization to
The stability in average day rates at
SEACOR's strategic pivot from weaker markets to more promising regions is technically sound. The company is reducing exposure in the challenged North Sea sector while focusing on stronger international markets including South America, West Africa, and the Middle East, where tendering activity remains healthy. This geographic diversification strategy helps mitigate regional market weaknesses.
The fleet modernization initiative is particularly significant from an operational perspective. By selling older vessels and investing in two new high-specification PSVs, SEACOR is aligning its fleet capabilities with evolving market demands. CEO John Gellert's emphasis on having "a modern fleet, with additional high specification vessels scheduled to deliver in less than two years" positions the company to potentially capture higher-value contracts in the future.
The company's focus on decommissioning opportunities in the Gulf of America merits attention, as this segment offers potential stability amid fluctuating exploration and production activity. However, management's comment about "closely monitoring" this market suggests some uncertainty about near-term prospects in this sector.
HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.
SEACOR Marine’s consolidated operating revenues for the first quarter of 2025 were
Notable first quarter items include:
11.6% decrease in revenues from the first quarter of 2024 and a20.5% decrease from the fourth quarter of 2024.- Average day rates of
$18,825 , a1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024. 60% utilization, a decrease from62% in the first quarter of 2024 and from72% in the fourth quarter of 2024.- DVP margin of
24.5% , an increase from23.4% in the first quarter of 2024 and a decrease from33.1% in the fourth quarter of 2024, due in part to$5.2 million of drydocking and major repairs during the first quarter of 2025 compared to$8.5 million in the first quarter of 2024 and$3.5 million in the fourth quarter of 2024, all of which are expensed as incurred. - Completed the sale of one 2005 built liftboat which had been in long-term layup for total proceeds of
$7.5 million and a gain of$5.6 million . - At the end of the first quarter of 2025, the Company had three vessels as held for sale, consisting of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”). The sales of these vessels closed in April 2025 for total proceeds of
$33.2 million and a gain of$20.6 million , and the proceeds were used to (a) fund the repurchase of shares and warrants from Carlyle and (b) partially fund the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.
For the first quarter of 2025, net loss was
Chief Executive Officer John Gellert commented:
“The first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.
We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.
As previously announced, on April 4, 2025, we repurchased shares and warrants representing
I am confident about SEACOR Marine’s positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.”
___________________
| (1) | Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. | |
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating Revenues | $ | 55,499 | $ | 62,770 | ||||
| Costs and Expenses: | ||||||||
| Operating | 41,928 | 48,099 | ||||||
| Administrative and general | 11,486 | 11,917 | ||||||
| Lease expense | 337 | 481 | ||||||
| Depreciation and amortization | 12,810 | 12,882 | ||||||
| 66,561 | 73,379 | |||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 5,809 | (1 | ) | |||||
| Operating Loss | (5,253 | ) | (10,610 | ) | ||||
| Other Income (Expense): | ||||||||
| Interest income | 436 | 593 | ||||||
| Interest expense | (9,586 | ) | (10,309 | ) | ||||
| Derivative gains (losses), net | 125 | (543 | ) | |||||
| Foreign currency losses, net | (1,196 | ) | (80 | ) | ||||
| Other, net | — | (95 | ) | |||||
| (10,221 | ) | (10,434 | ) | |||||
| Loss Before Income Tax Expense and Equity in Earnings (Losses) of | (15,474 | ) | (21,044 | ) | ||||
| Income Tax Expense | 904 | 925 | ||||||
| Loss Before Equity in Earnings (Losses) of | (16,378 | ) | (21,969 | ) | ||||
| Equity in Earnings (Losses) of | 889 | (1,100 | ) | |||||
| Net Loss | $ | (15,489 | ) | $ | (23,069 | ) | ||
| Net Loss Per Share: | ||||||||
| Basic | $ | (0.56 | ) | $ | (0.84 | ) | ||
| Diluted | $ | (0.56 | ) | $ | (0.84 | ) | ||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||
| Basic | 27,908,297 | 27,343,604 | ||||||
| Diluted | 27,908,297 | 27,343,604 | ||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average Rates Per Day | $ | 18,825 | $ | 18,901 | $ | 18,879 | $ | 19,141 | $ | 19,042 | |||||||||
| Fleet Utilization | 60 | % | 72 | % | 67 | % | 69 | % | 62 | % | |||||||||
| Fleet Available Days (2) | 4,583 | 4,870 | 5,026 | 4,994 | 5,005 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 51,933 | $ | 66,095 | $ | 63,313 | $ | 65,649 | $ | 59,263 | |||||||||
| Bareboat charter | 708 | 364 | 372 | 364 | 364 | ||||||||||||||
| Other marine services | 2,858 | 3,349 | 5,231 | 3,854 | 3,143 | ||||||||||||||
| 55,499 | 69,808 | 68,916 | 69,867 | 62,770 | |||||||||||||||
| Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 18,537 | 20,365 | 21,940 | 21,566 | 21,670 | ||||||||||||||
| Repairs and maintenance | 8,520 | 10,433 | 9,945 | 10,244 | 9,763 | ||||||||||||||
| Drydocking | 3,869 | 2,467 | 6,068 | 6,210 | 6,706 | ||||||||||||||
| Insurance and loss reserves | 2,153 | 2,473 | 2,584 | 3,099 | 1,738 | ||||||||||||||
| Fuel, lubes and supplies | 4,546 | 4,884 | 6,574 | 3,966 | 4,523 | ||||||||||||||
| Other | 4,303 | 6,104 | 5,796 | 4,435 | 3,699 | ||||||||||||||
| 41,928 | 46,726 | 52,907 | 49,520 | 48,099 | |||||||||||||||
| Direct Vessel Profit (1) | 13,571 | 23,082 | 16,009 | 20,347 | 14,671 | ||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | 337 | 347 | 364 | 486 | 481 | ||||||||||||||
| Administrative and general | 11,486 | 10,888 | 11,019 | 10,889 | 11,917 | ||||||||||||||
| Depreciation and amortization | 12,810 | 12,879 | 12,928 | 12,939 | 12,882 | ||||||||||||||
| 24,633 | 24,114 | 24,311 | 24,314 | 25,280 | |||||||||||||||
| Gains (Losses) on Asset Dispositions and Impairments, Net | 5,809 | 11,624 | 1,821 | 37 | (1 | ) | |||||||||||||
| Operating (Loss) Income | (5,253 | ) | 10,592 | (6,481 | ) | (3,930 | ) | (10,610 | ) | ||||||||||
| Other Income (Expense): | |||||||||||||||||||
| Interest income | 436 | 372 | 358 | 445 | 593 | ||||||||||||||
| Interest expense | (9,586 | ) | (10,001 | ) | (10,127 | ) | (10,190 | ) | (10,309 | ) | |||||||||
| Derivative gains (losses), net | 125 | (536 | ) | 67 | 104 | (543 | ) | ||||||||||||
| Loss on debt extinguishment | — | (31,923 | ) | — | — | — | |||||||||||||
| Foreign currency (losses) gains, net | (1,196 | ) | 1,308 | (1,717 | ) | (560 | ) | (80 | ) | ||||||||||
| Other, net | — | 187 | 29 | — | (95 | ) | |||||||||||||
| (10,221 | ) | (40,593 | ) | (11,390 | ) | (10,201 | ) | (10,434 | ) | ||||||||||
| Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of | (15,474 | ) | (30,001 | ) | (17,871 | ) | (14,131 | ) | (21,044 | ) | |||||||||
| Income Tax Expense (Benefit) | 904 | (2,345 | ) | (513 | ) | (682 | ) | 925 | |||||||||||
| Loss Before Equity in Earnings (Losses) of | (16,378 | ) | (27,656 | ) | (17,358 | ) | (13,449 | ) | (21,969 | ) | |||||||||
| Equity in Earnings (Losses) of | 889 | 1,430 | 1,012 | 966 | (1,100 | ) | |||||||||||||
| Net Loss | $ | (15,489 | ) | $ | (26,226 | ) | $ | (16,346 | ) | $ | (12,483 | ) | $ | (23,069 | ) | ||||
| Net Loss Per Share: | |||||||||||||||||||
| Basic | $ | (0.56 | ) | $ | (0.94 | ) | $ | (0.59 | ) | $ | (0.45 | ) | $ | (0.84 | ) | ||||
| Diluted | $ | (0.56 | ) | $ | (0.94 | ) | $ | (0.59 | ) | $ | (0.45 | ) | $ | (0.84 | ) | ||||
| Weighted Average Common Stock and Warrants Outstanding: | |||||||||||||||||||
| Basic | 27,908 | 27,773 | 27,773 | 27,729 | 27,344 | ||||||||||||||
| Diluted | 27,908 | 27,773 | 27,773 | 27,729 | 27,344 | ||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 29,488 | 28,950 | 28,950 | 28,941 | 28,906 | ||||||||||||||
_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| United States, primarily Gulf of America | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 23,874 | $ | 26,116 | $ | 17,188 | $ | 22,356 | $ | 28,156 | |||||||||
| Fleet utilization | 25 | % | 45 | % | 42 | % | 37 | % | 27 | % | |||||||||
| Fleet available days | 1,121 | 920 | 920 | 921 | 927 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 153 | 75 | 116 | 179 | 137 | ||||||||||||||
| Out-of-service days for cold-stacked status (2) | 173 | 184 | 175 | 127 | 182 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 6,765 | $ | 10,744 | $ | 6,593 | $ | 7,697 | $ | 6,957 | |||||||||
| Other marine services | 235 | 1,114 | 1,188 | 480 | 1,026 | ||||||||||||||
| 7,000 | 11,858 | 7,781 | 8,177 | 7,983 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 6,486 | 6,097 | 6,297 | 6,284 | 5,781 | ||||||||||||||
| Repairs and maintenance | 1,479 | 1,680 | 1,655 | 1,879 | 1,404 | ||||||||||||||
| Drydocking | 1,066 | 1,451 | 2,615 | 2,570 | 1,968 | ||||||||||||||
| Insurance and loss reserves | 702 | 854 | 799 | 943 | 396 | ||||||||||||||
| Fuel, lubes and supplies | 819 | 854 | 964 | 866 | 667 | ||||||||||||||
| Other | 349 | 229 | 225 | 226 | (171 | ) | |||||||||||||
| 10,901 | 11,165 | 12,555 | 12,768 | 10,045 | |||||||||||||||
| Direct Vessel (Loss) Profit (1) | $ | (3,901 | ) | $ | 693 | $ | (4,774 | ) | $ | (4,591 | ) | $ | (2,062 | ) | |||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 136 | $ | 136 | $ | 140 | $ | 141 | $ | 138 | |||||||||
| Depreciation and amortization | 3,705 | 3,196 | 3,194 | 3,194 | 2,750 | ||||||||||||||
| Africa and Europe | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 17,294 | $ | 16,895 | $ | 18,875 | $ | 18,580 | $ | 15,197 | |||||||||
| Fleet utilization | 70 | % | 73 | % | 77 | % | 74 | % | 76 | % | |||||||||
| Fleet available days | 1,710 | 1,856 | 1,990 | 1,969 | 1,775 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 382 | 180 | 203 | 203 | 238 | ||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 58 | 91 | 91 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 20,835 | $ | 22,999 | $ | 28,809 | $ | 27,047 | $ | 20,555 | |||||||||
| Other marine services | 852 | 1,027 | 3,048 | 1,028 | 169 | ||||||||||||||
| 21,687 | 24,026 | 31,857 | 28,075 | 20,724 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 5,183 | 5,654 | 6,083 | 4,969 | 5,181 | ||||||||||||||
| Repairs and maintenance | 3,462 | 3,712 | 3,455 | 3,161 | 3,209 | ||||||||||||||
| Drydocking | 1,241 | 835 | 681 | 1,226 | 2,032 | ||||||||||||||
| Insurance and loss reserves | 594 | 577 | 599 | 819 | 334 | ||||||||||||||
| Fuel, lubes and supplies | 2,180 | 2,226 | 2,514 | 1,170 | 1,287 | ||||||||||||||
| Other | 2,727 | 3,748 | 3,975 | 2,801 | 2,199 | ||||||||||||||
| 15,387 | 16,752 | 17,307 | 14,146 | 14,242 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 6,300 | $ | 7,274 | $ | 14,550 | $ | 13,929 | $ | 6,482 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 63 | $ | 82 | $ | 75 | $ | 172 | $ | 178 | |||||||||
| Depreciation and amortization | 4,402 | 4,477 | 4,540 | 4,565 | 3,915 | ||||||||||||||
_______________
(1) See full description of footnote above.
(2) Includes one FSV cold-stacked in this region as of March 31, 2025.
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| Middle East and Asia | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 17,848 | $ | 17,337 | $ | 17,825 | $ | 17,083 | $ | 16,934 | |||||||||
| Fleet utilization | 75 | % | 88 | % | 71 | % | 82 | % | 71 | % | |||||||||
| Fleet available days | 1,170 | 1,266 | 1,288 | 1,296 | 1,365 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 82 | 30 | 229 | 168 | 224 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 15,710 | $ | 19,385 | $ | 16,411 | $ | 18,073 | $ | 16,477 | |||||||||
| Other marine services | 292 | 635 | 375 | 619 | 350 | ||||||||||||||
| 16,002 | 20,020 | 16,786 | 18,692 | 16,827 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 4,927 | 5,470 | 5,769 | 6,930 | 5,963 | ||||||||||||||
| Repairs and maintenance | 2,505 | 3,574 | 3,318 | 3,443 | 2,712 | ||||||||||||||
| Drydocking | 1,031 | (226 | ) | 832 | 707 | 1,483 | |||||||||||||
| Insurance and loss reserves | 702 | 804 | 927 | 798 | 618 | ||||||||||||||
| Fuel, lubes and supplies | 883 | 840 | 1,043 | 1,103 | 1,198 | ||||||||||||||
| Other | 881 | 1,305 | 1,131 | 989 | 1,000 | ||||||||||||||
| 10,929 | 11,767 | 13,020 | 13,970 | 12,974 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 5,073 | $ | 8,253 | $ | 3,766 | $ | 4,722 | $ | 3,853 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 83 | $ | 72 | $ | 73 | $ | 71 | $ | 85 | |||||||||
| Depreciation and amortization | 3,230 | 3,272 | 3,261 | 3,247 | 3,496 | ||||||||||||||
| Latin America | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 22,084 | $ | 21,390 | $ | 21,984 | $ | 22,437 | $ | 28,308 | |||||||||
| Fleet utilization | 67 | % | 73 | % | 63 | % | 71 | % | 58 | % | |||||||||
| Fleet available days (2) | 582 | 828 | 828 | 808 | 938 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | 20 | 94 | 41 | 1 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 8,623 | $ | 12,967 | $ | 11,500 | $ | 12,832 | $ | 15,274 | |||||||||
| Bareboat charter | 708 | 364 | 372 | 364 | 364 | ||||||||||||||
| Other marine services | 1,479 | 573 | 620 | 1,727 | 1,598 | ||||||||||||||
| 10,810 | 13,904 | 12,492 | 14,923 | 17,236 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | 1,941 | 3,144 | 3,791 | 3,383 | 4,745 | ||||||||||||||
| Repairs and maintenance | 1,074 | 1,467 | 1,517 | 1,761 | 2,438 | ||||||||||||||
| Drydocking | 531 | 407 | 1,940 | 1,707 | 1,223 | ||||||||||||||
| Insurance and loss reserves | 155 | 238 | 259 | 539 | 390 | ||||||||||||||
| Fuel, lubes and supplies | 664 | 964 | 2,053 | 827 | 1,371 | ||||||||||||||
| Other | 346 | 822 | 465 | 419 | 671 | ||||||||||||||
| 4,711 | 7,042 | 10,025 | 8,636 | 10,838 | |||||||||||||||
| Direct Vessel Profit (1) | $ | 6,099 | $ | 6,862 | $ | 2,467 | $ | 6,287 | $ | 6,398 | |||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 55 | $ | 57 | $ | 76 | $ | 102 | $ | 80 | |||||||||
| Depreciation and amortization | 1,473 | 1,934 | 1,933 | 1,933 | 2,721 | ||||||||||||||
_______________
(1) See full description of footnote above.
(2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| AHTS | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | — | $ | 10,410 | $ | 10,316 | $ | 8,125 | $ | 8,538 | |||||||||
| Fleet utilization | — | % | 79 | % | 46 | % | 49 | % | 75 | % | |||||||||
| Fleet available days | — | 178 | 334 | 364 | 364 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | 28 | 87 | 29 | — | ||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 58 | 91 | 91 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 15 | $ | 1,465 | $ | 1,576 | $ | 1,459 | $ | 2,331 | |||||||||
| Other marine services | 9 | — | 13 | 219 | — | ||||||||||||||
| 24 | 1,465 | 1,589 | 1,678 | 2,331 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 1 | $ | 595 | $ | 981 | $ | 1,045 | $ | 1,064 | |||||||||
| Repairs and maintenance | 38 | 128 | 239 | 465 | 220 | ||||||||||||||
| Drydocking | — | 5 | 436 | 280 | 68 | ||||||||||||||
| Insurance and loss reserves | — | 49 | 66 | 97 | 43 | ||||||||||||||
| Fuel, lubes and supplies | 66 | 25 | 90 | 69 | 616 | ||||||||||||||
| Other | 12 | 210 | 263 | 230 | 287 | ||||||||||||||
| 117 | 1,012 | 2,075 | 2,186 | 2,298 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | — | $ | 7 | $ | 4 | $ | 164 | $ | 171 | |||||||||
| Depreciation and amortization | 4 | 122 | 175 | 175 | 175 | ||||||||||||||
| FSV | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 13,786 | $ | 13,643 | $ | 13,102 | $ | 12,978 | $ | 11,834 | |||||||||
| Fleet utilization | 71 | % | 72 | % | 81 | % | 80 | % | 72 | % | |||||||||
| Fleet available days | 1,980 | 2,024 | 2,024 | 2,002 | 2,002 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 135 | 118 | 96 | 128 | 216 | ||||||||||||||
| Out-of-service days for cold-stacked status | 90 | 92 | 83 | 36 | 91 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 19,357 | $ | 19,992 | $ | 21,606 | $ | 20,698 | $ | 17,081 | |||||||||
| Other marine services | 762 | 416 | 1,012 | 516 | 126 | ||||||||||||||
| 20,119 | 20,408 | 22,618 | 21,214 | 17,207 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 4,933 | $ | 5,078 | $ | 5,637 | $ | 5,829 | $ | 5,649 | |||||||||
| Repairs and maintenance | 2,983 | 4,480 | 4,378 | 4,572 | 3,093 | ||||||||||||||
| Drydocking | 353 | 426 | 448 | 457 | 1,869 | ||||||||||||||
| Insurance and loss reserves | 517 | 422 | 532 | 546 | 277 | ||||||||||||||
| Fuel, lubes and supplies | 1,173 | 1,586 | 1,962 | 993 | 1,051 | ||||||||||||||
| Other | 1,782 | 2,456 | 2,238 | 1,850 | 1,649 | ||||||||||||||
| 11,741 | 14,448 | 15,195 | 14,247 | 13,588 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | $ | 4,932 | $ | 4,746 | $ | 4,744 | $ | 4,746 | $ | 4,744 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| PSV | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 19,424 | $ | 17,912 | $ | 21,819 | $ | 20,952 | $ | 19,133 | |||||||||
| Fleet utilization | 55 | % | 72 | % | 58 | % | 66 | % | 53 | % | |||||||||
| Fleet available days (1) | 1,890 | 1,932 | 1,932 | 1,900 | 1,911 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 396 | 117 | 349 | 291 | 307 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 20,286 | $ | 24,865 | $ | 24,488 | $ | 26,390 | $ | 19,390 | |||||||||
| Bareboat charter | 708 | 364 | 372 | 364 | 364 | ||||||||||||||
| Other marine services | 508 | 1,561 | 2,855 | 2,266 | 416 | ||||||||||||||
| 21,502 | 26,790 | 27,715 | 29,020 | 20,170 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 8,351 | $ | 8,999 | $ | 9,360 | $ | 8,979 | $ | 8,850 | |||||||||
| Repairs and maintenance | 3,949 | 4,101 | 3,798 | 3,151 | 4,393 | ||||||||||||||
| Drydocking | 2,513 | 1,046 | 2,629 | 2,616 | 3,386 | ||||||||||||||
| Insurance and loss reserves | 631 | 618 | 636 | 1,037 | 395 | ||||||||||||||
| Fuel, lubes and supplies | 2,594 | 2,379 | 3,594 | 1,575 | 1,889 | ||||||||||||||
| Other | 2,018 | 2,566 | 2,821 | 1,850 | 1,395 | ||||||||||||||
| 20,056 | 19,709 | 22,838 | 19,208 | 20,308 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | (3 | ) | $ | 3 | $ | — | ||||||||
| Depreciation and amortization | 4,133 | 4,122 | 4,117 | 4,128 | 4,073 | ||||||||||||||
_______________
(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| Liftboats | |||||||||||||||||||
| Time Charter Statistics: | |||||||||||||||||||
| Average rates per day worked | $ | 39,559 | $ | 39,326 | $ | 36,423 | $ | 43,204 | $ | 53,506 | |||||||||
| Fleet utilization | 44 | % | 68 | % | 58 | % | 54 | % | 53 | % | |||||||||
| Fleet available days | 713 | 736 | 736 | 728 | 728 | ||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 87 | 41 | 109 | 143 | 78 | ||||||||||||||
| Out-of-service days for cold-stacked status | 83 | 92 | 92 | 91 | 91 | ||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Time charter | $ | 12,275 | $ | 19,773 | $ | 15,643 | $ | 17,102 | $ | 20,461 | |||||||||
| Other marine services | 1,289 | 1,177 | 1,142 | 666 | 1,772 | ||||||||||||||
| 13,564 | 20,950 | 16,785 | 17,768 | 22,233 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 5,247 | $ | 5,678 | $ | 5,926 | $ | 6,842 | $ | 6,140 | |||||||||
| Repairs and maintenance | 1,571 | 1,722 | 1,531 | 2,054 | 2,035 | ||||||||||||||
| Drydocking | 1,003 | 990 | 2,555 | 2,857 | 1,383 | ||||||||||||||
| Insurance and loss reserves | 1,241 | 1,384 | 1,334 | 1,482 | 1,282 | ||||||||||||||
| Fuel, lubes and supplies | 712 | 894 | 928 | 1,329 | 967 | ||||||||||||||
| Other | 482 | 860 | 473 | 519 | 343 | ||||||||||||||
| 10,256 | 11,528 | 12,747 | 15,083 | 12,150 | |||||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Depreciation and amortization | 3,719 | 3,866 | 3,866 | 3,865 | 3,866 | ||||||||||||||
| Other Activity | |||||||||||||||||||
| Operating Revenues: | |||||||||||||||||||
| Other marine services | $ | 290 | $ | 195 | $ | 209 | $ | 187 | $ | 829 | |||||||||
| 290 | 195 | 209 | 187 | 829 | |||||||||||||||
| Direct Costs and Expenses: | |||||||||||||||||||
| Operating: | |||||||||||||||||||
| Personnel | $ | 5 | $ | 15 | $ | 36 | $ | (1,129 | ) | $ | (33 | ) | |||||||
| Repairs and maintenance | (21 | ) | 2 | (1 | ) | 2 | 22 | ||||||||||||
| Insurance and loss reserves | (236 | ) | — | 16 | (63 | ) | (259 | ) | |||||||||||
| Fuel, lubes and supplies | 1 | — | — | — | — | ||||||||||||||
| Other | 9 | 12 | 1 | (14 | ) | 25 | |||||||||||||
| (242 | ) | 29 | 52 | (1,204 | ) | (245 | ) | ||||||||||||
| Other Costs and Expenses: | |||||||||||||||||||
| Lease expense | $ | 337 | $ | 340 | $ | 363 | $ | 319 | $ | 310 | |||||||||
| Depreciation and amortization | 22 | 23 | 26 | 25 | 24 | ||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| ASSETS | |||||||||||||||||||
| Current Assets: | |||||||||||||||||||
| Cash and cash equivalents | $ | 42,988 | $ | 59,491 | $ | 35,601 | $ | 40,605 | $ | 59,593 | |||||||||
| Restricted cash | 2,440 | 16,649 | 2,263 | 2,255 | 2,566 | ||||||||||||||
| Receivables: | |||||||||||||||||||
| Trade, net of allowance for credit loss | 63,946 | 69,888 | 76,497 | 70,770 | 58,272 | ||||||||||||||
| Other | 8,811 | 7,913 | 7,841 | 6,210 | 12,210 | ||||||||||||||
| Tax receivable | 1,602 | 1,601 | 983 | 983 | 983 | ||||||||||||||
| Inventories | 2,827 | 2,760 | 3,139 | 3,117 | 2,516 | ||||||||||||||
| Prepaid expenses and other | 6,075 | 4,406 | 4,840 | 5,659 | 3,425 | ||||||||||||||
| Assets held for sale | 12,195 | 10,943 | — | 500 | 500 | ||||||||||||||
| Total current assets | 140,884 | 173,651 | 131,164 | 130,099 | 140,065 | ||||||||||||||
| Property and Equipment: | |||||||||||||||||||
| Historical cost | 881,961 | 900,414 | 921,445 | 921,443 | 919,139 | ||||||||||||||
| Accumulated depreciation | (365,422 | ) | (367,448 | ) | (362,604 | ) | (349,799 | ) | (337,001 | ) | |||||||||
| 516,539 | 532,966 | 558,841 | 571,644 | 582,138 | |||||||||||||||
| Construction in progress | 27,248 | 11,904 | 11,935 | 11,518 | 13,410 | ||||||||||||||
| Net property and equipment | 543,787 | 544,870 | 570,776 | 583,162 | 595,548 | ||||||||||||||
| Right-of-use asset - operating leases | 3,293 | 3,436 | 3,575 | 3,683 | 3,988 | ||||||||||||||
| Right-of-use asset - finance leases | 28 | 36 | 19 | 28 | 29 | ||||||||||||||
| Investments, at equity, and advances to | 4,507 | 3,541 | 2,046 | 2,641 | 3,122 | ||||||||||||||
| Other assets | 1,665 | 1,577 | 1,864 | 1,953 | 2,094 | ||||||||||||||
| Total assets | $ | 694,164 | $ | 727,111 | $ | 709,444 | $ | 721,566 | $ | 744,846 | |||||||||
| LIABILITIES AND EQUITY | |||||||||||||||||||
| Current Liabilities: | |||||||||||||||||||
| Current portion of operating lease liabilities | $ | 540 | $ | 606 | $ | 494 | $ | 861 | $ | 1,285 | |||||||||
| Current portion of finance lease liabilities | 11 | 17 | 17 | 26 | 33 | ||||||||||||||
| Current portion of long-term debt | 30,000 | 27,500 | 28,605 | 28,605 | 28,605 | ||||||||||||||
| Accounts payable | 28,445 | 29,236 | 22,744 | 17,790 | 23,453 | ||||||||||||||
| Other current liabilities | 16,414 | 27,683 | 28,808 | 23,795 | 21,067 | ||||||||||||||
| Total current liabilities | 75,410 | 85,042 | 80,668 | 71,077 | 74,443 | ||||||||||||||
| Long-term operating lease liabilities | 2,926 | 2,982 | 3,221 | 3,276 | 3,390 | ||||||||||||||
| Long-term finance lease liabilities | 17 | 20 | 4 | 5 | — | ||||||||||||||
| Long-term debt | 310,108 | 317,339 | 272,325 | 277,740 | 281,989 | ||||||||||||||
| Deferred income taxes | 20,312 | 22,037 | 26,802 | 30,083 | 33,873 | ||||||||||||||
| Deferred gains and other liabilities | 1,356 | 1,369 | 1,416 | 1,447 | 2,285 | ||||||||||||||
| Total liabilities | 410,129 | 428,789 | 384,436 | 383,628 | 395,980 | ||||||||||||||
| Equity: | |||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||
| Common stock | 293 | 287 | 287 | 286 | 286 | ||||||||||||||
| Additional paid-in capital | 480,904 | 479,283 | 477,661 | 476,020 | 474,433 | ||||||||||||||
| Accumulated deficit | (196,089 | ) | (180,600 | ) | (154,374 | ) | (138,028 | ) | (125,609 | ) | |||||||||
| Shares held in treasury | (9,628 | ) | (8,110 | ) | (8,110 | ) | (8,110 | ) | (8,071 | ) | |||||||||
| Accumulated other comprehensive income, net of tax | 8,234 | 7,141 | 9,223 | 7,449 | 7,506 | ||||||||||||||
| 283,714 | 298,001 | 324,687 | 337,617 | 348,545 | |||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | ||||||||||||||
| Total equity | 284,035 | 298,322 | 325,008 | 337,938 | 348,866 | ||||||||||||||
| Total liabilities and equity | $ | 694,164 | $ | 727,111 | $ | 709,444 | $ | 721,566 | $ | 744,846 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
| Cash Flows from Operating Activities: | |||||||||||||||||||
| Net Loss | $ | (15,489 | ) | $ | (26,226 | ) | $ | (16,346 | ) | $ | (12,483 | ) | $ | (23,069 | ) | ||||
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||||||||||||||||||
| Depreciation and amortization | 12,810 | 12,879 | 12,928 | 12,939 | 12,882 | ||||||||||||||
| Deferred financing costs amortization | 43 | 254 | 298 | 297 | 295 | ||||||||||||||
| Stock-based compensation expense | 1,627 | 1,622 | 1,604 | 1,587 | 1,645 | ||||||||||||||
| Debt discount amortization | 226 | 1,799 | 2,061 | 1,993 | 1,926 | ||||||||||||||
| Allowance for credit losses | (407 | ) | 59 | 101 | 39 | 3 | |||||||||||||
| (Gains) losses from equipment sales, retirements or impairments | (5,809 | ) | (11,624 | ) | (1,821 | ) | (37 | ) | 1 | ||||||||||
| Losses on debt extinguishment | — | 28,252 | — | — | — | ||||||||||||||
| Derivative (gains) losses | (125 | ) | 536 | (67 | ) | (104 | ) | 543 | |||||||||||
| Interest on finance lease | 1 | 2 | — | 1 | — | ||||||||||||||
| Settlements on derivative transactions, net | (373 | ) | — | — | — | 164 | |||||||||||||
| Currency losses (gains) | 1,196 | (1,308 | ) | 1,717 | 560 | 80 | |||||||||||||
| Deferred income taxes | (1,725 | ) | (4,766 | ) | (3,281 | ) | (3,790 | ) | (1,845 | ) | |||||||||
| Equity (earnings) losses | (889 | ) | (1,430 | ) | (1,012 | ) | (966 | ) | 1,100 | ||||||||||
| Dividends received from equity investees | — | — | 1,498 | 1,418 | — | ||||||||||||||
| Changes in Operating Assets and Liabilities: | |||||||||||||||||||
| Accounts receivables | 5,333 | 5,448 | (7,411 | ) | (6,928 | ) | 4,291 | ||||||||||||
| Other assets | (1,681 | ) | 1,338 | 1,032 | (2,395 | ) | (1,290 | ) | |||||||||||
| Accounts payable and accrued liabilities | (6,204 | ) | 1,693 | 9,325 | (4,378 | ) | (3,895 | ) | |||||||||||
| Net cash (used in) provided by operating activities | (11,466 | ) | 8,528 | 626 | (12,247 | ) | (7,169 | ) | |||||||||||
| Cash Flows from Investing Activities: | |||||||||||||||||||
| Purchases of property and equipment | (20,795 | ) | (3,010 | ) | (210 | ) | (658 | ) | (3,416 | ) | |||||||||
| Proceeds from disposition of property and equipment | 8,472 | 22,441 | 2,331 | 86 | — | ||||||||||||||
| Net cash (used in) provided by investing activities | (12,323 | ) | 19,431 | 2,121 | (572 | ) | (3,416 | ) | |||||||||||
| Cash Flows from Financing Activities: | |||||||||||||||||||
| Payments on long-term debt | (5,000 | ) | (2,479 | ) | (7,770 | ) | (6,533 | ) | (7,530 | ) | |||||||||
| Payments on debt extinguishment | — | (328,712 | ) | — | — | — | |||||||||||||
| Payments on debt extinguishment cost | — | (3,671 | ) | — | — | — | |||||||||||||
| Proceeds from issuance of long-term debt, net of debt discount and issuance costs | (396 | ) | 345,192 | — | — | — | |||||||||||||
| Payments on finance leases | (9 | ) | (13 | ) | (10 | ) | (9 | ) | (9 | ) | |||||||||
| Proceeds from exercise of stock options and warrants | — | — | 38 | 102 | — | ||||||||||||||
| Tax withholdings on restricted stock vesting | (1,518 | ) | — | — | (39 | ) | (3,850 | ) | |||||||||||
| Net cash (used in) provided by financing activities | (6,923 | ) | 10,317 | (7,742 | ) | (6,479 | ) | (11,389 | ) | ||||||||||
| Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | — | — | (1 | ) | (1 | ) | 2 | ||||||||||||
| Net Change in Cash, Restricted Cash and Cash Equivalents | (30,712 | ) | 38,276 | (4,996 | ) | (19,299 | ) | (21,972 | ) | ||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 76,140 | 37,864 | 42,860 | 62,159 | 84,131 | ||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 45,428 | $ | 76,140 | $ | 37,864 | $ | 42,860 | $ | 62,159 | |||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||||||
| Owned | Managed | Total | ||||||||||
| March 31, 2025 | ||||||||||||
| AHTS | — | 2 | 2 | |||||||||
| FSV | 22 | 1 | 23 | |||||||||
| PSV | 21 | — | 21 | |||||||||
| Liftboats | 7 | — | 7 | |||||||||
| 50 | 3 | 53 | ||||||||||
| December 31, 2024 | ||||||||||||
| AHTS | — | 2 | 2 | |||||||||
| FSV | 22 | 1 | 23 | |||||||||
| PSV | 21 | — | 21 | |||||||||
| Liftboats | 8 | — | 8 | |||||||||
| 51 | 3 | 54 | ||||||||||
FAQ
What caused SEACOR Marine (SMHI) revenue decline in Q1 2025?
How much did SEACOR Marine (SMHI) buy back shares for in April 2025?
What was SEACOR Marine's (SMHI) profit margin in Q1 2025?
How many vessels did SEACOR Marine (SMHI) sell in Q1 2025?
What is SEACOR Marine's (SMHI) fleet expansion plan for 2026-2027?
