HOUSTON, Feb. 25, 2026 (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 results for its fourth quarter ended December 31, 2025.
SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2025 were $52.3 million, operating loss was $5.2 million, and direct vessel profit (“DVP”)(1) was $9.7 million. This compares to consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024, and consolidated operating revenues of $59.2 million, operating income of $18.1 million, and DVP of $11.5 million in the third quarter of 2025.
Notable fourth quarter items include:
25.0% decrease in revenues from the fourth quarter of 2024 and a 11.6% decrease from the third quarter of 2025.
Average day rates of $17,519, a 7.3% decrease from the fourth quarter of 2024, and a 10.1% decrease from the third quarter of 2025.
69% utilization, a decrease from 72% in the fourth quarter of 2024 and an increase from 66% in the third quarter of 2025.
DVP margin of 18.5%, a decrease from 33.1% in the fourth quarter of 2024 and a decrease from 19.4% in the third quarter of 2025.
During the fourth quarter of 2025, the Company completed the sale of a 201’ platform supply vessel (“PSV”) built in 2013 for total proceeds of $13.4 million and a gain of $8.1 million.
For the fourth quarter of 2025, net loss was $14.6 million ($0.57 loss per basic and diluted share). This compares to a net loss for the fourth quarter of 2024 of $26.2 million ($0.94 loss per basic and diluted share). Sequentially, the fourth quarter 2025 results compare to a net income of $9.0 million ($0.35 earnings per basic and diluted share) in the third quarter of 2025.
Chief Executive Officer John Gellert commented:
“The fourth quarter results reflect lower revenues driven primarily by (a) fewer available days following the sales of two 335’ liftboats at the end of the third quarter of 2025 and one of our 201’ PSVs during the fourth quarter of 2025 and (b) lower utilization for our liftboat fleet due to seasonality and changes in scope of work by one of our international liftboat customers.
Average rates for fast supply vessels (“FSVs”) and PSVs held relatively steady during the quarter, with markedly improved utilization for FSVs as we continued to successfully redeploy FSVs previously laid up in the United States to international markets. The PSV fleet saw continued improvement in DVP margins to 25.5%, despite two vessels repositioning for new contracts in Brazil commencing in Q1 2026 and soft market conditions in the North Sea.
Following the end of the fourth quarter, our two premium liftboats in the Middle East concluded their contracts and were repositioned to undergo scheduled maintenance and drydocking as well as previously deferred repairs. We do not expect these liftboats to work during the first quarter of 2026. I would note that these liftboats are charter free for the first time since the COVID pandemic. This presents us with strategic optionality and we are currently evaluating several opportunities for these liftboats.
Subsequent to the end of the fourth quarter, we fixed our two PSVs in the North Sea for a multi-month seismic survey campaign, which will leave our large PSV fleet in sold out status for the first time since they delivered approximately five years ago. Our contracted revenue backlog at year-end 2025 stood in excess of $500.0 million, including options; a highwater mark for us.
As I mentioned in my remarks to our third quarter 2025 earnings release, we have streamlined our cost structure to reflect some of the recent asset sales, most notably the sale of the two 335’ liftboats. During the fourth quarter of 2025 we incurred one-time charges of $1.2 million related to severance expenses and expect annualized savings of $3.9 million in SG&A expenses from these initiatives.
We are looking forward to the delivery of the first of two newbuild PSVs during the fourth quarter of 2026, with the second PSV to follow in the first quarter of 2027. Our construction program at this point is fully funded from proceeds from assets sales recently concluded or contracted, as reflected in our assets held for sale. As we continue to implement our asset rotation strategy, I expect that we will have opportunities to reduce our leverage meaningfully.
Our core markets outside the United States remain constructive over the long term, with increasing optimism around a number of drilling campaigns starting in the second half of 2026. An improving geopolitical outlook in certain markets could further improve demand for offshore services and we will evaluate those opportunities as they arise.”
___________________
(1 | ) | Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure. |
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; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||
Three Months Ended December 31, | Year ended December 31, | |||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||
Operating Revenues | $ | 52,329 | $ | 69,808 | $ | 227,832 | $ | 271,361 | ||||||||
Costs and Expenses: | ||||||||||||||||
Operating | 42,667 | 46,726 | 181,772 | 197,252 | ||||||||||||
Administrative and general | 12,730 | 10,888 | 47,483 | 44,713 | ||||||||||||
Lease expense | 261 | 347 | 1,203 | 1,678 | ||||||||||||
Depreciation and amortization | 10,045 | 12,879 | 47,070 | 51,628 | ||||||||||||
65,703 | 70,840 | 277,528 | 295,271 | |||||||||||||
Gains on Asset Dispositions and Impairments, Net | 8,210 | 11,624 | 63,412 | 13,481 | ||||||||||||
Operating (Loss) Income | (5,164 | ) | 10,592 | 13,716 | (10,429 | ) | ||||||||||
Other Income (Expense): | ||||||||||||||||
Interest income | 751 | 372 | 1,856 | 1,768 | ||||||||||||
Interest expense | (8,673 | ) | (10,001 | ) | (36,050 | ) | (40,627 | ) | ||||||||
Loss on debt extinguishment | — | (31,923 | ) | — | (31,923 | ) | ||||||||||
Derivative (losses) gains, net | (73 | ) | (536 | ) | 156 | (908 | ) | |||||||||
Foreign currency (losses) gains, net | (38 | ) | 1,308 | (3,135 | ) | (1,049 | ) | |||||||||
Gains on insurance claim settlement | — | — | 4,581 | — | ||||||||||||
Other, net | 32 | 187 | (189 | ) | 121 | |||||||||||
(8,001 | ) | (40,593 | ) | (32,781 | ) | (72,618 | ) | |||||||||
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies | (13,165 | ) | (30,001 | ) | (19,065 | ) | (83,047 | ) | ||||||||
Income Tax Expense (Benefit) | 1,688 | (2,345 | ) | 10,510 | (2,615 | ) | ||||||||||
Loss Before Equity in Earnings of 50% or Less Owned Companies | (14,853 | ) | (27,656 | ) | (29,575 | ) | (80,432 | ) | ||||||||
Equity in Earnings of 50% or Less Owned Companies | 231 | 1,430 | 1,731 | 2,308 | ||||||||||||
Net Loss | $ | (14,622 | ) | $ | (26,226 | ) | $ | (27,844 | ) | $ | (78,124 | ) | ||||
Net Loss Per Share: | ||||||||||||||||
Basic | $ | (0.57 | ) | $ | (0.94 | ) | $ | (1.06 | ) | $ | (2.82 | ) | ||||
Diluted | $ | (0.57 | ) | $ | (0.94 | ) | $ | (1.06 | ) | $ | (2.82 | ) | ||||
Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
Basic | 25,670,757 | 27,773,200 | 26,223,155 | 27,655,289 | ||||||||||||
Diluted | 25,670,757 | 27,773,200 | 26,223,155 | 27,655,289 | ||||||||||||
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average Rates Per Day | $ | 17,519 | $ | 19,490 | $ | 19,731 | $ | 18,825 | $ | 18,901 | ||||||||||
Fleet Utilization | 69 | % | 66 | % | 68 | % | 60 | % | 72 | % | ||||||||||
Fleet Available Days (2) | 4,127 | 4,321 | 4,310 | 4,583 | 4,870 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 49,817 | $ | 55,958 | $ | 57,673 | $ | 51,933 | $ | 66,095 | ||||||||||
Bareboat charter | 843 | 846 | 838 | 708 | 364 | |||||||||||||||
Other marine services | 1,669 | 2,390 | 2,299 | 2,858 | 3,349 | |||||||||||||||
52,329 | 59,194 | 60,810 | 55,499 | 69,808 | ||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 16,539 | 17,616 | 18,969 | 18,537 | 20,365 | |||||||||||||||
Repairs and maintenance | 11,752 | 14,603 | 13,648 | 8,520 | 10,433 | |||||||||||||||
Drydocking | 1,175 | 2,430 | 5,143 | 3,869 | 2,467 | |||||||||||||||
Insurance and loss reserves | 1,570 | 1,948 | 2,982 | 2,153 | 2,473 | |||||||||||||||
Fuel, lubes and supplies | 4,601 | 4,465 | 4,296 | 4,546 | 4,884 | |||||||||||||||
Other | 7,030 | 6,622 | 4,455 | 4,303 | 6,104 | |||||||||||||||
42,667 | 47,684 | 49,493 | 41,928 | 46,726 | ||||||||||||||||
Direct Vessel Profit (1) | 9,662 | 11,510 | 11,317 | 13,571 | 23,082 | |||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | 261 | 280 | 325 | 337 | 347 | |||||||||||||||
Administrative and general | 12,730 | 11,269 | 11,998 | 11,486 | 10,888 | |||||||||||||||
Depreciation and amortization | 10,045 | 12,125 | 12,090 | 12,810 | 12,879 | |||||||||||||||
23,036 | 23,674 | 24,413 | 24,633 | 24,114 | ||||||||||||||||
Gains on Asset Dispositions and Impairments, Net | 8,210 | 30,230 | 19,163 | 5,809 | 11,624 | |||||||||||||||
Operating (Loss) Income | (5,164 | ) | 18,066 | 6,067 | (5,253 | ) | 10,592 | |||||||||||||
Other Income (Expense): | ||||||||||||||||||||
Interest income | 751 | 297 | 372 | 436 | 372 | |||||||||||||||
Interest expense | (8,673 | ) | (8,947 | ) | (8,844 | ) | (9,586 | ) | (10,001 | ) | ||||||||||
Derivative (losses) gains, net | (73 | ) | 17 | 87 | 125 | (536 | ) | |||||||||||||
Loss on debt extinguishment | — | — | — | — | (31,923 | ) | ||||||||||||||
Foreign currency (losses) gains, net | (38 | ) | 218 | (2,119 | ) | (1,196 | ) | 1,308 | ||||||||||||
Gains on insurance claim settlement | — | 4,581 | — | — | — | |||||||||||||||
Other, net | 32 | (221 | ) | — | — | 187 | ||||||||||||||
(8,001 | ) | (4,055 | ) | (10,504 | ) | (10,221 | ) | (40,593 | ) | |||||||||||
(Loss) Income Before Income Tax Expense (Benefit) | (13,165 | ) | 14,011 | (4,437 | ) | (15,474 | ) | (30,001 | ) | |||||||||||
Income Tax Expense (Benefit) | 1,688 | 5,410 | 2,508 | 904 | (2,345 | ) | ||||||||||||||
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies | (14,853 | ) | 8,601 | (6,945 | ) | (16,378 | ) | (27,656 | ) | |||||||||||
Equity in Earnings of 50% or Less Owned Companies | 231 | 393 | 218 | 889 | 1,430 | |||||||||||||||
Net (Loss) Income | $ | (14,622 | ) | $ | 8,994 | $ | (6,727 | ) | $ | (15,489 | ) | $ | (26,226 | ) | ||||||
Net (Loss) Earnings Per Share: | ||||||||||||||||||||
Basic | $ | (0.57 | ) | $ | 0.35 | $ | (0.26 | ) | $ | (0.56 | ) | $ | (0.94 | ) | ||||||
Diluted | $ | (0.57 | ) | $ | 0.35 | $ | (0.26 | ) | $ | (0.56 | ) | $ | (0.94 | ) | ||||||
Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||||||
Basic | 25,671 | 25,658 | 25,687 | 27,908 | 27,773 | |||||||||||||||
Diluted | 25,671 | 25,888 | 25,687 | 27,908 | 27,773 | |||||||||||||||
Common Shares and Warrants Outstanding at Period End | 26,952 | 26,976 | 26,976 | 29,488 | 28,950 | |||||||||||||||
(1) | See full description of footnote above. |
(2) | Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. |
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
United States, primarily Gulf of America | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 15,350 | $ | 20,419 | $ | 25,262 | $ | 23,874 | $ | 26,116 | ||||||||||
Fleet utilization | 40 | % | 53 | % | 48 | % | 25 | % | 45 | % | ||||||||||
Fleet available days | 705 | 926 | 1,007 | 1,121 | 920 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 127 | 191 | 144 | 153 | 75 | |||||||||||||||
Out-of-service days for cold-stacked status (2) | 92 | 116 | 270 | 173 | 184 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 4,377 | $ | 10,024 | $ | 12,205 | $ | 6,765 | $ | 10,744 | ||||||||||
Other marine services | 437 | 1,108 | 1,175 | 235 | 1,114 | |||||||||||||||
4,814 | 11,132 | 13,380 | 7,000 | 11,858 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 3,844 | 5,815 | 6,854 | 6,486 | 6,097 | |||||||||||||||
Repairs and maintenance | 423 | 1,309 | 1,950 | 1,479 | 1,680 | |||||||||||||||
Drydocking | (98 | ) | 1,079 | 3,684 | 1,066 | 1,451 | ||||||||||||||
Insurance and loss reserves | 267 | 816 | 1,067 | 702 | 854 | |||||||||||||||
Fuel, lubes and supplies | 460 | 700 | 1,010 | 819 | 854 | |||||||||||||||
Other | 206 | 118 | 631 | 349 | 229 | |||||||||||||||
5,102 | 9,837 | 15,196 | 10,901 | 11,165 | ||||||||||||||||
Direct Vessel (Loss) Profit (1) | $ | (288 | ) | $ | 1,295 | $ | (1,816 | ) | $ | (3,901 | ) | $ | 693 | |||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 129 | $ | 148 | $ | 139 | $ | 136 | $ | 136 | ||||||||||
Depreciation and amortization | 1,579 | 3,106 | 3,203 | 3,705 | 3,196 | |||||||||||||||
Africa and Europe | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 17,095 | $ | 17,983 | $ | 19,140 | $ | 17,294 | $ | 16,895 | ||||||||||
Fleet utilization | 84 | % | 75 | % | 77 | % | 70 | % | 73 | % | ||||||||||
Fleet available days | 1,559 | 1,656 | 1,668 | 1,710 | 1,856 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 144 | 229 | 248 | 382 | 180 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 22,317 | $ | 22,357 | $ | 24,535 | $ | 20,835 | $ | 22,999 | ||||||||||
Other marine services | 580 | 733 | 806 | 852 | 1,027 | |||||||||||||||
22,897 | 23,090 | 25,341 | 21,687 | 24,026 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 4,656 | 4,465 | 5,515 | 5,183 | 5,654 | |||||||||||||||
Repairs and maintenance | 4,694 | 6,531 | 4,646 | 3,462 | 3,712 | |||||||||||||||
Drydocking | 987 | 1,413 | 901 | 1,241 | 835 | |||||||||||||||
Insurance and loss reserves | 481 | 326 | 899 | 594 | 577 | |||||||||||||||
Fuel, lubes and supplies | 1,292 | 1,781 | 1,714 | 2,180 | 2,226 | |||||||||||||||
Other | 2,558 | 3,573 | 2,357 | 2,727 | 3,748 | |||||||||||||||
14,668 | 18,089 | 16,032 | 15,387 | 16,752 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 8,229 | $ | 5,001 | $ | 9,309 | $ | 6,300 | $ | 7,274 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 8 | $ | 8 | $ | 51 | $ | 63 | $ | 82 | ||||||||||
Depreciation and amortization | 3,968 | 4,302 | 4,263 | 4,402 | 4,477 | |||||||||||||||
(1) | See full description of footnote above. |
(2) | Includes one FSV cold-stacked in this region as of December 31, 2025. |
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
Middle East and Asia | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 17,587 | $ | 17,818 | $ | 15,506 | $ | 17,848 | $ | 17,337 | ||||||||||
Fleet utilization | 73 | % | 64 | % | 73 | % | 75 | % | 88 | % | ||||||||||
Fleet available days | 1,091 | 1,104 | 1,089 | 1,170 | 1,266 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 72 | 157 | 204 | 82 | 30 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 13,940 | $ | 12,606 | $ | 12,365 | $ | 15,710 | $ | 19,385 | ||||||||||
Other marine services | 570 | 319 | 432 | 292 | 635 | |||||||||||||||
14,510 | 12,925 | 12,797 | 16,002 | 20,020 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 4,768 | 4,956 | 4,511 | 4,927 | 5,470 | |||||||||||||||
Repairs and maintenance | 5,103 | 5,798 | 6,338 | 2,505 | 3,574 | |||||||||||||||
Drydocking | 290 | (1 | ) | 13 | 1,031 | (226 | ) | |||||||||||||
Insurance and loss reserves | 624 | 611 | 842 | 702 | 804 | |||||||||||||||
Fuel, lubes and supplies | 1,691 | 1,241 | 1,279 | 883 | 840 | |||||||||||||||
Other | 1,376 | 1,167 | 1,104 | 881 | 1,305 | |||||||||||||||
13,852 | 13,772 | 14,087 | 10,929 | 11,767 | ||||||||||||||||
Direct Vessel Profit (Loss) (1) | $ | 658 | $ | (847 | ) | $ | (1,290 | ) | $ | 5,073 | $ | 8,253 | ||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 68 | $ | 70 | $ | 72 | $ | 83 | $ | 72 | ||||||||||
Depreciation and amortization | 3,160 | 3,231 | 3,227 | 3,230 | 3,272 | |||||||||||||||
Latin America | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 19,946 | $ | 25,541 | $ | 23,764 | $ | 22,084 | $ | 21,390 | ||||||||||
Fleet utilization | 60 | % | 68 | % | 66 | % | 67 | % | 73 | % | ||||||||||
Fleet available days (2) | 772 | 635 | 546 | 582 | 828 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | — | 7 | 26 | — | 20 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 9,183 | $ | 10,971 | $ | 8,568 | $ | 8,623 | $ | 12,967 | ||||||||||
Bareboat charter | 843 | 846 | 838 | 708 | 364 | |||||||||||||||
Other marine services | 82 | 230 | (114 | ) | 1,479 | 573 | ||||||||||||||
10,108 | 12,047 | 9,292 | 10,810 | 13,904 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | 3,271 | 2,380 | 2,089 | 1,941 | 3,144 | |||||||||||||||
Repairs and maintenance | 1,532 | 965 | 714 | 1,074 | 1,467 | |||||||||||||||
Drydocking | (4 | ) | (61 | ) | 545 | 531 | 407 | |||||||||||||
Insurance and loss reserves | 198 | 195 | 174 | 155 | 238 | |||||||||||||||
Fuel, lubes and supplies | 1,158 | 743 | 293 | 664 | 964 | |||||||||||||||
Other | 2,890 | 1,764 | 363 | 346 | 822 | |||||||||||||||
9,045 | 5,986 | 4,178 | 4,711 | 7,042 | ||||||||||||||||
Direct Vessel Profit (1) | $ | 1,063 | $ | 6,061 | $ | 5,114 | $ | 6,099 | $ | 6,862 | ||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 56 | $ | 54 | $ | 63 | $ | 55 | $ | 57 | ||||||||||
Depreciation and amortization | 1,338 | 1,486 | 1,397 | 1,473 | 1,934 | |||||||||||||||
(1) | See full description of footnote above. |
(2) | Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. |
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
AHTS | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | — | $ | — | $ | — | $ | — | $ | 10,410 | ||||||||||
Fleet utilization | — | % | — | % | — | % | — | % | 79 | % | ||||||||||
Fleet available days | — | — | — | — | 178 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | — | — | — | — | 28 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | — | $ | — | $ | (22 | ) | $ | 15 | $ | 1,465 | |||||||||
Other marine services | — | (7 | ) | (9 | ) | 9 | — | |||||||||||||
— | (7 | ) | (31 | ) | 24 | 1,465 | ||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | $ | 12 | $ | 11 | $ | 9 | $ | 1 | $ | 595 | ||||||||||
Repairs and maintenance | — | (24 | ) | 255 | 38 | 128 | ||||||||||||||
Drydocking | — | — | — | — | 5 | |||||||||||||||
Insurance and loss reserves | — | — | (4 | ) | — | 49 | ||||||||||||||
Fuel, lubes and supplies | 1 | 3 | (125 | ) | 66 | 25 | ||||||||||||||
Other | 9 | 18 | (4 | ) | 12 | 210 | ||||||||||||||
22 | 8 | 131 | 117 | 1,012 | ||||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | — | $ | — | $ | — | $ | — | $ | 7 | ||||||||||
Depreciation and amortization | 4 | 4 | 3 | 4 | 122 | |||||||||||||||
FSV | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 14,114 | $ | 14,007 | $ | 13,468 | $ | 13,786 | $ | 13,643 | ||||||||||
Fleet utilization | 75 | % | 71 | % | 67 | % | 71 | % | 72 | % | ||||||||||
Fleet available days | 1,932 | 1,932 | 1,935 | 1,980 | 2,024 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 209 | 236 | 181 | 135 | 118 | |||||||||||||||
Out-of-service days for cold-stacked status | 92 | 116 | 270 | 90 | 92 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 20,546 | $ | 19,131 | $ | 17,573 | $ | 19,357 | $ | 19,992 | ||||||||||
Other marine services | 492 | 566 | 516 | 762 | 416 | |||||||||||||||
21,038 | 19,697 | 18,089 | 20,119 | 20,408 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | $ | 4,980 | $ | 4,502 | $ | 4,526 | $ | 4,933 | $ | 5,078 | ||||||||||
Repairs and maintenance | 5,862 | 6,041 | 3,542 | 2,983 | 4,480 | |||||||||||||||
Drydocking | 1,098 | 678 | 666 | 353 | 426 | |||||||||||||||
Insurance and loss reserves | 509 | 270 | 683 | 517 | 422 | |||||||||||||||
Fuel, lubes and supplies | 1,850 | 1,480 | 1,449 | 1,173 | 1,586 | |||||||||||||||
Other | 2,147 | 2,889 | 1,428 | 1,782 | 2,456 | |||||||||||||||
16,446 | 15,860 | 12,294 | 11,741 | 14,448 | ||||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Depreciation and amortization | $ | 4,707 | $ | 4,695 | $ | 4,703 | $ | 4,932 | $ | 4,746 | ||||||||||
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
PSV | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 20,118 | $ | 21,507 | $ | 22,231 | $ | 19,424 | $ | 17,912 | ||||||||||
Fleet utilization | 68 | % | 65 | % | 68 | % | 55 | % | 72 | % | ||||||||||
Fleet available days (1) | 1,735 | 1,748 | 1,738 | 1,890 | 1,932 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 48 | 161 | 247 | 396 | 117 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 23,801 | $ | 24,439 | $ | 26,440 | $ | 20,286 | $ | 24,865 | ||||||||||
Bareboat charter | 843 | 846 | 838 | 708 | 364 | |||||||||||||||
Other marine services | 440 | 592 | 433 | 508 | 1,561 | |||||||||||||||
25,084 | 25,877 | 27,711 | 21,502 | 26,790 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | $ | 8,322 | $ | 7,882 | $ | 8,567 | $ | 8,351 | $ | 8,999 | ||||||||||
Repairs and maintenance | 3,501 | 4,618 | 3,799 | 3,949 | 4,101 | |||||||||||||||
Drydocking | (166 | ) | 1,113 | 1,993 | 2,513 | 1,046 | ||||||||||||||
Insurance and loss reserves | 656 | 546 | 906 | 631 | 618 | |||||||||||||||
Fuel, lubes and supplies | 1,985 | 2,030 | 1,858 | 2,594 | 2,379 | |||||||||||||||
Other | 4,378 | 3,262 | 2,199 | 2,018 | 2,566 | |||||||||||||||
18,676 | 19,451 | 19,322 | 20,056 | 19,709 | ||||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Depreciation and amortization | $ | 3,301 | $ | 3,968 | $ | 3,943 | $ | 4,133 | $ | 4,122 | ||||||||||
(1) | Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. |
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
Liftboats | ||||||||||||||||||||
Time Charter Statistics: | ||||||||||||||||||||
Average rates per day worked | $ | 26,703 | $ | 33,566 | $ | 31,904 | $ | 39,559 | $ | 39,326 | ||||||||||
Fleet utilization | 45 | % | 58 | % | 67 | % | 44 | % | 68 | % | ||||||||||
Fleet available days | 460 | 641 | 637 | 713 | 736 | |||||||||||||||
Out-of-service days for repairs, maintenance and drydockings | 87 | 188 | 194 | 87 | 41 | |||||||||||||||
Out-of-service days for cold-stacked status | — | — | — | 83 | 92 | |||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Time charter | $ | 5,470 | $ | 12,388 | $ | 13,682 | $ | 12,275 | $ | 19,773 | ||||||||||
Other marine services | 359 | 1,128 | 1,168 | 1,289 | 1,177 | |||||||||||||||
5,829 | 13,516 | 14,850 | 13,564 | 20,950 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | $ | 3,241 | $ | 5,209 | $ | 5,673 | $ | 5,247 | $ | 5,678 | ||||||||||
Repairs and maintenance | 2,375 | 3,943 | 6,022 | 1,571 | 1,722 | |||||||||||||||
Drydocking | 243 | 639 | 2,484 | 1,003 | 990 | |||||||||||||||
Insurance and loss reserves | 415 | 1,145 | 1,376 | 1,241 | 1,384 | |||||||||||||||
Fuel, lubes and supplies | 715 | 951 | 1,114 | 712 | 894 | |||||||||||||||
Other | 564 | 407 | 803 | 482 | 860 | |||||||||||||||
7,553 | 12,294 | 17,472 | 10,256 | 11,528 | ||||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Depreciation and amortization | 2,026 | 3,450 | 3,424 | 3,719 | 3,866 | |||||||||||||||
Other Activity | ||||||||||||||||||||
Operating Revenues: | ||||||||||||||||||||
Other marine services | $ | 378 | $ | 111 | $ | 191 | $ | 290 | $ | 195 | ||||||||||
378 | 111 | 191 | 290 | 195 | ||||||||||||||||
Direct Costs and Expenses: | ||||||||||||||||||||
Operating: | ||||||||||||||||||||
Personnel | $ | (16 | ) | $ | 12 | $ | 194 | $ | 5 | $ | 15 | |||||||||
Repairs and maintenance | 14 | 25 | 30 | (21 | ) | 2 | ||||||||||||||
Insurance and loss reserves | (10 | ) | (13 | ) | 21 | (236 | ) | — | ||||||||||||
Fuel, lubes and supplies | 50 | 1 | — | 1 | — | |||||||||||||||
Other | (68 | ) | 46 | 29 | 9 | 12 | ||||||||||||||
(30 | ) | 71 | 274 | (242 | ) | 29 | ||||||||||||||
Other Costs and Expenses: | ||||||||||||||||||||
Lease expense | $ | 261 | $ | 280 | $ | 325 | $ | 337 | $ | 340 | ||||||||||
Depreciation and amortization | 7 | 8 | 17 | 22 | 23 | |||||||||||||||
SEACOR MARINE HOLDINGS INC. | |||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | |||||||||||||||||
ASSETS | |||||||||||||||||||||
Current Assets: | |||||||||||||||||||||
Cash and cash equivalents | $ | 68,934 | $ | 90,953 | $ | 34,381 | $ | 42,988 | $ | 59,491 | |||||||||||
Restricted cash | 24,182 | 17,255 | 17,174 | 2,440 | 16,649 | ||||||||||||||||
Receivables: | |||||||||||||||||||||
Trade, net of allowance for credit loss | 64,522 | 62,788 | 63,287 | 63,946 | 69,888 | ||||||||||||||||
Other | 3,148 | 16,801 | 10,439 | 8,811 | 7,913 | ||||||||||||||||
Tax receivable | 817 | 507 | 507 | 1,602 | 1,601 | ||||||||||||||||
Inventories | 2,196 | 2,552 | 2,539 | 2,827 | 2,760 | ||||||||||||||||
Prepaid expenses and other | 5,173 | 3,448 | 4,716 | 6,075 | 4,406 | ||||||||||||||||
Assets held for sale | 10,812 | — | — | 12,195 | 10,943 | ||||||||||||||||
Total current assets | 179,784 | 194,304 | 133,043 | 140,884 | 173,651 | ||||||||||||||||
Property and Equipment: | |||||||||||||||||||||
Historical cost | 776,833 | 797,381 | 887,408 | 881,961 | 900,414 | ||||||||||||||||
Accumulated depreciation | (348,812 | ) | (344,899 | ) | (377,265 | ) | (365,422 | ) | (367,448 | ) | |||||||||||
428,021 | 452,482 | 510,143 | 516,539 | 532,966 | |||||||||||||||||
Construction in progress | 47,002 | 40,394 | 31,772 | 27,248 | 11,904 | ||||||||||||||||
Net property and equipment | 475,023 | 492,876 | 541,915 | 543,787 | 544,870 | ||||||||||||||||
Right-of-use asset - operating leases | 982 | 903 | 1,179 | 3,293 | 3,436 | ||||||||||||||||
Right-of-use asset - finance leases | 19 | 22 | 25 | 28 | 36 | ||||||||||||||||
Investments, at equity, and advances to 50% or less owned companies | 2,938 | 2,707 | 2,310 | 4,507 | 3,541 | ||||||||||||||||
Other assets | 1,855 | 1,686 | 1,558 | 1,665 | 1,577 | ||||||||||||||||
Total assets | $ | 660,601 | $ | 692,498 | $ | 680,030 | $ | 694,164 | $ | 727,111 | |||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Current Liabilities: | |||||||||||||||||||||
Current portion of operating lease liabilities | $ | 405 | $ | 510 | $ | 543 | $ | 540 | $ | 606 | |||||||||||
Current portion of finance lease liabilities | 12 | 11 | 11 | 11 | 17 | ||||||||||||||||
Current portion of long-term debt | 30,000 | 30,000 | 30,000 | 30,000 | 27,500 | ||||||||||||||||
Accounts payable | 21,268 | 25,928 | 26,737 | 28,445 | 29,236 | ||||||||||||||||
Other current liabilities | 19,044 | 24,702 | 24,182 | 16,414 | 27,683 | ||||||||||||||||
Total current liabilities | 70,729 | 81,151 | 81,473 | 75,410 | 85,042 | ||||||||||||||||
Long-term operating lease liabilities | 607 | 567 | 812 | 2,926 | 2,982 | ||||||||||||||||
Long-term finance lease liabilities | 8 | 11 | 14 | 17 | 20 | ||||||||||||||||
Long-term debt | 304,644 | 311,858 | 310,980 | 310,108 | 317,339 | ||||||||||||||||
Deferred income taxes | 19,376 | 20,609 | 18,330 | 20,312 | 22,037 | ||||||||||||||||
Deferred gains and other liabilities | 565 | 639 | 625 | 1,356 | 1,369 | ||||||||||||||||
Total liabilities | 395,929 | 414,835 | 412,234 | 410,129 | 428,789 | ||||||||||||||||
Equity: | |||||||||||||||||||||
SEACOR Marine Holdings Inc. stockholders’ equity: | |||||||||||||||||||||
Common stock | 280 | 281 | 281 | 293 | 287 | ||||||||||||||||
Additional paid-in capital | 471,862 | 470,228 | 468,669 | 480,904 | 479,283 | ||||||||||||||||
Accumulated deficit | (208,444 | ) | (193,822 | ) | (202,816 | ) | (196,089 | ) | (180,600 | ) | |||||||||||
Shares held in treasury | (9,691 | ) | (9,639 | ) | (9,639 | ) | (9,628 | ) | (8,110 | ) | |||||||||||
Accumulated other comprehensive income, net of tax | 10,344 | 10,294 | 10,980 | 8,234 | 7,141 | ||||||||||||||||
264,351 | 277,342 | 267,475 | 283,714 | 298,001 | |||||||||||||||||
Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | ||||||||||||||||
Total equity | 264,672 | 277,663 | 267,796 | 284,035 | 298,322 | ||||||||||||||||
Total liabilities and equity | $ | 660,601 | $ | 692,498 | $ | 680,030 | $ | 694,164 | $ | 727,111 | |||||||||||
SEACOR MARINE HOLDINGS INC. | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | ||||||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||||||
Net (Loss) Income | $ | (14,622 | ) | $ | 8,994 | $ | (6,727 | ) | $ | (15,489 | ) | $ | (26,226 | ) | ||||||
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | ||||||||||||||||||||
Depreciation and amortization | 10,045 | 12,125 | 12,090 | 12,810 | 12,879 | |||||||||||||||
Deferred financing costs amortization | 173 | (86 | ) | 43 | 43 | 254 | ||||||||||||||
Stock-based compensation expense | 1,633 | 1,559 | 1,510 | 1,627 | 1,622 | |||||||||||||||
Debt discount amortization | 243 | 236 | 232 | 226 | 1,799 | |||||||||||||||
Allowance for credit losses | (620 | ) | 627 | (213 | ) | (407 | ) | 59 | ||||||||||||
Gains from equipment sales, retirements or impairments | (8,210 | ) | (30,230 | ) | (19,163 | ) | (5,809 | ) | (11,624 | ) | ||||||||||
Losses on debt extinguishment | — | — | — | — | 28,252 | |||||||||||||||
Derivative losses (gains) | 73 | (17 | ) | (87 | ) | (125 | ) | 536 | ||||||||||||
Interest on finance lease | 1 | 1 | 1 | 1 | 2 | |||||||||||||||
Settlements on derivative transactions, net | 65 | — | — | (373 | ) | — | ||||||||||||||
Currency losses (gains) | 38 | (218 | ) | 2,119 | 1,196 | (1,308 | ) | |||||||||||||
Deferred income taxes | (1,233 | ) | 2,279 | (1,982 | ) | (1,725 | ) | (4,766 | ) | |||||||||||
Equity earnings | (231 | ) | (393 | ) | (218 | ) | (889 | ) | (1,430 | ) | ||||||||||
Dividends received from equity investees | — | — | 3,199 | — | — | |||||||||||||||
Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
Accounts receivables | 12,222 | (6,700 | ) | 284 | 5,333 | 5,448 | ||||||||||||||
Other assets | (1,530 | ) | 1,385 | 1,901 | (1,681 | ) | 1,338 | |||||||||||||
Accounts payable and accrued liabilities | (10,246 | ) | (221 | ) | 4,934 | (6,204 | ) | 1,693 | ||||||||||||
Net cash (used in) provided by operating activities | (12,199 | ) | (10,659 | ) | (2,077 | ) | (11,466 | ) | 8,528 | |||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||
Purchases of property and equipment | (8,427 | ) | (9,348 | ) | (10,213 | ) | (20,795 | ) | (3,010 | ) | ||||||||||
Proceeds from disposition of property and equipment | 13,087 | 76,068 | 31,592 | 8,472 | 22,441 | |||||||||||||||
Net cash provided by (used in) investing activities | 4,660 | 66,720 | 21,379 | (12,323 | ) | 19,431 | ||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||
Payments on long-term debt | (7,500 | ) | (7,500 | ) | (7,500 | ) | (5,000 | ) | (2,479 | ) | ||||||||||
Payments on debt extinguishment | — | — | — | — | (328,712 | ) | ||||||||||||||
Payments on debt extinguishment cost | — | — | — | — | (3,671 | ) | ||||||||||||||
Proceeds from issuance of long-term debt, net of debt discount and issuance costs | — | 8,098 | 8,097 | (396 | ) | 345,192 | ||||||||||||||
Payments on finance leases | (4 | ) | (3 | ) | (4 | ) | (9 | ) | (13 | ) | ||||||||||
Payments for repurchase of common stock | — | — | (7,089 | ) | — | — | ||||||||||||||
Payments for repurchase of warrants | — | — | (6,668 | ) | — | — | ||||||||||||||
Tax withholdings on restricted stock vesting | (52 | ) | — | (11 | ) | (1,518 | ) | — | ||||||||||||
Net cash (used in) provided by financing activities | (7,556 | ) | 595 | (13,175 | ) | (6,923 | ) | 10,317 | ||||||||||||
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | 3 | (3 | ) | — | — | — | ||||||||||||||
Net Change in Cash, Restricted Cash and Cash Equivalents | (15,092 | ) | 56,653 | 6,127 | (30,712 | ) | 38,276 | |||||||||||||
Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 108,208 | 51,555 | 45,428 | 76,140 | 37,864 | |||||||||||||||
Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 93,116 | $ | 108,208 | $ | 51,555 | $ | 45,428 | $ | 76,140 | ||||||||||
SEACOR MARINE HOLDINGS INC. | ||||||||||||
Owned | Managed | Total | ||||||||||
December 31, 2025 | ||||||||||||
FSV | 21 | — | 21 | |||||||||
PSV | 18 | — | 18 | |||||||||
Liftboats | 5 | — | 5 | |||||||||
44 | — | 44 | ||||||||||
December 31, 2024 | ||||||||||||
AHTS | — | 2 | 2 | |||||||||
FSV | 22 | 1 | 23 | |||||||||
PSV | 21 | — | 21 | |||||||||
Liftboats | 8 | — | 8 | |||||||||
51 | 3 | 54 | ||||||||||