SEACOR Marine swings to Q3 loss as liftboat maintenance, Middle East weakness weigh

Overview

• Marine transport firm's Q3 revenue fell 3% yr/yr

• Company posted Q3 net loss, reversing net income from prior year

• Improved PSV performance was offset by liftboat maintenance and Middle East project delays

Outlook

• Company expects delivery of two newbuild PSVs in coming months

• Company did not provide specific financial guidance for future quarters or the full year in its press release

Result Drivers

• PSV PERFORMANCE - Co said higher utilization, day rates and margins in its PSV fleet supported operating performance

• LIFTBOAT MAINTENANCE - Ongoing maintenance for two premium liftboats offset positive trends, per CEO

• MIDDLE EAST DELAYS - Co said lower FSV utilization in Middle East was due to delays in construction and drilling projects

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for SEACOR Marine Holdings Inc is $11.00, about 24.4% above its October 27 closing price of $8.84

Reuters Recommended Reads

• Oct 28 - Oilfield services firms lean on Middle East rebound but risks persist

• Oct 27 - NOV Q3 revenue beats estimates on Middle East demand

• Oct 27 - Nabors Q3 revenue beats estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)