SEACOR Marine Holdings Inc. reported a net loss of $78.1 million for the fiscal year ending December 31, 2024, compared to a loss of $9.3 million in 2023. The company's operating revenues for 2024 totaled $271.4 million, a slight decrease from $279.5 million in the previous year. The decline in revenue was attributed to lower fleet utilization, which fell to 67% from 75% in 2023, and a decrease in average rates per day worked, which increased to $18,989 from $16,375. The company’s direct vessel profit was $74.1 million, down from $119.9 million in 2023, reflecting the impact of reduced operational activity and increased costs.
In 2024, SEACOR Marine made significant strategic moves, including the sale of two anchor handling towing supply vessels (AHTS) for $22.5 million, marking its exit from the AHTS asset class. The proceeds from this sale are intended to partially fund the construction of two new platform supply vessels (PSVs), expected to be delivered in late 2026 and early 2027. The company also entered into a new credit agreement, the 2024 SMFH Credit Facility, which provides for a senior secured term loan of up to $391 million, aimed at refinancing existing debt and supporting future capital expenditures.
Operationally, SEACOR Marine's fleet consisted of 54 vessels as of December 31, 2024, with 51 owned and three managed. The company operates in four primary geographic regions: the U.S. Gulf of America, Africa and Europe, the Middle East and Asia, and Latin America. The U.S. market accounted for approximately 13% of total operating revenues, while Africa and Europe contributed 39%, and the Middle East and Asia accounted for 27%. The company reported a total employee headcount of 1,239, with no union representation.
The filing also highlighted the company's focus on environmental sustainability, with ongoing investments in hybrid battery power systems for its vessels. SEACOR Marine's management expressed optimism about future market conditions, particularly in offshore wind farm development, which is expected to provide new opportunities. However, the company remains cautious about the volatility of oil and natural gas prices, which significantly influence demand for its services. The management anticipates that the combination of cash reserves, operational cash flow, and access to credit will support its liquidity needs in the coming years.
About SEACOR Marine Holdings Inc.
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