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Houston-based Seacor Marine is the latest company in the offshore sector to face a challenge from its shareholders. The company has been struggling with the downturn in many segments of the offshore sector supporting oil and gas, while trying to conduct a fleet reorganization to improve financial results.
Activist shareholder Pointillist Family Office, which owns more than seven percent of the stock and is the largest holder, is demanding that the board begin a strategic review to sell the company or the fleet. Bloomberg reports it has seen a letter sent by the managing member of the family office, Jorey Chernett, saying the company has failed to create value for the shareholders.
The letter Bloomberg reports says that due to the company's inability to monetize its fleet and take advantage of an upcycle in the market, Seacor's board should consider either a full-scale sale or a sale of the fleet.
Seacor has been downsizing its fleet over the past few years to a reported 44 vessels at the end of 2025. This was down from 54 in 2024, with seven sold last year. The company had 81 vessels in 2021. It has also been downsizing its onshore operations.
The company reported an increased loss for the first quarter, citing declines in average day rates and just a 59 percent utilization of its fleet. During the first quarter of 2026, it sold one platform supply vessel and reported it had an additional five vessels classified for sale. Two were sold at the end of April, and it expected that the other three would be sold in the second quarter.
The company said its lower revenues and increased losses were due to fewer days available following vessel sales, while it was also waiting for long-term contracts that were due to start this quarter. Two premium liftboats, it said, were under repair and not contracted.
Despite the continued losses, management told investors it thought the company was well-positioned to participate in increased offshore drilling activities in South America and West Africa.
Bloomberg reports that Chernett, however, says that the fleet could be worth more than $1 billion. It says the activist investor advised the board that it has a broker appraisal that says the net asset value should be more than $20 per share, while the stock is currently trading at around $6.63, according to Bloomberg. Chernett also reportedly cites the company's outstanding debt and the cost of debt service.
The letter reportedly calls for the board to start a comprehensive strategic evaluation of alternatives. It could include the sale of the company or a "structured monetization" of the fleet. Bloomberg writes that Chernett wants the board to retain independent financial advisers to evaluate the alternatives.
Seacor, in its year-end report, had also told shareholders it was looking forward to the delivery of two new PSVs. One was expected to be completed in the fourth quarter of 2026 and the other in the first quarter of 2027.
Seacor Marine has not commented on the report of the approach by the activist shareholder.
Fuente: Maritime Executive
