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
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
