Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — Investor Presentation (February 2024)
27 slides from Seacor Marine's investor presentation, Feb 29, 2024
Slide 1: SEACOR Marine Holdings Inc. Investor Presentation
SEACOR Marine Holdings Inc. SMHI LISTED Investor Presentation NYSE February 29, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements discussed in this release as well as in other reports, materials and oral statements that SEACOR Marine Holdings Inc. (“SEACOR Marine” or the “Company”) releases from time to time to the public constitute “forward-looking statements” within the m
Slide 3: Company Overview
1. Company Overview Photo Credit: Uavpic.com seacormarine.com 3
Slide 4: SEACOR Marine – Global OSV Owner with Modern Fleet
SEACOR Marine – Global OSV Owner with Modern Fleet Company Overview Global Presence • Leading provider of marine and support transportation services to offshore energy facilities worldwide with one of the youngest fleets in the industry Middle East & Asia • Listed on the NYSE (ticker: SMHI) with a m
Slide 5: Financial Highlights
Financial Highlights 2023 was a year of growth marked by an acceleration in day rates, improved profitability and fleet high-grading FY 2022 FY 2023 Change Fleet Count / Average Age (1) 60 / 8.6 years 58 / 9.4 years -2 Fleet Average Utilization 75% 75% - Fleet Average Day Rate $12,673 $16,375 +29% R
Slide 6: High-Quality and Youngest Fleet of any Peer Competitor
High-Quality and Youngest Fleet of any Peer Competitor Platform Supply Vessels (PSV) Work Scope • 21 vessels • Shallow water and deepwater activities • Average age of 6.5 years • Delivery of cargo, drilling fluids, methanol, fuel and water to rigs • 11 vessels with deck space > 800m2 • Construction
Slide 7: Revenue Diversification With a Reputable Customer Base
Revenue Diversification With a Reputable Customer Base 2023 Total Revenue (1) Main Customers (2) High-Quality Customers % of FY 2023 Customer Name 6% Total Revenue 70% 0% ExxonMobil 17% United States $61M United States Saudi Aramco 15% (primarily Gulf of Mexico) 14% 10% $60M (primarily Gulf of Mexic
Slide 8: Market Outlook
2. Market Outlook Photo Credit: Uavpic.com seacormarine.com 8
Slide 9: Strong Industry Fundamentals – Increased Demand Drivers
Strong Industry Fundamentals – Increased Demand Drivers Growing Global Offshore Upstream Capital Expenditures Robust Global Offshore Project Sanctioning Pipeline $250B $80B 222 71 208 $70B 203 63 $200B 187 $60B 162 115 50 95 $50B $150B 141 97 138 88 40 54 40 $40B 37 79 32 31 73 71 30 $100B $30B 19 2
Slide 10: Sustained Growth in OSV Demand – Tight Supply / Demand Balance
Sustained Growth in OSV Demand – Tight Supply / Demand Balance Growing OSV Demand Comments Active > PSV 1,000+ DWT & AHTS 4,000+ BHP • OSV demand progress was evident on a global basis in 2023, with tangible improvement in all regional markets 3,000 ~13% • PSV demand has improved at a faster rate th
Slide 11: Supply Side Constraints Remain
Supply Side Constraints Remain Aging Stacked Fleet Limited Supply 1,400 70% 250 12% 571 stacked OSVs per FYE 2023 Total OSV Fleet of 3,431 vessels per FYE 2023 10% 1,200 60% 200 8% 1,000 50% 150 6% Number of Vessels Number of Vessels 800 40% 100 4% 600 30% 50 2% 400 20% 0 0% 200 10% -50 -2% 0 0% -10
Slide 12: Tight Supply / Demand Balance Leads to Improved Pricing and Utilization
Tight Supply / Demand Balance Leads to Improved Pricing and Utilization PSV Average Day Rates PSV Average Utilization $45,000 100% $40,000 90% $35,000 $30,000 80% $25,000 70% $20,000 $15,000 60% $10,000 50% $5,000 $0 40% PSV 3,200 DWT Time Charter Rate PSV 4,000 DWT Time Charter Rate PSV 3,000 - 4,0
Slide 13: Financials
3. Financials Photo Credit: Uavpic.com seacormarine.com 13
Slide 14: Sustained Growth in Total Revenue and Direct Vessel Profit
Sustained Growth in Total Revenue and Direct Vessel Profit Total Revenue, DVP (1) & DVP Margin Comments $300M 50% • Improving day rates and utilization leading to sustained revenue growth over the last 43% $250M 36% 40% four years $200M 30% 25% • DVP growth exceeding 150% year-on-year from 2022 to 2
Slide 15: Illustrative Operating Leverage – EBITDA Sensitivity
Illustrative Operating Leverage – EBITDA Sensitivity The following information represents potential Annual Revenue and EBITDA outcomes under different average fleet day rate and/or utilization environments, calculated assuming for these purposes: (i) our FY 2023 Average Fleet Utilization of 75% and
Slide 16: Acceleration in Day Rates and Utilization Across Asset Classes
Acceleration in Day Rates and Utilization Across Asset Classes Fleet DVP Breakdown Recently Achieved Day Rates FY 2022 FY 2023 Change Asset Class Day Rate PSV PSV (> 800 m2 deck space) $31,200 Day Rate $13,246 $18,031 +36% PSV (< 700 m2 deck space) $16,300 Utilization 76% 77% FSV (Catamarans) $23,00
Slide 17: Sound Capital Structure
Sound Capital Structure Total Debt Maturity Profile Enterprise Value Bridge $160M $152M $0.3M $140M $35M $84M $120M $110M $353M $100M $80M $90M $60M $98M $553M $40M $284m $20M $28M $29M $27M $27M $6M $12M $0M (1) 2024 2025 2026 2027 2028 2029 Market Capitalization Total Debt Non-Controlling Cash & C
Slide 18: Summary
Summary 1 Modern and sustainable fleet serving a broad customer base in offshore oil and natural gas and offshore wind 2 Robust market fundamentals and supply/demand equation with re-pricing opportunities 3 High operating leverage coupled with continued deleveraging to support a sound capital struct
Slide 19: Appendix
4. Appendix Photo Credit: Uavpic.com seacormarine.com 19
Slide 20: Financials – Income and Loss Statement
Financials – Income and Loss Statement Income & Loss Statement (in $ thousands, for the years ended December 31) 2023 2022 2021 Operating Revenues 279,511 217,325 170,941 Costs and Expenses: Operating 159,650 171,985 127,406 Administrative and General 49,183 40,911 37,639 Lease Expense 2,748 3,869 6
Slide 21: Financials – Balance Sheet and Debt Overview
Financials – Balance Sheet and Debt Overview Balance Sheet (in $ thousands, for the years ended December 31) Debt Overview (as of December 31, 2023) ASSETS 2023 2022 2021 Final Principal Debt Facility Current Assets: Maturity Outstanding ($M) Cash and Cash Equivalents, including Restricted Cash 84,1
Slide 22: Financials – Cash Flow Statement (1/2)
Financials – Cash Flow Statement (1/2) Cash Flow Statement (in $ thousands, for the years ended December 31) 2023 2022 2021 Cash Flows from Continuing Operating Activities: Net Income (Loss) (9,314) (71,649) 33,137 Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (used in) Operatin
Slide 23: Financials – Cash Flow Statement (2/2)
Financials – Cash Flow Statement (2/2) Cash Flow Statement (in $ thousands, for the years ended December 31) 2023 2022 2021 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (29,165) (38,152) (78,124) Payments on Debt Extinguishment (131,604) - - Payments on Debt Extinguish
Slide 24: Strong Commitment to ESG
Strong Commitment to ESG Our Values and Responsible Business Practices Sustainability Report 2022/2023 SEACOR Marine works towards aligning its goals with: • United Nations Sustainable Development Goals (SDGs) Local Economic Decarbonizing • United Nations Global Compact – Empowerment Operations Sust
Slide 25: Advancing Our ESG Program
Advancing Our ESG Program Notable Highlights from our 2022/2023 Sustainability Report 1 Completed pilot project implementing direct (Scope 1) emissions tracking on select vessels and data collection for indirect (Scope 2) emissions 2 Introduced a carbon intensity indicator (CII) metric on select ves
Slide 26: SEACOR Marine Outperforms the Industry’s Safety Benchmarks
SEACOR Marine Outperforms the Industry’s Safety Benchmarks Year-on-Year Total Recordable Injury Rate (“TRIR”) (1) vs. Industry Benchmarks 5-year TRIR Average (2018 - 2022) SEACOR Marine 0.227 ISOA 1.014 IMCA 1.342 1.700 1.450 1.360 1.360 1.110 1.090 1.100 0.950 ISOA / IMCA 0.880 has not yet publishe
Slide 27: Contact: Investor Relations
Contact: Investor Relations SMHI LISTED Email: InvestorRelations@seacormarine.com NYSE Website: www.seacormarine.com seacormarine.com 27
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