SEACOR Marine (SMHI) Investor Presentation summary

Company overview and market position

• Leading global provider of marine and support transportation services to offshore energy facilities, operating a modern fleet of 56 vessels with an average age of 9.9 years.

• Diverse fleet includes platform supply vessels (PSVs), fast support vessels (FSVs), liftboats, and anchor handling tug & supply (AHTS) vessels, serving oil, gas, and offshore wind sectors.

• Global presence spans the US, Latin America, West Africa & Europe, and Middle East & Asia, with a contract backlog exceeding $440M.

• Top 10 customers account for 73% of FY 2023 revenues, including major NOCs, IOCs, and offshore wind developers.

• Recognized for adopting advanced technologies such as hybrid power and walk-to-work systems to enhance sustainability.

Industry fundamentals and market outlook

• Offshore upstream capital expenditures and project sanctioning pipelines are forecasted to grow steadily through 2030, supporting robust OSV demand.

• OSV demand is expected to increase by approximately 13% from 2023 to 2026, with limited new vessel supply tightening the market.

• Supply constraints are driven by an aging stacked fleet, limited orderbook, and constrained financing, favoring higher utilization and day rates.

• Improved pricing and utilization are evident, with global PSV average day rates and utilization rising since 2021.

• U.S. liftboat market is poised for growth due to decommissioning, plug and abandonment, and offshore wind farm development.

Financial performance and capital structure

• FY 2023 revenues reached $279.5M, up from $217.3M in FY 2022, with LTM through Q1 2024 at $281.1M.

• Direct Vessel Profit (DVP) grew from $45.3M in 2022 to $119.9M in 2023, with a DVP margin improvement reflecting operating leverage.

• Adjusted EBITDA increased to $67.9M in 2023, with continued deleveraging and a Q1 2024 equity ratio of 47%.

• Net debt stood at $283.3M as of March 31, 2024, with a comfortable liquidity position and a total fleet fair market value exceeding $950M.

• Debt maturities are well-distributed through 2029, with an average cost of debt at 9.2% and a net leverage ratio of 4.1x.