SEACOR Marine (SMHI) Q3 2024 earnings summary

Executive summary

• Operates a global fleet of 55 offshore support vessels across four regions as of September 30, 2024.

• Q3 2024 operating revenues were $68.9M, down 10.4% year-over-year and 1.4% sequentially.

• Net loss for Q3 2024 was $16.3M ($0.59/share), compared to $0.9M loss in Q3 2023.

• Utilization dropped to 67% from 73% in Q3 2023; average day rates rose to $18,879.

• Contracted revenue backlog, including options, exceeds $360M.

Financial highlights

• Operating revenues for Q3 2024 were $68.9M; nine-month revenues were $201.6M, both down year-over-year.

• Net loss for Q3 2024 was $16.3M; nine-month net loss was $51.9M.

• Direct vessel profit for the nine months was $51.0M, down from $90.0M prior year.

• Cash and equivalents at quarter-end were $37.9M, down from $58.6M a year ago.

• Operating cash flow was negative $18.8M for the nine months; Q3 2024 net cash from operations was $0.6M.

Outlook and guidance

• Management expects continued volatility in oil and gas markets, with utilization and day rates sensitive to supply-demand dynamics.

• Premium liftboat in the U.S. Gulf of Mexico returning to service in November after extended maintenance.

• Increased inquiries for decommissioning work for liftboats in 2025–2026.

• The company believes current liquidity, cash flow, and access to capital markets are sufficient to meet obligations.