A second shareholder in Seacor Marine Holdings has written to the company’s board seeking a review of the its operations in order to realise value for shareholders
Earlier in June, Jorey Chernett, founder of Pointilist Family Office, and largest shareholder in Seacor Marine Holdings, called for the company to be sold or for it to pursue other options to realise value for shareholders.
Mr Chernett, whose company owns approximately 7.2% of outstanding shares in Seacor Marine delivered a letter to the Board of Directors of Seacor calling for the evaluation of ‘strategic alternatives,’ including an ‘orderly sale of the company or a dual-track fleet sale.’
Now, Yoav Saffar, a long-term shareholder who represents approximately 3.5% of the outstanding shares of Seacor Marine Holdings, has also written to the company’s board of directors, urging it to “immediately initiate a monetization process of the company’s fleet” and maximize shareholder value.
In his letter, entitled ‘The Time has Come,’ Mr Saffar said that, despite one of the strongest offshore support vessel markets in years, Seacor continues to trade at a substantial discount to the intrinsic value of its fleet and other assets.
Mr Saffar believes that although the company’s management successfully navigated one of the industry’s most difficult downturns, Seacor’s current capital structure and limited scale have constrained its ability to translate favourable market conditions into shareholder returns.
Mr Saffar also outlined his belief that the company’s modern platform supply vessel fleet, specialized fast support vessels and Middle East-based liftboats “represent valuable assets that are not adequately reflected in the company’s market valuation.” He referenced third-party vessel valuations, recent offshore vessel sales and multi-year charter contracts as evidence that the underlying asset value materially exceeds the current share price.
In his letter, Saffar said he believes that improving market fundamentals, rising day rates and recent vessel transactions have created an attractive environment for the company to pursue strategic alternatives that could unlock significant value for shareholders.
The letter urges the board to promptly evaluate alternatives, including monetizing selected assets and exploring opportunities to maximize value for shareholders, while market conditions remain favourable.
