Seacor Marine Holdings ( (SMHI) ) has released its Q4 earnings. Here is a breakdown of the information Seacor Marine Holdings presented to its investors.
Seacor Marine Holdings Inc. is a prominent provider of marine and support transportation services to offshore energy facilities worldwide, operating a diverse fleet of offshore support vessels. In its fourth quarter of 2024, Seacor Marine reported consolidated operating revenues of $69.8 million, a slight increase from the previous quarter but a decrease compared to the same quarter in 2023. The company experienced a net loss of $26.2 million, attributed to a one-time loss on debt extinguishment and increased expenses related to drydocking and major repairs.
Key financial metrics for the quarter included a 4.5% decrease in revenues year-over-year and a 1.3% increase quarter-over-quarter. The average day rates saw a 4.8% increase from the previous year, with fleet utilization improving to 72%. The company also completed significant refinancing activities, consolidating $328.7 million of debt into a new credit facility due in 2029, and sold two anchor handling towing supply vessels for $22.5 million.
Despite the net loss, Seacor Marine’s operating performance improved due to fewer out-of-service days and increased utilization of its premium liftboats. The company is optimistic about future opportunities, particularly in the Gulf of America, despite challenges in the North Sea and Mexico. The refinancing efforts are expected to provide financial flexibility to support ongoing fleet expansion and modernization.
Looking ahead, Seacor Marine’s management remains cautiously optimistic, anticipating increased activity in the Gulf of America and a healthy level of inquiries in most international markets, while acknowledging challenges in the offshore wind sector in the U.S. The company plans to continue its asset rotation strategy, focusing on high-specification, environmentally efficient vessels.