Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — Investor Presentation (July 2024)
40 slides from Seacor Marine's investor presentation, Jul 2, 2024
Slide 1: Investor Presentation
Exhibit 99.1 SEACOR Marine Holdings Inc. SMHI LISTED Investor Presentation NYSE July 2, 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: 1. 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 6.8 years • Delivery of cargo, drilling fluids, fuel and water to rigs • 11 vessels with deck space > 800m2 • Construction, maintenan
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: 2. 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 $250B 242 $180B 234 171 225 158 156 211 214 $160B 205 195 $200B 134 183 $140B 130 131 131 165 120 136 101 $120B 106 113 101 129 88 101 $15
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: 3. Financials
3. Financials seacormarine.com 12
Slide 13: Financial Highlights
Financial Highlights FY 2022 FY 2023 LTM (through Q1 2024) Fleet Count / Average Age (1) 60 / 8.6 years 58 / 9.4 years 56 / 9.9 years Fleet Average Utilization 75% 75% 71% Fleet Average Day Rate $12,673 $16,375 $17,490 Revenues $217.3M $279.5M 281.1M Direct Vessel Profit (2) $45.3M $119.9M $111.8M A
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 50% • Improving day rates and utilization leading to sustained revenue growth over the last $280M 43% four years $240M 36% 40% 40% $200M 30% • DVP growth exceeding 150% year-on-year from 2022 to 2
Slide 15: 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 LTM Asset Class Day Rate FY 2022 FY 2023 through Q1 2024 PSV (> 800 m2 deck space) $35,300 PSV PSV (< 700 m2 deck space) $17,000 Day Rate $13,246 $18,031 $18,990 Utilization 76% 77% 72% FSV
Slide 16: 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 Q1 2024 Average
Slide 17: Illustrative Cash Flow Bridge
Illustrative Cash Flow Bridge The following does not represent SMHI’s guidance or projections for potential results for 2024 or any other period and should not be relied on as such. Actual financial results with respect to 2024 may materially differ from prior periods and the information set forth b
Slide 18: Sound Capital Structure
Sound Capital Structure Total Debt Maturity Profile Existing Debt Facilities (per Q1 2024) $160M $152M SEACOR Marine Foreign Holdings Inc. - due September 2028 $140M • Amount Outstanding: $115.9M $35M • Security: 27x OSVs (8x PSVs, 15x FSVs, 2x Liftboat, 2x AHTSs) $120M $110M • Pricing: 11.75% p.a.
Slide 19: Key Credit Highlights
Key Credit Highlights 1 • Founded in 1989, SMHI is a leading provider of marine and support transportation services to offshore energy facilities worldwide • Proven steward of capital; only US listed public company in the OSV sector that did not go through a financial restructuring during the downtu
Slide 20: 4. Appendix
4. Appendix seacormarine.com 20
Slide 21: Financials – Income and Loss Statement
Financials – Income and Loss Statement Income & Loss Statement (in $ thousands) Q1 2024 FY 2023 FY 2022 Operating Revenues 62,770 279,511 217,325 Costs and Expenses: Operating 48,099 159,650 171,985 Administrative and General 11,917 49,183 40,911 Lease Expense 481 2,748 3,869 Depreciation and Amorti
Slide 22: Financials – Balance Sheet and Debt Overview
Financials – Balance Sheet and Debt Overview Balance Sheet (in $ thousands) Debt Overview (as of March 31, 2024) ASSETS Q1 2024 FY 2023 FY 2022 Final Principal Debt Facility Current Assets: Maturity Outstanding ($M) Cash and Cash Equivalents, including Restricted Cash 62,159 84,131 43,045 Guaranteed
Slide 23: Financials – Cash Flow Statement (1/2)
Financials – Cash Flow Statement (1/2) Cash Flow Statement (in $ thousands) Q1 2024 FY 2023 FY 2022 Cash Flows from Continuing Operating Activities: Net Income (Loss) (23,069) (9,314) (71,649) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (used in) Operating Activities: Deprecia
Slide 24: Financials – Cash Flow Statement (2/2)
Financials – Cash Flow Statement (2/2) Cash Flow Statement (in $ thousands) Q1 2024 FY 2023 FY 2022 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (7,530) (29,165) (38,152) Payments on Debt Extinguishment - (131,604) - Payments on Debt Extinguishment Costs - (1,827) (2,2
Slide 25: Financial Reconciliations
Financial Reconciliations Adjusted EBITDA Reconciliation (in $ thousands) Q1 2024 FY 2023 FY 2022 Net Income (Loss) attributable to SEACOR Marine Holdings Inc. (23,069) (9,314) (71,650) Depreciation and Amortization 12,882 53,821 55,957 Interest Expense 10,309 37,504 29,706 Interest Income (593) (1,
Slide 26: Financial Reconciliations (continued)
Financial Reconciliations (continued) DVP to Adjusted EBITDA Reconciliation (in $ thousands) Q1 2024 FY 2023 FY 2022 Operating Revenues 62,770 279,511 217,325 Operating Expenses 48,099 159,650 171,985 Direct Vessel Profit (DVP) 14,671 119,861 45,340 Administrative and General 11,917 49,183 40,911 Le
Slide 27: 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 and 10-year surveys due in 2024 result in 8 8 higher than usual maintenance
Slide 28: FSV Asset Class (1/3)
FSV Asset Class (1/3) FSV (Fast Support Vessel) About Fast Supply Vessels Global Fleet Overview • FSVs are crucial for offshore drilling and production logistics, capable of reaching over 30 knots and delivering over 13,000 BHP 195 3 • Vessels range from 145 to 200ft in length, offering a cost-effic
Slide 29: FSV Asset Class (2/3)
FSV Asset Class (2/3) FSV (Fast Support Vessel) 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 West Africa and the Middle East 80 45% Orderbo
Slide 30: FSV Asset Class (3/3)
FSV Asset Class (3/3) FSV (Fast Support Vessel) Key Advantages of SMHI’s Next Generation FSVs FSV Fleet Utilization Overview • Cost and time savings of 50-70% on passenger transfers compared to SMHI FSV Fleet Utilization Total FSV Fleet Utilization % Working Utilization helicopter transfers 100% • S
Slide 31: Liftboat Asset Class (1/2)
Liftboat Asset Class (1/2) Liftboats About Liftboats Global Fleet Overview • Liftboats are self-propelled, self-elevating vessels with large, extendable legs that can be lowered to the seabed to lift the vessel above the water’s surface 140 6 • They provide a stable base for offshore oil and gas ope
Slide 32: Liftboat Asset Class (2/2)
Liftboat Asset Class (2/2) Liftboats Liftboat Supply Side Considerations Orderbook at ~6% with Stable Fleet Growth • The total fleet of liftboats is around 440 vessels, with fleet growth remaining stable Liftboat Orderbook OB as % of total fleet Fleet growth (YoY) at ~3% per annum 60 30% Orderbook /
Slide 33: 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 34: Liftboats - Well Positioned to Support US Offshore Wind Sector
Liftboats - Well Positioned to Support US Offshore Wind Sector Description US Offshore Wind Forecast • Despite a “reset” in 2024 after an active campaign in 2023, the 35 2,500 development of offshore wind farms on the East Coast of the United 32 States will drive significant vessel demand including
Slide 35: 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 36: 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 37: 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 38: SEACOR Marine Safety Benchmarks
SEACOR Marine 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 published 0.780 2023 figures 0.531
Slide 39: Highly Seasoned Management and Board of Directors
A. Highly Seasoned Management and Board of Directors Management Team Board of Directors Years Experience John Gellert Andrew R. Morse President & Chief Executive Officer 25+ Independent Non-Executive Chairman of the Board, Chair of the Audit Committee, Member of the Compensation Committee, and of th
Slide 40: Contact
Contact: Investor Relations SMHI LISTED Email: InvestorRelations@seacormarine.com NYSE Website: www.seacormarine.com seacormarine.com 40
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