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Jun 30, 2024
SEACOR Marine Q2 2024 Earnings Report
Announced second quarter 2024 results, with a decrease in operating income and DVP margin due to increased drydocking and major repair expenses.
Key Takeaways
SEACOR Marine reported consolidated operating revenues of $69.9 million for Q2 2024, with an operating loss of $3.9 million and direct vessel profit of $20.3 million. The results reflect a decrease in operating income and DVP margin compared to the previous year, primarily due to increased drydocking and major repair expenses.
Revenues increased by 2.3% compared to Q2 2023 and 11.3% compared to Q1 2024.
Average day rates increased by 25.5% to $19,141 compared to Q2 2023.
Fleet utilization decreased to 69% from 78% in Q2 2023.
DVP margin decreased to 29.1% from 44.8% in Q2 2023, impacted by $8.5 million in drydocking and major repairs.
Revenue by Geographic Location
Forward Guidance
SEACOR Marine anticipates improved utilization and performance for the remainder of 2024 and into 2025, driven by the completion of maintenance schedules and favorable pricing.
Positive Outlook
- The company has $403.9 million of contracted revenue backlog, including options, with an average contract duration of approximately one year.
- Average day rates are expected to improve as contracts roll off.
- The company is well advanced in this year’s maintenance schedule, which should translate into improved utilization.
- Improved utilization, coupled with more favorable pricing, should lead to significant improvements in performance.
- The company is investing in its fleet by installing hybrid battery systems on four PSVs.
Challenges Ahead
- Utilization was affected by near-term softer demand in the U.S.
- Utilization was affected by longer re-marketing time between jobs internationally.
- There are delays in the project schedules of customers in the U.S., particularly in decommissioning and offshore wind.
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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