View on SEC.govPRESS 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.
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 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
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 |
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.
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.
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.
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 |
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.
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 |
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 |
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 |
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 |
