SEACOR Marine Holdings Inc

For the period ended Dec 31, 2024. Filed Feb 26, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 26, 2025

SMHI$9.12-0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Results of Operations

For the years ended December 31, the Company’s consolidated results of operations were as follows (in thousands, except statistics):

2024 · 2023 · 2022
Time Charter Statistics:
Average Rates Per Day	$18,989		$16,375			$12,673
Fleet Utilization	67%		75%			75%
Fleet Available Days	19,895		20,519			21,291
Operating revenues:
Time charter	$254,320	94%		$251,385	89%		$203,534	93%
Bareboat charter	1,464	1%		1,460	1%		1,374	1%
Other marine services	15,577	5%		26,666	10%		12,417	6%
	271,361	100%		279,511	100%		217,325	100%
Costs and Expenses:
Operating:
Personnel	$85,541	32%		$81,770	29%		$77,782	36%
Repairs and maintenance	40,385	15%		26,826	10%		31,496	14%
Drydocking	21,451	8%		6,598	2%		18,160	8%
Insurance and loss reserves	9,894	4%		9,956	4%		9,962	5%
Fuel, lubes and supplies	19,947	7%		17,187	6%		19,289	9%
Other	20,034	7%		17,313	6%		15,296	7%
	197,252	73%		159,650	57%		171,985	79%
Lease expense	1,678	1%		2,748	1%		3,869	2%
Administrative and general	44,713	16%		49,183	18%		40,911	19%
Depreciation and amortization	51,628	19%		53,821	19%		55,957	26%
	295,271	109%		265,402	95%		272,722	125%
Gains on Asset Dispositions and Impairments, Net	13,481	5%		21,409	8%		1,398	1%
Operating (Loss) Income	(10,429)	(4)%		35,518	13%		(53,999)	(25)%
Other Expense, Net	(72,618)	(27)%		(39,589)	(14)%		(16,079)	(7)%
Loss Before Income Tax (Benefit) Expense and Equity in Earnings of 50% or Less Owned Companies	(83,047)	(31)%		(4,071)	(1)%		(70,078)	(32)%
Income Tax (Benefit) Expense	(2,615)	(1)%		8,799	3%		8,582	4%
Loss Before Equity in Earnings of 50% or Less Owned Companies	(80,432)	(30)%		(12,870)	(5)%		(78,660)	(36)%
Equity in Earnings of 50% or Less Owned Companies	2,308	1%		3,556	1%		7,011	3%
Net Loss	(78,124)	(29)%		(9,314)	(3)%		(71,649)	(33)%
Net Income attributable to Noncontrolling Interests in Subsidiaries	—	—%		—	—%		1	0%
Net Loss attributable to SEACOR Marine Holdings Inc.	$(78,124)	(29)%		$(9,314)	(3)%		$(71,650)	(33)%

The following tables summarize the operating results and property and equipment for the Company’s reportable segments for the periods indicated (in thousands, except statistics):

	United States (primarily Gulf of America)	Africa and Europe	Middle Eastand Asia	LatinAmerica	Total
Time Charter Statistics:
Average Rates Per Day	$23,076	$17,453	$17,285	$23,462	$18,989
Fleet Utilization	38%	75%	78%	66%	67%
Fleet Available Days	3,688	7,590	5,215	3,402	19,895
Operating Revenues:
Time charter	$31,991	$99,410	$70,346	$52,573	$254,320
Bareboat charter	—	—	—	1,464	1,464
Other marine services	3,808	5,272	1,979	4,518	15,577
	35,799	104,682	72,325	58,555	271,361
Direct Costs and Expenses:
Operating:
Personnel	$24,459	$21,887	$24,132	$15,063	$85,541
Repairs and maintenance	6,618	13,537	13,047	7,183	40,385
Drydocking	8,604	4,774	2,796	5,277	21,451
Insurance and loss reserves	2,992	2,329	3,147	1,426	9,894
Fuel, lubes and supplies	3,351	7,197	4,184	5,215	19,947
Other	509	12,723	4,425	2,377	20,034
	46,533	62,447	51,731	36,541	197,252
Direct Vessel (Loss) Profit	$(10,734)	$42,235	$20,594	$22,014	$74,109
Other Costs and Expenses:
Lease expense	$555	$507	$301	$315	1,678
Administrative and general				44,713
Depreciation and amortization	12,334	17,497	13,276	8,521	51,628
Gains on asset dispositions and impairments, net				13,481
Operating loss				$(10,429)
Property and Equipment:
Historical cost	$195,756	$325,000	$240,075	$139,583	$900,414
Accumulated depreciation	(104,771)	(121,320)	(97,908)	(43,449)	(367,448)
	$90,985	$203,680	$142,167	$96,134	$532,966
Total Assets (1)	$120,347	$241,278	$174,410	$117,475	$653,510

(1)

Total Assets exclude $73.6 million of corporate assets.

	United States (primarily Gulf of America)	Africa and Europe	Middle Eastand Asia	LatinAmerica	Total
Time Charter Statistics:
Average Rates Per Day	$20,967	$14,612	$15,003	$18,937	$16,375
Fleet Utilization	45%	87%	76%	88%	75%
Fleet Available Days	4,443	6,935	5,829	3,312	20,519
Operating Revenues:
Time charter	$41,850	$87,729	$66,407	$55,399	$251,385
Bareboat charter	—	—	—	1,460	1,460
Other marine services	17,678	2,582	4,345	2,061	26,666
	59,528	90,311	70,752	58,920	279,511
Direct Costs and Expenses:
Operating:
Personnel	$26,110	$20,434	$20,786	$14,440	$81,770
Repairs and maintenance	5,146	9,624	7,109	4,947	26,826
Drydocking	2,314	2,946	(99)	1,437	6,598
Insurance and loss reserves	3,752	1,727	3,638	839	9,956
Fuel, lubes and supplies	3,697	6,830	3,552	3,108	17,187
Other	1,427	10,072	3,961	1,853	17,313
	42,446	51,633	38,947	26,624	159,650
Direct Vessel Profit	$17,082	$38,678	$31,805	$32,296	$119,861
Other Costs and Expenses:
Lease expense	$536	$1,498	$360	$354	2,748
Administrative and general				49,183
Depreciation and amortization	14,685	15,346	14,760	9,030	53,821
Gains on asset dispositions and impairments, net				21,409
Operating income				$35,518
Property and Equipment:
Historical cost	$209,262	$272,272	$267,079	$170,210	$918,823
Accumulated depreciation	(99,137)	(93,045)	(94,708)	(37,251)	(324,141)
	$110,125	$179,227	$172,371	$132,959	$594,682
Total Assets (1)	$142,264	$215,158	$199,174	$152,427	$709,023

(1)

Total Assets exclude $71.3 million of corporate assets.

	United States (primarily Gulf of America)	Africa and Europe	Middle Eastand Asia (2)	LatinAmerica	Total
Time Charter Statistics:
Average Rates Per Day	$19,876	$11,127	$10,003	$13,948	$12,673
Fleet Utilization	49%	85%	80%	91%	75%
Fleet Available Days	5,243	6,351	6,548	3,149	21,291
Operating Revenues:
Time charter	$51,272	$60,060	$52,080	$40,122	$203,534
Bareboat charter	—	—	—	1,374	1,374
Other marine services	9,528	(163)	762	2,290	12,417
	60,800	59,897	52,842	43,786	217,325
Direct Costs and Expenses:
Operating:
Personnel	$25,201	$16,436	$22,376	$13,769	$77,782
Repairs and maintenance	7,049	9,229	8,111	7,107	31,496
Drydocking	8,978	2,339	6,569	274	18,160
Insurance and loss reserves	4,831	1,178	2,838	1,115	9,962
Fuel, lubes and supplies	3,345	8,022	5,089	2,833	19,289
Other	1,235	7,175	4,633	2,253	15,296
	50,639	44,379	49,616	27,351	171,985
Direct Vessel Profit	$10,161	$15,518	$3,226	$16,435	$45,340
Other Costs and Expenses:
Lease expense	$998	$1,691	$156	$1,024	3,869
Administrative and general				40,911
Depreciation and amortization	17,444	13,708	16,331	8,474	55,957
Gains on asset dispositions and impairments, net				1,398
Operating loss				$(53,999)
Property and Equipment:
Historical cost	$232,740	$285,303	$286,745	$162,895	$967,683
Accumulated depreciation	(101,503)	(92,030)	(89,444)	(27,801)	(310,778)
	$131,237	$193,273	$197,301	$135,094	$656,905
Total Assets (1)	$174,081	$211,371	$215,497	$150,650	$751,599

(1)

Total Assets exclude $64.0 million of corporate assets.

(2)

In 2022, the Company removed from service one specialty vessel in this region. Regional statistics reflect the removed from service status of this vessel.

The following tables summarize the world-wide operating results and property and equipment for each of the Company’s vessel classes for the periods indicated (in thousands, except statistics):

AHTS · FSV · PSV · Liftboats · OtherActivity · Total
Time Charter Statistics:
Average Rates Per Day	$9,156	$12,901	$19,888	$42,665		$—	$18,989
Fleet Utilization	60%	76%	62%	58%		—%	67%
Fleet Available Days	1,240	8,052	7,675	2,928		—	19,895
Operating Revenues:
Time charter	$6,831	$79,377	$95,133	$72,979		$—	$254,320
Bareboat charter	—	—	1,464	—		—	1,464
Other marine services	232	2,070	7,098	4,757		1,420	15,577
	7,063	81,447	103,695	77,736		1,420	271,361
Direct Costs and Expenses:
Operating:
Personnel	$3,685	$22,193	$36,188	$24,586		$(1,111)	$85,541
Repairs and maintenance	1,052	16,523	15,443	7,342		25	40,385
Drydocking	789	3,200	9,677	7,785		—	21,451
Insurance and loss reserves	255	1,777	2,686	5,482		(306)	9,894
Fuel, lubes and supplies	800	5,592	9,437	4,118		—	19,947
Other	990	8,193	8,632	2,195		24	20,034
	7,571	57,478	82,063	51,508		(1,368)	197,252
Other Costs and Expenses:
Lease expense	$346	$—	$—	$—		$1,332	1,678
Administrative and general					44,713
Depreciation and amortization	647	18,980	16,440	15,463		98	51,628
Gains on asset dispositions and impairments, net					13,481
Operating loss					$(10,429)
Property and Equipment:
Historical cost	$948	$345,476	$290,478	$244,564		$18,948	$900,414
Accumulated depreciation	(825)	(161,212)	(66,540)	(120,192)		(18,679)	(367,448)
	$123	$184,264	$223,938	$124,372		$269	$532,966

AHTS · FSV · PSV · Liftboats · OtherActivity · Total
Time Charter Statistics:
Average Rates Per Day	$9,201	$11,273	$18,031	$37,523		$—	$16,375
Fleet Utilization	70%	84%	77%	50%		—%	75%
Fleet Available Days	1,491	8,384	7,392	3,252		—	20,519
Operating Revenues:
Time charter	$9,610	$79,372	$101,978	$60,425		$—	$251,385
Bareboat charter	—	—	1,460	—		—	1,460
Other marine services	936	1,076	3,078	17,801		3,775	26,666
	10,546	80,448	106,516	78,226		3,775	279,511
Direct Costs and Expenses:
Operating:
Personnel	$4,027	$20,408	$35,397	$20,432		$1,506	$81,770
Repairs and maintenance	1,498	8,479	12,497	4,383		(31)	26,826
Drydocking	1,356	4,050	1,325	(52)		(81)	6,598
Insurance and loss reserves	307	1,363	2,212	6,027		47	9,956
Fuel, lubes and supplies	1,471	5,432	7,834	2,442		8	17,187
Other	1,450	6,523	7,765	1,542		33	17,313
	10,109	46,255	67,030	34,774		1,482	159,650
Other Costs and Expenses:
Lease expense	$1,247	$—	$—	$—		$1,501	2,748
Administrative and general					49,183
Depreciation and amortization	1,020	19,779	16,480	16,395		147	53,821
Gains on asset dispositions and impairments, net					21,409
Operating income					$35,518
Property and Equipment:
Historical cost	$12,669	$341,054	$301,523	$244,462		$19,115	$918,823
Accumulated depreciation	(5,134)	(142,429)	(53,162)	(104,626)		(18,790)	(324,141)
	$7,535	$198,625	$248,361	$139,836		$325	$594,682

AHTS · FSV · PSV · Liftboats · OtherActivity (1) · Total
Time Charter Statistics:
Average Rates Per Day	$8,975	$9,425	$13,246	$27,010		$—	$12,673
Fleet Utilization	69%	85%	76%	55%		—%	75%
Fleet Available Days	2,098	8,518	7,300	3,285		90	21,291
Operating Revenues:
Time charter	$13,041	$68,324	$73,687	$48,482		$—	$203,534
Bareboat charter	—	—	1,374	—		—	1,374
Other marine services	(654)	(667)	1,561	8,009		4,168	12,417
	12,387	67,657	76,622	56,491		4,168	217,325
Direct Costs and Expenses:
Operating:
Personnel	$4,428	$20,379	$33,470	$19,489		$16	$77,782
Repairs and maintenance	1,494	9,953	12,722	7,378		(51)	31,496
Drydocking	(3)	3,166	3,065	11,932		—	18,160
Insurance and loss reserves	253	1,495	2,265	6,586		(637)	9,962
Fuel, lubes and supplies	1,017	6,100	8,015	4,139		18	19,289
Other	1,385	6,174	5,674	2,045		18	15,296
	8,574	47,267	65,211	51,569		(636)	171,985
Other Costs and Expenses:
Lease expense	$1,649	$—	$777	$—		$1,443	3,869
Administrative and general					40,911
Depreciation and amortization	1,783	19,899	15,480	18,473		322	55,957
Gains on asset dispositions and impairments, net					1,398
Operating loss					$(53,999)
Property and Equipment:
Historical cost	$27,838	$355,116	$297,331	$265,387		$22,011	$967,683
Accumulated depreciation	(18,695)	(130,869)	(36,203)	(103,402)		(21,609)	(310,778)
	$9,143	$224,247	$261,128	$161,985		$402	$656,905

(1)

In 2022, the Company removed from service one specialty vessel in this class. Other activity statistics reflect the removed from service status of this vessel.

Operating Income (Loss)

United States, primarily Gulf of America. For the years ended December 31, the Company’s direct vessel (loss) profit in the U.S. was as follows (in thousands, except statistics):

2024 · 2023 · 2022
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$—		$—			$—
FSV	10,249		9,657			10,735
PSV	13,797		14,148			15,485
Liftboats	35,911		34,451			26,232
Overall	23,076		20,967			19,876
Utilization:
AHTS	—%		—%			—%
FSV	35%		57%			49%
PSV	49%		62%			69%
Liftboats	35%		34%			53%
Overall	38%		45%			49%
Available Days:
AHTS	—		31			638
FSV	1,098		1,095			1,095
PSV	732		910			1,095
Liftboats	1,858		2,407			2,415
Overall	3,688		4,443			5,243
Operating revenues:
Time charter	$31,991	89%		$41,850	70%		$51,272	84%
Other marine services	3,808	11%		17,678	30%		9,528	16%
	35,799	100%		59,528	100%		60,800	100%
Direct operating expenses:
Personnel	24,459	68%		26,110	44%		25,201	41%
Repairs and maintenance	6,618	18%		5,146	9%		7,049	12%
Drydocking	8,604	24%		2,314	4%		8,978	15%
Insurance and loss reserves	2,992	8%		3,752	6%		4,831	8%
Fuel, lubes and supplies	3,351	10%		3,697	6%		3,345	5%
Other	509	2%		1,427	2%		1,235	2%
	46,533	130%		42,446	71%		50,639	83%
Direct Vessel (Loss) Profit	$(10,734)	-30%		$17,082	29%		$10,161	17%

Operating Revenues. Charter revenues were $9.9 million lower in 2024 compared with 2023. Charter revenues were $16.9 million lower due to the repositioning of vessels between geographic regions, as such repositioned vessels had 58 days worked at an average day rate of $60,628 in 2024 compared to 515 days worked at an average day rate of $39,741 in 2023, as well as $0.7 million lower due to the disposition of one vessel in the third quarter of 2023. Charter revenues were $7.7 million higher for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of nine vessels, due to higher utilization of 81% for one liftboat with a higher than average day rate of $49,914, partially offset by lower utilization of 35% for the remainder of the vessels. Other marine services were $13.9 million lower primarily due to non-recurring business interruption insurance revenue recorded in 2023 and lower mobilization revenues and management fees in 2024. As of December 31, 2024, the Company had two of 10 owned vessels (one liftboat and one FSV) cold-stacked in this region compared with two of 11 vessels as of December 31, 2023.

Direct Operating Expenses. Direct operating expenses were $4.1 million higher in 2024 compared with 2023. Direct operating expenses were $10.2 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures, $3.3 million lower due to the repositioning of vessels between geographic regions and $2.8 million lower due to net asset dispositions.

Operating Revenues. Charter revenues were $9.4 million lower in 2023 compared with 2022. Charter revenues were $6.0 million lower due to the repositioning of vessels between geographic regions and $3.4 million lower due to decreased utilization for the Regional Core Fleet. Other marine services were $8.2 million higher primarily due to business interruption insurance revenue and higher mobilization revenues. As of December 31, 2023, the Company had two of 11 owned vessels (one liftboat and one FSV) cold-stacked in this region compared with three of 14 vessels as of December 31, 2022.

Direct Operating Expenses. Direct operating expenses were $8.2 million lower in 2023 compared with 2022. Direct operating expenses were $4.7 million lower for the Regional Core Fleet primarily due to the timing of drydocking and certain repair expenditures, $2.8 million lower due to the repositioning of vessels between geographic regions and $0.7 million lower due to net asset dispositions.

Africa and Europe. For the years ended December 31, the Company’s direct vessel profit in Africa and Europe was as follows (in thousands, except statistics):

2024 · 2023 · 2022
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$10,189		$10,101			$9,994
FSV	15,304		12,701			10,967
PSV	22,405		20,129			12,452
Overall	17,453		14,612			11,127
Utilization:
AHTS	48%		77%			100%
FSV	83%		91%			88%
PSV	73%		84%			71%
Overall	75%		87%			85%
Available Days:
AHTS	895		1,095			1,095
FSV	3,913		3,650			3,439
PSV	2,782		2,190			1,817
Overall	7,590		6,935			6,351
Operating revenues:
Time charter	$99,410	95%		$87,729	97%		$60,060	100%
Other marine services	5,272	5%		2,582	3%		(163)	(0)%
	104,682	100%		90,311	100%		59,897	100%
Direct operating expenses:
Personnel	21,887	21%		20,434	23%		16,436	28%
Repairs and maintenance	13,537	13%		9,624	10%		9,229	15%
Drydocking	4,774	5%		2,946	3%		2,339	4%
Insurance and loss reserves	2,329	2%		1,727	2%		1,178	2%
Fuel, lubes and supplies	7,197	7%		6,830	8%		8,022	13%
Other	12,723	12%		10,072	11%		7,175	12%
	62,447	60%		51,633	57%		44,379	74%
Direct Vessel Profit	$42,235	40%		$38,678	43%		$15,518	26%

Operating Revenues. Charter revenues were $11.7 million higher in 2024 compared with 2023. Charter revenues were $12.0 million higher due to the repositioning of three vessels into the region in 2024, $1.2 million higher for the Regional Core Fleet, which consists of 18 vessels, due to higher average day rates of $17,033 in 2024 compared to $14,733 in 2023, substantially offset by lower utilization of 79% in 2024 compared to 89% in 2023 and $1.5 million lower due to the disposition of one vessel in 2024. Other marine services were $2.7 million higher primarily due to higher mobilization revenues. As of December 31, 2024, the Company had no vessels cold-stacked in this region compared with one of 19 vessels that was classified as held for sale as of December 31, 2023.

Direct Operating Expenses. Direct operating expenses were $10.8 million higher in 2024 compared with 2023. Direct operating expenses were $11.3 million higher due to the repositioning of vessels between geographic regions, $0.4 million higher for the Regional Core Fleet primarily due to the timing of repair expenditures and $0.9 million lower due to net asset dispositions.

Operating Revenues. Charter revenues were $27.7 million higher in 2023 compared with 2022. Charter revenues were $16.4 million higher due to the repositioning of vessels between geographic regions and $12.1 million higher for the Regional Core Fleet as a result of increased day rates and utilization partially offset by a $0.8 million decrease due to net asset dispositions. Other marine services were $2.7 million higher primarily due to an immaterial change in the presentation of commission charges, which were reclassed from other marine services to other direct operating expenses. As of December 31, 2023, the Company had one of 19 owned and leased-in vessels (one AHTS) cold-stacked in this region that was classified as held for sale compared with none as of December 31, 2022.

Direct Operating Expenses. Direct operating expenses were $7.3 million higher in 2023 compared with 2022. Direct operating expenses were $6.1 million higher due to the repositioning of vessels between geographic regions, $1.9 million higher for the Regional Core Fleet primarily due to the timing of certain repair expenditures, and $0.7 million lower due to net asset dispositions.

Middle East and Asia. For the years ended December 31, the Company’s direct vessel profit in the Middle East and Asia was as follows (in thousands, except statistics):

2024 · 2023 · 2022
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$7,734		$5,547			$5,915
FSV	8,506		9,095			7,954
PSV	15,907		11,826			9,119
Liftboats	45,801		42,578			29,385
Overall	17,285		15,003			10,003
Utilization:
AHTS	91%		57%			99%
FSV	80%		84%			92%
PSV	64%		59%			66%
Liftboats	100%		98%			63%
Overall	78%		76%			80%
Available Days:
AHTS	345		365			365
FSV	2,309		2,909			3,254
PSV	1,829		1,825			2,109
Specialty	—		—			90
Liftboats	732		730			730
Overall	5,215		5,829			6,548
Operating revenues:
Time charter	$70,346	97%		$66,407	94%		$52,080	99%
Other marine services	1,979	3%		4,345	6%		762	1%
	72,325	100%		70,752	100%		52,842	100%
Direct operating expenses:
Personnel	24,132	34%		20,786	29%		22,376	42%
Repairs and maintenance	13,047	18%		7,109	10%		8,111	15%
Drydocking	2,796	4%		(99)	(0)%		6,569	13%
Insurance and loss reserves	3,147	4%		3,638	5%		2,838	5%
Fuel, lubes and supplies	4,184	6%		3,552	5%		5,089	10%
Other	4,425	6%		3,961	6%		4,633	9%
	51,731	72%		38,947	55%		49,616	94%
Direct Vessel Profit	$20,594	28%		$31,805	45%		$3,226	6%

Operating Revenues. Charter revenues were $3.9 million higher in 2024 compared with 2023. Charter revenues were $9.5 million higher for the Regional Core Fleet, which consists of 14 vessels, due to higher average day rates of $17,356 in 2024 compared to $15,871 in 2023, and an increase in fleet utilization from 74% in 2023 to 79% in 2024. Charter revenues were $3.5 million lower due to the disposition of one vessel in 2023 and $2.1 million lower due to the repositioning of one vessel out of the region. Other marine services were $2.4 million lower primarily due to non-recurring business interruption insurance revenue recorded in 2023. As of December 31, 2024 and December 31, 2023, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $12.8 million higher in 2024 compared with 2023. Direct operating expenses were $15.3 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and insurance reimbursements related to expenses in prior periods, $1.6 million lower due to net asset dispositions and $0.9 million lower due to the repositioning of vessels between geographic regions.

Operating Revenues. Charter revenues were $14.3 million higher in 2023 compared with 2022. Charter revenues were $19.2 million higher for the Regional Core Fleet primarily as a result of increased liftboat day rates and utilization and $4.9 million lower due to the repositioning of vessels between geographic regions. Other marine services were $3.6 million higher primarily due to business interruption insurance revenue. As of December 31, 2023 and December 31, 2022, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $10.7 million lower in 2023 compared with 2022. Direct operating expenses were $6.2 million lower due to the repositioning of vessels between geographic regions, and $4.5 million lower for the Regional Core Fleet primarily due to insurance reimbursements related to drydocking expenditures expensed in prior periods.

Latin America. For the years ended December 31, the Company’s direct vessel profit in Latin America was as follows (in thousands, except statistics):

2024 · 2023 · 2022
Time Charter Statistics:
Rates Per Day Worked:
FSV	$14,951		$13,636			$8,098
PSV	21,296		20,314			15,615
Liftboats	48,786		24,450			25,277
Overall	23,462		18,937			13,948
Utilization:
FSV	94%		90%			96%
PSV	52%		89%			94%
Liftboats	99%		75%			34%
Overall	66%		88%			91%
Available Days:
FSV	732		730			730
PSV	2,332		2,467			2,279
Liftboats	338		115			140
Overall	3,402		3,312			3,149
Operating revenues:
Time charter	$52,573	90%		$55,399	94%		$40,122	92%
Bareboat charter	1,464	2%		1,460	2%		1,374	3%
Other marine services	4,518	8%		2,061	4%		2,290	5%
	58,555	100%		58,920	100%		43,786	100%
Direct operating expenses:
Personnel	15,063	26%		14,440	25%		13,769	31%
Repairs and maintenance	7,183	12%		4,947	8%		7,107	16%
Drydocking	5,277	9%		1,437	2%		274	1%
Insurance and loss reserves	1,426	2%		839	2%		1,115	3%
Fuel, lubes and supplies	5,215	9%		3,108	5%		2,833	6%
Other	2,377	4%		1,853	3%		2,253	5%
	36,541	62%		26,624	45%		27,351	62%
Direct Vessel Profit	$22,014	38%		$32,296	55%		$16,435	38%

Operating Revenues. Charter revenues were $2.8 million lower in 2024 compared with 2023. Charter revenues were $3.5 million lower due to the repositioning of five vessels out of the region, partially offset by the repositioning of two vessels into the region and $0.7 million higher for the Regional Core Fleet, which consists of eight vessels, primarily due to higher average day rates of $21,468 in 2024 compared to $18,455 in 2023, substantially offset by lower utilization of 63% in 2024 compared to 85% in 2023. Other marine services were $2.5 million higher in 2024 compared with 2023 primarily due to higher catering revenues. As of December 31, 2024 and December 31, 2023, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $9.9 million higher in 2024 compared with 2023. Direct operating expenses $8.0 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $1.9 million higher due to the repositioning of vessels between geographic regions.

Operating Revenues. Charter revenues were $15.4 million higher in 2023 compared with 2022. Charter revenues were $11.0 million higher for the Regional Core Fleet primarily as a result of increased day rates and $4.4 million higher due to the repositioning of vessels between geographic regions. As of December 31, 2023 and December 31, 2022, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $0.7 million lower in 2023 compared with 2022 primarily due to the timing of certain repair expenditures.

Other Operating Expenses

Lease Expense. Leased-in equipment expenses were $1.1 million lower compared with 2023 primarily due to having one leased-in vessels in 2024 compared to two in 2023. Leased-in equipment expenses were $1.1 million lower for 2023 compared with 2022 primarily due to the impairment of one leased-in vessel in 2022.

Administrative and general. Administrative and general expenses were $4.5 million lower in 2024 compared with 2023 primarily due to decreases in allowance for credit losses of $3.3 million and decreases in professional fees of $1.4 million partially offset by increases in wages and benefits expenses of $0.4 million. Administrative and general expenses were $8.3 million higher in 2023 compared with 2022 primarily due to increases in wages and benefits expenses of $3.6 million, increases in allowance for credit losses of $3.0 million and increases in professional fees of $1.3 million.

Depreciation and amortization. Depreciation and amortization expenses were $2.2 million lower in 2024 compared with 2023 and $2.1 million lower in 2023 compared with 2022 primarily due to net fleet changes.

Gains (Losses) on Asset Dispositions and Impairments, Net. During 2024, the Company sold one AHTS, previously classified as held for sale, two AHTS, not previously classified as held for sale, and other equipment for net cash proceeds of $24.9 million, after transaction costs, and a gain of $17.2 million. In addition, the Company recognized impairment charges of $3.7 million for other equipment designated for a construction project that was indefinitely deferred and will no longer be completed.

During 2023, the Company sold one liftboat, classified as held for sale, three liftboats and one specialty vessel, previously removed from service, one FSV and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for net cash proceeds of $44.7 million, after transaction costs, and a gain of $21.1 million. In addition, the Company recognized impairment charges of $0.7 million for one AHTS to adjust for indicative future cash flows and the cost to return the vessel to its owner.

During 2022, gain on asset dispositions and impairments was $1.4 million, which included gains from the sale of one FSV, one liftboat previously removed from service, office space and other equipment for net cash proceeds of $6.7 million after transaction costs, and a gain of $3.1 million. In addition, the Company sold one AHTS in exchange for the remaining equity interests in SEACOR Marlin LLC (the owner of the PSV SEACOR Marlin) and recorded a gain on the sale of MexMar, OVH and other assets of $0.8 million (see “Note 3. Investments, at Equity and Advances to 50% or Less Owned Companies” in the audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K). These gains were substantially offset by impairment charges of $2.9 million for one leased-in AHTS, as well as impairment charges for one FSV sold in 2022 and for other equipment classified as assets held for sale, which was subsequently sold in 2023.

Other Income (Expense), Net

For the years ended December 31, the Company’s other income (expense) was as follows (in thousands):

	2024	2023	2022
Other Income (Expense):
Interest income	$1,768	$1,444	$784
Interest expense	(40,627)	(37,504)	(29,706)
(Losses) gains on debt extinguishment	(31,923)	(2,004)	10,429
Derivative (losses) gains, net	(908)	608	—
Foreign currency (losses) gains, net	(1,049)	(2,133)	1,659
Other, net	121	—	755
	$(72,618)	$(39,589)	$(16,079)

Interest Income. Interest income in 2024 was nearly flat compared with 2023. Interest income increased in 2023 primarily due to interest received for the loan due from MexMar, which was fully repaid in 2023. Interest income decreased in 2022 primarily due to interest received from the U.S. Internal Revenue Service (“IRS”) due to delays in the payment of the CARES Act tax refunds in 2021.

Interest expense. Interest expense was higher in 2024 compared to 2023 primarily due to a higher interest rate on the 2023 SMFH Credit Facility (which bears interest at a fixed rate of 11.75%) compared to the debt retired by the facility, which was entered into on September 8, 2023. On November 27, 2024, the 2023 SMFH Credit Facility was refinanced with the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30%). Interest expense was higher in 2023 compared to 2022 primarily due to a higher interest rate on the 2018 SMFH Credit Facility (as defined below) (which bore interest at a variable rate), a higher interest rate due to the refinancing of the 2018 SMFH Credit Facility with the 2023 SMFH Credit Facility (which bears interest at a fixed rate of 11.75%), a higher interest rate due to the exchange of $175.0 million in aggregate principal amount of SEACOR Marine’s convertible senior notes due 2023 (the “Old Convertible Notes”) (which bore interest at a fixed rate of 4.25%) for $90.0 million in aggregate principal amount of SEACOR Marine’s 8.0% / 9.5% Senior PIK Toggle Notes due 2026 (the “Guaranteed Notes”) and $35.0 million aggregate principal amount of SEACOR Marine’s 4.25% Convertible Senior Notes due 2026 (the “New Convertible Notes”), and higher interest rates on other variable rate debt as a result of the interest rate environment.

(Losses) gains on debt extinguishment. Loss on debt extinguishment was $31.9 million in 2024 due to the payoff of multiple credit facilities with the proceeds from the 2024 SMFH Credit Facility. Loss on debt extinguishment was $2.0 million in 2023 due to the payoff of the $130.0 million loan facility with a syndicate of lenders administered by DNB Bank ASA, dated September 26, 2018 (as amended from time to time, the “2018 SMFH Credit Facility”) for the 2023 SMFH Credit Facility. Gain on debt extinguishment was $10.4 million in 2022 due to the exchange of the Old Convertible Notes for the Guaranteed Notes and the New Convertible Notes. For further information, see “Note 5. Long-Term Debt” in the audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K.

Derivative (losses) gains, net. Derivative losses in 2024 compared with derivative gains in 2023 were due to the strengthening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner. Net derivative gains increased in 2023 compared with 2022 due to the Company entering into an open forward currency exchange contract in the fourth quarter of 2023.

Foreign currency (losses) gains, net. Foreign currency losses in 2024 compared with 2023 decreased due to the strengthening of the U.S. dollar in relation to the pound sterling. Foreign currency losses in 2023 compared with foreign currency gains in 2022 were primarily due to the strengthening of the pound sterling in relation to the U.S. dollar.

Income Tax Expense

For the year ending December 31, 2024, the Company’s effective income tax rate of (3.1)% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. for income tax purposes.

For the year ending December 31, 2023, the Company’s effective income tax rate of 216.2% was primarily due to foreign withholding taxes.

For the year ending December 31, 2022, the Company’s effective income tax rate of 12.3% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes, foreign losses for which there is no benefit in the U.S. and the sale of investments in 50% or less owned companies.

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax

For the years ended December 31, the Company’s equity in earnings operations of 50% or less owned companies, net of tax, was as follows (in thousands):

	2024	2023	2022
SEACOR Marine Arabia	$3,010	$3,401	$1,671
MexMar (1)	$—	$—	$2,133
OVH (1)	—	—	2,571
Other	(702)	155	636
	$2,308	$3,556	$7,011

(1)

On September 29, 2022, the Company sold its ownership in this joint venture to the majority shareholder. See details below.

SEACOR Marine Arabia. The decrease in equity earnings in 2024 from SEACOR Marine Arabia was due to decreased utilization.

SEACOR Marine Arabia. The increase in equity earnings in 2023 from SEACOR Marine Arabia was due to increased day rates and utilization.

MexMar, OVH and SEACOR Marlin. On September 29, 2022, each of the transactions contemplated under that certain Framework Agreement, by and among SEACOR Marine and certain of its subsidiaries, on the one hand, and Operadora de Transportes Marítimos, S.A. de C.V. (“OTM”), CME Drillship Holdings DAC (“CME Ireland”), and Offshore Vessels Holding, S.A.P.I. de C.V. (“OVH”), on the other hand, were consummated (the “Framework Agreement Transactions”). As a result, the Company no longer owns any equity interest in either MexMar or in OVH, and the Company owns all of the equity interests in SEACOR Marlin LLC.

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