SEACOR Marine Announces Third Quarter 2025 Results
SEACOR Marine (NYSE: SMHI) reported Q3 2025 results for the quarter ended September 30, 2025: operating revenues $59.2M, operating income $18.1M, DVP $11.5M and net income $9.0M ($0.35 per share).
Key trends: revenues down 14.1% YoY and 2.7% sequentially, average day rates $19,490, fleet utilization 66%, and DVP margin 19.4%. The company completed sale of two 335’ liftboats for $76.0M proceeds and a $30.5M gain; drydocking and major repairs were $9.9M in the quarter. SEACOR Marine said it won multi-year PSV contracts in Brazil commencing Q1 2026 and is refocusing fleet away from volatile markets.
SEACOR Marine (NYSE: SMHI) ha riportato i risultati del Q3 2025 per il trimestre terminato il 30 settembre 2025: ricavi operativi 59,2 milioni di dollari, utile operativo 18,1 milioni, DVP 11,5 milioni e utile netto 9,0 milioni (0,35 dollari per azione).
Andamenti chiave: i ricavi in calo del 14,1% anno su anno e 2,7% sequenziale, tariffe medie giornaliere di 19.490 dollari, utilizzo della flotta 66% e margine DVP 19,4%. L'azienda ha completato la vendita di due liftboats da 335’ per proventi di 76,0 milioni di dollari e una guadagno di 30,5 milioni; i lavori di stazionamento e le riparazioni principali sono stati 9,9 milioni nel trimestre. SEACOR Marine ha dichiarato di aver vinto contratti PSV pluriennali in Brasile che inizieranno nel Q1 2026 e sta riallocando la flotta lontano da mercati volatili.
SEACOR Marine (NYSE: SMHI) reportó resultados del tercer trimestre de 2025 para el trimestre terminado el 30 de septiembre de 2025: ingresos operativos 59,2 M$, resultado operativo 18,1 M$, DVP 11,5 M$ y ingreso neto 9,0 M$ (0,35 $ por acción).
Las tendencias clave: los ingresos cayeron 14,1% interanual y 2,7% secuencial, las tarifas diarias promedio de 19.490 $, utilización de la flota 66% y margen DVP 19,4%. La empresa completó la venta de dos liftboats de 335’ por proventos de 76,0 M$ y una ganancia de 30,5 M$; los trabajos de descargue en seco y reparaciones importantes fueron de 9,9 M$ en el trimestre. SEACOR Marine indicó que obtuvo contratos PSV plurianuales en Brasil que comienzan en el Q1 de 2026 y está reorientando la flota fuera de mercados volátiles.
SEACOR Marine (NYSE: SMHI)는 2025년 3분기에 대한 2025년 9월 30일 종료 분기의 실적을 발표했습니다: 영업수익 5,920만 달러, 영업이익 1,810만 달러, DVP 1,150만 달러 및 순이익 900만 달러 (주당 0.35달러).
핵심 추세: 매출은 연간 대비 14.1% 감소, 전분기 대비 2.7% 감소, 평균 일일 요금 19,490달러, 함대 가동률 66%, DVP 마진 19.4%. 회사는 335피트급 리프트보트 2대를 7,600만 달러의 수익으로 매각했고 3,050만 달러의 이익을 기록했습니다; 건조 및 주요 수리는 분기 내 9.9백만 달러였습니다. SEACOR Marine은 2026년 1분기에 시작하는 브라질의 다년 PSV 계약을 수주했고 변동성이 큰 시장에서 함대를 재배치하고 있습니다.
SEACOR Marine (NYSE: SMHI) a publié les résultats du T3 2025 pour le trimestre terminé le 30 septembre 2025 : revenus opérationnels 59,2 M$, résultat opérationnel 18,1 M$, DVP 11,5 M$ et résultat net 9,0 M$ (0,35 $ par action).
Principales tendances : les revenus ont diminué de 14,1% en glissement annuel et de 2,7% séquentiellement, tarif moyen journalier 19 490 $, taux d’utilisation de la flotte 66% et marge DVP 19,4%. La société a complété la cession de deux liftboats de 335’ pour 76,0 M$ de produits et une plus-value de 30,5 M$; le carénage et les réparations majeures ont été de 9,9 M$ au trimestre. SEACOR Marine indique avoir remporté des contrats PSV pluriannuels au Brésil qui débutent au T1 2026 et réoriente sa flotte hors des marchés volatils.
SEACOR Marine (NYSE: SMHI) meldete die Ergebnisse für das dritte Quartal 2025 zum Quartal beendet am 30. September 2025: betriebliche Umsätze 59,2 Mio. USD, operatives Ergebnis 18,1 Mio. USD, DVP 11,5 Mio. USD und Nettoeinkommen 9,0 Mio. USD (0,35 USD pro Aktie).
Kerntrends: Umsätze um 14,1% YoY und 2,7% sequenziell gefallen, durchschnittliche Tagessätze 19.490 USD, Flottenauslastung 66% und DVP-Marge 19,4%. Das Unternehmen schloss den Verkauf von zwei 335-Fuß-Liftboats für 76,0 Mio. USD Erträge und eine 30,5 Mio. USD Gewinn ab; Trockenlegung und größere Reparaturen betrugen im Quartal 9,9 Mio. USD. SEACOR Marine teilte mit, dass es mehrjährige PSV-Verträge in Brasilien gewonnen hat, die im Q1 2026 beginnen, und richtet die Flotte von volatilen Märkten weg.
SEACOR Marine (NYSE: SMHI) أبلغت عن نتائج الربع الثالث من 2025 للربع المنتهي في 30 سبتمبر 2025: الإيرادات التشغيلية 59.2 مليون دولار، الدخل التشغيلي 18.1 مليون دولار، DVP 11.5 مليون دولار و صافي الدخل 9.0 مليون دولار (0.35 دولار للسهم).
الاتجاهات الرئيسية: الإيرادات منخفضة بنسبة 14.1% سنوياً و 2.7% تسلسلياً، ومتوسط الأسعار اليومية 19,490 دولار، واستخدام الأسطول 66% وهوامش DVP 19.4%. أكملت الشركة بيع سفن رفع 335 قدمًا مقابل عوائد قدرها 76.0 مليون دولار و ربح قدره 30.5 مليون دولار؛ أعمال الجاف وعمليات الإصلاح الكبرى كانت 9.9 مليون دولار في الربع. قالت SEACOR Marine إنها فازت بعقود PSV متعددة السنوات في البرازيل ستبدأ في الربع الأول من 2026 وتعيد توجيه أسطولها بعيداً عن الأسواق المتقلبة.
SEACOR Marine（NYSE: SMHI） 公布了 2025 年第三季度的业绩，季度结束日为 2025 年 9 月 30 日：经营收入 5,920 万美元、经营利润 1,810 万美元、DVP 1,150 万美元以及 净利润 900 万美元（每股 0.35 美元）。
主要趋势：收入同比下降 14.1%，环比下降 2.7%，平均日租金 19,490 美元，舰队利用率 66%，DVP 边际为 19.4%。公司完成了两艘 335 英尺 Liftboats 的出售，获得 7,60,0 万美元的收益和 3,050 万美元的收益；干船坞与重大修理在本季度为 9,900,000 美元。SEACOR Marine 表示，其在巴西获得的多项 PSV 长期合同将于 2026 年第一季度开始，现正将舰队从波动性市场重新定位。
- Liftboat sale proceeds of $76.0M
- Gain on sale of $30.5M in Q3 2025
- Net income of $9.0M (Q3 2025) and EPS $0.35
- Multi-year PSV contracts in Brazil with start in Q1 2026
- Revenues down 14.1% YoY
- Fleet utilization decreased to 66%
- Operating revenues declined to $59.2M from $68.9M
- Drydocking and repairs $9.9M in Q3 2025
Insights
Quarter shows operational softness but a material one‑time gain that produced positive net income and stronger liquidity.
Consolidated revenues declined to
Key dependencies and risks include continued soft North Sea demand and fleet downtime: management cited off‑hire repairs and removal of liftboats from the market during sale as drivers of lower utilization. The company disclosed multi‑year PSV contracts in Brazil commencing in
HOUSTON, Oct. 29, 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 third quarter ended September 30, 2025.
SEACOR Marine’s consolidated operating revenues for the third quarter of 2025 were
Notable third quarter items include:
14.1% decrease in revenues from the third quarter of 2024 and a2.7% decrease from the second quarter of 2025.- Average day rates of
$19,490 , a3.2% increase from the third quarter of 2024, and a1.2% decrease from the second quarter of 2025. 66% utilization, a decrease from67% in the third quarter of 2024 and a decrease from68% in the second quarter of 2025.- DVP margin of
19.4% , a decrease from23.2% in the third quarter of 2024 and an increase from18.6% in the second quarter of 2025, due in part to$9.9 million of drydocking and major repairs during the third quarter of 2025 compared to$8.3 million in the third quarter of 2024 and$9.2 million in the second quarter of 2025, all of which are expensed as incurred. - During the third quarter of 2025, the Company completed the sale of two 335’ class liftboats for total proceeds of
$76.0 million and a gain of$30.5 million .
For the third quarter of 2025, net income was
Chief Executive Officer John Gellert commented:
“The third quarter results reflect lower revenues driven by lower utilization in our premium liftboat fleet and soft market conditions in the North Sea.
As previously announced, we completed the sale of our two 335’ class liftboats to a foreign buyer at the end of the third quarter. In connection with this sale we incurred some market downtime during the quarter as the two liftboats were taken off the market in order to ensure a timely delivery. Additionally, one of our premium liftboats in the Middle East remained off hire undergoing repairs during the entire quarter. This vessel has now completed its repairs and is mobilizing towards a contract.
Average rates held steady during the quarter, despite poor utilization and pricing in the North Sea, and each of our reporting segments reported positive DVP for the quarter, except the Middle East due to the ongoing repairs of the premium liftboat, which are now completed.
Our fast supply vessel (“FSV”) fleet saw improved utilization and dayrate performance. We reactivated two of the three FSVs previously cold-stacked in the U.S., with one FSV redeployed to a contract internationally during the quarter and another one being prepared for service in international markets.
The platform supply vessel (“PSV”) fleet generated a
The successful execution of the liftboat sale during the third quarter demonstrates the deep value of our fleet and allows us to continue our strategic shift away from high volatility markets. We are streamlining our cost structure to reflect the recent asset sales and will utilize our improved liquidity profile to fund our newbuild PSV program and position ourselves for developments in offshore markets in the near term. With a better positioned fleet, an improved cost structure and a strengthened balance sheet, we will continue to explore opportunities to redeploy capital into more attractive assets or consolidation.”
| _______________ | ||
| (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 September 30, | Nine months ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Operating Revenues | $ | 59,194 | $ | 68,916 | $ | 175,503 | $ | 201,553 | ||||||||
| Costs and Expenses: | ||||||||||||||||
| Operating | 47,684 | 52,907 | 139,105 | 150,526 | ||||||||||||
| Administrative and general | 11,269 | 11,019 | 34,753 | 33,825 | ||||||||||||
| Lease expense | 280 | 364 | 942 | 1,331 | ||||||||||||
| Depreciation and amortization | 12,125 | 12,928 | 37,025 | 38,749 | ||||||||||||
| 71,358 | 77,218 | 211,825 | 224,431 | |||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 30,230 | 1,821 | 55,202 | 1,857 | ||||||||||||
| Operating Income (Loss) | 18,066 | (6,481 | ) | 18,880 | (21,021 | ) | ||||||||||
| Other Income (Expense): | ||||||||||||||||
| Interest income | 297 | 358 | 1,105 | 1,396 | ||||||||||||
| Interest expense | (8,947 | ) | (10,127 | ) | (27,377 | ) | (30,626 | ) | ||||||||
| Derivative gains (losses), net | 17 | 67 | 229 | (372 | ) | |||||||||||
| Foreign currency gains (losses), net | 218 | (1,717 | ) | (3,097 | ) | (2,357 | ) | |||||||||
| Gains on insurance claim settlement | 4,581 | — | 4,581 | — | ||||||||||||
| Other, net | (221 | ) | 29 | (221 | ) | (66 | ) | |||||||||
| (4,055 | ) | (11,390 | ) | (24,780 | ) | (32,025 | ) | |||||||||
| Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of | 14,011 | (17,871 | ) | (5,900 | ) | (53,046 | ) | |||||||||
| Income Tax Expense (Benefit) | 5,410 | (513 | ) | 8,822 | (270 | ) | ||||||||||
| Income (Loss) Before Equity in Earnings of | 8,601 | (17,358 | ) | (14,722 | ) | (52,776 | ) | |||||||||
| Equity in Earnings of | 393 | 1,012 | 1,500 | 878 | ||||||||||||
| Net Income (Loss) | $ | 8,994 | $ | (16,346 | ) | $ | (13,222 | ) | $ | (51,898 | ) | |||||
| Net Earnings (Loss) Per Share: | ||||||||||||||||
| Basic | $ | 0.35 | $ | (0.59 | ) | $ | (0.50 | ) | $ | (1.88 | ) | |||||
| Diluted | $ | 0.35 | $ | (0.59 | ) | $ | (0.50 | ) | $ | (1.88 | ) | |||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||
| Basic | 25,657,809 | 27,772,733 | 26,409,312 | 27,615,699 | ||||||||||||
| Diluted | 25,887,710 | 27,772,733 | 26,409,312 | 27,615,699 | ||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average Rates Per Day | $ | 19,490 | $ | 19,731 | $ | 18,825 | $ | 18,901 | $ | 18,879 | ||||||||||
| Fleet Utilization | 66 | % | 68 | % | 60 | % | 72 | % | 67 | % | ||||||||||
| Fleet Available Days (2) | 4,321 | 4,310 | 4,583 | 4,870 | 5,026 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 55,958 | $ | 57,673 | $ | 51,933 | $ | 66,095 | $ | 63,313 | ||||||||||
| Bareboat charter | 846 | 838 | 708 | 364 | 372 | |||||||||||||||
| Other marine services | 2,390 | 2,299 | 2,858 | 3,349 | 5,231 | |||||||||||||||
| 59,194 | 60,810 | 55,499 | 69,808 | 68,916 | ||||||||||||||||
| Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 17,616 | 18,969 | 18,537 | 20,365 | 21,940 | |||||||||||||||
| Repairs and maintenance | 14,603 | 13,648 | 8,520 | 10,433 | 9,945 | |||||||||||||||
| Drydocking | 2,430 | 5,143 | 3,869 | 2,467 | 6,068 | |||||||||||||||
| Insurance and loss reserves | 1,948 | 2,982 | 2,153 | 2,473 | 2,584 | |||||||||||||||
| Fuel, lubes and supplies | 4,465 | 4,296 | 4,546 | 4,884 | 6,574 | |||||||||||||||
| Other | 6,622 | 4,455 | 4,303 | 6,104 | 5,796 | |||||||||||||||
| 47,684 | 49,493 | 41,928 | 46,726 | 52,907 | ||||||||||||||||
| Direct Vessel Profit (1) | 11,510 | 11,317 | 13,571 | 23,082 | 16,009 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | 280 | 325 | 337 | 347 | 364 | |||||||||||||||
| Administrative and general | 11,269 | 11,998 | 11,486 | 10,888 | 11,019 | |||||||||||||||
| Depreciation and amortization | 12,125 | 12,090 | 12,810 | 12,879 | 12,928 | |||||||||||||||
| 23,674 | 24,413 | 24,633 | 24,114 | 24,311 | ||||||||||||||||
| Gains on Asset Dispositions and Impairments, Net | 30,230 | 19,163 | 5,809 | 11,624 | 1,821 | |||||||||||||||
| Operating Income (Loss) | 18,066 | 6,067 | (5,253 | ) | 10,592 | (6,481 | ) | |||||||||||||
| Other Income (Expense): | ||||||||||||||||||||
| Interest income | 297 | 372 | 436 | 372 | 358 | |||||||||||||||
| Interest expense | (8,947 | ) | (8,844 | ) | (9,586 | ) | (10,001 | ) | (10,127 | ) | ||||||||||
| Derivative gains (losses), net | 17 | 87 | 125 | (536 | ) | 67 | ||||||||||||||
| Loss on debt extinguishment | — | — | — | (31,923 | ) | — | ||||||||||||||
| Foreign currency gains (losses), net | 218 | (2,119 | ) | (1,196 | ) | 1,308 | (1,717 | ) | ||||||||||||
| Gains on insurance claim settlement | 4,581 | — | — | — | — | |||||||||||||||
| Other, net | (221 | ) | — | — | 187 | 29 | ||||||||||||||
| (4,055 | ) | (10,504 | ) | (10,221 | ) | (40,593 | ) | (11,390 | ) | |||||||||||
| Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of | 14,011 | (4,437 | ) | (15,474 | ) | (30,001 | ) | (17,871 | ) | |||||||||||
| Income Tax Expense (Benefit) | 5,410 | 2,508 | 904 | (2,345 | ) | (513 | ) | |||||||||||||
| Income (Loss) Before Equity in Earnings of | 8,601 | (6,945 | ) | (16,378 | ) | (27,656 | ) | (17,358 | ) | |||||||||||
| Equity in Earnings of | 393 | 218 | 889 | 1,430 | 1,012 | |||||||||||||||
| Net Income (Loss) | $ | 8,994 | $ | (6,727 | ) | $ | (15,489 | ) | $ | (26,226 | ) | $ | (16,346 | ) | ||||||
| Net Earnings (Loss) Per Share: | ||||||||||||||||||||
| Basic | $ | 0.35 | $ | (0.26 | ) | $ | (0.56 | ) | $ | (0.94 | ) | $ | (0.59 | ) | ||||||
| Diluted | $ | 0.35 | $ | (0.26 | ) | $ | (0.56 | ) | $ | (0.94 | ) | $ | (0.59 | ) | ||||||
| Weighted Average Common Stock and Warrants Outstanding: | ||||||||||||||||||||
| Basic | 25,658 | 25,687 | 27,908 | 27,773 | 27,773 | |||||||||||||||
| Diluted | 25,888 | 25,687 | 27,908 | 27,773 | 27,773 | |||||||||||||||
| Common Shares and Warrants Outstanding at Period End | 26,976 | 26,976 | 29,488 | 28,950 | 28,950 | |||||||||||||||
| __________ | ||||||||||||||||||||
| (1) See full description of footnote above. | ||||||||||||||||||||
| (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates. | ||||||||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| United States, primarily Gulf of America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 20,419 | $ | 25,262 | $ | 23,874 | $ | 26,116 | $ | 17,188 | ||||||||||
| Fleet utilization | 53 | % | 48 | % | 25 | % | 45 | % | 42 | % | ||||||||||
| Fleet available days | 926 | 1,007 | 1,121 | 920 | 920 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 191 | 144 | 153 | 75 | 116 | |||||||||||||||
| Out-of-service days for cold-stacked status (2) | 116 | 270 | 173 | 184 | 175 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 10,024 | $ | 12,205 | $ | 6,765 | $ | 10,744 | $ | 6,593 | ||||||||||
| Other marine services | 1,108 | 1,175 | 235 | 1,114 | 1,188 | |||||||||||||||
| 11,132 | 13,380 | 7,000 | 11,858 | 7,781 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 5,815 | 6,854 | 6,486 | 6,097 | 6,297 | |||||||||||||||
| Repairs and maintenance | 1,309 | 1,950 | 1,479 | 1,680 | 1,655 | |||||||||||||||
| Drydocking | 1,079 | 3,684 | 1,066 | 1,451 | 2,615 | |||||||||||||||
| Insurance and loss reserves | 816 | 1,067 | 702 | 854 | 799 | |||||||||||||||
| Fuel, lubes and supplies | 700 | 1,010 | 819 | 854 | 964 | |||||||||||||||
| Other | 118 | 631 | 349 | 229 | 225 | |||||||||||||||
| 9,837 | 15,196 | 10,901 | 11,165 | 12,555 | ||||||||||||||||
| Direct Vessel Profit (Loss) (1) | $ | 1,295 | $ | (1,816 | ) | $ | (3,901 | ) | $ | 693 | $ | (4,774 | ) | |||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 148 | $ | 139 | $ | 136 | $ | 136 | $ | 140 | ||||||||||
| Depreciation and amortization | 3,106 | 3,203 | 3,705 | 3,196 | 3,194 | |||||||||||||||
| Africa and Europe | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 17,983 | $ | 19,140 | $ | 17,294 | $ | 16,895 | $ | 18,875 | ||||||||||
| Fleet utilization | 75 | % | 77 | % | 70 | % | 73 | % | 77 | % | ||||||||||
| Fleet available days | 1,656 | 1,668 | 1,710 | 1,856 | 1,990 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 229 | 248 | 382 | 180 | 203 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | — | 58 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 22,357 | $ | 24,535 | $ | 20,835 | $ | 22,999 | $ | 28,809 | ||||||||||
| Other marine services | 733 | 806 | 852 | 1,027 | 3,048 | |||||||||||||||
| 23,090 | 25,341 | 21,687 | 24,026 | 31,857 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 4,465 | 5,515 | 5,183 | 5,654 | 6,083 | |||||||||||||||
| Repairs and maintenance | 6,531 | 4,646 | 3,462 | 3,712 | 3,455 | |||||||||||||||
| Drydocking | 1,413 | 901 | 1,241 | 835 | 681 | |||||||||||||||
| Insurance and loss reserves | 326 | 899 | 594 | 577 | 599 | |||||||||||||||
| Fuel, lubes and supplies | 1,781 | 1,714 | 2,180 | 2,226 | 2,514 | |||||||||||||||
| Other | 3,573 | 2,357 | 2,727 | 3,748 | 3,975 | |||||||||||||||
| 18,089 | 16,032 | 15,387 | 16,752 | 17,307 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 5,001 | $ | 9,309 | $ | 6,300 | $ | 7,274 | $ | 14,550 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 8 | $ | 51 | $ | 63 | $ | 82 | $ | 75 | ||||||||||
| Depreciation and amortization | 4,302 | 4,263 | 4,402 | 4,477 | 4,540 | |||||||||||||||
| (1) See full description of footnote above. | ||||||||||||||||||||
| (2) Includes one FSV cold-stacked in this region as of September 30, 2025. | ||||||||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued) (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| Middle East and Asia | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 17,818 | $ | 15,506 | $ | 17,848 | $ | 17,337 | $ | 17,825 | ||||||||||
| Fleet utilization | 64 | % | 73 | % | 75 | % | 88 | % | 71 | % | ||||||||||
| Fleet available days | 1,104 | 1,089 | 1,170 | 1,266 | 1,288 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 157 | 204 | 82 | 30 | 229 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 12,606 | $ | 12,365 | $ | 15,710 | $ | 19,385 | $ | 16,411 | ||||||||||
| Other marine services | 319 | 432 | 292 | 635 | 375 | |||||||||||||||
| 12,925 | 12,797 | 16,002 | 20,020 | 16,786 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 4,956 | 4,511 | 4,927 | 5,470 | 5,769 | |||||||||||||||
| Repairs and maintenance | 5,798 | 6,338 | 2,505 | 3,574 | 3,318 | |||||||||||||||
| Drydocking | (1 | ) | 13 | 1,031 | (226 | ) | 832 | |||||||||||||
| Insurance and loss reserves | 611 | 842 | 702 | 804 | 927 | |||||||||||||||
| Fuel, lubes and supplies | 1,241 | 1,279 | 883 | 840 | 1,043 | |||||||||||||||
| Other | 1,167 | 1,104 | 881 | 1,305 | 1,131 | |||||||||||||||
| 13,772 | 14,087 | 10,929 | 11,767 | 13,020 | ||||||||||||||||
| Direct Vessel (Loss) Profit (1) | $ | (847 | ) | $ | (1,290 | ) | $ | 5,073 | $ | 8,253 | $ | 3,766 | ||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 70 | $ | 72 | $ | 83 | $ | 72 | $ | 73 | ||||||||||
| Depreciation and amortization | 3,231 | 3,227 | 3,230 | 3,272 | 3,261 | |||||||||||||||
| Latin America | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 25,541 | $ | 23,764 | $ | 22,084 | $ | 21,390 | $ | 21,984 | ||||||||||
| Fleet utilization | 68 | % | 66 | % | 67 | % | 73 | % | 63 | % | ||||||||||
| Fleet available days (2) | 635 | 546 | 582 | 828 | 828 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 7 | 26 | — | 20 | 94 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 10,971 | $ | 8,568 | $ | 8,623 | $ | 12,967 | $ | 11,500 | ||||||||||
| Bareboat charter | 846 | 838 | 708 | 364 | 372 | |||||||||||||||
| Other marine services | 230 | (114 | ) | 1,479 | 573 | 620 | ||||||||||||||
| 12,047 | 9,292 | 10,810 | 13,904 | 12,492 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | 2,380 | 2,089 | 1,941 | 3,144 | 3,791 | |||||||||||||||
| Repairs and maintenance | 965 | 714 | 1,074 | 1,467 | 1,517 | |||||||||||||||
| Drydocking | (61 | ) | 545 | 531 | 407 | 1,940 | ||||||||||||||
| Insurance and loss reserves | 195 | 174 | 155 | 238 | 259 | |||||||||||||||
| Fuel, lubes and supplies | 743 | 293 | 664 | 964 | 2,053 | |||||||||||||||
| Other | 1,764 | 363 | 346 | 822 | 465 | |||||||||||||||
| 5,986 | 4,178 | 4,711 | 7,042 | 10,025 | ||||||||||||||||
| Direct Vessel Profit (1) | $ | 6,061 | $ | 5,114 | $ | 6,099 | $ | 6,862 | $ | 2,467 | ||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 54 | $ | 63 | $ | 55 | $ | 57 | $ | 76 | ||||||||||
| Depreciation and amortization | 1,486 | 1,397 | 1,473 | 1,934 | 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 | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| AHTS | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | — | $ | — | $ | — | $ | 10,410 | $ | 10,316 | ||||||||||
| Fleet utilization | — | % | — | % | — | % | 79 | % | 46 | % | ||||||||||
| Fleet available days | — | — | — | 178 | 334 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | — | — | — | 28 | 87 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | — | — | 58 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | — | $ | (22 | ) | $ | 15 | $ | 1,465 | $ | 1,576 | |||||||||
| Other marine services | (7 | ) | (9 | ) | 9 | — | 13 | |||||||||||||
| (7 | ) | (31 | ) | 24 | 1,465 | 1,589 | ||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 11 | $ | 9 | $ | 1 | $ | 595 | $ | 981 | ||||||||||
| Repairs and maintenance | (24 | ) | 255 | 38 | 128 | 239 | ||||||||||||||
| Drydocking | — | — | — | 5 | 436 | |||||||||||||||
| Insurance and loss reserves | — | (4 | ) | — | 49 | 66 | ||||||||||||||
| Fuel, lubes and supplies | 3 | (125 | ) | 66 | 25 | 90 | ||||||||||||||
| Other | 18 | (4 | ) | 12 | 210 | 263 | ||||||||||||||
| 8 | 131 | 117 | 1,012 | 2,075 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | 7 | $ | 4 | ||||||||||
| Depreciation and amortization | 4 | 3 | 4 | 122 | 175 | |||||||||||||||
| FSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 14,007 | $ | 13,468 | $ | 13,786 | $ | 13,643 | $ | 13,102 | ||||||||||
| Fleet utilization | 71 | % | 67 | % | 71 | % | 72 | % | 81 | % | ||||||||||
| Fleet available days | 1,932 | 1,935 | 1,980 | 2,024 | 2,024 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 236 | 181 | 135 | 118 | 96 | |||||||||||||||
| Out-of-service days for cold-stacked status | 116 | 270 | 90 | 92 | 83 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 19,131 | $ | 17,573 | $ | 19,357 | $ | 19,992 | $ | 21,606 | ||||||||||
| Other marine services | 566 | 516 | 762 | 416 | 1,012 | |||||||||||||||
| 19,697 | 18,089 | 20,119 | 20,408 | 22,618 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 4,502 | $ | 4,526 | $ | 4,933 | $ | 5,078 | $ | 5,637 | ||||||||||
| Repairs and maintenance | 6,041 | 3,542 | 2,983 | 4,480 | 4,378 | |||||||||||||||
| Drydocking | 678 | 666 | 353 | 426 | 448 | |||||||||||||||
| Insurance and loss reserves | 270 | 683 | 517 | 422 | 532 | |||||||||||||||
| Fuel, lubes and supplies | 1,480 | 1,449 | 1,173 | 1,586 | 1,962 | |||||||||||||||
| Other | 2,889 | 1,428 | 1,782 | 2,456 | 2,238 | |||||||||||||||
| 15,860 | 12,294 | 11,741 | 14,448 | 15,195 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Depreciation and amortization | $ | 4,695 | $ | 4,703 | $ | 4,932 | $ | 4,746 | $ | 4,744 | ||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| PSV | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 21,507 | $ | 22,231 | $ | 19,424 | $ | 17,912 | $ | 21,819 | ||||||||||
| Fleet utilization | 65 | % | 68 | % | 55 | % | 72 | % | 58 | % | ||||||||||
| Fleet available days(1) | 1,748 | 1,738 | 1,890 | 1,932 | 1,932 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 161 | 247 | 396 | 117 | 349 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 24,439 | $ | 26,440 | $ | 20,286 | $ | 24,865 | $ | 24,488 | ||||||||||
| Bareboat charter | 846 | 838 | 708 | 364 | 372 | |||||||||||||||
| Other marine services | 592 | 433 | 508 | 1,561 | 2,855 | |||||||||||||||
| 25,877 | 27,711 | 21,502 | 26,790 | 27,715 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 7,882 | $ | 8,567 | $ | 8,351 | $ | 8,999 | $ | 9,360 | ||||||||||
| Repairs and maintenance | 4,618 | 3,799 | 3,949 | 4,101 | 3,798 | |||||||||||||||
| Drydocking | 1,113 | 1,993 | 2,513 | 1,046 | 2,629 | |||||||||||||||
| Insurance and loss reserves | 546 | 906 | 631 | 618 | 636 | |||||||||||||||
| Fuel, lubes and supplies | 2,030 | 1,858 | 2,594 | 2,379 | 3,594 | |||||||||||||||
| Other | 3,262 | 2,199 | 2,018 | 2,566 | 2,821 | |||||||||||||||
| 19,451 | 19,322 | 20,056 | 19,709 | 22,838 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | — | $ | — | $ | — | $ | — | $ | (3 | ) | |||||||||
| Depreciation and amortization | 3,968 | 3,943 | 4,133 | 4,122 | 4,117 | |||||||||||||||
| (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 | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| Liftboats | ||||||||||||||||||||
| Time Charter Statistics: | ||||||||||||||||||||
| Average rates per day worked | $ | 33,566 | $ | 31,904 | $ | 39,559 | $ | 39,326 | $ | 36,423 | ||||||||||
| Fleet utilization | 58 | % | 67 | % | 44 | % | 68 | % | 58 | % | ||||||||||
| Fleet available days | 641 | 637 | 713 | 736 | 736 | |||||||||||||||
| Out-of-service days for repairs, maintenance and drydockings | 188 | 194 | 87 | 41 | 109 | |||||||||||||||
| Out-of-service days for cold-stacked status | — | — | 83 | 92 | 92 | |||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Time charter | $ | 12,388 | $ | 13,682 | $ | 12,275 | $ | 19,773 | $ | 15,643 | ||||||||||
| Other marine services | 1,128 | 1,168 | 1,289 | 1,177 | 1,142 | |||||||||||||||
| 13,516 | 14,850 | 13,564 | 20,950 | 16,785 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 5,209 | $ | 5,673 | $ | 5,247 | $ | 5,678 | $ | 5,926 | ||||||||||
| Repairs and maintenance | 3,943 | 6,022 | 1,571 | 1,722 | 1,531 | |||||||||||||||
| Drydocking | 639 | 2,484 | 1,003 | 990 | 2,555 | |||||||||||||||
| Insurance and loss reserves | 1,145 | 1,376 | 1,241 | 1,384 | 1,334 | |||||||||||||||
| Fuel, lubes and supplies | 951 | 1,114 | 712 | 894 | 928 | |||||||||||||||
| Other | 407 | 803 | 482 | 860 | 473 | |||||||||||||||
| 12,294 | 17,472 | 10,256 | 11,528 | 12,747 | ||||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Depreciation and amortization | 3,450 | 3,424 | 3,719 | 3,866 | 3,866 | |||||||||||||||
| Other Activity | ||||||||||||||||||||
| Operating Revenues: | ||||||||||||||||||||
| Other marine services | $ | 111 | $ | 191 | $ | 290 | $ | 195 | $ | 209 | ||||||||||
| 111 | 191 | 290 | 195 | 209 | ||||||||||||||||
| Direct Costs and Expenses: | ||||||||||||||||||||
| Operating: | ||||||||||||||||||||
| Personnel | $ | 12 | $ | 194 | $ | 5 | $ | 15 | $ | 36 | ||||||||||
| Repairs and maintenance | 25 | 30 | (21 | ) | 2 | (1 | ) | |||||||||||||
| Insurance and loss reserves | (13 | ) | 21 | (236 | ) | — | 16 | |||||||||||||
| Fuel, lubes and supplies | 1 | — | 1 | — | — | |||||||||||||||
| Other | 46 | 29 | 9 | 12 | 1 | |||||||||||||||
| 71 | 274 | (242 | ) | 29 | 52 | |||||||||||||||
| Other Costs and Expenses: | ||||||||||||||||||||
| Lease expense | $ | 280 | $ | 325 | $ | 337 | $ | 340 | $ | 363 | ||||||||||
| Depreciation and amortization | 8 | 17 | 22 | 23 | 26 | |||||||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Current Assets: | ||||||||||||||||||||
| Cash and cash equivalents | $ | 90,953 | $ | 34,381 | $ | 42,988 | $ | 59,491 | $ | 35,601 | ||||||||||
| Restricted cash | 17,255 | 17,174 | 2,440 | 16,649 | 2,263 | |||||||||||||||
| Receivables: | ||||||||||||||||||||
| Trade, net of allowance for credit loss | 62,788 | 63,287 | 63,946 | 69,888 | 76,497 | |||||||||||||||
| Other | 16,801 | 10,439 | 8,811 | 7,913 | 7,841 | |||||||||||||||
| Tax receivable | 507 | 507 | 1,602 | 1,601 | 983 | |||||||||||||||
| Inventories | 2,552 | 2,539 | 2,827 | 2,760 | 3,139 | |||||||||||||||
| Prepaid expenses and other | 3,448 | 4,716 | 6,075 | 4,406 | 4,840 | |||||||||||||||
| Assets held for sale | — | — | 12,195 | 10,943 | — | |||||||||||||||
| Total current assets | 194,304 | 133,043 | 140,884 | 173,651 | 131,164 | |||||||||||||||
| Property and Equipment: | ||||||||||||||||||||
| Historical cost | 797,381 | 887,408 | 881,961 | 900,414 | 921,445 | |||||||||||||||
| Accumulated depreciation | (344,899 | ) | (377,265 | ) | (365,422 | ) | (367,448 | ) | (362,604 | ) | ||||||||||
| 452,482 | 510,143 | 516,539 | 532,966 | 558,841 | ||||||||||||||||
| Construction in progress | 40,394 | 31,772 | 27,248 | 11,904 | 11,935 | |||||||||||||||
| Net property and equipment | 492,876 | 541,915 | 543,787 | 544,870 | 570,776 | |||||||||||||||
| Right-of-use asset - operating leases | 903 | 1,179 | 3,293 | 3,436 | 3,575 | |||||||||||||||
| Right-of-use asset - finance leases | 22 | 25 | 28 | 36 | 19 | |||||||||||||||
| Investments, at equity, and advances to | 2,707 | 2,310 | 4,507 | 3,541 | 2,046 | |||||||||||||||
| Other assets | 1,686 | 1,558 | 1,665 | 1,577 | 1,864 | |||||||||||||||
| Total assets | $ | 692,498 | $ | 680,030 | $ | 694,164 | $ | 727,111 | $ | 709,444 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||||||||
| Current Liabilities: | ||||||||||||||||||||
| Current portion of operating lease liabilities | $ | 510 | $ | 543 | $ | 540 | $ | 606 | $ | 494 | ||||||||||
| Current portion of finance lease liabilities | 11 | 11 | 11 | 17 | 17 | |||||||||||||||
| Current portion of long-term debt | 30,000 | 30,000 | 30,000 | 27,500 | 28,605 | |||||||||||||||
| Accounts payable | 25,928 | 26,737 | 28,445 | 29,236 | 22,744 | |||||||||||||||
| Other current liabilities | 24,702 | 24,182 | 16,414 | 27,683 | 28,808 | |||||||||||||||
| Total current liabilities | 81,151 | 81,473 | 75,410 | 85,042 | 80,668 | |||||||||||||||
| Long-term operating lease liabilities | 567 | 812 | 2,926 | 2,982 | 3,221 | |||||||||||||||
| Long-term finance lease liabilities | 11 | 14 | 17 | 20 | 4 | |||||||||||||||
| Long-term debt | 311,858 | 310,980 | 310,108 | 317,339 | 272,325 | |||||||||||||||
| Deferred income taxes | 20,609 | 18,330 | 20,312 | 22,037 | 26,802 | |||||||||||||||
| Deferred gains and other liabilities | 639 | 625 | 1,356 | 1,369 | 1,416 | |||||||||||||||
| Total liabilities | 414,835 | 412,234 | 410,129 | 428,789 | 384,436 | |||||||||||||||
| Equity: | ||||||||||||||||||||
| SEACOR Marine Holdings Inc. stockholders’ equity: | ||||||||||||||||||||
| Common stock | 281 | 281 | 293 | 287 | 287 | |||||||||||||||
| Additional paid-in capital | 470,228 | 468,669 | 480,904 | 479,283 | 477,661 | |||||||||||||||
| Accumulated deficit | (193,822 | ) | (202,816 | ) | (196,089 | ) | (180,600 | ) | (154,374 | ) | ||||||||||
| Shares held in treasury | (9,639 | ) | (9,639 | ) | (9,628 | ) | (8,110 | ) | (8,110 | ) | ||||||||||
| Accumulated other comprehensive income, net of tax | 10,294 | 10,980 | 8,234 | 7,141 | 9,223 | |||||||||||||||
| 277,342 | 267,475 | 283,714 | 298,001 | 324,687 | ||||||||||||||||
| Noncontrolling interests in subsidiaries | 321 | 321 | 321 | 321 | 321 | |||||||||||||||
| Total equity | 277,663 | 267,796 | 284,035 | 298,322 | 325,008 | |||||||||||||||
| Total liabilities and equity | $ | 692,498 | $ | 680,030 | $ | 694,164 | $ | 727,111 | $ | 709,444 | ||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | ||||||||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 | Dec. 31, 2024 | Sep. 30, 2024 | ||||||||||||||||
| Cash Flows from Operating Activities: | ||||||||||||||||||||
| Net Income (Loss) | $ | 8,994 | $ | (6,727 | ) | $ | (15,489 | ) | $ | (26,226 | ) | $ | (16,346 | ) | ||||||
| Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||||||||||||||||||||
| Depreciation and amortization | 12,125 | 12,090 | 12,810 | 12,879 | 12,928 | |||||||||||||||
| Deferred financing costs amortization | (86 | ) | 43 | 43 | 254 | 298 | ||||||||||||||
| Stock-based compensation expense | 1,559 | 1,510 | 1,627 | 1,622 | 1,604 | |||||||||||||||
| Debt discount amortization | 236 | 232 | 226 | 1,799 | 2,061 | |||||||||||||||
| Allowance for credit losses | 627 | (213 | ) | (407 | ) | 59 | 101 | |||||||||||||
| Gains from equipment sales, retirements or impairments | (30,230 | ) | (19,163 | ) | (5,809 | ) | (11,624 | ) | (1,821 | ) | ||||||||||
| Losses on debt extinguishment | — | — | — | 28,252 | — | |||||||||||||||
| Derivative (gains) losses | (17 | ) | (87 | ) | (125 | ) | 536 | (67 | ) | |||||||||||
| Interest on finance lease | 1 | 1 | 1 | 2 | — | |||||||||||||||
| Settlements on derivative transactions, net | — | — | (373 | ) | — | — | ||||||||||||||
| Currency (gains) losses | (218 | ) | 2,119 | 1,196 | (1,308 | ) | 1,717 | |||||||||||||
| Deferred income taxes | 2,279 | (1,982 | ) | (1,725 | ) | (4,766 | ) | (3,281 | ) | |||||||||||
| Equity earnings | (393 | ) | (218 | ) | (889 | ) | (1,430 | ) | (1,012 | ) | ||||||||||
| Dividends received from equity investees | — | 3,199 | — | — | 1,498 | |||||||||||||||
| Changes in Operating Assets and Liabilities: | ||||||||||||||||||||
| Accounts receivables | (6,700 | ) | 284 | 5,333 | 5,448 | (7,411 | ) | |||||||||||||
| Other assets | 1,385 | 1,901 | (1,681 | ) | 1,338 | 1,032 | ||||||||||||||
| Accounts payable and accrued liabilities | (221 | ) | 4,934 | (6,204 | ) | 1,693 | 9,325 | |||||||||||||
| Net cash (used in) provided by operating activities | (10,659 | ) | (2,077 | ) | (11,466 | ) | 8,528 | 626 | ||||||||||||
| Cash Flows from Investing Activities: | ||||||||||||||||||||
| Purchases of property and equipment | (9,348 | ) | (10,213 | ) | (20,795 | ) | (3,010 | ) | (210 | ) | ||||||||||
| Proceeds from disposition of property and equipment | 76,068 | 31,592 | 8,472 | 22,441 | 2,331 | |||||||||||||||
| Net cash provided by (used in) investing activities | 66,720 | 21,379 | (12,323 | ) | 19,431 | 2,121 | ||||||||||||||
| Cash Flows from Financing Activities: | ||||||||||||||||||||
| Payments on long-term debt | (7,500 | ) | (7,500 | ) | (5,000 | ) | (2,479 | ) | (7,770 | ) | ||||||||||
| Payments on debt extinguishment | — | — | — | (328,712 | ) | — | ||||||||||||||
| Payments on debt extinguishment cost | — | — | — | (3,671 | ) | — | ||||||||||||||
| Proceeds from issuance of long-term debt, net of debt discount and issuance costs | 8,098 | 8,097 | (396 | ) | 345,192 | — | ||||||||||||||
| Payments on finance leases | (3 | ) | (4 | ) | (9 | ) | (13 | ) | (10 | ) | ||||||||||
| Payments for repurchase of common stock | — | (7,089 | ) | — | — | — | ||||||||||||||
| Payments for repurchase of warrants | — | (6,668 | ) | — | — | — | ||||||||||||||
| Proceeds from exercise of stock options and warrants | — | — | — | — | 38 | |||||||||||||||
| Tax withholdings on restricted stock vesting | — | (11 | ) | (1,518 | ) | — | — | |||||||||||||
| Net cash provided by (used in) financing activities | 595 | (13,175 | ) | (6,923 | ) | 10,317 | (7,742 | ) | ||||||||||||
| Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents | (3 | ) | — | — | — | (1 | ) | |||||||||||||
| Net Change in Cash, Restricted Cash and Cash Equivalents | 56,653 | 6,127 | (30,712 | ) | 38,276 | (4,996 | ) | |||||||||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 51,555 | 45,428 | 76,140 | 37,864 | 42,860 | |||||||||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 108,208 | $ | 51,555 | $ | 45,428 | $ | 76,140 | $ | 37,864 | ||||||||||
| SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS | ||||||||||||
| Owned | Managed | Total | ||||||||||
| September 30, 2025 | ||||||||||||
| FSV | 21 | — | 21 | |||||||||
| PSV | 19 | — | 19 | |||||||||
| Liftboats | 5 | — | 5 | |||||||||
| 45 | — | 45 | ||||||||||
| December 31, 2024 | ||||||||||||
| AHTS | — | 2 | 2 | |||||||||
| FSV | 22 | 1 | 23 | |||||||||
| PSV | 21 | — | 21 | |||||||||
| Liftboats | 8 | — | 8 | |||||||||
| 51 | 3 | 54 | ||||||||||
FAQ
What were SEACOR Marine (SMHI) Q3 2025 revenues and net income?
Why did SEACOR Marine (SMHI) revenues fall in Q3 2025?
How much did SEACOR Marine (SMHI) receive from the liftboat sales in Q3 2025?
What is SEACOR Marine’s (SMHI) fleet utilization and average day rate in Q3 2025?
Did SEACOR Marine (SMHI) win any new contracts affecting 2026?
How did drydocking and major repairs impact SEACOR Marine (SMHI) in Q3 2025?
