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SEACOR MARINE HOLDINGS INC
Symbol	SMHI
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SEACOR Marine Announces First Quarter 2026 Results

2026-04-29 17:17 ET - News Release

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.”
___________________

)

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