SEACOR Marine Reports $15.5 Million Net Loss, Improved from Previous Year

SEACOR Marine Holdings Inc. reported a net loss of $15.5 million for the three months ended March 31, 2025, a significant improvement compared to a net loss of $23.1 million during the same period in 2024. The company's comprehensive loss also decreased to $14.4 million from $23.1 million year-over-year. Operating revenues for the current quarter totaled $55.5 million, down from $62.8 million in the prior year, primarily due to lower charter revenues and reduced fleet utilization, which was 60% compared to 62% in the previous year.

The company experienced a decline in average rates per day worked, which fell to $18,825 from $19,042. This decrease was attributed to lower demand and market conditions affecting the offshore support vessel sector. Despite these challenges, SEACOR Marine reported a direct vessel profit of $13.6 million, a slight decrease from $14.7 million in the prior year, indicating that operational efficiencies were maintained even amid declining revenues. The company’s total assets as of March 31, 2025, were reported at $650.4 million, down from $687.3 million a year earlier.

In terms of strategic developments, SEACOR Marine has been active in asset management, selling one liftboat and other equipment for net cash proceeds of $8.5 million, resulting in a gain of $5.8 million. The company also completed the sale of two platform support vessels in April 2025 for total proceeds of $28.6 million, which will be used to fund future capital expenditures, including the construction of two new platform supply vessels (PSVs). As of March 31, 2025, SEACOR Marine had unfunded capital commitments of $72.9 million, primarily related to these newbuilds.

Operationally, the company managed a fleet of 53 support vessels, with 50 owned and three managed on behalf of third parties. The company’s focus on cold-stacking vessels during periods of low utilization has allowed it to reduce operational costs. As of the end of the first quarter, one vessel was cold-stacked, compared to two in the previous year. The company continues to monitor market conditions closely, with expectations of improved demand for offshore support services as oil and gas prices stabilize.

Looking ahead, SEACOR Marine remains cautiously optimistic about the future, anticipating that increased activity levels in the offshore sector could lead to higher utilization rates and improved financial performance. The company is also exploring opportunities for further asset sales and potential acquisitions to enhance its operational capabilities and market position.