SEACOR Marine Holdings Inc.
For the period ended Jun 30, 2026. Filed Jul 29, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 29, 2026
SMHI$8.75+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001690334-26-000008
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-29.
0001690334-26-000020
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 95 previous paragraphs and 115 current paragraphs.
41 unchanged; 46 reworded; 28 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 15 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (28)
Current report
Strategic Alternatives Review
Current report
On July 29, 2026, the Company announced that its Board of Directors (“Board”) is evaluating potential strategic alternatives to maximize shareholder value. During the review process, the Board expects to evaluate a range of strategic alternatives that may include a sale of the Company, merger, other business combinations, sale of assets, or other transactions aimed at maximizing value for shareholders. The Board has retained independent financial advisors to assist in evaluating strategic alternatives. The Board and management team remain fully committed to acting in the best interests of the Company and its stakeholders throughout this evaluation process.
Current report
There can be no assurance that the strategic review process will result in any transaction or other strategic outcome. The Company has not established a timetable for completion of the review process and does not intend to disclose developments related to the review unless and until SEACOR Marine executes a definitive agreement with respect thereto, or the Board otherwise determines that further disclosure is appropriate or required.
Current report
Modification of 2024 Credit Agreement
Current report
On May 20, 2026, SEACOR Marine, as parent guarantor, and SEACOR Marine Foreign Holdings Inc., as borrower and wholly-owned subsidiary of the Company (“SMFH”), entered into a letter agreement (“Letter Agreement”) for the purposes of modifying that certain credit agreement, dated as of November 27, 2024, among the Company, SMFH, certain other wholly-owned subsidiaries of the Company, as subsidiary guarantors, an affiliate of EnTrust Global, as lender, Kroll Agency Services Limited, as facility agent, and Kroll Trustee Services Limited, as security trustee (the “2024 Credit Agreement”).
Current report
The Letter Agreement provided for (i) the release to SMFH of $13.7 million (the “Release”) from a restricted escrow account into which vessel sale proceeds are deposited from the sale of vessels that serve as collateral under the 2024 Credit Agreement (the “Escrow Account”) and (ii) the cancellation of the $24.6 million of undrawn commitments available under Tranche B of the 2024 Credit Agreement (“Tranche B”). The Tranche B commitments were exclusively available to make a portion of the payments for the construction of two platform supply vessels (“PSVs”), each with a contract price of $41.0 million per vessel. After giving effect to the Release, the Escrow Account held $41.0 million to be used to fully fund the remaining PSV construction payments without the need for any additional borrowings. The new PSVs are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, respectively.
Current report
On May 20, 2026, the Company completed the sale of one 241.5 foot, DP-2 PSV built in 2009 for total proceeds of $8.0 million for a gain of approximately $7.4 million. Approximately $6.2 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in the Escrow Account.
Current report
On May 18, 2026, the Company completed the sale of two liftboats built in 2009 for total proceeds of $16.0 million for a gain of approximately $9.6 million. None of the sales proceeds from these liftboat sales were encumbered by the Company’s 2024 SMFH Credit Facility or required to be used to repay such facility.
Current report
On April 21, 2026, the Company completed the sale of one 190 foot, DP-2 fast support vessel(“FSV”) built in 2010 for total proceeds of $7.9 million for a gain of approximately $6.9 million. Approximately $6.2 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in the Escrow Account.
Current report
On April 14, 2026, the Company completed the sale of one 201 foot, DP-2 PSV built in 2015 for total proceeds of $14.6 million for a gain of approximately $7.6 million. Approximately $11.4 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in the Escrow Account.
Current report
In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment, the Company’s United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting United States operations are now consolidated with Latin America operations and reported as a consolidated segment, and prior period information has been conformed to the new consolidated reporting segment.
Current report
In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment, the Company’s United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting United States operations are now consolidated with Latin America operations and reported as a consolidated segment, and prior period information has been conformed to the new consolidated reporting segment.
Current report
In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment, the Company’s United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting United States operations are now consolidated with Latin America operations and reported as a consolidated segment, and prior period information has been conformed to the new consolidated reporting segment.
Current report
In prior periods the United States and Latin America were reported as separate segments. Due to the reduction of the United States operating segment, the Company’s United States operations are no longer analyzed by the chief operating decision maker on a standalone basis but rather as part of the Americas segment. As a result, for purposes of segment reporting United States operations are now consolidated with Latin America operations and reported as a consolidated segment, and prior period information has been conformed to the new consolidated reporting segment.
Current report
Americas. For the three and six months ended June 30, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in the Americas were as follows (in thousands, except statistics):
Current report
Operating Revenues. Charter revenues were $10.7 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $15.4 million lower due to the disposition of five vessels subsequent to the Prior Year Six Months and were $0.7 million lower for the Regional Core Fleet, which consists of seven vessels, due to lower average day rates of $21,067 in the Current Year Six Months compared to $23,460 in the Prior Year Six Months offset by higher utilization of 56% in the Current Year Six Months compared to 53% in the Prior Year Six Months. Charter revenues were $5.4 million higher due to the repositioning of three vessels with higher than average day rates into the region partially offset by four vessels repositioned out of the region subsequent to the Prior Year Six Months. Other marine services were $1.1 million lower primarily due to lower catering revenues.
Current report
Direct Operating Expenses. Direct operating expenses were $10.2 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $18.6 million lower due to net asset dispositions, $8.0 million higher due to the repositioning of vessels between geographic regions and $0.4 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures.
Current report
Operating Revenues. Charter revenues were $0.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $5.0 million higher for the Regional Core Fleet, which consists of 15 vessels, primarily due to higher average day rates of $19,257 in the Current Year Quarter compared to $18,242 in the Prior Year Quarter and higher utilization of 91% in the Current Year Quarter compared to 74% in the Prior Year Quarter. Charter revenues were $3.2 million lower due to the repositioning of four vessels with lower than average day rates into the region partially offset by two vessels repositioning out of the region subsequent to the Prior Year Quarter and $1.1 million lower due to the disposition of one vessel subsequent to the Prior Year Quarter. Other marine services were $0.2 million higher primarily due to higher catering revenues. As of June 30, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Current report
Direct Operating Expenses. Direct operating expenses were $1.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.5 million higher due to the repositioning of vessels between geographic regions, $0.8 million higher for the Regional Core Fleet and $0.5 million lower due to net asset dispositions.
Current report
Operating Revenues. Charter revenues were $2.4 million higher in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $7.6 million higher for the Regional Core Fleet, which consists of 15 vessels, primarily due to higher average day rates of $19,153 in the Current Year Six Months compared to $18,079 in the Prior Year Six Months and higher utilization of 88% in the Current Year Six Months compared to 78% in the Prior Year Six Months. Charter revenues were $4.0 million lower due to the repositioning of three vessels into the region with lower relative utilization offset by three vessels repositioning out of the region and $1.2 million lower due to net asset dispositions subsequent to the Prior Year Six Months.
Current report
Direct Operating Expenses. Direct operating expenses were $0.6 million lower in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $0.5 million lower due to net asset dispositions, $0.2 million lower due to the repositioning of vessels between geographic regions and $0.1 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures.
Current report
Operating Revenues. Charter revenues were $9.6 million lower in the Current Year Six Months compared with the Prior Year Six Months. Charter revenues were $6.4 million lower for the Regional Core Fleet, which consists of nine vessels, due to lower utilization of 64% in the Current Year Six Months compared to 76% in the Prior Year Six Months and lower average day rates of $16,290 in the Current Year Six Months compared to $18,784 in the Prior Year Six Months. Charter revenues were $4.5 million lower due to the disposition of two vessels subsequent to the Prior Year Six Months and $1.3 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Six Months. Other marine services were $1.6 million higher primarily due to the recharges of certain insurance and labor costs associated with the current Iran conflict.
Current report
capital expenditures were $12.5 million; and
Current report
capital expenditures were $31.0 million; and
Current report
the Company sold one FSV and two PSVs, each previously classified as held for sale, as well asone liftboatand other equipment, each not previously classified as held for sale, for net cash proceeds of $40.1 million, after transaction costs, for a gain of $25.0 million.
Current report
the Company received proceeds from the issuance of long-term debt of $7.7 million;
Current report
the Company made payments for the repurchase of Common Stock of $7.1 million;
Current report
the Company made payments for the repurchase of Warrants of $6.7 million; and
Removed paragraphs (8)
Previous report
United States, primarily Gulf of America. For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel loss in the U.S. were as follows (in thousands, except statistics):
Previous report
Operating Revenues. Charter revenues were $1.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.5 million higher for the Regional Core Fleet, which consists of 16 vessels, primarily due to higher average day rates of $18,841 in the Current Year Quarter compared to $17,931 in the Prior Year Quarter and higher utilization of 82% in the Current Year Quarter compared to 76% in the Prior Year Quarter. Charter revenues were $0.8 million lower due to the repositioning of two vessels out of the region subsequent to the Prior Year Quarter. Other marine services were $0.3 million lower primarily due to lower catering revenues. As of March 31, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Previous report
Operating Revenues. Charter revenues were $6.1 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $4.4 million lower for the Regional Core Fleet, which consists of ten vessels, due to lower utilization of 61% in the Current Year Quarter compared to 80% in the Prior Year Quarter and lower average day rates of $15,994 in the Current Year Quarter compared to $18,413 in the Prior Year Quarter. Charter revenues were $2.3 million lower due to the disposition of three vessels subsequent to the Prior Year Quarter and $0.6 million higher due to the repositioning of one vessel into the region subsequent to the Prior Year Quarter. Other marine services were $0.3 million higher primarily due to higher catering revenues. As of March 31, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Previous report
Latin America (Brazil, Mexico, Guyana, and Central and South America). For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in Latin America were as follows (in thousands, except statistics):
Previous report
Direct Operating Expenses. Direct operating expenses were $2.8 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.5 million higher due to the repositioning of vessels between geographic regions and $0.3 million higher for the Regional Core Fleet primarily due to the timing of certain repair expenditures.
Previous report
capital expenditures were $6.1 million; and
Previous report
capital expenditures were $20.8 million; and
Previous report
the Company made payments on long-term debt issuance costs of $0.4 million; and
Reworded paragraphs (46)
Previous wording
This Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters and involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Certain of these risks, uncertainties and other important factors are discussed in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s 2025 Annual Report on Form 10-K and this Quarterly Report on Form 10-Q. However, it should be understood that it is not possible to identify or predict all such risks, uncertainties and factors, and others may arise from time to time. All of these forward-looking statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify 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. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the United States Securities and Exchange Commission.
Current wording
This Form 10-Q includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements concern management’s expectations, strategic objectives, including our announcement of the commencement of a strategic review of the business, business prospects, anticipated economic performance and financial condition and other similar matters. Achievement of these expectations and strategic objectives, including any increase to shareholder value from the strategic review, business prospects, anticipated economic performance and financial condition involve significant known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of results to differ materially from any future results, performance or achievements discussed or implied by such forward-looking statements. Certain of these risks, uncertainties and other important factors are discussed in the Risk Factors and Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s 2025 Annual Report on Form 10-K and this Quarterly Report on Form 10-Q. However, it should be understood that it is not possible to identify or predict all such risks, uncertainties and factors, and others may arise from time to time. All of these forward-looking statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify 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. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the United States Securities and Exchange Commission.
Previous wording
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of March 31, 2026, the Company operated a fleet of 43 support vessels, of which all were owned. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
Current wording
The Company provides global marine and support transportation services to offshore energy facilities worldwide. As of June 30, 2026, the Company operated a fleet of 38 support vessels, of which all were owned. The primary users of the Company’s services are major integrated national and international oil companies, independent oil and natural gas exploration and production companies, oil field service and construction companies, as well as offshore wind farm operators and offshore wind farm installation and maintenance companies.
Previous wording
The Company operates its fleet in four principal geographic regions: the United States (“U.S.”), primarily Gulf of America; Africa and Europe; the Middle East and Asia; and Latin America, primarily in Brazil, Mexico, Guyana, and Central and South America. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
Current wording
The Company operates its fleet in three principal geographic regions: the Americas; Africa and Europe; and the Middle East and Asia. The Company’s vessels are highly mobile and regularly and routinely move between countries within a geographic region. In addition, the Company’s vessels are redeployed among geographic regions, subject to flag restrictions, as changes in market conditions dictate.
Previous wording
Offshore oil and natural gas market conditions are highly volatile. For example, oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic and the related effects on the global economy, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows hit at the beginning of the COVID-19 pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine as well as the related economic sanctions and economic uncertainty but subsequently decreased to pre-conflict levels. During the three months ended March 31, 2026, WTI oil prices reached a high of $105 per barrel and a low of $56 per barrel, ending the period at $102 per barrel. Volatility of oil prices has increased with the onset of the conflict with Iran.
Current wording
Offshore oil and natural gas market conditions are highly volatile. For example, oil prices experienced unprecedented volatility during 2020 due to the COVID-19 pandemic, with the price per barrel going negative for a short period of time. Oil prices steadily increased since the lows of the pandemic and hit a multi-year high of $122 per barrel during 2022 primarily as a result of the conflict between Russia and Ukraine but subsequently decreased to pre-conflict levels. Volatility of oil prices has more recently significantly increased and become even more difficult to predict with the onset of the conflict with Iran and the associated affects the conflict has had on one of the of the world’s most important oil producing regions. During the six months ended June 30, 2026, WTI oil prices reached a high of $113 per barrel and a low of $56 per barrel, ending the period at $70 per barrel.
Previous wording
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related drydocking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of March 31, 2026, none of the Company’s 43 owned vessels were cold-stacked worldwide. In addition, the Company had five vessel classified as held for sale as of March 31, 2026.
Current wording
The Company adheres to a strategy of cold-stacking vessels (removing from active service) during periods of weak utilization in order to reduce the daily running costs of operating the fleet, primarily personnel, repairs and maintenance costs, as well as to defer some drydocking costs into future periods. The Company considers various factors in determining which vessels to cold-stack, including upcoming dates for regulatory vessel inspections and related drydocking requirements. The Company may maintain class certification on certain cold-stacked vessels, thereby incurring some drydocking costs while cold-stacked. Cold-stacked vessels are returned to active service when market conditions improve, or management anticipates improvement, typically leading to increased costs for drydocking, personnel, repair and maintenance in the periods immediately preceding the vessels’ return to active service. Depending on market conditions, vessels with similar characteristics and capabilities may be rotated between active service and cold-stack. On an ongoing basis, the Company reviews its cold-stacked vessels to determine if any should be designated as retired and removed from service based on the vessel’s physical condition, the expected costs to reactivate and restore class certification, if any, and its viability to operate within current and projected market conditions. As of June 30, 2026, none of the Company’s 38 owned vessels were cold-stacked worldwide.
Previous wording
During the fourth quarter of 2025, the Company initiated certain cost reduction measures to better align its operating expenses with the current state of the offshore marine industry, in general, and its business, in particular. These measures include a reduction of workforce, reorganization of the management structure and streamlining of operations. For the year ended December 31, 2025, the Company incurred one-time charges totaling $1.2 million related to severance charges arising from a reduction in workforce resulting in a decrease in annualized wages and benefits expenses of at least $3.9 million. Management continues to focus on optimizing the cost structure and regional footprint of the business to help maintain the Company’s competitiveness in the industry, improve its operating leverage and position itself to take advantage of market opportunities.
Current wording
During the fourth quarter of 2025, the Company initiated certain cost reduction measures to better align its operating expenses with the current state of the offshore marine industry, in general, and its business, in particular. These measures include a reduction of workforce, reorganization of the management structure and streamlining of operations. For the year ended December 31, 2025, the Company incurred one-time charges totaling $1.2 million related to severance charges arising from a reduction in workforce resulting in a decrease in annualized wages and benefits expenses of at least $3.9 million. Management continues to focus on optimizing the cost structure and regional footprint of the business to help maintain the Company’s competitiveness in the industry, improve its operating leverage and position itself to take advantage of market opportunities. As a result of the cost reduction measures, the Company recognized savings of $2.0 million in wages and benefits expenses for the six months ended June 30, 2026.
Previous wording
On February 24, 2026, the Company completed the sale of one 201 foot, DP-2 platform supply vessel(“PSV”) built in 2015 for total proceeds of $14.6 million for a gain of approximately $7.3 million. Approximately $11.3 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Current wording
On February 24, 2026, the Company completed the sale of one 201 foot, DP-2 PSV built in 2015 for total proceeds of $14.6 million for a gain of approximately $7.3 million. Approximately $11.3 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in the Escrow Account.
Previous wording
On December 19, 2025, the Company completed the sale of one 201 foot, DP-2 platform supply vessel(“PSV”) built in 2013 for total proceeds of $13.4 million for a gain of approximately $8.1 million. Approximately $11.0 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in a restricted account.
Current wording
On December 19, 2025, the Company completed the sale of one 201 foot, DP-2 PSV built in 2013 for total proceeds of $13.4 million for a gain of approximately $8.1 million. Approximately $11.0 million of these sale proceeds were designated to make future payments on the construction of two PSVs and deposited in the Escrow Account.
Previous wording
On September 29, 2025, the Company completed the sale of the U.S. flag liftboat LB Jill and the U.S. flag liftboat LB Robert (together, the “Liftboat Sales”) for total proceeds of $76.0 million. In addition, concurrently with the closing of the Liftboat Sales, the Company sold certain uninstalled vessel equipment for total proceeds of $1.0 million (the “Equipment Sale”). After deducting transaction costs and expenses, the Company received net cash proceeds of $74.7 million and recognized a gain of $30.5 million for the Liftboat Sales and the Equipment Sale. None of the sale proceeds from the Liftboat Sales and the Equipment Sale are encumbered by the Company’s 2024 SMFH Credit Facility or required to be used to repay such facility.
Current wording
On September 29, 2025, the Company completed the sale of the United States (“U.S.”) flag liftboat LB Jill and the U.S. flag liftboat LB Robert (together, the “Liftboat Sales”) for total proceeds of $76.0 million. In addition, concurrently with the closing of the Liftboat Sales, the Company sold certain uninstalled vessel equipment for total proceeds of $1.0 million (the “Equipment Sale”). After deducting transaction costs and expenses, the Company received net cash proceeds of $74.7 million and recognized a gain of $30.5 million for the Liftboat Sales and the Equipment Sale. None of the sale proceeds from the Liftboat Sales and the Equipment Sale are encumbered by the Company’s 2024 SMFH Credit Facility or required to be used to repay such facility.
Previous wording
The sections below provide an analysis of the Company’s results of operations for the three months (“Current Year Quarter”) ended March 31, 2026 compared with the three months (“Prior Year Quarter”) ended March 31, 2025. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2025, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
Current wording
The sections below provide an analysis of the Company’s results of operations for the three and six months (“Current Year Quarter” and “Current Year Six Months”) ended June 30, 2026 compared with the three and six months (“Prior Year Quarter” and “Prior Year Six Months”) ended June 30, 2025. Except as otherwise noted, there have been no material changes since the end of the Company’s fiscal year ended December 31, 2025, in the Company’s results of operations. For the periods indicated, the Company’s consolidated results of operations were as follows (in thousands, except statistics):
Previous wording
Total Assets by region does not include corporate assets of $73.7 million as of March 31, 2026.
Current wording
Total Assets by region does not include corporate assets of $90.7 million as of June 30, 2026.
Previous wording
Total Assets by region does not include corporate assets of $43.8 million as of March 31, 2025.
Current wording
Total Assets by region does not include corporate assets of $49.4 million as of June 30, 2025.
Previous wording
Operating Revenues. Charter revenues were $4.7 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $4.6 million lower due to net asset dispositions and $1.0 million lower due to the repositioning of two vessels out of the region subsequent to the Prior Year Quarter. Charter revenues were $0.9 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 three vessels, due to higher average day rates of $15,323 in the Current Year Quarter compared to $12,375 in the Prior Year Quarter and higher utilization of 31% in the Current Year Quarter compared to 9% in the Prior Year Quarter. As of March 31, 2026, the Company had no vessels cold-stacked in this region compared with one of 12 owned vessels (one FSV) as of March 31, 2025.
Current wording
Operating Revenues. Charter revenues were $5.3 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $10.7 million lower due to the disposition of five vessels subsequent to the Prior Year Quarter. Charter revenues were $5.3 million higher due to the repositioning of two vessels with higher than average day rates into the region partially offset by four vessels repositioned out of the region subsequent to the Prior Year Quarter. Charter revenues were $0.1 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 seven vessels, due to higher utilization of 61% in the Current Year Quarter compared to 51% in the Prior Year Quarter offset by lower average day rates of $20,886 in the Current Year Quarter compared to $24,730 in the Prior Year Quarter. Other marine services were $0.3 million higher primarily due to higher mobilization revenues offset by lower catering revenues. As of June 30, 2026, the Company had no vessels cold-stacked in this region compared with three of 11 owned vessels (three FSVs) as of June 30, 2025.
Previous wording
Direct Operating Expenses. Direct operating expenses were $7.5 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $5.6 million lower due to net asset dispositions, $1.4 million lower due to the repositioning of vessels between geographic regions and $0.5 million lower for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures.
Current wording
Direct Operating Expenses. Direct operating expenses were $5.6 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $11.1 million lower due to net asset dispositions, $5.4 million higher due to the repositioning of vessels between geographic regions and $0.1 million higher for the Regional Core Fleet primarily due to the timing of drydocking and repair expenditures.
Previous wording
Africa and Europe. For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
Current wording
Africa and Europe. For the three and six months ended June 30, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in Africa and Europe were as follows (in thousands, except statistics):
Previous wording
Middle East and Asia. For the three months ended March 31, 2026 and 2025 the Company’s time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):
Current wording
Middle East and Asia. For the three and six months ended June 30, 2026 and 2025 the Company’s time charter statistics and direct vessel (loss) profit in the Middle East and Asia were as follows (in thousands, except statistics):
Previous wording
Operating Revenues. Charter revenues were $0.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.6 million lower for the Regional Core Fleet, which consists of six vessels, primarily due to lower utilization of 60% in the Current Year Quarter compared to 70% in the Prior Year Quarter and lower average day rates of $21,255 in the Current Year Quarter compared to $22,686 in the Prior Year Quarter. Charter revenues were $0.8 million higher due to the repositioning of two vessels into the region subsequent to the Prior Year Quarter. Other marine services were $1.4 million lower primarily due to lower mobilization revenues. As of March 31, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Current wording
Operating Revenues. Charter revenues were $3.4 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $1.8 million lower due to the disposition of two vessels subsequent to the Prior Year Quarter. Charter revenues were $1.6 million lower for the Regional Core Fleet, which consists of ten vessels, due to lower utilization of 63% in the Current Year Quarter compared to 71% in the Prior Year Quarter and lower average day rates of $15,603 in the Current Year Quarter compared to $17,009 in the Prior Year Quarter. Other marine services were $1.3 million higher primarily due to $1.6 million for recharges of certain insurance and labor costs associated with the current Iran conflict offset by a $0.3 million decrease in catering revenues and management fees. As of June 30, 2026 and 2025, the Company had no vessels cold-stacked in this region.
Previous wording
Direct Operating Expenses. Direct operating expenses were $2.7 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $3.7 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.5 million higher due to the repositioning of vessels between geographic regions and $1.5 million lower due to net asset dispositions.
Current wording
Direct Operating Expenses. Direct operating expenses were $1.0 million higher in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $2.0 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.1 million higher due to the repositioning of vessels between geographic regions and $1.1 million lower due to net asset dispositions.
Previous wording
Direct Operating Expenses. Direct operating expenses were $2.4 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.4 million lower due to the repositioning of vessels between geographic regions and $1.0 million lower for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.
Current wording
Direct Operating Expenses. Direct operating expenses were $3.7 million higher in the Current Year Six Months compared with the Prior Year Six Months. Direct operating expenses were $6.1 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, $0.3 million higher due to the repositioning of vessels between geographic regions and $2.7 million lower due to net asset dispositions.
Previous wording
Lease expense. Leased-in equipment expense for the Current Year Quarter was nearly flat compared to the Prior Year Quarter.
Current wording
Lease expense. Leased-in equipment expense for the Current Year Quarter and Current Year Six Months was nearly flat compared to the Prior Year Quarter and Prior Year Six Months.
Previous wording
Administrative and general. Administrative and general expenses for the Current Year Quarter were $1.5 million lower compared to the Prior Year Quarter primarily due to decreases in wages and benefits expenses partially offset by increases in allowance for credit losses.
Current wording
Administrative and general. Administrative and general expenses for the Current Year Quarter were $0.3 million higher compared to the Prior Year Quarter primarily due to increases in professional fees offset by decreases in wages and benefits expenses. Administrative and general expenses for the Current Year Six Months were $1.2 million lower compared to the Prior Year Six Months primarily due to decreases in wages and benefits expenses partially offset by increases in professional fees.
Previous wording
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter were $2.5 million lower compared to the Prior Year Quarter due to net fleet changes.
Current wording
Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Six Months were $1.4 million lower and $3.9 million lower compared to the Prior Year Quarter and Prior Year Six Months due to net fleet changes.
Previous wording
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold one PSV, previously classified as held for sale, and other equipmentfor net cash proceeds of $12.8 million, after transaction costs, for a gain of $7.4 million. During the Prior Year Quarter, the Company sold one liftboat andother equipmentfor net cash proceeds of $8.5 million, after transaction costs, for a gain of $5.8 million.
Current wording
Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold two PSVs, two liftboats and one FSV, each previously classified as held for sale, and other equipmentfor net cash proceeds of $44.7 million, after transaction costs, for a gain of $31.3 million. During the Prior Year Quarter, the Company sold one FSV and two PSVs, each previously classified as held for sale, andother equipment, not previously classified as held for sale, for net cash proceeds of $31.6 million, after transaction costs, for a gain of $19.2 million.
Previous wording
the Company sold one liftboat and other equipment for net cash proceeds of $8.5 million, after transaction costs, for a gain of $5.8 million.
Current wording
During the Current Year Six Months, the Company sold three PSVs, two liftboats and one FSV, previously classified as held for sale, and other equipment for net cash proceeds of $57.5 million, after transaction costs, and a gain of $38.8 million. During the Prior Year Six Months, the Company sold one FSV and two PSVs, each previously classified as held for sale, as well as one liftboat and other equipment, each not previously classified as held for sale, for net cash proceeds of $40.1 million, after transaction costs, and a gain of $25.0 million.
Previous wording
For the three months ended March 31, 2026 and 2025, the Company’s other income (expense) was as follows (in thousands):
Current wording
For the three and six months ended June 30, 2026 and 2025, the Company’s other income (expense) was as follows (in thousands):
Previous wording
Interest income. Interest income for the Current Year Quarter compared with the Prior Year Quarter was nearly flat.
Current wording
Interest income. Interest income for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months was nearly flat.
Previous wording
Interest expense. Interest expense was lower in the Current Year Quarter compared with the Prior Year Quarter primarily due to lower outstanding debt obligations on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum).
Current wording
Interest expense. Interest expense was lower in the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months primarily due to lower outstanding debt obligations on the 2024 SMFH Credit Facility (which bears interest at a fixed rate of 10.30% per annum).
Previous wording
Derivative gains (losses), net. Net derivative gains for the Current Year Quarter compared with the Prior Year Quarter decreased due to the Company no longer having an open forward currency exchange contract.
Current wording
Derivative gains (losses), net. Net derivative gains for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months decreased due to the Company no longer having an open forward currency exchange contract.
Previous wording
Foreign currency gains (losses), net. Net foreign currency gains for the Current Year Quarter compared with foreign currency losses in the Prior Year Quarter were primarily due to the strengthening of the U.S. dollar in relation to the pound sterling and the euro.
Current wording
Foreign currency losses, net. Net foreign currency losses for the Current Year Quarter and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months decreased primarily due to the strengthening of the U.S. dollar in relation to the pound sterling.
Previous wording
During the three months ended March 31, 2026, the Company’s effective income tax rate of 16.2% 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.
Current wording
During the six months ended June 30, 2026, the Company’s effective income tax rate of 95.4% 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.
Previous wording
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.8 million lower due to the following changes in equity earnings (in thousands):
Current wording
Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.2 million lower and earnings for the Current Year Six Months compared with the Prior Year Six Months were $1.0 million lower due to the following changes in equity earnings (in thousands):
Previous wording
As of March 31, 2026 and March 31, 2025, the Company held balances of cash, cash equivalents and restricted cash totaling $75.4 million and $45.4 million, respectively.
Current wording
As of June 30, 2026 and June 30, 2025, the Company held balances of cash, cash equivalents and restricted cash totaling $93.0 million and $51.6 million, respectively.
Previous wording
As of March 31, 2026, the Company had outstanding debt of $327.4 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of March 31, 2026, are as follows (in thousands):
Current wording
As of June 30, 2026, the Company had outstanding debt of $320.2 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of June 30, 2026, are as follows (in thousands):
Previous wording
As of March 31, 2026, the Company had unfunded capital commitments of $44.3 million consisting of $42.3 million in respect of the construction of two PSVs, $1.7 million in respect of two hybrid battery power systems and $0.3 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $26.1 million is payable during 2026 and the remainder is payable during 2027. As of March 31, 2026, $30.9 million remained in a restricted account designated to make payments on the construction of the two PSVs, of which $11.3 million were deposited during the first quarter of 2026 from the sale of one PSV, and the remainder from prior vessel sales, in accordance with the terms of the 2024 SMFH Credit Facility as previously described in the 2025 Annual Report. Additionally, the 2024 SMFH Credit Facility includes a dedicated $41.0 million tranche that may be used to pay up to 50% of the purchase price of these vessels. $16.4 million of this tranche was drawn as of March 31, 2026, with the remaining $24.6 million of this tranche remaining undrawn and available.
Current wording
As of June 30, 2026, the Company had unfunded capital commitments of $39.4 million consisting of $37.5 million in respect of the construction of two PSVs, $1.7 million in respect of two hybrid battery power systems and $0.2 million for miscellaneous vessel equipment. Of the unfunded capital commitments, $21.2 million is payable during 2026, $16.5 million is payable during 2027 and the remainder is payable during 2028. As of June 30, 2026, $37.0 million remained in a restricted account designated to make payments on the construction of the two PSVs, of which $11.3 million were deposited during the first quarter of 2026 from the sale of one PSV, $23.8 million was deposited during the second quarter of 2026 from the sale of two PSVs and one FSV, and the remainder from prior vessel sales, all in accordance with the terms of the 2024 SMFH Credit Facility as previously described in the 2025 Annual Report. The funds deposited in the restricted account will be used to fully fund the remaining payments for the construction of the two PSVs, without the need for any additional proceeds from Tranche B of the 2024 SMFH Credit Facility, of which $16.4 million was drawn as of June 30, 2026. During the second quarter of 2026, the Company exercised its right to cancel the remaining borrowing capacity of $24.6 million of this tranche in accordance with the terms of the 2024 SMFH Credit Facility.
Previous wording
The following is a summary of the Company’s cash flows for the three months ended March 31, 2026 and 2025 (in thousands):
Current wording
The following is a summary of the Company’s cash flows for the six months ended June 30, 2026 and 2025 (in thousands):
Previous wording
Cash flows used in operating activities was $15.1 million in the Current Year Quarter, an increase of $3.6 million compared to $11.5 million in the Prior Year Quarter due to changes in working capital and a decrease in days worked primarily due to net fleet changes. The components of cash flows provided by and/or used in operating activities during the Current Year Quarter and Prior Year Quarter were as follows (in thousands):
Current wording
Cash flows used in operating activities was $28.3 million in the Current Year Six Months, an increase of $14.8 million compared to $13.5 million in the Prior Year Six Months due to changes in working capital and a decrease in days worked primarily due to net fleet changes. The components of cash flows provided by and/or used in operating activities during the Current Year Six Months and Prior Year Six Months were as follows (in thousands):
Previous wording
During the Current Year Quarter capitalized interest paid and included in the purchase of property and equipment was $1.0 million. During the Prior Year Quarter, the Company paid no capitalized interest.
Current wording
During the Current Year Six Months and the Prior Year Six Months capitalized interest paid and included in the purchase of property and equipment was $2.1 million and $0.8 million, respectively.
Previous wording
During the Current Year Quarter, net cash provided by investing activities was $6.7 million, primarily as a result of the following:
Current wording
During the Current Year Six Months, net cash provided by investing activities was $45.0 million, primarily as a result of the following:
Previous wording
the Company soldone PSV, previously classified as held for sale, and other equipment for net cash proceeds of $12.8 million, after transaction costs, for a gain of $7.4 million.
Current wording
the Company sold three PSVs, two liftboats and one FSV, each previously classified as held for sale, and other equipment for net cash proceeds of $57.5 million, after transaction costs, for a gain of $38.8 million.
Previous wording
During the Prior Year Quarter, net cash used in investing activities was $12.3 million, primarily as a result of the following:
Current wording
During the Prior Year Six Months, net cash used in investing activities was $9.1 million, primarily as a result of the following:
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