Seacor Marine Holdings Inc. · NYSE:SMHI
Seacor Marine — FY2025 Earnings Presentation
28 slides from Seacor Marine's earnings presentation, Feb 25, 2026
Slide 1: SEACOR Marine Holdings Inc. Investor Presentation
SMHI LISTED NYSE SEACOR Marine Holdings Inc. Investor Presentation 25 February 2026 Exhibit 99.2
Slide 2: Forward-Looking Statements
Forward-Looking Statements Forward-Looking Statements discussed in this release as well as in other reports, materials and oral statements that SEACOR Marine Holdings Inc. (“SEACOR Marine” or the “Company”) releases from time to time to the public constitute “forward-looking statements” within the m
Slide 3: I. Company Overview
I. Company Overview
Slide 4: SEACOR Marine – Global OSV Owner with Modern Fleet
SEACOR Marine – Global OSV Owner with Modern Fleet Company Overview Leading provider of marine and support transportation services to offshore energy facilities worldwide with one of the youngest fleets in the industry Headquartered in Houston, TX, and listed on the NYSE (ticker: SMHI) with a market
Slide 5: High-Quality and Young Fleet
High-Quality and Young Fleet 44 OSVs plus 2 Newbuild PSVs under Construction PSVs FSVs Liftboats 18 PSVs and 2 newbuilds under construction Average age of 7.5 years Newbuilds with deck space of 1,000m2 and integrated hybrid power Fleet Composition: (1) 21 FSVs Average age of 12.1 years Aluminum hull
Slide 6: Diversified Asset Base Working Across the Energy Universe
Shallow water and deepwater activities Delivery of cargo, drilling fluids, fuel and water to rigs Construction, maintenance support and standby Accommodation and walk-to-work Offshore wind support Support drilling and production operations High-speed cargo transport to offshore facilities Transport
Slide 7: Newbuilding Order to Position SMHI's Fleet for the Future
Newbuilding Order to Position SMHI’s Fleet for the Future Type & Design: Specifications: Shipyard: Propulsion: Delivery Dates: Total Investment: Two PSVs (Z 4423 Breeze Design) 4,650 DWT / 1,000 m2 Deck Space / 88.0m Loa / 20.0m Beam Fujian Mawei Shipyard Ltd., P.R. China Diesel Electric + Integrate
Slide 8: Funding of PSV Newbuild Program
Funding of PSV Newbuild Program Back-Loaded Payment Terms Capex Program Fully Funded The sale of non-core AHTSs funded the first milestone payment for both vessels in Q1 2025 The new senior secured term loan is available to fund up to 50% of the total contract price; a total of $16.4M was drawn as o
Slide 9: Strengthening Contracted Revenue Backlog
Strengthening Contracted Revenue Backlog Contracted Revenue Backlog (1) stands in excess of $500M (including options), a high-water mark Revenue Backlog (incl. Options) by Year & Asset Class Revenue Backlog (incl. Options) by Region Revenue Backlog (incl. Options) by Asset Class Firm vs. Options 202
Slide 10: SEACOR Marine's Strategic Priorities
SEACOR Marine’s Strategic Priorities Fleet & Cost Optimization Operational Excellence Shift away from high volatility markets and streamline portfolio of vessels to focus on higher specification PSVs and FSVs Focus on key markets where SEACOR Marine is most relevant Optimize the cost structure and r
Slide 11: seacormarine.com |
— seacormarine.com |
Slide 12: Supportive Industry Fundamentals
Supportive Industry Fundamentals Global Offshore Project Capex by FID Year Commentary: Global offshore project capex forecasted relatively flat in 2026, but hinges on oil price; long-term, new discoveries are needed to replenish reserves, and offshore activity is expected to drive growth Growth pote
Slide 13: Balance Supply / Demand
Balance Supply / Demand Current demand decline is <1% from the 2024 peak Adjusted utilization remains ~90% despite “weakness” Supply and demand balance remains tight: Demand remains high with adjusted utilization close to 90%, which is supportive of a 2026 rate rebound Utilization, when adjusted for
Slide 14: Continued Supply Side Constraints
Continued Supply Side Constraints Stacked supply and stacking length PSV orderbook at ~5% of fleet Supply is Driving the Cycle: Supply side constraints continue to drive utilization for PSVs for market activity in general higher than anticipated year-to-date “Real” sideline capacity is less than 4%
Slide 15: Day Rates remain above historical averages despite softness in 2025
Day Rates remain above historical averages despite softness in 2025 OSV Rate Index and Offshore Index (1) Average Global PSV Day Rates Commentary: While the OSV market softened in 2025 with the OSV Rate Index standing at 185 points (-3% vs. 2024 and -8% vs. all-time high in July 2024), optimism rema
Slide 16: III. Financial Highlights
III. Financial Highlights
Slide 17: Financial Highlights
Financial Highlights FY 2023 FY 2024 Fleet Average Utilization Fleet Average Day Rate Revenues Direct Vessel Profit (2) 75% 67% $16,375 $18,989 $279.5M $271.4M $119.9M $74.1M FY 2025 Fleet Count / Average Age (1) 55 / 9.4 years 51 / 10.3 years Adjusted EBITDA (3) $67.9M $27.7M 66% $18,899 $227.8M $4
Slide 18: Key Financial Metrics
Key Financial Metrics Total Revenue, DVP (1) & DVP Margin Total Debt, Cash & Cash Equivalents & Equity Ratio FYE 2025 Commentary Direct Vessel Profit is a non-GAAP financial measure. See Slide 2 for a discussion of Direct Vessel Profit and the Appendix to this presentation for a reconciliation to GA
Slide 19: DVP Breakdown by Asset Class & Region
DVP Breakdown by Asset Class & Region FY 2023 FY 2024 FY 2025 PSV Day Rate $18,031 $19,888 $20,857 Utilization 77% 62% 64% PSV - Direct Vessel Profit (1) $39.5M $21.6M $22.7M FSV Day Rate $11,273 $12,901 $13,852 Utilization 84% 76% 71% FSV - Direct Vessel Profit (1) $34.2M $24.0M $22.6M Liftboat Day
Slide 20: Fleet Maintenance and Capital Expenditures
Fleet Maintenance and Capital Expenditures Historical Major Repairs and Drydocking Expenses Fleet Age Distribution (1) Capital Expenditures as of December 31, 2025 Fleet Age Distribution as of December 31, 2025. Fleet Age Distribution includes two PSVs under construction to be delivered in Q4 2026 a
Slide 21: seacormarine.com
21 seacormarine.com
Slide 22: Balance Sheet
Assets FY 2025 FY 2024 FY 2023 Current Assets: Cash and Cash Equivalents, including Restricted Cash 93,116 76,140 84,131 Other Current Assets 86,668 97,511 80,555 Total Current Assets 179,784 173,651 164,686 Property and Equipment, Net of Depreciation 428,021 532,966 594,682 Construction in Progress
Slide 23: Financials – Income and Loss Statement
Financials – Income and Loss Statement Income and Loss Statement (in $ thousands) Source: Company filings. FY 2025 FY 2024 FY 2023 Operating Revenues 227,832 271,361 279,511 Costs and Expenses: Operating 181,772 197,252 159,650 Administrative and General 47,483 44,713 49,183 Lease Expense 1,203 1,67
Slide 24: Financials – Cash Flow Statement
Financials – Cash Flow Statement Cash Flow Statement (in $ thousands) FY 2025 FY 2024 FY 2023 Cash Flows from Continuing Operating Activities: Net Income (Loss) (27,844) (78,124) (9,314) Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (used in) Operating Activities: Depreciation a
Slide 25: Financials – Cash Flow Statement (Continued)
Financials – Cash Flow Statement (Continued) Cash Flow Statement (in $ thousands) FY 2025 FY 2024 FY 2023 Cash Flows from Continuing Financing Activities: Payments on Long-Term Debt (27,500) (24,312) (29,165) Payments on Debt Extinguishment - (328,712) (131,604) Payments on Debt Extinguishment Costs
Slide 26: Financial Reconciliations
Financial Reconciliations Adjusted EBITDA Reconciliation (in $ thousands) FY 2025 FY 2024 FY 2023 Net Income (Loss) attributable to SEACOR Marine Holdings Inc. (27,844) (78,124) (9,314) Depreciation and Amortization 47,070 51,628 53,821 Interest Expense 36,050 40,627 37,504 Interest Income (1,856) (
Slide 27: Financial Reconciliations (continued)
Financial Reconciliations (continued) Net Debt Reconciliation (in $ thousands) FY 2025 FY 2024 FY 2023 Current Portion of Long-Term Debt 30,000 27,500 28,365 Long-Term Debt 304,644 317,339 287,544 Discount and Issuance Costs 4,256 5,161 37,115 Total Debt 338,900 350,000 353,024 Cash and Cash Equival
Slide 28: IR Contact
SEACOR MAR IR Contact: | investorrelations@seacormarine.com eS seacormarine.com
SEACOR Marine Holdings — FY2025 Earnings Presentation on 6ix