SEACOR Marine Holdings Inc.

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, 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.

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,” “may,” “will,” “could,” “should” 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

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.

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 recently increased significantly and become more difficult to predict following the onset of the conflict with Iran and the associated effects the conflict has had on one of the world’s most important oil producing regions. During the nine months ended September 30, 2026, WTI oil prices reached a high of $113 per barrel and a low of $56 per barrel, ending the period at $90 per barrel. The conflict has also increased insurance and labor costs for the Company’s vessels operating in the Middle East and Asia region, a portion of which has been recharged to customers.

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. 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.

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 $2.9 million in wages and benefits expenses for the nine months ended September 30, 2026.

Previous 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):

Current wording

The sections below provide an analysis of the Company’s results of operations for the three and nine months (“Current Year Quarter” and “Current Year Nine Months”) ended September 30, 2026 compared with the three and nine months (“Prior Year Quarter” and “Prior Year Nine Months”) ended September 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 $90.7 million as of June 30, 2026.

Current wording

Total Assets by region does not include corporate assets of $78.1 million as of September 30, 2026.

Previous wording

Total Assets by region does not include corporate assets of $49.4 million as of June 30, 2025.

Current wording

Total Assets by region does not include corporate assets of $107.1 million as of September 30, 2025.

Previous wording

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 wording

Americas. For the three and nine months ended September 30, 2026 and 2025 the Company’s time charter statistics and direct vessel profit in the Americas were as follows (in thousands, except statistics):

Previous 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.

Current wording

Operating Revenues. Charter revenues were $3.0 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $9.4 million lower due to the disposition of six 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 $1.1 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 67% in the Current Year Quarter compared to 66% in the Prior Year Quarter and higher average day rates of $23,591 in the Current Year Quarter compared to $21,551 in the Prior Year Quarter. Other marine services were $0.6 million lower primarily due to lower catering revenues. As of September 30, 2026, the Company had no vessels cold-stacked in this region compared with one of eight owned vessels (one FSV) as of September 30, 2025.

Previous wording

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 wording

Operating Revenues. Charter revenues were $13.7 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $24.8 million lower due to the disposition of five vessels subsequent to the Prior Year Nine Months and were $10.7 million higher due to the repositioning of three vessels with higher than average day rates into the region subsequent to the Prior Nine Months partially offset by four vessels repositioned out of the region subsequent to the Prior Year Nine Months. Charter revenues were $0.4 million higher for the Regional Core Fleet, which consists of seven vessels, due to higher utilization of 60% in the Current Year Nine Months compared to 58% in the Prior Year Nine Months offset by lower average day rates of $22,022 in the Current Year Nine Months compared to $22,725 in the Prior Year Nine Months. Other marine services were $1.7 million lower primarily due to lower catering revenues.

Previous 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):

Current wording

Africa and Europe. For the three and nine months ended September 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

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 wording

Operating Revenues. Charter revenues were $3.9 million higher in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $5.5 million higher for the Regional Core Fleet, which consists of 15 vessels, primarily due to higher average day rates of $19,283 in the Current Year Quarter compared to $17,310 in the Prior Year Quarter and higher utilization of 88% in the Current Year Quarter compared to 75% in the Prior Year Quarter. Charter revenues were $1.1 million lower due to the disposition of one vessel subsequent to the Prior Year Quarter and $0.5 million lower due to the repositioning of four vessels into the region with lower relative utilization offset by two vessels repositioning out of the region subsequent to the Prior Year Quarter. Other marine services were $0.8 million higher primarily due to higher catering revenues. As of September 30, 2026 and 2025, the Company had no vessels cold-stacked in this region.

Previous wording

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 wording

Operating Revenues. Charter revenues were $6.4 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $13.2 million higher for the Regional Core Fleet, which consists of 15 vessels, primarily due to higher average day rates of $19,196 in the Current Year Nine Months compared to $17,826 in the Prior Year Nine Months and higher utilization of 88% in the Current Year Nine Months compared to 77% in the Prior Year Nine Months. Charter revenues were $4.5 million lower due to the repositioning of three vessels into the region with lower relative utilization offset by two vessels repositioning out of the region and $2.3 million lower due to net asset dispositions, in each case, subsequent to the Prior Year Nine Months. Other marine services were $0.8 million higher primarily due to higher catering revenues.

Previous 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):

Current wording

Middle East and Asia. For the three and nine months ended September 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 $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.

Current wording

Operating Revenues. Charter revenues were $4.8 million lower in the Current Year Quarter compared with the Prior Year Quarter. Charter revenues were $2.5 million lower for the Regional Core Fleet, which consists of ten vessels, due to lower utilization of 54% in the Current Year Quarter compared to 63% in the Prior Year Quarter and lower average day rates of $15,804 in the Current Year Quarter compared to $17,958 in the Prior Year Quarter. Charter revenues were $2.3 million lower due to the disposition of two vessels subsequent to the Prior Year Quarter. Other marine services were $1.6 million higher primarily due to an early termination fee of a vessel’s contract in Qatar, higher catering revenues and recharges of certain insurance and labor costs associated with the current Iran conflict. As of September 30, 2026 and 2025, the Company had no vessels cold-stacked in this region.

Previous 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.

Current wording

Direct Operating Expenses. Direct operating expenses were $1.6 million lower in the Current Year Quarter compared with the Prior Year Quarter. Direct operating expenses were $1.8 million lower due to net asset dispositions and $0.2 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures.

Previous wording

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 wording

Operating Revenues. Charter revenues were $14.3 million lower in the Current Year Nine Months compared with the Prior Year Nine Months. Charter revenues were $7.6 million lower for the Regional Core Fleet, which consists of ten vessels, due to lower utilization of 62% in the Current Year Nine Months compared to 70% in the Prior Year Nine Months and lower average day rates of $15,517 in the Current Year Nine Months compared to $18,504 in the Prior Year Nine Months. Charter revenues were $6.7 million lower due to the disposition of two vessels subsequent to the Prior Year Nine Months. Other marine services were $3.2 million higher primarily due to the recharges of certain insurance and labor costs associated with the current Iran conflict, an early termination fee of a vessel’s contract in Qatar and higher catering revenues.

Previous 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.

Current wording

Direct Operating Expenses. Direct operating expenses were $2.0 million higher in the Current Year Nine Months compared with the Prior Year Nine Months. Direct operating expenses were $6.5 million higher for the Regional Core Fleet primarily due to the timing of certain drydocking and repair expenditures, which includes $1.6 million of insurance reimbursements related to expenses in prior periods, and $4.5 million lower due to net asset dispositions.

Previous 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.

Current wording

Lease expense. Leased-in equipment expense for the Current Year Quarter and Current Year Nine Months was nearly flat compared to the Prior Year Quarter and Prior Year Nine Months.

Previous 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.

Current wording

Administrative and general. Administrative and general expenses for the Current Year Quarter were $1.2 million lower compared to the Prior Year Quarter primarily due to decreases in wages and benefits expenses and decreases in professional fees. Administrative and general expenses for the Current Year Nine Months were $2.4 million lower compared to the Prior Year Nine 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 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.

Current wording

Depreciation and amortization. Depreciation and amortization expense for the Current Year Quarter and Current Year Nine Months were $2.2 million lower and $6.0 million lower compared to the Prior Year Quarter and Prior Year Nine Months due to net fleet changes.

Previous 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.

Current wording

Gains (Losses) on Asset Dispositions and Impairments, Net. During the Current Year Quarter, the Company sold other equipmentfor net cash proceeds of $0.2 million, after transaction costs, for a de minimis loss. During the Prior Year Quarter, the Company sold two liftboats andother equipment, each not previously classified as held for sale, for net cash proceeds of $76.1 million, after transaction costs, for a gain of $30.2 million.

Previous 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.

Current wording

During the Current Year Nine 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 $57.7 million, after transaction costs, and a gain of $38.8 million. During the Prior Year Nine Months, the Company sold one FSV and two PSVs, each previously classified as held for sale, as well as three liftboats and other equipment, each not previously classified as held for sale, for net cash proceeds of $116.1 million, after transaction costs, and a gain of $55.2 million.

Previous wording

For the three and six months ended June 30, 2026 and 2025, the Company’s other income (expense) was as follows (in thousands):

Current wording

For the three and nine months ended September 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 and Current Year Six Months compared with the Prior Year Quarter and Prior Year Six Months was nearly flat.

Current wording

Interest income. Interest income for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months was nearly flat.

Previous 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).

Current wording

Interest expense. Interest expense was lower in the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine 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 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.

Current wording

Derivative gains (losses), net. Net derivative gains for the Current Year Quarter and Current Year Nine Months compared with the Prior Year Quarter and Prior Year Nine Months decreased due to the Company no longer having an open forward currency exchange contract.

Previous 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.

Current wording

Foreign currency gains (losses), net. Net foreign currency gains for the Current Year Quarter compared with the Prior Year Quarter were flat. Net foreign currency losses for the Current Year Nine Months compared with the Prior Year Nine Months decreased primarily due to the strengthening of the U.S. dollar in relation to the pound sterling.

Previous 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.

Current wording

During the nine months ended September 30, 2026, the Company’s effective income tax rate of 48.9% 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 $0.2 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):

Current wording

Equity in earnings of 50% or less owned companies for the Current Year Quarter compared with the Prior Year Quarter were $0.4 million lower and earnings for the Current Year Nine Months compared with the Prior Year Nine Months were $1.4 million lower due to the following changes in equity earnings (in thousands):

Previous 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.

Current wording

As of September 30, 2026 and September 30, 2025, the Company held balances of cash, cash equivalents and restricted cash totaling $75.6 million and $108.2 million, respectively.

Previous 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):

Current wording

As of September 30, 2026, the Company had outstanding debt of $313.0 million, net of debt discount and issue costs. The Company’s contractual long-term debt maturities as of September 30, 2026, are as follows (in thousands):

Previous 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.

Current wording

As of September 30, 2026, the Company had unfunded capital commitments of $37.4 million consisting of $35.5 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, $18.0 million is payable during the remainder of 2026, $17.7 million is payable during 2027 and the remainder is payable during 2028. As of September 30, 2026, $33.0 million of proceeds from prior vessel sales remained in a restricted account designated to make payments on the construction of the two PSVs, consistent 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 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 September 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 six months ended June 30, 2026 and 2025 (in thousands):

Current wording

The following is a summary of the Company’s cash flows for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous 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):

Current wording

Cash flows used in operating activities was $31.5 million in the Current Year Nine Months, an increase of $7.3 million compared to $24.2 million in the Prior Year Nine Months due to changes in working capital, a decrease in days worked primarily due to net fleet changes and one-time insurance claims settlements received in the Prior Year Nine Months. The components of cash flows provided by and/or used in operating activities during the Current Year Nine Months and Prior Year Nine Months were as follows (in thousands):

Previous 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.

Current wording

During the Current Year Nine Months and the Prior Year Nine Months capitalized interest paid and included in the purchase of property and equipment was $3.4 million and $1.5 million, respectively.

Previous wording

During the Current Year Six Months, net cash provided by investing activities was $45.0 million, primarily as a result of the following:

Current wording

During the Current Year Nine Months, net cash provided by investing activities was $38.1 million, primarily as a result of the following:

Previous 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.

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 $57.7 million, after transaction costs, for a gain of $38.8 million.

Previous wording

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 wording

the Company sold one FSV and two PSVs, each previously classified as held for sale, as well as three liftboatsand other equipment, each not previously classified as held for sale, for net cash proceeds of $116.1 million, after transaction costs, for a gain of $55.2 million.

Previous wording

During the Current Year Six Months, net cash used in financing activities was $16.8 million, primarily as a result of the following:

Current wording

During the Current Year Nine Months, net cash used in financing activities was $24.2 million, primarily as a result of the following:

Previous wording

the Company made scheduled payments on long-term debt and other obligations of $15.0 million;

Current wording

the Company made scheduled payments on long-term debt and other obligations of $22.5 million;