SEACOR Marine Announces Second Quarter 2025 Results

Rhea-AI Summary

SEACOR Marine (NYSE:SMHI) reported mixed Q2 2025 results with operating revenues of $60.8 million, operating income of $6.1 million, and a net loss of $6.7 million ($0.26 loss per share). The company saw a 13% decrease in revenues year-over-year but a 9.6% increase from Q1 2025.

Key operational metrics include average day rates of $19,731 (up 3.1% YoY) and 68% fleet utilization. The company completed strategic asset sales of three vessels for $33.4 million, generating a $19.1 million gain. Part of the proceeds ($12.9 million) funded share and warrant repurchases from Carlyle, while the remainder will help fund new PSV construction scheduled for 2026-2027 delivery.

Positive

• Operating income of $6.1 million, compared to losses in previous periods
• Strategic vessel sales generated $33.4 million in proceeds with $19.1 million gain
• Average day rates increased 3.1% YoY to $19,731
• PSV fleet achieved 30.3% DVP margin
• Fleet utilization improved to 68% from 60% in Q1 2025

Negative

• Net loss of $6.7 million ($0.26 per share)
• 13% year-over-year revenue decline to $60.8 million
• DVP margin decreased to 18.6% from 29.1% YoY
• Higher drydocking and repair costs of $9.2 million
• Ongoing repairs to premium liftboat extending through September 2025

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HOUSTON, July 30, 2025 (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 second quarter ended June 30, 2025.

SEACOR Marine’s consolidated operating revenues for the second quarter of 2025 were $60.8 million, operating income was $6.1 million, and direct vessel profit (“DVP”)⁽¹⁾ was $11.3 million. This compares to consolidated operating revenues of $69.9 million, operating loss of $3.9 million, and DVP of $20.3 million in the second quarter of 2024, and 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.

Notable second quarter items include:

• 13.0% decrease in revenues from the second quarter of 2024 and a 9.6% increase from the first quarter of 2025.
• Average day rates of $19,731, a 3.1% increase from the second quarter of 2024, and a 4.8% increase from the first quarter of 2025.
• 68% utilization, a decrease from 69% in the second quarter of 2024 and an increase from 60% in the first quarter of 2025.
• DVP margin of 18.6%, a decrease from 29.1% in the second quarter of 2024 and a decrease from 24.5% in the first quarter of 2025, due in part to $9.2 million of drydocking and major repairs during the second quarter of 2025 compared to $8.5 million in the second quarter of 2024 and $5.2 million in the first quarter of 2025, all of which are expensed as incurred.
• During the second quarter of 2025, the Company completed the sale of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”) for total proceeds of $33.4 million and a gain of $19.1 million. Approximately $12.9 million of the proceeds were used to fund the repurchase of shares and warrants from Carlyle, and the remainder was held as restricted cash to partially fund future milestone payments for the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.
  

For the second quarter of 2025, net loss was $6.7 million ($0.26 loss per basic and diluted share). This compares to a net loss for the second quarter of 2024 of $12.5 million ($0.45 loss per basic and diluted share). Sequentially, the second quarter 2025 results compare to a net loss of $15.5 million ($0.56 loss per basic and diluted share) in the first quarter of 2025.

Chief Executive Officer John Gellert commented:

“The second quarter results reflect the changes to our fleet as we continued to implement our asset rotation and repositioning strategy.

Our PSV fleet saw substantial improvement on average rates and utilization, achieving a 30.3% DVP margin, even with two of our premium PSVs being out of the market the entire quarter for repairs; one of which also received a hybrid power management upgrade. The two PSVs that we sold during the quarter were sold at compelling values and were some of our first-generation handy size vessels targeting the shallow water market, which is seeing increased vertical integration in some geographic markets. PSVs contributed greatly to our results in Latin America and West Africa, as well as in the Middle East where we operate two of our PSVs in a walk-to-work configuration outfitted with motion compensated gangways owned by SEACOR Marine.

In the Middle East, the results were largely affected by repairs to one of our premium liftboats for almost the entire quarter. These repairs are ongoing as the scope and cost has exceeded our initial expectations, with the liftboat expected to return to service in September 2025. Despite these challenges, activity in the Middle East market continues to be healthy, and we recently mobilized an additional FSV to respond to market demand.

In the U.S., we saw a noticeable improvement driven mostly by higher day rates and utilization for our liftboats, offset by higher drydocking expense and the layup of our three FSVs in the region. We anticipate redeploying these FSVs to international markets during the third and fourth quarter of 2025.

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.

We will continue to adapt and reposition SEACOR Marine into markets and assets with lower volatility and better returns over the coming quarters and ahead of our new PSV deliveries in 2026 and 2027. We have one of the youngest fleets in the sector and will continue to demonstrate the embedded value of our assets.”
___________________

(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 June 30,								Six months ended June 30,
		2025				2024				2025				2024
Operating Revenues		$	60,810			$	69,867			$	116,309			$	132,637
Costs and Expenses:
Operating			49,493				49,520				91,421				97,619
Administrative and general			11,998				10,889				23,484				22,806
Lease expense			325				486				662				967
Depreciation and amortization			12,090				12,939				24,900				25,821
			73,906				73,834				140,467				147,213
Gains on Asset Dispositions and Impairments, Net			19,163				37				24,972				36
Operating Income (Loss)			6,067				(3,930	)			814				(14,540	)
Other Income (Expense):
Interest income			372				445				808				1,038
Interest expense			(8,844	)			(10,190	)			(18,430	)			(20,499	)
Derivative gains (losses), net			87				104				212				(439	)
Foreign currency losses, net			(2,119	)			(560	)			(3,315	)			(640	)
Other, net			—				—				—				(95	)
			(10,504	)			(10,201	)			(20,725	)			(20,635	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies			(4,437	)			(14,131	)			(19,911	)			(35,175	)
Income Tax Expense (Benefit)			2,508				(682	)			3,412				243
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(6,945	)			(13,449	)			(23,323	)			(35,418	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			218				966				1,107				(134	)
Net Loss		$	(6,727	)		$	(12,483	)		$	(22,216	)		$	(35,552	)
Net Loss Per Share:
Basic		$	(0.26	)		$	(0.45	)		$	(0.83	)		$	(1.29	)
Diluted		$	(0.26	)		$	(0.45	)		$	(0.83	)		$	(1.29	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,686,560				27,729,033				26,791,291				27,536,319
Diluted			25,686,560				27,729,033				26,791,291				27,536,319

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
						Three Months Ended
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
Time Charter Statistics:
Average Rates Per Day		$	19,731			$	18,825			$	18,901			$	18,879			$	19,141
Fleet Utilization			68	%			60	%			72	%			67	%			69	%
Fleet Available Days (2)			4,310				4,583				4,870				5,026				4,994
Operating Revenues:
Time charter		$	57,673			$	51,933			$	66,095			$	63,313			$	65,649
Bareboat charter			838				708				364				372				364
Other marine services			2,299				2,858				3,349				5,231				3,854
			60,810				55,499				69,808				68,916				69,867
Costs and Expenses:
Operating:
Personnel			18,969				18,537				20,365				21,940				21,566
Repairs and maintenance			13,648				8,520				10,433				9,945				10,244
Drydocking			5,143				3,869				2,467				6,068				6,210
Insurance and loss reserves			2,982				2,153				2,473				2,584				3,099
Fuel, lubes and supplies			4,296				4,546				4,884				6,574				3,966
Other			4,455				4,303				6,104				5,796				4,435
			49,493				41,928				46,726				52,907				49,520
Direct Vessel Profit (1)			11,317				13,571				23,082				16,009				20,347
Other Costs and Expenses:
Lease expense			325				337				347				364				486
Administrative and general			11,998				11,486				10,888				11,019				10,889
Depreciation and amortization			12,090				12,810				12,879				12,928				12,939
			24,413				24,633				24,114				24,311				24,314
Gains (Losses) on Asset Dispositions and Impairments, Net			19,163				5,809				11,624				1,821				37
Operating (Loss) Income			6,067				(5,253	)			10,592				(6,481	)			(3,930	)
Other Income (Expense):
Interest income			372				436				372				358				445
Interest expense			(8,844	)			(9,586	)			(10,001	)			(10,127	)			(10,190	)
Derivative gains (losses), net			87				125				(536	)			67				104
Loss on debt extinguishment			—				—				(31,923	)			—				—
Foreign currency (losses) gains, net			(2,119	)			(1,196	)			1,308				(1,717	)			(560	)
Other, net			—				—				187				29				—
			(10,504	)			(10,221	)			(40,593	)			(11,390	)			(10,201	)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies			(4,437	)			(15,474	)			(30,001	)			(17,871	)			(14,131	)
Income Tax Expense (Benefit)			2,508				904				(2,345	)			(513	)			(682	)
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies			(6,945	)			(16,378	)			(27,656	)			(17,358	)			(13,449	)
Equity in Earnings (Losses) of 50% or Less Owned Companies			218				889				1,430				1,012				966
Net Loss		$	(6,727	)		$	(15,489	)		$	(26,226	)		$	(16,346	)		$	(12,483	)
Net Loss Per Share:
Basic		$	(0.26	)		$	(0.56	)		$	(0.94	)		$	(0.59	)		$	(0.45	)
Diluted		$	(0.26	)		$	(0.56	)		$	(0.94	)		$	(0.59	)		$	(0.45	)
Weighted Average Common Stock and Warrants Outstanding:
Basic			25,687				27,908				27,773				27,773				27,729
Diluted			25,687				27,908				27,773				27,773				27,729
Common Shares and Warrants Outstanding at Period End			26,976				29,488				28,950				28,950				28,941

__________________
(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
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked		$	25,262			$	23,874			$	26,116			$	17,188			$	22,356
Fleet utilization			48	%			25	%			45	%			42	%			37	%
Fleet available days			1,007				1,121				920				920				921
Out-of-service days for repairs, maintenance and drydockings			144				153				75				116				179
Out-of-service days for cold-stacked status (2)			270				173				184				175				127
Operating Revenues:
Time charter		$	12,205			$	6,765			$	10,744			$	6,593			$	7,697
Other marine services			1,175				235				1,114				1,188				480
			13,380				7,000				11,858				7,781				8,177
Direct Costs and Expenses:
Operating:
Personnel			6,854				6,486				6,097				6,297				6,284
Repairs and maintenance			1,950				1,479				1,680				1,655				1,879
Drydocking			3,684				1,066				1,451				2,615				2,570
Insurance and loss reserves			1,067				702				854				799				943
Fuel, lubes and supplies			1,010				819				854				964				866
Other			631				349				229				225				226
			15,196				10,901				11,165				12,555				12,768
Direct Vessel (Loss) Profit (1)		$	(1,816	)		$	(3,901	)		$	693			$	(4,774	)		$	(4,591	)
Other Costs and Expenses:
Lease expense		$	139			$	136			$	136			$	140			$	141
Depreciation and amortization			3,203				3,705				3,196				3,194				3,194
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	19,140			$	17,294			$	16,895			$	18,875			$	18,580
Fleet utilization			77	%			70	%			73	%			77	%			74	%
Fleet available days			1,668				1,710				1,856				1,990				1,969
Out-of-service days for repairs, maintenance and drydockings			248				382				180				203				203
Out-of-service days for cold-stacked status			—				—				—				58				91
Operating Revenues:
Time charter		$	24,535			$	20,835			$	22,999			$	28,809			$	27,047
Other marine services			806				852				1,027				3,048				1,028
			25,341				21,687				24,026				31,857				28,075
Direct Costs and Expenses:
Operating:
Personnel			5,515				5,183				5,654				6,083				4,969
Repairs and maintenance			4,646				3,462				3,712				3,455				3,161
Drydocking			901				1,241				835				681				1,226
Insurance and loss reserves			899				594				577				599				819
Fuel, lubes and supplies			1,714				2,180				2,226				2,514				1,170
Other			2,357				2,727				3,748				3,975				2,801
			16,032				15,387				16,752				17,307				14,146
Direct Vessel Profit (1)		$	9,309			$	6,300			$	7,274			$	14,550			$	13,929
Other Costs and Expenses:
Lease expense		$	51			$	63			$	82			$	75			$	172
Depreciation and amortization			4,263				4,402				4,477				4,540				4,565

__________________
(1) See full description of footnote above.
(2) Includes three FSVs cold-stacked in this region as of June 30, 2025.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics)
						Three Months Ended
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	15,506			$	17,848			$	17,337			$	17,825			$	17,083
Fleet utilization			73	%			75	%			88	%			71	%			82	%
Fleet available days			1,089				1,170				1,266				1,288				1,296
Out-of-service days for repairs, maintenance and drydockings			204				82				30				229				168
Operating Revenues:
Time charter		$	12,365			$	15,710			$	19,385			$	16,411			$	18,073
Other marine services			432				292				635				375				619
			12,797				16,002				20,020				16,786				18,692
Direct Costs and Expenses:
Operating:
Personnel			4,511				4,927				5,470				5,769				6,930
Repairs and maintenance			6,338				2,505				3,574				3,318				3,443
Drydocking			13				1,031				(226	)			832				707
Insurance and loss reserves			842				702				804				927				798
Fuel, lubes and supplies			1,279				883				840				1,043				1,103
Other			1,104				881				1,305				1,131				989
			14,087				10,929				11,767				13,020				13,970
Direct Vessel Profit (1)		$	(1,290	)		$	5,073			$	8,253			$	3,766			$	4,722
Other Costs and Expenses:
Lease expense		$	72			$	83			$	72			$	73			$	71
Depreciation and amortization			3,227				3,230				3,272				3,261				3,247
Latin America
Time Charter Statistics:
Average rates per day worked		$	23,764			$	22,084			$	21,390			$	21,984			$	22,437
Fleet utilization			66	%			67	%			73	%			63	%			71	%
Fleet available days (2)			546				582				828				828				808
Out-of-service days for repairs, maintenance and drydockings			26				—				20				94				41
Operating Revenues:
Time charter		$	8,568			$	8,623			$	12,967			$	11,500			$	12,832
Bareboat charter			838				708				364				372				364
Other marine services			(114	)			1,479				573				620				1,727
			9,292				10,810				13,904				12,492				14,923
Direct Costs and Expenses:
Operating:
Personnel			2,089				1,941				3,144				3,791				3,383
Repairs and maintenance			714				1,074				1,467				1,517				1,761
Drydocking			545				531				407				1,940				1,707
Insurance and loss reserves			174				155				238				259				539
Fuel, lubes and supplies			293				664				964				2,053				827
Other			363				346				822				465				419
			4,178				4,711				7,042				10,025				8,636
Direct Vessel Profit (1)		$	5,114			$	6,099			$	6,862			$	2,467			$	6,287
Other Costs and Expenses:
Lease expense		$	63			$	55			$	57			$	76			$	102
Depreciation and amortization			1,397				1,473				1,934				1,933				1,933

__________________
(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
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
AHTS
Time Charter Statistics:
Average rates per day worked		$	—			$	—			$	10,410			$	10,316			$	8,125
Fleet utilization			—	%			—	%			79	%			46	%			49	%
Fleet available days			—				—				178				334				364
Out-of-service days for repairs, maintenance and drydockings			—				—				28				87				29
Out-of-service days for cold-stacked status			—				—				—				58				91
Operating Revenues:
Time charter		$	(22	)		$	15			$	1,465			$	1,576			$	1,459
Other marine services			(9	)			9				—				13				219
			(31	)			24				1,465				1,589				1,678
Direct Costs and Expenses:
Operating:
Personnel		$	9			$	1			$	595			$	981			$	1,045
Repairs and maintenance			255				38				128				239				465
Drydocking			—				—				5				436				280
Insurance and loss reserves			(4	)			—				49				66				97
Fuel, lubes and supplies			(125	)			66				25				90				69
Other			(4	)			12				210				263				230
			131				117				1,012				2,075				2,186
Other Costs and Expenses:
Lease expense		$	—			$	—			$	7			$	4			$	164
Depreciation and amortization			3				4				122				175				175
FSV
Time Charter Statistics:
Average rates per day worked		$	13,468			$	13,786			$	13,643			$	13,102			$	12,978
Fleet utilization			67	%			71	%			72	%			81	%			80	%
Fleet available days			1,935				1,980				2,024				2,024				2,002
Out-of-service days for repairs, maintenance and drydockings			181				135				118				96				128
Out-of-service days for cold-stacked status			270				90				92				83				36
Operating Revenues:
Time charter		$	17,573			$	19,357			$	19,992			$	21,606			$	20,698
Other marine services			516				762				416				1,012				516
			18,089				20,119				20,408				22,618				21,214
Direct Costs and Expenses:
Operating:
Personnel		$	4,526			$	4,933			$	5,078			$	5,637			$	5,829
Repairs and maintenance			3,542				2,983				4,480				4,378				4,572
Drydocking			666				353				426				448				457
Insurance and loss reserves			683				517				422				532				546
Fuel, lubes and supplies			1,449				1,173				1,586				1,962				993
Other			1,428				1,782				2,456				2,238				1,850
			12,294				11,741				14,448				15,195				14,247
Other Costs and Expenses:
Depreciation and amortization		$	4,703			$	4,932			$	4,746			$	4,744			$	4,746

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
						Three Months Ended
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
PSV
Time Charter Statistics:
Average rates per day worked		$	22,231			$	19,424			$	17,912			$	21,819			$	20,952
Fleet utilization			68	%			55	%			72	%			58	%			66	%
Fleet available days (1)			1,738				1,890				1,932				1,932				1,900
Out-of-service days for repairs, maintenance and drydockings			247				396				117				349				291
Operating Revenues:
Time charter		$	26,440			$	20,286			$	24,865			$	24,488			$	26,390
Bareboat charter			838				708				364				372				364
Other marine services			433				508				1,561				2,855				2,266
			27,711				21,502				26,790				27,715				29,020
Direct Costs and Expenses:
Operating:
Personnel		$	8,567			$	8,351			$	8,999			$	9,360			$	8,979
Repairs and maintenance			3,799				3,949				4,101				3,798				3,151
Drydocking			1,993				2,513				1,046				2,629				2,616
Insurance and loss reserves			906				631				618				636				1,037
Fuel, lubes and supplies			1,858				2,594				2,379				3,594				1,575
Other			2,199				2,018				2,566				2,821				1,850
			19,322				20,056				19,709				22,838				19,208
Other Costs and Expenses:
Lease expense		$	—			$	—			$	—			$	(3	)		$	3
Depreciation and amortization			3,943				4,133				4,122				4,117				4,128

__________________
(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
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
Liftboats
Time Charter Statistics:
Average rates per day worked		$	31,904			$	39,559			$	39,326			$	36,423			$	43,204
Fleet utilization			67	%			44	%			68	%			58	%			54	%
Fleet available days			637				713				736				736				728
Out-of-service days for repairs, maintenance and drydockings			194				87				41				109				143
Out-of-service days for cold-stacked status			—				83				92				92				91
Operating Revenues:
Time charter		$	13,682			$	12,275			$	19,773			$	15,643			$	17,102
Other marine services			1,168				1,289				1,177				1,142				666
			14,850				13,564				20,950				16,785				17,768
Direct Costs and Expenses:
Operating:
Personnel		$	5,673			$	5,247			$	5,678			$	5,926			$	6,842
Repairs and maintenance			6,022				1,571				1,722				1,531				2,054
Drydocking			2,484				1,003				990				2,555				2,857
Insurance and loss reserves			1,376				1,241				1,384				1,334				1,482
Fuel, lubes and supplies			1,114				712				894				928				1,329
Other			803				482				860				473				519
			17,472				10,256				11,528				12,747				15,083
Other Costs and Expenses:
Depreciation and amortization			3,424				3,719				3,866				3,866				3,865
Other Activity
Operating Revenues:
Other marine services		$	191			$	290			$	195			$	209			$	187
			191				290				195				209				187
Direct Costs and Expenses:
Operating:
Personnel		$	194			$	5			$	15			$	36			$	(1,129	)
Repairs and maintenance			30				(21	)			2				(1	)			2
Insurance and loss reserves			21				(236	)			—				16				(63	)
Fuel, lubes and supplies			—				1				—				—				—
Other			29				9				12				1				(14	)
			274				(242	)			29				52				(1,204	)
Other Costs and Expenses:
Lease expense		$	325			$	337			$	340			$	363			$	319
Depreciation and amortization			17				22				23				26				25

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents		$	34,381			$	42,988			$	59,491			$	35,601			$	40,605
Restricted cash			17,174				2,440				16,649				2,263				2,255
Receivables:
Trade, net of allowance for credit loss			63,287				63,946				69,888				76,497				70,770
Other			10,439				8,811				7,913				7,841				6,210
Tax receivable			507				1,602				1,601				983				983
Inventories			2,539				2,827				2,760				3,139				3,117
Prepaid expenses and other			4,716				6,075				4,406				4,840				5,659
Assets held for sale			—				12,195				10,943				—				500
Total current assets			133,043				140,884				173,651				131,164				130,099
Property and Equipment:
Historical cost			887,408				881,961				900,414				921,445				921,443
Accumulated depreciation			(377,265	)			(365,422	)			(367,448	)			(362,604	)			(349,799	)
			510,143				516,539				532,966				558,841				571,644
Construction in progress			31,772				27,248				11,904				11,935				11,518
Net property and equipment			541,915				543,787				544,870				570,776				583,162
Right-of-use asset - operating leases			1,179				3,293				3,436				3,575				3,683
Right-of-use asset - finance leases			25				28				36				19				28
Investments, at equity, and advances to 50% or less owned companies			2,310				4,507				3,541				2,046				2,641
Other assets			1,558				1,665				1,577				1,864				1,953
Total assets		$	680,030			$	694,164			$	727,111			$	709,444			$	721,566
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	543			$	540			$	606			$	494			$	861
Current portion of finance lease liabilities			11				11				17				17				26
Current portion of long-term debt			30,000				30,000				27,500				28,605				28,605
Accounts payable			26,737				28,445				29,236				22,744				17,790
Other current liabilities			24,182				16,414				27,683				28,808				23,795
Total current liabilities			81,473				75,410				85,042				80,668				71,077
Long-term operating lease liabilities			812				2,926				2,982				3,221				3,276
Long-term finance lease liabilities			14				17				20				4				5
Long-term debt			310,980				310,108				317,339				272,325				277,740
Deferred income taxes			18,330				20,312				22,037				26,802				30,083
Deferred gains and other liabilities			625				1,356				1,369				1,416				1,447
Total liabilities			412,234				410,129				428,789				384,436				383,628
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			281				293				287				287				286
Additional paid-in capital			468,669				480,904				479,283				477,661				476,020
Accumulated deficit			(202,816	)			(196,089	)			(180,600	)			(154,374	)			(138,028	)
Shares held in treasury			(9,639	)			(9,628	)			(8,110	)			(8,110	)			(8,110	)
Accumulated other comprehensive income, net of tax			10,980				8,234				7,141				9,223				7,449
			267,475				283,714				298,001				324,687				337,617
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			267,796				284,035				298,322				325,008				337,938
Total liabilities and equity		$	680,030			$	694,164			$	727,111			$	709,444			$	721,566

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
										Three Months Ended
		Jun. 30, 2025				Mar. 31, 2025				Dec. 31, 2024				Sep. 30, 2024				Jun. 30, 2024
Cash Flows from Operating Activities:
Net Loss		$	(6,727	)		$	(15,489	)		$	(26,226	)		$	(16,346	)		$	(12,483	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization			12,090				12,810				12,879				12,928				12,939
Deferred financing costs amortization			43				43				254				298				297
Stock-based compensation expense			1,510				1,627				1,622				1,604				1,587
Debt discount amortization			232				226				1,799				2,061				1,993
Allowance for credit losses			(213	)			(407	)			59				101				39
(Gains) losses from equipment sales, retirements or impairments			(19,163	)			(5,809	)			(11,624	)			(1,821	)			(37	)
Losses on debt extinguishment			—				—				28,252				—				—
Derivative (gains) losses			(87	)			(125	)			536				(67	)			(104	)
Interest on finance lease			1				1				2				—				1
Settlements on derivative transactions, net			—				(373	)			—				—				—
Currency losses (gains)			2,119				1,196				(1,308	)			1,717				560
Deferred income taxes			(1,982	)			(1,725	)			(4,766	)			(3,281	)			(3,790	)
Equity (earnings) losses			(218	)			(889	)			(1,430	)			(1,012	)			(966	)
Dividends received from equity investees			3,199				—				—				1,498				1,418
Changes in Operating Assets and Liabilities:
Accounts receivables			284				5,333				5,448				(7,411	)			(6,928	)
Other assets			1,901				(1,681	)			1,338				1,032				(2,395	)
Accounts payable and accrued liabilities			4,934				(6,204	)			1,693				9,325				(4,378	)
Net cash (used in) provided by operating activities			(2,077	)			(11,466	)			8,528				626				(12,247	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(10,213	)			(20,795	)			(3,010	)			(210	)			(658	)
Proceeds from disposition of property and equipment			31,592				8,472				22,441				2,331				86
Net cash (used in) provided by investing activities			21,379				(12,323	)			19,431				2,121				(572	)
Cash Flows from Financing Activities:
Payments on long-term debt			(7,500	)			(5,000	)			(2,479	)			(7,770	)			(6,533	)
Payments on debt extinguishment			—				—				(328,712	)			—				—
Payments on debt extinguishment cost			—				—				(3,671	)			—				—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs			8,097				(396	)			345,192				—				—
Payments on finance leases			(4	)			(9	)			(13	)			(10	)			(9	)
Payments for repurchase of common stock			(7,089	)			—				—				—				—
Payments for repurchase of warrants			(6,668	)			—				—				—				—
Proceeds from exercise of stock options and warrants			—				—				—				38				102
Tax withholdings on restricted stock vesting			(11	)			(1,518	)			—				—				(39	)
Net cash (used in) provided by financing activities			(13,175	)			(6,923	)			10,317				(7,742	)			(6,479	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents			—				—				—				(1	)			(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents			6,127				(30,712	)			38,276				(4,996	)			(19,299	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			45,428				76,140				37,864				42,860				62,159
Cash, Restricted Cash and Cash Equivalents, End of Period		$	51,555			$	45,428			$	76,140			$	37,864			$	42,860

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
		Owned				Managed				Total
June 30, 2025
AHTS			—				1				1
FSV			21				1				22
PSV			19				—				19
Liftboats			7				—				7
			47				2				49
December 31, 2024
AHTS			—				2				2
FSV			22				1				23
PSV			21				—				21
Liftboats			8				—				8
			51				3				54

FAQ

What were SEACOR Marine's (SMHI) key financial results for Q2 2025?

SEACOR Marine reported operating revenues of $60.8 million, operating income of $6.1 million, and a net loss of $6.7 million ($0.26 per share).

How much did SEACOR Marine (SMHI) generate from vessel sales in Q2 2025?

SEACOR Marine sold three vessels (two PSVs and one FSV) for total proceeds of $33.4 million, generating a gain of $19.1 million.

What was SEACOR Marine's (SMHI) fleet utilization and average day rate in Q2 2025?

The company achieved 68% fleet utilization and average day rates of $19,731, representing a 3.1% increase from Q2 2024.

How did SEACOR Marine (SMHI) use the proceeds from vessel sales?

$12.9 million was used to repurchase shares and warrants from Carlyle, while the remainder was held as restricted cash for future PSV construction payments.

What is SEACOR Marine's (SMHI) vessel delivery outlook?

The company has two new PSVs scheduled for delivery in the fourth quarter of 2026 and first quarter of 2027.