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SEACOR Marine Announces First Quarter 2025 Results

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SEACOR Marine reported mixed Q1 2025 results with operating revenues of $55.5 million, down 11.6% year-over-year and 20.5% quarter-over-quarter. The company posted an operating loss of $5.3 million and direct vessel profit of $13.6 million.

Key metrics showed average day rates at $18,825 (1.1% YoY decrease) and 60% fleet utilization (down from 62% in Q1 2024). Net loss was $15.5 million ($0.56 per share). Notable achievements include selling a 2005 liftboat for $7.5 million with a $5.6 million gain.

The company completed strategic moves in April 2025, including:

  • Selling three vessels for $33.2 million with a $20.6 million gain
  • Repurchasing shares and warrants from Carlyle (9.1% of outstanding shares) for $12.9 million
  • Investing in two new PSVs scheduled for delivery in Q4 2026 and Q1 2027

SEACOR Marine ha riportato risultati contrastanti nel primo trimestre del 2025, con ricavi operativi di 55,5 milioni di dollari, in calo dell'11,6% su base annua e del 20,5% rispetto al trimestre precedente. La societ脿 ha registrato una perdita operativa di 5,3 milioni di dollari e un utile diretto dalle navi di 13,6 milioni di dollari.

I principali indicatori mostrano tariffe giornaliere medie di 18.825 dollari (diminuzione dell'1,1% su base annua) e un utilizzo della flotta del 60% (in calo rispetto al 62% del primo trimestre 2024). La perdita netta 猫 stata di 15,5 milioni di dollari (0,56 dollari per azione). Tra i risultati degni di nota, la vendita di una liftboat del 2005 per 7,5 milioni di dollari con un guadagno di 5,6 milioni di dollari.

Ad aprile 2025, la societ脿 ha completato mosse strategiche, tra cui:

  • La vendita di tre navi per 33,2 milioni di dollari con un guadagno di 20,6 milioni di dollari
  • Il riacquisto di azioni e warrant da Carlyle (9,1% delle azioni in circolazione) per 12,9 milioni di dollari
  • L'investimento in due nuove PSV con consegna prevista nel quarto trimestre 2026 e nel primo trimestre 2027

SEACOR Marine report贸 resultados mixtos en el primer trimestre de 2025, con ingresos operativos de , una disminuci贸n del 11.6% interanual y del 20.5% respecto al trimestre anterior. La compa帽铆a registr贸 una p茅rdida operativa de 5.3 millones de d贸lares y una ganancia directa por embarcaciones de 13.6 millones de d贸lares.

Los indicadores clave mostraron tarifas diarias promedio de 18,825 d贸lares (una ca铆da del 1.1% interanual) y una utilizaci贸n de la flota del 60% (desde el 62% en el primer trimestre de 2024). La p茅rdida neta fue de 15.5 millones de d贸lares (0.56 d贸lares por acci贸n). Entre los logros destacados est谩 la venta de un liftboat de 2005 por 7.5 millones de d贸lares con una ganancia de 5.6 millones de d贸lares.

En abril de 2025, la empresa complet贸 movimientos estrat茅gicos que incluyen:

  • La venta de tres embarcaciones por 33.2 millones de d贸lares con una ganancia de 20.6 millones de d贸lares
  • La recompra de acciones y warrants de Carlyle (9.1% de las acciones en circulaci贸n) por 12.9 millones de d贸lares
  • La inversi贸n en dos nuevos PSV con entrega prevista para el cuarto trimestre de 2026 y el primer trimestre de 2027

SEACOR Marine鞚� 2025雲� 1攵勱赴 順检“霅� 鞁れ爜鞚� 氤搓碃頄堨姷雼堧嫟. 鞓侅梾 靾橃澋鞚� 5,550毵� 雼煬搿� 鞝勲厔 霃欔赴 雽�牍� 11.6%, 鞝勲秳旮� 雽�牍� 20.5% 臧愳唽頄堨姷雼堧嫟. 須岇偓電� 530毵� 雼煬鞚� 鞓侅梾 靻愳嫟瓿� 1,360毵� 雼煬鞚� 歆侅爲 靹犽皶 鞚挫澋鞚� 旮半頄堨姷雼堧嫟.

欤检殧 歆�響滊電� 韽夑窢 鞚检澕 鞖旍湪鞚� 18,825雼煬(鞝勲厔 雽�牍� 1.1% 臧愳唽), 靹犽寑 臧�霃欕鞚� 60%(2024雲� 1攵勱赴 62%鞐愳劀 頃橂澖)鞓�鞀惦媹雼�. 靾滌啇鞁れ潃 1,550毵� 雼煬(欤茧嫻 0.56雼煬)鞓�鞀惦媹雼�. 欤茧頃� 毵岉暅 靹标臣搿滊姅 2005雲勴槙 毽攧韸鸽炒韸鸽ゼ 750毵� 雼煬鞐� 毵り皝頃橃棳 560毵� 雼煬鞚� 鞚挫澋鞚� 鞏混潃 鞝愳澊 鞛堨姷雼堧嫟.

2025雲� 4鞗旍棎 須岇偓電� 雼れ潓瓿� 臧欖潃 鞝勲灥鞝� 臁办箻毳� 鞕勲頄堨姷雼堧嫟:

  • 3觳欖潣 靹犽皶鞚� 3,320毵� 雼煬鞐� 毵り皝頃橃棳 2,060毵� 雼煬鞚� 鞚挫澋 鞁ろ槃
  • Carlyle搿滊秬韯� 氚滍枆 欤检嫕鞚� 9.1%鞐� 頃措嫻頃橂姅 欤检嫕 氚� 鞗岆煱韸鸽ゼ 1,290毵� 雼煬鞐� 鞛Г鞛�
  • 2026雲� 4攵勱赴 氚� 2027雲� 1攵勱赴 鞚鸽弰毳� 鞓堨爼頃� 霊� 觳欖潣 鞁犼窚 PSV鞐� 韴瀽

SEACOR Marine a publi茅 des r茅sultats mitig茅s pour le premier trimestre 2025, avec des revenus d'exploitation de 55,5 millions de dollars, en baisse de 11,6 % en glissement annuel et de 20,5 % par rapport au trimestre pr茅c茅dent. La soci茅t茅 a enregistr茅 une perte d'exploitation de 5,3 millions de dollars et un b茅n茅fice direct des navires de 13,6 millions de dollars.

Les principaux indicateurs montrent des tarifs journaliers moyens de 18 825 dollars (baisse de 1,1 % en glissement annuel) et un taux d'utilisation de la flotte de 60 % (en baisse par rapport 脿 62 % au premier trimestre 2024). La perte nette s'茅l猫ve 脿 15,5 millions de dollars (0,56 dollar par action). Parmi les r茅alisations notables, la vente d'un liftboat de 2005 pour 7,5 millions de dollars avec un gain de 5,6 millions de dollars.

En avril 2025, la soci茅t茅 a finalis茅 des actions strat茅giques, notamment :

  • La vente de trois navires pour 33,2 millions de dollars avec un gain de 20,6 millions de dollars
  • Le rachat d'actions et de bons de souscription aupr猫s de Carlyle (9,1 % des actions en circulation) pour 12,9 millions de dollars
  • L'investissement dans deux nouveaux PSV pr茅vus pour une livraison au quatri猫me trimestre 2026 et au premier trimestre 2027

SEACOR Marine meldete gemischte Ergebnisse f眉r das erste Quartal 2025 mit operativen Ums盲tzen von 55,5 Millionen US-Dollar, was einem R眉ckgang von 11,6 % im Jahresvergleich und 20,5 % im Quartalsvergleich entspricht. Das Unternehmen verzeichnete einen operativen Verlust von 5,3 Millionen US-Dollar und einen direkten Schiffsgewinn von 13,6 Millionen US-Dollar.

Wichtige Kennzahlen zeigten durchschnittliche Tagess盲tze von 18.825 US-Dollar (ein R眉ckgang von 1,1 % im Jahresvergleich) und eine Flottenauslastung von 60 % (gegen眉ber 62 % im ersten Quartal 2024). Der Nettoverlust betrug 15,5 Millionen US-Dollar (0,56 US-Dollar pro Aktie). Bemerkenswerte Erfolge umfassen den Verkauf eines 2005er Hubbootes f眉r 7,5 Millionen US-Dollar mit einem Gewinn von 5,6 Millionen US-Dollar.

Im April 2025 schloss das Unternehmen strategische Ma脽nahmen ab, darunter:

  • Verkauf von drei Schiffen f眉r 33,2 Millionen US-Dollar mit einem Gewinn von 20,6 Millionen US-Dollar
  • R眉ckkauf von Aktien und Warrants von Carlyle (9,1 % der ausstehenden Aktien) f眉r 12,9 Millionen US-Dollar
  • Investition in zwei neue PSVs mit geplanter Lieferung im vierten Quartal 2026 und ersten Quartal 2027

Positive
  • Improved DVP margin to 24.5% from 23.4% YoY
  • Successful sale of liftboat generating $7.5M proceeds with $5.6M gain
  • Strategic vessel sales in April 2025 generating $33.2M proceeds with $20.6M gain
  • Reduced drydocking expenses to $5.2M from $8.5M YoY
  • Share repurchase of 9.1% outstanding shares, simplifying capital structure
  • Two new PSVs under construction for delivery in Q4 2026 and Q1 2027
Negative
  • 11.6% YoY and 20.5% QoQ decrease in revenues to $55.5M
  • Operating loss of $5.3M in Q1 2025
  • Net loss of $15.5M ($0.56 per share)
  • Utilization dropped to 60% from 62% YoY and 72% QoQ
  • Average day rates decreased 1.1% YoY to $18,825
  • Market softness in North Sea and Gulf of America regions
  • Customer delays in Mexico operations

Insights

SEACOR Marine reported lower Q1 revenues, continued losses, but improved operating metrics and significant vessel sales that strengthen liquidity position.

SEACOR Marine's Q1 2025 financial results present a mixed picture with signs of operational improvement amid ongoing challenges. The company reported operating revenues of $55.5 million, down 11.6% year-over-year and 20.5% sequentially from Q4 2024. Despite this decline, the operating loss narrowed to $5.3 million from $10.6 million in Q1 2024, showing cost management improvements.

The company's Direct Vessel Profit (DVP) of $13.6 million with a margin of 24.5% represents a modest improvement from 23.4% in Q1 2024, though down from 33.1% in Q4 2024. This margin improvement despite lower revenues suggests operational efficiencies, with drydocking expenses decreasing to $5.2 million from $8.5 million year-over-year.

A significant development was the company's strategic asset optimization, completing the sale of one liftboat for $7.5 million with a $5.6 million gain. More importantly, after quarter-end, SEACOR sold three additional vessels for $33.2 million, generating a $20.6 million gain. These proceeds funded the repurchase of shares and warrants from Carlyle, simplifying the capital structure, while partially financing two new high-specification PSVs scheduled for delivery in late 2026 and early 2027.

The company's strategic repositioning away from weakening markets like the North Sea toward South America, West Africa, and the Middle East demonstrates adaptive management, though utilization decreased to 60% from 62% year-over-year, partly due to planned maintenance during the seasonally weak quarter. Average day rates remained relatively stable at $18,825, showing pricing resilience despite market softness.

SEACOR's fleet repositioning and planned vessel upgrades reflect strategic adaptation to changing offshore market dynamics despite seasonal weakness.

SEACOR Marine's Q1 results reflect the typical seasonal patterns of the offshore support vessel (OSV) market, with the company strategically timing maintenance, drydocking, and fleet repositioning during this traditionally slow period. The slight decline in utilization to 60% from 62% year-over-year was partly deliberate, allowing the company to prepare vessels for more active periods ahead.

The stability in average day rates at $18,825 for three consecutive quarters, despite market challenges, indicates SEACOR has maintained some pricing discipline. This is noteworthy considering the company specifically mentions continued market softness in the North Sea and Gulf of America, alongside customer delays in Mexico.

SEACOR's strategic pivot from weaker markets to more promising regions is technically sound. The company is reducing exposure in the challenged North Sea sector while focusing on stronger international markets including South America, West Africa, and the Middle East, where tendering activity remains healthy. This geographic diversification strategy helps mitigate regional market weaknesses.

The fleet modernization initiative is particularly significant from an operational perspective. By selling older vessels and investing in two new high-specification PSVs, SEACOR is aligning its fleet capabilities with evolving market demands. CEO John Gellert's emphasis on having "a modern fleet, with additional high specification vessels scheduled to deliver in less than two years" positions the company to potentially capture higher-value contracts in the future.

The company's focus on decommissioning opportunities in the Gulf of America merits attention, as this segment offers potential stability amid fluctuating exploration and production activity. However, management's comment about "closely monitoring" this market suggests some uncertainty about near-term prospects in this sector.

HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the 鈥淐ompany鈥� or 鈥淪EACOR Marine鈥�), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.

SEACOR Marine鈥檚 consolidated operating revenues for the first quarter of 2025 were $55.5 million, operating loss was $5.3 million, and direct vessel profit (鈥淒VP鈥�)(1) was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and 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.

Notable first quarter items include:

  • 11.6% decrease in revenues from the first quarter of 2024 and a 20.5% decrease from the fourth quarter of 2024.
  • Average day rates of $18,825, a 1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024.
  • 60% utilization, a decrease from 62% in the first quarter of 2024 and from 72% in the fourth quarter of 2024.
  • DVP margin of 24.5%, an increase from 23.4% in the first quarter of 2024 and a decrease from 33.1% in the fourth quarter of 2024, due in part to $5.2 million of drydocking and major repairs during the first quarter of 2025 compared to $8.5 million in the first quarter of 2024 and $3.5 million in the fourth quarter of 2024, all of which are expensed as incurred.
  • Completed the sale of one 2005 built liftboat which had been in long-term layup for total proceeds of $7.5 million and a gain of $5.6 million.
  • At the end of the first quarter of 2025, the Company had three vessels as held for sale, consisting of two platform supply vessels (鈥淧SVs鈥�) and one fast supply vessel (鈥淔SV鈥�). The sales of these vessels closed in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million, and the proceeds were used to (a) fund the repurchase of shares and warrants from Carlyle and (b) partially fund the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

For the first quarter of 2025, net loss was $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

Chief Executive Officer John Gellert commented:

鈥淭he first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.

We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.

As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants.听We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

I am confident about SEACOR Marine鈥檚 positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.鈥�
___________________

(1)听Direct vessel profit (defined as operating revenues less operating costs and expenses, 鈥淒VP鈥�) is the Company鈥檚 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鈥檚 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.
听听听

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鈥檚 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 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥減roject,鈥� 鈥渋ntend,鈥� 鈥渂elieve,鈥� 鈥減lan,鈥� 鈥渢arget,鈥� 鈥渇orecast鈥� and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management鈥檚 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鈥檚 control and are described in the Company鈥檚 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鈥檚 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鈥檚 cautionary statements under the Private Securities Litigation Reform Act of 1995.

Please visit SEACOR Marine鈥檚 website at www.seacormarine.com for additional information.
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SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
听
听听Three Months Ended March听31,听
听听2025听听2024听
Operating Revenues听$55,499听听$62,770听
Costs and Expenses:听听听听听听
Operating听听41,928听听听48,099听
Administrative and general听听11,486听听听11,917听
Lease expense听听337听听听481听
Depreciation and amortization听听12,810听听听12,882听
听听听66,561听听听73,379听
Gains (Losses) on Asset Dispositions and Impairments, Net听听5,809听听听(1)
Operating Loss听听(5,253)听听(10,610)
Other Income (Expense):听听听听听听
Interest income听听436听听听593听
Interest expense听听(9,586)听听(10,309)
Derivative gains (losses), net听听125听听听(543)
Foreign currency losses, net听听(1,196)听听(80)
Other, net听听鈥�听听听(95)
听听听(10,221)听听(10,434)
Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies听听(15,474)听听(21,044)
Income Tax Expense听听904听听听925听
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies听听(16,378)听听(21,969)
Equity in Earnings (Losses) of 50% or Less Owned Companies听听889听听听(1,100)
Net Loss听$(15,489)听$(23,069)
听听听听听听听
Net Loss Per Share:听听听听听听
Basic听$(0.56)听$(0.84)
Diluted听$(0.56)听$(0.84)
Weighted Average Common Stock and Warrants Outstanding:听听听听听听
Basic听听27,908,297听听听27,343,604听
Diluted听听27,908,297听听听27,343,604听
听听听听听听听听听


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except statistics and per share data)
听
听Three Months Ended
听Mar.听31, 2025听听Dec.听31, 2024听听Sep. 30, 2024听听Jun. 30, 2024听听Mar.听31, 2024听
Time Charter Statistics:听听听听听听听听听听听听听听
Average Rates Per Day$18,825听听$18,901听听$18,879听听$19,141听听$19,042听
Fleet Utilization听60%听听72%听听67%听听69%听听62%
Fleet Available Days (2)听4,583听听听4,870听听听5,026听听听4,994听听听5,005听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$51,933听听$66,095听听$63,313听听$65,649听听$59,263听
Bareboat charter听708听听听364听听听372听听听364听听听364听
Other marine services听2,858听听听3,349听听听5,231听听听3,854听听听3,143听
听听55,499听听听69,808听听听68,916听听听69,867听听听62,770听
Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel听18,537听听听20,365听听听21,940听听听21,566听听听21,670听
Repairs and maintenance听8,520听听听10,433听听听9,945听听听10,244听听听9,763听
Drydocking听3,869听听听2,467听听听6,068听听听6,210听听听6,706听
Insurance and loss reserves听2,153听听听2,473听听听2,584听听听3,099听听听1,738听
Fuel, lubes and supplies听4,546听听听4,884听听听6,574听听听3,966听听听4,523听
Other听4,303听听听6,104听听听5,796听听听4,435听听听3,699听
听听41,928听听听46,726听听听52,907听听听49,520听听听48,099听
Direct Vessel Profit (1)听13,571听听听23,082听听听16,009听听听20,347听听听14,671听
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense听337听听听347听听听364听听听486听听听481听
Administrative and general听11,486听听听10,888听听听11,019听听听10,889听听听11,917听
Depreciation and amortization听12,810听听听12,879听听听12,928听听听12,939听听听12,882听
听听24,633听听听24,114听听听24,311听听听24,314听听听25,280听
Gains (Losses) on Asset Dispositions and Impairments, Net听5,809听听听11,624听听听1,821听听听37听听听(1)
Operating (Loss) Income听(5,253)听听10,592听听听(6,481)听听(3,930)听听(10,610)
Other Income (Expense):听听听听听听听听听听听听听听
Interest income听436听听听372听听听358听听听445听听听593听
Interest expense听(9,586)听听(10,001)听听(10,127)听听(10,190)听听(10,309)
Derivative gains (losses), net听125听听听(536)听听67听听听104听听听(543)
Loss on debt extinguishment听鈥�听听听(31,923)听听鈥�听听听鈥�听听听鈥�听
Foreign currency (losses) gains, net听(1,196)听听1,308听听听(1,717)听听(560)听听(80)
Other, net听鈥�听听听187听听听29听听听鈥�听听听(95)
听听(10,221)听听(40,593)听听(11,390)听听(10,201)听听(10,434)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies听(15,474)听听(30,001)听听(17,871)听听(14,131)听听(21,044)
Income Tax Expense (Benefit)听904听听听(2,345)听听(513)听听(682)听听925听
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies听(16,378)听听(27,656)听听(17,358)听听(13,449)听听(21,969)
Equity in Earnings (Losses) of 50% or Less Owned Companies听889听听听1,430听听听1,012听听听966听听听(1,100)
Net Loss$(15,489)听$(26,226)听$(16,346)听$(12,483)听$(23,069)
听听听听听听听听听听听听听听听
Net Loss Per Share:听听听听听听听听听听听听听听
Basic$(0.56)听$(0.94)听$(0.59)听$(0.45)听$(0.84)
Diluted$(0.56)听$(0.94)听$(0.59)听$(0.45)听$(0.84)
Weighted Average Common Stock and Warrants Outstanding:听听听听听听听听听听听听听听
Basic听27,908听听听27,773听听听27,773听听听27,729听听听27,344听
Diluted听27,908听听听27,773听听听27,773听听听27,729听听听27,344听
Common Shares and Warrants Outstanding at Period End听29,488听听听28,950听听听28,950听听听28,941听听听28,906听

_______________
(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 (鈥淒VP鈥�) BY SEGMENT
(in thousands, except statistics)
听
听Three Months Ended
听Mar.听31, 2025听听Dec.听31, 2024听听Sep.听30, 2024听听Jun.听30, 2024听听Mar.听31, 2024听
United States, primarily Gulf of America听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$23,874听听$26,116听听$17,188听听$22,356听听$28,156听
Fleet utilization听25%听听45%听听42%听听37%听听27%
Fleet available days听1,121听听听920听听听920听听听921听听听927听
Out-of-service days for repairs, maintenance and drydockings听153听听听75听听听116听听听179听听听137听
Out-of-service days for cold-stacked status (2)听173听听听184听听听175听听听127听听听182听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$6,765听听$10,744听听$6,593听听$7,697听听$6,957听
Other marine services听235听听听1,114听听听1,188听听听480听听听1,026听
听听7,000听听听11,858听听听7,781听听听8,177听听听7,983听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel听6,486听听听6,097听听听6,297听听听6,284听听听5,781听
Repairs and maintenance听1,479听听听1,680听听听1,655听听听1,879听听听1,404听
Drydocking听1,066听听听1,451听听听2,615听听听2,570听听听1,968听
Insurance and loss reserves听702听听听854听听听799听听听943听听听396听
Fuel, lubes and supplies听819听听听854听听听964听听听866听听听667听
Other听349听听听229听听听225听听听226听听听(171)
听听10,901听听听11,165听听听12,555听听听12,768听听听10,045听
Direct Vessel (Loss) Profit (1)$(3,901)听$693听听$(4,774)听$(4,591)听$(2,062)
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$136听听$136听听$140听听$141听听$138听
Depreciation and amortization听3,705听听听3,196听听听3,194听听听3,194听听听2,750听
听听听听听听听听听听听听听听听
Africa and Europe听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$17,294听听$16,895听听$18,875听听$18,580听听$15,197听
Fleet utilization听70%听听73%听听77%听听74%听听76%
Fleet available days听1,710听听听1,856听听听1,990听听听1,969听听听1,775听
Out-of-service days for repairs, maintenance and drydockings听382听听听180听听听203听听听203听听听238听
Out-of-service days for cold-stacked status听鈥�听听听鈥�听听听58听听听91听听听91听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$20,835听听$22,999听听$28,809听听$27,047听听$20,555听
Other marine services听852听听听1,027听听听3,048听听听1,028听听听169听
听听21,687听听听24,026听听听31,857听听听28,075听听听20,724听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel听5,183听听听5,654听听听6,083听听听4,969听听听5,181听
Repairs and maintenance听3,462听听听3,712听听听3,455听听听3,161听听听3,209听
Drydocking听1,241听听听835听听听681听听听1,226听听听2,032听
Insurance and loss reserves听594听听听577听听听599听听听819听听听334听
Fuel, lubes and supplies听2,180听听听2,226听听听2,514听听听1,170听听听1,287听
Other听2,727听听听3,748听听听3,975听听听2,801听听听2,199听
听听15,387听听听16,752听听听17,307听听听14,146听听听14,242听
Direct Vessel Profit (1)$6,300听听$7,274听听$14,550听听$13,929听听$6,482听
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$63听听$82听听$75听听$172听听$178听
Depreciation and amortization听4,402听听听4,477听听听4,540听听听4,565听听听3,915听

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

SEACOR MARINE HOLDINGS INC.
UNAUDITED DIRECT VESSEL PROFIT (鈥淒VP鈥�) BY SEGMENT (continued)
(in thousands, except statistics)
听
听Three Months Ended听
听Mar.听31, 2025听听Dec.听31, 2024听听Sep. 30, 2024听听Jun. 30, 2024听听Mar.听31, 2024听
Middle East and Asia听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$17,848听听$17,337听听$17,825听听$17,083听听$16,934听
Fleet utilization听75%听听88%听听71%听听82%听听71%
Fleet available days听1,170听听听1,266听听听1,288听听听1,296听听听1,365听
Out-of-service days for repairs, maintenance and drydockings听82听听听30听听听229听听听168听听听224听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$15,710听听$19,385听听$16,411听听$18,073听听$16,477听
Other marine services听292听听听635听听听375听听听619听听听350听
听听16,002听听听20,020听听听16,786听听听18,692听听听16,827听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel听4,927听听听5,470听听听5,769听听听6,930听听听5,963听
Repairs and maintenance听2,505听听听3,574听听听3,318听听听3,443听听听2,712听
Drydocking听1,031听听听(226)听听832听听听707听听听1,483听
Insurance and loss reserves听702听听听804听听听927听听听798听听听618听
Fuel, lubes and supplies听883听听听840听听听1,043听听听1,103听听听1,198听
Other听881听听听1,305听听听1,131听听听989听听听1,000听
听听10,929听听听11,767听听听13,020听听听13,970听听听12,974听
Direct Vessel Profit (1)$5,073听听$8,253听听$3,766听听$4,722听听$3,853听
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$83听听$72听听$73听听$71听听$85听
Depreciation and amortization听3,230听听听3,272听听听3,261听听听3,247听听听3,496听
听听听听听听听听听听听听听听听
Latin America听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$22,084听听$21,390听听$21,984听听$22,437听听$28,308听
Fleet utilization听67%听听73%听听63%听听71%听听58%
Fleet available days (2)听582听听听828听听听828听听听808听听听938听
Out-of-service days for repairs, maintenance and drydockings听鈥�听听听20听听听94听听听41听听听1听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$8,623听听$12,967听听$11,500听听$12,832听听$15,274听
Bareboat charter听708听听听364听听听372听听听364听听听364听
Other marine services听1,479听听听573听听听620听听听1,727听听听1,598听
听听10,810听听听13,904听听听12,492听听听14,923听听听17,236听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel听1,941听听听3,144听听听3,791听听听3,383听听听4,745听
Repairs and maintenance听1,074听听听1,467听听听1,517听听听1,761听听听2,438听
Drydocking听531听听听407听听听1,940听听听1,707听听听1,223听
Insurance and loss reserves听155听听听238听听听259听听听539听听听390听
Fuel, lubes and supplies听664听听听964听听听2,053听听听827听听听1,371听
Other听346听听听822听听听465听听听419听听听671听
听听4,711听听听7,042听听听10,025听听听8,636听听听10,838听
Direct Vessel Profit (1)$6,099听听$6,862听听$2,467听听$6,287听听$6,398听
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$55听听$57听听$76听听$102听听$80听
Depreciation and amortization听1,473听听听1,934听听听1,933听听听1,933听听听2,721听

_______________
(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)
听
听Three Months Ended
听Mar.听31, 2025听听Dec.听31, 2024听听Sep. 30, 2024听听Jun. 30, 2024听听Mar.听31, 2024听
AHTS听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$鈥�听听$10,410听听$10,316听听$8,125听听$8,538听
Fleet utilization听鈥�%听听79%听听46%听听49%听听75%
Fleet available days听鈥�听听听178听听听334听听听364听听听364听
Out-of-service days for repairs, maintenance and drydockings听鈥�听听听28听听听87听听听29听听听鈥�听
Out-of-service days for cold-stacked status听鈥�听听听鈥�听听听58听听听91听听听91听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$15听听$1,465听听$1,576听听$1,459听听$2,331听
Other marine services听9听听听鈥�听听听13听听听219听听听鈥�听
听听24听听听1,465听听听1,589听听听1,678听听听2,331听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel$1听听$595听听$981听听$1,045听听$1,064听
Repairs and maintenance听38听听听128听听听239听听听465听听听220听
Drydocking听鈥�听听听5听听听436听听听280听听听68听
Insurance and loss reserves听鈥�听听听49听听听66听听听97听听听43听
Fuel, lubes and supplies听66听听听25听听听90听听听69听听听616听
Other听12听听听210听听听263听听听230听听听287听
听听117听听听1,012听听听2,075听听听2,186听听听2,298听
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$鈥�听听$7听听$4听听$164听听$171听
Depreciation and amortization听4听听听122听听听175听听听175听听听175听
听听听听听听听听听听听听听听听
FSV听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$13,786听听$13,643听听$13,102听听$12,978听听$11,834听
Fleet utilization听71%听听72%听听81%听听80%听听72%
Fleet available days听1,980听听听2,024听听听2,024听听听2,002听听听2,002听
Out-of-service days for repairs, maintenance and drydockings听135听听听118听听听96听听听128听听听216听
Out-of-service days for cold-stacked status听90听听听92听听听83听听听36听听听91听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$19,357听听$19,992听听$21,606听听$20,698听听$17,081听
Other marine services听762听听听416听听听1,012听听听516听听听126听
听听20,119听听听20,408听听听22,618听听听21,214听听听17,207听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel$4,933听听$5,078听听$5,637听听$5,829听听$5,649听
Repairs and maintenance听2,983听听听4,480听听听4,378听听听4,572听听听3,093听
Drydocking听353听听听426听听听448听听听457听听听1,869听
Insurance and loss reserves听517听听听422听听听532听听听546听听听277听
Fuel, lubes and supplies听1,173听听听1,586听听听1,962听听听993听听听1,051听
Other听1,782听听听2,456听听听2,238听听听1,850听听听1,649听
听听11,741听听听14,448听听听15,195听听听14,247听听听13,588听
Other Costs and Expenses:听听听听听听听听听听听听听听
Depreciation and amortization$4,932听听$4,746听听$4,744听听$4,746听听$4,744听
听听听听听听听听听听听听听听听听听听听听


SEACOR MARINE HOLDINGS INC.
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
(in thousands, except statistics)
听
听Three Months Ended
听Mar.听31, 2025听听Dec.听31, 2024听听Sep. 30, 2024听听Jun. 30, 2024听听Mar.听31, 2024听
PSV听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$19,424听听$17,912听听$21,819听听$20,952听听$19,133听
Fleet utilization听55%听听72%听听58%听听66%听听53%
Fleet available days (1)听1,890听听听1,932听听听1,932听听听1,900听听听1,911听
Out-of-service days for repairs, maintenance and drydockings听396听听听117听听听349听听听291听听听307听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$20,286听听$24,865听听$24,488听听$26,390听听$19,390听
Bareboat charter听708听听听364听听听372听听听364听听听364听
Other marine services听508听听听1,561听听听2,855听听听2,266听听听416听
听听21,502听听听26,790听听听27,715听听听29,020听听听20,170听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel$8,351听听$8,999听听$9,360听听$8,979听听$8,850听
Repairs and maintenance听3,949听听听4,101听听听3,798听听听3,151听听听4,393听
Drydocking听2,513听听听1,046听听听2,629听听听2,616听听听3,386听
Insurance and loss reserves听631听听听618听听听636听听听1,037听听听395听
Fuel, lubes and supplies听2,594听听听2,379听听听3,594听听听1,575听听听1,889听
Other听2,018听听听2,566听听听2,821听听听1,850听听听1,395听
听听20,056听听听19,709听听听22,838听听听19,208听听听20,308听
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$鈥�听听$鈥�听听$(3)听$3听听$鈥�听
Depreciation and amortization听4,133听听听4,122听听听4,117听听听4,128听听听4,073听

_______________
(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)
听
听Three Months Ended
听Mar.听31, 2025听听Dec.听31, 2024听听Sep. 30, 2024听听Jun. 30, 2024听听Mar.听31, 2024听
Liftboats听听听听听听听听听听听听听听
Time Charter Statistics:听听听听听听听听听听听听听听
Average rates per day worked$39,559听听$39,326听听$36,423听听$43,204听听$53,506听
Fleet utilization听44%听听68%听听58%听听54%听听53%
Fleet available days听713听听听736听听听736听听听728听听听728听
Out-of-service days for repairs, maintenance and drydockings听87听听听41听听听109听听听143听听听78听
Out-of-service days for cold-stacked status听83听听听92听听听92听听听91听听听91听
Operating Revenues:听听听听听听听听听听听听听听
Time charter$12,275听听$19,773听听$15,643听听$17,102听听$20,461听
Other marine services听1,289听听听1,177听听听1,142听听听666听听听1,772听
听听13,564听听听20,950听听听16,785听听听17,768听听听22,233听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel$5,247听听$5,678听听$5,926听听$6,842听听$6,140听
Repairs and maintenance听1,571听听听1,722听听听1,531听听听2,054听听听2,035听
Drydocking听1,003听听听990听听听2,555听听听2,857听听听1,383听
Insurance and loss reserves听1,241听听听1,384听听听1,334听听听1,482听听听1,282听
Fuel, lubes and supplies听712听听听894听听听928听听听1,329听听听967听
Other听482听听听860听听听473听听听519听听听343听
听听10,256听听听11,528听听听12,747听听听15,083听听听12,150听
Other Costs and Expenses:听听听听听听听听听听听听听听
Depreciation and amortization听3,719听听听3,866听听听3,866听听听3,865听听听3,866听
听听听听听听听听听听听听听听听
Other Activity听听听听听听听听听听听听听听
Operating Revenues:听听听听听听听听听听听听听听
Other marine services$290听听$195听听$209听听$187听听$829听
听听290听听听195听听听209听听听187听听听829听
Direct Costs and Expenses:听听听听听听听听听听听听听听
Operating:听听听听听听听听听听听听听听
Personnel$5听听$15听听$36听听$(1,129)听$(33)
Repairs and maintenance听(21)听听2听听听(1)听听2听听听22听
Insurance and loss reserves听(236)听听鈥�听听听16听听听(63)听听(259)
Fuel, lubes and supplies听1听听听鈥�听听听鈥�听听听鈥�听听听鈥�听
Other听9听听听12听听听1听听听(14)听听25听
听听(242)听听29听听听52听听听(1,204)听听(245)
Other Costs and Expenses:听听听听听听听听听听听听听听
Lease expense$337听听$340听听$363听听$319听听$310听
Depreciation and amortization听22听听听23听听听26听听听25听听听24听
听听听听听听听听听听听听听听听听听听听听


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
听
听Mar.听31, 2025听听Dec.听31, 2024听听Sep.听30, 2024听听Jun.听30, 2024听听Mar.听31, 2024听
ASSETS听听听听听听听听听听听听听听
Current Assets:听听听听听听听听听听听听听听
Cash and cash equivalents$42,988听听$59,491听听$35,601听听$40,605听听$59,593听
Restricted cash听2,440听听听16,649听听听2,263听听听2,255听听听2,566听
Receivables:听听听听听听听听听听听听听听
Trade, net of allowance for credit loss听63,946听听听69,888听听听76,497听听听70,770听听听58,272听
Other听8,811听听听7,913听听听7,841听听听6,210听听听12,210听
Tax receivable听1,602听听听1,601听听听983听听听983听听听983听
Inventories听2,827听听听2,760听听听3,139听听听3,117听听听2,516听
Prepaid expenses and other听6,075听听听4,406听听听4,840听听听5,659听听听3,425听
Assets held for sale听12,195听听听10,943听听听鈥�听听听500听听听500听
Total current assets听140,884听听听173,651听听听131,164听听听130,099听听听140,065听
Property and Equipment:听听听听听听听听听听听听听听
Historical cost听881,961听听听900,414听听听921,445听听听921,443听听听919,139听
Accumulated depreciation听(365,422)听听(367,448)听听(362,604)听听(349,799)听听(337,001)
听听516,539听听听532,966听听听558,841听听听571,644听听听582,138听
Construction in progress听27,248听听听11,904听听听11,935听听听11,518听听听13,410听
Net property and equipment听543,787听听听544,870听听听570,776听听听583,162听听听595,548听
Right-of-use asset - operating leases听3,293听听听3,436听听听3,575听听听3,683听听听3,988听
Right-of-use asset - finance leases听28听听听36听听听19听听听28听听听29听
Investments, at equity, and advances to 50% or less owned companies听4,507听听听3,541听听听2,046听听听2,641听听听3,122听
Other assets听1,665听听听1,577听听听1,864听听听1,953听听听2,094听
Total assets$694,164听听$727,111听听$709,444听听$721,566听听$744,846听
LIABILITIES AND EQUITY听听听听听听听听听听听听听听
Current Liabilities:听听听听听听听听听听听听听听
Current portion of operating lease liabilities$540听听$606听听$494听听$861听听$1,285听
Current portion of finance lease liabilities听11听听听17听听听17听听听26听听听33听
Current portion of long-term debt听30,000听听听27,500听听听28,605听听听28,605听听听28,605听
Accounts payable听28,445听听听29,236听听听22,744听听听17,790听听听23,453听
Other current liabilities听16,414听听听27,683听听听28,808听听听23,795听听听21,067听
Total current liabilities听75,410听听听85,042听听听80,668听听听71,077听听听74,443听
Long-term operating lease liabilities听2,926听听听2,982听听听3,221听听听3,276听听听3,390听
Long-term finance lease liabilities听17听听听20听听听4听听听5听听听鈥�听
Long-term debt听310,108听听听317,339听听听272,325听听听277,740听听听281,989听
Deferred income taxes听20,312听听听22,037听听听26,802听听听30,083听听听33,873听
Deferred gains and other liabilities听1,356听听听1,369听听听1,416听听听1,447听听听2,285听
Total liabilities听410,129听听听428,789听听听384,436听听听383,628听听听395,980听
Equity:听听听听听听听听听听听听听听
SEACOR Marine Holdings Inc. stockholders鈥� equity:听听听听听听听听听听听听听听
Common stock听293听听听287听听听287听听听286听听听286听
Additional paid-in capital听480,904听听听479,283听听听477,661听听听476,020听听听474,433听
Accumulated deficit听(196,089)听听(180,600)听听(154,374)听听(138,028)听听(125,609)
Shares held in treasury听(9,628)听听(8,110)听听(8,110)听听(8,110)听听(8,071)
Accumulated other comprehensive income, net of tax听8,234听听听7,141听听听9,223听听听7,449听听听7,506听
听听283,714听听听298,001听听听324,687听听听337,617听听听348,545听
Noncontrolling interests in subsidiaries听321听听听321听听听321听听听321听听听321听
Total equity听284,035听听听298,322听听听325,008听听听337,938听听听348,866听
Total liabilities and equity$694,164听听$727,111听听$709,444听听$721,566听听$744,846听
听听听听听听听听听听听听听听听听听听听听


SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
听
听听听听Three Months Ended
听Mar.听31, 2025听听Dec.听31, 2024听听Sep. 30, 2024听听Jun. 30, 2024听听Mar.听31, 2024听
Cash Flows from Operating Activities:听听听听听听听听听听听听听听
Net Loss$(15,489)听$(26,226)听$(16,346)听$(12,483)听$(23,069)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:听听听听听听听听听听听听听听
Depreciation and amortization听12,810听听听12,879听听听12,928听听听12,939听听听12,882听
Deferred financing costs amortization听43听听听254听听听298听听听297听听听295听
Stock-based compensation expense听1,627听听听1,622听听听1,604听听听1,587听听听1,645听
Debt discount amortization听226听听听1,799听听听2,061听听听1,993听听听1,926听
Allowance for credit losses听(407)听听59听听听101听听听39听听听3听
(Gains) losses from equipment sales, retirements or impairments听(5,809)听听(11,624)听听(1,821)听听(37)听听1听
Losses on debt extinguishment听鈥�听听听28,252听听听鈥�听听听鈥�听听听鈥�听
Derivative (gains) losses听(125)听听536听听听(67)听听(104)听听543听
Interest on finance lease听1听听听2听听听鈥�听听听1听听听鈥�听
Settlements on derivative transactions, net听(373)听听鈥�听听听鈥�听听听鈥�听听听164听
Currency losses (gains)听1,196听听听(1,308)听听1,717听听听560听听听80听
Deferred income taxes听(1,725)听听(4,766)听听(3,281)听听(3,790)听听(1,845)
Equity (earnings) losses听(889)听听(1,430)听听(1,012)听听(966)听听1,100听
Dividends received from equity investees听鈥�听听听鈥�听听听1,498听听听1,418听听听鈥�听
Changes in Operating Assets and Liabilities:听听听听听听听听听听听听听听
Accounts receivables听5,333听听听5,448听听听(7,411)听听(6,928)听听4,291听
Other assets听(1,681)听听1,338听听听1,032听听听(2,395)听听(1,290)
Accounts payable and accrued liabilities听(6,204)听听1,693听听听9,325听听听(4,378)听听(3,895)
Net cash (used in) provided by operating activities听(11,466)听听8,528听听听626听听听(12,247)听听(7,169)
Cash Flows from Investing Activities:听听听听听听听听听听听听听听
Purchases of property and equipment听(20,795)听听(3,010)听听(210)听听(658)听听(3,416)
Proceeds from disposition of property and equipment听8,472听听听22,441听听听2,331听听听86听听听鈥�听
Net cash (used in) provided by investing activities听(12,323)听听19,431听听听2,121听听听(572)听听(3,416)
Cash Flows from Financing Activities:听听听听听听听听听听听听听听
Payments on long-term debt听(5,000)听听(2,479)听听(7,770)听听(6,533)听听(7,530)
Payments on debt extinguishment听鈥�听听听(328,712)听听鈥�听听听鈥�听听听鈥�听
Payments on debt extinguishment cost听鈥�听听听(3,671)听听鈥�听听听鈥�听听听鈥�听
Proceeds from issuance of long-term debt, net of debt discount and issuance costs听(396)听听345,192听听听鈥�听听听鈥�听听听鈥�听
Payments on finance leases听(9)听听(13)听听(10)听听(9)听听(9)
Proceeds from exercise of stock options and warrants听鈥�听听听鈥�听听听38听听听102听听听鈥�听
Tax withholdings on restricted stock vesting听(1,518)听听鈥�听听听鈥�听听听(39)听听(3,850)
Net cash (used in) provided by financing activities听(6,923)听听10,317听听听(7,742)听听(6,479)听听(11,389)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents听鈥�听听听鈥�听听听(1)听听(1)听听2听
Net Change in Cash, Restricted Cash and Cash Equivalents听(30,712)听听38,276听听听(4,996)听听(19,299)听听(21,972)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period听76,140听听听37,864听听听42,860听听听62,159听听听84,131听
Cash, Restricted Cash and Cash Equivalents, End of Period$45,428听听$76,140听听$37,864听听$42,860听听$62,159听
听听听听听听听听听听听听听听听听听听听听


SEACOR MARINE HOLDINGS INC.
UNAUDITED FLEET COUNTS
听
听听Owned听听Managed听听Total听
March听31, 2025听听听听听听听听听
AHTS听听鈥�听听听2听听听2听
FSV听听22听听听1听听听23听
PSV听听21听听听鈥�听听听21听
Liftboats听听7听听听鈥�听听听7听
听听听50听听听3听听听53听
December听31, 2024听听听听听听听听听
AHTS听听鈥�听听听2听听听2听
FSV听听22听听听1听听听23听
PSV听听21听听听鈥�听听听21听
Liftboats听听8听听听鈥�听听听8听
听听听51听听听3听听听54听
听听听听听听听听听听听听听

FAQ

What caused SEACOR Marine (SMHI) revenue decline in Q1 2025?

SEACOR Marine's Q1 2025 revenues declined 11.6% year-over-year to $55.5 million due to lower fleet utilization (60% vs 62% in Q1 2024) and slightly lower average day rates ($18,825 vs $19,042). Seasonal factors and market softness in the North Sea and Gulf of America contributed to the decline.

How much did SEACOR Marine (SMHI) buy back shares for in April 2025?

SEACOR Marine repurchased shares and warrants representing 9.1% of outstanding shares from Carlyle for approximately $12.9 million on April 4, 2025. The repurchase was funded using proceeds from the sale of a PSV vessel.

What was SEACOR Marine's (SMHI) profit margin in Q1 2025?

SEACOR Marine reported a Direct Vessel Profit (DVP) margin of 24.5% in Q1 2025, up from 23.4% in Q1 2024 but down from 33.1% in Q4 2024. The company posted a net loss of $15.5 million or $0.56 per share.

How many vessels did SEACOR Marine (SMHI) sell in Q1 2025?

SEACOR Marine sold one 2005-built liftboat for $7.5 million with a gain of $5.6 million. Additionally, three vessels were held for sale at quarter-end (two PSVs and one FSV), which were sold in April 2025 for $33.2 million with a gain of $20.6 million.

What is SEACOR Marine's (SMHI) fleet expansion plan for 2026-2027?

SEACOR Marine plans to add two new Platform Supply Vessels (PSVs) to its fleet, scheduled for delivery in Q4 2026 and Q1 2027. These vessels will be partially funded by proceeds from recent vessel sales.
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Seacor Marine Ho

NYSE:SMHI

SMHI Rankings

#6046 Ranked by Market Cap
N/A Ranked by Dividends

SMHI Latest News

Jul 30, 2025
SEACOR Marine Announces Second Quarter 2025 Results
Apr 4, 2025
SEACOR Marine Announces Securities Repurchase
Feb 26, 2025
SEACOR Marine Announces Fourth Quarter 2024 Results
Dec 2, 2024
SEACOR Marine Announces Complete Debt Refinancing, Newbuild Orders, and Vessel Sales
Oct 30, 2024
SEACOR Marine Announces Third Quarter 2024 Results

SMHI Latest SEC Filings

Jul 30, 2025
[8-K] SEACOR Marine Holdings Inc. Reports Material Event
Jul 30, 2025
[10-Q] SEACOR Marine Holdings Inc. Quarterly Earnings Report
Jul 29, 2025
[SCHEDULE 13G] SEACOR Marine Holdings Inc. SEC Filing

SMHI Stock Data

143.66M
20.18M
13.69%
52.69%
4.23%
Marine Shipping
Deep Sea Foreign Transportation of Freight
United States
HOUSTON

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