Seacor Marine Holdings has committed to retrofit a platform supply vessel with battery power after its hybrid fleet helped fuel an increase in revenue.

The project by the New York-listed offshore vessel owner will bring its diesel-electric hybrid PSV fleet to seven vessels, with a further four remaining candidates for conversion.

“I remain optimistic about the potential for Seacor Marine in 2023, as evidenced by recent chartering activity for our liftboats and hybrid PSVs,” said chief executive John Gellert.

“In light of these positive industry dynamics, we decided to build upon our industry-leading position in hybrid PSVs by committing to upgrade one additional PSV to hybrid propulsion.”

On Monday, Houston-headquartered Seacor Marine reported a net loss of nearly $13.3m for the fourth quarter, stemming the red ink from $15.8m in the same period last year.

Revenue jumped to more than $57.9m, from almost $48m in the last three months of 2021.

The result translated into a direct vessel profit of $13.6m, down from $12.9m as a result of higher maintenance and repair expenses.

But Gellert said during the seasonally slow period of the year in the North Sea, the quarter’s results represented an improvement in revenue, utilisation and average day rates compared with the same period a year earlier.

The company’s liftboat fleet also stood out.

Seacor started its first offshore wind project in US waters and it completed a repair of a premium liftboat in the Middle East, but Gellert said weather damage to another premium vessel offset those positive contributions.

“The company’s efforts are focused on repairing and returning the liftboat to service, although timing is uncertain,” he said.

“The company has insurance coverage for the repairs as well as for loss-of-hire for this liftboat.”

The improvement in the fourth quarter was not enough to prevent Seacor Marine from delivering red ink for 2022.

It reported a net loss of $71.6m, reversing a $33.1m profit in 2021.

Gellert said tendering activity looks healthy in the offshore vessel market: “We plan to capture further repricing opportunities as contracts roll over, particularly as our customers engage in additional project start-ups and seasonality factors improve.”

Earnings snapshot

Q4 2022Q4 2021FY 2022FY 2021
Operating expenses$44.3m$35m$172m$127m
Operating loss$10.5m$14.7m$54m$37.1m
Net income-$13.3m-$15.8m-$71.6m$33.1m