SEACOR Marine's consolidated operating revenues for the first quarter of 2026 were $44.3 million, operating loss was $6.4 million, and direct vessel profit ("DVP")(1) was $6.7 million. This compares to consolidated operating revenues of $55.5 million, operating loss of $5.3 million, and DVP of $13.6 million in the first quarter of 2025, and consolidated operating revenues of $52.3 million, operating loss of $5.2 million, and DVP of $9.7 million in the fourth quarter of 2025.
Notable first quarter items include:
20.2% decrease in revenues from the first quarter of 2025 and a 15.4% decrease from the fourth quarter of 2025.
Average day rates of $18,199, a 3.3% decrease from the first quarter of 2025, and a 3.9% increase from the fourth quarter of 2025.
59% utilization, a decrease from 60% in the first quarter of 2025 and a decrease from 69% in the fourth quarter of 2025.
DVP margin of 15.2%, a decrease from 24.5% in the first quarter of 2025 and a decrease from 18.5% in the fourth quarter of 2025.
During the first quarter of 2026, the Company completed the sale of one 201' platform supply vessel ("PSV") built in 2015 for total proceeds of $14.6 million and a gain of $7.3 million.
At the end of the first quarter of 2026, the Company had an additional five vessels classified as held for sale. Two of these vessels were sold in April 2026, and the remaining three vessels are expected to be sold during the second quarter of 2026.
For the first quarter of 2026, net loss was $15.8 million ($0.61 loss per basic and diluted share). This compares to a net loss for the first quarter of 2025 of $15.5 million ($0.56 loss per basic and diluted share). Sequentially, the first quarter 2026 results compare to a net loss of $14.6 million ($0.57 earnings per basic and diluted share) in the fourth quarter of 2025.
Chief Executive Officer John Gellert commented:
"Our first quarter results reflect lower revenues driven by fewer available days following vessel sales in the last year, vessels repositioning or waiting to commence long term contracts during the quarter, and our two premium liftboats remaining under repair and uncontracted. Utilization should normalize at healthier levels once we have completed the repositioning of the fleet and have completed the sales of five vessels classified as held for sale during the second quarter of 2026.
The improvement in average day rates is driven by the commencement of several term contracts for PSVs during the first quarter in Brazil and the North Sea. Rates for fast supply vessels ("FSVs") were stable during the quarter, even as we redeployed two FSVs previously laid up in the United States to international markets and we brought the last remaining FSV out of laid up status in preparation for international deployment in the second quarter.
Geographically, we continue to see progress in the Latin America and West Africa regions, with the fleet in these regions largely contracted following the end of the first quarter. In the United States, we continue to see low levels of activity in the markets we serve and have adjusted our fleet presence accordingly.
With regards to the Middle East, it is premature to evaluate the long-term impact of the conflict. In the short term, the conflict has increased labor and insurance costs in the region, and caused delays in our ability to conclude the maintenance scope of work for our two premium liftboats in the region. We do not expect either of these vessels to work during the second quarter of 2026. At the end of the first quarter, excluding the two liftboats, we had nine vessels in the region, of which seven have continued to operate for our customers in Saudi Arabia and Qatar, one vessel is held for sale, and one vessel was undergoing scheduled maintenance. I commend our crews and shore side personnel in the region for their dedication to maintaining safe, reliable operations in this environment.
Going forward, we are well positioned to participate in increased offshore drilling activities in South America and West Africa. In response to the conflict, energy security and diversification could drive additional investment into offshore projects, particularly deepwater, as well as work supporting customers restoring production capacity. SEACOR Marine is well positioned to continue to support our customers and participate in any incremental demand from offshore projects."___________________
(1
)
Direct vessel profit (defined as operating revenues less operating costs and expenses, "DVP") is the Company's measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company's global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine's vessels provide emergency response services and accommodations for technicians and specialists.
Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as "anticipate," "estimate," "expect," "project," "intend," "believe," "plan," "target," "forecast" and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management's expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company's control and are described in the Company's filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.
Please visit SEACOR Marine's website at www.seacormarine.com for additional information.For all other requests, contact [email protected]
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
