SEACOR Marine Holdings Inc
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 30, 2025
SMHI$8.75+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-09-30; filed 2024-10-30.
0000950170-24-119039
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-04-30.
0000950170-25-061098
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 105 previous paragraphs and 99 current paragraphs.
38 unchanged; 43 reworded; 18 added; 23 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (18)
Current report
Securities Repurchase
Current report
On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the “Carlyle Investors”), 1,355,761 shares of Common Stock, at $4.90 per share, and warrants to purchase 1,280,195 shares of Common Stock at an exercise price of $0.01 per share, at $4.89 per warrant, representing approximately 9.1% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the “Securities Repurchase”). The aggregate purchase price was approximately $12.9 million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.
Current report
Vessel Sales
Current report
On April 24, 2025, the Company completed the sale of one FSV built in 2009 for total proceeds of $4.6 million and a gain of approximately $3.0 million. Of these sale proceeds, approximately $3.8 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Current report
On April 7, 2025, the Company completed the sale of two 201 foot, DP-2 PSVs built in 2014 for total proceeds of $28.6 million and a gain of $17.6 million. Of these sale proceeds, approximately $12.9 million was used to complete the Securities Repurchase described above, and approximately $10.9 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Current report
On December 10, 2024, the Company completed the sale of two AHTS for total proceeds of $22.5 million and a gain of $15.6 million. This sale marked the Company’s exit from the AHTS asset class and a portion of the proceeds were used to partially fund the contract price for the newbuild PSVs described below. As of March 31, 2025, the Company managed the two sold AHTS on behalf of the new owners. On April 12, 2025, the Company handed over the management of one of the two sold AHTS to the new owners.
Current report
Debt Refinancing, Maturity Extension and Newbuild Orders
Current report
On November 27, 2024, SEACOR Marine, as parent guarantor, SEACOR Marine Foreign Holdings Inc. (“SMFH”), as borrower, and certain other wholly-owned subsidiaries of SEACOR Marine, as subsidiary guarantors, entered into a credit agreement providing for a senior secured term loan of up to $391.0 million (the “2024 SMFH Credit Facility” and such agreement, the “2024 SMFH Credit Agreement”) with an affiliate of EnTrust Global, as lender, Kroll Agency Services Limited, as facility agent, and Kroll Trustee Services Limited, as security trustee.
Current report
The 2024 SMFH Credit Facility is divided into two tranches, Tranche A consists of up to $350.0 million and Tranche B consists of up to $41.0 million. Tranche A has been fully drawn with the proceeds used to, among other things, refinance $328.7 million of principal indebtedness under multiple debt facilities, including $203.7 million of secured indebtedness and $125.0 million of unsecured indebtedness due in 2026, inclusive of $35.0 million of convertible debt. Tranche B remained undrawn as of March 31, 2025 with the proceeds available solely to finance up to 50% of the payments to Fujian Mawei Shipbuilding Ltd. with respect to the shipbuilding contracts for the construction of two PSVs with a contract price of $41.0 million per vessel. The remainder of the purchase price of the vessels will be paid through asset sale proceeds and cash on hand. The PSVs are each 4,650 tons deadweight with a 1,000 square meter deck area and equipped with medium speed diesel engines and an integrated battery energy storage system for higher fuel efficiency and lower running costs. The PSVs are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, respectively. The 2024 SMFH Credit Facility matures in December 2029.
Current report
On February 7, 2025, SEACOR Marine entered into an at-the-market offering program (“ATM Program”) pursuant to a sales agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”), relating to the issuance and sale from time to time by SEACOR Marine, as principal or through the Sales Agent, of shares of Common Stock having an aggregate gross sales price of up to $25.0 million (the “ATM Shares”). The sale of the ATM Shares if any, under the Sales Agreement may be made in ordinary brokers’ transactions, to or through a market maker, on or through the NYSE, the existing trading market for the Common Stock, or any other market venue where the Common Stock may be traded, in the over-the-counter market, in privately negotiated transactions, or through a combination of any such methods of sale. The Sales Agent may also sell the ATM Shares by any other method permitted by law. Upon the execution and effectiveness of the Sales Agreement, the at-the-market offering program entered into with the Sales Agent in November of 2023 was terminated. No sales have been made under the Sales Agreement since it was entered into.
Current report
Direct Operating Expenses. Direct operating expenses were $0.9 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.6 million higher due to the repositioning of vessels between geographic regions offset by $2.7 million lower direct operating expenses for the Regional Core Fleet including a $1.5 million decrease due to the timing of drydocking and repair expenditures.
Current report
Operating Revenues. Charter revenues were $0.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $0.6 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Quarter and $0.5 million lower due to the disposition of one vessel subsequent to the Prior Year Quarter. Charter revenues were $0.3 million higher for the Regional Core Fleet, which consists of 13 vessels, due to increased fleet utilization from 70% in the Prior Year Quarter to 75% in the Current Year Quarter, offset by lower average day rates of $17,848 in the Current Year Quarter compared to $18,454 in the Prior Year Quarter. As of March 31, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Current report
Operating Revenues. Charter revenues were $6.3 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.5 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 70% in the Current Year Quarter compared to 64% in the Prior Year Quarter, and higher average day rates of $22,686 in the Current Year Quarter compared to $18,754 in the Prior Year Quarter and $8.8 million lower due to the repositioning of four vessels out of the region subsequent to the Prior Year Quarter. As of March 31, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Current report
As of March 31, 2025, the Company had unfunded capital commitments of $72.9 million consisting of $67.8 million in respect of the construction of two PSVs, $2.8 million in respect of four hybrid battery power systems and $2.3 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $31.2 million is payable during 2025, $30.7 million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility, previously described in the 2024 Annual Report, $18.0 million of the proceeds from the sale of two AHTS was designated to make payments on the construction of two PSVs of which $1.8 million remained in a restricted account as of March 31, 2025. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. This tranche remained undrawn as of March 31, 2025.
Current report
capital expenditures were $20.8 million; and
Current report
the Company sold one liftboat and other equipment for net cash proceeds of $8.5 million, after transaction costs, and a gain of $5.8 million.
Current report
capital expenditures were $3.4 million.
Current report
the Company made payments on long-term debt issuance costs of $0.4 million; and
Removed paragraphs (23)
Previous report
On November 1, 2023, SEACOR Marine entered into an at-the-market offering program (“ATM Program”) with B. Riley Securities, Inc., pursuant to which SEACOR Marine may sell up to $25.0 million of Common Stock. As of September 30, 2024, the remaining capacity under the ATM Program was approximately $24.9 million.
Previous report
Direct Operating Expenses. Direct operating expenses were $2.2 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.2 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repairs expenditures, $1.4 million lower due to the repositioning of vessels between geographic regions and $0.6 million lower due to net asset dispositions.
Previous report
Operating Revenues. Charter revenues were $7.7 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $5.0 million lower due to reduced utilization for the Regional Core Fleet, $2.0 million lower due to the repositioning of vessels between geographic regions and $0.7 million lower due to net asset dispositions. Other marine services were $9.6 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Nine Months and lower mobilization revenues and management fees in the Current Year Nine Months.
Previous report
Direct Operating Expenses. Direct operating expenses were $3.8 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $9.0 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repairs expenditures, $2.7 million lower due to the repositioning of vessels between geographic regions and $2.5 million lower due to net asset dispositions.
Previous report
Operating Revenues. Charter revenues were $10.5 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $8.2 million higher due to the repositioning of vessels between geographic regions and $2.3 million higher for the Regional Core Fleet due to increased day rates. Other marine services were $1.9 million higher primarily due to higher mobilization revenues.
Previous report
Direct Operating Expenses. Direct operating expenses were $7.5 million higher in the Current Year Nine Months compared with the Prior Year Nine Months primarily due to the repositioning of vessels between geographic regions.
Previous report
Direct Operating Expenses. Direct operating expenses were $1.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.7 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, $0.5 million lower due to the repositioning of vessels between geographic regions and $0.4 million lower due to net asset dispositions.
Previous report
Operating Revenues. Charter revenues were $2.3 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $6.7 million higher for the Regional Core Fleet as a result of increased liftboat and PSV day rates and utilization, $2.6 million lower due to net asset dispositions and $1.8 million lower due to the repositioning of vessels between geographic regions. Other marine services were $2.5 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Nine Months.
Previous report
Direct Operating Expenses. Direct operating expenses were $13.2 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $14.6 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, $1.1 million lower due to net asset dispositions and $0.3 million lower due to the repositioning of vessels between geographic regions.
Previous report
Operating Revenues. Charter revenues were $2.3 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.1 million lower for the Regional Core Fleet primarily due to reduced fleet utilization and $0.8 million higher due to the repositioning of vessels between geographic regions. As of September 30, 2024 and 2023, the Company had no vessels cold-stacked in this region.
Previous report
Operating Revenues. Charter revenues were $1.7 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $1.1 million lower due to the repositioning of vessels between geographic regions and $0.6 million lower for the Regional Core Fleet due to reduced fleet utilization. Other marine services were $2.0 million higher primarily due to higher catering revenues.
Previous report
During the Current Year Nine Months, the Company sold one AHTS, previously classified as held for sale, and other equipment for net cash proceeds of $2.4 million, after transaction costs, and a gain of $1.9 million. During the Prior Year Nine Months, the Company sold three liftboats, one specialty vessel, previously removed from service, and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such, for net cash proceeds of $8.0 million, after transaction costs, and a gain of $2.7 million. In addition, during the Prior Year Nine Months, the Company recognized impairment charges of $0.3 million for one AHTS to adjust for indicative future cash flows.
Previous report
As of September 30, 2024, the Company had unfunded capital commitments of $12.5 million for miscellaneous vessel equipment, including $9.6 million in respect of hybrid battery power systems. Of the unfunded capital commitments, $6.9 million is payable during 2024 and $5.6 million is payable during 2025. In addition to the unfunded capital commitments above, the Company has indefinitely deferred an additional $9.2 million of capital commitments with respect to one FSV.
Previous report
capital expenditures were $4.3 million; and
Previous report
the Company sold one AHTS and other equipment for net cash proceeds of $2.4 million, after transaction costs, and a gain of $1.9 million.
Previous report
capital expenditures were $7.0 million;
Previous report
the Company sold three liftboats, one specialty vessel, previously removed from service, and other equipment, previously classified as held for sale, as well as other equipment not previously classified as such for net cash proceeds of $8.0 million, after transaction costs, and a gain of $2.7 million; and
Previous report
the Company received $15.0 million of principal payments under the MexMar Third A&R Facility Agreement.
Previous report
the Company received $0.1 million proceeds from the exercise of stock options; and
Previous report
the Company made payments on debt extinguishment of $131.6 million;
Previous report
the Company made payments on debt extinguishment costs of $1.8 million;
Previous report
the Company received proceeds from the issuance of long-term debt of $148.4 million;
Previous report
the Company made payments on finance leases of $0.5 million; and
Reworded paragraphs (43)
Previous wording
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of September 30, 2024, the Company operated a diverse fleet of 55 support vessels, of which 54 were owned or leased-in and one was managed on behalf of an unaffiliated third party. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
Current wording
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of March 31, 2025, the Company operated a diverse fleet of 53 support vessels, of which 50 were owned and three were managed on behalf of unaffiliated third parties. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
Previous wording
The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support, (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair and (v) handle anchors and mooring equipment for offshore rigs and platforms. Additionally, the Company’s vessels provide emergency response services and accommodations for technicians and specialists.
Current wording
The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support and (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company’s vessels provide emergency response services and accommodations for technicians and specialists.
Previous wording
The Company operates its fleet in four principal geographic regions: the United States (“U.S.”), primarily in the Gulf of Mexico; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Mexico and Guyana. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
Current wording
The Company operates its fleet in four principal geographic regions: the United States (“U.S.”), primarily Gulf of America; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Mexico and Guyana. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
Previous wording
Offshore oil and natural gas market conditions are highly volatile. Oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the nine months ended September 30, 2024, WTI oil prices reached a high of $87 per barrel and a low of $66 per barrel, ending the period at $68 per barrel.
Current wording
Offshore oil and natural gas market conditions are highly volatile. Oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the three months ended March 31, 2025, WTI oil prices reached a high of $80 per barrel and a low of $66 per barrel, ending the period at $71 per barrel.
Previous wording
Certain macro drivers somewhat independent of oil and natural gas prices may support the Company’s business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world’s energy mix, especially as governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for electricity from natural gas. Some alternative forms of energy such as offshore wind farms support some of the Company’s operations and the Company expects such support to increase as development of these forms of renewable energy expands.
Current wording
Certain macro drivers somewhat independent of oil and natural gas prices may support the Company’s business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world’s energy mix, especially as certain governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for electricity from natural gas. Some alternative forms of energy such as offshore wind farms support some of the Company’s operations and the Company expects such support to increase as development of these forms of renewable energy expands.
Previous wording
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of September 30, 2024, two of the Company’s 54 owned and leased-in vessels were cold-stacked worldwide.
Current wording
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of March 31, 2025, one of the Company’s 50 owned vessels were cold-stacked worldwide.
Previous wording
The sections below provide an analysis of the Company’s results of operations for the three and nine months (“Current Year Quarter” and “Current Year Nine Months”) ended September 30, 2024 compared with the three and nine months (“Prior Year Quarter” and “Prior Year Nine Months”) ended September 30, 2023. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2023, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
Current wording
The sections below provide an analysis of the Company’s results of operations for the three months (“Current Year Quarter”) ended March 31, 2025 compared with the three months (“Prior Year Quarter”) ended March 31, 2024. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2024, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
Previous wording
Total Assets by region does not include corporate assets of $36.0 million as of September 30, 2024.
Current wording
Total Assets by region does not include corporate assets of $43.8 million as of March 31, 2025.
Previous wording
Total Assets by region does not include corporate assets of $54.8 million as of September 30, 2023.
Current wording
Total Assets by region does not include corporate assets of $57.5 million as of March 31, 2024.
Previous wording
United States, primarily Gulf of Mexico. For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel (loss) profit in the U.S. were as follows (in thousands, except statistics):
Current wording
United States, primarily Gulf of America. For the three months ended March 31, 2025 and 2024 the Company’s time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):
Previous wording
Operating Revenues. Charter revenues were $9.6 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $7.7 million lower due to reduced utilization and day rates of the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), $1.6 million lower due to the repositioning of vessels between geographic regions and $0.3 million lower due to net asset dispositions. Other marine services were $4.3 million lower primarily due to business interruption insurance revenues recorded in the Prior Year Quarter and lower mobilization revenues and management fees in the Current Year Quarter. As of September 30, 2024, the Company had two of ten owned vessels (one liftboat and one FSV) cold-stacked in this region compared with two of 13 vessels (one liftboat and one FSV) as of September 30, 2023. In addition, the Company had no vessels classified as held for sale in this region as of September 30, 2024 compared with one vessel classified as held for sale as of September 30, 2023.
Current wording
Operating Revenues. Charter revenues were $0.2 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.5 million lower 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 eight vessels, due to lower average day rates of $18,122 in the Current Year Quarter compared to $28,156 in the Prior Year Quarter, and lower utilization of 27% in the Current Year Quarter compared to 34% in the Prior Year Quarter. Charter revenues were $3.3 million higher due to the repositioning of three vessels into the region subsequent to the Prior Year Quarter. Other marine services were $0.8 million lower primarily due to lower management fees. As of March 31, 2025, the Company had one of 12 owned vessels (one FSV) cold-stacked in this region compared with two of ten vessels (one liftboat and one FSV) as of March 31, 2024.
Previous wording
Africa and Europe. For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
Current wording
Africa and Europe. For the three months ended March 31, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
Previous wording
Operating Revenues. Charter revenues were $6.3 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $4.5 million higher due to the repositioning of vessels between geographic regions and $1.8 million higher for the Regional Core Fleet primarily due to higher day rates. Other marine services were $1.1 million higher primarily due to higher mobilization revenues. As of September 30, 2024, the Company had no vessels cold-stacked in this region compared with one vessel classified as held for sale in this region as of September 30, 2023.
Current wording
Operating Revenues. Charter revenues were $0.3 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.1 million higher due to the repositioning of three vessels into the region subsequent to the Prior Year Quarter and $1.8 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter. Charter revenues were flat for the Regional Core Fleet, which consists of 16 vessels, primarily due to higher average day rates of $17,241 in the Current Year Quarter compared to $15,940 in the Prior Year Quarter, offset by lower utilization of 75% in the Current Year Quarter compared to 80% in the Prior Year Quarter. Other marine services were $0.7 million higher primarily due to higher mobilization revenues and catering revenues. As of March 31, 2025, the Company had no vessels cold-stacked in this region compared with one of 20 owned and leased-in vessels (one AHTS) as of March 31, 2024.
Previous wording
Direct Operating Expenses. Direct operating expenses were $9.8 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $6.9 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $2.9 million higher due to the repositioning of vessels between geographic regions.
Current wording
Direct Operating Expenses. Direct operating expenses were $1.1 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.4 million higher due to the repositioning of vessels between geographic regions, $1.3 million lower due to net asset dispositions and $1.0 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Previous wording
Middle East and Asia. For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in the Middle East and Asia were as follows (in thousands, except statistics):
Current wording
Middle East and Asia. For the three months ended March 31, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in the Middle East and Asia were as follows (in thousands, except statistics):
Previous wording
Operating Revenues. Charter revenues were $0.3 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.0 million higher for the Regional Core Fleet as a result of increased liftboat and PSV day rates and utilization, $0.9 million lower due to net asset dispositions and $0.8 million lower due to the repositioning of vessels between geographic regions. As of September 30, 2024 and 2023, the Company had no vessels cold-stacked in this region.
Current wording
Direct Operating Expenses. Direct operating expenses were $2.0 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.0 million lower due to the repositioning of vessels between geographic regions, $0.9 million lower due to net asset dispositions and $0.1 million lower for the Regional Core Fleet.
Previous wording
Latin America (Brazil, Mexico, Central and South America). For the three and nine months ended September 30, 2024 and 2023 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
Current wording
Latin America (Brazil, Mexico, Central and South America). For the three months ended March 31, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
Previous wording
Direct Operating Expenses. Direct operating expenses were $4.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.7 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $1.0 million higher due to the repositioning of vessels between geographic regions.
Current wording
Direct Operating Expenses. Direct operating expenses were $6.1 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.7 million lower due to the repositioning of vessels between geographic regions and $1.4 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Previous wording
Lease Expense. Leased-in equipment expense for the Current Year Quarter and Current Year Nine Months was $0.3 million lower and $0.7 million lower compared to the Prior Year Quarter and Prior Year Nine Months due to having one leased-in vessel in 2024 compared to two in 2023.
Current wording
Lease Expense. Leased-in equipment expense for the Current Year Quarter was $0.1 million lower compared to the Prior Year Quarter due to having no leased-in vessels in the Current Year Quarter compared to one in the Prior Year Quarter.
Previous wording
Administrative and general. Administrative and general expenses for the Current Year Quarter and Current Year Nine Months were $1.3 million lower and $3.8 million lower compared to the Prior Year Quarter and Prior Year Nine Months primarily due to decreases in allowance for credit losses.
Current wording
Administrative and general. Administrative and general expenses for the Current Year Quarter were $0.4 million lower compared to the Prior Year Quarter due to decreases in allowance for credit losses.
Previous wording
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Nine Months were $0.5 million lower and $2.1 million lower compared to the Prior Year Quarter and Prior Year Nine Months primarily due to net fleet changes.
Current wording
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter were nearly flat compared to the Prior Year Quarter.
Previous wording
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold one AHTS, previously classified as held for sale, and other equipment for net cash proceeds of $2.3 million, after transaction costs, and a gain of $1.8 million. During the Prior Year Quarter there were no vessel sales and the Company recognized impairment charges of $0.3 million for one AHTS to adjust for indicative future cash flows.
Current wording
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold one liftboat and other equipment for net cash proceeds of $8.5 million, after transaction costs, and a gain of $5.8 million. During the Prior Year Quarter there were no vessel sales.
Previous wording
For the three and nine months ended September 30, 2024 and 2023, the Company’s other income (expense) was as follows (in thousands):
Current wording
For the three months ended March 31, 2025 and 2024, the Company’s other income (expense) was as follows (in thousands):
Previous wording
Interest income. Interest income for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months was nearly flat.
Current wording
Interest income. Interest income for the Current Year Quarter compared with the Prior Year Quarter was nearly flat.
Previous wording
Interest expense. Interest expense was higher in the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months primarily due to a higher interest rate on the 2023 SMFH Credit Facility (which bears interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023, as compared with the 2018 SMFH Credit Facility.
Current wording
Interest expense. Interest expense was lower in the Current Year Quarter compared with the Prior Year Quarter primarily due to a lower interest rate on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum), which was entered into on November 27, 2024 compared to the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023.
Previous wording
Derivative gains (losses), net. Net derivative gains (losses) for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months increased due to the Company entering into an open forward currency exchange contract in the fourth quarter of 2023.
Current wording
Derivative gains (losses), net. Net derivative gains for the Current Year Quarter compared with net derivative losses for the Prior Year Quarter were due to the weakening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner.
Previous wording
Foreign currency (losses) gains, net. Net foreign currency losses for the Current Year Quarter and Current Year Nine Months compared with net foreign currency gains in the Prior Year Quarter and net foreign currency losses in the Prior Year Nine Months were higher primarily due to the strengthening of the pound sterling in relation to the U.S. dollar.
Current wording
Foreign currency (losses) gains, net. Net foreign currency losses for the Current Year Quarter compared with the Prior Year Quarter increased primarily due to the weakening of the U.S. dollar in relation to the pound sterling and the strengthening of the U.S. dollar in relation to the Brazilian real.
Previous wording
During the nine months ended September 30, 2024, the Company’s effective income tax rate of (0.5)% 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 for U.S. income tax purposes.
Current wording
During the three months ended March 31, 2025, the Company’s effective income tax rate of 5.8% 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 for U.S. income tax purposes.
Previous wording
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $1.3 million lower and earnings for the Current Year Nine Months compared with the Prior Year Nine Months were $2.3 million lower due to the following changes in equity earnings (losses) (in thousands):
Current wording
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $2.0 million higher due to the following changes in equity earnings (losses) (in thousands):
Previous wording
The Company’s ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its debt facilities. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company’s ATM Program, which has approximately $24.9 million of remaining sales capacity as of September 30, 2024. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.
Current wording
The Company’s ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its debt facilities. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company’s ATM Program, which has approximately $25.0 million of remaining sales capacity as of March 31, 2025. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.
Previous wording
As of September 30, 2024 and September 30, 2023, the Company held balances of cash, cash equivalents and restricted cash totaling $37.9 million and $58.6 million, respectively.
Current wording
As of March 31, 2025 and March 31, 2024, the Company held balances of cash, cash equivalents and restricted cash totaling $45.4 million and $62.2 million, respectively.
Previous wording
As of September 30, 2024, the Company had outstanding debt of $300.9 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of September 30, 2024, are as follows (in thousands):
Current wording
As of March 31, 2025, the Company had outstanding debt of $340.1 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of March 31, 2025, are as follows (in thousands):
Previous wording
The following is a summary of the Company’s cash flows for the nine months ended September 30, 2024 and 2023 (in thousands):
Current wording
The following is a summary of the Company’s cash flows for the three months ended March 31, 2025 and 2024 (in thousands):
Previous wording
Cash flows used in operating activities increased by $29.2 million in the Current Year Nine Months compared with the Prior Year Nine Months primarily due to a decrease in utilization and changes in working capital. The components of cash flows provided by and/or used in operating activities during the Current Year Nine Months and Prior Year Nine Months were as follows (in thousands):
Current wording
Cash flows used in operating activities was $11.5 million in the Current Year Quarter, an increase of $4.3 million compared to $7.2 million in the Prior Year Quarter primarily due to changes in working capital and decreases in utilization and day rates. The components of cash flows provided by and/or used in operating activities during the Current Year Quarter and Prior Year Quarter were as follows (in thousands):
Previous wording
During the Current Year Nine Months and the Prior Year Nine Months, the Company paid no capitalized interest.
Current wording
During the Current Year Quarter and the Prior Year Quarter, the Company paid no capitalized interest.
Previous wording
During the Current Year Nine Months, net cash used in investing activities was $1.9 million, primarily as a result of the following:
Current wording
During the Current Year Quarter, net cash used in investing activities was $12.3 million, primarily as a result of the following:
Previous wording
During the Prior Year Nine Months, net cash provided by investing activities was $16.1 million, primarily as a result of the following:
Current wording
During the Prior Year Quarter, net cash provided by investing activities was $3.4 million, primarily as a result of the following:
Previous wording
During the Current Year Nine Months, net cash used in financing activities was $25.6 million, primarily as a result of the following:
Current wording
During the Current Year Quarter, net cash used in financing activities was $6.9 million, primarily as a result of the following:
Previous wording
the Company made scheduled payments on long-term debt and other obligations of $21.8 million;
Current wording
the Company made scheduled payments on long-term debt and other obligations of $5.0 million;
Previous wording
the Company made payments on tax withholdings for restricted stock vesting and director share awards of $2.4 million.
Current wording
the Company made payments on tax withholdings for restricted stock vesting of $1.5 million.
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Previous report — wording carried elsewhere
Direct Operating Expenses. Direct operating expenses were $4.1 million higher in the Current Year Quarter compared with the Prior Year Quarter primarily due to the repositioning of vessels between geographic regions.