SEACOR Marine (SMHI) Q4 2024 earnings summary

Executive summary

• Operates a modern fleet of 51 offshore support vessels, focusing on oil, gas, and offshore wind, with a global presence.

• Recent actions include $391M debt refinancing, $82M order for two newbuild PSVs, and divestiture of older AHTS vessels.

• Won the Offshore Support Journal 2025 Environmental Award for reducing the OSV industry's environmental footprint.

• Q4 2024 operating revenues were $69.8M, up 1.3% sequentially, with operating income of $10.6M and DVP of $23.1M.

• Net loss for Q4 2024 was $26.2M, compared to net income of $5.7M in Q4 2023.

Financial highlights

• FY 2024 revenue was $271.4M, down 3% year-over-year, with average day rates up 16% to $18,989 but utilization down to 67%.

• Direct Vessel Profit (DVP) was $74.1M, and Adjusted EBITDA was $27.7M, both down from FY 2023.

• Net loss for FY 2024 was $78.1M, including a $28.3M non-recurring, non-cash loss on debt extinguishment.

• Gain on asset dispositions was $13.5M, mainly from the sale of three AHTS vessels.

• Year-end cash and equivalents were $76.1M, up from $37.9M at Q3 2024.

Outlook and guidance

• Global offshore project capex is expected to increase in 2025 and 2026, supporting long-term OSV sector growth.

• OSV demand is projected to remain flat in 2025, with market tightening anticipated in 2026/2027 due to increased FIDs and focus on high-spec vessels.

• Management expects healthy inquiry levels in most international markets except North Sea and Mexico, where regulatory and financial hurdles persist.

• U.S. offshore wind faces near-term challenges, but Gulf of America maintenance and decommissioning backlogs are expected to drive future activity.

• Fleet mix is considered well positioned for current demand despite a mid-cycle lull in offshore drilling.