SEACOR Marine Announces Comprehensive Refinancing Transaction

HOUSTON, Sept. 11, 2023 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced that it has entered into a new $122.0 million senior secured term loan with certain affiliates of EnTrust Global (the “SMFH Credit Facility”) providing the Company with a more efficient and consolidated capital structure.

The proceeds from the SMFH Credit Facility will be used, among other things, to refinance $104.6 million of principal indebtedness under five separate debt facilities with different lenders thereby extending their maturity dates from 2023-2026 to 2028. Borrowings under the SMFH Credit Facility will bear interest at a rate of 11.75% per annum and principal will be repaid in quarterly installments of 2.5% of the initial principal amount of the loan. Additional information about the terms of the SMFH Credit Facility can be found in our Current Report on Form 8-K filed today with the U.S. Securities and Exchange Commission.

John Gellert, SEACOR Marine’s Chief Executive Officer, commented: “I am pleased to announce this refinancing and welcome EnTrust Global as our main secured debt lender. Not only does the transaction extend all of our secured debt maturities to 2028 or later but it also provides us with the financial flexibility to take advantage of the favorable market conditions we have been experiencing over the past several quarters. This refinancing demonstrates our ability to finance the Company at reasonable terms and strengthen the Company’s capital structure in an improved market. We are excited to establish new lending relationships at a time when most traditional maritime lenders have significantly reduced their exposure to our industry.”

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair; and handle anchors and mooring equipment for offshore rigs and platforms. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.