Seacor Marine reported a deeper first-quarter loss as the decision to carry out maintenance on vessels and reposition assets in the winter months fuelled higher expenses.

But the New York-listed offshore vessel owner’s chief executive, John Gellert, said the first quarter saw an improvement in day rates amid a seasonal dip in utilisation.

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“We have been deliberate with our plans to conduct scheduled maintenance and reposition vessels during the winter months,” he said in the earnings statement.

“These efforts incurred higher operating expenses and lowered utilisation, resulting in a decline of our DVP [direct vessel profit] metric as we expense dry-docking and major repairs as incurred.”

Houston-based Seacor Marine reported a net loss of $23.1m, deeper than the $9.69m in red ink in the first quarter of 2023.

Revenue jumped to $62.8m in the first three months of the year, up from $61.2m. But operating costs grew by more, rising to $73.4m from $64.6m.

Gellert pointed to market fundamentals that are continuing to point in a positive direction.

“We continue to achieve improved terms and pricing as vessels roll off contracts, and we expect significantly improved utilisation as we complete vessel repositioning and enter new contracts,” he said.

The only negative market segment was in the US, where offshore oil and gas has seen limited permitting activity and delays in decommissioning plans, while offshore wind farm projects have also encountered setbacks.

The company operates a fleet of 56 anchor-handling tug supply vessels, fast supply vessels, platform supply vessels and liftboats.

Gellert said liftboat demand remains strong, and there are opportunities to move them to better markets, while PSV mobilisations are continuing in the second quarter.

“We continue to see tight supply and growing demand worldwide,” he said. “I expect that our efforts during the first quarter of 2024 will place the company in an optimal position to utilise its assets to their full potential.”

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