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Mar 31, 2024
SEACOR Marine Q1 2024 Earnings Report
Announced first quarter 2024 results, reflecting increased day rates and lower seasonal utilization.
Key Takeaways
SEACOR Marine's first quarter 2024 saw a revenue increase of 2.6% compared to Q1 2023, but a decrease of 14.1% compared to Q4 2023. The company experienced an operating loss of $10.6 million and a net loss of $23.1 million, impacted by higher operating expenses due to scheduled maintenance and vessel repositioning.
Revenues increased by 2.6% compared to the first quarter of 2023 but decreased by 14.1% from the fourth quarter of 2023.
Average day rates increased to $19,042, a 33.0% increase from the first quarter of 2023 and a 5.6% increase from the fourth quarter of 2023.
DVP margin decreased to 23.4% due to $8.5 million of drydocking and major repairs expensed during the quarter.
Net loss was $23.1 million ($0.84 loss per basic and diluted share), compared to a net loss of $9.6 million in the first quarter of 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The Company expects significantly improved utilization as they complete vessel repositioning and enter new contracts. Demand for premium liftboats remains very strong, and they have opportunities to redeploy other assets to more active markets. They continue to see tight supply and growing demand worldwide.
Positive Outlook
- Expect significantly improved utilization as vessel repositioning completes and new contracts begin.
- Demand for premium liftboats remains very strong.
- Opportunities to redeploy assets to more active markets.
- Tight supply and growing demand worldwide.
- Efforts during the first quarter of 2024 will place the company in an optimal position to utilize its assets to their full potential.
Challenges Ahead
- Limited permitting for offshore activity for customers in the oil and gas sector in the U.S.
- Delays in decommissioning plans in the U.S..
- U.S. offshore windfarm projects have been delayed.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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