SEACOR Marine Announces Third Quarter 2025 Results

HOUSTON, Oct. 29, 2025 (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 third quarter ended September 30, 2025.

SEACOR Marine’s consolidated operating revenues for the third quarter of 2025 were $59.2 million, operating income was $18.1 million, and direct vessel profit (“DVP”)⁽¹⁾ was $11.5 million. This compares to consolidated operating revenues of $68.9 million, operating loss of $6.5 million, and DVP of $16.0 million in the third quarter of 2024, and 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.

Notable third quarter items include:

14.1% decrease in revenues from the third quarter of 2024 and a 2.7% decrease from the second quarter of 2025.
Average day rates of $19,490, a 3.2% increase from the third quarter of 2024, and a 1.2% decrease from the second quarter of 2025.
66% utilization, a decrease from 67% in the third quarter of 2024 and a decrease from 68% in the second quarter of 2025.
DVP margin of 19.4%, a decrease from 23.2% in the third quarter of 2024 and an increase from 18.6% in the second quarter of 2025, due in part to $9.9 million of drydocking and major repairs during the third quarter of 2025 compared to $8.3 million in the third quarter of 2024 and $9.2 million in the second quarter of 2025, all of which are expensed as incurred.
During the third quarter of 2025, the Company completed the sale of two 335’ class liftboats for total proceeds of $76.0 million and a gain of $30.5 million.

For the third quarter of 2025, net income was $9.0 million ($0.35 earnings per basic and diluted share). This compares to a net loss for the third quarter of 2024 of $16.3 million ($0.59 loss per basic and diluted share). Sequentially, the third quarter 2025 results compare to a net loss of $6.7 million ($0.26 loss per basic and diluted share) in the second quarter of 2025.

Chief Executive Officer John Gellert commented:

“The third quarter results reflect lower revenues driven by lower utilization in our premium liftboat fleet and soft market conditions in the North Sea.

As previously announced, we completed the sale of our two 335’ class liftboats to a foreign buyer at the end of the third quarter. In connection with this sale we incurred some market downtime during the quarter as the two liftboats were taken off the market in order to ensure a timely delivery. Additionally, one of our premium liftboats in the Middle East remained off hire undergoing repairs during the entire quarter. This vessel has now completed its repairs and is mobilizing towards a contract.

Average rates held steady during the quarter, despite poor utilization and pricing in the North Sea, and each of our reporting segments reported positive DVP for the quarter, except the Middle East due to the ongoing repairs of the premium liftboat, which are now completed.

Our fast supply vessel (“FSV”) fleet saw improved utilization and dayrate performance. We reactivated two of the three FSVs previously cold-stacked in the U.S., with one FSV redeployed to a contract internationally during the quarter and another one being prepared for service in international markets.

The platform supply vessel (“PSV”) fleet generated a 24.8% DVP margin despite being negatively affected by continued soft conditions in the North Sea. During the quarter, we were awarded multi-year contracts in Brazil for two of our large hybrid-powered PSVs with contract commencement in Q1 2026. These contracts will reduce our presence in the North Sea to two PSVs.

The successful execution of the liftboat sale during the third quarter demonstrates the deep value of our fleet and allows us to continue our strategic shift away from high volatility markets. We are streamlining our cost structure to reflect the recent asset sales and will utilize our improved liquidity profile to fund our newbuild PSV program and position ourselves for developments in offshore markets in the near term. With a better positioned fleet, an improved cost structure and a strengthened balance sheet, we will continue to explore opportunities to redeploy capital into more attractive assets or consolidation.”

_______________
(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 September 30,						Nine months ended September 30,
	2025			2024			2025			2024
Operating Revenues	$	59,194		$	68,916		$	175,503		$	201,553
Costs and Expenses:
Operating		47,684			52,907			139,105			150,526
Administrative and general		11,269			11,019			34,753			33,825
Lease expense		280			364			942			1,331
Depreciation and amortization		12,125			12,928			37,025			38,749
		71,358			77,218			211,825			224,431
Gains on Asset Dispositions and Impairments, Net		30,230			1,821			55,202			1,857
Operating Income (Loss)		18,066			(6,481	)		18,880			(21,021	)
Other Income (Expense):
Interest income		297			358			1,105			1,396
Interest expense		(8,947	)		(10,127	)		(27,377	)		(30,626	)
Derivative gains (losses), net		17			67			229			(372	)
Foreign currency gains (losses), net		218			(1,717	)		(3,097	)		(2,357	)
Gains on insurance claim settlement		4,581			—			4,581			—
Other, net		(221	)		29			(221	)		(66	)
		(4,055	)		(11,390	)		(24,780	)		(32,025	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		14,011			(17,871	)		(5,900	)		(53,046	)
Income Tax Expense (Benefit)		5,410			(513	)		8,822			(270	)
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		8,601			(17,358	)		(14,722	)		(52,776	)
Equity in Earnings of 50% or Less Owned Companies		393			1,012			1,500			878
Net Income (Loss)	$	8,994		$	(16,346	)	$	(13,222	)	$	(51,898	)

Net Earnings (Loss) Per Share:
Basic	$	0.35		$	(0.59	)	$	(0.50	)	$	(1.88	)
Diluted	$	0.35		$	(0.59	)	$	(0.50	)	$	(1.88	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,657,809			27,772,733			26,409,312			27,615,699
Diluted		25,887,710			27,772,733			26,409,312			27,615,699

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

	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
Time Charter Statistics:
Average Rates Per Day	$	19,490		$	19,731		$	18,825		$	18,901		$	18,879
Fleet Utilization		66	%		68	%		60	%		72	%		67	%
Fleet Available Days ⁽²⁾		4,321			4,310			4,583			4,870			5,026
Operating Revenues:
Time charter	$	55,958		$	57,673		$	51,933		$	66,095		$	63,313
Bareboat charter		846			838			708			364			372
Other marine services		2,390			2,299			2,858			3,349			5,231
		59,194			60,810			55,499			69,808			68,916
Costs and Expenses:
Operating:
Personnel		17,616			18,969			18,537			20,365			21,940
Repairs and maintenance		14,603			13,648			8,520			10,433			9,945
Drydocking		2,430			5,143			3,869			2,467			6,068
Insurance and loss reserves		1,948			2,982			2,153			2,473			2,584
Fuel, lubes and supplies		4,465			4,296			4,546			4,884			6,574
Other		6,622			4,455			4,303			6,104			5,796
		47,684			49,493			41,928			46,726			52,907
Direct Vessel Profit⁽¹⁾		11,510			11,317			13,571			23,082			16,009
Other Costs and Expenses:
Lease expense		280			325			337			347			364
Administrative and general		11,269			11,998			11,486			10,888			11,019
Depreciation and amortization		12,125			12,090			12,810			12,879			12,928
		23,674			24,413			24,633			24,114			24,311
Gains on Asset Dispositions and Impairments, Net		30,230			19,163			5,809			11,624			1,821
Operating Income (Loss)		18,066			6,067			(5,253	)		10,592			(6,481	)
Other Income (Expense):
Interest income		297			372			436			372			358
Interest expense		(8,947	)		(8,844	)		(9,586	)		(10,001	)		(10,127	)
Derivative gains (losses), net		17			87			125			(536	)		67
Loss on debt extinguishment		—			—			—			(31,923	)		—
Foreign currency gains (losses), net		218			(2,119	)		(1,196	)		1,308			(1,717	)
Gains on insurance claim settlement		4,581			—			—			—			—
Other, net		(221	)		—			—			187			29
		(4,055	)		(10,504	)		(10,221	)		(40,593	)		(11,390	)
Income (Loss) Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies		14,011			(4,437	)		(15,474	)		(30,001	)		(17,871	)
Income Tax Expense (Benefit)		5,410			2,508			904			(2,345	)		(513	)
Income (Loss) Before Equity in Earnings of 50% or Less Owned Companies		8,601			(6,945	)		(16,378	)		(27,656	)		(17,358	)
Equity in Earnings of 50% or Less Owned Companies		393			218			889			1,430			1,012
Net Income (Loss)	$	8,994		$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)

Net Earnings (Loss) Per Share:
Basic	$	0.35		$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)
Diluted	$	0.35		$	(0.26	)	$	(0.56	)	$	(0.94	)	$	(0.59	)
Weighted Average Common Stock and Warrants Outstanding:
Basic		25,658			25,687			27,908			27,773			27,773
Diluted		25,888			25,687			27,908			27,773			27,773
Common Shares and Warrants Outstanding at Period End		26,976			26,976			29,488			28,950			28,950
__________
(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
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
*United States, primarily Gulf of America*
Time Charter Statistics:
Average rates per day worked	$	20,419		$	25,262		$	23,874		$	26,116		$	17,188
Fleet utilization		53	%		48	%		25	%		45	%		42	%
Fleet available days		926			1,007			1,121			920			920
Out-of-service days for repairs, maintenance and drydockings		191			144			153			75			116
Out-of-service days for cold-stacked status ⁽²⁾		116			270			173			184			175
Operating Revenues:
Time charter	$	10,024		$	12,205		$	6,765		$	10,744		$	6,593
Other marine services		1,108			1,175			235			1,114			1,188
		11,132			13,380			7,000			11,858			7,781
Direct Costs and Expenses:
Operating:
Personnel		5,815			6,854			6,486			6,097			6,297
Repairs and maintenance		1,309			1,950			1,479			1,680			1,655
Drydocking		1,079			3,684			1,066			1,451			2,615
Insurance and loss reserves		816			1,067			702			854			799
Fuel, lubes and supplies		700			1,010			819			854			964
Other		118			631			349			229			225
		9,837			15,196			10,901			11,165			12,555
Direct Vessel Profit (Loss) ⁽¹⁾	$	1,295		$	(1,816	)	$	(3,901	)	$	693		$	(4,774	)
Other Costs and Expenses:
Lease expense	$	148		$	139		$	136		$	136		$	140
Depreciation and amortization		3,106			3,203			3,705			3,196			3,194

*Africa and Europe*
Time Charter Statistics:
Average rates per day worked	$	17,983		$	19,140		$	17,294		$	16,895		$	18,875
Fleet utilization		75	%		77	%		70	%		73	%		77	%
Fleet available days		1,656			1,668			1,710			1,856			1,990
Out-of-service days for repairs, maintenance and drydockings		229			248			382			180			203
Out-of-service days for cold-stacked status		—			—			—			—			58
Operating Revenues:
Time charter	$	22,357		$	24,535		$	20,835		$	22,999		$	28,809
Other marine services		733			806			852			1,027			3,048
		23,090			25,341			21,687			24,026			31,857
Direct Costs and Expenses:
Operating:
Personnel		4,465			5,515			5,183			5,654			6,083
Repairs and maintenance		6,531			4,646			3,462			3,712			3,455
Drydocking		1,413			901			1,241			835			681
Insurance and loss reserves		326			899			594			577			599
Fuel, lubes and supplies		1,781			1,714			2,180			2,226			2,514
Other		3,573			2,357			2,727			3,748			3,975
		18,089			16,032			15,387			16,752			17,307
Direct Vessel Profit⁽¹⁾	$	5,001		$	9,309		$	6,300		$	7,274		$	14,550
Other Costs and Expenses:
Lease expense	$	8		$	51		$	63		$	82		$	75
Depreciation and amortization		4,302			4,263			4,402			4,477			4,540

(1) See full description of footnote above.
(2) Includes one FSV cold-stacked in this region as of September 30, 2025.

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

	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,818		$	15,506		$	17,848		$	17,337		$	17,825
Fleet utilization		64	%		73	%		75	%		88	%		71	%
Fleet available days		1,104			1,089			1,170			1,266			1,288
Out-of-service days for repairs, maintenance and drydockings		157			204			82			30			229
Operating Revenues:
Time charter	$	12,606		$	12,365		$	15,710		$	19,385		$	16,411
Other marine services		319			432			292			635			375
		12,925			12,797			16,002			20,020			16,786
Direct Costs and Expenses:
Operating:
Personnel		4,956			4,511			4,927			5,470			5,769
Repairs and maintenance		5,798			6,338			2,505			3,574			3,318
Drydocking		(1	)		13			1,031			(226	)		832
Insurance and loss reserves		611			842			702			804			927
Fuel, lubes and supplies		1,241			1,279			883			840			1,043
Other		1,167			1,104			881			1,305			1,131
		13,772			14,087			10,929			11,767			13,020
Direct Vessel (Loss) Profit ⁽¹⁾	$	(847	)	$	(1,290	)	$	5,073		$	8,253		$	3,766
Other Costs and Expenses:
Lease expense	$	70		$	72		$	83		$	72		$	73
Depreciation and amortization		3,231			3,227			3,230			3,272			3,261

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	25,541		$	23,764		$	22,084		$	21,390		$	21,984
Fleet utilization		68	%		66	%		67	%		73	%		63	%
Fleet available days ⁽²⁾		635			546			582			828			828
Out-of-service days for repairs, maintenance and drydockings		7			26			—			20			94
Operating Revenues:
Time charter	$	10,971		$	8,568		$	8,623		$	12,967		$	11,500
Bareboat charter		846			838			708			364			372
Other marine services		230			(114	)		1,479			573			620
		12,047			9,292			10,810			13,904			12,492
Direct Costs and Expenses:
Operating:
Personnel		2,380			2,089			1,941			3,144			3,791
Repairs and maintenance		965			714			1,074			1,467			1,517
Drydocking		(61	)		545			531			407			1,940
Insurance and loss reserves		195			174			155			238			259
Fuel, lubes and supplies		743			293			664			964			2,053
Other		1,764			363			346			822			465
		5,986			4,178			4,711			7,042			10,025
Direct Vessel Profit⁽¹⁾	$	6,061		$	5,114		$	6,099		$	6,862		$	2,467
Other Costs and Expenses:
Lease expense	$	54		$	63		$	55		$	57		$	76
Depreciation and amortization		1,486			1,397			1,473			1,934			1,933

(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
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
*AHTS*
Time Charter Statistics:
Average rates per day worked	$	—		$	—		$	—		$	10,410		$	10,316
Fleet utilization		—	%		—	%		—	%		79	%		46	%
Fleet available days		—			—			—			178			334
Out-of-service days for repairs, maintenance and drydockings		—			—			—			28			87
Out-of-service days for cold-stacked status		—			—			—			—			58
Operating Revenues:
Time charter	$	—		$	(22	)	$	15		$	1,465		$	1,576
Other marine services		(7	)		(9	)		9			—			13
		(7	)		(31	)		24			1,465			1,589
Direct Costs and Expenses:
Operating:
Personnel	$	11		$	9		$	1		$	595		$	981
Repairs and maintenance		(24	)		255			38			128			239
Drydocking		—			—			—			5			436
Insurance and loss reserves		—			(4	)		—			49			66
Fuel, lubes and supplies		3			(125	)		66			25			90
Other		18			(4	)		12			210			263
		8			131			117			1,012			2,075
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	7		$	4
Depreciation and amortization		4			3			4			122			175

*FSV*
Time Charter Statistics:
Average rates per day worked	$	14,007		$	13,468		$	13,786		$	13,643		$	13,102
Fleet utilization		71	%		67	%		71	%		72	%		81	%
Fleet available days		1,932			1,935			1,980			2,024			2,024
Out-of-service days for repairs, maintenance and drydockings		236			181			135			118			96
Out-of-service days for cold-stacked status		116			270			90			92			83
Operating Revenues:
Time charter	$	19,131		$	17,573		$	19,357		$	19,992		$	21,606
Other marine services		566			516			762			416			1,012
		19,697			18,089			20,119			20,408			22,618
Direct Costs and Expenses:
Operating:
Personnel	$	4,502		$	4,526		$	4,933		$	5,078		$	5,637
Repairs and maintenance		6,041			3,542			2,983			4,480			4,378
Drydocking		678			666			353			426			448
Insurance and loss reserves		270			683			517			422			532
Fuel, lubes and supplies		1,480			1,449			1,173			1,586			1,962
Other		2,889			1,428			1,782			2,456			2,238
		15,860			12,294			11,741			14,448			15,195
Other Costs and Expenses:
Depreciation and amortization	$	4,695		$	4,703		$	4,932		$	4,746		$	4,744

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

	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	21,507		$	22,231		$	19,424		$	17,912		$	21,819
Fleet utilization		65	%		68	%		55	%		72	%		58	%
Fleet available days⁽¹⁾		1,748			1,738			1,890			1,932			1,932
Out-of-service days for repairs, maintenance and drydockings		161			247			396			117			349
Operating Revenues:
Time charter	$	24,439		$	26,440		$	20,286		$	24,865		$	24,488
Bareboat charter		846			838			708			364			372
Other marine services		592			433			508			1,561			2,855
		25,877			27,711			21,502			26,790			27,715
Direct Costs and Expenses:
Operating:
Personnel	$	7,882		$	8,567		$	8,351		$	8,999		$	9,360
Repairs and maintenance		4,618			3,799			3,949			4,101			3,798
Drydocking		1,113			1,993			2,513			1,046			2,629
Insurance and loss reserves		546			906			631			618			636
Fuel, lubes and supplies		2,030			1,858			2,594			2,379			3,594
Other		3,262			2,199			2,018			2,566			2,821
		19,451			19,322			20,056			19,709			22,838
Other Costs and Expenses:
Lease expense	$	—		$	—		$	—		$	—		$	(3	)
Depreciation and amortization		3,968			3,943			4,133			4,122			4,117

(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
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	33,566		$	31,904		$	39,559		$	39,326		$	36,423
Fleet utilization		58	%		67	%		44	%		68	%		58	%
Fleet available days		641			637			713			736			736
Out-of-service days for repairs, maintenance and drydockings		188			194			87			41			109
Out-of-service days for cold-stacked status		—			—			83			92			92
Operating Revenues:
Time charter	$	12,388		$	13,682		$	12,275		$	19,773		$	15,643
Other marine services		1,128			1,168			1,289			1,177			1,142
		13,516			14,850			13,564			20,950			16,785
Direct Costs and Expenses:
Operating:
Personnel	$	5,209		$	5,673		$	5,247		$	5,678		$	5,926
Repairs and maintenance		3,943			6,022			1,571			1,722			1,531
Drydocking		639			2,484			1,003			990			2,555
Insurance and loss reserves		1,145			1,376			1,241			1,384			1,334
Fuel, lubes and supplies		951			1,114			712			894			928
Other		407			803			482			860			473
		12,294			17,472			10,256			11,528			12,747
Other Costs and Expenses:
Depreciation and amortization		3,450			3,424			3,719			3,866			3,866

*Other Activity*
Operating Revenues:
Other marine services	$	111		$	191		$	290		$	195		$	209
		111			191			290			195			209
Direct Costs and Expenses:
Operating:
Personnel	$	12		$	194		$	5		$	15		$	36
Repairs and maintenance		25			30			(21	)		2			(1	)
Insurance and loss reserves		(13	)		21			(236	)		—			16
Fuel, lubes and supplies		1			—			1			—			—
Other		46			29			9			12			1
		71			274			(242	)		29			52
Other Costs and Expenses:
Lease expense	$	280		$	325		$	337		$	340		$	363
Depreciation and amortization		8			17			22			23			26

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

	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	90,953		$	34,381		$	42,988		$	59,491		$	35,601
Restricted cash		17,255			17,174			2,440			16,649			2,263
Receivables:
Trade, net of allowance for credit loss		62,788			63,287			63,946			69,888			76,497
Other		16,801			10,439			8,811			7,913			7,841
Tax receivable		507			507			1,602			1,601			983
Inventories		2,552			2,539			2,827			2,760			3,139
Prepaid expenses and other		3,448			4,716			6,075			4,406			4,840
Assets held for sale		—			—			12,195			10,943			—
Total current assets		194,304			133,043			140,884			173,651			131,164
Property and Equipment:
Historical cost		797,381			887,408			881,961			900,414			921,445
Accumulated depreciation		(344,899	)		(377,265	)		(365,422	)		(367,448	)		(362,604	)
		452,482			510,143			516,539			532,966			558,841
Construction in progress		40,394			31,772			27,248			11,904			11,935
Net property and equipment		492,876			541,915			543,787			544,870			570,776
Right-of-use asset - operating leases		903			1,179			3,293			3,436			3,575
Right-of-use asset - finance leases		22			25			28			36			19
Investments, at equity, and advances to 50% or less owned companies		2,707			2,310			4,507			3,541			2,046
Other assets		1,686			1,558			1,665			1,577			1,864
Total assets	$	692,498		$	680,030		$	694,164		$	727,111		$	709,444
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	510		$	543		$	540		$	606		$	494
Current portion of finance lease liabilities		11			11			11			17			17
Current portion of long-term debt		30,000			30,000			30,000			27,500			28,605
Accounts payable		25,928			26,737			28,445			29,236			22,744
Other current liabilities		24,702			24,182			16,414			27,683			28,808
Total current liabilities		81,151			81,473			75,410			85,042			80,668
Long-term operating lease liabilities		567			812			2,926			2,982			3,221
Long-term finance lease liabilities		11			14			17			20			4
Long-term debt		311,858			310,980			310,108			317,339			272,325
Deferred income taxes		20,609			18,330			20,312			22,037			26,802
Deferred gains and other liabilities		639			625			1,356			1,369			1,416
Total liabilities		414,835			412,234			410,129			428,789			384,436
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		281			281			293			287			287
Additional paid-in capital		470,228			468,669			480,904			479,283			477,661
Accumulated deficit		(193,822	)		(202,816	)		(196,089	)		(180,600	)		(154,374	)
Shares held in treasury		(9,639	)		(9,639	)		(9,628	)		(8,110	)		(8,110	)
Accumulated other comprehensive income, net of tax		10,294			10,980			8,234			7,141			9,223
		277,342			267,475			283,714			298,001			324,687
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		277,663			267,796			284,035			298,322			325,008
Total liabilities and equity	$	692,498		$	680,030		$	694,164		$	727,111		$	709,444

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

	Three Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
Cash Flows from Operating Activities:
Net Income (Loss)	$	8,994		$	(6,727	)	$	(15,489	)	$	(26,226	)	$	(16,346	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization		12,125			12,090			12,810			12,879			12,928
Deferred financing costs amortization		(86	)		43			43			254			298
Stock-based compensation expense		1,559			1,510			1,627			1,622			1,604
Debt discount amortization		236			232			226			1,799			2,061
Allowance for credit losses		627			(213	)		(407	)		59			101
Gains from equipment sales, retirements or impairments		(30,230	)		(19,163	)		(5,809	)		(11,624	)		(1,821	)
Losses on debt extinguishment		—			—			—			28,252			—
Derivative (gains) losses		(17	)		(87	)		(125	)		536			(67	)
Interest on finance lease		1			1			1			2			—
Settlements on derivative transactions, net		—			—			(373	)		—			—
Currency (gains) losses		(218	)		2,119			1,196			(1,308	)		1,717
Deferred income taxes		2,279			(1,982	)		(1,725	)		(4,766	)		(3,281	)
Equity earnings		(393	)		(218	)		(889	)		(1,430	)		(1,012	)
Dividends received from equity investees		—			3,199			—			—			1,498
Changes in Operating Assets and Liabilities:
Accounts receivables		(6,700	)		284			5,333			5,448			(7,411	)
Other assets		1,385			1,901			(1,681	)		1,338			1,032
Accounts payable and accrued liabilities		(221	)		4,934			(6,204	)		1,693			9,325
Net cash (used in) provided by operating activities		(10,659	)		(2,077	)		(11,466	)		8,528			626
Cash Flows from Investing Activities:
Purchases of property and equipment		(9,348	)		(10,213	)		(20,795	)		(3,010	)		(210	)
Proceeds from disposition of property and equipment		76,068			31,592			8,472			22,441			2,331
Net cash provided by (used in) investing activities		66,720			21,379			(12,323	)		19,431			2,121
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(7,500	)		(5,000	)		(2,479	)		(7,770	)
Payments on debt extinguishment		—			—			—			(328,712	)		—
Payments on debt extinguishment cost		—			—			—			(3,671	)		—
Proceeds from issuance of long-term debt, net of debt discount and issuance costs		8,098			8,097			(396	)		345,192			—
Payments on finance leases		(3	)		(4	)		(9	)		(13	)		(10	)
Payments for repurchase of common stock		—			(7,089	)		—			—			—
Payments for repurchase of warrants		—			(6,668	)		—			—			—
Proceeds from exercise of stock options and warrants		—			—			—			—			38
Tax withholdings on restricted stock vesting		—			(11	)		(1,518	)		—			—
Net cash provided by (used in) financing activities		595			(13,175	)		(6,923	)		10,317			(7,742	)
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		(3	)		—			—			—			(1	)
Net Change in Cash, Restricted Cash and Cash Equivalents		56,653			6,127			(30,712	)		38,276			(4,996	)
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		51,555			45,428			76,140			37,864			42,860
Cash, Restricted Cash and Cash Equivalents, End of Period	$	108,208		$	51,555		$	45,428		$	76,140		$	37,864

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Managed		Total
September 30, 2025
FSV		21		—		21
PSV		19		—		19
Liftboats		5		—		5
		45		—		45
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54

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