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PRESS RELEASE

SEACOR MARINE ANNOUNCES SECOND QUARTER 2026 RESULTS AND STRATEGIC ALTERNATIVES REVIEW

Houston, Texas

July 29, 2026

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 second quarter ended June 30, 2026, and separately announced that its Board of Directors (the “Board”) is evaluating potential strategic alternatives to maximize shareholder value.

 

Second Quarter 2026 Results

 

SEACOR Marine’s consolidated operating revenues for the second quarter of 2026 were $54.6 million, operating income was $16.0 million, and direct vessel profit (“DVP”)(1) was $7.9 million. This compares to consolidated operating revenues of $60.8 million, operating income of $6.1 million, and DVP of $11.3 million in the second quarter of 2025, and consolidated operating revenues of $44.3 million, operating loss of $6.4 million, and DVP of $6.7 million in the first quarter of 2026.

 

Notable second quarter items include:

•
10.2% decrease in revenues from the second quarter of 2025 and 23.4% increase from the first quarter of 2026.
•
Average day rates of $20,227, compared to $19,731 in the second quarter of 2025 and $18,199 in the first quarter of 2026.
•
68% utilization, compared to 68% in the second quarter of 2025 and 59% in the first quarter of 2026.
•
DVP margin of 14.5%, compared to 18.6% in the second quarter of 2025 and 15.2% in the first quarter of 2026.
•
During the second quarter of 2026, the Company completed the sale of five vessels and other equipment for net cash proceeds of $44.7 million and after transaction costs, recognized gains of $31.3 million.
•
During the quarter, administrative and general costs increased due to professional fees associated with the termination of certain prior engagements; excluding this one-time charge, the Company’s administrative and general costs were $9.3 million for the second quarter of 2026, compared to $12.0 million for the second quarter of 2025 and $10.0 million for the first quarter of 2026.

 

For the second quarter of 2026, net income was $3.3 million ($0.13 earnings per basic share and $0.12 earnings per diluted share). This compares to a net loss for the second quarter of 2025 of $6.7 million ($0.26 loss per basic and diluted share). Sequentially, the second quarter of 2026 results compare to a net loss of $15.8 million ($0.61 loss per basic and diluted share) in the first quarter of 2026.

 

Chief Executive Officer John Gellert commented:

 

“Our second quarter results reflect improved utilization following vessel repositioning and contract commencements. During the quarter, we completed the sale of five vessels as part of our fleet optimization strategy and continued to focus on maximizing fleet efficiency and positioning the business to benefit from improving offshore activity in several of our core international markets.

 

With regards to the Middle East, the Company continued to observe increased labor and insurance costs in the region because of the conflict, and a general softening in offshore activity while customers wait for operating conditions to improve. The maintenance scope of work for our two premium liftboats in the region continues. Based on observed delays due primarily to the ongoing conflict, we do not expect either of these vessels to operate during the third quarter of 2026. At the end of the second quarter, excluding the two liftboats, we had eight vessels in the region, of which six have continued to operate for our customers in Saudi Arabia and Qatar. The timing of a full recovery in this region will depend on a durable resolution to the conflict.

 

 

1

Looking ahead, we remain constructive on opportunities across several of our international markets while maintaining a disciplined approach to operational execution. We believe SEACOR Marine is well positioned to continue supporting our customers and participating in incremental demand from offshore energy projects.”

 

Strategic Review Process

 

Separately, SEACOR Marine today announced that its Board is evaluating potential strategic alternatives to maximize shareholder value.

 

During the review process, the Board expects to evaluate a range of strategic alternatives that may include a sale of the Company, merger, other business combinations, sale of assets, or other transactions aimed at maximizing value for shareholders. The Board has retained independent financial advisors to assist in evaluating strategic alternatives. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation process.

 

Andrew R. Morse, Non-Executive Chairman of the Board, commented:

 

“Over the past several years, the Company has worked diligently to optimize its fleet, strengthen its balance sheet and position SEACOR Marine to benefit from improving offshore market fundamentals. Given the progress we have made and the opportunities we see ahead, the Board and management team are eager to evaluate a range of strategic alternatives to determine the best path forward for maximizing shareholder value. Throughout this process, the team remains focused on executing our strategy, serving our customers and delivering safe and reliable operations worldwide. Our employees, customers, and business partners should expect business as usual as we continue to execute on our operating and financial objectives.”

 

There can be no assurance that the strategic review process will result in any transaction or other strategic outcome. The Company has not established a timetable for completion of the review process and does not intend to disclose developments related to the review unless and until SEACOR Marine executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.

___________________

(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, including our announcement of the commencement of a strategic review of the business, 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. Achievement of these expectations and strategic objectives, including any increase to shareholder value from the strategic review, business prospects, anticipated economic performance and financial condition involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Certain of these risks, uncertainties and other important factors 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

 

2

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 investors, contact:

InvestorRelations@seacormarine.com

 

For media, contact:

H/Advisors – U.S.

Dana Gorman / Amy Feng

dana.gorman@h-advisors.global / amy.feng@h-advisors.global

 

3

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except share data)

 

 

 

Three Months Ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating Revenues

 

$

54,630

 

 

$

60,810

 

 

$

98,912

 

 

$

116,309

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Operating

 

 

46,684

 

 

 

49,493

 

 

 

84,257

 

 

 

91,421

 

Administrative and general

 

 

12,343

 

 

 

11,998

 

 

 

22,297

 

 

 

23,484

 

Lease expense

 

 

266

 

 

 

325

 

 

 

516

 

 

 

662

 

Depreciation and amortization

 

 

10,718

 

 

 

12,090

 

 

 

21,048

 

 

 

24,900

 

 

 

70,011

 

 

 

73,906

 

 

 

128,118

 

 

 

140,467

 

Gains on Asset Dispositions and Impairments, Net

 

 

31,347

 

 

 

19,163

 

 

 

38,795

 

 

 

24,972

 

Operating Income

 

 

15,966

 

 

 

6,067

 

 

 

9,589

 

 

 

814

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

443

 

 

 

372

 

 

 

934

 

 

 

808

 

Interest expense

 

 

(8,244

)

 

 

(8,844

)

 

 

(16,483

)

 

 

(18,430

)

Derivative gains, net

 

 

—

 

 

 

87

 

 

 

—

 

 

 

212

 

Foreign currency losses, net

 

 

(981

)

 

 

(2,119

)

 

 

(503

)

 

 

(3,315

)

Other, net

 

 

4

 

 

 

—

 

 

 

4

 

 

 

—

 

 

 

(8,778

)

 

 

(10,504

)

 

 

(16,048

)

 

 

(20,725

)

Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

 

 

7,188

 

 

 

(4,437

)

 

 

(6,459

)

 

 

(19,911

)

Income Tax Expense

 

 

3,951

 

 

 

2,508

 

 

 

6,159

 

 

 

3,412

 

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies

 

 

3,237

 

 

 

(6,945

)

 

 

(12,618

)

 

 

(23,323

)

Equity in Earnings of 50% or Less Owned Companies

 

 

56

 

 

 

218

 

 

 

106

 

 

 

1,107

 

Net Income (Loss)

 

$

3,293

 

 

$

(6,727

)

 

$

(12,512

)

 

$

(22,216

)

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

(0.26

)

 

$

(0.48

)

 

$

(0.83

)

Diluted

 

$

0.12

 

 

$

(0.26

)

 

$

(0.48

)

 

$

(0.83

)

Weighted Average Common Stock Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,072,144

 

 

 

25,686,560

 

 

 

25,929,323

 

 

 

26,791,291

 

Diluted

 

 

26,353,556

 

 

 

25,686,560

 

 

 

25,929,323

 

 

 

26,791,291

 

 

 

4

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(in thousands, except statistics and per share data)

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Rates Per Day

 

$

20,227

 

 

$

18,199

 

 

$

17,519

 

 

$

19,490

 

 

$

19,731

 

Fleet Utilization

 

 

68

%

 

 

59

%

 

 

69

%

 

 

66

%

 

 

68

%

Fleet Available Days (2)

 

 

3,635

 

 

 

3,897

 

 

 

4,127

 

 

 

4,321

 

 

 

4,310

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

49,697

 

 

$

41,957

 

 

$

49,817

 

 

$

55,958

 

 

$

57,673

 

Bareboat charter

 

 

834

 

 

 

828

 

 

 

843

 

 

 

846

 

 

 

838

 

Other marine services

 

 

4,099

 

 

 

1,497

 

 

 

1,669

 

 

 

2,390

 

 

 

2,299

 

 

 

54,630

 

 

 

44,282

 

 

 

52,329

 

 

 

59,194

 

 

 

60,810

 

Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

15,697

 

 

 

15,422

 

 

 

16,539

 

 

 

17,616

 

 

 

18,969

 

Repairs and maintenance

 

 

12,648

 

 

 

10,600

 

 

 

11,752

 

 

 

14,603

 

 

 

13,648

 

Drydocking

 

 

2,961

 

 

 

1,252

 

 

 

1,175

 

 

 

2,430

 

 

 

5,143

 

Insurance and loss reserves

 

 

2,698

 

 

 

1,792

 

 

 

1,570

 

 

 

1,948

 

 

 

2,982

 

Fuel, lubes and supplies

 

 

5,302

 

 

 

3,308

 

 

 

4,601

 

 

 

4,465

 

 

 

4,296

 

Other

 

 

7,378

 

 

 

5,199

 

 

 

7,030

 

 

 

6,622

 

 

 

4,455

 

 

 

46,684

 

 

 

37,573

 

 

 

42,667

 

 

 

47,684

 

 

 

49,493

 

Direct Vessel Profit (1)

 

 

7,946

 

 

 

6,709

 

 

 

9,662

 

 

 

11,510

 

 

 

11,317

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

 

266

 

 

 

250

 

 

 

261

 

 

 

280

 

 

 

325

 

Administrative and general

 

 

12,343

 

 

 

9,954

 

 

 

12,730

 

 

 

11,269

 

 

 

11,998

 

Depreciation and amortization

 

 

10,718

 

 

 

10,330

 

 

 

10,045

 

 

 

12,125

 

 

 

12,090

 

 

 

23,327

 

 

 

20,534

 

 

 

23,036

 

 

 

23,674

 

 

 

24,413

 

Gains on Asset Dispositions and Impairments, Net

 

 

31,347

 

 

 

7,448

 

 

 

8,210

 

 

 

30,230

 

 

 

19,163

 

Operating Income (Loss)

 

 

15,966

 

 

 

(6,377

)

 

 

(5,164

)

 

 

18,066

 

 

 

6,067

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

443

 

 

 

491

 

 

 

751

 

 

 

297

 

 

 

372

 

Interest expense

 

 

(8,244

)

 

 

(8,239

)

 

 

(8,673

)

 

 

(8,947

)

 

 

(8,844

)

Derivative (losses) gains, net

 

 

—

 

 

 

—

 

 

 

(73

)

 

 

17

 

 

 

87

 

Foreign currency (losses) gains, net

 

 

(981

)

 

 

478

 

 

 

(38

)

 

 

218

 

 

 

(2,119

)

Gains on insurance claim settlement

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4,581

 

 

 

—

 

Other, net

 

 

4

 

 

 

—

 

 

 

32

 

 

 

(221

)

 

 

—

 

 

 

(8,778

)

 

 

(7,270

)

 

 

(8,001

)

 

 

(4,055

)

 

 

(10,504

)

Income (Loss) Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

 

 

7,188

 

 

 

(13,647

)

 

 

(13,165

)

 

 

14,011

 

 

 

(4,437

)

Income Tax Expense

 

 

3,951

 

 

 

2,208

 

 

 

1,688

 

 

 

5,410

 

 

 

2,508

 

Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies

 

 

3,237

 

 

 

(15,855

)

 

 

(14,853

)

 

 

8,601

 

 

 

(6,945

)

Equity in Earnings of 50% or Less Owned Companies

 

 

56

 

 

 

50

 

 

 

231

 

 

 

393

 

 

 

218

 

Net Income (Loss)

 

$

3,293

 

 

$

(15,805

)

 

$

(14,622

)

 

$

8,994

 

 

$

(6,727

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.13

 

 

$

(0.61

)

 

$

(0.57

)

 

$

0.35

 

 

$

(0.26

)

Diluted

 

$

0.12

 

 

$

(0.61

)

 

$

(0.57

)

 

$

0.35

 

 

$

(0.26

)

Weighted Average Common Stock Outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

26,072

 

 

 

25,785

 

 

 

25,671

 

 

 

25,658

 

 

 

25,687

 

Diluted

 

 

26,354

 

 

 

25,785

 

 

 

25,671

 

 

 

25,888

 

 

 

25,687

 

Common Shares Outstanding at Period End

 

 

27,133

 

 

 

27,062

 

 

 

26,952

 

 

 

26,976

 

 

 

26,976

 

 

(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.

 

 

5

SEACOR MARINE HOLDINGS INC.

UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

Americas

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

28,394

 

 

$

20,546

 

 

$

18,188

 

 

$

22,809

 

 

$

24,622

 

Fleet utilization

 

 

58

%

 

 

35

%

 

 

50

%

 

 

59

%

 

 

54

%

Fleet available days (2)

 

 

935

 

 

 

1,369

 

 

 

1,477

 

 

 

1,561

 

 

 

1,553

 

Out-of-service days for repairs, maintenance and drydockings

 

 

153

 

 

 

190

 

 

 

127

 

 

 

198

 

 

 

170

 

Out-of-service days for cold-stacked status

 

 

—

 

 

 

61

 

 

 

92

 

 

 

116

 

 

 

270

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

15,518

 

 

$

9,843

 

 

$

13,560

 

 

$

20,995

 

 

$

20,773

 

Bareboat charter

 

 

834

 

 

 

828

 

 

 

843

 

 

 

846

 

 

 

838

 

Other marine services

 

 

1,353

 

 

 

282

 

 

 

519

 

 

 

1,338

 

 

 

1,061

 

 

 

17,705

 

 

 

10,953

 

 

 

14,922

 

 

 

23,179

 

 

 

22,672

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,322

 

 

 

6,007

 

 

 

7,115

 

 

 

8,195

 

 

 

8,943

 

Repairs and maintenance

 

 

2,252

 

 

 

1,644

 

 

 

1,955

 

 

 

2,274

 

 

 

2,664

 

Drydocking

 

 

680

 

 

 

440

 

 

 

(102

)

 

 

1,018

 

 

 

4,229

 

Insurance and loss reserves

 

 

787

 

 

 

423

 

 

 

465

 

 

 

1,011

 

 

 

1,241

 

Fuel, lubes and supplies

 

 

1,494

 

 

 

1,075

 

 

 

1,618

 

 

 

1,443

 

 

 

1,303

 

Other

 

 

3,271

 

 

 

1,384

 

 

 

3,096

 

 

 

1,882

 

 

 

994

 

 

 

13,806

 

 

 

10,973

 

 

 

14,147

 

 

 

15,823

 

 

 

19,374

 

Direct Vessel Profit (Loss) (1)

 

$

3,899

 

 

$

(20

)

 

$

775

 

 

$

7,356

 

 

$

3,298

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

191

 

 

$

177

 

 

$

185

 

 

$

202

 

 

$

202

 

Depreciation and amortization

 

 

3,168

 

 

 

3,166

 

 

 

2,917

 

 

 

4,592

 

 

 

4,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Africa and Europe

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

18,877

 

 

$

18,711

 

 

$

17,095

 

 

$

17,983

 

 

$

19,140

 

Fleet utilization

 

 

77

%

 

 

78

%

 

 

84

%

 

 

75

%

 

 

77

%

Fleet available days

 

 

1,741

 

 

 

1,538

 

 

 

1,559

 

 

 

1,656

 

 

 

1,668

 

Out-of-service days for repairs, maintenance and drydockings

 

 

195

 

 

 

202

 

 

 

144

 

 

 

229

 

 

 

248

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

25,248

 

 

$

22,534

 

 

$

22,317

 

 

$

22,357

 

 

$

24,535

 

Other marine services

 

 

1,041

 

 

 

577

 

 

 

580

 

 

 

733

 

 

 

806

 

 

 

26,289

 

 

 

23,111

 

 

 

22,897

 

 

 

23,090

 

 

 

25,341

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

5,523

 

 

 

4,982

 

 

 

4,656

 

 

 

4,465

 

 

 

5,515

 

Repairs and maintenance

 

 

5,673

 

 

 

2,957

 

 

 

4,694

 

 

 

6,531

 

 

 

4,646

 

Drydocking

 

 

554

 

 

 

176

 

 

 

987

 

 

 

1,413

 

 

 

901

 

Insurance and loss reserves

 

 

504

 

 

 

330

 

 

 

481

 

 

 

326

 

 

 

899

 

Fuel, lubes and supplies

 

 

2,416

 

 

 

1,334

 

 

 

1,292

 

 

 

1,781

 

 

 

1,714

 

Other

 

 

3,154

 

 

 

3,192

 

 

 

2,558

 

 

 

3,573

 

 

 

2,357

 

 

 

17,824

 

 

 

12,971

 

 

 

14,668

 

 

 

18,089

 

 

 

16,032

 

Direct Vessel Profit (1)

 

$

8,465

 

 

$

10,140

 

 

$

8,229

 

 

$

5,001

 

 

$

9,309

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

—

 

 

$

—

 

 

$

8

 

 

$

8

 

 

$

51

 

Depreciation and amortization

 

 

4,485

 

 

 

4,063

 

 

 

3,968

 

 

 

4,302

 

 

 

4,263

 

 

(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 DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

Middle East and Asia

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

15,588

 

 

$

15,400

 

 

$

17,587

 

 

$

17,818

 

 

$

15,506

 

Fleet utilization

 

 

60

%

 

 

63

%

 

 

73

%

 

 

64

%

 

 

73

%

Fleet available days

 

 

959

 

 

 

990

 

 

 

1,091

 

 

 

1,104

 

 

 

1,089

 

Out-of-service days for repairs, maintenance and drydockings

 

 

300

 

 

 

268

 

 

 

72

 

 

 

157

 

 

 

204

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

8,931

 

 

$

9,580

 

 

$

13,940

 

 

$

12,606

 

 

$

12,365

 

Other marine services

 

 

1,705

 

 

 

638

 

 

 

570

 

 

 

319

 

 

 

432

 

 

 

10,636

 

 

 

10,218

 

 

 

14,510

 

 

 

12,925

 

 

 

12,797

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

 

4,852

 

 

 

4,433

 

 

 

4,768

 

 

 

4,956

 

 

 

4,511

 

Repairs and maintenance

 

 

4,723

 

 

 

5,999

 

 

 

5,103

 

 

 

5,798

 

 

 

6,338

 

Drydocking

 

 

1,727

 

 

 

636

 

 

 

290

 

 

 

(1

)

 

 

13

 

Insurance and loss reserves

 

 

1,407

 

 

 

1,039

 

 

 

624

 

 

 

611

 

 

 

842

 

Fuel, lubes and supplies

 

 

1,392

 

 

 

899

 

 

 

1,691

 

 

 

1,241

 

 

 

1,279

 

Other

 

 

953

 

 

 

623

 

 

 

1,376

 

 

 

1,167

 

 

 

1,104

 

 

 

15,054

 

 

 

13,629

 

 

 

13,852

 

 

 

13,772

 

 

 

14,087

 

Direct Vessel (Loss) Profit (1)

 

$

(4,418

)

 

$

(3,411

)

 

$

658

 

 

$

(847

)

 

$

(1,290

)

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

75

 

 

$

73

 

 

$

68

 

 

$

70

 

 

$

72

 

Depreciation and amortization

 

 

3,065

 

 

 

3,101

 

 

 

3,160

 

 

 

3,231

 

 

 

3,227

 

 

(1)
See full description of footnote above.

 

 

7

SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS

(in thousands, except statistics)

 

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

AHTS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

(22

)

Other marine services

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

(9

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7

)

 

 

(31

)

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

—

 

 

$

—

 

 

$

12

 

 

$

11

 

 

$

9

 

Repairs and maintenance

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(24

)

 

 

255

 

Insurance and loss reserves

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(4

)

Fuel, lubes and supplies

 

 

—

 

 

 

—

 

 

 

1

 

 

 

3

 

 

 

(125

)

Other

 

 

—

 

 

 

—

 

 

 

9

 

 

 

18

 

 

 

(4

)

 

 

—

 

 

 

—

 

 

 

22

 

 

 

8

 

 

 

131

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

—

 

 

$

—

 

 

$

4

 

 

$

4

 

 

$

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FSV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

14,411

 

 

$

13,833

 

 

$

14,114

 

 

$

14,007

 

 

$

13,468

 

Fleet utilization

 

 

74

%

 

 

73

%

 

 

75

%

 

 

71

%

 

 

67

%

Fleet available days

 

 

1,840

 

 

 

1,862

 

 

 

1,932

 

 

 

1,932

 

 

 

1,935

 

Out-of-service days for repairs, maintenance and drydockings

 

 

348

 

 

 

353

 

 

 

209

 

 

 

236

 

 

 

181

 

Out-of-service days for cold-stacked status

 

 

—

 

 

 

61

 

 

 

92

 

 

 

116

 

 

 

270

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

19,636

 

 

$

18,929

 

 

$

20,546

 

 

$

19,131

 

 

$

17,573

 

Other marine services

 

 

1,819

 

 

 

471

 

 

 

492

 

 

 

566

 

 

 

516

 

 

 

21,455

 

 

 

19,400

 

 

 

21,038

 

 

 

19,697

 

 

 

18,089

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

5,416

 

 

$

5,166

 

 

$

4,980

 

 

$

4,502

 

 

$

4,526

 

Repairs and maintenance

 

 

6,434

 

 

 

3,179

 

 

 

5,862

 

 

 

6,041

 

 

 

3,542

 

Drydocking

 

 

898

 

 

 

576

 

 

 

1,098

 

 

 

678

 

 

 

666

 

Insurance and loss reserves

 

 

951

 

 

 

663

 

 

 

509

 

 

 

270

 

 

 

683

 

Fuel, lubes and supplies

 

 

1,481

 

 

 

1,503

 

 

 

1,850

 

 

 

1,480

 

 

 

1,449

 

Other

 

 

2,548

 

 

 

1,683

 

 

 

2,147

 

 

 

2,889

 

 

 

1,428

 

 

 

17,728

 

 

 

12,770

 

 

 

16,446

 

 

 

15,860

 

 

 

12,294

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

5,244

 

 

$

4,719

 

 

$

4,707

 

 

$

4,695

 

 

$

4,703

 

 

8

SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

PSV

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

28,443

 

 

$

25,352

 

 

$

20,118

 

 

$

21,507

 

 

$

22,231

 

Fleet utilization

 

 

70

%

 

 

54

%

 

 

68

%

 

 

65

%

 

 

68

%

Fleet available days (1)

 

 

1,427

 

 

 

1,585

 

 

 

1,735

 

 

 

1,748

 

 

 

1,738

 

Out-of-service days for repairs, maintenance and drydockings

 

 

114

 

 

 

37

 

 

 

48

 

 

 

161

 

 

 

247

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

28,622

 

 

$

21,688

 

 

$

23,801

 

 

$

24,439

 

 

$

26,440

 

Bareboat charter

 

 

834

 

 

 

828

 

 

 

843

 

 

 

846

 

 

 

838

 

Other marine services

 

 

1,459

 

 

 

811

 

 

 

440

 

 

 

592

 

 

 

433

 

 

 

30,915

 

 

 

23,327

 

 

 

25,084

 

 

 

25,877

 

 

 

27,711

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

7,859

 

 

$

7,348

 

 

$

8,322

 

 

$

7,882

 

 

$

8,567

 

Repairs and maintenance

 

 

2,865

 

 

 

2,801

 

 

 

3,501

 

 

 

4,618

 

 

 

3,799

 

Drydocking

 

 

803

 

 

 

133

 

 

 

(166

)

 

 

1,113

 

 

 

1,993

 

Insurance and loss reserves

 

 

903

 

 

 

448

 

 

 

656

 

 

 

546

 

 

 

906

 

Fuel, lubes and supplies

 

 

3,290

 

 

 

1,201

 

 

 

1,985

 

 

 

2,030

 

 

 

1,858

 

Other

 

 

4,357

 

 

 

3,292

 

 

 

4,378

 

 

 

3,262

 

 

 

2,199

 

 

 

20,077

 

 

 

15,223

 

 

 

18,676

 

 

 

19,451

 

 

 

19,322

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

3,565

 

 

$

3,574

 

 

$

3,301

 

 

$

3,968

 

 

$

3,943

 

 

(1)
Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

 

9

SEACOR MARINE HOLDINGS INC.

UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)

(in thousands, except statistics)

 

 

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

Liftboats

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time Charter Statistics:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average rates per day worked

 

$

16,417

 

 

$

16,420

 

 

$

26,703

 

 

$

33,566

 

 

$

31,904

 

Fleet utilization

 

 

24

%

 

 

18

%

 

 

45

%

 

 

58

%

 

 

67

%

Fleet available days

 

 

368

 

 

 

450

 

 

 

460

 

 

 

641

 

 

 

637

 

Out-of-service days for repairs, maintenance and drydockings

 

 

188

 

 

 

270

 

 

 

87

 

 

 

188

 

 

 

194

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

$

1,448

 

 

$

1,340

 

 

$

5,470

 

 

$

12,388

 

 

$

13,682

 

Other marine services

 

 

789

 

 

 

178

 

 

 

359

 

 

 

1,128

 

 

 

1,168

 

 

 

2,237

 

 

 

1,518

 

 

 

5,829

 

 

 

13,516

 

 

 

14,850

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

2,409

 

 

$

2,897

 

 

$

3,241

 

 

$

5,209

 

 

$

5,673

 

Repairs and maintenance

 

 

3,294

 

 

 

4,594

 

 

 

2,375

 

 

 

3,943

 

 

 

6,022

 

Drydocking

 

 

1,260

 

 

 

543

 

 

 

243

 

 

 

639

 

 

 

2,484

 

Insurance and loss reserves

 

 

844

 

 

 

943

 

 

 

415

 

 

 

1,145

 

 

 

1,376

 

Fuel, lubes and supplies

 

 

531

 

 

 

600

 

 

 

715

 

 

 

951

 

 

 

1,114

 

Other

 

 

497

 

 

 

182

 

 

 

564

 

 

 

407

 

 

 

803

 

 

 

8,835

 

 

 

9,759

 

 

 

7,553

 

 

 

12,294

 

 

 

17,472

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

$

1,734

 

 

$

2,027

 

 

$

2,026

 

 

$

3,450

 

 

$

3,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Time charter

 

 

(9

)

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Other marine services

 

 

32

 

 

 

37

 

 

 

378

 

 

 

111

 

 

 

191

 

 

 

23

 

 

 

37

 

 

 

378

 

 

 

111

 

 

 

191

 

Direct Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Personnel

 

$

13

 

 

$

11

 

 

$

(16

)

 

$

12

 

 

$

194

 

Repairs and maintenance

 

 

55

 

 

 

26

 

 

 

14

 

 

 

25

 

 

 

30

 

Insurance and loss reserves

 

 

—

 

 

 

(262

)

 

 

(10

)

 

 

(13

)

 

 

21

 

Fuel, lubes and supplies

 

 

—

 

 

 

4

 

 

 

50

 

 

 

1

 

 

 

—

 

Other

 

 

(24

)

 

 

42

 

 

 

(68

)

 

 

46

 

 

 

29

 

 

 

44

 

 

 

(179

)

 

 

(30

)

 

 

71

 

 

 

274

 

Other Costs and Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease expense

 

$

266

 

 

$

250

 

 

$

261

 

 

$

280

 

 

$

325

 

Depreciation and amortization

 

 

175

 

 

 

10

 

 

 

7

 

 

 

8

 

 

 

17

 

 

 

 

10

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

55,397

 

 

$

38,721

 

 

$

68,934

 

 

$

90,953

 

 

$

34,381

 

Restricted cash

 

 

37,643

 

 

 

36,711

 

 

 

24,182

 

 

 

17,255

 

 

 

17,174

 

Receivables:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade, net of allowance for credit loss

 

 

61,955

 

 

 

69,200

 

 

 

64,522

 

 

 

62,788

 

 

 

63,287

 

Other

 

 

5,857

 

 

 

4,897

 

 

 

3,965

 

 

 

17,308

 

 

 

10,946

 

Inventories

 

 

2,061

 

 

 

2,746

 

 

 

2,196

 

 

 

2,552

 

 

 

2,539

 

Prepaid expenses and other

 

 

5,407

 

 

 

6,007

 

 

 

5,173

 

 

 

3,448

 

 

 

4,716

 

Assets held for sale

 

 

—

 

 

 

13,376

 

 

 

10,812

 

 

 

—

 

 

 

—

 

Total current assets

 

 

168,320

 

 

 

171,658

 

 

 

179,784

 

 

 

194,304

 

 

 

133,043

 

Property and Equipment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Historical cost

 

 

754,369

 

 

 

752,640

 

 

 

776,833

 

 

 

797,381

 

 

 

887,408

 

Accumulated depreciation

 

 

(351,840

)

 

 

(341,790

)

 

 

(348,812

)

 

 

(344,899

)

 

 

(377,265

)

 

 

402,529

 

 

 

410,850

 

 

 

428,021

 

 

 

452,482

 

 

 

510,143

 

Construction in progress

 

 

56,594

 

 

 

52,429

 

 

 

47,002

 

 

 

40,394

 

 

 

31,772

 

Net property and equipment

 

 

459,123

 

 

 

463,279

 

 

 

475,023

 

 

 

492,876

 

 

 

541,915

 

Right-of-use asset - operating leases

 

 

933

 

 

 

929

 

 

 

982

 

 

 

903

 

 

 

1,179

 

Right-of-use asset - finance leases

 

 

14

 

 

 

17

 

 

 

19

 

 

 

22

 

 

 

25

 

Investments, at equity, and advances to 50% or less owned companies

 

 

3,009

 

 

 

2,951

 

 

 

2,938

 

 

 

2,707

 

 

 

2,310

 

Other assets

 

 

1,925

 

 

 

1,913

 

 

 

1,855

 

 

 

1,686

 

 

 

1,558

 

Total assets

 

$

633,324

 

 

$

640,747

 

 

$

660,601

 

 

$

692,498

 

 

$

680,030

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current portion of operating lease liabilities

 

$

549

 

 

$

481

 

 

$

405

 

 

$

510

 

 

$

543

 

Current portion of finance lease liabilities

 

 

12

 

 

 

12

 

 

 

12

 

 

 

11

 

 

 

11

 

Current portion of long-term debt

 

 

30,699

 

 

 

30,350

 

 

 

30,000

 

 

 

30,000

 

 

 

30,000

 

Accounts payable

 

 

14,229

 

 

 

16,355

 

 

 

21,268

 

 

 

25,928

 

 

 

26,737

 

Other current liabilities

 

 

25,279

 

 

 

25,476

 

 

 

19,044

 

 

 

24,702

 

 

 

24,182

 

Total current liabilities

 

 

70,768

 

 

 

72,674

 

 

 

70,729

 

 

 

81,151

 

 

 

81,473

 

Long-term operating lease liabilities

 

 

559

 

 

 

470

 

 

 

607

 

 

 

567

 

 

 

812

 

Long-term finance lease liabilities

 

 

3

 

 

 

5

 

 

 

8

 

 

 

11

 

 

 

14

 

Long-term debt

 

 

289,503

 

 

 

297,072

 

 

 

304,644

 

 

 

311,858

 

 

 

310,980

 

Deferred income taxes

 

 

19,580

 

 

 

18,894

 

 

 

19,376

 

 

 

20,609

 

 

 

18,330

 

Deferred gains and other liabilities

 

 

599

 

 

 

3,794

 

 

 

565

 

 

 

639

 

 

 

625

 

Total liabilities

 

 

381,012

 

 

 

392,909

 

 

 

395,929

 

 

 

414,835

 

 

 

412,234

 

Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEACOR Marine Holdings Inc. stockholders’ equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

284

 

 

 

284

 

 

 

280

 

 

 

281

 

 

 

281

 

Additional paid-in capital

 

 

474,395

 

 

 

473,241

 

 

 

471,862

 

 

 

470,228

 

 

 

468,669

 

Accumulated deficit

 

 

(220,956

)

 

 

(224,249

)

 

 

(208,444

)

 

 

(193,822

)

 

 

(202,816

)

Shares held in treasury

 

 

(11,470

)

 

 

(11,428

)

 

 

(9,691

)

 

 

(9,639

)

 

 

(9,639

)

Accumulated other comprehensive income, net of tax

 

 

9,738

 

 

 

9,669

 

 

 

10,344

 

 

 

10,294

 

 

 

10,980

 

 

 

251,991

 

 

 

247,517

 

 

 

264,351

 

 

 

277,342

 

 

 

267,475

 

Noncontrolling interests in subsidiaries

 

 

321

 

 

 

321

 

 

 

321

 

 

 

321

 

 

 

321

 

Total equity

 

 

252,312

 

 

 

247,838

 

 

 

264,672

 

 

 

277,663

 

 

 

267,796

 

Total liabilities and equity

 

$

633,324

 

 

$

640,747

 

 

$

660,601

 

 

$

692,498

 

 

$

680,030

 

 

 

11

SEACOR MARINE HOLDINGS INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

Three Months Ended

 

 

 

Jun. 30, 2026

 

 

Mar. 31, 2026

 

 

Dec. 31, 2025

 

 

Sep. 30, 2025

 

 

Jun. 30, 2025

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

$

3,293

 

 

$

(15,805

)

 

$

(14,622

)

 

$

8,994

 

 

$

(6,727

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

10,718

 

 

 

10,330

 

 

 

10,045

 

 

 

12,125

 

 

 

12,090

 

Deferred financing costs amortization

 

 

43

 

 

 

42

 

 

 

173

 

 

 

(86

)

 

 

43

 

Stock-based compensation expense

 

 

1,132

 

 

 

1,383

 

 

 

1,633

 

 

 

1,559

 

 

 

1,510

 

Debt discount amortization

 

 

237

 

 

 

236

 

 

 

243

 

 

 

236

 

 

 

232

 

Allowance for credit losses

 

 

64

 

 

 

57

 

 

 

(620

)

 

 

627

 

 

 

(213

)

Gains from equipment sales, retirements or impairments

 

 

(31,347

)

 

 

(7,448

)

 

 

(8,210

)

 

 

(30,230

)

 

 

(19,163

)

Derivative losses (gains)

 

 

—

 

 

 

—

 

 

 

73

 

 

 

(17

)

 

 

(87

)

Interest on finance lease

 

 

—

 

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Settlements on derivative transactions, net

 

 

—

 

 

 

—

 

 

 

65

 

 

 

—

 

 

 

—

 

Currency losses (gains)

 

 

981

 

 

 

(478

)

 

 

38

 

 

 

(218

)

 

 

2,119

 

Deferred income taxes

 

 

686

 

 

 

(482

)

 

 

(1,233

)

 

 

2,279

 

 

 

(1,982

)

Equity earnings

 

 

(56

)

 

 

(50

)

 

 

(231

)

 

 

(393

)

 

 

(218

)

Dividends received from equity investees

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,199

 

Changes in Operating Assets and Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivables

 

 

5,763

 

 

 

(5,735

)

 

 

12,222

 

 

 

(6,700

)

 

 

284

 

Other assets

 

 

1,415

 

 

 

(1,306

)

 

 

(1,530

)

 

 

1,385

 

 

 

1,901

 

Accounts payable and accrued liabilities

 

 

(6,107

)

 

 

4,122

 

 

 

(10,246

)

 

 

(221

)

 

 

4,934

 

Net cash used in operating activities

 

 

(13,178

)

 

 

(15,133

)

 

 

(12,199

)

 

 

(10,659

)

 

 

(2,077

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(6,429

)

 

 

(6,088

)

 

 

(8,427

)

 

 

(9,348

)

 

 

(10,213

)

Proceeds from disposition of property and equipment

 

 

44,737

 

 

 

12,778

 

 

 

13,087

 

 

 

76,068

 

 

 

31,592

 

Net cash provided by investing activities

 

 

38,308

 

 

 

6,690

 

 

 

4,660

 

 

 

66,720

 

 

 

21,379

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payments on long-term debt

 

 

(7,500

)

 

 

(7,500

)

 

 

(7,500

)

 

 

(7,500

)

 

 

(7,500

)

Proceeds from issuance of long-term debt, net of debt discount and issuance costs

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,098

 

 

 

8,097

 

Payments on finance leases

 

 

(4

)

 

 

(3

)

 

 

(4

)

 

 

(3

)

 

 

(4

)

Payments for repurchase of common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(7,089

)

Payments for repurchase of warrants

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(6,668

)

Excise tax on stock repurchase

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Tax withholdings on restricted stock vesting

 

 

(42

)

 

 

(1,737

)

 

 

(52

)

 

 

—

 

 

 

(11

)

Net cash (used in) provided by financing activities

 

 

(7,524

)

 

 

(9,240

)

 

 

(7,556

)

 

 

595

 

 

 

(13,175

)

Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents

 

 

2

 

 

 

(1

)

 

 

3

 

 

 

(3

)

 

 

—

 

Net Change in Cash, Restricted Cash and Cash Equivalents

 

 

17,608

 

 

 

(17,684

)

 

 

(15,092

)

 

 

56,653

 

 

 

6,127

 

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

 

 

75,432

 

 

 

93,116

 

 

 

108,208

 

 

 

51,555

 

 

 

45,428

 

Cash, Restricted Cash and Cash Equivalents, End of Period

 

$

93,040

 

 

$

75,432

 

 

$

93,116

 

 

$

108,208

 

 

$

51,555

 

 

 

 

12

SEACOR MARINE HOLDINGS INC.

UNAUDITED FLEET COUNTS

 

 

 

Owned

 

 

Total

 

June 30, 2026

 

 

 

 

 

 

FSV

 

 

20

 

 

 

20

 

PSV

 

 

15

 

 

 

15

 

Liftboats

 

 

3

 

 

 

3

 

 

 

38

 

 

 

38

 

December 31, 2025

 

 

 

 

 

 

FSV

 

 

21

 

 

 

21

 

PSV

 

 

18

 

 

 

18

 

Liftboats

 

 

5

 

 

 

5

 

 

 

44

 

 

 

44

 

 

 

13