Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — Investor Presentation (April 2023)
38 slides from Seacor Marine's investor presentation, Apr 21, 2023
Slide 1: SEACOR Marine Holdings Inc. Investor Update
Exhibit 99.1 SEACOR Marine Holdings Inc. Investor Update April 21, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-LookingStatementsdiscussedinthisreleaseaswellasinotherreports,materialsandoralstatementsthatSEACORMarineHoldingsInc.(“SMHI”orthe“Company”)releasesfromtimeto time to the public constitute “forward-looking statements” within the meaning of the Private Securities Liti
Slide 3: Agenda
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 3
Slide 4: Company Overview
Company Overview (2) (2) Diversified Asset Base Revenue Diversification Introduction to SEACOR Marine 2022 Property, Plant & Equipment by Region 2022 by Vessel Class 2022 • Leading provider of marine and support transportation services to offshore energy facilities 39% PSV worldwide 34% FSV • SEACOR
Slide 5: Long-Standing History in the OSV Sector Through the Cycles
Long-Standing History in the OSV Sector Through the Cycles January 2019 January 2021 • Acquisition of 3x stranded Sold Windcat Workboats newbuild PSVs from COSCO for $42.6M with shipyard financing November 2015 December 2011 • Acquisition of remaining Issued a $175.0M Convertible Invested in Windcat
Slide 6: Versatile and Diversified Fleet of Modern High-Spec Vessels
Versatile and Diversified Fleet of Modern High-Spec Vessels PSV FSV Liftboat AHTS (1) (2) 21 Platform Supply Vessels 25 Fast Support Vessels 9 Liftboats 4 Anchor Handling Towing Supply Average Age of 5.5 years Average Age of 9.0 years Average Age of 12.2 years Average Age of 13.8 years One of the in
Slide 7: Well-Suited Fleet to Support Increasing Energy Transition and Renewables Demand
Well-Suited Fleet to Support Increasing Energy Transition and Renewables Demand SMHI’s energy-efficient fleet is working for a diverse customer base, providing industry-leading offshore solutions across the value chain to meet energy transition goals Renewables / Offshore Wind Energy Transition Oil
Slide 8: Global Presence to Meet Customer Needs
Global Presence to Meet Customer Needs Total Fleet: 59 Vessels Offices Middle East & Asia 16 5 PSVs United States 15 8 FSVs 2 Liftboats 3 PSVs 1 AHTS 5 FSVs (1 leased-in, 2 managed) 7 Liftboats Houston, TX Al Khobar, KSA Morgan City, LA Dubai, UAE Georgetown, Guyana Singapore Cabinda, Angola Luanda,
Slide 9: Revenue Diversification Across Geographies With a Reputable Customer Base
Revenue Diversification Across Geographies With a Reputable Customer Base (1) (2) 2022 Revenues Main Customers High-Quality Client Base Customer Name % of Revenues ExxonMobil 18% United States United States Saudi Aramco 14% $61M (primarily Gulf of Mexico) BP 7% (primarily Gulf of Mexico) ENI 5% APA
Slide 10: Robust Contracting Activity and Growing Revenue Backlog
Robust Contracting Activity and Growing Revenue Backlog Total Revenue Backlog by… Comments • Increased contracting activity across all Firm/Options Time Period major offshore basins 13% • Improvement in utilization rates leading to accelerating growth in day rates $126M 2023 15% Firm • Significant c
Slide 11: SMHI Outperforms the Industry's Safety Benchmarks
SMHI Outperforms the Industry’s Safety Benchmarks (1) YoY Total Recordable Injury Rate (“TRIR”) vs. Industry Comments Benchmarks • SMHI has been vastly out-performing the industry’s core safety benchmarks in each of 5-Year TRIR Average (2017-2021) the past five years SEACOR Marine 0.228 1.900 ISOA 1
Slide 12: Actively Investing and Supporting the Energy Transition
Actively Investing and Supporting the Energy Transition Investing in Green Technology Recent Offshore Wind Projects Offshore Wind Farm Developers • Industry pioneer in the use of hybrid power, with plans for further investments in hybrid power solutions and green technologies to minimize environment
Slide 13: SMHI's Key Strategic Priorities
SMHI’s Key Strategic Priorities ü Demonstrate safety leadership through a robust QHSE program ü Drive further growth in fleet utilization and day rates across all asset classes and regions Operational ü Operator of a young, diversified and capable fleet Excellence ü Established presence and experien
Slide 14: Agenda
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 14
Slide 15: Well Positioned To Capitalize on the Rebounding Offshore Market
Well Positioned To Capitalize on the Rebounding Offshore Market Offshore Capex by Region OSV Fleet Growth OSV Day Rates 350 45,000 200 350 14 % 300 12 % 180 40,000 300 250 10 % 160 35,000 250 200 8 % 140 ~65% 30,000 150 6 % 120 200 25,000 100 4 % 100 20,000 150 50 2 % 80 15,000 - - 60 100 (50) (2 %)
Slide 16: Global OSV Demand Improving Since 2022, With All Signs Pointing to a Meaningful Upcycle
Global OSV Demand Improving Since 2022, With All Signs Pointing to a Meaningful Upcycle Comments OSV Demand Illustrated by Number of Active Vessels Active > PSV 1,000+ DWT & AHTS 4,000+ BHP • OSV demand progress was evident on a global basis in 2022, with tangible 3,500 improvement across all region
Slide 17: Limited Supply for OSVs With No New Orders
Limited Supply for OSVs With No New Orders Comments OSV Stacked Fleet and Stacking Length 1,800 70 % • Historically, scrapping has not been a common practice in the OSV market 1,600 60 % • Low scrap values and limited stacking costs 1,400 50 % incentivize keeping vessels stacked due to 1,200 optiona
Slide 18: Strong Improvement in PSV Day Rates and Utilization Continue to Drive Vessel Values
Strong Improvement in PSV Day Rates and Utilization Continue to Drive Vessel Values PSV Vessel Values PSV Rate Index and Utilization 250 100% 45 40 90% 200 35 80% 30 150 25 70% 20 100 60% 15 10 50 50% 5 0 0 40% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 PSV 5yo, c.800m² Deck PSV 15yo, c.800m²
Slide 19: FSV Day Rates and Utilization Continue to Strengthen
FSV Day Rates and Utilization Continue to Strengthen with Increased Offshore Oil and Gas Activity FSV Average Utilization FSV Average Day Rates $18,000 100% 90% $16,000 80% $14,000 70% $12,000 60% $10,000 50% $8,000 40% $6,000 30% $4,000 20% $2,000 10% $0 0% 2018 2019 2020 2021 2022 2018 2019 2020 2
Slide 20: Liftboats - Key Component to Address Legacy Offshore Infrastructure
Liftboats - Key Component to Address Legacy Offshore Infrastructure Legacy Oil and Natural Gas Market ESG Focus Leading to New Demands • High level of Decommissioning and Plug & Abandonment activity expected in the U.S. after several years of deferred program Increased focus on Liftboats should Lift
Slide 21: Liftboats - Well Positioned to Support US Offshore Wind Sector
Liftboats - Well Positioned to Support US Offshore Wind Sector Description US Offshore Wind Forecast • Strong momentum in the development of offshore wind farms on the 40 2,500 East Coast of the United States will drive significant vessel demand 36 Installed Capacity of 30.1 GW including CTVs, SOVs/
Slide 22: Agenda
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 22
Slide 23: Key Financial Metrics Last Three Years
Key Financial Metrics Last Three Years Total Revenue Comments $250M $200M $150M • Improving day rates and utilization leading to revenue growth $217M $100M $171M $142M $50M • Delayed drydocking from 2020/2021 to 2022 due to the pandemic $0M 2020 2021 2022 • Growth in revenues partially offset by def
Slide 24: Ongoing Market Rebound Creating a Positive Day Rate and Utilization Environment
Ongoing Market Rebound Creating a Positive Day Rate and Utilization Environment Improving Day Rates and Fleet Utilization Q4/Q1 typically the weakest quarters due to seasonality, hence further improvements are expected going into Q2/Q3 $20,000 100% 2014/2015 oil price collapse leading to a Ongoing m
Slide 25: Acceleration in Day Rates and Utilization Across Asset Classes
Acceleration in Day Rates and Utilization Across Asset Classes Fleet DVP Overview Recently Achieved Day Rates Preliminary Asset Class Day Rate FY 2022 Jan. 2023 Feb. 2023 Mar. 2023 2 PSV (> 800 m deck space) $28,400 PSV (21 vessels) 2 PSV (< 700 m deck space) $19,000 Day Rate $13,246 $13,568 $14,687
Slide 26: Illustrative Operating Leverage - EBITDA Sensitivity Table
Illustrative Operating Leverage - EBITDA Sensitivity Table The following information represents potential Annual Revenue and EBITDA outcomes under different average fleet day rate environments, calculated assuming for these purposes: (i) our March 2023 Average Fleet Utilization of 82%; (ii) our FY20
Slide 27: Illustrative Cash Flow Bridge
Illustrative Cash Flow Bridge The following does not represent SMHI’s guidance or projections for potential results for 2023 or any other period and should not be relied on as such. Actual financial results with respect to 2023 may materially differ from prior periods and the information set forth b
Slide 28: Agenda
Agenda 1 Company Overview 2 Market Outlook 3 Financials A Appendix seacormarine.com 28
Slide 29: A. Financials: P&L
A. Financials: P&L Income & Loss Statement (in $ thousands, for the years ended December 31) 2022 2021 2020 Operating Revenues 217,325 170,941 141,837 Costs and Expenses: Operating 171,985 127,406 91,145 Administrative and General 40,911 37,639 40,051 Lease Expense 3,869 6,085 7,525 Depreciation and
Slide 30: A. Financials: Balance Sheet and Debt Overview
A. Financials: Balance Sheet and Debt Overview Balance Sheet (in $ thousands, for the years ended December 31) Debt Overview (as of March 31, 2023) ASSETS 2022 2021 2020 Final Principal Debt Facility Maturity Outstanding ($M) Current Assets: Cash and Cash Equivalents, including Restricted Cash 43,04
Slide 31: A. Financials: Cash Flow (1/2)
A. Financials: Cash Flow (1/2) Cash Flow Statement (in $ thousands, for the years ended December 31) 2022 2021 2020 Cash Flows from Continuing Operating Activities: Net Income (Loss) (71,649) 33,137 (83,346) Adjustments to Reconcile Net Loss to Net Cash Provided by (used in) Operating Activities: De
Slide 32: A. Financials: Cash Flow (2/2)
A. Financials: Cash Flow (2/2) Cash Flow Statement (in $ thousands, for the years ended December 31) 2022 2021 2020 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (38,152) (78,124) (22,601) Payments on Debt Extinguishment Costs (2,271) (755) 0 Proceeds from Exercise of S
Slide 33: A. FSV Asset Class
A. FSV Asset Class FSV (Fast Supply Vessel) Crew Transportation at High Speed and in Comfort SMHI has a Leading Position in the DP-2 FSV Market • Market is dominated by the U.S. and Mexico, followed by West Africa and the Middle East 27% SMHI owns 27% • Demand drivers: SEACOR Marine of the active gl
Slide 34: A. Liftboat Asset Class
A. Liftboat Asset Class Liftboats Full Well Cycle Services with Growing Demand Offshore Oil and Natural Gas • U.S. focus, increased activity driven by federally mandated decommissioning and Mission flexible for shelf locations: plug and abandonment programs, as well as by the nascent U.S. offshore w
Slide 35: A. ESG Commitments & Goals
A. ESG Commitments & Goals Sustainability Report Environmental Social Governance https://ir.seacormarine.com/sustainability-report Conservation of the Consideration of people and Standard for running a natural world relationships company • Climate change and carbon • Customer satisfaction • Board co
Slide 36: A. ESG Commitments & Goals (continued)
A. ESG Commitments & Goals (continued) Promoting Ocean Health & Minimizing Waste Operating with Integrity as a Community Partner • Protecting and preserving a healthy marine environment • Responsible and ethical operations guided by the Code of Business Conduct and Ethics, Supplier Code of Conduct,
Slide 37: A. Highly Seasoned Management and Board of Directors
A. Highly Seasoned Management and Board of Directors Management Team Board of Directors Years Experience Andrew R. Morse John Gellert 25+ Independent Non-Executive Chairman of the Board, Chair of the Audit Committee, Member of President & Chief Executive Officer the Compensation Committee, and of th
Slide 38: Thank You
Thank You seacormarine.com 38
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