Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — 30th Annual Pareto Securities Energy Conference (September 2023)
26 slides from Seacor Marine's conference presentation, Sep 20, 2023
Slide 1: SEACOR Marine Holdings Inc. (NYSE: SMHI)
SEACOR Marine Holdings Inc. (NYSE: SMHI) 30th Annual Pareto Securities Energy Conference John Gellert President & Chief Executive Officer 20 September 2023
Slide 2: Forward-Looking Statement
Forward-Looking Statement Certain 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 meaning of
Slide 3: Agenda
Agenda 1 Company Overview 2 Financial & Operational Highlights 3 ESG Commitments & Goals A Appendix seacormarine.com 3
Slide 4: Company Overview
Company Overview Introduction to SEACOR Marine Revenue Diversification(2) Financial Highlights(3) by Region H1 2023 by Vessel Class H1 2023 • Leading provider of marine and support H1 2023 H1 2022 transportation services to offshore energy facilities worldwide Fleet Average Utilization 77% 73% • SEA
Slide 5: Versatile Fleet Mix
Versatile Fleet Mix Core Asset Classes Non-Core FSV PSV LB AHTS 25 Fast Support Vessels 21 Platform Supply Vessels 9 Liftboats 4 Anchor Handling Towing Supply • Crew transfer and fast cargo • Mix of shallow water and deepwater • Self-propelled, self-elevating work • Perform plug and abandonment, ass
Slide 6: Global Presence
Global Presence Total Fleet: 59 Vessels 16 Middle East & Asia 15 United States 5 PSVs 8 FSVs 3 PSVs 2 Liftboats 5 FSVs (2 managed) 1 AHTS 7 Liftboats Latin America 9 19 Africa & Europe 7 PSVs 6 PSVs 2 FSVs 10 FSVs 3 AHTSs (1 leased-in) As of September 18, 2023. seacormarine.com 6
Slide 7: Agenda: Financial & Operational Highlights
Agenda 1 Company Overview 2 Financial & Operational Highlights 3 ESG Commitments & Goals A Appendix seacormarine.com 7
Slide 8: Positive Day Rate and Utilization Environment
Positive Day Rate and Utilization Environment For illustrative purposes only, assuming 3% annual inflation, Q2 2023 rates are 23% lower than Q3 2015 peak rates $16,000 100% 90% $14,000 79% 80% 77% 78% $12,000 76% 76% 73% 70% 70% 67% 68% 63% 64% $10,000 62% 59% 60% 59% 56% 56% 56% 57% 57% 57% 55% 54%
Slide 9: Revenue Diversification With a Reputable Customer Base
Revenue Diversification With a Reputable Customer Base 2022 Revenues(1) Main Customers(2) High-Quality Client Base Customer Name ExxonMobil TotalEnergies Saudi Aramco Chevron United States $61M United States BP Qatargas (primarily Gulf of Mexico) (primarily Gulf of Mexico) ENI Walter Oil & Gas APA C
Slide 10: Key Developments in 2023
Key Developments in 2023 • On September 8, SEACOR Marine signed a new $122.0M senior secured credit facility • Consolidates five separate debt facilities and addresses near-term maturities (2023-2026) into a new facility due 2028 Comprehensive • Proceeds were used to: (i) refinance existing indebted
Slide 11: Debt Maturity Profile
Debt Maturity Profile Old Debt Amortization Profile New Debt Amortization Profile $180m $160m $152m $167m $160m $140m $35m $35m $140m $110m $120m $120m $100m $100m $90m $80m $80m $90m $55m $60m $98m $60m $40m $35m $40m $40m $25m $29m $21m $27m $15m $20m $34m $6m $20m $6m $30m $29m $28m $29m $27m $27
Slide 12: Pro-Forma Capital Structure
Pro-Forma Capital Structure SMHI Debt Seniority Structure (as of September 18, 2023, unless otherwise noted) Outstanding ($M) Maturity SEACOR Marine Alpine Credit Facility 27.4 June 2028 SEACOR Marine Foreign Holdings Credit Facility 122.0 September 2028 SEACOR Delta Shipyard Financing 71.5 2028 / 2
Slide 13: Agenda: ESG Commitments & Goals
Agenda 1 Company Overview 2 Financial & Operational Highlights 3 ESG Commitments & Goals A Appendix seacormarine.com 13
Slide 14: Actively Investing and Supporting the Energy Transition
Actively Investing and Supporting the Energy Transition Investing in Green Technology Sustainability Report 2022-2023 • Industry pioneer in the use of hybrid power, with plans for further investments in hybrid Select 2023/2024 Goals power solutions and green technologies to minimize environmental im
Slide 15: Offshore Wind Projects
Offshore Wind Projects SEACOR Marine’s track record in the offshore wind market: Date Offshore Wind Farm Developers Vessels Scope of Work Liftboat “LB Robert” Installation of foundations, feedering of blades, tower 2015-2016 Liftboat “LB Caitlin” sections and other cargo (acquired by Ørsted) Liftboa
Slide 16: Summary
Summary 1 Modern and sustainable fleet serving a broad customer base in offshore oil and natural gas and offshore wind 2 Disciplined capital structure with appropriate leverage 3 Improving market fundamentals with attractive growth prospects in all major offshore basins 4 Growing and diversified con
Slide 17: Agenda: Appendix
Agenda 1 Company Overview 2 Financial & Operational Highlights 3 ESG Commitments & Goals A Appendix seacormarine.com 17
Slide 18: OSV Peer Group Comparison
OSV Peer Group Comparison US Listed Norwegian Listed Malaysian Listed 178% 162% 111% Share Price Performance (last twelve months) 68% 19% 9% N/A 5% 0% Tidewater SEACOR Marine Siem Eidesvik Havila Solstad DOF ICON Alam Peer Leverage 86% 65% 63% 68% 55% 41% 17% 12% 2% Tidewater SEACOR Marine Siem Eide
Slide 19: Demand Drivers expanding into Energy Transition and Renewables
Demand Drivers expanding into Energy Transition and Renewables Our 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 Energy Transition Oil & Natural Gas Offshore Plug & Crew D
Slide 20: SMHI Outperforms the Industry's Safety Benchmarks
SMHI Outperforms the Industry’s Safety Benchmarks YoY Total Recordable Injury Rate (“TRIR”)(1) vs. Industry Comments Benchmarks • SMHI has been vastly out-performing the 5-Year TRIR Average (2018-2022) industry’s core safety benchmarks in each of SEACOR Marine 0.227 the past five years ISOA 1.014 •
Slide 21: Commodity Price Backdrop
Commodity Price Backdrop $18 $120 $16 $100 $14 $12 Brent Crude / WTI Price UK Natural Gas Prices $80 $10 $60 $8 $6 $40 $4 $20 $2 $0 $0 Brent Crude WTI UK Natural Gas Source: U.S. Energy Information Administration (EIA), Intercontinental Exchange, Inc. (ICE). seacormarine.com 21
Slide 22: PSV and OSV Dayrate Index
PSV and OSV Dayrate Index 200 ~100% increase 150 100 50 0 PSV Dayrate Index OSV Rate Index Source: Clarksons World Fleet Register. (1) PSV Dayrate Index and OSV Rate Index are timeseries tracking average PSV and OSV dayrates across major deployment regions, weighted by deployment of each vessel clas
Slide 23: Global Average PSV Day Rates & Utilization
Global Average PSV Day Rates & Utilization PSV Average Day Rates(1) PSV Average Utilization(1) 1,800 90% $35,000 1,600 85% $30,000 1,400 80% $25,000 1,200 Number of PSVs 75% Utilization $20,000 1,000 70% 800 $15,000 65% 600 $10,000 60% 400 $5,000 55% 200 $0 0 50% 2017 2018 2019 2020 2021 2022 2023 2
Slide 24: Average FSV Day Rates & Utilization
Average FSV Day Rates & Utilization FSV Average Day Rates FSV Average Utilization 100% $25,000 90% 80% $20,000 70% 60% $15,000 50% $10,000 40% 30% $5,000 20% 10% $0 0% 2018 2019 2020 2021 2022 H1 2023 2018 2019 2020 2021 2022 FSV (DP-2) Time Charter Rate - West Africa FSV (DP-2 & DP-3) Utilization -
Slide 25: Global Active Rig Fleet
Global Active Rig Fleet Total Fleet: 509 Rigs 75 Drillships 396 Jack-Ups 62 Semi-Submersible Rigs 32 Mediterranean 7 Drillships 22 Jack-Ups North America 64 NW Europe 53 3 Semi-Submersible Rigs 22 Drillships 1 Drillship 39 Jack-Ups 30 Jack-Ups 3 Semi-Submersible Rigs 22 Semi-Submersible Rigs Asia Pa
Slide 26: Thank You
Thank You
SEACOR Marine Holdings — 30th Annual Pareto Securities Energy Conference (September 2023) on 6ix