SEACOR Marine Announces Fourth Quarter 2025 Results

HOUSTON, Feb. 25, 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 fourth quarter ended December 31, 2025.

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.”
___________________

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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 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			806			852			1,027
		22,897			23,090			25,341			21,687			24,026
Direct Costs and Expenses:
Operating:
Personnel		4,656			4,465			5,515			5,183			5,654
Repairs and maintenance		4,694			6,531			4,646			3,462			3,712
Drydocking		987			1,413			901			1,241			835
Insurance and loss reserves		481			326			899			594			577
Fuel, lubes and supplies		1,292			1,781			1,714			2,180			2,226
Other		2,558			3,573			2,357			2,727			3,748
		14,668			18,089			16,032			15,387			16,752
Direct Vessel Profit⁽¹⁾	$	8,229		$	5,001		$	9,309		$	6,300		$	7,274
Other Costs and Expenses:
Lease expense	$	8		$	8		$	51		$	63		$	82
Depreciation and amortization		3,968			4,302			4,263			4,402			4,477

(1)	See full description of footnote above.
(2)	Includes one FSV cold-stacked in this region as of December 31, 2025.

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

	Three Months Ended
	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
*Middle East and Asia*
Time Charter Statistics:
Average rates per day worked	$	17,587		$	17,818		$	15,506		$	17,848		$	17,337
Fleet utilization		73	%		64	%		73	%		75	%		88	%
Fleet available days		1,091			1,104			1,089			1,170			1,266
Out-of-service days for repairs, maintenance and drydockings		72			157			204			82			30
Operating Revenues:
Time charter	$	13,940		$	12,606		$	12,365		$	15,710		$	19,385
Other marine services		570			319			432			292			635
		14,510			12,925			12,797			16,002			20,020
Direct Costs and Expenses:
Operating:
Personnel		4,768			4,956			4,511			4,927			5,470
Repairs and maintenance		5,103			5,798			6,338			2,505			3,574
Drydocking		290			(1	)		13			1,031			(226	)
Insurance and loss reserves		624			611			842			702			804
Fuel, lubes and supplies		1,691			1,241			1,279			883			840
Other		1,376			1,167			1,104			881			1,305
		13,852			13,772			14,087			10,929			11,767
Direct Vessel Profit (Loss) ⁽¹⁾	$	658		$	(847	)	$	(1,290	)	$	5,073		$	8,253
Other Costs and Expenses:
Lease expense	$	68		$	70		$	72		$	83		$	72
Depreciation and amortization		3,160			3,231			3,227			3,230			3,272

*Latin America*
Time Charter Statistics:
Average rates per day worked	$	19,946		$	25,541		$	23,764		$	22,084		$	21,390
Fleet utilization		60	%		68	%		66	%		67	%		73	%
Fleet available days ⁽²⁾		772			635			546			582			828
Out-of-service days for repairs, maintenance and drydockings		—			7			26			—			20
Operating Revenues:
Time charter	$	9,183		$	10,971		$	8,568		$	8,623		$	12,967
Bareboat charter		843			846			838			708			364
Other marine services		82			230			(114	)		1,479			573
		10,108			12,047			9,292			10,810			13,904
Direct Costs and Expenses:
Operating:
Personnel		3,271			2,380			2,089			1,941			3,144
Repairs and maintenance		1,532			965			714			1,074			1,467
Drydocking		(4	)		(61	)		545			531			407
Insurance and loss reserves		198			195			174			155			238
Fuel, lubes and supplies		1,158			743			293			664			964
Other		2,890			1,764			363			346			822
		9,045			5,986			4,178			4,711			7,042
Direct Vessel Profit⁽¹⁾	$	1,063		$	6,061		$	5,114		$	6,099		$	6,862
Other Costs and Expenses:
Lease expense	$	56		$	54		$	63		$	55		$	57
Depreciation and amortization		1,338			1,486			1,397			1,473			1,934

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

*FSV*
Time Charter Statistics:
Average rates per day worked	$	14,114		$	14,007		$	13,468		$	13,786		$	13,643
Fleet utilization		75	%		71	%		67	%		71	%		72	%
Fleet available days		1,932			1,932			1,935			1,980			2,024
Out-of-service days for repairs, maintenance and drydockings		209			236			181			135			118
Out-of-service days for cold-stacked status		92			116			270			90			92
Operating Revenues:
Time charter	$	20,546		$	19,131		$	17,573		$	19,357		$	19,992
Other marine services		492			566			516			762			416
		21,038			19,697			18,089			20,119			20,408
Direct Costs and Expenses:
Operating:
Personnel	$	4,980		$	4,502		$	4,526		$	4,933		$	5,078
Repairs and maintenance		5,862			6,041			3,542			2,983			4,480
Drydocking		1,098			678			666			353			426
Insurance and loss reserves		509			270			683			517			422
Fuel, lubes and supplies		1,850			1,480			1,449			1,173			1,586
Other		2,147			2,889			1,428			1,782			2,456
		16,446			15,860			12,294			11,741			14,448
Other Costs and Expenses:
Depreciation and amortization	$	4,707		$	4,695		$	4,703		$	4,932		$	4,746

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

	Three Months Ended
	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
*PSV*
Time Charter Statistics:
Average rates per day worked	$	20,118		$	21,507		$	22,231		$	19,424		$	17,912
Fleet utilization		68	%		65	%		68	%		55	%		72	%
Fleet available days ⁽¹⁾		1,735			1,748			1,738			1,890			1,932
Out-of-service days for repairs, maintenance and drydockings		48			161			247			396			117
Operating Revenues:
Time charter	$	23,801		$	24,439		$	26,440		$	20,286		$	24,865
Bareboat charter		843			846			838			708			364
Other marine services		440			592			433			508			1,561
		25,084			25,877			27,711			21,502			26,790
Direct Costs and Expenses:
Operating:
Personnel	$	8,322		$	7,882		$	8,567		$	8,351		$	8,999
Repairs and maintenance		3,501			4,618			3,799			3,949			4,101
Drydocking		(166	)		1,113			1,993			2,513			1,046
Insurance and loss reserves		656			546			906			631			618
Fuel, lubes and supplies		1,985			2,030			1,858			2,594			2,379
Other		4,378			3,262			2,199			2,018			2,566
		18,676			19,451			19,322			20,056			19,709
Other Costs and Expenses:
Depreciation and amortization	$	3,301		$	3,968		$	3,943		$	4,133		$	4,122

(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
	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
*Liftboats*
Time Charter Statistics:
Average rates per day worked	$	26,703		$	33,566		$	31,904		$	39,559		$	39,326
Fleet utilization		45	%		58	%		67	%		44	%		68	%
Fleet available days		460			641			637			713			736
Out-of-service days for repairs, maintenance and drydockings		87			188			194			87			41
Out-of-service days for cold-stacked status		—			—			—			83			92
Operating Revenues:
Time charter	$	5,470		$	12,388		$	13,682		$	12,275		$	19,773
Other marine services		359			1,128			1,168			1,289			1,177
		5,829			13,516			14,850			13,564			20,950
Direct Costs and Expenses:
Operating:
Personnel	$	3,241		$	5,209		$	5,673		$	5,247		$	5,678
Repairs and maintenance		2,375			3,943			6,022			1,571			1,722
Drydocking		243			639			2,484			1,003			990
Insurance and loss reserves		415			1,145			1,376			1,241			1,384
Fuel, lubes and supplies		715			951			1,114			712			894
Other		564			407			803			482			860
		7,553			12,294			17,472			10,256			11,528
Other Costs and Expenses:
Depreciation and amortization		2,026			3,450			3,424			3,719			3,866

*Other Activity*
Operating Revenues:
Other marine services	$	378		$	111		$	191		$	290		$	195
		378			111			191			290			195
Direct Costs and Expenses:
Operating:
Personnel	$	(16	)	$	12		$	194		$	5		$	15
Repairs and maintenance		14			25			30			(21	)		2
Insurance and loss reserves		(10	)		(13	)		21			(236	)		—
Fuel, lubes and supplies		50			1			—			1			—
Other		(68	)		46			29			9			12
		(30	)		71			274			(242	)		29
Other Costs and Expenses:
Lease expense	$	261		$	280		$	325		$	337		$	340
Depreciation and amortization		7			8			17			22			23

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

	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	68,934		$	90,953		$	34,381		$	42,988		$	59,491
Restricted cash		24,182			17,255			17,174			2,440			16,649
Receivables:
Trade, net of allowance for credit loss		64,522			62,788			63,287			63,946			69,888
Other		3,148			16,801			10,439			8,811			7,913
Tax receivable		817			507			507			1,602			1,601
Inventories		2,196			2,552			2,539			2,827			2,760
Prepaid expenses and other		5,173			3,448			4,716			6,075			4,406
Assets held for sale		10,812			—			—			12,195			10,943
Total current assets		179,784			194,304			133,043			140,884			173,651
Property and Equipment:
Historical cost		776,833			797,381			887,408			881,961			900,414
Accumulated depreciation		(348,812	)		(344,899	)		(377,265	)		(365,422	)		(367,448	)
		428,021			452,482			510,143			516,539			532,966
Construction in progress		47,002			40,394			31,772			27,248			11,904
Net property and equipment		475,023			492,876			541,915			543,787			544,870
Right-of-use asset – operating leases		982			903			1,179			3,293			3,436
Right-of-use asset – finance leases		19			22			25			28			36
Investments, at equity, and advances to 50% or less owned companies		2,938			2,707			2,310			4,507			3,541
Other assets		1,855			1,686			1,558			1,665			1,577
Total assets	$	660,601		$	692,498		$	680,030		$	694,164		$	727,111
LIABILITIES AND EQUITY
Current Liabilities:
Current portion of operating lease liabilities	$	405		$	510		$	543		$	540		$	606
Current portion of finance lease liabilities		12			11			11			11			17
Current portion of long-term debt		30,000			30,000			30,000			30,000			27,500
Accounts payable		21,268			25,928			26,737			28,445			29,236
Other current liabilities		19,044			24,702			24,182			16,414			27,683
Total current liabilities		70,729			81,151			81,473			75,410			85,042
Long-term operating lease liabilities		607			567			812			2,926			2,982
Long-term finance lease liabilities		8			11			14			17			20
Long-term debt		304,644			311,858			310,980			310,108			317,339
Deferred income taxes		19,376			20,609			18,330			20,312			22,037
Deferred gains and other liabilities		565			639			625			1,356			1,369
Total liabilities		395,929			414,835			412,234			410,129			428,789
Equity:
SEACOR Marine Holdings Inc. stockholders’ equity:
Common stock		280			281			281			293			287
Additional paid-in capital		471,862			470,228			468,669			480,904			479,283
Accumulated deficit		(208,444	)		(193,822	)		(202,816	)		(196,089	)		(180,600	)
Shares held in treasury		(9,691	)		(9,639	)		(9,639	)		(9,628	)		(8,110	)
Accumulated other comprehensive income, net of tax		10,344			10,294			10,980			8,234			7,141
		264,351			277,342			267,475			283,714			298,001
Noncontrolling interests in subsidiaries		321			321			321			321			321
Total equity		264,672			277,663			267,796			284,035			298,322
Total liabilities and equity	$	660,601		$	692,498		$	680,030		$	694,164		$	727,111

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

	Three Months Ended
	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Cash Flows from Operating Activities:
Net (Loss) Income	$	(14,622	)	$	8,994		$	(6,727	)	$	(15,489	)	$	(26,226	)
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization		10,045			12,125			12,090			12,810			12,879
Deferred financing costs amortization		173			(86	)		43			43			254
Stock-based compensation expense		1,633			1,559			1,510			1,627			1,622
Debt discount amortization		243			236			232			226			1,799
Allowance for credit losses		(620	)		627			(213	)		(407	)		59
Gains from equipment sales, retirements or impairments		(8,210	)		(30,230	)		(19,163	)		(5,809	)		(11,624	)
Losses on debt extinguishment		—			—			—			—			28,252
Derivative losses (gains)		73			(17	)		(87	)		(125	)		536
Interest on finance lease		1			1			1			1			2
Settlements on derivative transactions, net		65			—			—			(373	)		—
Currency losses (gains)		38			(218	)		2,119			1,196			(1,308	)
Deferred income taxes		(1,233	)		2,279			(1,982	)		(1,725	)		(4,766	)
Equity earnings		(231	)		(393	)		(218	)		(889	)		(1,430	)
Dividends received from equity investees		—			—			3,199			—			—
Changes in Operating Assets and Liabilities:
Accounts receivables		12,222			(6,700	)		284			5,333			5,448
Other assets		(1,530	)		1,385			1,901			(1,681	)		1,338
Accounts payable and accrued liabilities		(10,246	)		(221	)		4,934			(6,204	)		1,693
Net cash (used in) provided by operating activities		(12,199	)		(10,659	)		(2,077	)		(11,466	)		8,528
Cash Flows from Investing Activities:
Purchases of property and equipment		(8,427	)		(9,348	)		(10,213	)		(20,795	)		(3,010	)
Proceeds from disposition of property and equipment		13,087			76,068			31,592			8,472			22,441
Net cash provided by (used in) investing activities		4,660			66,720			21,379			(12,323	)		19,431
Cash Flows from Financing Activities:
Payments on long-term debt		(7,500	)		(7,500	)		(7,500	)		(5,000	)		(2,479	)
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		(4	)		(3	)		(4	)		(9	)		(13	)
Payments for repurchase of common stock		—			—			(7,089	)		—			—
Payments for repurchase of warrants		—			—			(6,668	)		—			—
Tax withholdings on restricted stock vesting		(52	)		—			(11	)		(1,518	)		—
Net cash (used in) provided by financing activities		(7,556	)		595			(13,175	)		(6,923	)		10,317
Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents		3			(3	)		—			—			—
Net Change in Cash, Restricted Cash and Cash Equivalents		(15,092	)		56,653			6,127			(30,712	)		38,276
Cash, Restricted Cash and Cash Equivalents, Beginning of Period		108,208			51,555			45,428			76,140			37,864
Cash, Restricted Cash and Cash Equivalents, End of Period	$	93,116		$	108,208		$	51,555		$	45,428		$	76,140

SEACOR MARINE HOLDINGS INC. UNAUDITED FLEET COUNTS

	Owned		Managed		Total
December 31, 2025
FSV		21		—		21
PSV		18		—		18
Liftboats		5		—		5
		44		—		44
December 31, 2024
AHTS		—		2		2
FSV		22		1		23
PSV		21		—		21
Liftboats		8		—		8
		51		3		54