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Sep 30, 2024
SEACOR Marine Q3 2024 Earnings Report
Reports third quarter results with a decrease in revenue and operating loss.
Key Takeaways
SEACOR Marine reported a decrease in operating revenues to $68.9 million and an operating loss of $6.5 million for the third quarter of 2024. The results reflect lower utilization due to maintenance schedules and softer demand, particularly in the U.S. Gulf of Mexico and North Sea markets. Net loss was $16.3 million, or $0.59 loss per basic and diluted share.
Revenues decreased by 10.4% compared to the third quarter of 2023 and 1.4% compared to the second quarter of 2024.
Average day rates increased by 4.6% from the third quarter of 2023 to $18,879.
Fleet utilization decreased to 67% from 73% in the third quarter of 2023.
Net loss was $16.3 million ($0.59 loss per basic and diluted share) compared to a net loss of $0.9 million in the third quarter of 2023.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company anticipates improved utilization due to vessels returning to work and a stronger volume of inquiries for decommissioning work.
Positive Outlook
- One premium liftboat will return to work in early November after maintenance.
- Stronger volume of inquiries for decommissioning work in 2025-2026.
- Decommissioning work inquiries are coming from both the U.S. Gulf of Mexico and international markets.
- Company owns one of the youngest and most fuel efficient fleets of offshore vessels.
- Well positioned to capture attractive opportunities servicing offshore energy.
Challenges Ahead
- Demand for services remains highly correlated to underlying commodity prices.
- Commodity prices have been very volatile during 2024.
- Third quarter results reflect overall lower utilization.
- Softer than expected demand during the quarter, particularly in the U.S. Gulf of Mexico and the North Sea markets.
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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