Seacor Marine Holdings Inc. (NYSE:SMHI) announced Wednesday it amended its credit agreement. The company released $13.7 million from a restricted escrow account.
This move comes amid total debt of $328 million and a market cap of $198 million. A current ratio of 2.36 indicates liquid assets exceed short-term obligations.
The amendment cancels $24.6 million in undrawn commitments under Tranche B, originally for building two platform supply vessels (PSVs) costing $41 million each. The remaining $41 million in escrow will fully fund construction. Delivery is expected in Q4 2026 and Q1 2027.
Seacor Marine sold all five vessels previously held for sale: two PSVs, one fast support vessel (FSV), and two liftboats. Total proceeds were $46.5 million. The company now operates 38 vessels: 20 FSVs, 15 PSVs, and three liftboats, with six U.S.-flagged.
Despite a 39% stock gain over the past year, Bond.az analysis suggests potential overvaluation.
