SEACOR Marine Announces First Quarter 2026 Results

Rhea-AI Summary

SEACOR Marine (NYSE: SMHI) reported Q1 2026 consolidated operating revenues of $44.3M, operating loss of $6.4M, and direct vessel profit (DVP) of $6.7M. Net loss was $15.8M or $0.61 per share. Revenues fell 20.2% YoY; average day rates were $18,199 and fleet utilization was 59%. The company sold a 2015 PSV for $14.6M with a $7.3M gain and had five vessels held for sale (two sold in April; three expected in Q2 2026).

Positive

• Proceeds of $14.6M and gain of $7.3M from sale of one 2015 PSV
• Average day rates of $18,199, a 3.9% increase sequentially
• DVP of $6.7M with a DVP margin of 15.2%

Negative

• Consolidated operating revenues down 20.2% YoY
• Net loss of $15.8M and loss per share of $0.61
• DVP margin declined from 24.5% in Q1 2025 to 15.2% in Q1 2026

News Market Reaction – SMHI

+1.88%

1 alert

+1.88% Session close to close

$191.47M Market Cap

0.1x Rel. Volume

In the Apr 30 session, SMHI gained 1.88%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights Q1 2026 revenues of $44.3M, a DVP of $6.7M, and a net loss of $15.8M (o...

Analysis

This announcement highlights Q1 2026 revenues of $44.3M, a DVP of $6.7M, and a net loss of $15.8M (or -$0.61 per share), alongside lower utilization at 59%. Management emphasized vessel sales, repositioning and contract transitions that weighed on results but may reshape the fleet mix. Historically, earnings updates have paired operational swings with asset sales, so tracking future utilization, day rates and gains on disposals remains important for understanding the trajectory.

Key Figures

Operating revenues: $44.3M Operating loss: $6.4M Net loss: $15.8M +5 more

8 metrics

Operating revenues $44.3M Q1 2026 consolidated operating revenues

Operating loss $6.4M Q1 2026 operating loss

Net loss $15.8M Q1 2026 net loss

EPS ($0.61) Q1 2026 basic and diluted loss per share

DVP $6.7M Q1 2026 direct vessel profit

DVP margin 15.2% Q1 2026 DVP margin vs prior quarters

Average day rate $18,199 Q1 2026 average time charter day rate

Fleet utilization 59% Q1 2026 fleet utilization

Previous Earnings Reports

5 past events · Latest: Feb 25 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 25	Q4 2025 earnings	Negative	-8.0%	Revenues down 25% YoY, DVP margin weaker and continued net losses reported.
Oct 29	Q3 2025 earnings	Positive	+4.6%	Quarter with operating income and net profit, supported by large liftboat sale gains.
Jul 30	Q2 2025 earnings	Neutral	-2.0%	Mixed quarter: revenues down YoY but up sequentially, asset sales funding new PSVs.
Apr 30	Q1 2025 earnings	Negative	-5.5%	Revenue declines, operating loss and net loss despite gains on vessel disposals.
Feb 26	Q4 2024 earnings	Neutral	+4.4%	Operating income but sizable net loss, with refinancing and continued fleet reshaping.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have produced mixed reactions, with slightly more aligned than divergent price moves and an average move around -1.3% on results.

Recent Company History

Across the last five earnings releases from Feb 26, 2024 through Feb 25, 2026, SEACOR Marine has cycled between revenue declines, asset sales and periods of positive operating income. Results often highlight changing utilization and day rates, gains on vessel disposals, and recurring net losses despite operational improvements. Price reactions have varied, with both rallies and selloffs following earnings. Today’s Q1 2026 report, showing lower revenues, reduced DVP and continued net losses, extends the theme of operational volatility and portfolio reshaping via vessel sales.

Key Terms

time charter, bareboat charter, platform supply vessel, liftboats, +3 more

7 terms

time charter financial

"Operating Revenues: Time charter | | $41,957 |"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

bareboat charter financial

"Bareboat charter | | 828 | | 843 |"

A bareboat charter is a leasing arrangement where one person or company rents a vessel without crew, equipment, or supplies, essentially taking full control of it as if they own it. It matters to investors because it can be used to generate income from the vessel’s use or to reduce ownership costs, influencing a company's revenue and asset management strategies.

platform supply vessel technical

"sale of one 201’ platform supply vessel (“PSV”) built in 2015"

A platform supply vessel is a ship designed to carry cargo, equipment, fuel and personnel between shore and offshore drilling rigs, production platforms or wind farms—think of it as a delivery truck for facilities at sea. Investors care because these vessels generate steady income through day-rate contracts, reflect activity in oil, gas and offshore wind markets, and their earnings are sensitive to contract length, utilization, fuel and regulation risks.

liftboats technical

"our two premium liftboats remaining under repair and uncontracted."

Liftboats are self-propelled offshore vessels with long, extendable legs that are lowered to the seabed so the hull can be raised above the water like a table on stilts, creating a stable platform for maintenance, construction or equipment installation. They matter to investors because they are income-producing assets rented on contracts and day rates, so their cash flow and resale value move with offshore energy and wind activity, utilization and operating costs.

fleet utilization technical

"59% utilization, a decrease from 60% in the first quarter of 2025"

Fleet utilization measures how much of a company’s vehicles, ships, or aircraft are actively working and earning revenue compared with the total available capacity over a given time. It matters to investors because higher utilization usually means the company is turning expensive assets into income efficiently—like a taxi that’s on fares more often rather than sitting idle—while low utilization can signal wasted capital, higher unit costs, and weaker profit potential.

cold-stacked status technical

"Out-of-service days for cold-stacked status | | 61 |"

Cold-stacked status means a piece of equipment, vehicle, or facility has been taken out of active use and stored with minimal upkeep so it can be brought back only with significant work, like putting a car into a long-term garage and disconnecting its battery and fluids. For investors, it signals reduced immediate revenue from that asset, potential one-time costs to restart or refurbish, and possible impairment or write-downs on the company’s balance sheet, all of which affect future cash flow and valuation.

derivative gains financial

"Derivative gains, net | | — | | 125"

Gains from derivatives are profits a party realizes when financial contracts whose value depends on another asset—like stocks, bonds, currencies or commodities—move in a favorable direction. They matter to investors because these contracts can magnify returns or losses and are used both to protect against price swings and to place leveraged bets; like using a small down payment to control a larger position, the impact on portfolios and company results can be outsized.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HOUSTON, April 29, 2026 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2026.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2026 were $44.3 million, operating loss was $6.4 million, and direct vessel profit (“DVP”)⁽¹⁾ was $6.7 million. This compares to consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025, and consolidated operating revenues of $52.3 million, operating loss of $5.2 million, and DVP of $9.7 million in the fourth quarter of 2025.

Notable first quarter items include:

• 20.2% decrease in revenues from the first quarter of 2025 and a 15.4% decrease from the fourth quarter of 2025.
• Average day rates of $18,199, a 3.3% decrease from the first quarter of 2025, and a 3.9% increase from the fourth quarter of 2025.
• 59% utilization, a decrease from 60% in the first quarter of 2025 and a decrease from 69% in the fourth quarter of 2025.
• DVP margin of 15.2%, a decrease from 24.5% in the first quarter of 2025 and a decrease from 18.5% in the fourth quarter of 2025.
• During the first quarter of 2026, the Company completed the sale of one 201’ platform supply vessel (“PSV”) built in 2015 for total proceeds of $14.6 million and a gain of $7.3 million.
• At the end of the first quarter of 2026, the Company had an additional five vessels classified as held for sale. Two of these vessels were sold in April 2026, and the remaining three vessels are expected to be sold during the second quarter of 2026.

For the first quarter of 2026, net loss was $15.8 million ($0.61 loss per basic and diluted share). This compares to a net loss for the first quarter of 2025 of $15.5 million ($0.56 loss per basic and diluted share). Sequentially, the first quarter 2026 results compare to a net loss of $14.6 million ($0.57 earnings per basic and diluted share) in the fourth quarter of 2025.

Chief Executive Officer John Gellert commented:

“Our first quarter results reflect lower revenues driven by fewer available days following vessel sales in the last year, vessels repositioning or waiting to commence long term contracts during the quarter, and our two premium liftboats remaining under repair and uncontracted. Utilization should normalize at healthier levels once we have completed the repositioning of the fleet and have completed the sales of five vessels classified as held for sale during the second quarter of 2026.

The improvement in average day rates is driven by the commencement of several term contracts for PSVs during the first quarter in Brazil and the North Sea. Rates for fast supply vessels (“FSVs”) were stable during the quarter, even as we redeployed two FSVs previously laid up in the United States to international markets and we brought the last remaining FSV out of laid up status in preparation for international deployment in the second quarter.

Geographically, we continue to see progress in the Latin America and West Africa regions, with the fleet in these regions largely contracted following the end of the first quarter. In the United States, we continue to see low levels of activity in the markets we serve and have adjusted our fleet presence accordingly.

With regards to the Middle East, it is premature to evaluate the long-term impact of the conflict. In the short term, the conflict has increased labor and insurance costs in the region, and caused delays in our ability to conclude the maintenance scope of work for our two premium liftboats in the region. We do not expect either of these vessels to work during the second quarter of 2026. At the end of the first quarter, excluding the two liftboats, we had nine vessels in the region, of which seven have continued to operate for our customers in Saudi Arabia and Qatar, one vessel is held for sale, and one vessel was undergoing scheduled maintenance. I commend our crews and shore side personnel in the region for their dedication to maintaining safe, reliable operations in this environment.

Going forward, we are well positioned to participate in increased offshore drilling activities in South America and West Africa. In response to the conflict, energy security and diversification could drive additional investment into offshore projects, particularly deepwater, as well as work supporting customers restoring production capacity. SEACOR Marine is well positioned to continue to support our customers and participate in any incremental demand from offshore projects.”
___________________

(1

)

Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.

SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
For all other requests, contact InvestorRelations@seacormarine.com

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
		Three Months Ended March 31,
		2026				2025
Operating Revenues		$	44,282			$	55,499
Costs and Expenses:
Operating			37,573				41,928
Administrative and general			9,954				11,486
Lease expense			250				337
Depreciation and amortization			10,330				12,810
			58,107				66,561
Gains on Asset Dispositions and Impairments, Net			7,448				5,809
Operating Loss			(6,377	)			(5,253	)
Other Income (Expense):
Interest income			491				436
Interest expense			(8,239	)			(9,586	)
Derivative gains, net			—				125
Foreign currency gains (losses), net			478				(1,196	)
			(7,270	)			(10,221	)
Loss Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies			(13,647	)			(15,474	)
Income Tax Expense			2,208				904
Loss Before Equity in Earnings of 50% or Less Owned Companies			(15,855	)			(16,378	)
Equity in Earnings of 50% or Less Owned Companies			50				889
Net Loss		$	(15,805	)		$	(15,489	)
Net Loss Per Share:
Basic		$	(0.61	)		$	(0.56	)
Diluted		$	(0.61	)		$	(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,784,915				27,908,297
Diluted			25,784,915				27,908,297

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
Time Charter Statistics:
Average Rates Per Day		$	18,199			$	17,519			$	19,490			$	19,731			$	18,825
Fleet Utilization			59	%			69	%			66	%			68	%			60	%
Fleet Available Days(2)			3,897				4,127				4,321				4,310				4,583
Operating Revenues:
Time charter		$	41,957			$	49,817			$	55,958			$	57,673			$	51,933
Bareboat charter			828				843				846				838				708
Other marine services			1,497				1,669				2,390				2,299				2,858
			44,282				52,329				59,194				60,810				55,499
Costs and Expenses:
Operating:
Personnel			15,422				16,539				17,616				18,969				18,537
Repairs and maintenance			10,600				11,752				14,603				13,648				8,520
Drydocking			1,252				1,175				2,430				5,143				3,869
Insurance and loss reserves			1,792				1,570				1,948				2,982				2,153
Fuel, lubes and supplies			3,308				4,601				4,465				4,296				4,546
Other			5,199				7,030				6,622				4,455				4,303
			37,573				42,667				47,684				49,493				41,928
Direct Vessel Profit(1)			6,709				9,662				11,510				11,317				13,571
Other Costs and Expenses:
Lease expense			250				261				280				325				337
Administrative and general			9,954				12,730				11,269				11,998				11,486
Depreciation and amortization			10,330				10,045				12,125				12,090				12,810
			20,534				23,036				23,674				24,413				24,633
Gains on Asset Dispositions and Impairments, Net			7,448				8,210				30,230				19,163				5,809
Operating (Loss) Income			(6,377	)			(5,164	)			18,066				6,067				(5,253	)
Other Income (Expense):
Interest income			491				751				297				372				436
Interest expense			(8,239	)			(8,673	)			(8,947	)			(8,844	)			(9,586	)
Derivative (losses) gains, net			—				(73	)			17				87				125
Foreign currency gains (losses), net			478				(38	)			218				(2,119	)			(1,196	)
Gains on insurance claim settlement			—				—				4,581				—				—
Other, net			—				32				(221	)			—				—
			(7,270	)			(8,001	)			(4,055	)			(10,504	)			(10,221	)
(Loss) Income Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies			(13,647	)			(13,165	)			14,011				(4,437	)			(15,474	)
Income Tax Expense			2,208				1,688				5,410				2,508				904
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies			(15,855	)			(14,853	)			8,601				(6,945	)			(16,378	)
Equity in Earnings of 50% or Less Owned Companies			50				231				393				218				889
Net (Loss) Income		$	(15,805	)		$	(14,622	)		$	8,994			$	(6,727	)		$	(15,489	)
Net (Loss) Earnings Per Share:
Basic		$	(0.61	)		$	(0.57	)		$	0.35			$	(0.26	)		$	(0.56	)
Diluted		$	(0.61	)		$	(0.57	)		$	0.35			$	(0.26	)		$	(0.56	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,785				25,671				25,658				25,687				27,908
Diluted			25,785				25,671				25,888				25,687				27,908
Common Shares and Warrants Outstanding at Period End			27,062				26,952				26,976				26,976				29,488
(1)      See full description of footnote above. (2)      Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked		$	15,587			$	15,350			$	20,419			$	25,262			$	23,874
Fleet utilization			24	%			40	%			53	%			48	%			25	%
Fleet available days			562				705				926				1,007				1,121
Out-of-service days for repairs, maintenance and drydockings			119				127				191				144				153
Out-of-service days for cold-stacked status			61				92				116				270				173
Operating Revenues:
Time charter		$	2,093			$	4,377			$	10,024			$	12,205			$	6,765
Other marine services			201				437				1,108				1,175				235
			2,294				4,814				11,132				13,380				7,000
Direct Costs and Expenses:
Operating:
Personnel			2,275				3,844				5,815				6,854				6,486
Repairs and maintenance			388				423				1,309				1,950				1,479
Drydocking			363				(98	)			1,079				3,684				1,066
Insurance and loss reserves			131				267				816				1,067				702
Fuel, lubes and supplies			274				460				700				1,010				819
Other			10				206				118				631				349
			3,441				5,102				9,837				15,196				10,901
Direct Vessel (Loss) Profit(1)		$	(1,147	)		$	(288	)		$	1,295			$	(1,816	)		$	(3,901	)
Other Costs and Expenses:
Lease expense		$	128			$	129			$	148			$	139			$	136
Depreciation and amortization			1,169				1,579				3,106				3,203				3,705
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	18,711			$	17,095			$	17,983			$	19,140			$	17,294
Fleet utilization			78	%			84	%			75	%			77	%			70	%
Fleet available days			1,538				1,559				1,656				1,668				1,710
Out-of-service days for repairs, maintenance and drydockings			202				144				229				248				382
Operating Revenues:
Time charter		$	22,534			$	22,317			$	22,357			$	24,535			$	20,835
Other marine services			577				580				733				806				852
			23,111				22,897				23,090				25,341				21,687
Direct Costs and Expenses:
Operating:
Personnel			4,982				4,656				4,465				5,515				5,183
Repairs and maintenance			2,957				4,694				6,531				4,646				3,462
Drydocking			176				987				1,413				901				1,241
Insurance and loss reserves			330				481				326				899				594
Fuel, lubes and supplies			1,334				1,292				1,781				1,714				2,180
Other			3,192				2,558				3,573				2,357				2,727
			12,971				14,668				18,089				16,032				15,387
Direct Vessel Profit(1)		$	10,140			$	8,229			$	5,001			$	9,309			$	6,300
Other Costs and Expenses:
Lease expense		$	—			$	8			$	8			$	51			$	63
Depreciation and amortization			4,063				3,968				4,302				4,263				4,402
(1)      See full description of footnote above.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	15,400			$	17,587			$	17,818			$	15,506			$	17,848
Fleet utilization			63	%			73	%			64	%			73	%			75	%
Fleet available days			990				1,091				1,104				1,089				1,170
Out-of-service days for repairs, maintenance and drydockings			268				72				157				204				82
Operating Revenues:
Time charter		$	9,580			$	13,940			$	12,606			$	12,365			$	15,710
Other marine services			638				570				319				432				292
			10,218				14,510				12,925				12,797				16,002
Direct Costs and Expenses:
Operating:
Personnel			4,433				4,768				4,956				4,511				4,927
Repairs and maintenance			5,999				5,103				5,798				6,338				2,505
Drydocking			636				290				(1	)			13				1,031
Insurance and loss reserves			1,039				624				611				842				702
Fuel, lubes and supplies			899				1,691				1,241				1,279				883
Other			623				1,376				1,167				1,104				881
			13,629				13,852				13,772				14,087				10,929
Direct Vessel (Loss) Profit(1)		$	(3,411	)		$	658			$	(847	)		$	(1,290	)		$	5,073
Other Costs and Expenses:
Lease expense		$	73			$	68			$	70			$	72			$	83
Depreciation and amortization			3,101				3,160				3,231				3,227				3,230
Latin America
Time Charter Statistics:
Average rates per day worked		$	22,477			$	19,946			$	25,541			$	23,764			$	22,084
Fleet utilization			43	%			60	%			68	%			66	%			67	%
Fleet available days(2)			807				772				635				546				582
Out-of-service days for repairs, maintenance and drydockings			71				—				7				26				—
Operating Revenues:
Time charter		$	7,750			$	9,183			$	10,971			$	8,568			$	8,623
Bareboat charter			828				843				846				838				708
Other marine services			81				82				230				(114	)			1,479
			8,659				10,108				12,047				9,292				10,810
Direct Costs and Expenses:
Operating:
Personnel			3,732				3,271				2,380				2,089				1,941
Repairs and maintenance			1,256				1,532				965				714				1,074
Drydocking			77				(4	)			(61	)			545				531
Insurance and loss reserves			292				198				195				174				155
Fuel, lubes and supplies			801				1,158				743				293				664
Other			1,374				2,890				1,764				363				346
			7,532				9,045				5,986				4,178				4,711
Direct Vessel Profit(1)		$	1,127			$	1,063			$	6,061			$	5,114			$	6,099
Other Costs and Expenses:
Lease expense		$	49			$	56			$	54			$	63			$	55
Depreciation and amortization			1,997				1,338				1,486				1,397				1,473
(1)      See full description of footnote above. (2)      Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
AHTS
Operating Revenues:
Time charter		$	—			$	—			$	—			$	(22	)		$	15
Other marine services			—				—				(7	)			(9	)			9
			—				—				(7	)			(31	)			24
Direct Costs and Expenses:
Operating:
Personnel		$	—			$	12			$	11			$	9			$	1
Repairs and maintenance			—				—				(24	)			255				38
Insurance and loss reserves			—				—				—				(4	)			—
Fuel, lubes and supplies			—				1				3				(125	)			66
Other			—				9				18				(4	)			12
			—				22				8				131				117
Other Costs and Expenses:
Depreciation and amortization		$	—			$	4			$	4			$	3			$	4
FSV
Time Charter Statistics:
Average rates per day worked		$	13,833			$	14,114			$	14,007			$	13,468			$	13,786
Fleet utilization			73	%			75	%			71	%			67	%			71	%
Fleet available days			1,862				1,932				1,932				1,935				1,980
Out-of-service days for repairs, maintenance and drydockings			353				209				236				181				135
Out-of-service days for cold-stacked status			61				92				116				270				90
Operating Revenues:
Time charter		$	18,929			$	20,546			$	19,131			$	17,573			$	19,357
Other marine services			471				492				566				516				762
			19,400				21,038				19,697				18,089				20,119
Direct Costs and Expenses:
Operating:
Personnel		$	5,166			$	4,980			$	4,502			$	4,526			$	4,933
Repairs and maintenance			3,179				5,862				6,041				3,542				2,983
Drydocking			576				1,098				678				666				353
Insurance and loss reserves			663				509				270				683				517
Fuel, lubes and supplies			1,503				1,850				1,480				1,449				1,173
Other			1,683				2,147				2,889				1,428				1,782
			12,770				16,446				15,860				12,294				11,741
Other Costs and Expenses:
Depreciation and amortization		$	4,719			$	4,707			$	4,695			$	4,703			$	4,932

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
PSV
Time Charter Statistics:
Average rates per day worked		$	25,352			$	20,118			$	21,507			$	22,231			$	19,424
Fleet utilization			54	%			68	%			65	%			68	%			55	%
Fleet available days (1)			1,585				1,735				1,748				1,738				1,890
Out-of-service days for repairs, maintenance and drydockings			37				48				161				247				396
Operating Revenues:
Time charter		$	21,688			$	23,801			$	24,439			$	26,440			$	20,286
Bareboat charter			828				843				846				838				708
Other marine services			811				440				592				433				508
			23,327				25,084				25,877				27,711				21,502
Direct Costs and Expenses:
Operating:
Personnel		$	7,348			$	8,322			$	7,882			$	8,567			$	8,351
Repairs and maintenance			2,801				3,501				4,618				3,799				3,949
Drydocking			133				(166	)			1,113				1,993				2,513
Insurance and loss reserves			448				656				546				906				631
Fuel, lubes and supplies			1,201				1,985				2,030				1,858				2,594
Other			3,292				4,378				3,262				2,199				2,018
			15,223				18,676				19,451				19,322				20,056
Other Costs and Expenses:
Depreciation and amortization		$	3,574			$	3,301			$	3,968			$	3,943			$	4,133
(1)      Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
Liftboats
Time Charter Statistics:
Average rates per day worked		$	16,420			$	26,703			$	33,566			$	31,904			$	39,559
Fleet utilization			18	%			45	%			58	%			67	%			44	%
Fleet available days			450				460				641				637				713
Out-of-service days for repairs, maintenance and drydockings			270				87				188				194				87
Out-of-service days for cold-stacked status			—				—				—				—				83
Operating Revenues:
Time charter		$	1,340			$	5,470			$	12,388			$	13,682			$	12,275
Other marine services			178				359				1,128				1,168				1,289
			1,518				5,829				13,516				14,850				13,564
Direct Costs and Expenses:
Operating:
Personnel		$	2,897			$	3,241			$	5,209			$	5,673			$	5,247
Repairs and maintenance			4,594				2,375				3,943				6,022				1,571
Drydocking			543				243				639				2,484				1,003
Insurance and loss reserves			943				415				1,145				1,376				1,241
Fuel, lubes and supplies			600				715				951				1,114				712
Other			182				564				407				803				482
			9,759				7,553				12,294				17,472				10,256
Other Costs and Expenses:
Depreciation and amortization		$	2,027			$	2,026			$	3,450			$	3,424			$	3,719
Other Activity
Operating Revenues:
Other marine services		$	37			$	378			$	111			$	191			$	290
			37				378				111				191				290
Direct Costs and Expenses:
Operating:
Personnel		$	11			$	(16	)		$	12			$	194			$	5
Repairs and maintenance			26				14				25				30				(21	)
Insurance and loss reserves			(262	)			(10	)			(13	)			21				(236	)
Fuel, lubes and supplies			4				50				1				—				1
Other			42				(68	)			46				29				9
			(179	)			(30	)			71				274				(242	)
Other Costs and Expenses:
Lease expense		$	250			$	261			$	280			$	325			$	337
Depreciation and amortization			10				7				8				17				22

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
ASSETS
Current Assets:
Cash and cash equivalents		$	38,721			$	68,934			$	90,953			$	34,381			$	42,988
Restricted cash			36,711				24,182				17,255				17,174				2,440
Receivables:
Trade, net of allowance for credit loss			69,200				64,522				62,788				63,287				63,946
Other			4,897				3,965				17,308				10,946				10,413
Inventories			2,746				2,196				2,552				2,539				2,827
Prepaid expenses and other			6,007				5,173				3,448				4,716				6,075
Assets held for sale			13,376				10,812				—				—				12,195
Total current assets			171,658				179,784				194,304				133,043				140,884
Property and Equipment:
Historical cost			752,640				776,833				797,381				887,408				881,961
Accumulated depreciation			(341,790	)			(348,812	)			(344,899	)			(377,265	)			(365,422	)
			410,850				428,021				452,482				510,143				516,539
Construction in progress			52,429				47,002				40,394				31,772				27,248
Net property and equipment			463,279				475,023				492,876				541,915				543,787
Right-of-use asset - operating leases			929				982				903				1,179				3,293
Right-of-use asset - finance leases			17				19				22				25				28
Investments, at equity, and advances to 50% or less owned companies			2,951				2,938				2,707				2,310				4,507
Other assets			1,913				1,855				1,686				1,558				1,665
Total assets		$	640,747			$	660,601			$	692,498			$	680,030			$	694,164
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	481			$	405			$	510			$	543			$	540
Current portion of finance lease liabilities			12				12				11				11				11
Current portion of long-term debt			30,350				30,000				30,000				30,000				30,000
Accounts payable			16,355				21,268				25,928				26,737				28,445
Other current liabilities			25,476				19,044				24,702				24,182				16,414
Total current liabilities			72,674				70,729				81,151				81,473				75,410
Long-term operating lease liabilities			470				607				567				812				2,926
Long-term finance lease liabilities			5				8				11				14				17
Long-term debt			297,072				304,644				311,858				310,980				310,108
Deferred income taxes			18,894				19,376				20,609				18,330				20,312
Deferred gains and other liabilities			3,794				565				639				625				1,356
Total liabilities			392,909				395,929				414,835				412,234				410,129
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			284				280				281				281				293
Additional paid-in capital			473,241				471,862				470,228				468,669				480,904
Accumulated deficit			(224,249	)			(208,444	)			(193,822	)			(202,816	)			(196,089	)
Shares held in treasury			(11,428	)			(9,691	)			(9,639	)			(9,639	)			(9,628	)
Accumulated other comprehensive income, net of tax			9,669				10,344				10,294				10,980				8,234
			247,517				264,351				277,342				267,475				283,714
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			247,838				264,672				277,663				267,796				284,035
Total liabilities and equity		$	640,747			$	660,601			$	692,498			$	680,030			$	694,164

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
		Three Months Ended
		Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025				Jun. 30, 2025				Mar. 31, 2025
Cash Flows from Operating Activities:
Net (Loss) Income		$	(15,805	)		$	(14,622	)		$	8,994			$	(6,727	)		$	(15,489	)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization			10,330				10,045				12,125				12,090				12,810
Deferred financing costs amortization			42				173				(86	)			43				43
Stock-based compensation expense			1,383				1,633				1,559				1,510				1,627
Debt discount amortization			236				243				236				232				226
Allowance for credit losses			57				(620	)			627				(213	)			(407	)
Gains from equipment sales, retirements or impairments			(7,448	)			(8,210	)			(30,230	)			(19,163	)			(5,809	)
Derivative losses (gains)			—				73				(17	)			(87	)			(125	)
Interest on finance lease			1				1				1				1				1
Settlements on derivative transactions, net			—				65				—				—				(373	)
Currency (gains) losses			(478	)			38				(218	)			2,119				1,196
Deferred income taxes			(482	)			(1,233	)			2,279				(1,982	)			(1,725	)
Equity earnings			(50	)			(231	)			(393	)			(218	)			(889	)
Dividends received from equity investees			—				—				—				3,199				—
Changes in Operating Assets and Liabilities:
Accounts receivables			(5,735	)			12,222				(6,700	)			284				5,333
Other assets			(1,306	)			(1,530	)			1,385				1,901				(1,681	)
Accounts payable and accrued liabilities			4,122				(10,246	)			(221	)			4,934				(6,204	)
Net cash used in operating activities			(15,133	)			(12,199	)			(10,659	)			(2,077	)			(11,466	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(6,088	)			(8,427	)			(9,348	)			(10,213	)			(20,795	)
Proceeds from disposition of property and equipment			12,778				13,087				76,068				31,592				8,472
Net cash provided by (used in) investing activities			6,690				4,660				66,720				21,379				(12,323	)
Cash Flows from Financing Activities:
Payments on long-term debt			(7,500	)			(7,500	)			(7,500	)			(7,500	)			(5,000	)
Proceeds from issuance of long-term debt, net of debt discount and issuance costs			—				—				8,098				8,097				(396	)
Payments on finance leases			(3	)			(4	)			(3	)			(4	)			(9	)
Payments for repurchase of common stock			—				—				—				(7,089	)			—
Payments for repurchase of warrants			—				—				—				(6,668	)			—
Tax withholdings on restricted stock vesting			(1,737	)			(52	)			—				(11	)			(1,518	)
Net cash (used in) provided by financing activities			(9,240	)			(7,556	)			595				(13,175	)			(6,923	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents			(1	)			3				(3	)			—				—
Net Change in Cash, Restricted Cash and Cash Equivalents			(17,684	)			(15,092	)			56,653				6,127				(30,712	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			93,116				108,208				51,555				45,428				76,140
Cash, Restricted Cash and Cash Equivalents, End of Period		$	75,432			$	93,116			$	108,208			$	51,555			$	45,428

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
		Owned				Total
March 31, 2026
FSV			21				21
PSV			17				17
Liftboats			5				5
			43				43
December 31, 2025
FSV			21				21
PSV			18				18
Liftboats			5				5
			44				44

FAQ

What were SEACOR Marine (SMHI) Q1 2026 revenues and net loss?

SEACOR Marine reported $44.3M in operating revenues and a net loss of $15.8M. According to the company, operating loss was $6.4M and loss per share was $0.61 for the quarter.

Why did SEACOR Marine (SMHI) report lower revenues in Q1 2026?

Lower revenues were driven by fewer available vessel days after sales, repositioning, and two premium liftboats under repair. According to the company, these factors reduced utilization and available days during the quarter.

What was the impact of the PSV sale on SEACOR Marine (SMHI) Q1 2026 results?

The company sold a 2015 PSV for $14.6M, recording a $7.3M gain. According to the company, gains on asset dispositions contributed positively to quarter results but fleet sales reduced available operating days.

How many vessels does SEACOR Marine (SMHI) have held for sale and when will they sell?

At quarter end, five vessels were classified as held for sale; two were sold in April 2026 and the company expects the remaining three to sell during Q2 2026. According to the company, sales will reduce fleet size and increase liquidity.

What operational trends did SEACOR Marine (SMHI) report for regions and utilization?

Average day rates improved sequentially and Latin America and West Africa fleets are largely contracted post-quarter. According to the company, US activity remained low and utilization was 59% for Q1 2026.