---
title: "SEACOR Marine Announces Second Quarter 2026 Results And Strategic Alternatives Review | SMHI Stock News"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/294256151.md"
description: "SEACOR Marine Holdings Inc. reported Q2 2026 results with $54.6 million in operating revenue and $3.3 million net income, driven by fleet optimization and vessel sales. Separately, the Board announced a strategic alternatives review to maximize shareholder value, considering options such as a sale, merger, or asset divestiture."
datetime: "2026-07-29T12:21:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/294256151.md)
  - [en](https://longbridge.com/en/news/294256151.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/294256151.md)
generator: "portal-rs"
---

# SEACOR Marine Announces Second Quarter 2026 Results And Strategic Alternatives Review | SMHI Stock News

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HOUSTON, July 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 second quarter ended June 30, 2026, and separately announced that its Board of Directors (the “Board”) is evaluating potential strategic alternatives to maximize shareholder value.

**Second Quarter 2026 Results**

SEACOR Marine’s consolidated operating revenues for the second quarter of 2026 were $54.6 million, operating income was $16.0 million, and direct vessel profit (“DVP”)(1) was $7.9 million. This compares to consolidated operating revenues of $60.8 million, operating income of $6.1 million, and DVP of $11.3 million in the second quarter of 2025, and consolidated operating revenues of $44.3 million, operating loss of $6.4 million, and DVP of $6.7 million in the first quarter of 2026.

Notable second quarter items include:

-   10.2% decrease in revenues from the second quarter of 2025 and 23.4% increase from the first quarter of 2026.
-   Average day rates of $20,227, compared to $19,731 in the second quarter of 2025 and $18,199 in the first quarter of 2026.
-   68% utilization, compared to 68% in the second quarter of 2025 and 59% in the first quarter of 2026.
-   DVP margin of 14.5%, compared to 18.6% in the second quarter of 2025 and 15.2% in the first quarter of 2026.
-   During the second quarter of 2026, the Company completed the sale of five vessels and other equipment for net cash proceeds of $44.7 million and after transaction costs, recognized gains of $31.3 million.
-   During the quarter, administrative and general costs increased due to professional fees associated with the termination of certain prior engagements; excluding this one-time charge, the Company’s administrative and general costs were $9.3 million for the second quarter of 2026, compared to $12.0 million for the second quarter of 2025 and $10.0 million for the first quarter of 2026.

For the second quarter of 2026, net income was $3.3 million ($0.13 earnings per basic share and $0.12 earnings per diluted share). This compares to a net loss for the second quarter of 2025 of $6.7 million ($0.26 loss per basic and diluted share). Sequentially, the second quarter of 2026 results compare to a net loss of $15.8 million ($0.61 loss per basic and diluted share) in the first quarter of 2026.

Chief Executive Officer John Gellert commented:

“Our second quarter results reflect improved utilization following vessel repositioning and contract commencements. During the quarter, we completed the sale of five vessels as part of our fleet optimization strategy and continued to focus on maximizing fleet efficiency and positioning the business to benefit from improving offshore activity in several of our core international markets.

With regards to the Middle East, the Company continued to observe increased labor and insurance costs in the region because of the conflict, and a general softening in offshore activity while customers wait for operating conditions to improve. The maintenance scope of work for our two premium liftboats in the region continues. Based on observed delays due primarily to the ongoing conflict, we do not expect either of these vessels to operate during the third quarter of 2026. At the end of the second quarter, excluding the two liftboats, we had eight vessels in the region, of which six have continued to operate for our customers in Saudi Arabia and Qatar. The timing of a full recovery in this region will depend on a durable resolution to the conflict.

Looking ahead, we remain constructive on opportunities across several of our international markets while maintaining a disciplined approach to operational execution. We believe SEACOR Marine is well positioned to continue supporting our customers and participating in incremental demand from offshore energy projects.”

**Strategic Review Process**

Separately, SEACOR Marine today announced that its Board is evaluating potential strategic alternatives to maximize shareholder value.

During the review process, the Board expects to evaluate a range of strategic alternatives that may include a sale of the Company, merger, other business combinations, sale of assets, or other transactions aimed at maximizing value for shareholders. The Board has retained independent financial advisors to assist in evaluating strategic alternatives. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation process.

Andrew R. Morse, Non-Executive Chairman of the Board, commented:

“Over the past several years, the Company has worked diligently to optimize its fleet, strengthen its balance sheet and position SEACOR Marine to benefit from improving offshore market fundamentals. Given the progress we have made and the opportunities we see ahead, the Board and management team are eager to evaluate a range of strategic alternatives to determine the best path forward for maximizing shareholder value. Throughout this process, the team remains focused on executing our strategy, serving our customers and delivering safe and reliable operations worldwide. Our employees, customers, and business partners should expect business as usual as we continue to execute on our operating and financial objectives.”

There can be no assurance that the strategic review process will result in any transaction or other strategic outcome. The Company has not established a timetable for completion of the review process and does not intend to disclose developments related to the review unless and until SEACOR Marine executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.  
\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_

(1)  

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

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

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

Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.

For investors, contact:  
InvestorRelations@seacormarine.com 

For media, contact:  
H/Advisors – U.S.  
Dana Gorman / Amy Feng  
dana.gorman@h-advisors.global / amy.feng@h-advisors.global  

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

**Three Months Ended June 30,**

**Six months ended June 30,**

**2026**

**2025**

**2026**

**2025**

Operating Revenues

$

54,630

$

60,810

$

98,912

$

116,309

Costs and Expenses:

Operating

46,684

49,493

84,257

91,421

Administrative and general

12,343

11,998

22,297

23,484

Lease expense

266

325

516

662

Depreciation and amortization

10,718

12,090

21,048

24,900

70,011

73,906

128,118

140,467

Gains on Asset Dispositions and Impairments, Net

31,347

19,163

38,795

24,972

Operating Income

15,966

6,067

9,589

814

Other Income (Expense):

Interest income

443

372

934

808

Interest expense

(8,244

)

(8,844

)

(16,483

)

(18,430

)

Derivative gains, net

—

87

—

212

Foreign currency losses, net

(981

)

(2,119

)

(503

)

(3,315

)

Other, net

4

—

4

—

(8,778

)

(10,504

)

(16,048

)

(20,725

)

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

7,188

(4,437

)

(6,459

)

(19,911

)

Income Tax Expense

3,951

2,508

6,159

3,412

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

3,237

(6,945

)

(12,618

)

(23,323

)

Equity in Earnings of 50% or Less Owned Companies

56

218

106

1,107

Net Income (Loss)

$

3,293

$

(6,727

)

$

(12,512

)

$

(22,216

)

Net Earnings (Loss) Per Share:

Basic

$

0.13

$

(0.26

)

$

(0.48

)

$

(0.83

)

Diluted

$

0.12

$

(0.26

)

$

(0.48

)

$

(0.83

)

Weighted Average Common Stock Outstanding:

Basic

26,072,144

25,686,560

25,929,323

26,791,291

Diluted

26,353,556

25,686,560

25,929,323

26,791,291

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

**Three Months Ended**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

Time Charter Statistics:

Average Rates Per Day

$

20,227

$

18,199

$

17,519

$

19,490

$

19,731

Fleet Utilization

68

%

59

%

69

%

66

%

68

%

Fleet Available Days(2)

3,635

3,897

4,127

4,321

4,310

Operating Revenues:

Time charter

$

49,697

$

41,957

$

49,817

$

55,958

$

57,673

Bareboat charter

834

828

843

846

838

Other marine services

4,099

1,497

1,669

2,390

2,299

54,630

44,282

52,329

59,194

60,810

Costs and Expenses:

Operating:

Personnel

15,697

15,422

16,539

17,616

18,969

Repairs and maintenance

12,648

10,600

11,752

14,603

13,648

Drydocking

2,961

1,252

1,175

2,430

5,143

Insurance and loss reserves

2,698

1,792

1,570

1,948

2,982

Fuel, lubes and supplies

5,302

3,308

4,601

4,465

4,296

Other

7,378

5,199

7,030

6,622

4,455

46,684

37,573

42,667

47,684

49,493

Direct Vessel Profit(1)

7,946

6,709

9,662

11,510

11,317

Other Costs and Expenses:

Lease expense

266

250

261

280

325

Administrative and general

12,343

9,954

12,730

11,269

11,998

Depreciation and amortization

10,718

10,330

10,045

12,125

12,090

23,327

20,534

23,036

23,674

24,413

Gains on Asset Dispositions and Impairments, Net

31,347

7,448

8,210

30,230

19,163

Operating Income (Loss)

15,966

(6,377

)

(5,164

)

18,066

6,067

Other Income (Expense):

Interest income

443

491

751

297

372

Interest expense

(8,244

)

(8,239

)

(8,673

)

(8,947

)

(8,844

)

Derivative (losses) gains, net

—

—

(73

)

17

87

Foreign currency (losses) gains, net

(981

)

478

(38

)

218

(2,119

)

Gains on insurance claim settlement

—

—

—

4,581

—

Other, net

4

—

32

(221

)

—

(8,778

)

(7,270

)

(8,001

)

(4,055

)

(10,504

)

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

7,188

(13,647

)

(13,165

)

14,011

(4,437

)

Income Tax Expense

3,951

2,208

1,688

5,410

2,508

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

3,237

(15,855

)

(14,853

)

8,601

(6,945

)

Equity in Earnings of 50% or Less Owned Companies

56

50

231

393

218

Net Income (Loss)

$

3,293

$

(15,805

)

$

(14,622

)

$

8,994

$

(6,727

)

Net Earnings (Loss) Per Share:

Basic

$

0.13

$

(0.61

)

$

(0.57

)

$

0.35

$

(0.26

)

Diluted

$

0.12

$

(0.61

)

$

(0.57

)

$

0.35

$

(0.26

)

Weighted Average Common Stock Outstanding:

Basic

26,072

25,785

25,671

25,658

25,687

Diluted

26,354

25,785

25,671

25,888

25,687

Common Shares Outstanding at Period End

27,133

27,062

26,952

26,976

26,976

(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**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

***Americas***

Time Charter Statistics:

Average rates per day worked

$

28,394

$

20,546

$

18,188

$

22,809

$

24,622

Fleet utilization

58

%

35

%

50

%

59

%

54

%

Fleet available days(2)

935

1,369

1,477

1,561

1,553

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

153

190

127

198

170

Out-of-service days for cold-stacked status

—

61

92

116

270

Operating Revenues:

Time charter

$

15,518

$

9,843

$

13,560

$

20,995

$

20,773

Bareboat charter

834

828

843

846

838

Other marine services

1,353

282

519

1,338

1,061

17,705

10,953

14,922

23,179

22,672

Direct Costs and Expenses:

Operating:

Personnel

5,322

6,007

7,115

8,195

8,943

Repairs and maintenance

2,252

1,644

1,955

2,274

2,664

Drydocking

680

440

(102

)

1,018

4,229

Insurance and loss reserves

787

423

465

1,011

1,241

Fuel, lubes and supplies

1,494

1,075

1,618

1,443

1,303

Other

3,271

1,384

3,096

1,882

994

13,806

10,973

14,147

15,823

19,374

Direct Vessel Profit (Loss)(1)

$

3,899

$

(20

)

$

775

$

7,356

$

3,298

Other Costs and Expenses:

Lease expense

$

191

$

177

$

185

$

202

$

202

Depreciation and amortization

3,168

3,166

2,917

4,592

4,600

***Africa and Europe***

Time Charter Statistics:

Average rates per day worked

$

18,877

$

18,711

$

17,095

$

17,983

$

19,140

Fleet utilization

77

%

78

%

84

%

75

%

77

%

Fleet available days

1,741

1,538

1,559

1,656

1,668

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

195

202

144

229

248

Operating Revenues:

Time charter

$

25,248

$

22,534

$

22,317

$

22,357

$

24,535

Other marine services

1,041

577

580

733

806

26,289

23,111

22,897

23,090

25,341

Direct Costs and Expenses:

Operating:

Personnel

5,523

4,982

4,656

4,465

5,515

Repairs and maintenance

5,673

2,957

4,694

6,531

4,646

Drydocking

554

176

987

1,413

901

Insurance and loss reserves

504

330

481

326

899

Fuel, lubes and supplies

2,416

1,334

1,292

1,781

1,714

Other

3,154

3,192

2,558

3,573

2,357

17,824

12,971

14,668

18,089

16,032

Direct Vessel Profit(1)

$

8,465

$

10,140

$

8,229

$

5,001

$

9,309

Other Costs and Expenses:

Lease expense

$

—

$

—

$

8

$

8

$

51

Depreciation and amortization

4,485

4,063

3,968

4,302

4,263

(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 (continued)**  
**(in thousands, except statistics)**  

**Three Months Ended**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

***Middle East and Asia***

Time Charter Statistics:

Average rates per day worked

$

15,588

$

15,400

$

17,587

$

17,818

$

15,506

Fleet utilization

60

%

63

%

73

%

64

%

73

%

Fleet available days

959

990

1,091

1,104

1,089

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

300

268

72

157

204

Operating Revenues:

Time charter

$

8,931

$

9,580

$

13,940

$

12,606

$

12,365

Other marine services

1,705

638

570

319

432

10,636

10,218

14,510

12,925

12,797

Direct Costs and Expenses:

Operating:

Personnel

4,852

4,433

4,768

4,956

4,511

Repairs and maintenance

4,723

5,999

5,103

5,798

6,338

Drydocking

1,727

636

290

(1

)

13

Insurance and loss reserves

1,407

1,039

624

611

842

Fuel, lubes and supplies

1,392

899

1,691

1,241

1,279

Other

953

623

1,376

1,167

1,104

15,054

13,629

13,852

13,772

14,087

Direct Vessel (Loss) Profit(1)

$

(4,418

)

$

(3,411

)

$

658

$

(847

)

$

(1,290

)

Other Costs and Expenses:

Lease expense

$

75

$

73

$

68

$

70

$

72

Depreciation and amortization

3,065

3,101

3,160

3,231

3,227

(1) See full description of footnote above.

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

**Three Months Ended**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

***AHTS***

Operating Revenues:

Time charter

$

—

$

—

$

—

$

—

$

(22

)

Other marine services

—

—

—

(7

)

(9

)

—

—

—

(7

)

(31

)

Direct Costs and Expenses:

Operating:

Personnel

$

—

$

—

$

12

$

11

$

9

Repairs and maintenance

—

—

—

(24

)

255

Insurance and loss reserves

—

—

—

—

(4

)

Fuel, lubes and supplies

—

—

1

3

(125

)

Other

—

—

9

18

(4

)

—

—

22

8

131

Other Costs and Expenses:

Depreciation and amortization

$

—

$

—

$

4

$

4

$

3

***FSV***

Time Charter Statistics:

Average rates per day worked

$

14,411

$

13,833

$

14,114

$

14,007

$

13,468

Fleet utilization

74

%

73

%

75

%

71

%

67

%

Fleet available days

1,840

1,862

1,932

1,932

1,935

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

348

353

209

236

181

Out-of-service days for cold-stacked status

—

61

92

116

270

Operating Revenues:

Time charter

$

19,636

$

18,929

$

20,546

$

19,131

$

17,573

Other marine services

1,819

471

492

566

516

21,455

19,400

21,038

19,697

18,089

Direct Costs and Expenses:

Operating:

Personnel

$

5,416

$

5,166

$

4,980

$

4,502

$

4,526

Repairs and maintenance

6,434

3,179

5,862

6,041

3,542

Drydocking

898

576

1,098

678

666

Insurance and loss reserves

951

663

509

270

683

Fuel, lubes and supplies

1,481

1,503

1,850

1,480

1,449

Other

2,548

1,683

2,147

2,889

1,428

17,728

12,770

16,446

15,860

12,294

Other Costs and Expenses:

Depreciation and amortization

$

5,244

$

4,719

$

4,707

$

4,695

$

4,703

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

**Three Months Ended**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

***PSV***

Time Charter Statistics:

Average rates per day worked

$

28,443

$

25,352

$

20,118

$

21,507

$

22,231

Fleet utilization

70

%

54

%

68

%

65

%

68

%

Fleet available days(1)

1,427

1,585

1,735

1,748

1,738

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

114

37

48

161

247

Operating Revenues:

Time charter

$

28,622

$

21,688

$

23,801

$

24,439

$

26,440

Bareboat charter

834

828

843

846

838

Other marine services

1,459

811

440

592

433

30,915

23,327

25,084

25,877

27,711

Direct Costs and Expenses:

Operating:

Personnel

$

7,859

$

7,348

$

8,322

$

7,882

$

8,567

Repairs and maintenance

2,865

2,801

3,501

4,618

3,799

Drydocking

803

133

(166

)

1,113

1,993

Insurance and loss reserves

903

448

656

546

906

Fuel, lubes and supplies

3,290

1,201

1,985

2,030

1,858

Other

4,357

3,292

4,378

3,262

2,199

20,077

15,223

18,676

19,451

19,322

Other Costs and Expenses:

Depreciation and amortization

$

3,565

$

3,574

$

3,301

$

3,968

$

3,943

(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**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

***Liftboats***

Time Charter Statistics:

Average rates per day worked

$

16,417

$

16,420

$

26,703

$

33,566

$

31,904

Fleet utilization

24

%

18

%

45

%

58

%

67

%

Fleet available days

368

450

460

641

637

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

188

270

87

188

194

Operating Revenues:

Time charter

$

1,448

$

1,340

$

5,470

$

12,388

$

13,682

Other marine services

789

178

359

1,128

1,168

2,237

1,518

5,829

13,516

14,850

Direct Costs and Expenses:

Operating:

Personnel

$

2,409

$

2,897

$

3,241

$

5,209

$

5,673

Repairs and maintenance

3,294

4,594

2,375

3,943

6,022

Drydocking

1,260

543

243

639

2,484

Insurance and loss reserves

844

943

415

1,145

1,376

Fuel, lubes and supplies

531

600

715

951

1,114

Other

497

182

564

407

803

8,835

9,759

7,553

12,294

17,472

Other Costs and Expenses:

Depreciation and amortization

$

1,734

$

2,027

$

2,026

$

3,450

$

3,424

***Other Activity***

Operating Revenues:

Time charter

(9

)

$

—

$

—

$

—

$

—

Other marine services

32

37

378

111

191

23

37

378

111

191

Direct Costs and Expenses:

Operating:

Personnel

$

13

$

11

$

(16

)

$

12

$

194

Repairs and maintenance

55

26

14

25

30

Insurance and loss reserves

—

(262

)

(10

)

(13

)

21

Fuel, lubes and supplies

—

4

50

1

—

Other

(24

)

42

(68

)

46

29

44

(179

)

(30

)

71

274

Other Costs and Expenses:

Lease expense

$

266

$

250

$

261

$

280

$

325

Depreciation and amortization

175

10

7

8

17

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

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

**ASSETS**

Current Assets:

Cash and cash equivalents

$

55,397

$

38,721

$

68,934

$

90,953

$

34,381

Restricted cash

37,643

36,711

24,182

17,255

17,174

Receivables:

Trade, net of allowance for credit loss

61,955

69,200

64,522

62,788

63,287

Other

5,857

4,897

3,965

17,308

10,946

Inventories

2,061

2,746

2,196

2,552

2,539

Prepaid expenses and other

5,407

6,007

5,173

3,448

4,716

Assets held for sale

—

13,376

10,812

—

—

Total current assets

168,320

171,658

179,784

194,304

133,043

Property and Equipment:

Historical cost

754,369

752,640

776,833

797,381

887,408

Accumulated depreciation

(351,840

)

(341,790

)

(348,812

)

(344,899

)

(377,265

)

402,529

410,850

428,021

452,482

510,143

Construction in progress

56,594

52,429

47,002

40,394

31,772

Net property and equipment

459,123

463,279

475,023

492,876

541,915

Right-of-use asset - operating leases

933

929

982

903

1,179

Right-of-use asset - finance leases

14

17

19

22

25

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

3,009

2,951

2,938

2,707

2,310

Other assets

1,925

1,913

1,855

1,686

1,558

Total assets

$

633,324

$

640,747

$

660,601

$

692,498

$

680,030

**LIABILITIES AND EQUITY**

Current Liabilities:

Current portion of operating lease liabilities

$

549

$

481

$

405

$

510

$

543

Current portion of finance lease liabilities

12

12

12

11

11

Current portion of long-term debt

30,699

30,350

30,000

30,000

30,000

Accounts payable

14,229

16,355

21,268

25,928

26,737

Other current liabilities

25,279

25,476

19,044

24,702

24,182

Total current liabilities

70,768

72,674

70,729

81,151

81,473

Long-term operating lease liabilities

559

470

607

567

812

Long-term finance lease liabilities

3

5

8

11

14

Long-term debt

289,503

297,072

304,644

311,858

310,980

Deferred income taxes

19,580

18,894

19,376

20,609

18,330

Deferred gains and other liabilities

599

3,794

565

639

625

Total liabilities

381,012

392,909

395,929

414,835

412,234

Equity:

SEACOR Marine Holdings Inc. stockholders’ equity:

Common stock

284

284

280

281

281

Additional paid-in capital

474,395

473,241

471,862

470,228

468,669

Accumulated deficit

(220,956

)

(224,249

)

(208,444

)

(193,822

)

(202,816

)

Shares held in treasury

(11,470

)

(11,428

)

(9,691

)

(9,639

)

(9,639

)

Accumulated other comprehensive income, net of tax

9,738

9,669

10,344

10,294

10,980

251,991

247,517

264,351

277,342

267,475

Noncontrolling interests in subsidiaries

321

321

321

321

321

Total equity

252,312

247,838

264,672

277,663

267,796

Total liabilities and equity

$

633,324

$

640,747

$

660,601

$

692,498

$

680,030

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

**Three Months Ended**

**Jun. 30, 2026**

**Mar. 31, 2026**

**Dec. 31, 2025**

**Sep. 30, 2025**

**Jun. 30, 2025**

Cash Flows from Operating Activities:

Net Income (Loss)

$

3,293

$

(15,805

)

$

(14,622

)

$

8,994

$

(6,727

)

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

Depreciation and amortization

10,718

10,330

10,045

12,125

12,090

Deferred financing costs amortization

43

42

173

(86

)

43

Stock-based compensation expense

1,132

1,383

1,633

1,559

1,510

Debt discount amortization

237

236

243

236

232

Allowance for credit losses

64

57

(620

)

627

(213

)

Gains from equipment sales, retirements or impairments

(31,347

)

(7,448

)

(8,210

)

(30,230

)

(19,163

)

Derivative losses (gains)

—

—

73

(17

)

(87

)

Interest on finance lease

—

1

1

1

1

Settlements on derivative transactions, net

—

—

65

—

—

Currency losses (gains)

981

(478

)

38

(218

)

2,119

Deferred income taxes

686

(482

)

(1,233

)

2,279

(1,982

)

Equity earnings

(56

)

(50

)

(231

)

(393

)

(218

)

Dividends received from equity investees

—

—

—

—

3,199

Changes in Operating Assets and Liabilities:

Accounts receivables

5,763

(5,735

)

12,222

(6,700

)

284

Other assets

1,415

(1,306

)

(1,530

)

1,385

1,901

Accounts payable and accrued liabilities

(6,107

)

4,122

(10,246

)

(221

)

4,934

Net cash used in operating activities

(13,178

)

(15,133

)

(12,199

)

(10,659

)

(2,077

)

Cash Flows from Investing Activities:

Purchases of property and equipment

(6,429

)

(6,088

)

(8,427

)

(9,348

)

(10,213

)

Proceeds from disposition of property and equipment

44,737

12,778

13,087

76,068

31,592

Net cash provided by investing activities

38,308

6,690

4,660

66,720

21,379

Cash Flows from Financing Activities:

Payments on long-term debt

(7,500

)

(7,500

)

(7,500

)

(7,500

)

(7,500

)

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

—

—

—

8,098

8,097

Payments on finance leases

(4

)

(3

)

(4

)

(3

)

(4

)

Payments for repurchase of common stock

—

—

—

—

(7,089

)

Payments for repurchase of warrants

—

—

—

—

(6,668

)

Excise tax on stock repurchase

22

—

—

—

—

Tax withholdings on restricted stock vesting

(42

)

(1,737

)

(52

)

—

(11

)

Net cash (used in) provided by financing activities

(7,524

)

(9,240

)

(7,556

)

595

(13,175

)

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

2

(1

)

3

(3

)

—

Net Change in Cash, Restricted Cash and Cash Equivalents

17,608

(17,684

)

(15,092

)

56,653

6,127

Cash, Restricted Cash and Cash Equivalents, Beginning of Period

75,432

93,116

108,208

51,555

45,428

Cash, Restricted Cash and Cash Equivalents, End of Period

$

93,040

$

75,432

$

93,116

$

108,208

$

51,555

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

**Owned**

**Total**

**June 30, 2026**

FSV

20

20

PSV

15

15

Liftboats

3

3

38

38

**December 31, 2025**

FSV

21

21

PSV

18

18

Liftboats

5

5

44

44

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---
> **Disclaimer: This article is for reference only and does not constitute any investment advice.**