[10-Q] SEACOR Marine Holdings Inc. Quarterly Earnings Report
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) filed an 8-K dated 30-Jul-2025 to furnish Item 2.02 and Item 7.01 information.
- The company issued a press release announcing financial results for Q2 2025 (quarter ended 30-Jun-2025). Specific revenue, earnings or margin figures are not included in this filing; they are contained in Exhibit 99.1, which is incorporated by reference.
- The board declared a quarterly cash dividend of $0.19 per Class A and Class B share, payable 12-Sep-2025 to holders of record on 12-Aug-2025.
No other material events, transactions or financial statements were disclosed. The information is furnished, not filed, and therefore is not subject to Section 18 liability.
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) ha presentato un modulo 8-K datato 30-lug-2025 per fornire le informazioni relative agli Elementi 2.02 e 7.01.
- L'azienda ha pubblicato un comunicato stampa con i risultati finanziari del secondo trimestre 2025 (trimestre terminato il 30-giu-2025). I dettagli specifici su ricavi, utili o margini non sono inclusi in questo documento; sono contenuti nell'Allegato 99.1, che viene incorporato per riferimento.
- Il consiglio di amministrazione ha dichiarato un dividendo in contanti trimestrale di 0,19 $ per azione Classe A e Classe B, pagabile il 12-set-2025 agli azionisti registrati al 12-ago-2025.
Non sono stati divulgati altri eventi materiali, transazioni o bilanci. Le informazioni sono fornite, non archiviate, e pertanto non sono soggette alla responsabilit脿 ai sensi della Sezione 18.
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) present贸 un formulario 8-K fechado el 30-jul-2025 para proporcionar la informaci贸n de los 脥tems 2.02 y 7.01.
- La empresa emiti贸 un comunicado de prensa anunciando los resultados financieros del segundo trimestre de 2025 (trimestre terminado el 30-jun-2025). Las cifras espec铆ficas de ingresos, ganancias o m谩rgenes no est谩n incluidas en este documento; se encuentran en el Anexo 99.1, que se incorpora por referencia.
- La junta declar贸 un dividendo trimestral en efectivo de $0.19 por acci贸n Clase A y Clase B, pagadero el 12-sep-2025 a los titulares registrados al 12-ago-2025.
No se divulgaron otros eventos materiales, transacciones o estados financieros. La informaci贸n se proporciona, no se presenta formalmente, y por lo tanto no est谩 sujeta a la responsabilidad bajo la Secci贸n 18.
Rush Enterprises, Inc. (雮橃姢雼�: RUSHA/RUSHB)電� 2025雲� 7鞗� 30鞚检瀽 8-K 靹滊毳� 鞝滌稖頃橃棳 頃 2.02 氚� 頃 7.01 鞝曤炒毳� 鞝滉车頄堨姷雼堧嫟.
- 須岇偓電� 2025雲� 2攵勱赴(2025雲� 6鞗� 30鞚� 膦呺 攵勱赴) 鞛 瓴瓣臣毳� 氚滍憸頃橂姅 氤措弰鞛愲毳� 氚滍枆頄堨溂氅�, 甑泊鞝侅澑 靾橃澋, 鞚挫澋 霕愲姅 毵堨 靾橃箻電� 鞚� 鞝滌稖靹滊鞐� 韽暔霅橃柎 鞛堨 鞎婌溂氅�, 氤勳波 99.1鞐� 韽暔霅橃柎 彀胳“搿� 韱淀暕霅橃柎 鞛堨姷雼堧嫟.
- 鞚挫偓须岆姅 韥措灅鞀� A 氚� 韥措灅鞀� B 欤检嫕雼� 攵勱赴氤� 順勱笀 氚半嫻旮� 0.19雼煬毳� 靹犾柛頄堨溂氅�, 2025雲� 9鞗� 12鞚检棎 2025雲� 8鞗� 12鞚� 旮办 欤检＜鞐愱矊 歆�旮夗暊 鞓堨爼鞛呺媹雼�.
雼るジ 欷戩殧頃� 靷贝, 瓯半灅 霕愲姅 鞛鞝滍憸電� 瓿店皽霅橃 鞎婌晿鞀惦媹雼�. 鞚� 鞝曤炒電� 鞝滌稖霅� 瓴冹澊 鞎勲媹霛� 鞝滉车霅� 瓴冹澊氅�, 霐半澕靹� 靹轨厴 18鞚� 毂呾瀯 雽�靸侅澊 鞎勲嫏雼堧嫟.
Rush Enterprises, Inc. (Nasdaq : RUSHA/RUSHB) a d茅pos茅 un formulaire 8-K dat茅 du 30 juillet 2025 pour fournir les informations des points 2.02 et 7.01.
- La soci茅t茅 a publi茅 un communiqu茅 de presse annon莽ant les r茅sultats financiers du deuxi猫me trimestre 2025 (trimestre clos le 30 juin 2025). Les chiffres sp茅cifiques de revenus, b茅n茅fices ou marges ne sont pas inclus dans ce d茅p么t ; ils se trouvent dans l鈥橢xhibit 99.1, qui est incorpor茅 par r茅f茅rence.
- Le conseil d鈥檃dministration a d茅clar茅 un dividende trimestriel en esp猫ces de 0,19 $ par action de Classe A et Classe B, payable le 12 septembre 2025 aux d茅tenteurs enregistr茅s au 12 ao没t 2025.
Aucun autre 茅v茅nement important, transaction ou 茅tat financier n鈥檃 茅t茅 divulgu茅. Les informations sont fournies, non d茅pos茅es, et ne sont donc pas soumises 脿 la responsabilit茅 en vertu de la Section 18.
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) reichte am 30. Juli 2025 ein 8-K-Formular ein, um die Informationen zu den Punkten 2.02 und 7.01 bereitzustellen.
- Das Unternehmen ver枚ffentlichte eine Pressemitteilung mit den Finanzergebnissen f眉r das zweite Quartal 2025 (Quartal zum 30. Juni 2025). Konkrete Angaben zu Umsatz, Gewinn oder Marge sind in dieser Einreichung nicht enthalten; sie sind in Anlage 99.1 enthalten, die durch Verweis einbezogen wird.
- Der Vorstand erkl盲rte eine viertelj盲hrliche Bardividende von 0,19 USD je Aktie der Klasse A und Klasse B, zahlbar am 12. September 2025 an die zum 12. August 2025 eingetragenen Aktion盲re.
Es wurden keine weiteren wesentlichen Ereignisse, Transaktionen oder Finanzberichte offengelegt. Die Informationen werden bereitgestellt, nicht eingereicht, und unterliegen daher nicht der Haftung gem盲脽 Abschnitt 18.
- None.
- None.
Insights
TL;DR: Routine 8-K; dividend confirmed at $0.19, but no Q2 numbers disclosed鈥攊mpact neutral.
Investors learn only that Q2 results were released and the board maintained a $0.19 dividend. Without embedded financials, there is insufficient data to reassess valuation or outlook. The dividend level implies a modest annualized yield (~ to be determined from share price), but continuity rather than growth. Because the press release is external to this filing, the market will rely on that document, not the 8-K itself, for performance insight. Overall, the filing is administrative with limited market-moving content.
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) ha presentato un modulo 8-K datato 30-lug-2025 per fornire le informazioni relative agli Elementi 2.02 e 7.01.
- L'azienda ha pubblicato un comunicato stampa con i risultati finanziari del secondo trimestre 2025 (trimestre terminato il 30-giu-2025). I dettagli specifici su ricavi, utili o margini non sono inclusi in questo documento; sono contenuti nell'Allegato 99.1, che viene incorporato per riferimento.
- Il consiglio di amministrazione ha dichiarato un dividendo in contanti trimestrale di 0,19 $ per azione Classe A e Classe B, pagabile il 12-set-2025 agli azionisti registrati al 12-ago-2025.
Non sono stati divulgati altri eventi materiali, transazioni o bilanci. Le informazioni sono fornite, non archiviate, e pertanto non sono soggette alla responsabilit脿 ai sensi della Sezione 18.
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) present贸 un formulario 8-K fechado el 30-jul-2025 para proporcionar la informaci贸n de los 脥tems 2.02 y 7.01.
- La empresa emiti贸 un comunicado de prensa anunciando los resultados financieros del segundo trimestre de 2025 (trimestre terminado el 30-jun-2025). Las cifras espec铆ficas de ingresos, ganancias o m谩rgenes no est谩n incluidas en este documento; se encuentran en el Anexo 99.1, que se incorpora por referencia.
- La junta declar贸 un dividendo trimestral en efectivo de $0.19 por acci贸n Clase A y Clase B, pagadero el 12-sep-2025 a los titulares registrados al 12-ago-2025.
No se divulgaron otros eventos materiales, transacciones o estados financieros. La informaci贸n se proporciona, no se presenta formalmente, y por lo tanto no est谩 sujeta a la responsabilidad bajo la Secci贸n 18.
Rush Enterprises, Inc. (雮橃姢雼�: RUSHA/RUSHB)電� 2025雲� 7鞗� 30鞚检瀽 8-K 靹滊毳� 鞝滌稖頃橃棳 頃 2.02 氚� 頃 7.01 鞝曤炒毳� 鞝滉车頄堨姷雼堧嫟.
- 須岇偓電� 2025雲� 2攵勱赴(2025雲� 6鞗� 30鞚� 膦呺 攵勱赴) 鞛 瓴瓣臣毳� 氚滍憸頃橂姅 氤措弰鞛愲毳� 氚滍枆頄堨溂氅�, 甑泊鞝侅澑 靾橃澋, 鞚挫澋 霕愲姅 毵堨 靾橃箻電� 鞚� 鞝滌稖靹滊鞐� 韽暔霅橃柎 鞛堨 鞎婌溂氅�, 氤勳波 99.1鞐� 韽暔霅橃柎 彀胳“搿� 韱淀暕霅橃柎 鞛堨姷雼堧嫟.
- 鞚挫偓须岆姅 韥措灅鞀� A 氚� 韥措灅鞀� B 欤检嫕雼� 攵勱赴氤� 順勱笀 氚半嫻旮� 0.19雼煬毳� 靹犾柛頄堨溂氅�, 2025雲� 9鞗� 12鞚检棎 2025雲� 8鞗� 12鞚� 旮办 欤检＜鞐愱矊 歆�旮夗暊 鞓堨爼鞛呺媹雼�.
雼るジ 欷戩殧頃� 靷贝, 瓯半灅 霕愲姅 鞛鞝滍憸電� 瓿店皽霅橃 鞎婌晿鞀惦媹雼�. 鞚� 鞝曤炒電� 鞝滌稖霅� 瓴冹澊 鞎勲媹霛� 鞝滉车霅� 瓴冹澊氅�, 霐半澕靹� 靹轨厴 18鞚� 毂呾瀯 雽�靸侅澊 鞎勲嫏雼堧嫟.
Rush Enterprises, Inc. (Nasdaq : RUSHA/RUSHB) a d茅pos茅 un formulaire 8-K dat茅 du 30 juillet 2025 pour fournir les informations des points 2.02 et 7.01.
- La soci茅t茅 a publi茅 un communiqu茅 de presse annon莽ant les r茅sultats financiers du deuxi猫me trimestre 2025 (trimestre clos le 30 juin 2025). Les chiffres sp茅cifiques de revenus, b茅n茅fices ou marges ne sont pas inclus dans ce d茅p么t ; ils se trouvent dans l鈥橢xhibit 99.1, qui est incorpor茅 par r茅f茅rence.
- Le conseil d鈥檃dministration a d茅clar茅 un dividende trimestriel en esp猫ces de 0,19 $ par action de Classe A et Classe B, payable le 12 septembre 2025 aux d茅tenteurs enregistr茅s au 12 ao没t 2025.
Aucun autre 茅v茅nement important, transaction ou 茅tat financier n鈥檃 茅t茅 divulgu茅. Les informations sont fournies, non d茅pos茅es, et ne sont donc pas soumises 脿 la responsabilit茅 en vertu de la Section 18.
Rush Enterprises, Inc. (Nasdaq: RUSHA/RUSHB) reichte am 30. Juli 2025 ein 8-K-Formular ein, um die Informationen zu den Punkten 2.02 und 7.01 bereitzustellen.
- Das Unternehmen ver枚ffentlichte eine Pressemitteilung mit den Finanzergebnissen f眉r das zweite Quartal 2025 (Quartal zum 30. Juni 2025). Konkrete Angaben zu Umsatz, Gewinn oder Marge sind in dieser Einreichung nicht enthalten; sie sind in Anlage 99.1 enthalten, die durch Verweis einbezogen wird.
- Der Vorstand erkl盲rte eine viertelj盲hrliche Bardividende von 0,19 USD je Aktie der Klasse A und Klasse B, zahlbar am 12. September 2025 an die zum 12. August 2025 eingetragenen Aktion盲re.
Es wurden keine weiteren wesentlichen Ereignisse, Transaktionen oder Finanzberichte offengelegt. Die Informationen werden bereitgestellt, nicht eingereicht, und unterliegen daher nicht der Haftung gem盲脽 Abschnitt 18.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number
(Exact Name of Registrant as Specified in Its Charter)
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(State or Other Jurisdiction of Incorporation or Organization) |
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(IRS Employer Identification No.) |
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: (
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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
The total number of shares of common stock, par value $.01 per share (“Common Stock”), outstanding as of July 25, 2025 was
SEACOR MARINE HOLDINGS INC.
Table of Contents
Part I. |
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Financial Information |
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1 |
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Item 1. |
Financial Statements (Unaudited) |
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Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 |
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1 |
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Condensed Consolidated Statements of Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 |
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Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2025 and 2024 |
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Condensed Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2025 and 2024 |
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Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 |
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Notes to Condensed Consolidated Financial Statements |
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6 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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20 |
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Item 3. |
Quantitative and Qualitative Disclosures About Market Risk |
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43 |
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Item 4. |
Controls and Procedures |
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43 |
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Part II. |
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Other Information |
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44 |
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Item 1. |
Legal Proceedings |
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44 |
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Item 1A. |
Risk Factors |
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44 |
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Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
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44 |
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Item 3. |
Default Upon Senior Securities |
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44 |
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Item 4. |
Mine Safety Disclosures |
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44 |
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Item 5. |
Other Information |
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44 |
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Item 6. |
Exhibits |
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45 |
i
PART I—FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
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June 30, 2025 |
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December 31, 2024 |
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ASSETS |
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Current Assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Restricted cash |
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Receivables: |
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Trade, net of allowance for credit loss of $ |
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Other |
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Tax receivable |
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Inventories |
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Prepaid expenses and other |
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Assets held for sale |
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Total current assets |
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Property and Equipment: |
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Historical cost |
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Accumulated depreciation |
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Construction in progress |
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Net property and equipment |
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Right-of-use asset - operating leases |
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Right-of-use asset - finance leases |
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Investments, at equity, and advances to 50% or less owned companies |
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Other assets |
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Total assets |
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$ |
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$ |
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LIABILITIES AND EQUITY |
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Current Liabilities: |
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Current portion of operating lease liabilities |
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$ |
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$ |
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Current portion of finance lease liabilities |
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Current portion of long-term debt |
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Accounts payable |
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Accrued wages and benefits |
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Accrued interest |
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Accrued capital, repair and maintenance expenditures |
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Unearned revenue |
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Accrued insurance deductibles and premiums |
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Derivatives |
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Other current liabilities |
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Total current liabilities |
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Long-term operating lease liabilities |
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Long-term finance lease liabilities |
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Long-term debt |
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Deferred income taxes |
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Deferred gains and other liabilities |
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Total liabilities |
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Equity: |
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SEACOR Marine Holdings Inc. stockholders’ equity: |
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Common stock, $ |
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Additional paid-in capital |
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Accumulated deficit |
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Shares held in treasury of |
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Accumulated other comprehensive income, net of tax |
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Noncontrolling interests in subsidiaries |
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Total equity |
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Total liabilities and equity |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
1
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in thousands, except share data)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating Revenues |
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$ |
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$ |
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$ |
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$ |
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Costs and Expenses: |
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Operating |
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Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Lease expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gains on Asset Dispositions and Impairments, Net |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating Income (Loss) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Derivative gains (losses), net |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Foreign currency losses, net |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Other, net |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
|
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Income Tax Expense (Benefit) |
|
|
|
|
|
( |
) |
|
|
|
|
|
|
|||
Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
|
|
|
|
|
|
|
|
|
( |
) |
|||
Net Loss |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Loss Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Diluted |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
Weighted Average Common Stock and Warrants Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
||||
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
2
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net Loss |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
Other Comprehensive Income (Loss): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Foreign currency translation gains (losses) |
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Income Tax Expense |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
( |
) |
|
|
|
|
|
( |
) |
||
Comprehensive Loss |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
( |
) |
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
3
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in thousands, except share data)
|
|
Shares of |
|
|
Common |
|
|
Additional |
|
|
Shares |
|
|
Treasury |
|
|
Accumulated |
|
|
Accumulated |
|
|
Non- |
|
|
Total |
|
|||||||||
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Repurchase of Common Stock |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Repurchase of warrants |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Restricted stock grants |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Amortization of share awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Restricted stock vesting |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Performance restricted stock vesting |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
||
Director share awards |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
||
Director restricted stock vesting |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
June 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
For the Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
March 31, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Repurchase of Common Stock |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Repurchase of warrants |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Amortization of share awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Director share awards |
|
|
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
||
Director restricted stock vesting |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
|
||
June 30, 2025 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
Shares of |
|
|
Common |
|
|
Additional |
|
|
Shares |
|
|
Treasury |
|
|
Accumulated |
|
|
Accumulated |
|
|
Non- |
|
|
Total |
|
|||||||||
For the Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2023 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Restricted stock grants |
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Amortization of share awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Exercise of options |
|
|
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|||
Restricted stock vesting |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
Performance restricted stock vesting |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
||
Director share awards |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Director restricted stock vesting |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
June 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
For the Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
March 31, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
Amortization of share awards |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
||
Restricted stock vesting |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Director share awards |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Director restricted stock vesting |
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
( |
) |
|
|
— |
|
|
|
— |
|
|
|
( |
) |
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
( |
) |
|
|
— |
|
|
|
|
||
June 30, 2024 |
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
$ |
( |
) |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|||||||
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
4
SEACOR MARINE HOLDINGS INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
|
|
Six Months Ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash Flows from Operating Activities: |
|
|
|
|
|
|
||
Net Loss |
|
$ |
( |
) |
|
$ |
( |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
|
|
|
|
||
Deferred financing costs amortization |
|
|
|
|
|
|
||
Stock-based compensation expense |
|
|
|
|
|
|
||
Debt discount amortization |
|
|
|
|
|
|
||
Allowance for credit losses |
|
|
( |
) |
|
|
|
|
Gains from equipment sales, retirements or impairments |
|
|
( |
) |
|
|
( |
) |
Derivative (gains) losses |
|
|
( |
) |
|
|
|
|
Interest on finance leases |
|
|
|
|
|
|
||
Settlements on derivative transactions, net |
|
|
( |
) |
|
|
|
|
Currency losses |
|
|
|
|
|
|
||
Deferred income taxes |
|
|
( |
) |
|
|
( |
) |
Equity (earnings) losses |
|
|
( |
) |
|
|
|
|
Dividends received from 50% or less owned companies |
|
|
|
|
|
|
||
Changes in Operating Assets and Liabilities: |
|
|
|
|
|
|
||
Accounts receivables |
|
|
|
|
|
( |
) |
|
Other assets |
|
|
|
|
|
( |
) |
|
Accounts payable and accrued liabilities |
|
|
( |
) |
|
|
( |
) |
Net cash used in operating activities |
|
|
( |
) |
|
|
( |
) |
Cash Flows from Investing Activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
( |
) |
|
|
( |
) |
Proceeds from disposition of property and equipment |
|
|
|
|
|
|
||
Net cash provided by (used in) investing activities |
|
|
|
|
|
( |
) |
|
Cash Flows from Financing Activities: |
|
|
|
|
|
|
||
Payments on long-term debt |
|
|
( |
) |
|
|
( |
) |
Proceeds from issuance of long-term debt, net of debt discount and issuance costs |
|
|
|
|
|
|
||
Payments on finance leases |
|
|
( |
) |
|
|
( |
) |
Payments for repurchase of common stock |
|
|
( |
) |
|
|
|
|
Payments for repurchase of warrants |
|
|
( |
) |
|
|
|
|
Proceeds from exercise of stock options |
|
|
|
|
|
|
||
Tax withholdings on restricted stock vesting and director share awards |
|
|
( |
) |
|
|
( |
) |
Net cash used in financing activities |
|
|
( |
) |
|
|
( |
) |
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents |
|
|
|
|
|
|
||
Net Change in Cash, Restricted Cash and Cash Equivalents |
|
|
( |
) |
|
|
( |
) |
Cash, Restricted Cash and Cash Equivalents, Beginning of Period |
|
|
|
|
|
|
||
Cash, Restricted Cash and Cash Equivalents, End of Period |
|
$ |
|
|
$ |
|
||
Supplemental disclosures: |
|
|
|
|
|
|
||
Cash paid for interest, excluding capitalized interest |
|
$ |
|
|
$ |
|
||
Income taxes (paid) refunded, net |
|
|
( |
) |
|
|
|
|
Noncash Investing and Financing Activities: |
|
|
|
|
|
|
||
Decrease in capital expenditures in accounts payable and accrued liabilities |
|
|
( |
) |
|
|
( |
) |
Recognition of a new right-of-use asset - financing leases |
|
|
|
|
|
|
||
The accompanying notes are an integral part of these condensed consolidated financial statements and should be read in conjunction herewith.
5
SEACOR MARINE HOLDINGS INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
The condensed consolidated financial statements include the accounts of SEACOR Marine Holdings Inc. and its consolidated subsidiaries (the “Company”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) have been made to fairly present the unaudited condensed consolidated financial statements for the periods indicated. Results of operations for the interim periods presented are not necessarily indicative of operating results for the full year or any future periods.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report”).
Unless the context otherwise indicates, any reference in this Quarterly Report on Form 10-Q to the “Company” refers to SEACOR Marine Holdings Inc. and its consolidated subsidiaries, and any reference in this Quarterly Report on Form 10-Q to “SEACOR Marine” refers to SEACOR Marine Holdings Inc. without its consolidated subsidiaries.
Recently Adopted Accounting Standards.
On November 27, 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses on an interim and annual basis. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within the fiscal years beginning after December 15, 2024. The Company adopted the standard as of December 31, 2024 and the
Recently Issued Accounting Standards.
On December 14, 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities to disclose, on an annual basis, information about their effective tax rate reconciliation and information on income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. While early adoption is permitted, the Company has determined it will not early adopt the standard. The Company does not believe the adoption of the standard will have a material effect on the Company’s consolidated financial position or results of operations.
On October 9, 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the United States Securities and Exchange Commission’s (“SEC”) Disclosure Update and Simplification Initiative, which amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification (“ASC”). The effective date is contingent on when the SEC removes the related disclosure from Regulation S-X or Regulation S-K, with early adoption prohibited. The Company does not believe the adoption of the standard will have a material effect on the Company’s consolidated financial position, results of operations or disclosures.
6
Accounting Policies.
Basis of Consolidation. The consolidated financial statements include the accounts of SEACOR Marine and its controlled subsidiaries. Control is generally deemed to exist if the Company has greater than
Noncontrolling interests in consolidated subsidiaries are included in the consolidated balance sheets as a separate component of equity. The Company reports consolidated net income (loss) inclusive of both the Company’s and the noncontrolling interests’ share, as well as the amounts of consolidated net income (loss) attributable to each of the Company and the noncontrolling interests. If a subsidiary is deconsolidated upon a change in control, any retained noncontrolling equity investment in the former controlled subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value. If a subsidiary is consolidated upon the business acquisition of controlling interests by the Company, any previous noncontrolled equity investment in the subsidiary is measured at fair value and a gain or loss is recognized in net income (loss) based on such fair value.
The Company employs the equity method of accounting for investments in 50% or less owned companies that it does not control but has the ability to exercise significant influence over the operating and financial policies of the business venture. Significant influence is generally deemed to exist if the Company has between
Certain reclassifications were made to previously reported amounts in the consolidated financial statements and notes thereto to make them consistent with the current period presentation.
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S.”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from estimates and those differences may be material.
Revenue Recognition. Revenue is recognized when (or as) the Company transfers promised goods or services to its customers in amounts that reflect the consideration to which the Company expects to be entitled to in exchange for those goods or services, which occurs when (or as) the Company satisfies its contractual obligations and transfers over control of the promised goods or services to its customers. The Company recognizes revenue, net of sales taxes, based on its estimates of the consideration the Company expects to receive. Costs to obtain or fulfill a contract are expensed as incurred.
The Company earns revenue primarily from the time charter and bareboat charter of vessels to customers. Since the Company charges customers based upon daily rates of hire, vessel revenues are recognized on a daily basis throughout the contract period. Under a time charter, the Company provides a vessel to a customer and is responsible for all operating expenses, typically excluding fuel. Under a bareboat charter, the Company provides a vessel to a customer and the customer assumes responsibility for all operating expenses and assumes all risks of operation. In the U.S. Gulf of America, time charter durations and rates are typically established in the context of master service agreements that govern the terms and conditions of the charter.
7
In the Company’s operating areas, contracts or charters vary in length from several days to multi-year periods. Many of the Company’s contracts and charters include cancellation clauses without early termination penalties. As a result of cancellations, options and frequent renewals, the stated duration of charters may not correlate with the length of time the vessel is contracted for to provide services to a particular customer.
The Company contracts with various customers to carry out management services for vessels as agents for and on behalf of ship owners. These services include crew management, technical management, commercial management, insurance arrangements, sale and purchase of vessels, provisions and bunkering. As the manager of the vessels, the Company undertakes to use its best endeavors to provide the agreed management services as agents for and on behalf of the owners in accordance with sound ship management practice and to protect and promote the interest of the owners in all matters relating to the provision of services thereunder. The Company also contracts with various customers to carry out management services regarding engineering for vessel construction and vessel conversions. The vast majority of the ship management agreements span one to three years and are typically billed on a monthly basis. The Company transfers control of the service to the customer and satisfies its performance obligation over the term of the contract, and therefore recognizes revenue over the term of the contract while related costs are expensed as incurred.
Revenue that does not meet these criteria is deferred until the criteria is met and is considered a contract liability and is recognized as such. Contract liabilities, which are included in unearned revenue in the accompanying consolidated balance sheets, as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
Balance at beginning of period |
|
$ |
|
|
$ |
|
||
Unearned revenues during the period |
|
|
|
|
|
|
||
Revenues recognized during the period |
|
|
( |
) |
|
|
( |
) |
Balance at end of period |
|
$ |
|
|
$ |
|
||
As of June 30, 2025 and December 31, 2024, the Company had unearned revenue of $
Direct Operating Expenses. Direct operating costs and expenses that are considered significant, other than leased-in equipment expense, consist primarily of costs and expenses such as: personnel; repairs and maintenance; drydocking; insurance and loss reserves; and fuel, lubes and supplies. Other direct operating expenses consist of costs such as brokers’ commissions, communication costs, expenses incurred in mobilizing vessels between geographic regions, third party ship management fees, freight expenses, and customs and importation duties. Direct operating costs are expensed as incurred.
Cash and Cash Equivalents. The Company considers all highly liquid investments, with an original maturity of three months or less from the date purchased, to be cash equivalents.
Restricted Cash. Restricted cash primarily relates to banking and credit facility requirements.
Trade and Other Receivables and Allowance for Credit Losses. Customers are primarily major integrated national, international oil companies, large independent oil and natural gas exploration and production companies and established wind farm construction companies. Customers are granted credit on a short-term basis and the related credit risks are minimal. Other receivables consist primarily of operating expenses the Company incurs in relation to vessels it manages for other entities, as well as insurance and income tax receivables. The Company routinely reviews its receivables and makes provisions for expected credit losses utilizing the Current Expected Credit Losses model (“CECL”). The CECL model utilizes a lifetime expected credit loss measurement objective for the recognition of credit losses for loans and other receivables at the time the financial asset is originated or acquired. However, those provisions are estimates and actual results may materially differ from those estimates. After collection efforts have been exhausted, trade receivables that are deemed uncollectible are removed from both accounts receivable and the allowance for credit losses.
8
Property and Equipment. Equipment, stated at cost, is depreciated using the straight-line method over the estimated useful life of the asset to an estimated salvage value. With respect to each class of asset, the estimated useful life is based upon a newly built asset being placed into service and represents the time period beyond which it is typically not justifiable for the Company to continue to operate the asset in the same or similar manner. From time to time, the Company may acquire older vessels that have already exceeded the Company’s useful life policy, in which case the Company depreciates such assets based on its best estimate of the asset’s remaining useful life, typically the period until the next survey or certification date. As of June 30, 2025, the estimated useful life of the Company’s new offshore support vessels was
Equipment maintenance and repair costs and the costs of routine overhauls, drydockings and inspections performed on vessels and equipment are charged to operating expense as incurred. Expenditures that extend the useful life or improve the marketing and commercial characteristics of equipment as well as major renewals and improvements to other properties are capitalized.
Certain interest costs incurred during the construction of equipment are capitalized as part of the assets’ carrying values and are amortized over such assets’ estimated useful lives. There was $
Impairment of Long-Lived Assets. The Company performs an impairment analysis of long-lived assets used in operations when indicators of impairment are present. These indicators may include a significant decrease in the market price of a long-lived asset or asset group, a significant adverse change in the extent or manner in which a long-lived asset or asset group is being used or in its physical condition, or a current period operating or cash flow loss combined with a history of operating or cash flow losses or a forecast that demonstrates continuing losses associated with the use of a long-lived asset or asset group. If the carrying values of the assets are not recoverable, as determined by their estimated future undiscounted cash flows, the estimated fair value of the assets or asset groups are compared to their current carrying values and impairment charges are recorded if the carrying value exceeds fair value.
During the six months ended June 30, 2025 and 2024, the Company did
For vessel classes and individual vessels with indicators of impairment as of June 30, 2025, the Company estimated that their future undiscounted cash flows exceeded their current carrying values. However, the Company’s estimates of future undiscounted cash flows are highly subjective as utilization and rates per day worked are uncertain, especially in light of the continued volatility in commodity prices as well as the timing and cost of reactivating cold-stacked vessels. If market conditions decline, changes in the Company’s expectations on future cash flows may result in recognizing additional impairment charges related to its long-lived assets in future periods. For any vessel or vessel class that has indicators of impairment and is deemed not recoverable through future operations, the Company determines the fair value of the vessel or vessel class. If the fair value determination is less than the carrying value of the vessel or vessel class, an impairment is recognized to reduce the carrying value to fair value. Fair value determination is primarily accomplished by obtaining independent valuations of vessel or vessel classes from qualified third-party appraisers.
Impairment of 50% or Less Owned Companies. Investments in 50% or less owned companies are reviewed periodically to assess whether there is an other-than-temporary decline in the carrying value of the investment. In its evaluation, the Company considers, among other items, recent and expected financial performance and returns, impairments recorded by the investee and the capital structure of the investee. When the Company determines the estimated fair value of an investment is below carrying value and the decline is
9
other-than-temporary, the investment is written down to its estimated fair value. Actual results may vary from the Company’s estimates due to the uncertainty regarding projected financial performance, the severity and expected duration of declines in value and the available liquidity in the capital markets to support the continuing operations of the investee, among other factors. Although the Company believes its assumptions and estimates are reasonable, the investee’s actual performance compared with the estimates could produce different results and lead to additional impairment charges in future periods. During the six months ended June 30, 2025 and 2024, the Company did
Income Taxes. During the six months ended June 30, 2025, the Company’s effective income tax rate of
Earnings (Loss) Per Share. Basic earnings/loss per share of Common Stock of SEACOR Marine is computed based on the weighted average number of shares of Common Stock and warrants to purchase Common Stock at an exercise price of $
For the six months ended June 30, 2024, diluted loss per share of Common Stock excluded
In addition, for the three and six months ended June 30, 2025 and 2024 diluted loss per share of Common Stock excluded
During the six months ended June 30, 2025, capital expenditures were $
Investments, at equity, and advances to 50% or less owned companies as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
|
|
Ownership |
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
|||
Seabulk Angola |
|
|
% |
|
$ |
|
|
$ |
|
|||
SEACOR Marine Arabia |
|
|
% |
|
|
|
|
|
|
|||
Other |
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
$ |
|
|
$ |
|
|||
10
The Company’s long-term debt obligations as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||
2024 SMFH Credit Facility |
|
$ |
|
|
$ |
|
||
Current portion due within one year |
|
|
( |
) |
|
|
( |
) |
Unamortized debt discount |
|
|
( |
) |
|
|
( |
) |
Deferred financing costs |
|
|
( |
) |
|
|
( |
) |
Long-term debt, less current portion |
|
$ |
|
|
$ |
|
||
As of June 30, 2025, the Company was in compliance with all debt covenants and lender requirements.
Letters of Credit. As of June 30, 2025 and December 31, 2024, the Company had outstanding letters of credit of $
As of June 30, 2025, the Company leased-in certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. The lease terms of certain facilities and other equipment had a duration ranging from six to
As of June 30, 2025, future minimum payments for leases for the remainder of 2025 and the years ended December 31, noted below, were as follows (in thousands):
|
|
Operating Leases |
|
|
Finance Leases |
|
||
Remainder of 2025 |
|
$ |
|
|
$ |
|
||
2026 |
|
|
|
|
|
|
||
2027 |
|
|
|
|
|
|
||
2028 |
|
|
|
|
|
|
||
2029 |
|
|
|
|
|
|
||
Years subsequent to 2029 |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Interest component |
|
|
( |
) |
|
|
( |
) |
|
|
|
|
|
|
|
||
Current portion of long-term lease liabilities |
|
|
|
|
|
|
||
Long-term lease liabilities |
|
$ |
|
|
$ |
|
||
For the three and six months ended June 30, 2025 and 2024 the components of lease expense were as follows (in thousands):
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Operating lease costs |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Finance lease costs: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Amortization of finance lease assets (1) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest on finance lease liabilities (2) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Short-term lease costs |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
11
For the six months ended June 30, 2025 supplemental cash flow information related to leases was as follows (in thousands):
|
|
2025 |
|
|
2024 |
|
||
Operating cash outflows from operating leases |
|
$ |
|
|
$ |
|
||
Financing cash outflows from finance leases |
|
|
|
|
|
|
||
Right-of-use assets obtained for operating lease liabilities |
|
|
|
|
|
|
||
Right-of-use assets obtained for finance lease liabilities |
|
|
|
|
|
|
||
For the six months ended June 30, 2025 other information related to leases was as follows:
|
|
2025 |
|
|
2024 |
|
||
Weighted average remaining lease term, in years - operating leases |
|
|
|
|
|
|
||
Weighted average remaining lease term, in years - finance leases |
|
|
|
|
|
|
||
Weighted average discount rate - operating leases |
|
|
% |
|
|
% |
||
Weighted average discount rate - finance leases |
|
|
% |
|
|
% |
||
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the six months ended June 30, 2025:
Statutory rate |
|
|
( |
)% |
Foreign taxes |
|
|
% |
|
Income (loss) of foreign subsidiaries not includable in U.S. return and foreign withholding tax |
|
|
% |
|
162(m) - Executive compensation |
|
|
% |
|
Subpart F Income and GILTI |
|
|
% |
|
Share Award Plans |
|
|
( |
)% |
Other |
|
|
% |
|
Effective income tax rate |
|
|
% |
Derivative instruments are classified as either assets, which are included in other receivables in the accompanying consolidated balance sheets, or liabilities based on their individual fair values.
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
||||||||||
|
|
Derivative |
|
|
Derivative |
|
|
Derivative |
|
|
Derivative |
|
||||
Derivatives not designated as hedging instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Forward Exchange Contract |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
||||
Economic Hedges. The Company may enter and settle forward currency exchange, option and future contracts with respect to various foreign currencies. These contracts enable the Company to buy currencies in the future at fixed exchange rates, which could offset possible consequences of changes in currency exchange rates with respect to the Company’s business conducted outside of the U.S. The Company generally does not enter into contracts with forward settlement dates beyond 12 to 18 months. During the fourth quarter of 2023, the Company entered into a forward exchange contract related to the purchase of four hybrid battery power systems, the purchase price for which is denominated in Norwegian Kroner. The Company recognized gains of $
Cash Flow Hedges. The Company may from time to time enter into interest rate swap agreements designated as cash flow hedges. By entering into interest rate swap agreements, the Company can convert the
12
variable interest component of certain of their outstanding borrowings to a fixed interest rate. As of June 30, 2025 and December 31, 2024, there were no interest rate swaps held by the Company.
Other Derivative Instruments.
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Forward currency exchange, option, and future contracts |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
( |
) |
|||
The forward currency exchange contract relates to the purchase of four hybrid battery power systems discussed in “—Economic Hedges” above.
The fair value of an asset or liability is the price that would be received to sell an asset or transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value and defines three levels of inputs that may be used to measure fair value. Level 1 inputs are quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs derived from observable market data. Level 3 inputs are unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
The Company’s financial assets and liabilities as of June 30, 2025 and December 31, 2024 that are measured at fair value on a recurring basis were as follows (in thousands):
June 30, 2025 |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|||
ASSETS |
|
|
|
|
|
|
|
|
|
|||
Derivative instruments |
|
$ |
|
|
$ |
|
|
$ |
|
|||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|||
Derivative instruments |
|
$ |
|
|
$ |
|
|
$ |
|
|||
The fair value of the Company’s derivative instruments was estimated by utilizing a spot rate as of the measurement date provided by an independent third party.
The estimated fair values of the Company’s other financial assets and liabilities as of June 30, 2025 and December 31, 2024 were as follows (in thousands):
|
|
|
|
|
Estimated Fair Value |
|
||||||||||
June 30, 2025 |
|
Carrying |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt, including current portion |
|
|
|
|
|
|
|
|
|
|
|
|
||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Long-term debt, including current portion |
|
|
|
|
|
|
|
|
|
|
|
|
||||
The carrying value of cash, cash equivalents, restricted cash and trade receivables approximates fair value. The fair value of the Company’s long-term debt was estimated based upon quoted market prices or by using discounted cash flow analysis based on estimated current rates for similar types of arrangements. Considerable judgment was required in developing certain of the estimates of fair value, and, accordingly, the estimates
13
presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
Property and equipment. During the six months ended June 30, 2025, the Company recognized
On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the “Carlyle Investors”),
As of June 30, 2025, the Company had unfunded capital commitments of $
In December 2015, the Brazilian Federal Revenue Office issued a tax-deficiency notice to Seabulk Offshore do Brasil Ltda., an indirect wholly-owned subsidiary of SEACOR Marine (“Seabulk Offshore do Brasil”), with respect to certain profit participation contributions (also known as “PIS”) and social security financing contributions (also known as “COFINS”) requirements alleged to be due from Seabulk Offshore do Brasil (“Deficiency Notice”) in respect of the period of January 2011 until December 2012. In January 2016, the Company administratively appealed the Deficiency Notice on the basis that, among other arguments, (i) such contributions were not applicable in the circumstances of a
14
In the normal course of its business, the Company becomes involved in various other litigation matters including, among others, claims by third parties for alleged property damages and personal injuries. Management has used estimates in determining the Company’s potential exposure to these matters and has recorded reserves in its financial statements related thereto where appropriate. It is possible that a change in the Company’s estimates of that exposure could occur, but the Company does not expect that such changes in estimated costs would have a material effect on the Company’s consolidated financial position, results of operations or cash flows.
Certain of the Company’s subsidiaries are participating employers in two industry-wide, multi-employer, defined benefit pension funds in the United Kingdom: the U.K Merchant Navy Officers Pension Fund (“MNOPF”) and the U.K. Merchant Navy Ratings Pension Fund (“MNRPF”). The Company’s participation in the MNOPF began with the acquisition of the Stirling group of companies (the “Stirling Group”) in 2001 and relates to certain officers employed between 1978 and 2002 by the Stirling Group and/or its predecessors. The Company’s participation in the MNRPF also began with the acquisition of the Stirling Group in 2001 and relates to ratings employed by the Stirling Group and/or its predecessors through today. Both of these plans are in deficit positions and, depending upon the results of future actuarial valuations, it is possible that the plans could experience funding deficits that will require the Company to recognize payroll related operating expenses in the periods invoices are received. As of June 30, 2025, all invoices received related to MNOPF and MNRPF have been settled in full.
Transactions in connection with the Company’s Equity Incentive Plans during the six months ended June 30, 2025 were as follows:
Restricted Stock Activity: |
|
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|
|
Outstanding as of December 31, 2024 (1) |
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Granted |
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|
Vested (2) |
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( |
) |
Forfeited |
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|
|
Outstanding as of June 30, 2025 (3) |
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|
Stock Option Activity: |
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|
Outstanding as of December 31, 2024 |
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Granted |
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|
Exercised |
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Forfeited |
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( |
) |
Outstanding as of June 30, 2025 |
|
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|
|
For the six months ended June 30, 2025, the Company acquired for treasury (i)
15
The Company’s segment presentation and basis of measurement of segment profit or loss are as previously described in the 2024 Annual Report.
|
|
United |
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Africa |
|
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Middle |
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Latin |
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Total |
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|||||
For the Three Months Ended June 30, 2025 |
|
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|||||
Operating Revenues: |
|
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|
|
|
|||||
Time charter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Bareboat charter |
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|||||
Other marine services |
|
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( |
) |
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||||
|
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|||||
Direct Costs and Expenses: |
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|||||
Operating: |
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|||||
Personnel |
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|||||
Repairs and maintenance |
|
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|||||
Drydocking |
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|||||
Insurance and loss reserves |
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|||||
Fuel, lubes and supplies |
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|||||
Other |
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|||||
|
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|
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|
|||||
Direct Vessel (Loss) Profit |
|
$ |
( |
) |
|
$ |
|
|
$ |
( |
) |
|
$ |
|
|
|
|
|||
Other Costs and Expenses: |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|||||
Administrative and general |
|
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|
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|
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|
|||||
Depreciation and amortization |
|
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|
|||||
|
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|
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|
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|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|||||
16
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Bareboat charter |
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|||||
Other marine services |
|
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|
|||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Costs and Expenses: |
|
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|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
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|
|
|
|
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|
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|
|||||
Personnel |
|
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|
|
|
|
|
|
|
|||||
Repairs and maintenance |
|
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|
|
|
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|
|
|
|
|
|
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|
|||||
Drydocking |
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|||||
Insurance and loss reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fuel, lubes and supplies |
|
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|
|
|
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|
|||||
Other |
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|
|
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|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Vessel (Loss) Profit |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
||||
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|||||
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
|
|||||
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical Cost |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Accumulated Depreciation |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Total Assets (1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
17
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Bareboat charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other marine services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repairs and maintenance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Drydocking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Insurance and loss reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fuel, lubes and supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Vessel (Loss) Profit |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
||||
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|||||
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
||||
18
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Bareboat charter |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other marine services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Repairs and maintenance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Drydocking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Insurance and loss reserves |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fuel, lubes and supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Direct Vessel (Loss) Profit |
|
$ |
( |
) |
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
||||
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|||||
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation and amortization |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
( |
) |
||||
As of June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical Cost |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Accumulated Depreciation |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
Total Assets (1) |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|||||
The Company’s investments in
The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q and determined that there have been no material events that have occurred that are not properly recognized and/or disclosed in the consolidated financial statements other than described below.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”), which includes a broad range of tax reform provisions, was signed into law in the United States. The Company is currently evaluating the potential impact of this legislation on the Company’s financial position and results of operations; however, due to the complexity and nature of this legislation and the uncertainties involved, the Company is unable to reasonably estimate the financial effect at this time.
19
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters and 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 discussed in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s 2024 Annual Report on Form 10-K and this Quarterly Report on Form 10-Q. However, it should be understood that it is not possible to identify or predict all such risks, uncertainties and factors, and others may arise from time to time. All of these forward-looking statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify 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. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the United States Securities and Exchange Commission.
The following Management’s Discussion and Analysis (the “MD&A”) is intended to help the reader understand the Company’s financial condition and results of operations. The MD&A is provided as a supplement to and should be read in conjunction with the unaudited consolidated financial statements and notes thereto included in this Quarterly Report on Form 10-Q, as well as “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in the 2024 Annual Report.
Overview
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of June 30, 2025, the Company operated a diverse fleet of 49 support vessels, of which 47 were owned and two were managed on behalf of unaffiliated third parties. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
The Company operates and manages a diverse fleet of offshore support vessels that (i) deliver cargo and personnel to offshore installations, including offshore wind farms, (ii) assist offshore operations for production and storage facilities, (iii) provide construction, well work-over, offshore wind farm installation and decommissioning support and (iv) carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, the Company’s vessels provide emergency response services and accommodations for technicians and specialists.
The Company operates its fleet in four principal geographic regions: the United States (“U.S.”), primarily Gulf of America; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Mexico and Guyana. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
20
Significant items affecting our results of operations
The number and type of vessels operated, their rates per day worked and their utilization levels are the key determinants of the Company’s operating results and cash flows. Unless a vessel is cold-stacked, there is little reduction in daily running costs for the vessels and, consequently, operating margins are most sensitive to changes in rates per day worked and utilization. The Company manages its fleet utilizing a global network of shore side support, administrative and finance personnel.
Offshore oil and natural gas market conditions are highly volatile. Oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the six months ended June 30, 2025, WTI oil prices reached a high of $81 per barrel and a low of $57 per barrel, ending the period at $65 per barrel.
While the Company has experienced difficult market conditions over the past few years due to low and volatile oil and natural gas prices and the focus of oil and natural gas producing companies on cost and capital spending budget reductions, the increases since the lows experienced during the COVID-19 pandemic in oil and natural gas prices has led to an increase in utilization, day rates and customer inquiries about potential new charters.
The Company closely monitors the availability of vessels in the offshore support vessel market as the utilization and day rates of the Company’s fleet is dependent on the supply and demand dynamics for its vessels. For example, low oil and natural gas prices and a corresponding decline in offshore exploration may reduce demand for the Company’s vessels and in the past such declines have forced many operators in the industry to restructure, liquidate assets or consolidate with other operators. Additionally, the delivery of newly built offshore support vessels to the industry-wide fleet has in the past contributed to an oversupply of vessels in the market, thereby further decreasing the demand for the Company’s existing offshore support vessel fleet. A combination of low customer exploration and drilling activity levels, and excess supply of offshore support vessels whether from laid up fleets or newly built vessels could, in isolation or together, have a material adverse effect on the Company’s business, financial position, results of operations, cash flows and growth prospects. Alternatively, increasing activity levels and a stable supply of offshore support vessels could support higher utilization and day rates and improved financial performance of the Company’s business.
Certain macro drivers somewhat independent of oil and natural gas prices may support the Company’s business, including: (i) underspending by oil and natural gas producers over the last five to ten years leading to pent up demand for maintenance and growth capital expenditures; (ii) improved extraction technologies; and (iii) the need for offshore wind farm support as the industry grows. While the Company expects that alternative forms of energy will continue to develop and add to the world’s energy mix, especially as certain governments, supranational groups, institutional investors, and various other parties focus on climate change causes and concerns, the Company believes that for the foreseeable future demand for gasoline and oil will be sustained, as will demand for electricity from natural gas. Some alternative forms of energy such as offshore wind farms support some of the Company’s operations and the Company expects such support to increase as development of these forms of renewable energy expands.
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related docking requirements. The Company may maintain class certification on certain
21
cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of June 30, 2025, three of the Company’s 47 owned vessels were cold-stacked worldwide.
Recent Developments
Securities Repurchase
On April 4, 2025, SEACOR Marine purchased from certain funds affiliated with Carlyle (the “Carlyle Investors”), 1,355,761 shares of Common Stock, at $4.90 per share, and warrants to purchase 1,280,195 shares of Common Stock at an exercise price of $0.01 per share, at $4.89 per warrant, representing approximately 9.1% of the outstanding shares of Common Stock assuming the full exercise of the warrants (the “Securities Repurchase”). The aggregate purchase price was approximately $12.9 million, with the per share and warrant price negotiated based on a trailing volume weighted average price. After giving effect to the Securities Repurchase, the Company no longer has any warrants to purchase Common Stock outstanding. The Company used net proceeds from a vessel sale to complete the Securities Repurchase.
Vessel Sales
On April 24, 2025, the Company completed the sale of one FSV built in 2009 for total proceeds of $4.6 million and a gain of approximately $3.0 million. Of these sale proceeds, approximately $3.8 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
On April 7, 2025, the Company completed the sale of two 201 foot, DP-2 PSVs built in 2014 for total proceeds of $28.8 million and a gain of $16.1 million. Of these sale proceeds, approximately $12.9 million was used to complete the Securities Repurchase described above, and approximately $10.9 million was designated to make future payments on the construction of two PSVs and deposited in a restricted account.
On December 10, 2024, the Company completed the sale of two AHTS for total proceeds of $22.5 million and a gain of $15.6 million. This sale marked the Company’s exit from the AHTS asset class and a portion of the proceeds were used to partially fund the contract price for the newbuild PSVs described below. As of June 30, 2025, the Company managed one sold AHTS on behalf of the new owners. On April 12, 2025, the Company handed over the management of one of the two sold AHTS to the new owners. On July 2, 2025, the Company handed over the management of the second of the two sold AHTS to the new owners.
Debt Refinancing, Maturity Extension and Newbuild Orders
On November 27, 2024, SEACOR Marine, as parent guarantor, SEACOR Marine Foreign Holdings Inc. (“SMFH”), as borrower, and certain other wholly-owned subsidiaries of SEACOR Marine, as subsidiary guarantors, entered into a credit agreement providing for a senior secured term loan of up to $391.0 million (the “2024 SMFH Credit Facility” and such agreement, the “2024 SMFH Credit Agreement”) with an affiliate of EnTrust Global, as lender, Kroll Agency Services Limited, as facility agent, and Kroll Trustee Services Limited, as security trustee.
The 2024 SMFH Credit Facility is divided into two tranches, Tranche A consists of up to $350.0 million and Tranche B consists of up to $41.0 million. Tranche A has been fully drawn with the proceeds used to, among
22
other things, refinance $328.7 million of principal indebtedness under multiple debt facilities, including $203.7 million of secured indebtedness and $125.0 million of unsecured indebtedness due in 2026, inclusive of $35.0 million of convertible debt. $32.8 million of Tranche B remained undrawn as of June 30, 2025 with the proceeds available solely to finance up to 50% of the payments to Fujian Mawei Shipbuilding Ltd. with respect to the shipbuilding contracts for the construction of two PSVs with a contract price of $41.0 million per vessel. The remainder of the purchase price of the vessels will be paid through asset sale proceeds and cash on hand. The PSVs are each 4,650 tons deadweight with a 1,000 square meter deck area and equipped with medium speed diesel engines and an integrated battery energy storage system for higher fuel efficiency and lower running costs. The PSVs are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, respectively. The 2024 SMFH Credit Facility matures in December 2029.
At the Market Program
On February 7, 2025, SEACOR Marine entered into an at-the-market offering program (“ATM Program”) pursuant to a sales agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”), relating to the issuance and sale from time to time by SEACOR Marine, as principal or through the Sales Agent, of shares of Common Stock having an aggregate gross sales price of up to $25.0 million (the “ATM Shares”). The sale of the ATM Shares if any, under the Sales Agreement may be made in ordinary brokers’ transactions, to or through a market maker, on or through the NYSE, the existing trading market for the Common Stock, or any other market venue where the Common Stock may be traded, in the over-the-counter market, in privately negotiated transactions, or through a combination of any such methods of sale. The Sales Agent may also sell the ATM Shares by any other method permitted by law. Upon the execution and effectiveness of the Sales Agreement, the at-the-market offering program entered into with the Sales Agent in November of 2023 was terminated. No sales have been made under the Sales Agreement since it was entered into.
23
Consolidated Results of Operations
The sections below provide an analysis of the Company’s results of operations for the three and six months (“Current Year Quarter” and “Current Year Six Months”) ended June 30, 2025 compared with the three and six months (“Prior Year Quarter” and “Prior Year Six Months”) ended June 30, 2024. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2024, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||||||||||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Average Rates Per Day |
|
$ |
19,731 |
|
|
|
|
|
$ |
19,141 |
|
|
|
|
|
$ |
19,291 |
|
|
|
|
|
$ |
19,094 |
|
|
|
|
||||
Fleet Utilization |
|
|
68 |
% |
|
|
|
|
|
69 |
% |
|
|
|
|
|
64 |
% |
|
|
|
|
|
65 |
% |
|
|
|
||||
Fleet Available Days |
|
|
4,310 |
|
|
|
|
|
|
4,994 |
|
|
|
|
|
|
8,893 |
|
|
|
|
|
|
9,999 |
|
|
|
|
||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time charter |
|
$ |
57,673 |
|
|
|
95 |
% |
|
$ |
65,649 |
|
|
|
94 |
% |
|
$ |
109,606 |
|
|
|
94 |
% |
|
$ |
124,912 |
|
|
|
94 |
% |
Bareboat charter |
|
|
838 |
|
|
|
1 |
% |
|
|
364 |
|
|
|
1 |
% |
|
|
1,546 |
|
|
|
1 |
% |
|
|
728 |
|
|
|
1 |
% |
Other marine services |
|
|
2,299 |
|
|
|
4 |
% |
|
|
3,854 |
|
|
|
5 |
% |
|
|
5,157 |
|
|
|
5 |
% |
|
|
6,997 |
|
|
|
5 |
% |
|
|
|
60,810 |
|
|
|
100 |
% |
|
|
69,867 |
|
|
|
100 |
% |
|
|
116,309 |
|
|
|
100 |
% |
|
|
132,637 |
|
|
|
100 |
% |
Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personnel |
|
|
18,969 |
|
|
|
31 |
% |
|
|
21,566 |
|
|
|
31 |
% |
|
|
37,506 |
|
|
|
32 |
% |
|
|
43,236 |
|
|
|
33 |
% |
Repairs and maintenance |
|
|
13,648 |
|
|
|
22 |
% |
|
|
10,244 |
|
|
|
15 |
% |
|
|
22,168 |
|
|
|
19 |
% |
|
|
20,007 |
|
|
|
15 |
% |
Drydocking |
|
|
5,143 |
|
|
|
9 |
% |
|
|
6,210 |
|
|
|
9 |
% |
|
|
9,012 |
|
|
|
8 |
% |
|
|
12,916 |
|
|
|
10 |
% |
Insurance and loss reserves |
|
|
2,982 |
|
|
|
5 |
% |
|
|
3,099 |
|
|
|
4 |
% |
|
|
5,135 |
|
|
|
4 |
% |
|
|
4,837 |
|
|
|
4 |
% |
Fuel, lubes and supplies |
|
|
4,296 |
|
|
|
7 |
% |
|
|
3,966 |
|
|
|
6 |
% |
|
|
8,842 |
|
|
|
8 |
% |
|
|
8,489 |
|
|
|
6 |
% |
Other |
|
|
4,455 |
|
|
|
7 |
% |
|
|
4,435 |
|
|
|
6 |
% |
|
|
8,758 |
|
|
|
8 |
% |
|
|
8,134 |
|
|
|
6 |
% |
|
|
|
49,493 |
|
|
|
81 |
% |
|
|
49,520 |
|
|
|
71 |
% |
|
|
91,421 |
|
|
|
79 |
% |
|
|
97,619 |
|
|
|
74 |
% |
Lease expense - operating |
|
|
325 |
|
|
|
1 |
% |
|
|
486 |
|
|
|
1 |
% |
|
|
662 |
|
|
|
1 |
% |
|
|
967 |
|
|
|
1 |
% |
Administrative and general |
|
|
11,998 |
|
|
|
20 |
% |
|
|
10,889 |
|
|
|
16 |
% |
|
|
23,484 |
|
|
|
20 |
% |
|
|
22,806 |
|
|
|
17 |
% |
Depreciation and amortization |
|
|
12,090 |
|
|
|
20 |
% |
|
|
12,939 |
|
|
|
19 |
% |
|
|
24,900 |
|
|
|
21 |
% |
|
|
25,821 |
|
|
|
19 |
% |
|
|
|
73,906 |
|
|
|
122 |
% |
|
|
73,834 |
|
|
|
106 |
% |
|
|
140,467 |
|
|
|
121 |
% |
|
|
147,213 |
|
|
|
111 |
% |
Gains on Asset Dispositions and Impairments, Net |
|
|
19,163 |
|
|
|
32 |
% |
|
|
37 |
|
|
|
0 |
% |
|
|
24,972 |
|
|
|
21 |
% |
|
|
36 |
|
|
|
0 |
% |
Operating Income (Loss) |
|
|
6,067 |
|
|
|
10 |
% |
|
|
(3,930 |
) |
|
|
(6 |
)% |
|
|
814 |
|
|
|
1 |
% |
|
|
(14,540 |
) |
|
|
(11 |
)% |
Other Expense, Net |
|
|
(10,504 |
) |
|
|
(17 |
)% |
|
|
(10,201 |
) |
|
|
(15 |
)% |
|
|
(20,725 |
) |
|
|
(18 |
)% |
|
|
(20,635 |
) |
|
|
(16 |
)% |
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies |
|
|
(4,437 |
) |
|
|
(7 |
)% |
|
|
(14,131 |
) |
|
|
(20 |
)% |
|
|
(19,911 |
) |
|
|
(17 |
)% |
|
|
(35,175 |
) |
|
|
(27 |
)% |
Income Tax Expense (Benefit) |
|
|
2,508 |
|
|
|
4 |
% |
|
|
(682 |
) |
|
|
(1 |
)% |
|
|
3,412 |
|
|
|
3 |
% |
|
|
243 |
|
|
|
0 |
% |
Loss Before Equity in Earnings of 50% or Less Owned Companies |
|
|
(6,945 |
) |
|
|
(11 |
)% |
|
|
(13,449 |
) |
|
|
(19 |
)% |
|
|
(23,323 |
) |
|
|
(20 |
)% |
|
|
(35,418 |
) |
|
|
(27 |
)% |
Equity in Earnings (Losses) of 50% or Less Owned Companies |
|
|
218 |
|
|
|
0 |
% |
|
|
966 |
|
|
|
1 |
% |
|
|
1,107 |
|
|
|
1 |
% |
|
|
(134 |
) |
|
|
(0 |
)% |
Net Loss |
|
$ |
(6,727 |
) |
|
|
(11 |
)% |
|
$ |
(12,483 |
) |
|
|
(18 |
)% |
|
$ |
(22,216 |
) |
|
|
(19 |
)% |
|
$ |
(35,552 |
) |
|
|
(27 |
)% |
Direct Vessel Profit. Direct vessel profit (defined as operating revenues less operating expenses excluding leased-in equipment, “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 leased-in vessels). See “Note 11. Segment Information” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q.
24
The following tables summarize the operating results and property and equipment for the Company’s reportable segments for the periods indicated (in thousands, except statistics):
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Rates Per Day |
|
$ |
25,262 |
|
|
$ |
19,140 |
|
|
$ |
15,506 |
|
|
$ |
23,764 |
|
|
$ |
19,731 |
|
Fleet Utilization |
|
|
48 |
% |
|
|
77 |
% |
|
|
73 |
% |
|
|
66 |
% |
|
|
68 |
% |
Fleet Available Days |
|
|
1,007 |
|
|
|
1,668 |
|
|
|
1,089 |
|
|
|
546 |
|
|
|
4,310 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
12,205 |
|
|
$ |
24,535 |
|
|
$ |
12,365 |
|
|
$ |
8,568 |
|
|
$ |
57,673 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
838 |
|
|
|
838 |
|
Other marine services |
|
|
1,175 |
|
|
|
806 |
|
|
|
432 |
|
|
|
(114 |
) |
|
|
2,299 |
|
|
|
|
13,380 |
|
|
|
25,341 |
|
|
|
12,797 |
|
|
|
9,292 |
|
|
|
60,810 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
6,854 |
|
|
|
5,515 |
|
|
|
4,511 |
|
|
|
2,089 |
|
|
|
18,969 |
|
Repairs and maintenance |
|
|
1,950 |
|
|
|
4,646 |
|
|
|
6,338 |
|
|
|
714 |
|
|
|
13,648 |
|
Drydocking |
|
|
3,684 |
|
|
|
901 |
|
|
|
13 |
|
|
|
545 |
|
|
|
5,143 |
|
Insurance and loss reserves |
|
|
1,067 |
|
|
|
899 |
|
|
|
842 |
|
|
|
174 |
|
|
|
2,982 |
|
Fuel, lubes and supplies |
|
|
1,010 |
|
|
|
1,714 |
|
|
|
1,279 |
|
|
|
293 |
|
|
|
4,296 |
|
Other |
|
|
631 |
|
|
|
2,357 |
|
|
|
1,104 |
|
|
|
363 |
|
|
|
4,455 |
|
|
|
|
15,196 |
|
|
|
16,032 |
|
|
|
14,087 |
|
|
|
4,178 |
|
|
|
49,493 |
|
Direct Vessel (Loss) Profit |
|
$ |
(1,816 |
) |
|
$ |
9,309 |
|
|
$ |
(1,290 |
) |
|
$ |
5,114 |
|
|
|
11,317 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
139 |
|
|
$ |
51 |
|
|
$ |
72 |
|
|
$ |
63 |
|
|
|
325 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,998 |
|
||||
Depreciation and amortization |
|
|
3,203 |
|
|
|
4,263 |
|
|
|
3,227 |
|
|
|
1,397 |
|
|
|
12,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,413 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,163 |
|
||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,067 |
|
||||
25
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Rates Per Day |
|
$ |
24,749 |
|
|
$ |
18,246 |
|
|
$ |
16,735 |
|
|
$ |
22,891 |
|
|
$ |
19,291 |
|
Fleet Utilization |
|
|
36 |
% |
|
|
74 |
% |
|
|
74 |
% |
|
|
67 |
% |
|
|
64 |
% |
Fleet Available Days |
|
|
2,128 |
|
|
|
3,378 |
|
|
|
2,259 |
|
|
|
1,128 |
|
|
|
8,893 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
18,970 |
|
|
$ |
45,370 |
|
|
$ |
28,075 |
|
|
$ |
17,191 |
|
|
$ |
109,606 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,546 |
|
|
|
1,546 |
|
Other marine services |
|
|
1,410 |
|
|
|
1,658 |
|
|
|
724 |
|
|
|
1,365 |
|
|
|
5,157 |
|
|
|
|
20,380 |
|
|
|
47,028 |
|
|
|
28,799 |
|
|
|
20,102 |
|
|
|
116,309 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
13,340 |
|
|
|
10,698 |
|
|
|
9,438 |
|
|
|
4,030 |
|
|
|
37,506 |
|
Repairs and maintenance |
|
|
3,429 |
|
|
|
8,108 |
|
|
|
8,843 |
|
|
|
1,788 |
|
|
|
22,168 |
|
Drydocking |
|
|
4,750 |
|
|
|
2,142 |
|
|
|
1,044 |
|
|
|
1,076 |
|
|
|
9,012 |
|
Insurance and loss reserves |
|
|
1,769 |
|
|
|
1,493 |
|
|
|
1,544 |
|
|
|
329 |
|
|
|
5,135 |
|
Fuel, lubes and supplies |
|
|
1,829 |
|
|
|
3,894 |
|
|
|
2,162 |
|
|
|
957 |
|
|
|
8,842 |
|
Other |
|
|
980 |
|
|
|
5,084 |
|
|
|
1,985 |
|
|
|
709 |
|
|
|
8,758 |
|
|
|
|
26,097 |
|
|
|
31,419 |
|
|
|
25,016 |
|
|
|
8,889 |
|
|
|
91,421 |
|
Direct Vessel (Loss) Profit |
|
$ |
(5,717 |
) |
|
$ |
15,609 |
|
|
$ |
3,783 |
|
|
$ |
11,213 |
|
|
|
24,888 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
275 |
|
|
$ |
114 |
|
|
$ |
155 |
|
|
$ |
118 |
|
|
|
662 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,484 |
|
||||
Depreciation and amortization |
|
|
6,908 |
|
|
|
8,665 |
|
|
|
6,457 |
|
|
|
2,870 |
|
|
|
24,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,046 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,972 |
|
||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
814 |
|
||||
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
$ |
215,413 |
|
|
$ |
315,018 |
|
|
$ |
252,011 |
|
|
$ |
104,966 |
|
|
$ |
887,408 |
|
Accumulated depreciation |
|
|
(110,640 |
) |
|
|
(122,999 |
) |
|
|
(109,171 |
) |
|
|
(34,455 |
) |
|
|
(377,265 |
) |
|
|
$ |
104,773 |
|
|
$ |
192,019 |
|
|
$ |
142,840 |
|
|
$ |
70,511 |
|
|
$ |
510,143 |
|
Total Assets (1) |
|
$ |
123,923 |
|
|
$ |
229,966 |
|
|
$ |
191,228 |
|
|
$ |
85,490 |
|
|
$ |
630,607 |
|
26
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Rates Per Day |
|
$ |
22,356 |
|
|
$ |
18,580 |
|
|
$ |
17,083 |
|
|
$ |
22,437 |
|
|
$ |
19,141 |
|
Fleet Utilization |
|
|
37 |
% |
|
|
74 |
% |
|
|
82 |
% |
|
|
71 |
% |
|
|
69 |
% |
Fleet Available Days |
|
|
921 |
|
|
|
1,969 |
|
|
|
1,296 |
|
|
|
808 |
|
|
|
4,994 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
7,697 |
|
|
$ |
27,047 |
|
|
$ |
18,073 |
|
|
$ |
12,832 |
|
|
$ |
65,649 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
364 |
|
|
|
364 |
|
Other marine services |
|
|
480 |
|
|
|
1,028 |
|
|
|
619 |
|
|
|
1,727 |
|
|
|
3,854 |
|
|
|
|
8,177 |
|
|
|
28,075 |
|
|
|
18,692 |
|
|
|
14,923 |
|
|
|
69,867 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
6,284 |
|
|
|
4,969 |
|
|
|
6,930 |
|
|
|
3,383 |
|
|
|
21,566 |
|
Repairs and maintenance |
|
|
1,879 |
|
|
|
3,161 |
|
|
|
3,443 |
|
|
|
1,761 |
|
|
|
10,244 |
|
Drydocking |
|
|
2,570 |
|
|
|
1,226 |
|
|
|
707 |
|
|
|
1,707 |
|
|
|
6,210 |
|
Insurance and loss reserves |
|
|
943 |
|
|
|
819 |
|
|
|
798 |
|
|
|
539 |
|
|
|
3,099 |
|
Fuel, lubes and supplies |
|
|
866 |
|
|
|
1,170 |
|
|
|
1,103 |
|
|
|
827 |
|
|
|
3,966 |
|
Other |
|
|
226 |
|
|
|
2,801 |
|
|
|
989 |
|
|
|
419 |
|
|
|
4,435 |
|
|
|
|
12,768 |
|
|
|
14,146 |
|
|
|
13,970 |
|
|
|
8,636 |
|
|
|
49,520 |
|
Direct Vessel (Loss) Profit |
|
$ |
(4,591 |
) |
|
$ |
13,929 |
|
|
$ |
4,722 |
|
|
$ |
6,287 |
|
|
$ |
20,347 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
141 |
|
|
$ |
172 |
|
|
$ |
71 |
|
|
$ |
102 |
|
|
|
486 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,889 |
|
||||
Depreciation and amortization |
|
|
3,194 |
|
|
|
4,565 |
|
|
|
3,247 |
|
|
|
1,933 |
|
|
|
12,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,314 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 |
|
||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(3,930 |
) |
||||
27
|
|
United |
|
|
Africa |
|
|
Middle |
|
|
Latin |
|
|
Total |
|
|||||
For the Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Average Rates Per Day |
|
$ |
24,779 |
|
|
$ |
16,951 |
|
|
$ |
17,012 |
|
|
$ |
25,287 |
|
|
$ |
19,094 |
|
Fleet Utilization |
|
|
32 |
% |
|
|
75 |
% |
|
|
76 |
% |
|
|
64 |
% |
|
|
65 |
% |
Fleet Available Days |
|
|
1,848 |
|
|
|
3,744 |
|
|
|
2,661 |
|
|
|
1,746 |
|
|
|
9,999 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Time charter |
|
$ |
14,654 |
|
|
$ |
47,602 |
|
|
$ |
34,550 |
|
|
$ |
28,106 |
|
|
$ |
124,912 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
728 |
|
|
|
728 |
|
Other marine services |
|
|
1,506 |
|
|
|
1,197 |
|
|
|
969 |
|
|
|
3,325 |
|
|
|
6,997 |
|
|
|
|
16,160 |
|
|
|
48,799 |
|
|
|
35,519 |
|
|
|
32,159 |
|
|
|
132,637 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Personnel |
|
|
12,065 |
|
|
|
10,150 |
|
|
|
12,893 |
|
|
|
8,128 |
|
|
|
43,236 |
|
Repairs and maintenance |
|
|
3,283 |
|
|
|
6,370 |
|
|
|
6,155 |
|
|
|
4,199 |
|
|
|
20,007 |
|
Drydocking |
|
|
4,538 |
|
|
|
3,258 |
|
|
|
2,190 |
|
|
|
2,930 |
|
|
|
12,916 |
|
Insurance and loss reserves |
|
|
1,339 |
|
|
|
1,153 |
|
|
|
1,416 |
|
|
|
929 |
|
|
|
4,837 |
|
Fuel, lubes and supplies |
|
|
1,533 |
|
|
|
2,457 |
|
|
|
2,301 |
|
|
|
2,198 |
|
|
|
8,489 |
|
Other |
|
|
55 |
|
|
|
5,000 |
|
|
|
1,989 |
|
|
|
1,090 |
|
|
|
8,134 |
|
|
|
|
22,813 |
|
|
|
28,388 |
|
|
|
26,944 |
|
|
|
19,474 |
|
|
|
97,619 |
|
Direct Vessel (Loss) Profit |
|
$ |
(6,653 |
) |
|
$ |
20,411 |
|
|
$ |
8,575 |
|
|
$ |
12,685 |
|
|
$ |
35,018 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Lease expense |
|
$ |
279 |
|
|
$ |
350 |
|
|
$ |
156 |
|
|
$ |
182 |
|
|
|
967 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,806 |
|
||||
Depreciation and amortization |
|
|
5,944 |
|
|
|
8,480 |
|
|
|
6,743 |
|
|
|
4,654 |
|
|
|
25,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,594 |
|
||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
|
||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(14,540 |
) |
||||
As of June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Historical cost |
|
$ |
198,810 |
|
|
$ |
335,688 |
|
|
$ |
247,605 |
|
|
$ |
139,340 |
|
|
$ |
921,443 |
|
Accumulated depreciation |
|
|
(100,019 |
) |
|
|
(116,851 |
) |
|
|
(93,382 |
) |
|
|
(39,547 |
) |
|
|
(349,799 |
) |
|
|
$ |
98,791 |
|
|
$ |
218,837 |
|
|
$ |
154,223 |
|
|
$ |
99,793 |
|
|
$ |
571,644 |
|
Total Assets (1) |
|
$ |
123,505 |
|
|
$ |
259,228 |
|
|
$ |
178,859 |
|
|
$ |
119,142 |
|
|
$ |
680,734 |
|
28
For additional information, the following tables summarize the worldwide operating results and property and equipment for each of the Company’s vessel classes for the periods indicated (in thousands, except statistics):
|
|
AHTS (1) |
|
|
FSV (2) |
|
|
PSV (3) |
|
|
Liftboats |
|
|
Other |
|
|
Total |
|
||||||
For the Three Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average Rates Per Day |
|
$ |
— |
|
|
$ |
13,468 |
|
|
$ |
22,231 |
|
|
$ |
31,904 |
|
|
$ |
— |
|
|
$ |
19,731 |
|
Fleet Utilization |
|
|
— |
% |
|
|
67 |
% |
|
|
68 |
% |
|
|
67 |
% |
|
|
— |
% |
|
|
68 |
% |
Fleet Available Days |
|
|
— |
|
|
|
1,935 |
|
|
|
1,738 |
|
|
|
637 |
|
|
|
— |
|
|
|
4,310 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter |
|
$ |
(22 |
) |
|
$ |
17,573 |
|
|
$ |
26,440 |
|
|
$ |
13,682 |
|
|
$ |
— |
|
|
$ |
57,673 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
838 |
|
|
|
— |
|
|
|
— |
|
|
|
838 |
|
Other marine services |
|
|
(9 |
) |
|
|
516 |
|
|
|
433 |
|
|
|
1,168 |
|
|
|
191 |
|
|
|
2,299 |
|
|
|
|
(31 |
) |
|
|
18,089 |
|
|
|
27,711 |
|
|
|
14,850 |
|
|
|
191 |
|
|
|
60,810 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel |
|
|
9 |
|
|
|
4,526 |
|
|
|
8,567 |
|
|
|
5,673 |
|
|
|
194 |
|
|
|
18,969 |
|
Repairs and maintenance |
|
|
255 |
|
|
|
3,542 |
|
|
|
3,799 |
|
|
|
6,022 |
|
|
|
30 |
|
|
|
13,648 |
|
Drydocking |
|
|
— |
|
|
|
666 |
|
|
|
1,993 |
|
|
|
2,484 |
|
|
|
— |
|
|
|
5,143 |
|
Insurance and loss reserves |
|
|
(4 |
) |
|
|
683 |
|
|
|
906 |
|
|
|
1,376 |
|
|
|
21 |
|
|
|
2,982 |
|
Fuel, lubes and supplies |
|
|
(125 |
) |
|
|
1,449 |
|
|
|
1,858 |
|
|
|
1,114 |
|
|
|
— |
|
|
|
4,296 |
|
Other |
|
|
(4 |
) |
|
|
1,428 |
|
|
|
2,199 |
|
|
|
803 |
|
|
|
29 |
|
|
|
4,455 |
|
|
|
|
131 |
|
|
|
12,294 |
|
|
|
19,322 |
|
|
|
17,472 |
|
|
|
274 |
|
|
|
49,493 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lease expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
325 |
|
|
|
325 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,998 |
|
|||||
Depreciation and amortization |
|
|
3 |
|
|
|
4,703 |
|
|
|
3,943 |
|
|
|
3,424 |
|
|
|
17 |
|
|
|
12,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,413 |
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19,163 |
|
|||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
6,067 |
|
|||||
29
|
|
AHTS (1) |
|
|
FSV (2) |
|
|
PSV (3) |
|
|
Liftboats |
|
|
Other |
|
|
Total |
|
||||||
For the Six Months Ended June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average Rates Per Day |
|
$ |
— |
|
|
$ |
13,633 |
|
|
$ |
20,919 |
|
|
$ |
35,118 |
|
|
$ |
— |
|
|
$ |
19,291 |
|
Fleet Utilization |
|
|
— |
% |
|
|
69 |
% |
|
|
62 |
% |
|
|
55 |
% |
|
|
— |
% |
|
|
64 |
% |
Fleet Available Days |
|
|
— |
|
|
|
3,915 |
|
|
|
3,628 |
|
|
|
1,350 |
|
|
|
— |
|
|
|
8,893 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter |
|
$ |
(7 |
) |
|
$ |
36,930 |
|
|
$ |
46,726 |
|
|
$ |
25,957 |
|
|
$ |
— |
|
|
$ |
109,606 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
1,546 |
|
|
|
— |
|
|
|
— |
|
|
|
1,546 |
|
Other marine services |
|
|
— |
|
|
|
1,278 |
|
|
|
941 |
|
|
|
2,457 |
|
|
|
481 |
|
|
|
5,157 |
|
|
|
|
(7 |
) |
|
|
38,208 |
|
|
|
49,213 |
|
|
|
28,414 |
|
|
|
481 |
|
|
|
116,309 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel |
|
|
10 |
|
|
|
9,459 |
|
|
|
16,918 |
|
|
|
10,920 |
|
|
|
199 |
|
|
|
37,506 |
|
Repairs and maintenance |
|
|
293 |
|
|
|
6,525 |
|
|
|
7,748 |
|
|
|
7,593 |
|
|
|
9 |
|
|
|
22,168 |
|
Drydocking |
|
|
— |
|
|
|
1,019 |
|
|
|
4,506 |
|
|
|
3,487 |
|
|
|
— |
|
|
|
9,012 |
|
Insurance and loss reserves |
|
|
(4 |
) |
|
|
1,200 |
|
|
|
1,537 |
|
|
|
2,617 |
|
|
|
(215 |
) |
|
|
5,135 |
|
Fuel, lubes and supplies |
|
|
(59 |
) |
|
|
2,622 |
|
|
|
4,452 |
|
|
|
1,826 |
|
|
|
1 |
|
|
|
8,842 |
|
Other |
|
|
8 |
|
|
|
3,210 |
|
|
|
4,217 |
|
|
|
1,285 |
|
|
|
38 |
|
|
|
8,758 |
|
|
|
|
248 |
|
|
|
24,035 |
|
|
|
39,378 |
|
|
|
27,728 |
|
|
|
32 |
|
|
|
91,421 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lease expense |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
662 |
|
|
|
662 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,484 |
|
|||||
Depreciation and amortization |
|
|
7 |
|
|
|
9,635 |
|
|
|
8,076 |
|
|
|
7,143 |
|
|
|
39 |
|
|
|
24,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,046 |
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,972 |
|
|||||
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
814 |
|
|||||
As of June 30, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Historical cost |
|
$ |
948 |
|
|
$ |
341,426 |
|
|
$ |
296,183 |
|
|
$ |
229,920 |
|
|
$ |
18,931 |
|
|
$ |
887,408 |
|
Accumulated depreciation |
|
|
(833 |
) |
|
|
(168,742 |
) |
|
|
(74,359 |
) |
|
|
(114,641 |
) |
|
|
(18,690 |
) |
|
|
(377,265 |
) |
|
|
$ |
115 |
|
|
$ |
172,684 |
|
|
$ |
221,824 |
|
|
$ |
115,279 |
|
|
$ |
241 |
|
|
$ |
510,143 |
|
|
|
AHTS |
|
|
FSV |
|
|
PSV |
|
|
Liftboats |
|
|
Other |
|
|
Total |
|
||||||
For the Three Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average Rates Per Day |
|
$ |
8,125 |
|
|
$ |
12,978 |
|
|
$ |
20,952 |
|
|
$ |
43,204 |
|
|
$ |
— |
|
|
$ |
19,141 |
|
Fleet Utilization |
|
|
49 |
% |
|
|
80 |
% |
|
|
66 |
% |
|
|
54 |
% |
|
|
— |
% |
|
|
69 |
% |
Fleet Available Days |
|
|
364 |
|
|
|
2,002 |
|
|
|
1,900 |
|
|
|
728 |
|
|
|
— |
|
|
|
4,994 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter |
|
$ |
1,459 |
|
|
$ |
20,698 |
|
|
$ |
26,390 |
|
|
$ |
17,102 |
|
|
$ |
— |
|
|
$ |
65,649 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
364 |
|
|
|
— |
|
|
|
— |
|
|
|
364 |
|
Other marine services |
|
|
219 |
|
|
|
516 |
|
|
|
2,266 |
|
|
|
666 |
|
|
|
187 |
|
|
|
3,854 |
|
|
|
|
1,678 |
|
|
|
21,214 |
|
|
|
29,020 |
|
|
|
17,768 |
|
|
|
187 |
|
|
|
69,867 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel |
|
|
1,045 |
|
|
|
5,829 |
|
|
|
8,979 |
|
|
|
6,842 |
|
|
|
(1,129 |
) |
|
|
21,566 |
|
Repairs and maintenance |
|
|
465 |
|
|
|
4,572 |
|
|
|
3,151 |
|
|
|
2,054 |
|
|
|
2 |
|
|
|
10,244 |
|
Drydocking |
|
|
280 |
|
|
|
457 |
|
|
|
2,616 |
|
|
|
2,857 |
|
|
|
— |
|
|
|
6,210 |
|
Insurance and loss reserves |
|
|
97 |
|
|
|
546 |
|
|
|
1,037 |
|
|
|
1,482 |
|
|
|
(63 |
) |
|
|
3,099 |
|
Fuel, lubes and supplies |
|
|
69 |
|
|
|
993 |
|
|
|
1,575 |
|
|
|
1,329 |
|
|
|
— |
|
|
|
3,966 |
|
Other |
|
|
230 |
|
|
|
1,850 |
|
|
|
1,850 |
|
|
|
519 |
|
|
|
(14 |
) |
|
|
4,435 |
|
|
|
|
2,186 |
|
|
|
14,247 |
|
|
|
19,208 |
|
|
|
15,083 |
|
|
|
(1,204 |
) |
|
|
49,520 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lease expense |
|
$ |
164 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
319 |
|
|
|
486 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,889 |
|
|||||
Depreciation and amortization |
|
|
175 |
|
|
|
4,746 |
|
|
|
4,128 |
|
|
|
3,865 |
|
|
|
25 |
|
|
|
12,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,314 |
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 |
|
|||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(3,930 |
) |
|||||
30
|
|
AHTS |
|
|
FSV |
|
|
PSV |
|
|
Liftboats |
|
|
Other |
|
|
Total |
|
||||||
For the Six Months Ended June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Average Rates Per Day |
|
$ |
8,374 |
|
|
$ |
12,434 |
|
|
$ |
20,141 |
|
|
$ |
48,266 |
|
|
$ |
— |
|
|
$ |
19,094 |
|
Fleet Utilization |
|
|
62 |
% |
|
|
76 |
% |
|
|
60 |
% |
|
|
54 |
% |
|
|
— |
% |
|
|
65 |
% |
Fleet Available Days |
|
|
728 |
|
|
|
4,004 |
|
|
|
3,811 |
|
|
|
1,456 |
|
|
|
— |
|
|
|
9,999 |
|
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Time charter |
|
$ |
3,790 |
|
|
$ |
37,779 |
|
|
$ |
45,780 |
|
|
$ |
37,563 |
|
|
$ |
— |
|
|
$ |
124,912 |
|
Bareboat charter |
|
|
— |
|
|
|
— |
|
|
|
728 |
|
|
|
— |
|
|
|
— |
|
|
|
728 |
|
Other marine services |
|
|
219 |
|
|
|
642 |
|
|
|
2,682 |
|
|
|
2,438 |
|
|
|
1,016 |
|
|
|
6,997 |
|
|
|
|
4,009 |
|
|
|
38,421 |
|
|
|
49,190 |
|
|
|
40,001 |
|
|
|
1,016 |
|
|
|
132,637 |
|
Direct Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Personnel |
|
|
2,109 |
|
|
|
11,478 |
|
|
|
17,829 |
|
|
|
12,982 |
|
|
|
(1,162 |
) |
|
|
43,236 |
|
Repairs and maintenance |
|
|
685 |
|
|
|
7,665 |
|
|
|
7,544 |
|
|
|
4,089 |
|
|
|
24 |
|
|
|
20,007 |
|
Drydocking |
|
|
348 |
|
|
|
2,326 |
|
|
|
6,002 |
|
|
|
4,240 |
|
|
|
— |
|
|
|
12,916 |
|
Insurance and loss reserves |
|
|
140 |
|
|
|
823 |
|
|
|
1,432 |
|
|
|
2,764 |
|
|
|
(322 |
) |
|
|
4,837 |
|
Fuel, lubes and supplies |
|
|
685 |
|
|
|
2,044 |
|
|
|
3,464 |
|
|
|
2,296 |
|
|
|
— |
|
|
|
8,489 |
|
Other |
|
|
517 |
|
|
|
3,499 |
|
|
|
3,245 |
|
|
|
862 |
|
|
|
11 |
|
|
|
8,134 |
|
|
|
|
4,484 |
|
|
|
27,835 |
|
|
|
39,516 |
|
|
|
27,233 |
|
|
|
(1,449 |
) |
|
|
97,619 |
|
Other Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lease expense |
|
$ |
335 |
|
|
$ |
— |
|
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
629 |
|
|
|
967 |
|
Administrative and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,806 |
|
|||||
Depreciation and amortization |
|
|
350 |
|
|
|
9,490 |
|
|
|
8,201 |
|
|
|
7,731 |
|
|
|
49 |
|
|
|
25,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,594 |
|
|||||
Gains on asset dispositions and impairments, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
|
|||||
Operating loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(14,540 |
) |
|||||
As of June 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Property and Equipment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Historical cost |
|
$ |
12,669 |
|
|
$ |
341,536 |
|
|
$ |
303,673 |
|
|
$ |
244,462 |
|
|
$ |
19,103 |
|
|
$ |
921,443 |
|
Accumulated depreciation |
|
|
(5,485 |
) |
|
|
(151,788 |
) |
|
|
(61,363 |
) |
|
|
(112,357 |
) |
|
|
(18,806 |
) |
|
|
(349,799 |
) |
|
|
$ |
7,184 |
|
|
$ |
189,748 |
|
|
$ |
242,310 |
|
|
$ |
132,105 |
|
|
$ |
297 |
|
|
$ |
571,644 |
|
Fleet Counts. The Company’s fleet count as of June 30, 2025 and December 31, 2024 was as follows:
|
|
Owned |
|
|
Managed |
|
|
Total |
|
|||
June 30, 2025 |
|
|
|
|
|
|
|
|
|
|||
AHTS |
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
FSV |
|
|
21 |
|
|
|
1 |
|
|
|
22 |
|
PSV |
|
|
19 |
|
|
|
— |
|
|
|
19 |
|
Liftboats |
|
|
7 |
|
|
|
— |
|
|
|
7 |
|
|
|
|
47 |
|
|
|
2 |
|
|
|
49 |
|
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|||
AHTS |
|
|
— |
|
|
|
2 |
|
|
|
2 |
|
FSV |
|
|
22 |
|
|
|
1 |
|
|
|
23 |
|
PSV |
|
|
21 |
|
|
|
— |
|
|
|
21 |
|
Liftboats |
|
|
8 |
|
|
|
— |
|
|
|
8 |
|
|
|
|
51 |
|
|
|
3 |
|
|
|
54 |
|
31
Operating Income (Loss)
United States, primarily Gulf of America. For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||||||||||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rates Per Day Worked: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FSV |
|
$ |
— |
|
|
|
|
|
$ |
10,345 |
|
|
|
|
|
$ |
10,782 |
|
|
|
|
|
$ |
10,021 |
|
|
|
|
||||
PSV |
|
|
14,300 |
|
|
|
|
|
|
14,405 |
|
|
|
|
|
|
14,270 |
|
|
|
|
|
|
14,191 |
|
|
|
|
||||
Liftboats |
|
|
30,230 |
|
|
|
|
|
|
37,544 |
|
|
|
|
|
|
32,090 |
|
|
|
|
|
|
40,623 |
|
|
|
|
||||
Overall |
|
|
25,262 |
|
|
|
|
|
|
22,356 |
|
|
|
|
|
|
24,749 |
|
|
|
|
|
|
24,779 |
|
|
|
|
||||
Utilization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FSV |
|
|
|
|
|
— |
% |
|
|
|
|
|
39 |
% |
|
|
|
|
|
11 |
% |
|
|
|
|
|
31 |
% |
||||
PSV |
|
|
|
|
|
54 |
% |
|
|
|
|
|
56 |
% |
|
|
|
|
|
38 |
% |
|
|
|
|
|
44 |
% |
||||
Liftboats |
|
|
|
|
|
73 |
% |
|
|
|
|
|
29 |
% |
|
|
|
|
|
48 |
% |
|
|
|
|
|
28 |
% |
||||
Overall |
|
|
|
|
|
48 |
% |
|
|
|
|
|
37 |
% |
|
|
|
|
|
36 |
% |
|
|
|
|
|
32 |
% |
||||
Available Days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FSV |
|
|
273 |
|
|
|
|
|
|
273 |
|
|
|
|
|
|
543 |
|
|
|
|
|
|
546 |
|
|
|
|
||||
PSV |
|
|
279 |
|
|
|
|
|
|
182 |
|
|
|
|
|
|
629 |
|
|
|
|
|
|
364 |
|
|
|
|
||||
Liftboats |
|
|
455 |
|
|
|
|
|
|
466 |
|
|
|
|
|
|
956 |
|
|
|
|
|
|
938 |
|
|
|
|
||||
Overall |
|
|
1,007 |
|
|
|
|
|
|
921 |
|
|
|
|
|
|
2,128 |
|
|
|
|
|
|
1,848 |
|
|
|
|
||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time charter |
|
$ |
12,205 |
|
|
|
91 |
% |
|
$ |
7,697 |
|
|
|
94 |
% |
|
$ |
18,970 |
|
|
|
93 |
% |
|
$ |
14,654 |
|
|
|
91 |
% |
Other marine services |
|
|
1,175 |
|
|
|
9 |
% |
|
|
480 |
|
|
|
6 |
% |
|
|
1,410 |
|
|
|
7 |
% |
|
|
1,506 |
|
|
|
9 |
% |
|
|
|
13,380 |
|
|
|
100 |
% |
|
|
8,177 |
|
|
|
100 |
% |
|
|
20,380 |
|
|
|
100 |
% |
|
|
16,160 |
|
|
|
100 |
% |
Direct operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personnel |
|
|
6,854 |
|
|
|
51 |
% |
|
|
6,284 |
|
|
|
77 |
% |
|
|
13,340 |
|
|
|
65 |
% |
|
|
12,065 |
|
|
|
75 |
% |
Repairs and maintenance |
|
|
1,950 |
|
|
|
15 |
% |
|
|
1,879 |
|
|
|
23 |
% |
|
|
3,429 |
|
|
|
17 |
% |
|
|
3,283 |
|
|
|
20 |
% |
Drydocking |
|
|
3,684 |
|
|
|
27 |
% |
|
|
2,570 |
|
|
|
31 |
% |
|
|
4,750 |
|
|
|
23 |
% |
|
|
4,538 |
|
|
|
28 |
% |
Insurance and loss reserves |
|
|
1,067 |
|
|
|
8 |
% |
|
|
943 |
|
|
|
11 |
% |
|
|
1,769 |
|
|
|
9 |
% |
|
|
1,339 |
|
|
|
8 |
% |
Fuel, lubes and supplies |
|
|
1,010 |
|
|
|
8 |
% |
|
|
866 |
|
|
|
11 |
% |
|
|
1,829 |
|
|
|
9 |
% |
|
|
1,533 |
|
|
|
10 |
% |
Other |
|
|
631 |
|
|
|
5 |
% |
|
|
226 |
|
|
|
3 |
% |
|
|
980 |
|
|
|
5 |
% |
|
|
55 |
|
|
|
0 |
% |
|
|
|
15,196 |
|
|
|
114 |
% |
|
|
12,768 |
|
|
|
156 |
% |
|
|
26,097 |
|
|
|
128 |
% |
|
|
22,813 |
|
|
|
141 |
% |
Direct Vessel Loss |
|
$ |
(1,816 |
) |
|
|
(14 |
)% |
|
$ |
(4,591 |
) |
|
|
(56 |
)% |
|
$ |
(5,717 |
) |
|
|
(28 |
)% |
|
$ |
(6,653 |
) |
|
|
(41 |
)% |
Current Year Quarter compared with Prior Year Quarter
Operating Revenues. Charter revenues were $4.5 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $5.7 million higher due to the repositioning of four vessels into the region subsequent to the Prior Year Quarter and $0.5 million lower due to the disposition of two vessels subsequent to the Prior Year Quarter. Charter revenues were $0.7 million lower for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of seven vessels, due to lower average day rates of $22,658 in the Current Year Quarter compared to $23,380 in the Prior Year Quarter and lower utilization of 45% in the Current Year Quarter compared to 48% in the Prior Year Quarter. Other marine services were $0.7 million higher primarily due to higher catering revenues. As of June 30, 2025, the Company had three of 11 owned vessels (three FSVs) cold-stacked in this region compared with one of ten vessels (one liftboat) as of June 30, 2024.
Direct Operating Expenses. Direct operating expenses were $2.4 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $4.9 million higher due to the repositioning of vessels between geographic regions offset by $1.5 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and $1.0 million lower due to net asset dispositions.
32
Current Year Six Months compared with Prior Year Six Months
Operating Revenues. Charter revenues were $4.3 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $8.8 million higher due to the repositioning of four vessels into the region subsequent to the Prior Year Six Months. Charter revenues were $3.8 million lower for the Regional Core Fleet, which consists of seven vessels, due to lower average day rates of $20,861 in the Current Year Six Months compared to $25,983 in the Prior Year Six Months, and lower utilization of 38% in the Current Year Six Months compared to 42% in the Prior Year Six Months. Charter revenues were $0.7 million lower due to the disposition of two vessels subsequent to the Prior Year Six Months.
Direct Operating Expenses. Direct operating expenses were $3.3 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $8.8 million higher due to the repositioning of vessels between geographic regions offset by $3.1 million lower direct operating expenses for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $2.4 million lower due to net asset dispositions.
Africa and Europe. For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||||||||||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rates Per Day Worked: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AHTS |
|
$ |
— |
|
|
|
|
|
$ |
10,350 |
|
|
|
|
|
$ |
— |
|
|
|
|
|
$ |
10,062 |
|
|
|
|
||||
FSV |
|
|
15,278 |
|
|
|
|
|
|
15,416 |
|
|
|
|
|
|
15,702 |
|
|
|
|
|
|
14,460 |
|
|
|
|
||||
PSV |
|
|
25,473 |
|
|
|
|
|
|
25,032 |
|
|
|
|
|
|
22,825 |
|
|
|
|
|
|
23,612 |
|
|
|
|
||||
Overall |
|
|
19,140 |
|
|
|
|
|
|
18,580 |
|
|
|
|
|
|
18,246 |
|
|
|
|
|
|
16,951 |
|
|
|
|
||||
Utilization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AHTS |
|
|
|
|
|
— |
% |
|
|
|
|
|
34 |
% |
|
|
|
|
|
— |
% |
|
|
|
|
|
50 |
% |
||||
FSV |
|
|
|
|
|
84 |
% |
|
|
|
|
|
85 |
% |
|
|
|
|
|
83 |
% |
|
|
|
|
|
87 |
% |
||||
PSV |
|
|
|
|
|
67 |
% |
|
|
|
|
|
74 |
% |
|
|
|
|
|
61 |
% |
|
|
|
|
|
68 |
% |
||||
Overall |
|
|
|
|
|
77 |
% |
|
|
|
|
|
74 |
% |
|
|
|
|
|
74 |
% |
|
|
|
|
|
75 |
% |
||||
Available Days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AHTS |
|
|
— |
|
|
|
|
|
|
273 |
|
|
|
|
|
|
— |
|
|
|
|
|
|
546 |
|
|
|
|
||||
FSV |
|
|
940 |
|
|
|
|
|
|
979 |
|
|
|
|
|
|
1,930 |
|
|
|
|
|
|
1,889 |
|
|
|
|
||||
PSV |
|
|
728 |
|
|
|
|
|
|
717 |
|
|
|
|
|
|
1,448 |
|
|
|
|
|
|
1,309 |
|
|
|
|
||||
Overall |
|
|
1,668 |
|
|
|
|
|
|
1,969 |
|
|
|
|
|
|
3,378 |
|
|
|
|
|
|
3,744 |
|
|
|
|
||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time charter |
|
$ |
24,535 |
|
|
|
97 |
% |
|
$ |
27,047 |
|
|
|
96 |
% |
|
$ |
45,370 |
|
|
|
96 |
% |
|
$ |
47,602 |
|
|
|
98 |
% |
Other marine services |
|
|
806 |
|
|
|
3 |
% |
|
|
1,028 |
|
|
|
4 |
% |
|
|
1,658 |
|
|
|
4 |
% |
|
|
1,197 |
|
|
|
2 |
% |
|
|
|
25,341 |
|
|
|
100 |
% |
|
|
28,075 |
|
|
|
100 |
% |
|
|
47,028 |
|
|
|
100 |
% |
|
|
48,799 |
|
|
|
100 |
% |
Direct operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personnel |
|
|
5,515 |
|
|
|
22 |
% |
|
|
4,969 |
|
|
|
18 |
% |
|
|
10,698 |
|
|
|
23 |
% |
|
|
10,150 |
|
|
|
21 |
% |
Repairs and maintenance |
|
|
4,646 |
|
|
|
18 |
% |
|
|
3,161 |
|
|
|
11 |
% |
|
|
8,108 |
|
|
|
17 |
% |
|
|
6,370 |
|
|
|
13 |
% |
Drydocking |
|
|
901 |
|
|
|
4 |
% |
|
|
1,226 |
|
|
|
4 |
% |
|
|
2,142 |
|
|
|
5 |
% |
|
|
3,258 |
|
|
|
7 |
% |
Insurance and loss reserves |
|
|
899 |
|
|
|
3 |
% |
|
|
819 |
|
|
|
3 |
% |
|
|
1,493 |
|
|
|
3 |
% |
|
|
1,153 |
|
|
|
2 |
% |
Fuel, lubes and supplies |
|
|
1,714 |
|
|
|
7 |
% |
|
|
1,170 |
|
|
|
4 |
% |
|
|
3,894 |
|
|
|
8 |
% |
|
|
2,457 |
|
|
|
5 |
% |
Other |
|
|
2,357 |
|
|
|
9 |
% |
|
|
2,801 |
|
|
|
10 |
% |
|
|
5,084 |
|
|
|
11 |
% |
|
|
5,000 |
|
|
|
10 |
% |
|
|
|
16,032 |
|
|
|
63 |
% |
|
|
14,146 |
|
|
|
50 |
% |
|
|
31,419 |
|
|
|
67 |
% |
|
|
28,388 |
|
|
|
58 |
% |
Direct Vessel Profit |
|
$ |
9,309 |
|
|
|
37 |
% |
|
$ |
13,929 |
|
|
|
50 |
% |
|
$ |
15,609 |
|
|
|
33 |
% |
|
$ |
20,411 |
|
|
|
42 |
% |
33
Current Year Quarter compared with Prior Year Quarter
Operating Revenues. Charter revenues were $2.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.0 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.7 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Quarter. Charter revenues were $0.8 million lower for the Regional Core Fleet, which consists of 18 vessels, primarily due to lower average day rates of $19,157 in the Current Year Quarter compared to $19,582 in the Prior Year Quarter and lower utilization of 78% in the Current Year Quarter compared to 81% in the Prior Year Quarter. As of June 30, 2025, the Company had no vessels cold-stacked in this region compared with one of 22 owned and leased-in vessels (one AHTS) as of June 30, 2024.
Direct Operating Expenses. Direct operating expenses were $1.9 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.6 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $1.5 million lower due to net asset dispositions and $0.2 million lower due to the repositioning of vessels between geographic regions.
Current Year Six Months compared with Prior Year Six Months
Operating Revenues. Charter revenues were $2.2 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $2.8 million lower due to the disposition of three vessels subsequent to the Prior Year Six Months. Charter revenues were $1.0 million lower for the Regional Core Fleet, which consists of 17 vessels, primarily due to lower utilization of 74% in the Current Year Six Months compared to 79% in the Prior Year Six Months offset by higher average day rates of $18,409 in the Current Year Six Months compared to $18,284 in the Prior Year Six Months. Charter revenues were $1.6 million higher due to the repositioning of two vessels into the region subsequent to the Prior Year Six Months. Other marine services were $0.5 million higher primarily due to higher mobilization revenues.
Direct Operating Expenses. Direct operating expenses were $3.0 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $5.3 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.5 million higher due to the repositioning of vessels between geographic regions and $2.8 million lower due to net asset dispositions.
34
Middle East and Asia. For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||||||||||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rates Per Day Worked: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AHTS |
|
$ |
— |
|
|
|
|
|
$ |
5,786 |
|
|
|
|
|
$ |
— |
|
|
|
|
|
$ |
5,784 |
|
|
|
|
||||
FSV |
|
|
9,201 |
|
|
|
|
|
|
8,656 |
|
|
|
|
|
|
8,867 |
|
|
|
|
|
|
8,159 |
|
|
|
|
||||
PSV |
|
|
16,467 |
|
|
|
|
|
|
16,499 |
|
|
|
|
|
|
15,790 |
|
|
|
|
|
|
15,902 |
|
|
|
|
||||
Liftboats |
|
|
37,678 |
|
|
|
|
|
|
45,900 |
|
|
|
|
|
|
40,232 |
|
|
|
|
|
|
45,900 |
|
|
|
|
||||
Overall |
|
|
15,506 |
|
|
|
|
|
|
17,083 |
|
|
|
|
|
|
16,735 |
|
|
|
|
|
|
17,012 |
|
|
|
|
||||
Utilization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AHTS |
|
|
|
|
|
— |
% |
|
|
|
|
|
96 |
% |
|
|
|
|
|
— |
% |
|
|
|
|
|
98 |
% |
||||
FSV |
|
|
|
|
|
72 |
% |
|
|
|
|
|
85 |
% |
|
|
|
|
|
69 |
% |
|
|
|
|
|
74 |
% |
||||
PSV |
|
|
|
|
|
86 |
% |
|
|
|
|
|
67 |
% |
|
|
|
|
|
80 |
% |
|
|
|
|
|
66 |
% |
||||
Liftboats |
|
|
|
|
|
53 |
% |
|
|
|
|
|
100 |
% |
|
|
|
|
|
76 |
% |
|
|
|
|
|
100 |
% |
||||
Overall |
|
|
|
|
|
73 |
% |
|
|
|
|
|
82 |
% |
|
|
|
|
|
74 |
% |
|
|
|
|
|
76 |
% |
||||
Available Days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
AHTS |
|
|
— |
|
|
|
|
|
|
91 |
|
|
|
|
|
|
— |
|
|
|
|
|
|
182 |
|
|
|
|
||||
FSV |
|
|
540 |
|
|
|
|
|
|
568 |
|
|
|
|
|
|
1,080 |
|
|
|
|
|
|
1,205 |
|
|
|
|
||||
PSV |
|
|
367 |
|
|
|
|
|
|
455 |
|
|
|
|
|
|
817 |
|
|
|
|
|
|
910 |
|
|
|
|
||||
Liftboats |
|
|
182 |
|
|
|
|
|
|
182 |
|
|
|
|
|
|
362 |
|
|
|
|
|
|
364 |
|
|
|
|
||||
Overall |
|
|
1,089 |
|
|
|
|
|
|
1,296 |
|
|
|
|
|
|
2,259 |
|
|
|
|
|
|
2,661 |
|
|
|
|
||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time charter |
|
$ |
12,365 |
|
|
|
97 |
% |
|
$ |
18,073 |
|
|
|
97 |
% |
|
$ |
28,075 |
|
|
|
97 |
% |
|
$ |
34,550 |
|
|
|
97 |
% |
Other marine services |
|
|
432 |
|
|
|
3 |
% |
|
|
619 |
|
|
|
3 |
% |
|
|
724 |
|
|
|
3 |
% |
|
|
969 |
|
|
|
3 |
% |
|
|
|
12,797 |
|
|
|
100 |
% |
|
|
18,692 |
|
|
|
100 |
% |
|
|
28,799 |
|
|
|
100 |
% |
|
|
35,519 |
|
|
|
100 |
% |
Direct operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personnel |
|
|
4,511 |
|
|
|
35 |
% |
|
|
6,930 |
|
|
|
37 |
% |
|
|
9,438 |
|
|
|
33 |
% |
|
|
12,893 |
|
|
|
36 |
% |
Repairs and maintenance |
|
|
6,338 |
|
|
|
49 |
% |
|
|
3,443 |
|
|
|
19 |
% |
|
|
8,843 |
|
|
|
31 |
% |
|
|
6,155 |
|
|
|
17 |
% |
Drydocking |
|
|
13 |
|
|
|
0 |
% |
|
|
707 |
|
|
|
4 |
% |
|
|
1,044 |
|
|
|
4 |
% |
|
|
2,190 |
|
|
|
6 |
% |
Insurance and loss reserves |
|
|
842 |
|
|
|
7 |
% |
|
|
798 |
|
|
|
4 |
% |
|
|
1,544 |
|
|
|
5 |
% |
|
|
1,416 |
|
|
|
4 |
% |
Fuel, lubes and supplies |
|
|
1,279 |
|
|
|
10 |
% |
|
|
1,103 |
|
|
|
6 |
% |
|
|
2,162 |
|
|
|
7 |
% |
|
|
2,301 |
|
|
|
7 |
% |
Other |
|
|
1,104 |
|
|
|
9 |
% |
|
|
989 |
|
|
|
5 |
% |
|
|
1,985 |
|
|
|
7 |
% |
|
|
1,989 |
|
|
|
6 |
% |
|
|
|
14,087 |
|
|
|
110 |
% |
|
|
13,970 |
|
|
|
75 |
% |
|
|
25,016 |
|
|
|
87 |
% |
|
|
26,944 |
|
|
|
76 |
% |
Direct Vessel (Loss) Profit |
|
$ |
(1,290 |
) |
|
|
-10 |
% |
|
$ |
4,722 |
|
|
|
25 |
% |
|
$ |
3,783 |
|
|
|
13 |
% |
|
$ |
8,575 |
|
|
|
24 |
% |
Current Year Quarter compared with Prior Year Quarter
Operating Revenues. Charter revenues were $5.7 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $3.5 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower utilization of 79% in the Current Year Quarter compared to 81% in the Prior Year Quarter and lower average day rates of $15,698 in the Current Year Quarter compared to $19,535 in the Prior Year Quarter. Charter revenues were $2.3 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.1 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Quarter. As of June 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Direct Operating Expenses. Direct operating expenses were $0.1 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.9 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.6 million higher due to the repositioning of vessels between geographic regions and $2.4 million lower due to net asset dispositions.
35
Current Year Six Months compared with Prior Year Six Months
Operating Revenues. Charter revenues were $6.5 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $3.3 million lower due to the disposition of three vessels subsequent to the Prior Year Six Months and $0.5 million lower due to the repositioning of one vessel out of the region subsequent to the Prior Year Six Months. Charter revenues were $2.7 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower average day rates of $16,935 in the Current Year Six Months compared to $20,079 in the Prior Year Six Months offset by higher utilization of 79% in the Current Year Six Months compared to 73% in the Prior Year Six Months.
Direct Operating Expenses. Direct operating expenses were $1.9 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $3.7 million lower due to net asset dispositions, $0.4 million lower due to the repositioning of vessels between geographic regions and $2.2 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Latin America (Brazil, Mexico, Central and South America). For the three and six months ended June 30, 2025 and 2024 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
|
|
For the Three Months Ended June 30, |
|
|
For the Six Months Ended June 30, |
|
||||||||||||||||||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||||||||||||||||||
Time Charter Statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Rates Per Day Worked: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FSV |
|
$ |
15,188 |
|
|
|
|
|
$ |
14,950 |
|
|
|
|
|
$ |
15,046 |
|
|
|
|
|
$ |
14,950 |
|
|
|
|
||||
PSV |
|
|
28,254 |
|
|
|
|
|
|
20,539 |
|
|
|
|
|
|
28,228 |
|
|
|
|
|
|
20,798 |
|
|
|
|
||||
Liftboats |
|
|
— |
|
|
|
|
|
|
46,904 |
|
|
|
|
|
|
— |
|
|
|
|
|
|
67,293 |
|
|
|
|
||||
Overall |
|
|
23,764 |
|
|
|
|
|
|
22,437 |
|
|
|
|
|
|
22,891 |
|
|
|
|
|
|
25,287 |
|
|
|
|
||||
Utilization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FSV |
|
|
|
|
|
68 |
% |
|
|
|
|
|
93 |
% |
|
|
|
|
|
84 |
% |
|
|
|
|
|
95 |
% |
||||
PSV |
|
|
|
|
|
65 |
% |
|
|
|
|
|
60 |
% |
|
|
|
|
|
61 |
% |
|
|
|
|
|
50 |
% |
||||
Liftboats |
|
|
|
|
|
— |
% |
|
|
|
|
|
96 |
% |
|
|
|
|
|
— |
% |
|
|
|
|
|
98 |
% |
||||
Overall |
|
|
|
|
|
66 |
% |
|
|
|
|
|
71 |
% |
|
|
|
|
|
67 |
% |
|
|
|
|
|
64 |
% |
||||
Available Days: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
FSV |
|
|
182 |
|
|
|
|
|
|
182 |
|
|
|
|
|
|
362 |
|
|
|
|
|
|
364 |
|
|
|
|
||||
PSV |
|
|
364 |
|
|
|
|
|
|
546 |
|
|
|
|
|
|
734 |
|
|
|
|
|
|
1,228 |
|
|
|
|
||||
Liftboats |
|
|
— |
|
|
|
|
|
|
80 |
|
|
|
|
|
|
32 |
|
|
|
|
|
|
154 |
|
|
|
|
||||
Overall |
|
|
546 |
|
|
|
|
|
|
808 |
|
|
|
|
|
|
1,128 |
|
|
|
|
|
|
1,746 |
|
|
|
|
||||
Operating revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Time charter |
|
$ |
8,568 |
|
|
|
92 |
% |
|
$ |
12,832 |
|
|
|
86 |
% |
|
$ |
17,191 |
|
|
|
86 |
% |
|
$ |
28,106 |
|
|
|
88 |
% |
Bareboat charter |
|
|
838 |
|
|
|
9 |
% |
|
|
364 |
|
|
|
2 |
% |
|
|
1,546 |
|
|
|
7 |
% |
|
|
728 |
|
|
|
2 |
% |
Other marine services |
|
|
(114 |
) |
|
|
-1 |
% |
|
|
1,727 |
|
|
|
12 |
% |
|
|
1,365 |
|
|
|
7 |
% |
|
|
3,325 |
|
|
|
10 |
% |
|
|
|
9,292 |
|
|
|
100 |
% |
|
|
14,923 |
|
|
|
100 |
% |
|
|
20,102 |
|
|
|
99 |
% |
|
|
32,159 |
|
|
|
100 |
% |
Direct operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Personnel |
|
|
2,089 |
|
|
|
22 |
% |
|
|
3,383 |
|
|
|
23 |
% |
|
|
4,030 |
|
|
|
20 |
% |
|
|
8,128 |
|
|
|
25 |
% |
Repairs and maintenance |
|
|
714 |
|
|
|
8 |
% |
|
|
1,761 |
|
|
|
12 |
% |
|
|
1,788 |
|
|
|
9 |
% |
|
|
4,199 |
|
|
|
13 |
% |
Drydocking |
|
|
545 |
|
|
|
6 |
% |
|
|
1,707 |
|
|
|
11 |
% |
|
|
1,076 |
|
|
|
5 |
% |
|
|
2,930 |
|
|
|
9 |
% |
Insurance and loss reserves |
|
|
174 |
|
|
|
2 |
% |
|
|
539 |
|
|
|
4 |
% |
|
|
329 |
|
|
|
2 |
% |
|
|
929 |
|
|
|
3 |
% |
Fuel, lubes and supplies |
|
|
293 |
|
|
|
3 |
% |
|
|
827 |
|
|
|
5 |
% |
|
|
957 |
|
|
|
5 |
% |
|
|
2,198 |
|
|
|
7 |
% |
Other |
|
|
363 |
|
|
|
4 |
% |
|
|
419 |
|
|
|
3 |
% |
|
|
709 |
|
|
|
3 |
% |
|
|
1,090 |
|
|
|
4 |
% |
|
|
|
4,178 |
|
|
|
45 |
% |
|
|
8,636 |
|
|
|
58 |
% |
|
|
8,889 |
|
|
|
44 |
% |
|
|
19,474 |
|
|
|
61 |
% |
Direct Vessel Profit |
|
$ |
5,114 |
|
|
|
55 |
% |
|
$ |
6,287 |
|
|
|
42 |
% |
|
$ |
11,213 |
|
|
|
56 |
% |
|
$ |
12,685 |
|
|
|
39 |
% |
36
Current Year Quarter compared with Prior Year Quarter
Operating Revenues. Charter revenues were $3.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $6.6 million lower due to the repositioning of three vessels out of the region subsequent to the Prior Year Quarter. Charter revenues were $2.8 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 66% in the Current Year Quarter compared to 60% in the Prior Year Quarter and higher average day rates of $23,764 in the Current Year Quarter compared to $18,820 in the Prior Year Quarter. Other marine services were $1.8 million lower primarily due to lower mobilization and catering revenues. As of June 30, 2025 and 2024, the Company had no vessels cold-stacked in this region.
Direct Operating Expenses. Direct operating expenses were $4.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.9 million lower due to the repositioning of vessels between geographic regions and $1.6 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Current Year Six Months compared with Prior Year Six Months
Operating Revenues. Charter revenues were $10.1 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $15.4 million lower due to the repositioning of four vessels out of the region subsequent to the Prior Year Six Months. Charter revenues were $5.3 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 68% in the Current Year Six Months compared to 62% in the Prior Year Six Months and higher average day rates of $23,210 in the Current Year Six Months compared to $18,786 in the Prior Year Six Months. Other marine services were $2.0 million lower primarily due to lower mobilization and catering revenues.
Direct Operating Expenses. Direct operating expenses were $10.6 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $7.6 million lower due to the repositioning of vessels between geographic regions and $3.0 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Other Operating Expenses
Lease Expense. Leased-in equipment expense for the Current Year Quarter and Current Year Six Months was $0.2 million lower and $0.3 million lower compared to the Prior Year Quarter and Prior Year Six Months due to having no leased-in vessels in the Current Year Quarter and Current Year Six Months compared to one in the Prior Year Quarter and Prior Year Six Months.
Administrative and general. Administrative and general expenses for the Current Year Quarter and Current Year Six Months were $1.1 million higher and $0.7 million higher compared to the Prior Year Quarter and Prior Year Six Months due to increases in professional fees and increases in wages and benefits expenses offset by decreases in allowance for credit losses.
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Six Months were $0.8 million lower and $0.9 million lower compared to the Prior Year Quarter and Prior Year Six Months due to net fleet changes.
37
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold one FSV and two PSVs, previously classified as held for sale, and other equipment not previously classified as such for net cash proceeds of $31.6 million, after transaction costs, and a gain of $19.2 million. During the Prior Year Quarter, the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.
During the Current Year Six Months, the Company sold one FSV and two PSVs, previously classified as held for sale, as well as one liftboat and other equipment not previously classified as such for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million. During the Prior Year Six Months, the Company sold other equipment for net cash proceeds of $0.1 million, after transaction costs, and a de minimis gain.
Other Income (Expense), Net
For the three and six months ended June 30, 2025 and 2024, the Company’s other income (expense) was as follows (in thousands):
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
$ |
372 |
|
|
$ |
445 |
|
|
$ |
808 |
|
|
$ |
1,038 |
|
Interest expense |
|
|
(8,844 |
) |
|
|
(10,190 |
) |
|
|
(18,430 |
) |
|
|
(20,499 |
) |
Derivative gains (losses), net |
|
|
87 |
|
|
|
104 |
|
|
|
212 |
|
|
|
(439 |
) |
Foreign currency losses, net |
|
|
(2,119 |
) |
|
|
(560 |
) |
|
|
(3,315 |
) |
|
|
(640 |
) |
Other, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(95 |
) |
|
|
$ |
(10,504 |
) |
|
$ |
(10,201 |
) |
|
$ |
(20,725 |
) |
|
$ |
(20,635 |
) |
Interest income. Interest income was lower for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months due to reduced cash balances held in interest bearing accounts.
Interest expense. Interest expense was lower in the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months primarily due to a lower interest rate on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum), which was entered into on November 27, 2024 compared to the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023.
Derivative gains (losses), net. Net derivative gains for the Current Year Quarter compared with the Prior Year Quarter was nearly flat. Net derivative gains for the Current Year Six Months compared with net derivative losses for the Prior Year Six Months were due to the weakening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner.
Foreign currency (losses), net. Net foreign currency losses for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months increased primarily due to the weakening of the U.S. dollar in relation to the pound sterling.
Income Tax Expense
During the six months ended June 30, 2025, the Company’s effective income tax rate of 17.1% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes.
38
Equity in Earnings of 50% or Less Owned Companies
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.7 million lower and earnings for the Current Year Six Months compared with the Prior Year Six Months were $1.2 million higher due to the following changes in equity earnings (losses) (in thousands):
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
SEACOR Marine Arabia |
|
$ |
355 |
|
|
$ |
1,698 |
|
|
$ |
1,064 |
|
|
$ |
1,292 |
|
Other |
|
|
(137 |
) |
|
|
(732 |
) |
|
|
43 |
|
|
|
(1,426 |
) |
|
|
$ |
218 |
|
|
$ |
966 |
|
|
$ |
1,107 |
|
|
$ |
(134 |
) |
Liquidity and Capital Resources
General
The Company’s ongoing liquidity requirements arise primarily from working capital needs, capital commitments and its obligations to service outstanding debt and comply with covenants under its debt facilities. The Company may use its liquidity to fund capital expenditures, make acquisitions or to make other investments. Sources of liquidity are cash balances, cash flows from operations and sales under the Company’s ATM Program, which has approximately $25.0 million of remaining sales capacity as of June 30, 2025. From time to time, the Company may secure additional liquidity through asset sales or the issuance of debt, shares of Common Stock or common stock of its subsidiaries, preferred stock or a combination thereof.
As of June 30, 2025 and June 30, 2024, the Company held balances of cash, cash equivalents and restricted cash totaling $51.6 million and $42.9 million, respectively.
As of June 30, 2025, the Company had outstanding debt of $341.0 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of June 30, 2025, are as follows (in thousands):
|
|
Actual |
|
|
Remainder 2025 |
|
$ |
15,000 |
|
2026 |
|
|
30,000 |
|
2027 |
|
|
30,677 |
|
2028 |
|
|
30,621 |
|
2029 |
|
|
239,402 |
|
Years subsequent to 2029 |
|
|
— |
|
|
|
$ |
345,700 |
|
As of June 30, 2025, the Company had unfunded capital commitments of $65.1 million consisting of $59.3 million in respect of the construction of two PSVs, $2.3 million in respect of four hybrid battery power systems and $3.5 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $13.1 million is payable during 2025, $33.4 million is payable during 2026 and the remainder is payable during 2027. In accordance with the terms of the 2024 SMFH Credit Facility, previously described in the 2024 Annual Report, $18.0 million of the proceeds from the sale of two AHTS was designated to make payments on the construction of two PSVs. In addition, during the second quarter of 2025, $3.8 million of the proceeds from the sale of one FSV and $10.9 million of the proceeds from the sale of two PSVs were also designated to make payments on the construction of the two PSVs. As of June 30, 2025, $16.5 million remained in a restricted account as a result of these transactions. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. $8.2 million of this tranche was drawn as of June 30, 2025.
39
Summary of Cash Flows
The following is a summary of the Company’s cash flows for the six months ended June 30, 2025 and 2024 (in thousands):
|
|
Six Months Ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash flows provided by or (used in): |
|
|
|
|
|
|
||
Operating Activities |
|
$ |
(13,543 |
) |
|
$ |
(19,416 |
) |
Investing Activities |
|
|
9,056 |
|
|
|
(3,988 |
) |
Financing Activities |
|
|
(20,098 |
) |
|
|
(17,868 |
) |
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents |
|
|
— |
|
|
|
1 |
|
Net Change in Cash, Restricted Cash and Cash Equivalents |
|
$ |
(24,585 |
) |
|
$ |
(41,271 |
) |
Operating Activities
Cash flows used in operating activities was $13.5 million in the Current Year Six Months, a decrease of $5.9 million compared to $19.4 million in the Prior Year Six Months due to changes in working capital and a decrease in days worked primarily due to net fleet changes. The components of cash flows provided by and/or used in operating activities during the Current Year Six Months and Prior Year Six Months were as follows (in thousands):
|
|
Six Months Ended June 30, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
DVP: |
|
|
|
|
|
|
||
United States, primarily Gulf of America |
|
$ |
(5,717 |
) |
|
$ |
(6,653 |
) |
Africa and Europe |
|
|
15,609 |
|
|
|
20,411 |
|
Middle East and Asia |
|
|
3,783 |
|
|
|
8,575 |
|
Latin America |
|
|
11,213 |
|
|
|
12,685 |
|
Operating, leased-in equipment |
|
|
(364 |
) |
|
|
(1,131 |
) |
Administrative and general (excluding provisions for bad debts and amortization of share awards) |
|
|
(20,967 |
) |
|
|
(19,532 |
) |
Other, net (excluding non-cash losses) |
|
|
— |
|
|
|
(95 |
) |
Dividends received from 50% or less owned companies |
|
|
3,199 |
|
|
|
1,418 |
|
|
|
|
6,756 |
|
|
|
15,678 |
|
Changes in operating assets and liabilities before interest and income taxes |
|
|
(2,325 |
) |
|
|
(20,124 |
) |
Cash settlements on derivative transactions, net |
|
|
(373 |
) |
|
|
164 |
|
Interest paid, excluding capitalized interest (1) |
|
|
(19,504 |
) |
|
|
(16,122 |
) |
Interest received |
|
|
808 |
|
|
|
1,038 |
|
Income taxes refunded (paid) , net |
|
|
1,095 |
|
|
|
(50 |
) |
Total cash flows used in operating activities |
|
$ |
(13,543 |
) |
|
$ |
(19,416 |
) |
For a detailed discussion of the Company’s financial results for the reported periods, see “Consolidated Results of Operations” included above. Changes in operating assets and liabilities before interest and income taxes are the result of the Company’s working capital requirements.
Investing Activities
During the Current Year Six Months, net cash provided by investing activities was $9.1 million, primarily as a result of the following:
40
During the Prior Year Six Months, net cash provided by investing activities was $4.0 million, primarily as a result of the following:
Financing Activities
During the Current Year Six Months, net cash used in financing activities was $20.1 million, primarily as a result of the following:
During the Prior Year Six Months, net cash used in financing activities was $17.9 million primarily as a result of the following:
Short and Long-Term Liquidity Requirements
The Company believes that a combination of cash balances on hand, cash generated from operating activities and access to the credit and capital markets, including the $25.0 million in remaining sales capacity under the ATM Program, will provide sufficient liquidity to meet its obligations, including to support its capital expenditures, working capital needs, debt service requirements and covenant compliance over the short to long term. With respect to capital expenditures related to the construction of two PSVs, up to $32.8 million remains available under Tranche B of the 2024 SMFH Credit Facility as of June 30, 2025. The Company continually evaluates possible acquisitions and dispositions of certain businesses and assets. The Company’s sources of liquidity may be impacted by the general condition of the markets in which it operates and the broader economy as a whole, which may limit its access to or the availability of the credit and capital markets on acceptable terms. Management continuously monitors the Company’s liquidity and compliance with covenants in its credit facilities.
Debt Securities and Credit Agreements
For a discussion of the Company’s debt securities and credit agreements, see “Note 4. Long-Term Debt” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q and in “Note 5. Long-Term Debt” in the Company’s audited consolidated financial statements included in its 2024 Annual Report. There have been no material changes to the Company’s long-term debt during the period.
41
Future Cash Requirements
For a discussion of the Company’s future cash requirements, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” in the Company’s 2024 Annual Report. There has been no material change in the Company’s future cash requirements since our fiscal year ended December 31, 2024, except as described in “Results of Operations - Liquidity and Capital Resources” in this Quarterly Report on Form 10-Q.
Contingencies
For a discussion of the Company’s contingencies, see “Note 10. Commitments and Contingencies” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q.
42
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For a discussion of the Company’s exposure to market risk, refer to “Quantitative and Qualitative Disclosures About Market Risk” included in the Company’s 2024 Annual Report. There has been no material change in the Company’s exposure to market risk during the six months ended June 30, 2025.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
With the participation of the Company’s principal executive officer and principal financial officer, management evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of June 30, 2025. Based on their evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025 to provide reasonable assurance that information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the United States Securities and Exchange Commission’s (“SEC”) rules and forms and (ii) accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
The Company’s disclosure controls and procedures have been designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, to allow timely decisions regarding required disclosures. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those internal control systems determined to be effective can provide only a level of reasonable assurance with respect to financial statement preparation and presentation.
Changes in Internal Control Over Financial Reporting
There have been no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the Current Year Quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
43
PART II—OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
For a description of developments with respect to pending legal proceedings described in the Company’s 2024 Annual Report, see “Note 9. Commitments and Contingencies” in the unaudited consolidated financial statements included in Part I. Item 1. “Financial Statements” elsewhere in this Quarterly Report on Form 10-Q.
ITEM 1A. RISK FACTORS
For a discussion of the Company’s risk factors, refer to “Risk Factors” included in the Company’s 2024 Annual Report. There have been no material changes in the Company’s risk factors during the Current Year Quarter.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
(a), (b) None.
(c) This table provides information with respect to purchases by the Company of shares of its Common Stock during the Current Year Quarter:
|
|
Total Number of |
|
|
Average Price per |
|
|
Total Number of |
|
|
Maximum Number |
|
||||
April 1, 2025 to April 30, 2025 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
May 1, 2025 to May 31, 2025 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
June 1, 2025 to June 30, 2025 |
|
|
2,011 |
|
|
$ |
5.73 |
|
|
|
— |
|
|
|
— |
|
For the three months ended June 30, 2025, the Company acquired for treasury (i) 2,011 shares of Common Stock from its directors to cover their tax withholding obligations upon the vesting of restricted share awards for an aggregate purchase price of $11,523. These shares were purchased in accordance with the terms of the Company’s 2020 Equity Incentive Plan and 2022 Equity Incentive Plan, as applicable.
ITEM 3. DEFAULT UPON SENIOR SECURITIES
None.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
During the second quarter of 2025,
44
ITEM 6. EXHIBITS
|
|
|
10.1*+ |
|
SEACOR Marine Holdings Inc. 2025 Equity Incentive Plan (incorporated by reference to Annex A of SEACOR Marine Holdings Inc.’s definitive proxy statement on Schedule 14A as filed with the Commission on April 23, 2025 (SEC File No. 001-37966)). |
|
|
|
10.2+ |
|
Form of Director Restricted Stock Grant Agreement under the SEACOR Marine Holdings Inc. 2025 Equity Incentive Plan. |
|
|
|
31.1 |
|
Certification by the Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
|
|
|
31.2 |
|
Certification by the Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended. |
|
|
|
32.1 |
|
Certification by the Principal Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|
|
|
101.INS |
|
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
|
|
|
101.SCH |
|
Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents. |
|
|
|
104 |
|
The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, has been formatted in Inline XBRL. |
|
|
|
* Incorporated by reference.
+ Management contract or compensatory plan or arrangement.
45
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 thereunto duly authorized.
|
|
|
|
|
SEACOR Marine Holdings Inc. |
|
|
|
|
|
|
Date: |
|
July 30, 2025 |
By: |
|
/s/ John Gellert |
|
|
|
|
|
John Gellert, President, Chief Executive Officer (Principal Executive Officer) |
|
|
|
|
|
|
Date: |
|
July 30, 2025 |
By: |
|
/s/ Jesús Llorca |
|
|
|
|
|
Jesús Llorca, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
|
Date: |
|
July 30, 2025 |
By: |
|
/s/ Gregory S. Rossmiller |
|
|
|
|
|
Gregory S. Rossmiller, Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
|
46
Source:
