By Mengqi Sun (Bloomberg) — The biggest shareholder of Seacor Marine Holdings Inc. has stated that the offshore energy services company should be sold, as mentioned in a letter to the board. Jorey Chernett, the managin...
By Mengqi Sun (Bloomberg) — The biggest shareholder of Seacor Marine Holdings Inc. has stated that the offshore energy services company should be sold, as mentioned in a letter to the board.
Jorey Chernett, the managing member of the Michigan-based investment fund Pointillist Family Office, pointed out that Seacor's current share price does not reflect its true asset value or the earning potential of its fleet. This letter was sent on Monday and has been reviewed by Bloomberg News. Chernett estimates that Seacor's net asset value should exceed $20 per share, according to broker assessments.
On Monday, Seacor’s shares opened at $6.63 in New York, giving the company a market capitalization of about $180 million.
Chernett expressed that the best way to address the value discrepancy, reduce risks, and ultimately provide fair value to shareholders is for the board to carry out a thorough review of strategic options, which should include an organized sale of the company or a structured way to monetize its assets.
Seacor, located in Houston, Texas, provides ships and services for the offshore energy sector and wind farms. While Seacor's shares dropped by 8% in 2025, they have increased by approximately 9.8% so far in 2026.
Pointillist holds about 7.2% of Seacor's outstanding shares, making it the largest shareholder.
A representative from Seacor did not respond immediately to requests for comments.
Chernett noted that the steep discount on Seacor’s shares is due to concerns about the company’s failure to effectively monetize its fleet and generate free cash flow, even during a favorable period for the industry. He added that the company’s debt, which cost it $8 million in interest in the first quarter, is also a burden on the shares.
According to Chernett, the value of Seacor’s “young and technically advanced” fleet could surpass $1 billion based on appraisal standards.
He suggested that the board should consider two approaches: either pursuing a complete sale to a strategic buyer or a private consolidator, or selling its fleet. Chernett urged the board to bring in an independent financial advisor to properly evaluate all strategic options.
Previously, Pointillist Family Office in April asked the board of Neuronetics, a medical technology company, to explore strategic alternatives as well.