Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — Investor Presentation (February 2025)
28 slides from Seacor Marine's investor presentation, Feb 28, 2025
Slide 1: SEACOR Marine Holdings Inc. Investor Update
Exhibit 99.1 SEACOR Marine Holdings Inc. SMHI Investor Update LISTED NYSE 28 February 2025
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: I. Company Overview
I. 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 • Headquartered in Houston, TX, and listed on the NYSE (ticker:
Slide 5: High-Quality and Young Fleet
High-Quality and Young Fleet 51 OSVs plus 2 Newbuild PSVs under Construction (1) PSVs FSVs Liftboats • 21 PSVs and 2 newbuilds under construction (+ 4 options) • 22 FSVs • 8 Liftboats • Average age of 7.1 years • Average age of 11.2 years • Average age of 13.3 years • Newbuilds with deck space of 1,
Slide 6: Diversified Asset Base Working Across the Energy Universe
Diversified Asset Base Working Across the Energy Universe PSVs FSVs Liftboats ✓ Shallow water and deepwater activities ✓ Support drilling and production operations ✓ Self-elevating and self-propelled work platforms ✓ Delivery of cargo, drilling fluids, fuel and water to ✓ High-speed cargo transport
Slide 7: Newbuilding Order to Position SMHI's Fleet for the Future
Newbuilding Order to Position SMHI’s Fleet for the Future On November 27, 2024, SMHI signed two shipbuilding contracts for the construction of two PSVs (plus four options) Key Specifications Strategic Rationale Type & Design: Two PSVs (Z 4423 Breeze Design) ✓ Competitive pricing relative to second-h
Slide 8: Funding of Newbuild Program
Funding of Newbuild Program Back-Loaded Payment Terms Signing Steel Cutting Keel Laying Launch Delivery Milestone Q4 2024 Q2 2025 / Q3 2025 Q4 2025 / Q1 2026 Q2 2026 / Q3 2026 Q4 2026 / Q1 2027 % of Contract Cost 20% 20% 10% 10% 40% Total Capex $16.4M $16.4M $8.2M $8.2M $32.8M Capex Funding Bridge ✓
Slide 9: Strengthening Revenue Backlog
Strengthening Revenue Backlog Contract Backlog (1) of $368.0M including Options (vs. $343.0M per September 30, 2024) Revenue Backlog (incl. Options) by Year & Asset Class Revenue Backlog (incl. Options) by Region Key Figures $163M ✓ Average Backlog Contract Duration: 0.7 years 6% 7% $106M Africa & E
Slide 10: II. Market Outlook
II. Market Outlook seacormarine.com 10
Slide 11: Supportive Industry Fundamentals
Supportive Industry Fundamentals Global Offshore Project Capex by FID Year Offshore Exploration Capex by Region $250B 215 $200B 187 183 $150B 138 132 128 123 119 112 95 99 $100B 83 85 75 64 56 52 $50B $0B Commentary: Commentary: • 2024 saw a decline in offshore project capex leading to a dip in OSV
Slide 12: Balanced Supply / Demand
Balanced Supply / Demand OSV Demand Commentary • Despite exploration capex remaining low in a historical context, Active OSVs (PSVs 1,000+ DWT & AHTS 4,000+ BHP) vessel activity has remained stable despite a limited recovery in 3,500 offshore spending 3,000 • OSV demand has remained relatively flat
Slide 13: Continued Supply Side Constraints
Continued Supply Side Constraints Aging Stacked Fleet PSV Orderbook 1,400 70% 20 535 stacked OSVs per FYE 2024 Delivery Schedule (Firm Vessels only): • 12 PSVs in 2025 18 • 35 PSVs in 2026 1,200 60% • 22 PSVs in 2027 16 1,000 50% 14 Number of Vessels Number of Vessels 12 800 40% 10 19 600 30% 8 400
Slide 14: Positive Long-Term Fundamentals
Positive Long-Term Fundamentals 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% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2013 2014 2015
Slide 15: Hybrid Power for PSVs
Hybrid Power for PSVs Highlights: • Total fleet of 87 hybrid PSVs of which 76 have been retrofitted, according to Spinergie • 14 and 6 conversions took place in 2023 and 2024, respectively • Electrifying a PSV reduces fuel dependence and associated emissions, but also prolongs engines longevity and
Slide 16: III. Financial Highlights
III. Financial Highlights seacormarine.com 16
Slide 17: Financial Highlights
Financial Highlights FY 2022 FY 2023 FY 2024 Fleet Count / Average Age (1) 60 / 8.6 years 58 / 9.4 years 51 / 10.3 years Fleet Average Utilization 75% 75% 67% Fleet Average Day Rate $12,673 $16,375 $18,989 Revenues $217.3M $279.5M $271.4M Direct Vessel Profit (2) $45.3M $119.9M $74.1M Adjusted EBITD
Slide 18: Key Financial Metrics
Key Financial Metrics Total Revenue, DVP (1) & DVP Margin Day Rate and Utilization Progression $300M 50% 43% $250M 36% FY 2022 FY 2023 FY 2024 40% $200M 27% 30% Day Rate $12,673 $16,375 $18,989 25% $150M 21% $280M $271M Utilization 75% 75% 67% 20% $100M $217M $171M $142M 10% Gains on Asset Dispositi
Slide 19: DVP Breakdown by Asset Class & Region
DVP Breakdown by Asset Class & Region DVP (1) Breakdown by Asset Class DVP (1) Breakdown by Region FY 2022 FY 2023 FY 2024 FY 2022 FY 2023 FY 2024 PSV United States (primarily Gulf of America) Day Rate $13,246 $18,031 $19,888 Day Rate $19,876 $20,967 $23,076 Utilization 76% 77% 62% Utilization 49% 4
Slide 20: Fleet Maintenance and Capital Expenditures
Fleet Maintenance and Capital Expenditures Historical Major Repairs and Drydocking Expenses SMHI Fleet Age Distribution (1) $30M 10 9 9 $25M 8 Number of Vessels 7 $20M 6 6 5 $15M 5 $29M 4 4 4 4 3 3 3 $10M $20M 3 2 2 2 2 $11M 2 $5M 1 1 $8M $8M $7M 1 $5M $0M 0 2018 2019 2020 2021 2022 2023 2024 0 1 2
Slide 21: IV. Appendix
IV. Appendix seacormarine.com 21
Slide 22: Financials – Income and Loss Statement
Financials – Income and Loss Statement Income and Loss Statement (in $ thousands) FY 2024 FY 2023 FY 2022 Operating Revenues 271,361 279,511 217,325 Costs and Expenses: Operating 197,252 159,650 171,985 Administrative and General 44,713 49,183 40,911 Lease Expense 1,678 2,748 3,869 Depreciation and
Slide 23: Financials – Balance Sheet and Debt Overview
Financials – Balance Sheet and Debt Overview Balance Sheet (in $ thousands) Debt Overview (in $ thousands) Assets FY 2024 FY 2023 FY 2022 Debt Facility Final Maturity Principal Outstanding Current Assets: 2024 SMFH Credit Facility December 2029 350,000 Cash and Cash Equivalents, including Restricted
Slide 24: Financials – Cash Flow Statement
Financials – Cash Flow Statement Cash Flow Statement (in $ thousands) FY 2024 FY 2023 FY 2022 Cash Flows from Continuing Operating Activities: Net Income (Loss) (78,124) (9,314) (71,649) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (used in) Operating Activities: Depreciation a
Slide 25: Financials – Cash Flow Statement (Continued)
Financials – Cash Flow Statement (Continued) Cash Flow Statement (in $ thousands) FY 2024 FY 2023 FY 2022 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (24,312) (29,165) (38,152) Payments on Debt Extinguishment (328,712) (131,604) - Payments on Debt Extinguishment Costs
Slide 26: Financial Reconciliations
Financial Reconciliations Adjusted EBITDA Reconciliation (in $ thousands) FY 2024 FY 2023 FY 2022 Net Income (Loss) attributable to SEACOR Marine Holdings Inc. (78,124) (9,314) (71,650) Depreciation and Amortization 51,628 53,821 55,957 Interest Expense 40,627 37,504 29,706 Interest Income (1,768) (
Slide 27: Financial Reconciliations (continued)
Financial Reconciliations (continued) DVP to Adjusted EBITDA Reconciliation (in $ thousands) FY 2024 FY 2023 FY 2022 Operating Revenues 271,361 279,511 217,325 Operating Expenses 197,252 159,650 171,985 Direct Vessel Profit (DVP) 74,109 119,861 45,340 Administrative and General 44,713 49,183 40,911
Slide 28: IR Contact
IR Contact: investorrelations@seacormarine.com seacormarine.com
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