SEACOR Marine Announces Third Quarter 2026 Results

Vessel profitability improved, but asset-disposition and impairment results shifted from a year-earlier gain to a small loss.

Rhea-AI Summary

SEACOR Marine (SMHI) reported a third-quarter 2026 net loss of $9.5 million despite higher vessel utilization and day rates. The loss was $0.36 per basic and diluted share, versus earnings of $0.35 a year earlier. Revenue was $57.3 million, down 3.3% year over year but up 4.8% sequentially. Operating results swung to a $1.4 million loss from $18.1 million of income a year earlier, when asset-disposition and impairment gains totaled $30.230 million.

Direct vessel profit, revenue less vessel operating costs, rose to $18.9 million from $11.5 million a year earlier. Its margin reached 33.1%, versus 19.4%. Average day rates increased to $21,100 and utilization reached 71%. The company cited ongoing maintenance on two premium liftboats and weaker fast support vessel utilization as offsets, and expects delivery of two newbuild platform supply vessels in the coming months. Its board continues evaluating strategic alternatives.

12 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointDirect vessel profit reached $18.9 million, versus $11.5 million a year earlier and $7.9 million sequentially.
• Moderate pointVessel profit margin rose to 33.1%, versus 19.4% a year earlier and 14.5% sequentially.
• Moderate pointAverage day rates increased to $21,100, versus $19,490 a year earlier and $20,227 sequentially.
• Moderate pointFleet utilization reached 71%, versus 66% a year earlier and 68% sequentially.
• Moderate pointSale-adjusted revenue increased 25.6% year over year and 6.2% sequentially, excluding vessels sold during or after Q3 2025.
• Moderate pointSale-adjusted vessel profit increased 110.9% year over year and 120.8% sequentially, excluding those sold vessels.

6 minor points

• Minor pointQ3 operating costs fell to $38.317 million from $47.684 million a year earlier.
• Minor pointQ3 administrative and general expenses fell to $10.034 million from $11.269 million a year earlier.
• Minor pointQ3 depreciation and amortization declined to $9.954 million from $12.125 million a year earlier.
• Minor pointQ3 interest expense decreased to $7.581 million from $8.947 million a year earlier.
• Minor pointQ3 income tax expense fell to $1.074 million from $5.410 million a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.Two newbuild platform supply vessels are expected for delivery in the coming months.

Negative

• Moderate pointQ3 net loss was $9.5 million, versus $9.0 million income a year earlier and $3.3 million sequentially.
• Moderate pointQ3 revenue fell 3.3% year over year to $57.3 million, although it rose 4.8% sequentially.
• Moderate pointQ3 operating loss was $1.4 million, versus income of $18.1 million a year earlier and $16.0 million sequentially.
• Minor pointQ3 loss per share was $0.36 basic and diluted, versus $0.35 earnings a year earlier.
• Minor pointQ3 asset-disposition and impairment results were a $4,000 loss, versus a $30.230 million year-earlier gain.

5 minor points

• Minor pointNine-month revenue declined to $156.163 million from $175.503 million a year earlier.
• Minor pointNine-month net loss widened to $21.976 million from $13.222 million a year earlier.
• Minor pointNine-month operating income fell to $8.194 million from $18.880 million a year earlier.
• Minor pointTwo premium liftboats remained under maintenance, partially offsetting operating improvements, the company said.
• Minor pointFast support vessel utilization weakened, especially in the Middle East, which the company linked to project delays.

News Explained

The strategic-alternatives review has no timetable, and the company gives no assurance it will produce a transaction or other strategic outcome. The company says it does not intend to disclose developments until it executes a definitive agreement or the board otherwise determines that disclosure is appropriate or required.

Key Figures

Operating revenue: $57.3 million; down 3.3% year over year and up 4.8% sequentially Operating loss: $1.4 million Direct vessel profit: $18.9 million +4 more

Operating revenue

$57.3 million; down 3.3% year over year and up 4.8% sequentially

Third quarter 2026

Operating loss

$1.4 million

Third quarter 2026

Direct vessel profit

$18.9 million

Third quarter 2026

DVP margin

33.1%

Third quarter 2026; compared with 19.4% in Q3 2025 and 14.5% in Q2 2026

Adjusted DVP increase

110.9%

Year over year, adjusting for vessels sold during or after Q3 2025

Net loss

$9.5 million

Third quarter 2026

Loss per share

$0.36 per basic and diluted share

Third quarter 2026

Previous Earnings Reports

2 past events · Latest: Jul 29

Same Type 2 events

1. Jul 29

   Earnings report

   24h Move

   +23.6%

   Q2 reported net income of $3.3 million and a 23.58% 24-hour price gain followed

2. Oct 29

   Earnings report

   24h Move

   +4.6%

   Q3 2025 reported net income of $9.0 million and a 4.62% 24-hour price gain followed

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

Key Terms

platform supply vessel (psv), fast support vessel (fsv), gaap

3 terms

platform supply vessel (psv) technical

"performance of our platform supply vessel (“PSV”) fleet"

A platform supply vessel (PSV) is a ship that delivers fuel, equipment, spare parts and crew to offshore oil and gas platforms and other marine installations — think of it as a floating delivery truck for offshore operations. Investors care because demand for PSVs and the rates owners can charge track offshore drilling and maintenance activity; utilization, contract visibility and vessel age influence shipping companies’ revenue, cash flow and asset value.

fast support vessel (fsv) technical

"lower utilization in our fast support vessel (“FSV”) fleet"

A fast support vessel (FSV) is a relatively small, high-speed ship designed to provide rapid transport, logistics and operational support for offshore activities, coast guard or naval units. Typical features include powerful propulsion for sustained high speed, good maneuverability, shallow-to-moderate draft, deck or cargo space for equipment and vehicles, and accommodations for crew and mission personnel; some FSVs are outfitted for roles such as patrol, search-and-rescue, medical evacuation, or platform servicing. The term denotes a vessel's operational role and speed profile rather than a single standardized design—FSVs differ from larger offshore supply vessels and from purpose-built combat ships in capacity, endurance and armament capability.

gaap financial

"used as a substitute for our results as reported under GAAP"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

HOUSTON, Oct. 28, 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 third quarter ended September 30, 2026.

Third Quarter 2026 Results

SEACOR Marine’s consolidated operating revenues for the third quarter of 2026 were $57.3 million, operating loss was $1.4 million, and direct vessel profit (“DVP”)⁽¹⁾ was $18.9 million. This compares to consolidated operating revenues of $59.2 million, operating income of $18.1 million, and DVP of $11.5 million in the third quarter of 2025, and consolidated operating revenues of $54.6 million, operating income of $16.0 million, and DVP of $7.9 million in the second quarter of 2026.

Notable third quarter items include:

• Average day rates of $21,100, compared to $19,490 in the third quarter of 2025 and $20,227 in the second quarter of 2026.
• 71% utilization, compared to 66% in the third quarter of 2025 and 68% in the second quarter of 2026.
• DVP margin of 33.1%, compared to 19.4% in the third quarter of 2025 and 14.5% in the second quarter of 2026.
• 3.3% decrease in revenues from the third quarter of 2025 and 4.8% increase from the second quarter of 2026.
• Operating performance improved significantly; adjusting for all vessels sold during or after the third quarter of 2025, revenues increased by 25.6% from the third quarter of 2025 and 6.2% from the second quarter of 2026, and DVP increased by 110.9% from the third quarter of 2025 and 120.8% from the second quarter of 2026.
  

For the third quarter of 2026, net loss was $9.5 million ($0.36 loss per basic and diluted share). This compares to a net income for the third quarter of 2025 of $9.0 million ($0.35 earnings per basic and diluted share). Sequentially, the third quarter of 2026 results compare to a net income of $3.3 million ($0.13 earnings per basic share and $0.12 earnings per diluted share) in the second quarter of 2026.

Chief Executive Officer John Gellert commented:

“Our third quarter results reflect improved utilization, day rates and margins led by the performance of our platform supply vessel (“PSV”) fleet. These positive trends were partially offset by the ongoing maintenance for our two premium liftboats and lower utilization in our fast support vessel (“FSV”) fleet, especially in the Middle East. This reflects a softening market in the Middle East primarily due to delays in both construction and drilling projects in the region as a result of current operating conditions.

We look forward to taking delivery of our two newbuild PSVs in the coming months and remain confident in their charter prospects. We remain focused on operational execution and continue to implement our strategy of improving term coverage in less volatile markets.”

Separately, as previously announced on July 29, 2026, SEACOR Marine’s Board is continuing with its evaluation of strategic alternatives to maximize shareholder value with the assistance of independent financial advisors. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation process. There can be no assurance that the strategic review process will result in any transaction or other strategic outcome. The Company has not established a timetable for completion of the review process and does not intend to disclose developments related to the review unless and until SEACOR Marine executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.
___________________

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

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

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

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For investors, contact:
InvestorRelations@seacormarine.com

For media, contact:
H/Advisors – U.S.
Dana Gorman / Amy Feng
dana.gorman@h-advisors.global / amy.feng@h-advisors.global

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except share data)
		Three Months Ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Operating Revenues		$	57,251			$	59,194			$	156,163			$	175,503
Costs and Expenses:
Operating			38,317				47,684				122,574				139,105
Administrative and general			10,034				11,269				32,331				34,753
Lease expense			337				280				853				942
Depreciation and amortization			9,954				12,125				31,002				37,025
			58,642				71,358				186,760				211,825
(Losses) Gains on Asset Dispositions and Impairments, Net			(4	)			30,230				38,791				55,202
Operating (Loss) Income			(1,395	)			18,066				8,194				18,880
Other Income (Expense):
Interest income			420				297				1,354				1,105
Interest expense			(7,581	)			(8,947	)			(24,064	)			(27,377	)
Derivative gains, net			—				17				—				229
Foreign currency gains (losses), net			201				218				(302	)			(3,097	)
Gains on insurance claim settlement			—				4,581				—				4,581
Other, net			19				(221	)			23				(221	)
			(6,941	)			(4,055	)			(22,989	)			(24,780	)
(Loss) Income Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies			(8,336	)			14,011				(14,795	)			(5,900	)
Income Tax Expense			1,074				5,410				7,233				8,822
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies			(9,410	)			8,601				(22,028	)			(14,722	)
Equity in (Losses) Earnings of 50% or Less Owned Companies			(54	)			393				52				1,500
Net (Loss) Income		$	(9,464	)		$	8,994			$	(21,976	)		$	(13,222	)
Net (Loss) Earnings Per Share:
Basic		$	(0.36	)		$	0.35			$	(0.85	)		$	(0.50	)
Diluted		$	(0.36	)		$	0.35			$	(0.85	)		$	(0.50	)
Weighted Average Common Stock Outstanding:
Basic			26,157,107				25,657,809				26,006,085				26,409,312
Diluted			26,157,107				25,887,710				26,006,085				26,409,312

SEACOR MARINE HOLDINGS INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
		Three Months Ended
		Sep. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
Time Charter Statistics:
Average Rates Per Day		$	21,100			$	20,227			$	18,199			$	17,519			$	19,490
Fleet Utilization			71	%			68	%			59	%			69	%			66	%
Fleet Available Days(2)			3,496				3,635				3,897				4,127				4,321
Operating Revenues:
Time charter		$	52,163			$	49,697			$	41,957			$	49,817			$	55,958
Bareboat charter			846				834				828				843				846
Other marine services			4,242				4,099				1,497				1,669				2,390
			57,251				54,630				44,282				52,329				59,194
Costs and Expenses:
Operating:
Personnel			14,915				15,697				15,422				16,539				17,616
Repairs and maintenance			9,409				12,648				10,600				11,752				14,603
Drydocking			337				2,961				1,252				1,175				2,430
Insurance and loss reserves			3,646				2,698				1,792				1,570				1,948
Fuel, lubes and supplies			3,851				5,302				3,308				4,601				4,465
Other			6,159				7,378				5,199				7,030				6,622
			38,317				46,684				37,573				42,667				47,684
Direct Vessel Profit(1)			18,934				7,946				6,709				9,662				11,510
Other Costs and Expenses:
Lease expense			337				266				250				261				280
Administrative and general			10,034				12,343				9,954				12,730				11,269
Depreciation and amortization			9,954				10,718				10,330				10,045				12,125
			20,325				23,327				20,534				23,036				23,674
(Losses) Gains on Asset Dispositions and Impairments, Net			(4	)			31,347				7,448				8,210				30,230
Operating (Loss) Income			(1,395	)			15,966				(6,377	)			(5,164	)			18,066
Other Income (Expense):
Interest income			420				443				491				751				297
Interest expense			(7,581	)			(8,244	)			(8,239	)			(8,673	)			(8,947	)
Derivative (losses) gains, net			—				—				—				(73	)			17
Foreign currency gains (losses), net			201				(981	)			478				(38	)			218
Gains on insurance claim settlement			—				—				—				—				4,581
Other, net			19				4				—				32				(221	)
			(6,941	)			(8,778	)			(7,270	)			(8,001	)			(4,055	)
(Loss) Income Before Income Tax Expense and Equity in (Losses) Earnings of 50% or Less Owned Companies			(8,336	)			7,188				(13,647	)			(13,165	)			14,011
Income Tax Expense			1,074				3,951				2,208				1,688				5,410
(Loss) Income Before Equity in (Losses) Earnings of 50% or Less Owned Companies			(9,410	)			3,237				(15,855	)			(14,853	)			8,601
Equity in (Losses) Earnings of 50% or Less Owned Companies			(54	)			56				50				231				393
Net (Loss) Income		$	(9,464	)		$	3,293			$	(15,805	)		$	(14,622	)		$	8,994
Net (Loss) Earnings Per Share:
Basic		$	(0.36	)		$	0.13			$	(0.61	)		$	(0.57	)		$	0.35
Diluted		$	(0.36	)		$	0.12			$	(0.61	)		$	(0.57	)		$	0.35
Weighted Average Common Stock Outstanding:
Basic			26,157				26,072				25,785				25,671				25,658
Diluted			26,157				26,354				25,785				25,671				25,888
Common Shares Outstanding at Period End			27,151				27,133				27,062				26,952				26,976

(1)      See full description of footnote above.
(2)      Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

SEACOR MARINE HOLDINGS INC. UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (in thousands, except statistics)
		Three Months Ended
		Sep. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
Americas
Time Charter Statistics:
Average rates per day worked		$	31,003			$	28,394			$	20,546			$	18,188			$	22,809
Fleet utilization			70	%			58	%			35	%			50	%			59	%
Fleet available days(2)			828				935				1,369				1,477				1,561
Out-of-service days for repairs, maintenance and drydockings			136				153				190				127				198
Out-of-service days for cold-stacked status			—				—				61				92				116
Operating Revenues:
Time charter		$	18,029			$	15,518			$	9,843			$	13,560			$	20,995
Bareboat charter			846				834				828				843				846
Other marine services			738				1,353				282				519				1,338
			19,613				17,705				10,953				14,922				23,179
Direct Costs and Expenses:
Operating:
Personnel			5,457				5,322				6,007				7,115				8,195
Repairs and maintenance			2,644				2,252				1,644				1,955				2,274
Drydocking			(55	)			680				440				(102	)			1,018
Insurance and loss reserves			511				787				423				465				1,011
Fuel, lubes and supplies			1,093				1,494				1,075				1,618				1,443
Other			2,241				3,271				1,384				3,096				1,882
			11,891				13,806				10,973				14,147				15,823
Direct Vessel Profit (Loss)(1)		$	7,722			$	3,899			$	(20	)		$	775			$	7,356
Other Costs and Expenses:
Lease expense		$	213			$	191			$	177			$	185			$	202
Depreciation and amortization			2,393				3,168				3,166				2,917				4,592
Africa and Europe
Time Charter Statistics:
Average rates per day worked		$	18,854			$	18,877			$	18,711			$	17,095			$	17,983
Fleet utilization			80	%			77	%			78	%			84	%			75	%
Fleet available days			1,748				1,741				1,538				1,559				1,656
Out-of-service days for repairs, maintenance and drydockings			123				195				202				144				229
Operating Revenues:
Time charter		$	26,295			$	25,248			$	22,534			$	22,317			$	22,357
Other marine services			1,558				1,041				577				580				733
			27,853				26,289				23,111				22,897				23,090
Direct Costs and Expenses:
Operating:
Personnel			5,439				5,523				4,982				4,656				4,465
Repairs and maintenance			3,657				5,673				2,957				4,694				6,531
Drydocking			11				554				176				987				1,413
Insurance and loss reserves			633				504				330				481				326
Fuel, lubes and supplies			1,410				2,416				1,334				1,292				1,781
Other			3,142				3,154				3,192				2,558				3,573
			14,292				17,824				12,971				14,668				18,089
Direct Vessel Profit(1)		$	13,561			$	8,465			$	10,140			$	8,229			$	5,001
Other Costs and Expenses:
Lease expense		$	55			$	—			$	—			$	8			$	8
Depreciation and amortization			4,490				4,485				4,063				3,968				4,302

(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 (continued) (in thousands, except statistics)
		Three Months Ended
		Sep. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
Middle East and Asia
Time Charter Statistics:
Average rates per day worked		$	15,804			$	15,588			$	15,400			$	17,587			$	17,818
Fleet utilization			54	%			60	%			63	%			73	%			64	%
Fleet available days			920				959				990				1,091				1,104
Out-of-service days for repairs, maintenance and drydockings			200				300				268				72				157
Operating Revenues:
Time charter		$	7,839			$	8,931			$	9,580			$	13,940			$	12,606
Other marine services			1,946				1,705				638				570				319
			9,785				10,636				10,218				14,510				12,925
Direct Costs and Expenses:
Operating:
Personnel			4,019				4,852				4,433				4,768				4,956
Repairs and maintenance			3,108				4,723				5,999				5,103				5,798
Drydocking			381				1,727				636				290				(1	)
Insurance and loss reserves			2,502				1,407				1,039				624				611
Fuel, lubes and supplies			1,348				1,392				899				1,691				1,241
Other			776				953				623				1,376				1,167
			12,134				15,054				13,629				13,852				13,772
Direct Vessel (Loss) Profit(1)		$	(2,349	)		$	(4,418	)		$	(3,411	)		$	658			$	(847	)
Other Costs and Expenses:
Lease expense		$	69			$	75			$	73			$	68			$	70
Depreciation and amortization			3,071				3,065				3,101				3,160				3,231

(1)      See full description of footnote above.

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (in thousands, except statistics)
		Three Months Ended
		Sep. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
AHTS
Operating Revenues:
Time charter		$	—			$	—			$	—			$	—			$	—
Other marine services			—				—				—				—				(7	)
			—				—				—				—				(7	)
Direct Costs and Expenses:
Operating:
Personnel		$	—			$	—			$	—			$	12			$	11
Repairs and maintenance			—				—				—				—				(24	)
Insurance and loss reserves			—				—				—				—				—
Fuel, lubes and supplies			—				—				—				1				3
Other			—				—				—				9				18
			—				—				—				22				8
Other Costs and Expenses:
Depreciation and amortization		$	—			$	—			$	—			$	4			$	4
FSV
Time Charter Statistics:
Average rates per day worked		$	14,567			$	14,411			$	13,833			$	14,114			$	14,007
Fleet utilization			69	%			74	%			73	%			75	%			71	%
Fleet available days			1,840				1,840				1,862				1,932				1,932
Out-of-service days for repairs, maintenance and drydockings			182				348				353				209				236
Out-of-service days for cold-stacked status			—				—				61				92				116
Operating Revenues:
Time charter		$	18,448			$	19,636			$	18,929			$	20,546			$	19,131
Other marine services			1,755				1,819				471				492				566
			20,203				21,455				19,400				21,038				19,697
Direct Costs and Expenses:
Operating:
Personnel		$	4,960			$	5,416			$	5,166			$	4,980			$	4,502
Repairs and maintenance			5,137				6,434				3,179				5,862				6,041
Drydocking			213				898				576				1,098				678
Insurance and loss reserves			682				951				663				509				270
Fuel, lubes and supplies			1,419				1,481				1,503				1,850				1,480
Other			2,503				2,548				1,683				2,147				2,889
			14,914				17,728				12,770				16,446				15,860
Other Costs and Expenses:
Depreciation and amortization		$	4,729			$	5,244			$	4,719			$	4,707			$	4,695

SEACOR MARINE HOLDINGS INC. UNAUDITED PERFORMANCE BY VESSEL CLASS (continued) (in thousands, except statistics)
		Three Months Ended
		Jun. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
PSV
Time Charter Statistics:
Average rates per day worked		$	28,052			$	28,443			$	25,352			$	20,118			$	21,507
Fleet utilization			81	%			70	%			54	%			68	%			65	%
Fleet available days(1)			1,380				1,427				1,585				1,735				1,748
Out-of-service days for repairs, maintenance and drydockings			94				114				37				48				161
Operating Revenues:
Time charter		$	31,244			$	28,622			$	21,688			$	23,801			$	24,439
Bareboat charter			846				834				828				843				846
Other marine services			1,449				1,459				811				440				592
			33,539				30,915				23,327				25,084				25,877
Direct Costs and Expenses:
Operating:
Personnel		$	8,241			$	7,859			$	7,348			$	8,322			$	7,882
Repairs and maintenance			2,198				2,865				2,801				3,501				4,618
Drydocking			(70	)			803				133				(166	)			1,113
Insurance and loss reserves			891				903				448				656				546
Fuel, lubes and supplies			1,724				3,290				1,201				1,985				2,030
Other			3,642				4,357				3,292				4,378				3,262
			16,626				20,077				15,223				18,676				19,451
Other Costs and Expenses:
Depreciation and amortization		$	3,612			$	3,565			$	3,574			$	3,301			$	3,968

(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, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
Liftboats
Time Charter Statistics:
Average rates per day worked		$	26,855			$	16,417			$	16,420			$	26,703			$	33,566
Fleet utilization			33	%			24	%			18	%			45	%			58	%
Fleet available days			276				368				450				460				641
Out-of-service days for repairs, maintenance and drydockings			184				188				270				87				188
Operating Revenues:
Time charter		$	2,471			$	1,448			$	1,340			$	5,470			$	12,388
Other marine services			687				789				178				359				1,128
			3,158				2,237				1,518				5,829				13,516
Direct Costs and Expenses:
Operating:
Personnel		$	1,723			$	2,409			$	2,897			$	3,241			$	5,209
Repairs and maintenance			2,062				3,294				4,594				2,375				3,943
Drydocking			194				1,260				543				243				639
Insurance and loss reserves			1,932				844				943				415				1,145
Fuel, lubes and supplies			696				531				600				715				951
Other			3				497				182				564				407
			6,610				8,835				9,759				7,553				12,294
Other Costs and Expenses:
Depreciation and amortization		$	1,589			$	1,734			$	2,027			$	2,026			$	3,450
Other Activity
Operating Revenues:
Time charter			—			$	(9	)		$	—			$	—			$	—
Other marine services			351				32				37				378				111
			351				23				37				378				111
Direct Costs and Expenses:
Operating:
Personnel		$	(9	)		$	13			$	11			$	(16	)		$	12
Repairs and maintenance			12				55				26				14				25
Insurance and loss reserves			141				—				(262	)			(10	)			(13	)
Fuel, lubes and supplies			12				—				4				50				1
Other			11				(24	)			42				(68	)			46
			167				44				(179	)			(30	)			71
Other Costs and Expenses:
Lease expense		$	337			$	266			$	250			$	261			$	280
Depreciation and amortization			24				175				10				7				8

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
		Sep. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
ASSETS
Current Assets:
Cash and cash equivalents		$	41,924			$	55,397			$	38,721			$	68,934			$	90,953
Restricted cash			33,666				37,643				36,711				24,182				17,255
Receivables:
Trade, net of allowance for credit loss			66,828				61,955				69,200				64,522				62,788
Other			6,283				5,857				4,897				3,965				17,308
Inventories			2,038				2,061				2,746				2,196				2,552
Prepaid expenses and other			6,098				5,407				6,007				5,173				3,448
Assets held for sale			—				—				13,376				10,812				—
Total current assets			156,837				168,320				171,658				179,784				194,304
Property and Equipment:
Historical cost			747,581				754,369				752,640				776,833				797,381
Accumulated depreciation			(353,151	)			(351,840	)			(341,790	)			(348,812	)			(344,899	)
			394,430				402,529				410,850				428,021				452,482
Construction in progress			61,485				56,594				52,429				47,002				40,394
Net property and equipment			455,915				459,123				463,279				475,023				492,876
Right-of-use asset - operating leases			784				933				929				982				903
Right-of-use asset - finance leases			102				14				17				19				22
Investments, at equity, and advances to 50% or less owned companies			956				3,009				2,951				2,938				2,707
Other assets			1,921				1,925				1,913				1,855				1,686
Total assets		$	616,515			$	633,324			$	640,747			$	660,601			$	692,498
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities		$	464			$	549			$	481			$	405			$	510
Current portion of finance lease liabilities			24				12				12				12				11
Current portion of long-term debt			31,048				30,699				30,350				30,000				30,000
Accounts payable			12,215				14,229				16,355				21,268				25,928
Other current liabilities			27,462				25,279				25,476				19,044				24,702
Total current liabilities			71,213				70,768				72,674				70,729				81,151
Long-term operating lease liabilities			477				559				470				607				567
Long-term finance lease liabilities			84				3				5				8				11
Long-term debt			281,935				289,503				297,072				304,644				311,858
Deferred income taxes			18,175				19,580				18,894				19,376				20,609
Deferred gains and other liabilities			489				599				3,794				565				639
Total liabilities			372,373				381,012				392,909				395,929				414,835
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock			285				284				284				280				281
Additional paid-in capital			475,603				474,395				473,241				471,862				470,228
Accumulated deficit			(230,420	)			(220,956	)			(224,249	)			(208,444	)			(193,822	)
Shares held in treasury			(11,470	)			(11,470	)			(11,428	)			(9,691	)			(9,639	)
Accumulated other comprehensive income, net of tax			9,823				9,738				9,669				10,344				10,294
			243,821				251,991				247,517				264,351				277,342
Noncontrolling interests in subsidiaries			321				321				321				321				321
Total equity			244,142				252,312				247,838				264,672				277,663
Total liabilities and equity		$	616,515			$	633,324			$	640,747			$	660,601			$	692,498

SEACOR MARINE HOLDINGS INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
		Three Months Ended
		Sep. 30, 2026				Jun. 30, 2026				Mar. 31, 2026				Dec. 31, 2025				Sep. 30, 2025
Cash Flows from Operating Activities:
Net (Loss) Income		$	(9,464	)		$	3,293			$	(15,805	)		$	(14,622	)		$	8,994
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization			9,954				10,718				10,330				10,045				12,125
Deferred financing costs amortization			43				43				42				173				(86	)
Stock-based compensation expense			1,129				1,132				1,383				1,633				1,559
Debt discount amortization			238				237				236				243				236
Allowance for credit losses			(126	)			64				57				(620	)			627
Losses (gains) from equipment sales, retirements or impairments, net			4				(31,347	)			(7,448	)			(8,210	)			(30,230	)
Derivative losses (gains)			—				—				—				73				(17	)
Interest on finance lease			2				—				1				1				1
Settlements on derivative transactions, net			—				—				—				65				—
Currency (gains) losses			(201	)			981				(478	)			38				(218	)
Deferred income taxes			(1,405	)			686				(482	)			(1,233	)			2,279
Equity losses (earnings)			54				(56	)			(50	)			(231	)			(393	)
Dividends received from equity investees			2,027				—				—				—				—
Changes in Operating Assets and Liabilities:
Accounts receivables			(5,045	)			5,763				(5,735	)			12,222				(6,700	)
Other assets			(509	)			1,415				(1,306	)			(1,530	)			1,385
Accounts payable and accrued liabilities			154				(6,107	)			4,122				(10,246	)			(221	)
Net cash used in operating activities			(3,145	)			(13,178	)			(15,133	)			(12,199	)			(10,659	)
Cash Flows from Investing Activities:
Purchases of property and equipment			(7,076	)			(6,429	)			(6,088	)			(8,427	)			(9,348	)
Proceeds from disposition of property and equipment			201				44,737				12,778				13,087				76,068
Net cash (used in) provided by investing activities			(6,875	)			38,308				6,690				4,660				66,720
Cash Flows from Financing Activities:
Payments on long-term debt			(7,500	)			(7,500	)			(7,500	)			(7,500	)			(7,500	)
Proceeds from issuance of long-term debt, net of debt discount and issuance costs			—				—				—				—				8,098
Payments on finance leases			(8	)			(4	)			(3	)			(4	)			(3	)
Excise tax on stock repurchase			—				22				—				—				—
Proceeds from exercise of stock options			80				—				—				—				—
Tax withholdings on restricted stock vesting			—				(42	)			(1,737	)			(52	)			—
Net cash (used in) provided by financing activities			(7,428	)			(7,524	)			(9,240	)			(7,556	)			595
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents			(2	)			2				(1	)			3				(3	)
Net Change in Cash, Restricted Cash and Cash Equivalents			(17,450	)			17,608				(17,684	)			(15,092	)			56,653
Cash, Restricted Cash and Cash Equivalents, Beginning of Period			93,040				75,432				93,116				108,208				51,555
Cash, Restricted Cash and Cash Equivalents, End of Period		$	75,590			$	93,040			$	75,432			$	93,116			$	108,208

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS
		Owned				Total
September 30, 2026
FSV			20				20
PSV			15				15
Liftboats			3				3
			38				38
December 31, 2025
FSV			21				21
PSV			18				18
Liftboats			5				5
			44				44

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were SEACOR Marine's third-quarter 2026 earnings?

SEACOR Marine reported a $9.5 million net loss, or $0.36 per basic and diluted share, for the third quarter of 2026. A year earlier, it earned $9.0 million, or $0.35 per basic and diluted share. Quarterly revenue was $57.3 million.

How did SEACOR Marine's vessel performance change in Q3 2026?

SEACOR Marine's direct vessel profit rose to $18.9 million from $11.5 million a year earlier. Average day rates increased to $21,100 from $19,490, while utilization reached 71% from 66%. Direct vessel profit margin increased to 33.1% from 19.4%.

What is the status of SEACOR Marine's strategic review?

SEACOR Marine's board continues evaluating strategic alternatives with independent financial advisors, with no timetable established for completion. The company does not intend to provide developments unless it executes a definitive agreement or the board determines disclosure is appropriate or required. A transaction or other strategic outcome is not assured.

How does SEACOR Marine define direct vessel profit?

Direct vessel profit is operating revenue less operating costs and expenses. It is the company's measure of segment profitability, but excludes some fleet ownership and operating costs. It should not be used alone or as a substitute for results reported under generally accepted accounting principles.