HOUSTON, Feb. 25, 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 fourth quarter ended December 31, 2025.

SEACOR Marine’s consolidated operating revenues for the fourth quarter of 2025 were $52.3 million, operating loss was $5.2 million, and direct vessel profit (“DVP”) (1) was $9.7 million. This compares to consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024, and 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.

Notable fourth quarter items include:

  • 25.0% decrease in revenues from the fourth quarter of 2024 and a 11.6% decrease from the third quarter of 2025.
  • Average day rates of $17,519, a 7.3% decrease from the fourth quarter of 2024, and a 10.1% decrease from the third quarter of 2025.
  • 69% utilization, a decrease from 72% in the fourth quarter of 2024 and an increase from 66% in the third quarter of 2025.
  • DVP margin of 18.5%, a decrease from 33.1% in the fourth quarter of 2024 and a decrease from 19.4% in the third quarter of 2025.
  • During the fourth quarter of 2025, the Company completed the sale of a 201’ platform supply vessel (“PSV”) built in 2013 for total proceeds of $13.4 million and a gain of $8.1 million.

For the fourth quarter of 2025, net loss was $14.6 million ($0.57 loss per basic and diluted share). This compares to a net loss for the fourth quarter of 2024 of $26.2 million ($0.94 loss per basic and diluted share). Sequentially, the fourth quarter 2025 results compare to a net income of $9.0 million ($0.35 earnings per basic and diluted share) in the third quarter of 2025.

Chief Executive Officer John Gellert commented:

“The fourth quarter results reflect lower revenues driven primarily by (a) fewer available days following the sales of two 335’ liftboats at the end of the third quarter of 2025 and one of our 201’ PSVs during the fourth quarter of 2025 and (b) lower utilization for our liftboat fleet due to seasonality and changes in scope of work by one of our international liftboat customers.

Average rates for fast supply vessels (“FSVs”) and PSVs held relatively steady during the quarter, with markedly improved utilization for FSVs as we continued to successfully redeploy FSVs previously laid up in the United States to international markets. The PSV fleet saw continued improvement in DVP margins to 25.5%, despite two vessels repositioning for new contracts in Brazil commencing in Q1 2026 and soft market conditions in the North Sea.

Following the end of the fourth quarter, our two premium liftboats in the Middle East concluded their contracts and were repositioned to undergo scheduled maintenance and drydocking as well as previously deferred repairs. We do not expect these liftboats to work during the first quarter of 2026. I would note that these liftboats are charter free for the first time since the COVID pandemic. This presents us with strategic optionality and we are currently evaluating several opportunities for these liftboats.

Subsequent to the end of the fourth quarter, we fixed our two PSVs in the North Sea for a multi-month seismic survey campaign, which will leave our large PSV fleet in sold out status for the first time since they delivered approximately five years ago. Our contracted revenue backlog at year-end 2025 stood in excess of $500.0 million, including options; a highwater mark for us.

As I mentioned in my remarks to our third quarter 2025 earnings release, we have streamlined our cost structure to reflect some of the recent asset sales, most notably the sale of the two 335’ liftboats. During the fourth quarter of 2025 we incurred one-time charges of $1.2 million related to severance expenses and expect annualized savings of $3.9 million in SG&A expenses from these initiatives.

We are looking forward to the delivery of the first of two newbuild PSVs during the fourth quarter of 2026, with the second PSV to follow in the first quarter of 2027. Our construction program at this point is fully funded from proceeds from assets sales recently concluded or contracted, as reflected in our assets held for sale. As we continue to implement our asset rotation strategy, I expect that we will have opportunities to reduce our leverage meaningfully.

Our core markets outside the United States remain constructive over the long term, with increasing optimism around a number of drilling campaigns starting in the second half of 2026. An improving geopolitical outlook in certain markets could further improve demand for offshore services and we will evaluate those opportunities as they arise.”
___________________

(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 [email protected]

SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
Three Months Ended December 31, Year ended December 31,
2025 2024 2025 2024
Operating Revenues $ 52,329 $ 69,808 $ 227,832 $ 271,361
Costs and Expenses:
Operating 42,667 46,726 181,772 197,252
Administrative and general 12,730 10,888 47,483 44,713
Lease expense 261 347 1,203 1,678
Depreciation and amortization 10,045 12,879 47,070 51,628
65,703 70,840 277,528 295,271
Gains on Asset Dispositions and Impairments, Net 8,210 11,624 63,412 13,481
Operating (Loss) Income (5,164 ) 10,592 13,716 (10,429 )
Other Income (Expense):
Interest income 751 372 1,856 1,768
Interest expense (8,673 ) (10,001 ) (36,050 ) (40,627 )
Loss on debt extinguishment — (31,923 ) — (31,923 )
Derivative (losses) gains, net (73 ) (536 ) 156 (908 )
Foreign currency (losses) gains, net (38 ) 1,308 (3,135 ) (1,049 )
Gains on insurance claim settlement — — 4,581 —
Other, net 32 187 (189 ) 121
(8,001 ) (40,593 ) (32,781 ) (72,618 )
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies (13,165 ) (30,001 ) (19,065 ) (83,047 )
Income Tax Expense (Benefit) 1,688 (2,345 ) 10,510 (2,615 )
Loss Before Equity in Earnings of 50% or Less Owned Companies (14,853 ) (27,656 ) (29,575 ) (80,432 )
Equity in Earnings of 50% or Less Owned Companies 231 1,430 1,731 2,308
Net Loss $ (14,622 ) $ (26,226 ) $ (27,844 ) $ (78,124 )
Net Loss Per Share:
Basic $ (0.57 ) $ (0.94 ) $ (1.06 ) $ (2.82 )
Diluted $ (0.57 ) $ (0.94 ) $ (1.06 ) $ (2.82 )
Weighted Average Common Stock and Warrants Outstanding:
Basic 25,670,757 27,773,200 26,223,155 27,655,289
Diluted 25,670,757 27,773,200 26,223,155 27,655,289


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
Three Months Ended
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
Time Charter Statistics:
Average Rates Per Day $ 17,519 $ 19,490 $ 19,731 $ 18,825 $ 18,901
Fleet Utilization 69 % 66 % 68 % 60 % 72 %
Fleet Available Days (2) 4,127 4,321 4,310 4,583 4,870
Operating Revenues:
Time charter $ 49,817 $ 55,958 $ 57,673 $ 51,933 $ 66,095
Bareboat charter 843 846 838 708 364
Other marine services 1,669 2,390 2,299 2,858 3,349
52,329 59,194 60,810 55,499 69,808
Costs and Expenses:
Operating:
Personnel 16,539 17,616 18,969 18,537 20,365
Repairs and maintenance 11,752 14,603 13,648 8,520 10,433
Drydocking 1,175 2,430 5,143 3,869 2,467
Insurance and loss reserves 1,570 1,948 2,982 2,153 2,473
Fuel, lubes and supplies 4,601 4,465 4,296 4,546 4,884
Other 7,030 6,622 4,455 4,303 6,104
42,667 47,684 49,493 41,928 46,726
Direct Vessel Profit (1) 9,662 11,510 11,317 13,571 23,082
Other Costs and Expenses:
Lease expense 261 280 325 337 347
Administrative and general 12,730 11,269 11,998 11,486 10,888
Depreciation and amortization 10,045 12,125 12,090 12,810 12,879
23,036 23,674 24,413 24,633 24,114
Gains on Asset Dispositions and Impairments, Net 8,210 30,230 19,163 5,809 11,624
Operating (Loss) Income (5,164 ) 18,066 6,067 (5,253 ) 10,592
Other Income (Expense):
Interest income 751 297 372 436 372
Interest expense (8,673 ) (8,947 ) (8,844 ) (9,586 ) (10,001 )
Derivative (losses) gains, net (73 ) 17 87 125 (536 )
Loss on debt extinguishment — — — — (31,923 )
Foreign currency (losses) gains, net (38 ) 218 (2,119 ) (1,196 ) 1,308
Gains on insurance claim settlement — 4,581 — — —
Other, net 32 (221 ) — — 187
(8,001 ) (4,055 ) (10,504 ) (10,221 ) (40,593 )
(Loss) Income Before Income Tax Expense (Benefit)
and Equity in Earnings of 50% or Less Owned Companies 		(13,165 ) 14,011 (4,437 ) (15,474 ) (30,001 )
Income Tax Expense (Benefit) 1,688 5,410 2,508 904 (2,345 )
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies (14,853 ) 8,601 (6,945 ) (16,378 ) (27,656 )
Equity in Earnings of 50% or Less Owned Companies 231 393 218 889 1,430
Net (Loss) Income $ (14,622 ) $ 8,994 $ (6,727 ) $ (15,489 ) $ (26,226 )
Net (Loss) Earnings Per Share:
Basic $ (0.57 ) $ 0.35 $ (0.26 ) $ (0.56 ) $ (0.94 )
Diluted $ (0.57 ) $ 0.35 $ (0.26 ) $ (0.56 ) $ (0.94 )
Weighted Average Common Stock and Warrants Outstanding:
Basic 25,671 25,658 25,687 27,908 27,773
Diluted 25,671 25,888 25,687 27,908 27,773
Common Shares and Warrants Outstanding at Period End 26,952 26,976 26,976 29,488 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
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked $ 15,350 $ 20,419 $ 25,262 $ 23,874 $ 26,116
Fleet utilization 40 % 53 % 48 % 25 % 45 %
Fleet available days 705 926 1,007 1,121 920
Out-of-service days for repairs, maintenance and drydockings 127 191 144 153 75
Out-of-service days for cold-stacked status (2) 92 116 270 173 184
Operating Revenues:
Time charter $ 4,377 $ 10,024 $ 12,205 $ 6,765 $ 10,744
Other marine services 437 1,108 1,175 235 1,114
4,814 11,132 13,380 7,000 11,858
Direct Costs and Expenses:
Operating:
Personnel 3,844 5,815 6,854 6,486 6,097
Repairs and maintenance 423 1,309 1,950 1,479 1,680
Drydocking (98 ) 1,079 3,684 1,066 1,451
Insurance and loss reserves 267 816 1,067 702 854
Fuel, lubes and supplies 460 700 1,010 819 854
Other 206 118 631 349 229
5,102 9,837 15,196 10,901 11,165
Direct Vessel (Loss) Profit (1) $ (288 ) $ 1,295 $ (1,816 ) $ (3,901 ) $ 693
Other Costs and Expenses:
Lease expense $ 129 $ 148 $ 139 $ 136 $ 136
Depreciation and amortization 1,579 3,106 3,203 3,705 3,196
Africa and Europe
Time Charter Statistics:
Average rates per day worked $ 17,095 $ 17,983 $ 19,140 $ 17,294 $ 16,895
Fleet utilization 84 % 75 % 77 % 70 % 73 %
Fleet available days 1,559 1,656 1,668 1,710 1,856
Out-of-service days for repairs, maintenance and drydockings 144 229 248 382 180
Operating Revenues:
Time charter $ 22,317 $ 22,357 $ 24,535 $ 20,835 $ 22,999
Other marine services 580 733 806 852 1,027
22,897 23,090 25,341 21,687 24,026
Direct Costs and Expenses:
Operating:
Personnel 4,656 4,465 5,515 5,183 5,654
Repairs and maintenance 4,694 6,531 4,646 3,462 3,712
Drydocking 987 1,413 901 1,241 835
Insurance and loss reserves 481 326 899 594 577
Fuel, lubes and supplies 1,292 1,781 1,714 2,180 2,226
Other 2,558 3,573 2,357 2,727 3,748
14,668 18,089 16,032 15,387 16,752
Direct Vessel Profit (1) $ 8,229 $ 5,001 $ 9,309 $ 6,300 $ 7,274
Other Costs and Expenses:
Lease expense $ 8 $ 8 $ 51 $ 63 $ 82
Depreciation and amortization 3,968 4,302 4,263 4,402 4,477


(1) See full description of footnote above.
(2) Includes one FSV cold-stacked in this region as of December 31, 2025.



SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
(in thousands, except statistics)
Three Months Ended
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
Middle East and Asia
Time Charter Statistics:
Average rates per day worked $ 17,587 $ 17,818 $ 15,506 $ 17,848 $ 17,337
Fleet utilization 73 % 64 % 73 % 75 % 88 %
Fleet available days 1,091 1,104 1,089 1,170 1,266
Out-of-service days for repairs, maintenance and drydockings 72 157 204 82 30
Operating Revenues:
Time charter $ 13,940 $ 12,606 $ 12,365 $ 15,710 $ 19,385
Other marine services 570 319 432 292 635
14,510 12,925 12,797 16,002 20,020
Direct Costs and Expenses:
Operating:
Personnel 4,768 4,956 4,511 4,927 5,470
Repairs and maintenance 5,103 5,798 6,338 2,505 3,574
Drydocking 290 (1 ) 13 1,031 (226 )
Insurance and loss reserves 624 611 842 702 804
Fuel, lubes and supplies 1,691 1,241 1,279 883 840
Other 1,376 1,167 1,104 881 1,305
13,852 13,772 14,087 10,929 11,767
Direct Vessel Profit (Loss) (1) $ 658 $ (847 ) $ (1,290 ) $ 5,073 $ 8,253
Other Costs and Expenses:
Lease expense $ 68 $ 70 $ 72 $ 83 $ 72
Depreciation and amortization 3,160 3,231 3,227 3,230 3,272
Latin America
Time Charter Statistics:
Average rates per day worked $ 19,946 $ 25,541 $ 23,764 $ 22,084 $ 21,390
Fleet utilization 60 % 68 % 66 % 67 % 73 %
Fleet available days (2) 772 635 546 582 828
Out-of-service days for repairs, maintenance and drydockings — 7 26 — 20
Operating Revenues:
Time charter $ 9,183 $ 10,971 $ 8,568 $ 8,623 $ 12,967
Bareboat charter 843 846 838 708 364
Other marine services 82 230 (114 ) 1,479 573
10,108 12,047 9,292 10,810 13,904
Direct Costs and Expenses:
Operating:
Personnel 3,271 2,380 2,089 1,941 3,144
Repairs and maintenance 1,532 965 714 1,074 1,467
Drydocking (4 ) (61 ) 545 531 407
Insurance and loss reserves 198 195 174 155 238
Fuel, lubes and supplies 1,158 743 293 664 964
Other 2,890 1,764 363 346 822
9,045 5,986 4,178 4,711 7,042
Direct Vessel Profit (1) $ 1,063 $ 6,061 $ 5,114 $ 6,099 $ 6,862
Other Costs and Expenses:
Lease expense $ 56 $ 54 $ 63 $ 55 $ 57
Depreciation and amortization 1,338 1,486 1,397 1,473 1,934


(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
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
AHTS
Time Charter Statistics:
Average rates per day worked $ — $ — $ — $ — $ 10,410
Fleet utilization — % — % — % — % 79 %
Fleet available days — — — — 178
Out-of-service days for repairs, maintenance and drydockings — — — — 28
Operating Revenues:
Time charter $ — $ — $ (22 ) $ 15 $ 1,465
Other marine services — (7 ) (9 ) 9 —
— (7 ) (31 ) 24 1,465
Direct Costs and Expenses:
Operating:
Personnel $ 12 $ 11 $ 9 $ 1 $ 595
Repairs and maintenance — (24 ) 255 38 128
Drydocking — — — — 5
Insurance and loss reserves — — (4 ) — 49
Fuel, lubes and supplies 1 3 (125 ) 66 25
Other 9 18 (4 ) 12 210
22 8 131 117 1,012
Other Costs and Expenses:
Lease expense $ — $ — $ — $ — $ 7
Depreciation and amortization 4 4 3 4 122
FSV
Time Charter Statistics:
Average rates per day worked $ 14,114 $ 14,007 $ 13,468 $ 13,786 $ 13,643
Fleet utilization 75 % 71 % 67 % 71 % 72 %
Fleet available days 1,932 1,932 1,935 1,980 2,024
Out-of-service days for repairs, maintenance and drydockings 209 236 181 135 118
Out-of-service days for cold-stacked status 92 116 270 90 92
Operating Revenues:
Time charter $ 20,546 $ 19,131 $ 17,573 $ 19,357 $ 19,992
Other marine services 492 566 516 762 416
21,038 19,697 18,089 20,119 20,408
Direct Costs and Expenses:
Operating:
Personnel $ 4,980 $ 4,502 $ 4,526 $ 4,933 $ 5,078
Repairs and maintenance 5,862 6,041 3,542 2,983 4,480
Drydocking 1,098 678 666 353 426
Insurance and loss reserves 509 270 683 517 422
Fuel, lubes and supplies 1,850 1,480 1,449 1,173 1,586
Other 2,147 2,889 1,428 1,782 2,456
16,446 15,860 12,294 11,741 14,448
Other Costs and Expenses:
Depreciation and amortization $ 4,707 $ 4,695 $ 4,703 $ 4,932 $ 4,746



SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
Three Months Ended
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
PSV
Time Charter Statistics:
Average rates per day worked $ 20,118 $ 21,507 $ 22,231 $ 19,424 $ 17,912
Fleet utilization 68 % 65 % 68 % 55 % 72 %
Fleet available days (1) 1,735 1,748 1,738 1,890 1,932
Out-of-service days for repairs, maintenance and drydockings 48 161 247 396 117
Operating Revenues:
Time charter $ 23,801 $ 24,439 $ 26,440 $ 20,286 $ 24,865
Bareboat charter 843 846 838 708 364
Other marine services 440 592 433 508 1,561
25,084 25,877 27,711 21,502 26,790
Direct Costs and Expenses:
Operating:
Personnel $ 8,322 $ 7,882 $ 8,567 $ 8,351 $ 8,999
Repairs and maintenance 3,501 4,618 3,799 3,949 4,101
Drydocking (166 ) 1,113 1,993 2,513 1,046
Insurance and loss reserves 656 546 906 631 618
Fuel, lubes and supplies 1,985 2,030 1,858 2,594 2,379
Other 4,378 3,262 2,199 2,018 2,566
18,676 19,451 19,322 20,056 19,709
Other Costs and Expenses:
Depreciation and amortization $ 3,301 $ 3,968 $ 3,943 $ 4,133 $ 4,122


(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
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
Liftboats
Time Charter Statistics:
Average rates per day worked $ 26,703 $ 33,566 $ 31,904 $ 39,559 $ 39,326
Fleet utilization 45 % 58 % 67 % 44 % 68 %
Fleet available days 460 641 637 713 736
Out-of-service days for repairs, maintenance and drydockings 87 188 194 87 41
Out-of-service days for cold-stacked status — — — 83 92
Operating Revenues:
Time charter $ 5,470 $ 12,388 $ 13,682 $ 12,275 $ 19,773
Other marine services 359 1,128 1,168 1,289 1,177
5,829 13,516 14,850 13,564 20,950
Direct Costs and Expenses:
Operating:
Personnel $ 3,241 $ 5,209 $ 5,673 $ 5,247 $ 5,678
Repairs and maintenance 2,375 3,943 6,022 1,571 1,722
Drydocking 243 639 2,484 1,003 990
Insurance and loss reserves 415 1,145 1,376 1,241 1,384
Fuel, lubes and supplies 715 951 1,114 712 894
Other 564 407 803 482 860
7,553 12,294 17,472 10,256 11,528
Other Costs and Expenses:
Depreciation and amortization 2,026 3,450 3,424 3,719 3,866
Other Activity
Operating Revenues:
Other marine services $ 378 $ 111 $ 191 $ 290 $ 195
378 111 191 290 195
Direct Costs and Expenses:
Operating:
Personnel $ (16 ) $ 12 $ 194 $ 5 $ 15
Repairs and maintenance 14 25 30 (21 ) 2
Insurance and loss reserves (10 ) (13 ) 21 (236 ) —
Fuel, lubes and supplies 50 1 — 1 —
Other (68 ) 46 29 9 12
(30 ) 71 274 (242 ) 29
Other Costs and Expenses:
Lease expense $ 261 $ 280 $ 325 $ 337 $ 340
Depreciation and amortization 7 8 17 22 23


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents $ 68,934 $ 90,953 $ 34,381 $ 42,988 $ 59,491
Restricted cash 24,182 17,255 17,174 2,440 16,649
Receivables:
Trade, net of allowance for credit loss 64,522 62,788 63,287 63,946 69,888
Other 3,148 16,801 10,439 8,811 7,913
Tax receivable 817 507 507 1,602 1,601
Inventories 2,196 2,552 2,539 2,827 2,760
Prepaid expenses and other 5,173 3,448 4,716 6,075 4,406
Assets held for sale 10,812 — — 12,195 10,943
Total current assets 179,784 194,304 133,043 140,884 173,651
Property and Equipment:
Historical cost 776,833 797,381 887,408 881,961 900,414
Accumulated depreciation (348,812 ) (344,899 ) (377,265 ) (365,422 ) (367,448 )
428,021 452,482 510,143 516,539 532,966
Construction in progress 47,002 40,394 31,772 27,248 11,904
Net property and equipment 475,023 492,876 541,915 543,787 544,870
Right-of-use asset - operating leases 982 903 1,179 3,293 3,436
Right-of-use asset - finance leases 19 22 25 28 36
Investments, at equity, and advances to 50% or less owned companies 2,938 2,707 2,310 4,507 3,541
Other assets 1,855 1,686 1,558 1,665 1,577
Total assets $ 660,601 $ 692,498 $ 680,030 $ 694,164 $ 727,111
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities $ 405 $ 510 $ 543 $ 540 $ 606
Current portion of finance lease liabilities 12 11 11 11 17
Current portion of long-term debt 30,000 30,000 30,000 30,000 27,500
Accounts payable 21,268 25,928 26,737 28,445 29,236
Other current liabilities 19,044 24,702 24,182 16,414 27,683
Total current liabilities 70,729 81,151 81,473 75,410 85,042
Long-term operating lease liabilities 607 567 812 2,926 2,982
Long-term finance lease liabilities 8 11 14 17 20
Long-term debt 304,644 311,858 310,980 310,108 317,339
Deferred income taxes 19,376 20,609 18,330 20,312 22,037
Deferred gains and other liabilities 565 639 625 1,356 1,369
Total liabilities 395,929 414,835 412,234 410,129 428,789
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock 280 281 281 293 287
Additional paid-in capital 471,862 470,228 468,669 480,904 479,283
Accumulated deficit (208,444 ) (193,822 ) (202,816 ) (196,089 ) (180,600 )
Shares held in treasury (9,691 ) (9,639 ) (9,639 ) (9,628 ) (8,110 )
Accumulated other comprehensive income, net of tax 10,344 10,294 10,980 8,234 7,141
264,351 277,342 267,475 283,714 298,001
Noncontrolling interests in subsidiaries 321 321 321 321 321
Total equity 264,672 277,663 267,796 284,035 298,322
Total liabilities and equity $ 660,601 $ 692,498 $ 680,030 $ 694,164 $ 727,111


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
Dec. 31, 2025 Sep. 30, 2025 Jun. 30, 2025 Mar. 31, 2025 Dec. 31, 2024
Cash Flows from Operating Activities:
Net (Loss) Income $ (14,622 ) $ 8,994 $ (6,727 ) $ (15,489 ) $ (26,226 )
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization 10,045 12,125 12,090 12,810 12,879
Deferred financing costs amortization 173 (86 ) 43 43 254
Stock-based compensation expense 1,633 1,559 1,510 1,627 1,622
Debt discount amortization 243 236 232 226 1,799
Allowance for credit losses (620 ) 627 (213 ) (407 ) 59
Gains from equipment sales, retirements or impairments (8,210 ) (30,230 ) (19,163 ) (5,809 ) (11,624 )
Losses on debt extinguishment — — — — 28,252
Derivative losses (gains) 73 (17 ) (87 ) (125 ) 536
Interest on finance lease 1 1 1 1 2
Settlements on derivative transactions, net 65 — — (373 ) —
Currency losses (gains) 38 (218 ) 2,119 1,196 (1,308 )
Deferred income taxes (1,233 ) 2,279 (1,982 ) (1,725 ) (4,766 )
Equity earnings (231 ) (393 ) (218 ) (889 ) (1,430 )
Dividends received from equity investees — — 3,199 — —
Changes in Operating Assets and Liabilities:
Accounts receivables 12,222 (6,700 ) 284 5,333 5,448
Other assets (1,530 ) 1,385 1,901 (1,681 ) 1,338
Accounts payable and accrued liabilities (10,246 ) (221 ) 4,934 (6,204 ) 1,693
Net cash (used in) provided by operating activities (12,199 ) (10,659 ) (2,077 ) (11,466 ) 8,528
Cash Flows from Investing Activities:
Purchases of property and equipment (8,427 ) (9,348 ) (10,213 ) (20,795 ) (3,010 )
Proceeds from disposition of property and equipment 13,087 76,068 31,592 8,472 22,441
Net cash provided by (used in) investing activities 4,660 66,720 21,379 (12,323 ) 19,431
Cash Flows from Financing Activities:
Payments on long-term debt (7,500 ) (7,500 ) (7,500 ) (5,000 ) (2,479 )
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 (4 ) (3 ) (4 ) (9 ) (13 )
Payments for repurchase of common stock — — (7,089 ) — —
Payments for repurchase of warrants — — (6,668 ) — —
Tax withholdings on restricted stock vesting (52 ) — (11 ) (1,518 ) —
Net cash (used in) provided by financing activities (7,556 ) 595 (13,175 ) (6,923 ) 10,317
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents 3 (3 ) — — —
Net Change in Cash, Restricted Cash and Cash Equivalents (15,092 ) 56,653 6,127 (30,712 ) 38,276
Cash, Restricted Cash and Cash Equivalents, Beginning of Period 108,208 51,555 45,428 76,140 37,864
Cash, Restricted Cash and Cash Equivalents, End of Period $ 93,116 $ 108,208 $ 51,555 $ 45,428 $ 76,140



SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
Owned Managed Total
December 31, 2025
FSV 21 — 21
PSV 18 — 18
Liftboats 5 — 5
44 — 44
December 31, 2024
AHTS — 2 2
FSV 22 1 23
PSV 21 — 21
Liftboats 8 — 8
51 3 54