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Dec 31, 2022
SEACOR Marine Q4 2022 Earnings Report
Announced fourth quarter 2022 results, showing improvements in revenues and utilization despite seasonal challenges, with strategic debt restructuring and investments in hybrid PSVs.
Key Takeaways
SEACOR Marine Holdings Inc. reported consolidated operating revenues of $57.9 million for Q4 2022, with an operating loss of $10.5 million and a direct vessel profit of $13.6 million. The company achieved an average utilization rate of 76%, the highest for a fourth quarter since 2013. Despite a decrease in DVP due to higher maintenance expenses, the company extended the maturity of senior convertible debt and committed to upgrading an additional PSV to hybrid propulsion.
Consolidated operating revenues reached $57.9 million.
Operating loss was $10.5 million.
Direct vessel profit was $13.6 million.
Average utilization rate was 76%, the highest for a fourth quarter since 2013.
Revenue by Geographic Location
Forward Guidance
SEACOR Marine anticipates a stronger DVP conversion rate due to recent chartering activity for liftboats and hybrid PSVs, and plans to capture repricing opportunities as contracts rollover, however, timing is uncertain for repairing and returning the weather related damaged liftboat to service.
Positive Outlook
- Recent chartering activity for liftboats and hybrid PSVs should translate into a stronger DVP conversion rate.
- Tendering activity remains healthy.
- Plan to capture further repricing opportunities as contracts rollover.
- Customers are engaging in additional project startups.
- Seasonality factors are improving.
Challenges Ahead
- Decrease in DVP was primarily due to higher maintenance and repair expenses in the PSV fleet.
- Low utilization of a few fully crewed and available vessels, particularly in the North Sea.
- Weather related damage to one of the premium liftboats in the U.S.
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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