FOR IMMEDIATE RELEASE - 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.
1
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
2
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
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
3
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
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) and Equity in Earnings of 50% or Less Owned Companies
(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.
4
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
(in thousands, except statistics)
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.
5
SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
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.
6
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS
(in thousands, except statistics)
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
7
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
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.
8
SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
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
9
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
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
10
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
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
