SEACOR Marine's consolidated operating revenues for the fourth quarter of 2025 were $52.3 million, operating loss was $5.2 million, and direct vessel profit ("DVP")(1) was $9.7 million. This compares to consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024, and consolidated operating revenues of $59.2 million, operating income of $18.1 million, and DVP of $11.5 million in the third quarter of 2025.
Notable fourth quarter items include:
25.0% decrease in revenues from the fourth quarter of 2024 and a 11.6% decrease from the third quarter of 2025.
Average day rates of $17,519, a 7.3% decrease from the fourth quarter of 2024, and a 10.1% decrease from the third quarter of 2025.
69% utilization, a decrease from 72% in the fourth quarter of 2024 and an increase from 66% in the third quarter of 2025.
DVP margin of 18.5%, a decrease from 33.1% in the fourth quarter of 2024 and a decrease from 19.4% in the third quarter of 2025.
During the fourth quarter of 2025, the Company completed the sale of a 201' platform supply vessel ("PSV") built in 2013 for total proceeds of $13.4 million and a gain of $8.1 million.
For the fourth quarter of 2025, net loss was $14.6 million ($0.57 loss per basic and diluted share). This compares to a net loss for the fourth quarter of 2024 of $26.2 million ($0.94 loss per basic and diluted share). Sequentially, the fourth quarter 2025 results compare to a net income of $9.0 million ($0.35 earnings per basic and diluted share) in the third quarter of 2025.
Chief Executive Officer John Gellert commented:
"The fourth quarter results reflect lower revenues driven primarily by (a) fewer available days following the sales of two 335' liftboats at the end of the third quarter of 2025 and one of our 201' PSVs during the fourth quarter of 2025 and (b) lower utilization for our liftboat fleet due to seasonality and changes in scope of work by one of our international liftboat customers.
Average rates for fast supply vessels ("FSVs") and PSVs held relatively steady during the quarter, with markedly improved utilization for FSVs as we continued to successfully redeploy FSVs previously laid up in the United States to international markets. The PSV fleet saw continued improvement in DVP margins to 25.5%, despite two vessels repositioning for new contracts in Brazil commencing in Q1 2026 and soft market conditions in the North Sea.
Following the end of the fourth quarter, our two premium liftboats in the Middle East concluded their contracts and were repositioned to undergo scheduled maintenance and drydocking as well as previously deferred repairs. We do not expect these liftboats to work during the first quarter of 2026. I would note that these liftboats are charter free for the first time since the COVID pandemic. This presents us with strategic optionality and we are currently evaluating several opportunities for these liftboats.
Subsequent to the end of the fourth quarter, we fixed our two PSVs in the North Sea for a multi-month seismic survey campaign, which will leave our large PSV fleet in sold out status for the first time since they delivered approximately five years ago. Our contracted revenue backlog at year-end 2025 stood in excess of $500.0 million, including options; a highwater mark for us.
As I mentioned in my remarks to our third quarter 2025 earnings release, we have streamlined our cost structure to reflect some of the recent asset sales, most notably the sale of the two 335' liftboats. During the fourth quarter of 2025 we incurred one-time charges of $1.2 million related to severance expenses and expect annualized savings of $3.9 million in SG&A expenses from these initiatives.
We are looking forward to the delivery of the first of two newbuild PSVs during the fourth quarter of 2026, with the second PSV to follow in the first quarter of 2027. Our construction program at this point is fully funded from proceeds from assets sales recently concluded or contracted, as reflected in our assets held for sale. As we continue to implement our asset rotation strategy, I expect that we will have opportunities to reduce our leverage meaningfully.
Our core markets outside the United States remain constructive over the long term, with increasing optimism around a number of drilling campaigns starting in the second half of 2026. An improving geopolitical outlook in certain markets could further improve demand for offshore services and we will evaluate those opportunities as they arise."___________________
(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 December 31,
Year ended December 31,
2025
2024
2025
2024
Operating Revenues
$
52,329
$
69,808
$
227,832
$
271,361
Costs and Expenses:
Operating
42,667
46,726
181,772
197,252
Administrative and general
12,730
10,888
47,483
44,713
Lease expense
261
347
1,203
1,678
Depreciation and amortization
10,045
12,879
47,070
51,628
65,703
70,840
277,528
295,271
Gains on Asset Dispositions and Impairments, Net
8,210
11,624
63,412
13,481
Operating (Loss) Income
(5,164
)
10,592
13,716
(10,429
)
Other Income (Expense):
Interest income
751
372
1,856
1,768
Interest expense
(8,673
)
(10,001
)
(36,050
)
(40,627
)
Loss on debt extinguishment
—
(31,923
)
—
(31,923
)
Derivative (losses) gains, net
(73
)
(536
)
156
(908
)
Foreign currency (losses) gains, net
(38
)
1,308
(3,135
)
(1,049
)
Gains on insurance claim settlement
—
—
4,581
—
Other, net
32
187
(189
)
121
(8,001
)
(40,593
)
(32,781
)
(72,618
)
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
(13,165
)
(30,001
)
(19,065
)
(83,047
)
Income Tax Expense (Benefit)
1,688
(2,345
)
10,510
(2,615
)
Loss Before Equity in Earnings of 50% or Less Owned Companies
(14,853
)
(27,656
)
(29,575
)
(80,432
)
Equity in Earnings of 50% or Less Owned Companies
231
1,430
1,731
2,308
Net Loss
$
(14,622
)
$
(26,226
)
$
(27,844
)
$
(78,124
)
Net Loss Per Share:
Basic
$
(0.57
)
$
(0.94
)
$
(1.06
)
$
(2.82
)
Diluted
$
(0.57
)
$
(0.94
)
$
(1.06
)
$
(2.82
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
25,670,757
27,773,200
26,223,155
27,655,289
Diluted
25,670,757
27,773,200
26,223,155
27,655,289
SEACOR MARINE HOLDINGS INC.UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands, except statistics and per share data)
Three Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Time Charter Statistics:
Average Rates Per Day
$
17,519
$
19,490
$
19,731
$
18,825
$
18,901
Fleet Utilization
69
%
66
%
68
%
60
%
72
%
Fleet Available Days (2)
4,127
4,321
4,310
4,583
4,870
Operating Revenues:
Time charter
$
49,817
$
55,958
$
57,673
$
51,933
$
66,095
Bareboat charter
843
846
838
708
364
Other marine services
1,669
2,390
2,299
2,858
3,349
52,329
59,194
60,810
55,499
69,808
Costs and Expenses:
Operating:
Personnel
16,539
17,616
18,969
18,537
20,365
Repairs and maintenance
11,752
14,603
13,648
8,520
10,433
Drydocking
1,175
2,430
5,143
3,869
2,467
Insurance and loss reserves
1,570
1,948
2,982
2,153
2,473
Fuel, lubes and supplies
4,601
4,465
4,296
4,546
4,884
Other
7,030
6,622
4,455
4,303
6,104
42,667
47,684
49,493
41,928
46,726
Direct Vessel Profit (1)
9,662
11,510
11,317
13,571
23,082
Other Costs and Expenses:
Lease expense
261
280
325
337
347
Administrative and general
12,730
11,269
11,998
11,486
10,888
Depreciation and amortization
10,045
12,125
12,090
12,810
12,879
23,036
23,674
24,413
24,633
24,114
Gains on Asset Dispositions and Impairments, Net
8,210
30,230
19,163
5,809
11,624
Operating (Loss) Income
(5,164
)
18,066
6,067
(5,253
)
10,592
Other Income (Expense):
Interest income
751
297
372
436
372
Interest expense
(8,673
)
(8,947
)
(8,844
)
(9,586
)
(10,001
)
Derivative (losses) gains, net
(73
)
17
87
125
(536
)
Loss on debt extinguishment
—
—
—
—
(31,923
)
Foreign currency (losses) gains, net
(38
)
218
(2,119
)
(1,196
)
1,308
Gains on insurance claim settlement
—
4,581
—
—
—
Other, net
32
(221
)
—
—
187
(8,001
)
(4,055
)
(10,504
)
(10,221
)
(40,593
)
(Loss) Income Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies
(13,165
)
14,011
(4,437
)
(15,474
)
(30,001
)
Income Tax Expense (Benefit)
1,688
5,410
2,508
904
(2,345
)
(Loss) Income Before Equity in Earnings of 50% or Less Owned Companies
(14,853
)
8,601
(6,945
)
(16,378
)
(27,656
)
Equity in Earnings of 50% or Less Owned Companies
231
393
218
889
1,430
Net (Loss) Income
$
(14,622
)
$
8,994
$
(6,727
)
$
(15,489
)
$
(26,226
)
Net (Loss) Earnings Per Share:
Basic
$
(0.57
)
$
0.35
$
(0.26
)
$
(0.56
)
$
(0.94
)
Diluted
$
(0.57
)
$
0.35
$
(0.26
)
$
(0.56
)
$
(0.94
)
Weighted Average Common Stock and Warrants Outstanding:
Basic
25,671
25,658
25,687
27,908
27,773
Diluted
25,671
25,888
25,687
27,908
27,773
Common Shares and Warrants Outstanding at Period End
26,952
26,976
26,976
29,488
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
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
United States, primarily Gulf of America
Time Charter Statistics:
Average rates per day worked
$
15,350
$
20,419
$
25,262
$
23,874
$
26,116
Fleet utilization
40
%
53
%
48
%
25
%
45
%
Fleet available days
705
926
1,007
1,121
920
Out-of-service days for repairs, maintenance and drydockings
127
191
144
153
75
Out-of-service days for cold-stacked status (2)
92
116
270
173
184
Operating Revenues:
Time charter
$
4,377
$
10,024
$
12,205
$
6,765
$
10,744
Other marine services
437
1,108
1,175
235
1,114
4,814
11,132
13,380
7,000
11,858
Direct Costs and Expenses:
Operating:
Personnel
3,844
5,815
6,854
6,486
6,097
Repairs and maintenance
423
1,309
1,950
1,479
1,680
Drydocking
(98
)
1,079
3,684
1,066
1,451
Insurance and loss reserves
267
816
1,067
702
854
Fuel, lubes and supplies
460
700
1,010
819
854
Other
206
118
631
349
229
5,102
9,837
15,196
10,901
11,165
Direct Vessel (Loss) Profit (1)
$
(288
)
$
1,295
$
(1,816
)
$
(3,901
)
$
693
Other Costs and Expenses:
Lease expense
$
129
$
148
$
139
$
136
$
136
Depreciation and amortization
1,579
3,106
3,203
3,705
3,196
Africa and Europe
Time Charter Statistics:
Average rates per day worked
$
17,095
$
17,983
$
19,140
$
17,294
$
16,895
Fleet utilization
84
%
75
%
77
%
70
%
73
%
Fleet available days
1,559
1,656
1,668
1,710
1,856
Out-of-service days for repairs, maintenance and drydockings
144
229
248
382
180
Operating Revenues:
Time charter
$
22,317
$
22,357
$
24,535
$
20,835
$
22,999
Other marine services
580
733
