SEACOR Marine Holdings Inc. reported a decline in operating revenues for the third quarter of 2024, totaling $68.9 million, down from $76.9 million in the same period of 2023. For the nine months ended September 30, 2024, revenues were $201.6 million, slightly lower than $206.4 million in the prior year. The decrease in revenue was attributed to reduced utilization and day rates of vessels, particularly in the United States, which saw a significant drop in charter revenues.
Operating costs surged to $52.9 million in Q3 2024, compared to $40.1 million in Q3 2023, and for the nine-month period, costs rose to $150.5 million from $116.4 million. This increase in operating expenses contributed to an operating loss of $6.5 million for Q3 2024, a stark contrast to the operating income of $9.8 million reported in Q3 2023. The nine-month operating loss also deepened to $21.0 million from a profit of $12.9 million in the previous year.
The company recorded a net loss of $16.3 million for Q3 2024, compared to a loss of $0.9 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $51.9 million, significantly higher than the $15.0 million loss reported in the same period of 2023. The comprehensive loss for the same periods also reflected this trend, worsening from $2.8 million in Q3 2023 to $14.6 million in Q3 2024.
SEACOR Marine's financial position showed a decrease in total equity, which fell from $374.2 million at the end of 2023 to $325.0 million by September 30, 2024. The accumulated deficit increased from $102.4 million to $154.4 million during the same period. The company’s cash and cash equivalents decreased to $37.9 million from $58.6 million year-over-year.
Strategically, SEACOR Marine has been repositioning vessels between geographic regions, which contributed to a $10.5 million increase in charter revenues for the nine months ended September 30, 2024, compared to the prior year. However, direct operating expenses also rose significantly, primarily due to drydocking and repair expenditures.
As of September 30, 2024, SEACOR Marine operated a fleet of 55 support vessels, with two cold-stacked. The company has initiated an at-the-market offering program to raise up to $25 million in common stock, with approximately $24.9 million remaining capacity under this program. The company continues to monitor market conditions closely, particularly in light of fluctuating oil prices and geopolitical events impacting the offshore oil and gas sector.
About SEACOR Marine Holdings Inc.
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