SEACOR Marine Holdings Inc.

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

SMHI$9.12-0.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Results of Operations

For the years ended December 31, the Company’s consolidated results of operations were as follows (in thousands, except statistics):

2025 · 2024 · 2023
Time Charter Statistics:
Average Rates Per Day	$18,899		$18,989			$16,375
Fleet Utilization	66%		67%			75%
Fleet Available Days	17,341		19,895			20,519
Operating revenues:
Time charter	$215,381	95%		$254,320	94%		$251,385	89%
Bareboat charter	3,235	1%		1,464	1%		1,460	1%
Other marine services	9,216	4%		15,577	5%		26,666	10%
	227,832	100%		271,361	100%		279,511	100%
Costs and Expenses:
Operating:
Personnel	$71,661	31%		$85,541	32%		$81,770	29%
Repairs and maintenance	48,523	21%		40,385	15%		26,826	10%
Drydocking	12,617	6%		21,451	8%		6,598	2%
Insurance and loss reserves	8,653	4%		9,894	4%		9,956	4%
Fuel, lubes and supplies	17,908	8%		19,947	7%		17,187	6%
Other	22,410	10%		20,034	7%		17,313	6%
	181,772	80%		197,252	73%		159,650	57%
Lease expense	1,203	1%		1,678	1%		2,748	1%
Administrative and general	47,483	21%		44,713	16%		49,183	18%
Depreciation and amortization	47,070	21%		51,628	19%		53,821	19%
	277,528	122%		295,271	109%		265,402	95%
Gains on Asset Dispositions and Impairments, Net	63,412	28%		13,481	5%		21,409	8%
Operating Income (Loss)	13,716	6%		(10,429)	(4)%		35,518	13%
Other Expense, Net	(32,781)	(14)%		(72,618)	(27)%		(39,589)	(14)%
Loss Before Income Tax Expense (Benefit) and Equity in Earnings of 50% or Less Owned Companies	(19,065)	(8)%		(83,047)	(31)%		(4,071)	(1)%
Income Tax Expense (Benefit)	10,510	5%		(2,615)	(1)%		8,799	3%
Loss Before Equity in Earnings of 50% or Less Owned Companies	(29,575)	(13)%		(80,432)	(30)%		(12,870)	(5)%
Equity in Earnings of 50% or Less Owned Companies	1,731	1%		2,308	1%		3,556	1%
Net Loss	(27,844)	(12)%		(78,124)	(29)%		(9,314)	(3)%

The following tables summarize the operating results and property and equipment for the Company’s reportable segments for the periods indicated (in thousands, except statistics):

	United States (primarily Gulf of America)	Africa and Europe	Middle Eastand Asia	LatinAmerica	Total
Time Charter Statistics:
Average Rates Per Day	$21,634	$17,883	$17,189	$22,758	$18,899
Fleet Utilization	41%	76%	71%	65%	66%
Fleet Available Days	3,759	6,593	4,454	2,535	17,341
Operating Revenues:
Time charter	$33,371	$90,044	$54,621	$37,345	$215,381
Bareboat charter	—	—	—	3,235	3,235
Other marine services	2,955	2,971	1,613	1,677	9,216
	36,326	93,015	56,234	42,257	227,832
Direct Costs and Expenses:
Operating:
Personnel	$22,999	$19,819	$19,162	$9,681	$71,661
Repairs and maintenance	5,161	19,333	19,744	4,285	48,523
Drydocking	5,731	4,542	1,333	1,011	12,617
Insurance and loss reserves	2,852	2,300	2,779	722	8,653
Fuel, lubes and supplies	2,989	6,967	5,094	2,858	17,908
Other	1,304	11,215	4,528	5,363	22,410
	41,036	64,176	52,640	23,920	181,772
Direct Vessel (Loss) Profit	$(4,710)	$28,839	$3,594	$18,337	$46,060
Other Costs and Expenses:
Lease expense	$552	$130	$293	$228	1,203
Administrative and general				47,483
Depreciation and amortization	11,593	16,935	12,848	5,694	47,070
Gains on asset dispositions and impairments, net				63,412
Operating income				$13,716
Property and Equipment:
Historical cost	$98,231	$275,058	$242,879	$160,665	$776,833
Accumulated depreciation	(62,907)	(121,155)	(112,559)	(52,191)	(348,812)
	$35,324	$153,903	$130,320	$108,474	$428,021
Total Assets (1)	$56,355	$196,818	$193,225	$124,213	$570,611

(1)

Total Assets exclude $90.0 million of corporate assets.

	United States (primarily Gulf of America)	Africa and Europe	Middle Eastand Asia	LatinAmerica	Total
Time Charter Statistics:
Average Rates Per Day	$23,076	$17,453	$17,285	$23,462	$18,989
Fleet Utilization	38%	75%	78%	66%	67%
Fleet Available Days	3,688	7,590	5,215	3,402	19,895
Operating Revenues:
Time charter	$31,991	$99,410	$70,346	$52,573	$254,320
Bareboat charter	—	—	—	1,464	1,464
Other marine services	3,808	5,272	1,979	4,518	15,577
	35,799	104,682	72,325	58,555	271,361
Direct Costs and Expenses:
Operating:
Personnel	$24,459	$21,887	$24,132	$15,063	$85,541
Repairs and maintenance	6,618	13,537	13,047	7,183	40,385
Drydocking	8,604	4,774	2,796	5,277	21,451
Insurance and loss reserves	2,992	2,329	3,147	1,426	9,894
Fuel, lubes and supplies	3,351	7,197	4,184	5,215	19,947
Other	509	12,723	4,425	2,377	20,034
	46,533	62,447	51,731	36,541	197,252
Direct Vessel (Loss) Profit	$(10,734)	$42,235	$20,594	$22,014	$74,109
Other Costs and Expenses:
Lease expense	$555	$507	$301	$315	1,678
Administrative and general				44,713
Depreciation and amortization	12,334	17,497	13,276	8,521	51,628
Gains on asset dispositions and impairments, net				13,481
Operating loss				$(10,429)
Property and Equipment:
Historical cost	$195,756	$325,000	$240,075	$139,583	$900,414
Accumulated depreciation	(104,771)	(121,320)	(97,908)	(43,449)	(367,448)
	$90,985	$203,680	$142,167	$96,134	$532,966
Total Assets (1)	$120,347	$241,278	$174,410	$117,475	$653,510

(1)

Total Assets exclude $73.6 million of corporate assets.

	United States (primarily Gulf of America)	Africa and Europe	Middle Eastand Asia	LatinAmerica	Total
Time Charter Statistics:
Average Rates Per Day	$20,967	$14,612	$15,003	$18,937	$16,375
Fleet Utilization	45%	87%	76%	88%	75%
Fleet Available Days	4,443	6,935	5,829	3,312	20,519
Operating Revenues:
Time charter	$41,850	$87,729	$66,407	$55,399	$251,385
Bareboat charter	—	—	—	1,460	1,460
Other marine services	17,678	2,582	4,345	2,061	26,666
	59,528	90,311	70,752	58,920	279,511
Direct Costs and Expenses:
Operating:
Personnel	$26,110	$20,434	$20,786	$14,440	$81,770
Repairs and maintenance	5,146	9,624	7,109	4,947	26,826
Drydocking	2,314	2,946	(99)	1,437	6,598
Insurance and loss reserves	3,752	1,727	3,638	839	9,956
Fuel, lubes and supplies	3,697	6,830	3,552	3,108	17,187
Other	1,427	10,072	3,961	1,853	17,313
	42,446	51,633	38,947	26,624	159,650
Direct Vessel Profit	$17,082	$38,678	$31,805	$32,296	$119,861
Other Costs and Expenses:
Lease expense	$536	$1,498	$360	$354	2,748
Administrative and general				49,183
Depreciation and amortization	14,685	15,346	14,760	9,030	53,821
Gains on asset dispositions and impairments, net				21,409
Operating income				$35,518
Property and Equipment:
Historical cost	$209,262	$272,272	$267,079	$170,210	$918,823
Accumulated depreciation	(99,137)	(93,045)	(94,708)	(37,251)	(324,141)
	$110,125	$179,227	$172,371	$132,959	$594,682
Total Assets (1)	$142,264	$215,158	$199,174	$152,427	$709,023

(1)

Total Assets exclude $71.3 million of corporate assets.

The following tables summarize the world-wide operating results and property and equipment for each of the Company’s vessel classes for the periods indicated (in thousands, except statistics):

AHTS · FSV · PSV · Liftboats · OtherActivity · Total
Time Charter Statistics:
Average Rates Per Day	$—	$13,852	$20,857	$33,369		$—	$18,899
Fleet Utilization	—%	71%	64%	54%		—%	66%
Fleet Available Days	—	7,779	7,111	2,451		—	17,341
Operating Revenues:
Time charter	$(7)	$76,607	$94,966	$43,815		$—	$215,381
Bareboat charter	—	—	3,235	—		—	3,235
Other marine services	(7)	2,336	1,973	3,944		970	9,216
	(14)	78,943	100,174	47,759		970	227,832
Direct Costs and Expenses:
Operating:
Personnel	$33	$18,941	$33,122	$19,370		$195	$71,661
Repairs and maintenance	269	18,428	15,867	13,911		48	48,523
Drydocking	—	2,795	5,453	4,369		—	12,617
Insurance and loss reserves	(4)	1,979	2,739	4,177		(238)	8,653
Fuel, lubes and supplies	(55)	5,952	8,467	3,492		52	17,908
Other	35	8,246	11,857	2,256		16	22,410
	278	56,341	77,505	47,575		73	181,772
Other Costs and Expenses:
Lease expense	$—	$—	$—	$—		$1,203	1,203
Administrative and general					47,483
Depreciation and amortization	15	19,037	15,345	12,619		54	47,070
Gains on asset dispositions and impairments, net					63,412
Operating income					$13,716
Property and Equipment:
Historical cost	$948	$340,547	$274,726	$141,841		$18,771	$776,833
Accumulated depreciation	(841)	(177,708)	(75,606)	(76,115)		(18,542)	(348,812)
	$107	$162,839	$199,120	$65,726		$229	$428,021

AHTS · FSV · PSV · Liftboats · OtherActivity · Total
Time Charter Statistics:
Average Rates Per Day	$9,156	$12,901	$19,888	$42,665		$—	$18,989
Fleet Utilization	60%	76%	62%	58%		—%	67%
Fleet Available Days	1,240	8,052	7,675	2,928		—	19,895
Operating Revenues:
Time charter	$6,831	$79,377	$95,133	$72,979		$—	$254,320
Bareboat charter	—	—	1,464	—		—	1,464
Other marine services	232	2,070	7,098	4,757		1,420	15,577
	7,063	81,447	103,695	77,736		1,420	271,361
Direct Costs and Expenses:
Operating:
Personnel	$3,685	$22,193	$36,188	$24,586		$(1,111)	$85,541
Repairs and maintenance	1,052	16,523	15,443	7,342		25	40,385
Drydocking	789	3,200	9,677	7,785		—	21,451
Insurance and loss reserves	255	1,777	2,686	5,482		(306)	9,894
Fuel, lubes and supplies	800	5,592	9,437	4,118		—	19,947
Other	990	8,193	8,632	2,195		24	20,034
	7,571	57,478	82,063	51,508		(1,368)	197,252
Other Costs and Expenses:
Lease expense	$346	$—	$—	$—		$1,332	1,678
Administrative and general					44,713
Depreciation and amortization	647	18,980	16,440	15,463		98	51,628
Gains on asset dispositions and impairments, net					13,481
Operating loss					$(10,429)
Property and Equipment:
Historical cost	$948	$345,476	$290,478	$244,564		$18,948	$900,414
Accumulated depreciation	(825)	(161,212)	(66,540)	(120,192)		(18,679)	(367,448)
	$123	$184,264	$223,938	$124,372		$269	$532,966

AHTS · FSV · PSV · Liftboats · OtherActivity · Total
Time Charter Statistics:
Average Rates Per Day	$9,201	$11,273	$18,031	$37,523		$—	$16,375
Fleet Utilization	70%	84%	77%	50%		—%	75%
Fleet Available Days	1,491	8,384	7,392	3,252		—	20,519
Operating Revenues:
Time charter	$9,610	$79,372	$101,978	$60,425		$—	$251,385
Bareboat charter	—	—	1,460	—		—	1,460
Other marine services	936	1,076	3,078	17,801		3,775	26,666
	10,546	80,448	106,516	78,226		3,775	279,511
Direct Costs and Expenses:
Operating:
Personnel	$4,027	$20,408	$35,397	$20,432		$1,506	$81,770
Repairs and maintenance	1,498	8,479	12,497	4,383		(31)	26,826
Drydocking	1,356	4,050	1,325	(52)		(81)	6,598
Insurance and loss reserves	307	1,363	2,212	6,027		47	9,956
Fuel, lubes and supplies	1,471	5,432	7,834	2,442		8	17,187
Other	1,450	6,523	7,765	1,542		33	17,313
	10,109	46,255	67,030	34,774		1,482	159,650
Other Costs and Expenses:
Lease expense	$1,247	$—	$—	$—		$1,501	2,748
Administrative and general					49,183
Depreciation and amortization	1,020	19,779	16,480	16,395		147	53,821
Gains on asset dispositions and impairments, net					21,409
Operating income					$35,518
Property and Equipment:
Historical cost	$12,669	$341,054	$301,523	$244,462		$19,115	$918,823
Accumulated depreciation	(5,134)	(142,429)	(53,162)	(104,626)		(18,790)	(324,141)
	$7,535	$198,625	$248,361	$139,836		$325	$594,682

Operating Income (Loss)

United States, primarily Gulf of America. For the years ended December 31, the Company’s direct vessel (loss) profit in the U.S. was as follows (in thousands, except statistics):

2025 · 2024 · 2023
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$—		$—			$—
FSV	10,782		10,249			9,657
PSV	14,184		13,797			14,148
Liftboats	28,111		35,911			34,451
Overall	21,634		23,076			20,967
Utilization:
AHTS	—%		—%			—%
FSV	7%		35%			57%
PSV	54%		49%			62%
Liftboats	50%		35%			34%
Overall	41%		38%			45%
Available Days:
AHTS	—		—			31
FSV	911		1,098			1,095
PSV	1,181		732			910
Liftboats	1,667		1,858			2,407
Overall	3,759		3,688			4,443
Operating revenues:
Time charter	$33,371	92%		$31,991	89%		$41,850	70%
Other marine services	2,955	8%		3,808	11%		17,678	30%
	36,326	100%		35,799	100%		59,528	100%
Direct operating expenses:
Personnel	22,999	63%		24,459	68%		26,110	44%
Repairs and maintenance	5,161	14%		6,618	18%		5,146	9%
Drydocking	5,731	16%		8,604	24%		2,314	4%
Insurance and loss reserves	2,852	8%		2,992	8%		3,752	6%
Fuel, lubes and supplies	2,989	8%		3,351	10%		3,697	6%
Other	1,304	4%		509	2%		1,427	2%
	41,036	113%		46,533	130%		42,446	71%
Direct Vessel (Loss) Profit	$(4,710)	-13%		$(10,734)	-30%		$17,082	29%

Operating Revenues. Charter revenues were $1.4 million higher in 2025 compared with 2024. Charter revenues were $7.9 million higher due to the repositioning of two vessels into the region subsequent to 2024. Charter revenues were $4.4 million lower for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of six vessels, due to lower utilization of 44% in 2025 compared to 49% in 2024 offset by higher average day rates of $25,065 in 2025 compared to $24,428 in 2024. Charter revenues were $2.1 million lower due to net asset dispositions. Other marine services were $0.9 million lower primarily due to lower management fees. As of December 31, 2025, the Company had one of seven owned vessels (one FSV) cold-stacked in this region compared with two of 10 vessels as of December 31, 2024.

Direct Operating Expenses. Direct operating expenses were $5.5 million lower in 2025 compared with 2024. Direct operating expenses were $12.8 million lower for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and $4.3 million lower due to net asset dispositions. Direct operating expenses were $11.6 million higher due to the repositioning of vessels between geographic regions.

Operating Revenues. Charter revenues were $9.9 million lower in 2024 compared with 2023. Charter revenues were $16.9 million lower due to the repositioning of vessels between geographic regions, as such repositioned vessels had 58 days worked at an average day rate of $60,628 in 2024 compared to 515 days worked at an average day rate of $39,741 in 2023, as well as $0.7 million lower due to the disposition of one vessel in the third quarter of 2023. Charter revenues were $7.7 million higher for the vessels included in the results of this region in both comparative periods (as applicable to each region, the “Regional Core Fleet”), which consists of nine vessels, due to higher utilization of 81% for one liftboat with a higher than average day rate of $49,914, partially offset by lower utilization of 35% for the remainder of the vessels. Other marine services were $13.9 million lower primarily due to non-recurring business interruption insurance revenue recorded in 2023 and lower mobilization revenues and management fees in 2024. As of December 31, 2024, the Company had two of 10 owned vessels (one liftboat and one FSV) cold-stacked in this region compared with two of 11 vessels as of December 31, 2023.

Direct Operating Expenses. Direct operating expenses were $4.1 million higher in 2024 compared with 2023. Direct operating expenses were $10.2 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures, $3.3 million lower due to the repositioning of vessels between geographic regions and $2.8 million lower due to net asset dispositions.

Africa and Europe. For the years ended December 31, the Company’s direct vessel profit in Africa and Europe was as follows (in thousands, except statistics):

2025 · 2024 · 2023
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$—		$10,189			$10,101
FSV	15,567		15,304			12,701
PSV	21,714		22,405			20,129
Overall	17,883		17,453			14,612
Utilization:
AHTS	—%		48%			77%
FSV	83%		83%			91%
PSV	67%		73%			84%
Overall	76%		75%			87%
Available Days:
AHTS	—		895			1,095
FSV	3,770		3,913			3,650
PSV	2,823		2,782			2,190
Overall	6,593		7,590			6,935
Operating revenues:
Time charter	$90,044	97%		$99,410	95%		$87,729	97%
Other marine services	2,971	3%		5,272	5%		2,582	3%
	93,015	100%		104,682	100%		90,311	100%
Direct operating expenses:
Personnel	19,819	21%		21,887	21%		20,434	23%
Repairs and maintenance	19,333	21%		13,537	13%		9,624	10%
Drydocking	4,542	5%		4,774	5%		2,946	3%
Insurance and loss reserves	2,300	3%		2,329	2%		1,727	2%
Fuel, lubes and supplies	6,967	7%		7,197	7%		6,830	8%
Other	11,215	12%		12,723	12%		10,072	11%
	64,176	69%		62,447	60%		51,633	57%
Direct Vessel Profit	$28,839	31%		$42,235	40%		$38,678	43%

Operating Revenues. Charter revenues were $9.4 million lower in 2025 compared with 2024. Charter revenues were $5.5 million lower for the Regional Core Fleet, which consists of 17 vessels, due to lower utilization of 76% in 2025 compared to 80% in 2024 and lower average day rates of $17,966 in 2025 compared to $18,403 in 2024. Charter revenues were $4.4 million lower due to the disposition of two vessels subsequent to 2024. Charter revenues were $0.5 million higher due to the repositioning of one vessel into the region subsequent to 2024. Other marine services were $2.3 million lower primarily due to lower mobilization revenues. As of December 31, 2025 and 2024, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $1.7 million higher in 2025 compared with 2024. Direct operating expenses were $6.0 million higher for the Regional Core Fleet primarily due to the timing of repair expenditures and $0.8 million higher due to the repositioning of vessels between geographic regions and $5.1 million lower due to net asset dispositions.

Operating Revenues. Charter revenues were $11.7 million higher in 2024 compared with 2023. Charter revenues were $12.0 million higher due to the repositioning of three vessels into the region in 2024, $1.2 million higher for the Regional Core Fleet, which consists of 18 vessels, due to higher average day rates of $17,033 in 2024 compared to $14,733 in 2023, substantially offset by lower utilization of 79% in 2024 compared to 89% in 2023 and $1.5 million lower due to the disposition of one vessel in 2024. Other marine services were $2.7 million higher primarily due to higher mobilization revenues. As of December 31, 2024, the Company had no vessels cold-stacked in this region compared with one of 19 vessels that was classified as held for sale as of December 31, 2023.

Direct Operating Expenses. Direct operating expenses were $10.8 million higher in 2024 compared with 2023. Direct operating expenses were $11.3 million higher due to the repositioning of vessels between geographic regions, $0.4 million higher for the Regional Core Fleet primarily due to the timing of repair expenditures and $0.9 million lower due to net asset dispositions.

Middle East and Asia. For the years ended December 31, the Company’s direct vessel profit in the Middle East and Asia was as follows (in thousands, except statistics):

2025 · 2024 · 2023
Time Charter Statistics:
Rates Per Day Worked:
AHTS	$—		$7,734			$5,547
FSV	9,764		8,506			9,095
PSV	18,121		15,907			11,826
Liftboats	40,452		45,801			42,578
Overall	17,189		17,285			15,003
Utilization:
AHTS	—%		91%			57%
FSV	71%		80%			84%
PSV	76%		64%			59%
Liftboats	62%		100%			98%
Overall	71%		78%			76%
Available Days:
AHTS	—		345			365
FSV	2,184		2,309			2,909
PSV	1,540		1,829			1,825
Liftboats	730		732			730
Overall	4,454		5,215			5,829
Operating revenues:
Time charter	$54,621	97%		$70,346	97%		$66,407	94%
Other marine services	1,613	3%		1,979	3%		4,345	6%
	56,234	100%		72,325	100%		70,752	100%
Direct operating expenses:
Personnel	19,162	34%		24,132	33%		20,786	29%
Repairs and maintenance	19,744	35%		13,047	18%		7,109	10%
Drydocking	1,333	3%		2,796	4%		(99)	(0)%
Insurance and loss reserves	2,779	5%		3,147	4%		3,638	5%
Fuel, lubes and supplies	5,094	9%		4,184	6%		3,552	5%
Other	4,528	8%		4,425	6%		3,961	6%
	52,640	94%		51,731	72%		38,947	55%
Direct Vessel Profit	$3,594	6%		$20,594	28%		$31,805	45%

Operating Revenues. Charter revenues were $15.7 million lower in 2025 compared with 2024. Charter revenues were $8.9 million lower for the Regional Core Fleet, which consists of 11 vessels, due to lower average day rates of $17,459 in 2025 compared to $19,473 in 2024 and lower utilization of 75% in 2025 compared to 78% in 2024. Charter revenues were $7.5 million lower due to the disposition of three vessels subsequent to 2024 and $0.7 million higher due to the repositioning of one vessel into the region. Other marine services were $0.4 million lower primarily due to lower catering revenues. As of December 31, 2025 and 2024, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $0.9 million higher in 2025 compared with 2024. Direct operating expenses were $5.5 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and $2.2 million higher due to the repositioning of vessels between geographic regions. Direct operating expenses were $6.8 million lower due to net asset dispositions.

Operating Revenues. Charter revenues were $3.9 million higher in 2024 compared with 2023. Charter revenues were $9.5 million higher for the Regional Core Fleet, which consists of 14 vessels, due to higher average day rates of $17,356 in 2024 compared to $15,871 in 2023, and an increase in fleet utilization from 74% in 2023 to 79% in 2024. Charter revenues were $3.5 million lower due to the disposition of one vessel in 2023 and $2.1 million lower due to the repositioning of one vessel out of the region. Other marine services were $2.4 million lower primarily due to non-recurring business interruption insurance revenue recorded in 2023. As of December 31, 2024 and 2023, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $12.8 million higher in 2024 compared with 2023. Direct operating expenses were $15.3 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures and insurance reimbursements related to expenses in prior periods, $1.6 million lower due to net asset dispositions and $0.9 million lower due to the repositioning of vessels between geographic regions.

Latin America. For the years ended December 31, the Company’s direct vessel profit in Latin America was as follows (in thousands, except statistics):

2025 · 2024 · 2023
Time Charter Statistics:
Rates Per Day Worked:
FSV	$15,387		$14,951			$13,636
PSV	27,759		21,296			20,314
Liftboats	88,930		48,786			24,450
Overall	22,758		23,462			18,937
Utilization:
FSV	84%		94%			90%
PSV	54%		52%			89%
Liftboats	40%		99%			75%
Overall	65%		66%			88%
Available Days:
FSV	914		732			730
PSV	1,567		2,332			2,467
Liftboats	54		338			115
Overall	2,535		3,402			3,312
Operating revenues:
Time charter	$37,345	88%		$52,573	90%		$55,399	94%
Bareboat charter	3,235	8%		1,464	2%		1,460	2%
Other marine services	1,677	4%		4,518	8%		2,061	4%
	42,257	100%		58,555	100%		58,920	100%
Direct operating expenses:
Personnel	9,681	23%		15,063	26%		14,440	25%
Repairs and maintenance	4,285	10%		7,183	12%		4,947	8%
Drydocking	1,011	2%		5,277	9%		1,437	2%
Insurance and loss reserves	722	2%		1,426	2%		839	2%
Fuel, lubes and supplies	2,858	7%		5,215	9%		3,108	5%
Other	5,363	13%		2,377	4%		1,853	3%
	23,920	57%		36,541	62%		26,624	45%
Direct Vessel Profit	$18,337	43%		$22,014	38%		$32,296	55%

Operating Revenues. Charter revenues were $13.5 million lower in 2025 compared with 2024. Charter revenues were $21.8 million lower due to the repositioning of two vessels out of the region subsequent to 2024. Charter revenues were $8.3 million higher for the Regional Core Fleet, which consists of six vessels, primarily due to higher utilization of 68% in 2025 compared to 63% in 2024 and higher average day rates of $22,475 in 2025 compared to $19,388 in 2024. Other marine services were $2.8 million lower in 2025 compared with 2024 primarily due to lower catering revenues. As of December 31, 2025 and 2024, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $12.6 million lower in 2025 compared with 2024. Direct operating expenses were $9.0 million lower due to the repositioning of vessels between geographic regions and $3.6 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

Operating Revenues. Charter revenues were $2.8 million lower in 2024 compared with 2023. Charter revenues were $3.5 million lower due to the repositioning of five vessels out of the region, partially offset by the repositioning of two vessels into the region and $0.7 million higher for the Regional Core Fleet, which consists of eight vessels, primarily due to higher average day rates of $21,468 in 2024 compared to $18,455 in 2023, substantially offset by lower utilization of 63% in 2024 compared to 85% in 2023. Other marine services were $2.5 million higher in 2024 compared with 2023 primarily due to higher catering revenues. As of December 31, 2024 and 2023, the Company had no vessels cold-stacked in this region.

Direct Operating Expenses. Direct operating expenses were $9.9 million higher in 2024 compared with 2023. Direct operating expenses were $8.0 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures and $1.9 million higher due to the repositioning of vessels between geographic regions.

Other Operating Expenses

Lease expense. Leased-in equipment expenses were $0.5 million lower compared with 2024 primarily due to having no leased-in vessels in 2025 compared to one in 2024. Leased-in equipment expenses were $1.1 million lower for 2024 compared with 2023 primarily due to having one leased-in vessel in 2024 compared to two in 2023.

Administrative and general. Administrative and general expenses were $2.8 million higher in 2025 compared with 2024 primarily due to increases in professional fees of $2.8 million and increases in wages and benefits expenses of $0.7 million partially offset by decreases in allowance for credit losses of $0.8 million. Administrative and general expenses were $4.5 million lower in 2024 compared with 2023 primarily due to decreases in allowance for credit losses of $3.3 million and decreases in professional fees of $1.4 million partially offset by increases in wages and benefits expenses of $0.4 million.

Depreciation and amortization. Depreciation and amortization expenses were $4.6 million lower in 2025 compared with 2024 and $2.2 million lower in 2024 compared with 2023 primarily due to net fleet changes.

Gains (Losses) on Asset Dispositions and Impairments, Net. During 2025, the Company sold one FSV and two PSVs, previously classified as held for sale, as well as one PSV, three liftboats and other equipment not previously classified as held for sale for net cash proceeds of $129.2 million, after transaction costs, and a gain of $63.4 million.

During 2024, the Company sold one AHTS, previously classified as held for sale, two AHTS, not previously classified as held for sale, and other equipment for net cash proceeds of $24.9 million, after transaction costs, and a gain of $17.2 million. In addition, the Company recognized impairment charges of $3.7 million for other equipment designated for a construction project that was indefinitely deferred and will no longer be completed.

During 2023, the Company sold one liftboat, classified as held for sale, three liftboats and one specialty vessel, previously removed from service, one FSV and other equipment, previously classified as held for sale, as well as other equipment not previously classified as held for sale, for net cash proceeds of $44.7 million, after transaction costs, and a gain of $21.1 million. In addition, the Company recognized impairment charges of $0.7 million for one AHTS to adjust for indicative future cash flows and the cost to return the vessel to its owner.

Other Income (Expense), Net

For the years ended December 31, the Company’s other income (expense) was as follows (in thousands):

	2025	2024	2023
Other Income (Expense):
Interest income	$1,856	$1,768	$1,444
Interest expense	(36,050)	(40,627)	(37,504)
Losses on debt extinguishment	—	(31,923)	(2,004)
Derivative gains (losses), net	156	(908)	608
Foreign currency losses, net	(3,135)	(1,049)	(2,133)
Gains on insurance claim settlement	4,581	—	—
Other, net	(189)	121	—
	$(32,781)	$(72,618)	$(39,589)

Interest Income. Interest income was nearly flat in 2025 compared with 2024 and in 2024 compared with 2023.

Interest expense. Interest expense was lower in 2025 compared to 2024 primarily due to a lower interest rate on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum), which was entered into on November 27, 2024 compared to the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75% per annum), which was entered into on September 8, 2023. Interest expense was higher in 2024 compared to 2023 primarily due to a higher interest rate on the 2023 SMFH Credit Facility (which bore interest at a fixed rate of 11.75%) compared to the debt retired by the facility, which was entered into on September 8, 2023.

Losses on debt extinguishment. Loss on debt extinguishment was $31.9 million in 2024 due to the payoff of multiple credit facilities with the proceeds from the 2024 SMFH Credit Facility. Loss on debt extinguishment was $2.0 million in 2023 due to the payoff of the $130.0 million loan facility with a syndicate of lenders administered by DNB Bank ASA, dated September 26, 2018 (as amended from time to time, the “2018 SMFH Credit Facility”) for the 2023 SMFH Credit Facility.

Derivative gains (losses), net. Net derivative gains in 2025 compared with net derivative losses in 2024 were due to the weakening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner. As of December 31, 2025, the Company had no outstanding foreign exchange contract. Net derivative losses in 2024 compared with net derivative gains in 2023 were due to the strengthening of the U.S. dollar in relation to the Norwegian Kroner for an open forward currency exchange contract, which is denominated in Norwegian Kroner.

Foreign currency losses, net. Net foreign currency losses in 2025 compared with 2024 increased due to the weakening of the U.S. dollar in relation to the pound sterling. Net foreign currency losses in 2024 compared with 2023 decreased due to the strengthening of the U.S. dollar in relation to the pound sterling.

Gains on insurance claim settlement. Gains on insurance claim settlement in 2025 were due to the Company entering into insurance claim settlements for a total of $12.1 million, of which $4.6 million was in excess of an insurance claim receivable of $7.5 million previously deferred with respect to the liftboat LB Robert.

Income Tax Expense

For the year ending December 31, 2025, the Company’s effective income tax rate of 55.1% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. for income tax purposes.

For the year ending December 31, 2024, the Company’s effective income tax rate of (3.1)% was primarily due to foreign taxes paid that are not creditable against U.S. income taxes and foreign losses for which there is no benefit in the U.S. for income tax purposes.

For the year ending December 31, 2023, the Company’s effective income tax rate of 216.2% was primarily due to foreign withholding taxes.

Equity in Earnings (Losses) of 50% or Less Owned Companies, Net of Tax

For the years ended December 31, the Company’s equity in earnings operations of 50% or less owned companies, net of tax, was as follows (in thousands):

	2025	2024	2023
SEACOR Marine Arabia	$1,631	$3,010	$3,401
Other	100	(702)	155
	$1,731	$2,308	$3,556

SEACOR Marine Arabia. The decrease in equity earnings in 2025 from SEACOR Marine Arabia was due to decreased utilization.

SEACOR Marine Arabia. The decrease in equity earnings in 2024 from SEACOR Marine Arabia was due to decreased utilization.

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