SEACOR Marine posts $9.5M net loss in Q3 2026
Third-quarter utilization was 71% and average day rates were $21,100, while two premium liftboats remained under maintenance.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
SEACOR Marine Holdings Inc. reported third-quarter 2026 consolidated operating revenue of $57.3 million, down 3.3% year over year, and an operating loss of $1.4 million versus operating income of $18.1 million in third-quarter 2025. Net loss was $9.5 million, or $0.36 per share, compared with net income of $9.0 million, or $0.35 per share, a year earlier. Sequentially, revenue rose 4.8% from second-quarter 2026, when net income was $3.3 million.
Direct vessel profit (DVP) was $18.9 million versus $11.5 million a year earlier; after adjusting for all vessels sold during or after third-quarter 2025, SEACOR said DVP increased 110.9%. DVP margin was 33.1% versus 19.4%; utilization was 71% and average day rates were $21,100. The company cited ongoing maintenance for two premium liftboats and lower fast support vessel utilization, especially in the Middle East, as partly offsetting improved utilization, day rates and margins. The board continues evaluating strategic alternatives with independent financial advisors. SEACOR said there is no assurance the review will result in any transaction or other strategic outcome and has set no timetable for completion.
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.
Positive
- Moderate pointAdjusted DVP increased 110.9% year over year after vessel-sale adjustments.
- Moderate pointOperating cash used narrowed to $3.145 million, from $10.659 million.
Negative
- Moderate pointThird-quarter net loss: $9.5 million, versus $9.0 million net income. 4% of market cap
Filing Explained
This October 28 Form 8-K reports third-quarter results and an updated balance sheet: at
8-K Event Classification
Key Figures
Key Terms
direct vessel profit financial
platform supply vessel technical
fast support vessel technical
bareboat charter technical
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was SMHI’s third-quarter 2026 revenue?
How much did SMHI lose in the third quarter of 2026?
What is the status of SMHI’s strategic alternatives review?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter) |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
(Address of Principal Executive Offices) |
(Zip Code) |
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|
Registrant's telephone number, including area code |
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|
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
The information set forth in (and incorporated by reference into) this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that Section. The information set forth in (and incorporated by reference into) this Item 2.02 shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On October 28, 2026, SEACOR Marine Holdings Inc. issued a press release setting forth its earnings for the three and nine months ended September 30, 2026 (the “Earnings Release”).
A copy of the Earnings Release is attached hereto as Exhibit 99.1 and hereby incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description |
|
|
99.1 |
Press Release of SEACOR Marine Holdings Inc. dated October 28, 2026 |
|
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SEACOR Marine Holdings Inc. |
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October 28, 2026 |
By: |
/s/ John Gellert |
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Name: John Gellert |
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Title: President and Chief Executive Officer |
Exhibit 99.1
|
PRESS RELEASE |
SEACOR MARINE ANNOUNCES THIRD QUARTER 2026 RESULTS
Houston, Texas
October 28, 2026
FOR IMMEDIATE RELEASE - SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its 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:
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
___________________
(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
2
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 |
|
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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 |
|
3
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 |
|
4
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 |
|
5
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 |
|
6
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 |
|
7
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 |
|
8
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 |
|
9
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 |
|
10
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 |
|
11
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 |
|
12