---
title: "SEACOR Marine Announces First Quarter 2026 Results | SMHI Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/284646471.md"
description: "SEACOR Marine Holdings Inc. reported its first quarter 2026 results, with consolidated operating revenues of $44.3 million and a net loss of $15.8 million. This reflects a 20.2% revenue decrease from Q1 2025. Average day rates fell by 3.3% year-over-year, while utilization dropped to 59%. The company sold a platform supply vessel for $14.6 million and has five additional vessels classified as held for sale. CEO John Gellert noted challenges due to vessel repositioning and ongoing repairs, but expressed optimism for future offshore drilling activities in South America and West Africa."
datetime: "2026-04-29T13:17:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/284646471.md)
  - [en](https://longbridge.com/en/news/284646471.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/284646471.md)
---

# SEACOR Marine Announces First Quarter 2026 Results | SMHI Stock News

HOUSTON, April 29, 2026 (GLOBE NEWSWIRE) -- SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2026.

SEACOR Marine’s consolidated operating revenues for the first quarter of 2026 were $44.3 million, operating loss was $6.4 million, and direct vessel profit (“DVP”)(1) was $6.7 million. This compares to consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025, and consolidated operating revenues of $52.3 million, operating loss of $5.2 million, and DVP of $9.7 million in the fourth quarter of 2025.

Notable first quarter items include:

-   20.2% decrease in revenues from the first quarter of 2025 and a 15.4% decrease from the fourth quarter of 2025.
-   Average day rates of $18,199, a 3.3% decrease from the first quarter of 2025, and a 3.9% increase from the fourth quarter of 2025.
-   59% utilization, a decrease from 60% in the first quarter of 2025 and a decrease from 69% in the fourth quarter of 2025.
-   DVP margin of 15.2%, a decrease from 24.5% in the first quarter of 2025 and a decrease from 18.5% in the fourth quarter of 2025.
-   During the first quarter of 2026, the Company completed the sale of one 201’ platform supply vessel (“PSV”) built in 2015 for total proceeds of $14.6 million and a gain of $7.3 million.
-   At the end of the first quarter of 2026, the Company had an additional five vessels classified as held for sale. Two of these vessels were sold in April 2026, and the remaining three vessels are expected to be sold during the second quarter of 2026.

For the first quarter of 2026, net loss was $15.8 million ($0.61 loss per basic and diluted share). This compares to a net loss for the first quarter of 2025 of $15.5 million ($0.56 loss per basic and diluted share). Sequentially, the first quarter 2026 results compare to a net loss of $14.6 million ($0.57 earnings per basic and diluted share) in the fourth quarter of 2025.

Chief Executive Officer John Gellert commented:

“Our first quarter results reflect lower revenues driven by fewer available days following vessel sales in the last year, vessels repositioning or waiting to commence long term contracts during the quarter, and our two premium liftboats remaining under repair and uncontracted. Utilization should normalize at healthier levels once we have completed the repositioning of the fleet and have completed the sales of five vessels classified as held for sale during the second quarter of 2026.

The improvement in average day rates is driven by the commencement of several term contracts for PSVs during the first quarter in Brazil and the North Sea. Rates for fast supply vessels (“FSVs”) were stable during the quarter, even as we redeployed two FSVs previously laid up in the United States to international markets and we brought the last remaining FSV out of laid up status in preparation for international deployment in the second quarter.

Geographically, we continue to see progress in the Latin America and West Africa regions, with the fleet in these regions largely contracted following the end of the first quarter. In the United States, we continue to see low levels of activity in the markets we serve and have adjusted our fleet presence accordingly.

With regards to the Middle East, it is premature to evaluate the long-term impact of the conflict. In the short term, the conflict has increased labor and insurance costs in the region, and caused delays in our ability to conclude the maintenance scope of work for our two premium liftboats in the region. We do not expect either of these vessels to work during the second quarter of 2026. At the end of the first quarter, excluding the two liftboats, we had nine vessels in the region, of which seven have continued to operate for our customers in Saudi Arabia and Qatar, one vessel is held for sale, and one vessel was undergoing scheduled maintenance. I commend our crews and shore side personnel in the region for their dedication to maintaining safe, reliable operations in this environment.

Going forward, we are well positioned to participate in increased offshore drilling activities in South America and West Africa. In response to the conflict, energy security and diversification could drive additional investment into offshore projects, particularly deepwater, as well as work supporting customers restoring production capacity. SEACOR Marine is well positioned to continue to support our customers and participate in any incremental demand from offshore projects.”  
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

(1

)

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

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

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

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.  
For all other requests, contact InvestorRelations@seacormarine.com  

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)  
(in thousands, except share data)  
**

**Three Months Ended March 31,**

**2026**

**2025**

Operating Revenues

$

44,282

$

55,499

Costs and Expenses:

Operating

37,573

41,928

Administrative and general

9,954

11,486

Lease expense

250

337

Depreciation and amortization

10,330

12,810

58,107

66,561

Gains on Asset Dispositions and Impairments, Net

7,448

5,809

Operating Loss

(6,377

)

(5,253

)

Other Income (Expense):

Interest income

491

436

Interest expense

(8,239

)

(9,586

)

Derivative gains, net

—

125

Foreign currency gains (losses), net

478

(1,196

)

(7,270

)

(10,221

)

Loss Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

(13,647

)

(15,474

)

Income Tax Expense

2,208

904

Loss Before Equity in Earnings of 50% or Less Owned Companies

(15,855

)

(16,378

)

Equity in Earnings of 50% or Less Owned Companies

50

889

Net Loss

$

(15,805

)

$

(15,489

)

Net Loss Per Share:

Basic

$

(0.61

)

$

(0.56

)

Diluted

$

(0.61

)

$

(0.56

)

Weighted Average Common Stock and Warrants Outstanding:

Basic

25,784,915

27,908,297

Diluted

25,784,915

27,908,297

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)  
(in thousands, except statistics and per share data)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

Time Charter Statistics:

Average Rates Per Day

$

18,199

$

17,519

$

19,490

$

19,731

$

18,825

Fleet Utilization

59

%

69

%

66

%

68

%

60

%

Fleet Available Days(2)

3,897

4,127

4,321

4,310

4,583

Operating Revenues:

Time charter

$

41,957

$

49,817

$

55,958

$

57,673

$

51,933

Bareboat charter

828

843

846

838

708

Other marine services

1,497

1,669

2,390

2,299

2,858

44,282

52,329

59,194

60,810

55,499

Costs and Expenses:

Operating:

Personnel

15,422

16,539

17,616

18,969

18,537

Repairs and maintenance

10,600

11,752

14,603

13,648

8,520

Drydocking

1,252

1,175

2,430

5,143

3,869

Insurance and loss reserves

1,792

1,570

1,948

2,982

2,153

Fuel, lubes and supplies

3,308

4,601

4,465

4,296

4,546

Other

5,199

7,030

6,622

4,455

4,303

37,573

42,667

47,684

49,493

41,928

Direct Vessel Profit(1)

6,709

9,662

11,510

11,317

13,571

Other Costs and Expenses:

Lease expense

250

261

280

325

337

Administrative and general

9,954

12,730

11,269

11,998

11,486

Depreciation and amortization

10,330

10,045

12,125

12,090

12,810

20,534

23,036

23,674

24,413

24,633

Gains on Asset Dispositions and Impairments, Net

7,448

8,210

30,230

19,163

5,809

Operating (Loss) Income

(6,377

)

(5,164

)

18,066

6,067

(5,253

)

Other Income (Expense):

Interest income

491

751

297

372

436

Interest expense

(8,239

)

(8,673

)

(8,947

)

(8,844

)

(9,586

)

Derivative (losses) gains, net

—

(73

)

17

87

125

Foreign currency gains (losses), net

478

(38

)

218

(2,119

)

(1,196

)

Gains on insurance claim settlement

—

—

4,581

—

—

Other, net

—

32

(221

)

—

—

(7,270

)

(8,001

)

(4,055

)

(10,504

)

(10,221

)

(Loss) Income Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies

(13,647

)

(13,165

)

14,011

(4,437

)

(15,474

)

Income Tax Expense

2,208

1,688

5,410

2,508

904

(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies

(15,855

)

(14,853

)

8,601

(6,945

)

(16,378

)

Equity in Earnings of 50% or Less Owned Companies

50

231

393

218

889

Net (Loss) Income

$

(15,805

)

$

(14,622

)

$

8,994

$

(6,727

)

$

(15,489

)

Net (Loss) Earnings Per Share:

Basic

$

(0.61

)

$

(0.57

)

$

0.35

$

(0.26

)

$

(0.56

)

Diluted

$

(0.61

)

$

(0.57

)

$

0.35

$

(0.26

)

$

(0.56

)

Weighted Average Common Stock and Warrants Outstanding:

Basic

25,785

25,671

25,658

25,687

27,908

Diluted

25,785

25,671

25,888

25,687

27,908

Common Shares and Warrants Outstanding at Period End

27,062

26,952

26,976

26,976

29,488

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

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT  
(in thousands, except statistics)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

**_United States, primarily Gulf of America_**

Time Charter Statistics:

Average rates per day worked

$

15,587

$

15,350

$

20,419

$

25,262

$

23,874

Fleet utilization

24

%

40

%

53

%

48

%

25

%

Fleet available days

562

705

926

1,007

1,121

Out-of-service days for repairs, maintenance and drydockings

119

127

191

144

153

Out-of-service days for cold-stacked status

61

92

116

270

173

Operating Revenues:

Time charter

$

2,093

$

4,377

$

10,024

$

12,205

$

6,765

Other marine services

201

437

1,108

1,175

235

2,294

4,814

11,132

13,380

7,000

Direct Costs and Expenses:

Operating:

Personnel

2,275

3,844

5,815

6,854

6,486

Repairs and maintenance

388

423

1,309

1,950

1,479

Drydocking

363

(98

)

1,079

3,684

1,066

Insurance and loss reserves

131

267

816

1,067

702

Fuel, lubes and supplies

274

460

700

1,010

819

Other

10

206

118

631

349

3,441

5,102

9,837

15,196

10,901

Direct Vessel (Loss) Profit(1)

$

(1,147

)

$

(288

)

$

1,295

$

(1,816

)

$

(3,901

)

Other Costs and Expenses:

Lease expense

$

128

$

129

$

148

$

139

$

136

Depreciation and amortization

1,169

1,579

3,106

3,203

3,705

**_Africa and Europe_**

Time Charter Statistics:

Average rates per day worked

$

18,711

$

17,095

$

17,983

$

19,140

$

17,294

Fleet utilization

78

%

84

%

75

%

77

%

70

%

Fleet available days

1,538

1,559

1,656

1,668

1,710

Out-of-service days for repairs, maintenance and drydockings

202

144

229

248

382

Operating Revenues:

Time charter

$

22,534

$

22,317

$

22,357

$

24,535

$

20,835

Other marine services

577

580

733

806

852

23,111

22,897

23,090

25,341

21,687

Direct Costs and Expenses:

Operating:

Personnel

4,982

4,656

4,465

5,515

5,183

Repairs and maintenance

2,957

4,694

6,531

4,646

3,462

Drydocking

176

987

1,413

901

1,241

Insurance and loss reserves

330

481

326

899

594

Fuel, lubes and supplies

1,334

1,292

1,781

1,714

2,180

Other

3,192

2,558

3,573

2,357

2,727

12,971

14,668

18,089

16,032

15,387

Direct Vessel Profit(1)

$

10,140

$

8,229

$

5,001

$

9,309

$

6,300

Other Costs and Expenses:

Lease expense

$

—

$

8

$

8

$

51

$

63

Depreciation and amortization

4,063

3,968

4,302

4,263

4,402

(1) See full description of footnote above.

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)  
(in thousands, except statistics)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

**_Middle East and Asia_**

Time Charter Statistics:

Average rates per day worked

$

15,400

$

17,587

$

17,818

$

15,506

$

17,848

Fleet utilization

63

%

73

%

64

%

73

%

75

%

Fleet available days

990

1,091

1,104

1,089

1,170

Out-of-service days for repairs, maintenance and drydockings

268

72

157

204

82

Operating Revenues:

Time charter

$

9,580

$

13,940

$

12,606

$

12,365

$

15,710

Other marine services

638

570

319

432

292

10,218

14,510

12,925

12,797

16,002

Direct Costs and Expenses:

Operating:

Personnel

4,433

4,768

4,956

4,511

4,927

Repairs and maintenance

5,999

5,103

5,798

6,338

2,505

Drydocking

636

290

(1

)

13

1,031

Insurance and loss reserves

1,039

624

611

842

702

Fuel, lubes and supplies

899

1,691

1,241

1,279

883

Other

623

1,376

1,167

1,104

881

13,629

13,852

13,772

14,087

10,929

Direct Vessel (Loss) Profit(1)

$

(3,411

)

$

658

$

(847

)

$

(1,290

)

$

5,073

Other Costs and Expenses:

Lease expense

$

73

$

68

$

70

$

72

$

83

Depreciation and amortization

3,101

3,160

3,231

3,227

3,230

**_Latin America_**

Time Charter Statistics:

Average rates per day worked

$

22,477

$

19,946

$

25,541

$

23,764

$

22,084

Fleet utilization

43

%

60

%

68

%

66

%

67

%

Fleet available days(2)

807

772

635

546

582

Out-of-service days for repairs, maintenance and drydockings

71

—

7

26

—

Operating Revenues:

Time charter

$

7,750

$

9,183

$

10,971

$

8,568

$

8,623

Bareboat charter

828

843

846

838

708

Other marine services

81

82

230

(114

)

1,479

8,659

10,108

12,047

9,292

10,810

Direct Costs and Expenses:

Operating:

Personnel

3,732

3,271

2,380

2,089

1,941

Repairs and maintenance

1,256

1,532

965

714

1,074

Drydocking

77

(4

)

(61

)

545

531

Insurance and loss reserves

292

198

195

174

155

Fuel, lubes and supplies

801

1,158

743

293

664

Other

1,374

2,890

1,764

363

346

7,532

9,045

5,986

4,178

4,711

Direct Vessel Profit(1)

$

1,127

$

1,063

$

6,061

$

5,114

$

6,099

Other Costs and Expenses:

Lease expense

$

49

$

56

$

54

$

63

$

55

Depreciation and amortization

1,997

1,338

1,486

1,397

1,473

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

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED PERFORMANCE BY VESSEL CLASS  
(in thousands, except statistics)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

**_AHTS_**

Operating Revenues:

Time charter

$

—

$

—

$

—

$

(22

)

$

15

Other marine services

—

—

(7

)

(9

)

9

—

—

(7

)

(31

)

24

Direct Costs and Expenses:

Operating:

Personnel

$

—

$

12

$

11

$

9

$

1

Repairs and maintenance

—

—

(24

)

255

38

Insurance and loss reserves

—

—

—

(4

)

—

Fuel, lubes and supplies

—

1

3

(125

)

66

Other

—

9

18

(4

)

12

—

22

8

131

117

Other Costs and Expenses:

Depreciation and amortization

$

—

$

4

$

4

$

3

$

4

**_FSV_**

Time Charter Statistics:

Average rates per day worked

$

13,833

$

14,114

$

14,007

$

13,468

$

13,786

Fleet utilization

73

%

75

%

71

%

67

%

71

%

Fleet available days

1,862

1,932

1,932

1,935

1,980

Out-of-service days for repairs, maintenance and drydockings

353

209

236

181

135

Out-of-service days for cold-stacked status

61

92

116

270

90

Operating Revenues:

Time charter

$

18,929

$

20,546

$

19,131

$

17,573

$

19,357

Other marine services

471

492

566

516

762

19,400

21,038

19,697

18,089

20,119

Direct Costs and Expenses:

Operating:

Personnel

$

5,166

$

4,980

$

4,502

$

4,526

$

4,933

Repairs and maintenance

3,179

5,862

6,041

3,542

2,983

Drydocking

576

1,098

678

666

353

Insurance and loss reserves

663

509

270

683

517

Fuel, lubes and supplies

1,503

1,850

1,480

1,449

1,173

Other

1,683

2,147

2,889

1,428

1,782

12,770

16,446

15,860

12,294

11,741

Other Costs and Expenses:

Depreciation and amortization

$

4,719

$

4,707

$

4,695

$

4,703

$

4,932

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)  
(in thousands, except statistics)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

**_PSV_**

Time Charter Statistics:

Average rates per day worked

$

25,352

$

20,118

$

21,507

$

22,231

$

19,424

Fleet utilization

54

%

68

%

65

%

68

%

55

%

Fleet available days (1)

1,585

1,735

1,748

1,738

1,890

Out-of-service days for repairs, maintenance and drydockings

37

48

161

247

396

Operating Revenues:

Time charter

$

21,688

$

23,801

$

24,439

$

26,440

$

20,286

Bareboat charter

828

843

846

838

708

Other marine services

811

440

592

433

508

23,327

25,084

25,877

27,711

21,502

Direct Costs and Expenses:

Operating:

Personnel

$

7,348

$

8,322

$

7,882

$

8,567

$

8,351

Repairs and maintenance

2,801

3,501

4,618

3,799

3,949

Drydocking

133

(166

)

1,113

1,993

2,513

Insurance and loss reserves

448

656

546

906

631

Fuel, lubes and supplies

1,201

1,985

2,030

1,858

2,594

Other

3,292

4,378

3,262

2,199

2,018

15,223

18,676

19,451

19,322

20,056

Other Costs and Expenses:

Depreciation and amortization

$

3,574

$

3,301

$

3,968

$

3,943

$

4,133

(1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)  
(in thousands, except statistics)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

**_Liftboats_**

Time Charter Statistics:

Average rates per day worked

$

16,420

$

26,703

$

33,566

$

31,904

$

39,559

Fleet utilization

18

%

45

%

58

%

67

%

44

%

Fleet available days

450

460

641

637

713

Out-of-service days for repairs, maintenance and drydockings

270

87

188

194

87

Out-of-service days for cold-stacked status

—

—

—

—

83

Operating Revenues:

Time charter

$

1,340

$

5,470

$

12,388

$

13,682

$

12,275

Other marine services

178

359

1,128

1,168

1,289

1,518

5,829

13,516

14,850

13,564

Direct Costs and Expenses:

Operating:

Personnel

$

2,897

$

3,241

$

5,209

$

5,673

$

5,247

Repairs and maintenance

4,594

2,375

3,943

6,022

1,571

Drydocking

543

243

639

2,484

1,003

Insurance and loss reserves

943

415

1,145

1,376

1,241

Fuel, lubes and supplies

600

715

951

1,114

712

Other

182

564

407

803

482

9,759

7,553

12,294

17,472

10,256

Other Costs and Expenses:

Depreciation and amortization

$

2,027

$

2,026

$

3,450

$

3,424

$

3,719

**_Other Activity_**

Operating Revenues:

Other marine services

$

37

$

378

$

111

$

191

$

290

37

378

111

191

290

Direct Costs and Expenses:

Operating:

Personnel

$

11

$

(16

)

$

12

$

194

$

5

Repairs and maintenance

26

14

25

30

(21

)

Insurance and loss reserves

(262

)

(10

)

(13

)

21

(236

)

Fuel, lubes and supplies

4

50

1

—

1

Other

42

(68

)

46

29

9

(179

)

(30

)

71

274

(242

)

Other Costs and Expenses:

Lease expense

$

250

$

261

$

280

$

325

$

337

Depreciation and amortization

10

7

8

17

22

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS  
(in thousands)  
**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

**ASSETS**

Current Assets:

Cash and cash equivalents

$

38,721

$

68,934

$

90,953

$

34,381

$

42,988

Restricted cash

36,711

24,182

17,255

17,174

2,440

Receivables:

Trade, net of allowance for credit loss

69,200

64,522

62,788

63,287

63,946

Other

4,897

3,965

17,308

10,946

10,413

Inventories

2,746

2,196

2,552

2,539

2,827

Prepaid expenses and other

6,007

5,173

3,448

4,716

6,075

Assets held for sale

13,376

10,812

—

—

12,195

Total current assets

171,658

179,784

194,304

133,043

140,884

Property and Equipment:

Historical cost

752,640

776,833

797,381

887,408

881,961

Accumulated depreciation

(341,790

)

(348,812

)

(344,899

)

(377,265

)

(365,422

)

410,850

428,021

452,482

510,143

516,539

Construction in progress

52,429

47,002

40,394

31,772

27,248

Net property and equipment

463,279

475,023

492,876

541,915

543,787

Right-of-use asset - operating leases

929

982

903

1,179

3,293

Right-of-use asset - finance leases

17

19

22

25

28

Investments, at equity, and advances to 50% or less owned companies

2,951

2,938

2,707

2,310

4,507

Other assets

1,913

1,855

1,686

1,558

1,665

Total assets

$

640,747

$

660,601

$

692,498

$

680,030

$

694,164

**LIABILITIES AND EQUITY**

Current Liabilities:

Current portion of operating lease liabilities

$

481

$

405

$

510

$

543

$

540

Current portion of finance lease liabilities

12

12

11

11

11

Current portion of long-term debt

30,350

30,000

30,000

30,000

30,000

Accounts payable

16,355

21,268

25,928

26,737

28,445

Other current liabilities

25,476

19,044

24,702

24,182

16,414

Total current liabilities

72,674

70,729

81,151

81,473

75,410

Long-term operating lease liabilities

470

607

567

812

2,926

Long-term finance lease liabilities

5

8

11

14

17

Long-term debt

297,072

304,644

311,858

310,980

310,108

Deferred income taxes

18,894

19,376

20,609

18,330

20,312

Deferred gains and other liabilities

3,794

565

639

625

1,356

Total liabilities

392,909

395,929

414,835

412,234

410,129

Equity:

SEACOR Marine Holdings Inc. stockholders’ equity:

Common stock

284

280

281

281

293

Additional paid-in capital

473,241

471,862

470,228

468,669

480,904

Accumulated deficit

(224,249

)

(208,444

)

(193,822

)

(202,816

)

(196,089

)

Shares held in treasury

(11,428

)

(9,691

)

(9,639

)

(9,639

)

(9,628

)

Accumulated other comprehensive income, net of tax

9,669

10,344

10,294

10,980

8,234

247,517

264,351

277,342

267,475

283,714

Noncontrolling interests in subsidiaries

321

321

321

321

321

Total equity

247,838

264,672

277,663

267,796

284,035

Total liabilities and equity

$

640,747

$

660,601

$

692,498

$

680,030

$

694,164

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(in thousands)  
**

**Three Months Ended**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**Mar. 31, 2025**

Cash Flows from Operating Activities:

Net (Loss) Income

$

(15,805

)

$

(14,622

)

$

8,994

$

(6,727

)

$

(15,489

)

Adjustments to reconcile net (loss) income to net cash used in operating activities:

Depreciation and amortization

10,330

10,045

12,125

12,090

12,810

Deferred financing costs amortization

42

173

(86

)

43

43

Stock-based compensation expense

1,383

1,633

1,559

1,510

1,627

Debt discount amortization

236

243

236

232

226

Allowance for credit losses

57

(620

)

627

(213

)

(407

)

Gains from equipment sales, retirements or impairments

(7,448

)

(8,210

)

(30,230

)

(19,163

)

(5,809

)

Derivative losses (gains)

—

73

(17

)

(87

)

(125

)

Interest on finance lease

1

1

1

1

1

Settlements on derivative transactions, net

—

65

—

—

(373

)

Currency (gains) losses

(478

)

38

(218

)

2,119

1,196

Deferred income taxes

(482

)

(1,233

)

2,279

(1,982

)

(1,725

)

Equity earnings

(50

)

(231

)

(393

)

(218

)

(889

)

Dividends received from equity investees

—

—

—

3,199

—

Changes in Operating Assets and Liabilities:

Accounts receivables

(5,735

)

12,222

(6,700

)

284

5,333

Other assets

(1,306

)

(1,530

)

1,385

1,901

(1,681

)

Accounts payable and accrued liabilities

4,122

(10,246

)

(221

)

4,934

(6,204

)

Net cash used in operating activities

(15,133

)

(12,199

)

(10,659

)

(2,077

)

(11,466

)

Cash Flows from Investing Activities:

Purchases of property and equipment

(6,088

)

(8,427

)

(9,348

)

(10,213

)

(20,795

)

Proceeds from disposition of property and equipment

12,778

13,087

76,068

31,592

8,472

Net cash provided by (used in) investing activities

6,690

4,660

66,720

21,379

(12,323

)

Cash Flows from Financing Activities:

Payments on long-term debt

(7,500

)

(7,500

)

(7,500

)

(7,500

)

(5,000

)

Proceeds from issuance of long-term debt, net of debt discount and issuance costs

—

—

8,098

8,097

(396

)

Payments on finance leases

(3

)

(4

)

(3

)

(4

)

(9

)

Payments for repurchase of common stock

—

—

—

(7,089

)

—

Payments for repurchase of warrants

—

—

—

(6,668

)

—

Tax withholdings on restricted stock vesting

(1,737

)

(52

)

—

(11

)

(1,518

)

Net cash (used in) provided by financing activities

(9,240

)

(7,556

)

595

(13,175

)

(6,923

)

Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents

(1

)

3

(3

)

—

—

Net Change in Cash, Restricted Cash and Cash Equivalents

(17,684

)

(15,092

)

56,653

6,127

(30,712

)

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

93,116

108,208

51,555

45,428

76,140

Cash, Restricted Cash and Cash Equivalents, End of Period

$

75,432

$

93,116

$

108,208

$

51,555

$

45,428

**SEACOR MARINE HOLDINGS INC.  
UNAUDITED FLEET COUNTS  
**

**Owned**

**Total**

**March 31, 2026**

FSV

21

21

PSV

17

17

Liftboats

5

5

43

43

**December 31, 2025**

FSV

21

21

PSV

18

18

Liftboats

5

5

44

44

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