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WKN: A2DR4T | ISIN: US78413P1012 | Ticker-Symbol: SQZ
Tradegate
30.04.25
15:58 Uhr
4,220 Euro
-0,080
-1,86 %
Branche
Logistik/Transport
Aktienmarkt
Sonstige
1-Jahres-Chart
SEACOR MARINE HOLDINGS INC Chart 1 Jahr
5-Tage-Chart
SEACOR MARINE HOLDINGS INC 5-Tage-Chart
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4,2604,36030.04.
4,2404,36030.04.
GlobeNewswire (Europe)
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SEACOR Marine Holdings Inc.: SEACOR Marine Announces First Quarter 2025 Results

Finanznachrichten News

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 $55.5 million, operating loss was $5.3 million, and direct vessel profit ("DVP")(1) was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024.

Notable first quarter items include:

  • 11.6% decrease in revenues from the first quarter of 2024 and a 20.5% decrease from the fourth quarter of 2024.
  • Average day rates of $18,825, a 1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024.
  • 60% utilization, a decrease from 62% in the first quarter of 2024 and from 72% in the fourth quarter of 2024.
  • DVP margin of 24.5%, an increase from 23.4% in the first quarter of 2024 and a decrease from 33.1% 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 $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

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 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants. We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

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 50% or Less Owned Companies (15,474) (21,044)
Income Tax Expense 904 925
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies (16,378) (21,969)
Equity in Earnings (Losses) of 50% or Less Owned Companies 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 $59,263
Bareboat charter 708 364 372 364 364
Other marine services 2,858 3,349 5,231 3,854 3,143
55,499 69,808 68,916 69,867 62,770
Costs and Expenses:
Operating:
Personnel 18,537 20,365 21,940 21,566 21,670
Repairs and maintenance 8,520 10,433 9,945 10,244 9,763
Drydocking 3,869 2,467 6,068 6,210 6,706
Insurance and loss reserves 2,153 2,473 2,584 3,099 1,738
Fuel, lubes and supplies 4,546 4,884 6,574 3,966 4,523
Other 4,303 6,104 5,796 4,435 3,699
41,928 46,726 52,907 49,520 48,099
Direct Vessel Profit (1) 13,571 23,082 16,009 20,347 14,671
Other Costs and Expenses:
Lease expense 337 347 364 486 481
Administrative and general 11,486 10,888 11,019 10,889 11,917
Depreciation and amortization 12,810 12,879 12,928 12,939 12,882
24,633 24,114 24,311 24,314 25,280
Gains (Losses) on Asset Dispositions and Impairments, Net 5,809 11,624 1,821 37 (1)
Operating (Loss) Income (5,253) 10,592 (6,481) (3,930) (10,610)
Other Income (Expense):
Interest income 436 372 358 445 593
Interest expense (9,586) (10,001) (10,127) (10,190) (10,309)
Derivative gains (losses), net 125 (536) 67 104 (543)
Loss on debt extinguishment - (31,923) - - -
Foreign currency (losses) gains, net (1,196) 1,308 (1,717) (560) (80)
Other, net - 187 29 - (95)
(10,221) (40,593) (11,390) (10,201) (10,434)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies (15,474) (30,001) (17,871) (14,131) (21,044)
Income Tax Expense (Benefit) 904 (2,345) (513) (682) 925
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies (16,378) (27,656) (17,358) (13,449) (21,969)
Equity in Earnings (Losses) of 50% or Less Owned Companies 889 1,430 1,012 966 (1,100)
Net Loss$(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 50% or less owned companies 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

© 2025 GlobeNewswire (Europe)
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