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Jun 30, 2023
SEACOR Marine Q2 2023 Earnings Report
Second quarter results for 2023 were announced, revealing improvements in revenue, utilization, and day rates.
Key Takeaways
SEACOR Marine's second quarter 2023 results showed significant improvements compared to the previous year, with increased operating revenues, operating income, and direct vessel profit. The company experienced higher day rates and utilization, driven by its international business segments, while also making progress in Latin America. However, the U.S. business was hampered by low activity levels in the Gulf of Mexico and delays in offshore wind contracts.
Consolidated operating revenues increased to $66.9 million, up from $54.0 million in Q2 2022.
Operating income was $2.9 million, compared to an operating loss of $15.5 million in Q2 2022.
Direct vessel profit (DVP) reached $30.6 million, a significant increase from $9.9 million in Q2 2022.
Average utilization rate was 78%, the highest for a second quarter since 2013.
Revenue by Geographic Location
Forward Guidance
Company expects to improve profitability by focusing on improving utilization and average day rates.
Positive Outlook
- Cyclical recovery continues with consecutive quarters of improved average day rates and utilization.
- Meaningful cash flows from operations through a strong conversion rate.
- Highest DVP the Company has generated since 2014.
- Increase in DVP was primarily due to higher day rates and utilization as well as lower operating expenses.
- International business segments, most notably Africa and Europe, have been virtually sold out during the quarter, and the Middle East.
Challenges Ahead
- U.S. business was hampered in the second quarter by low activity levels on the shelf of the Gulf of Mexico.
- Low activity driven in part by the bankruptcy of a significant operator.
- Delays in contract startups for several offshore wind contracts in the Northeast.
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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