Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — 31st Annual Pareto Securities Energy Conference (September 2024)
34 slides from Seacor Marine's conference presentation, Sep 11, 2024
Slide 1: SEACOR Marine Holdings Inc.
Exhibit 99.1 SEACOR Marine Holdings Inc. 31st Annual Pareto Securities Energy Conference SMHI LISTED John Gellert President & Chief Executive Officer NYSE 11 September 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 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: 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 7.0 years • Delivery of cargo, drilling fluids, fuel and water to rigs • 11 vessels with deck space > 800m2 (average age of 5.4 years
Slide 6: 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 7: Market Outlook
2. Market Outlook seacormarine.com 7
Slide 8: Strong Industry Fundamentals – Increased Demand Drivers
Strong Industry Fundamentals – Increased Demand Drivers Growing Global Offshore Upstream Capital Expenditures Robust Global Offshore Project Sanctioning Pipeline $300M $200M $180M 174 246 164 162 $250M 241 230 229 $160M 218 147 146 208 209 136 138 $140M $200M 185 119 166 122 137 $120M 90 107 110 105
Slide 9: 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 10: 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 11: Tight Supply / Demand Balance Leads to Improved Pricing and Utilization
Tight Supply / Demand Balance Leads to Improved Pricing and Utilization Global PSV Average Day Rates Global 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 P
Slide 12: FSVs – SMHI Owns Highest Specification Fleet
FSVs – SMHI Owns Highest Specification Fleet SMHI owns 27% of the active global fleet of DP-2 / DP-3 FSVs of 15 years of age and younger Key Attributes Global Fleet Overview • FSVs are crucial for offshore drilling and production logistics, providing fast and flexible transport solutions 195 3 • Cos
Slide 13: FSVs – Tight Supply & Demand Balance
FSVs – Tight Supply & Demand Balance Favorable supply dynamics with orderbook standing at ~1% Crew Transportation at High Speed and in Comfort Orderbook at ~1% with Limited Fleet Growth FSV Orderbook OB as % of total fleet Fleet growth (YoY) • Market is dominated by the U.S. and Mexico, followed by
Slide 14: Liftboats – Key Component to Address Legacy Offshore Infrastructure
Liftboats – Key Component to Address Legacy Offshore Infrastructure SMHI Owns highest specification fleet for U.S. Jones Act Market – Including Largest and Newest Units Key Attributes Global Fleet Overview • They provide a stable base for offshore oil and gas operations, including well intervention,
Slide 15: Liftboats – Limited New Supply
Liftboats – Limited New Supply U.S. supply continues to shrink and new orders not commercially viable Orderbook limited to international market and focused in Middle East region Liftboat Supply Side Considerations Orderbook at ~6% with Stable Fleet Growth • The total fleet of liftboats is around 440
Slide 16: Liftboats – U.S. Delayed Activity = Pent Up Demand
Liftboats – U.S. Delayed Activity = Pent Up Demand Legacy Oil & Natural Gas Market U.S. Offshore Wind and Other New Markets • Multi-year deferrals in Decommissioning and Plug & Abandonment activity in • Increased focus on methane emissions lead to additional maintenance the US GOM should translate i
Slide 17: Financial & Operational Highlights
3. Financial & Operational Highlights seacormarine.com 17
Slide 18: Financial Highlights
Financial Highlights FY 2022 FY 2023 LTM (through Q2 2024) Fleet Count / Average Age (1) 60 / 8.6 years 58 / 9.4 years 56 / 10.1 years Fleet Average Utilization 75% 75% 69% Fleet Average Day Rate $12,673 $16,375 $18,530 Revenues $217.3M $279.5M $282.6M Direct Vessel Profit (2) $45.3M $119.9M $101.6M
Slide 19: 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 50% • Improving day rates and utilization leading to sustained revenue growth over the last $280M 43% 36% four years $240M 40% 36% $200M 30% $160M 25% • DVP growth exceeding 150% year-on-year from
Slide 20: Illustrative Operating Leverage – Adjusted EBITDA Sensitivity
Illustrative Operating Leverage – Adjusted EBITDA Sensitivity The following information represents potential Annual Revenue and Adjusted EBITDA outcomes under different average fleet day rate and/or utilization environments, calculated assuming for these purposes: (i) our LTM through Q2 2024 Average
Slide 21: Sound Capital Structure
Sound Capital Structure Total Debt Maturity Profile Existing Debt Facilities (1) $160M $152M SEACOR Marine Foreign Holdings Inc. - due September 2028 • Amount Outstanding: $112.9M $140M • Security: 27x OSVs (8x PSVs, 15x FSVs, 2x Liftboat, 2x AHTSs) $35M • Pricing: 11.75% p.a. $120M $110M SEACOR Alp
Slide 22: Appendix
3. Appendix seacormarine.com 22
Slide 23: Fleet Maintenance and Capital Expenditures
Fleet Maintenance and Capital Expenditures Historical Major Repairs and Drydocking Expenses SMHI Fleet Age Profile $25M Near-term increased level of Major Repairs and Drydocking Expenses given the fleet’s age profile 5-year, 10-year and 15-year surveys due in 2024 8 8 result in higher than usual mai
Slide 24: Financials – Income and Loss Statement
Financials – Income and Loss Statement Income & Loss Statement (in $ thousands) H1 2024 FY 2023 FY 2022 Operating Revenues 132,637 279,511 217,325 Costs and Expenses: Operating 97,619 159,650 171,985 Administrative and General 22,806 49,183 40,911 Lease Expense 967 2,748 3,869 Depreciation and Amort
Slide 25: Financials – Balance Sheet and Debt Overview
Financials – Balance Sheet and Debt Overview Balance Sheet (in $ thousands) Debt Overview (as of June 30, 2024) ASSETS H1 2024 FY 2023 FY 2022 Final Principal Debt Facility Current Assets: Maturity Outstanding ($M) Cash and Cash Equivalents, including Restricted Cash 42,860 84,131 43,045 Guaranteed
Slide 26: Financials – Cash Flow Statement (1/2)
Financials – Cash Flow Statement (1/2) Cash Flow Statement (in $ thousands) H1 2024 FY 2023 FY 2022 Cash Flows from Continuing Operating Activities: Net Income (Loss) (35,552) (9,314) (71,649) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (used in) Operating Activities: Deprecia
Slide 27: Financials – Cash Flow Statement (2/2)
Financials – Cash Flow Statement (2/2) Cash Flow Statement (in $ thousands) H1 2024 FY 2023 FY 2022 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (14,063) (29,165) (38,152) Payments on Debt Extinguishment - (131,604) - Payments on Debt Extinguishment Costs - (1,827) (2,
Slide 28: Financial Reconciliations
Financial Reconciliations Adjusted EBITDA Reconciliation (in $ thousands) H1 2024 FY 2023 FY 2022 Net Income (Loss) attributable to SEACOR Marine Holdings Inc. (35,552) (9,314) (71,650) Depreciation and Amortization 25,821 53,821 55,957 Interest Expense 20,499 37,504 29,706 Interest Income (1,038) (
Slide 29: Financial Reconciliations (continued)
Financial Reconciliations (continued) DVP to Adjusted EBITDA Reconciliation (in $ thousands) H1 2024 FY 2023 FY 2022 Operating Revenues 132,637 279,511 217,325 Operating Expenses 97,619 159,650 171,985 Direct Vessel Profit (DVP) 35,018 119,861 45,340 Administrative and General 22,806 49,183 40,911 L
Slide 30: Strong Commitment to ESG
Strong Commitment to ESG Our Values and Responsible Business Practices Second 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 Oper
Slide 31: 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 v
Slide 32: Case Study: Ongoing ESG Initiatives Across the Fleet
Case Study: Ongoing ESG Initiatives Across the Fleet Investments in Energy Storage Systems Cooperation with Spinergie Potential Future Projects • 7 of SMHI’s 11 most modern PSVs are now hybrid • SMHI is working marine technology firm Spinergie Carbon Capture (France) to analyze fleet data with the g
Slide 33: SEACOR Marine Safety Benchmarks
SEACOR Marine Safety Benchmarks Year-on-Year Total Recordable Injury Rate (“TRIR”) (1) vs. Industry Benchmarks 5-year TRIR Average (2019 - 2023) SEACOR Marine 0.210 ISOA 0.886 IMCA 1.216 1.450 1.360 1.110 1.090 1.100 1.070 0.950 0.880 0.780 0.720 0.531 0.179 0.202 0.100 0.037 2019 2020 2021 2022 202
Slide 34: Contact
Contact: Investor Relations SMHI LISTED Email: InvestorRelations@seacormarine.com NYSE Website: www.seacormarine.com seacormarine.com 34
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